Summit Hotel Properties acquires North Carolina Hotel Indigo

Hotel Indigo Asheville Downtown was sold for approximately $33 million to Summit Hotel Properties.

Hospitality Lodging Investors, LP, based in York, Pennsylvania, owned the Hotel Indigo.

Daniel Hansen, Summit president and CEO, said in a prepared statement that the diversity of Asheville's economy and the "highly-desirable" nature of the Asheville market makes the 115-room Indigo "a perfect addition to our portfolio."

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Summit also entered into a management agreement with Virginia-based Interstate Hotels & Resorts. Summit plans to spend about $400,000 in capital improvements to the Indigo during the next year.

The publicly traded real estate investment trust focuses on acquiring and owning upscale lodging-industry properties. As of Wednesday, Summit owned 93 hotels comprising 11,933 guestrooms in 23 states.