Summit Hotel Properties and GIC completed the acquisition of a 27-hotel portfolio from NewcrestImage for $822m.

Summit Hotel Properties, a publicly traded real estate investment trust, and GIC, an investment firm, completed the acquisition of a 27-hotel portfolio from NewcrestImage, a privately-owned hotel development, construction, and management firm, for $822m. "We at NewcrestImage are extremely honored and proud to craft this transaction with the outstanding team at Summit Hotel Properties. NewcrestImage has assembled a collection of high-quality distinctive Marriott, Hilton, Hyatt, and IHG hotel properties throughout the Sun Belt region, which will be a great addition to Summit's portfolio. As we will become one of Summit's largest shareholders, we have confidence in Summit as one of the industry's leading owners with a highly regarded public platform. We believe the two portfolios create an excellent combination of hotels that have tremendous growth potential and are well-positioned to create long-term shareholder value as the lodging recovery continues," Mehul Patel, NewcrestImage Managing Partner and CEO.