Summit hotel properties announces pending acquisition of two-hotel portfolio for $96 million through gic joint venture

Austin, texas , dec. 10, 2024 /prnewswire/ -- summit hotel properties, inc. (nyse: inn) (the "company"), through its joint venture with gic, today announced that it is under contract to acquire the 250-guestroom hampton inn boston - logan airport and the 149-guestroom hilton garden inn tysons corner for a combined purchase price of $96.0 million, or $241,000 per key. the purchase price represents an 8.8% capitalization rate based on forecasted 2024 net operating income and no meaningful capital expenditures are planned prior to the fourth quarter of 2026.
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