Summit Hotel Properties completed the acquisition of AC Hotel by Marriott for $89m.

Financials

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Transaction Value£72m

Consideration TypeCash, Loan Notes

Capital Owned-

Capital Bid For100%

EV/Sales-

EV/EBITDA-

Share Price Premium-

One Off Charge-

target

Ac Hotel By Marriott

bidder

Summit Hotel Properties

Sources

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Press Release

Summit Hotel Properties - 13 Jun 2022

Tags

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Real Estate

Hotels and Motels

Public

Acquisition

Majority

Completed

Domestic

Friendly

United States

hotel

Single Bidder

Synopsis

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Summit Hotel Properties, a real estate investment trust, completed the acquisition of AC Hotel, a dual-branded 264-guestroom hotel, for $89m. Summit Hotel Properties 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.