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."
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.