Summit Hotel Properties
summit summit as general partner asset manager acquired inn suites for acquired hotel portfolio for gross transaction value summit sold interest to the joint venture newly opened in discount to estimated replacement cost opportunity with suites market leading hotel situated on six acres in high barrier to entry hotels parking garages and financial incentives attractive basis and increased exposure to high growth markets discount to estimated replacement cost resulted in gain on sale during the year hold period sold at cap rate on opportunity with the courtyard and suites fully renovated in opportunity with residence inn steamboat springs immediate value enhancement opportunities optionality with an independent hotel estimated foregone of sold at cap rate on including foregone further validates summit investment thesis and operating platform no defined investment size parameters eliminates forced buying or selling allows for opportunistic deployment and recycling of capital fee stream effectively reduces summit overall cost of capital acquire deep asset and market knowledge base which facilitates seamless integration if summit acquires unowned interest asset management fee project management fee promoted interest potential equal to cash corp a in overview highlights | Summit Hotel Properties
Deck date
February 2024
Slide
16 of 31
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