AUSTIN, Texas – Summit Hotel Properties, Inc. (NYSE:), currently trading near its 52-week high with a market capitalization of $745 million, in partnership with GIC, has entered into an agreement to purchase two hotels for a total of $96 million. The acquisition includes the 250-room Hampton Inn Boston – Logan Airport and the 149-room Hilton Garden Inn Tysons Corner, at a cost of $241,000 per key. According to InvestingPro analysis, the company maintains a healthy dividend yield of 4.69% and has raised its dividend for three consecutive years.
The transaction, expected to close in the fourth quarter of 2024, reflects an 8.8% capitalization rate based on the forecasted net operating income for 2024. The company has highlighted that the…
Boutique Travel VC raises investment cap from $1.5M to $10M to lead rounds and support portfolio companies through growth Travel...
Read moreDetails
