Summit Hotel Properties Continues Successful Execution Of Capital Recycling Program

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Summit Hotel Properties (INN) Completes Transaction with Summit Hotel Properties (INN)

October 20, 2015 4:33 PM EDT

American Realty Capital Hospitality Trust, Inc. announced that it has completed its previously announced acquisition of 10 hotels for a purchase price of $150.1 million from Summit Hotel Properties (NYSE: INN) ("Summit"), a publicly-traded hotel real estate investment trust. This transaction represents the first 10 of 26 hotels that the Company announced it will be acquiring from Summit for a total purchase price of $347.4 million. In addition, ARC Hospitality currently has another 18 hotels under contract with unrelated Sellers for $392.4 million. ARC Hospitality intends to... More