Austin hotel operator buys Calif., Houston properties

Sep 26, 2013
Austin Business Journal

Austin-based Summit Hotel Properties Inc. (NYSE: INN) said Wednesday it has four hotels under contract in Southern California and Houston


The Southern California hotels — three Hampton Inn & Suites in Goleta, Camarillo and Poway — and a Hilton Garden Inn in Houston will be purchased for $96.5 million in two separate transactions


The acquisitions are scheduled to close by the end of the year


The 182-room Hilton Garden Inn in the Houston Galleria particularly was appealing to Dan Hansen, Summit CEO and president


Summit plans to invest $3.1 million in upgrades at the Houston property and $2.9 million to the three California hotels


Summit shares were up 1.6 percent, or 15 cents on Wednesday to close at $9.46


The real estate investment trust owns 93 hotels in 24 states


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