Improvements at these hotels are anticipated to occur within the next 18 months.
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) announced the closing of three additional hotel acquisitions:
“Our pipeline is massive and we continue to find top brands in top markets at great capitalization rates that are accretive to our portfolio”
The Long Island, NY Hyatt Place and Tampa, FL Hampton Inn & Suites were acquired from OTO Development, LLC, (“OTO”). OTO is a growing developer and operator of select service hotels licensed from industry leaders Hilton, Marriott and Hyatt. The Company has been recognized numerous times by its franchisor affiliates as an outstanding developer and operator of select service hospitality product. OTO currently manages 34 hotels in nine states.
“Our pipeline is massive and we continue to find top brands in top markets at great capitalization rates that are accretive to our portfolio,” said Dan Hansen, president and CEO of the Company. “Our portfolio continues to improve through the consistent execution of our strategy.”
The Company also announced further consolidation into the executive office in Austin, Texas. Company President and CEO Dan Hansen, Chief Operating Officer Craig Aniszewski, Chief Financial Officer Stuart Becker and Chief Accounting Officer Troy Hester are all located in Austin. The Sioux Falls, South Dakota office remains open with key accounting and administrative personnel.
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