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Summit Hotel Properties (INN) Acquires Marriott for $61.4M
Summit Hotel Properties, Inc. (INN - Free Report) has made the announcement of acquiring Marriott in Boulder, CO for $61.4 million. The acquisition of this 157-guestroom upscale hotel is likely to enhance the portfolio of the Austin, TX-based hotel real estate investment trust (“REIT”). Also, the company inked a management agreement with Stonebridge Realty Advisors, Inc., the Englewood, CO-based ownership, management and hospitality development company.
In fact, earlier this month, in its outlook for 2016, Summit Hotel Properties gave indication about this pending acquisition. Over the past year, Marriott recorded revenue per available room (“RevPAR”) of $167, a premium of 51% above the REIT’s pro forma RevPAR. In addition to this, several special features of this hotel and a robust EBITDA margin of 41% make it an ideal choice. Further, the lively Boulder market, along with the presence of top-notch companies and its proximity to the University of Colorado, Folsom Field and Pearl Street Mall, have added to the attraction of Marriott.
SUMMIT HOTEL PR Price
SUMMIT HOTEL PR Price | SUMMIT HOTEL PR Quote
Summit Hotel Properties currently holds a Zacks Rank #4 (Sell).
Investors interested in the REIT sector can consider stocks like CoreSite Realty Corporation (COR - Free Report) , Gramercy Property Trust Inc. and HCP, Inc. (HCP - Free Report) . All these stocks carry a Zacks Rank #2 (Buy).
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