Summit Hotel acquires first Austin property — and it's a big one

Sep 16, 2014
Austin Business Journal

Summit Hotel Properties Inc. has purchased the Hampton Inn & Suites at 200 San Jacinto Blvd., its first Austin asset. The publicly-traded real estate investment trust paid $53 million for a leasehold position of the 209-room hotel

Summit Hotel Properties moved its headquarters to Austin in late 2012 from Sioux Falls, South Dakota

Currently, the real estate investment company owns 91 hotels with almost 11,600 rooms in 21 states

Summit did not disclose the name of the seller or the owner of the land beneath the hotel. Travis Central Appraisal District records indicate that the landowner is Austin-based Finley Co., which also owns the land under the JW Marriott hotel. That property is under construction — White Lodging Development Services based in Indiana is the developer — and scheduled to open in February 2015. The Finley Co. also is involved with another hotel developmen t proposed at 619 Congress Ave

The Hampden Inn & Suites was built in 2002. Summit expects to invest about $2.4 million in improvements

Summit recently named a new chief financial officer to its team

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