Summit Hotel Properties (NYSE:INN) today announced plans to acquire four new properties for its hotel portfolio. The latest additions include $59 million for three hotels located in Southern California consisting of 321 guest rooms, along with a 182-guest room Hilton Garden Inn in Houston for $37.5 million.
The company hopes to complete its acquisitions sometime within the fourth quarter of 2013. Summit expects to take on $12.1 million in mortgage debt through the Southern California acquisition, and $17.9 million for the Houston Hilton Garden Inn. The Company expects to implement approximately $2.9 million in capital improvements to the portfolio.
Dan Hansen, Summit's CEO and President, looks forward to the new acquisitions providing "significant expansion of our west coast presence," adding in the company's press release that he had "watched and admired" Houston's Hilton Garden Inn for many years prior to its addition to the Summit portfolio.
Since the beginning of 2013, Summit Hotels has seen its stock price drop 2.2% from $9.50 per share to $9.29. The company's annual revenue has risen from $135 million in 2008 to $190 million in 2012, a 40% increase.
As of today, Summit's portfolio consisted of 93 hotels with a total of 10,976 guest rooms located in 24 states.
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