Wednesday, December 11, 2024
Summit Hotel Properties, in collaboration with GIC through their joint venture, has revealed plans to acquire two properties: the 250-room Hampton Inn Boston – Logan Airport and the 149-room Hilton Garden Inn Tysons Corner. The total purchase price for these acquisitions is $96 million, averaging approximately $241,000 per room. The deal represents an 8.8% capitalization rate based on projected 2024 net operating income, with no major capital expenditures expected until the fourth quarter of 2026.
“We are excited to announce the pending acquisition of the Hampton Inn…
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