Summit Hotel Properties (NYSE:INN
), a real estate investment trust based in Austin, TX, completed its acquisition of five Marriott-branded hotels in Louisiana for $135 million or $164,034 per room. The New Orleans-headquartered Verandah Group and its affiliates were the sellers.
The buyer funded the purchase with cash and borrowings under its senior secured revolving credit facility.
The 823-room portfolio included:
- the 153-room Courtyard by Marriott at 2 Galleria Blvd. in Metairie;
- the 120-room Residence Inn by Marriott at 3 Galleria Blvd. in Metairie;
- the 202-room Courtyard by Marriott at 300 Julia St. in New Orleans;
- the 208-room SpringHill Suites by Marriott at 301 St Joseph St. in New Orleans; and,
- the 140-room Courtyard by Marriott at 124 Saint Charles Ave. in downtown New Orleans.
The first two New Orleans-area properties are located near the city’s convention center and the third is near the French Quarter and financial and corporate office district.
Marriott International or one of its affiliates managed the properties. Summit will assume the hotel management agreements operate the assets under their current franchise flags.
The Plasencia Group represented the seller.
See CoStar COMPS #2696918 for more information.