Summit Hotel Agrees With American Realty Capital For Sale Of 26 Hotels

(RTTNews) - Summit Hotel Properties, Inc. (INN) Monday announced a multiple purchase and sale agreements with affiliates of American Realty Capital Hospitality Trust, Inc. for the sale of 26 hotels, for a combined price of approximately $351.4 million.

The company said the the 26 hotels have a combined 2,793 guestrooms, represent approximately 19.6 percent of the Company's pro forma hotel EBITDA.

The sale will close in three separate tranches, with the current estimated sale dates in September 2015, October 2015 and January 2016.

Summit's President and CEO, Dan Hansen said, "This proposed transaction will enable us to continue to improve our asset mix and upgrade our portfolio with additional accretive acquisitions with strong growth profiles and diverse demand generators."