Austin hotel REIT buys, sells more properties

Oct 16, 2013
Austin Business Journal

Austin-based Summit Hotel Properties (NYSE: INN) said Tuesday that it had closed on two hotel acquisitions, sold three hotels and completed a $300 million senior unsecured credit facility


The publicly-traded real estate investment trust acquired the 115-room Hampton Inn & Suites in Camarillo, Calif. for $15.8 million and the 108-room Hampton Inn & Suites in Poway, Calif. for $15.2 million


Summit sold the 78-room SpringHill Suites in Lithia Springs, Ga., the 71-room Fairfield Inn in Lewisville, Texas, and the 63-room Fairfield Inn in Lakewood, Co


The company obtained the $300 million senior unsecured credit facility to replace a $150 million senior secured revolving credit facility. The unsecured credit facility included a $225 million revolving credit facility and a $75 million term loan


The syndication of lenders includes Deutsche Bank AG, Bank of America NA, Royal Bank of Canada, Key Bank National Association, Regions Bank, Fifth Third Bank, Raymond James Bank NA and US Bank National Association


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