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Summit Acquires New Orleans Hotel for $56M, Completes $822M Portfolio Deal
Summit Hotel Properties, Inc., has acquired the 176-room Canopy by Hilton New Orleans Downtown for $56 million through its joint venture with GIC.
The closing of this transaction completes the $822-million portfolio acquisition from NewcrestImage, which included 27 hotels containing 3,709 rooms, two parking structures, and various financial incentives. Summit Hotel Properties, Inc., has $425 million of total liquidity after completion of the transaction.
Summit Hotel Properties, Inc., is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry.
As of March 28, 2022, the company’s portfolio consisted of 101 hotels, 61 of which are wholly owned, with a total of 15,227 rooms located in 24 states.
- ◦Sale/Acquisition
