Summit Hotel Properties (INN) Closes $8M Acquisition of Nashville Hampton Inn
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Summit Hotel Properties, Inc. (NYSE: INN) announced the closing of the company’s eleventh hotel acquisition since its February 2011 initial public offering as well as the sale of two land parcels in Boise, ID.
The company acquired an 83-room Hampton Inn & Suites in Nashville (Smyrna), TN for a purchase price of $8.0 million. In addition to the purchase price, the company expects to spend approximately $0.5 million for improvements at the hotel. The company anticipates a post-renovation estimated NTM capitalization rate based on management’s current estimate of EBITDA for the twelve-month period ending June 30, 2013 in the range of 8.5 to 9.5 percent.
Two parcels of land adjacent to the company’s properties in Boise, ID have been sold to Boise State University for use as an off-campus Park & Ride facility. Net proceeds of approximately $1.4 million will be used to reduce outstanding debt.
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The company acquired an 83-room Hampton Inn & Suites in Nashville (Smyrna), TN for a purchase price of $8.0 million. In addition to the purchase price, the company expects to spend approximately $0.5 million for improvements at the hotel. The company anticipates a post-renovation estimated NTM capitalization rate based on management’s current estimate of EBITDA for the twelve-month period ending June 30, 2013 in the range of 8.5 to 9.5 percent.
Two parcels of land adjacent to the company’s properties in Boise, ID have been sold to Boise State University for use as an off-campus Park & Ride facility. Net proceeds of approximately $1.4 million will be used to reduce outstanding debt.
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