Summit Hotel Properties sells six-hotel portfolio

Fairfield Inn & Suites - Bellevue, Wash.

Summit Hotel Properties completed the sale of six hotels with a total of 707 guestrooms to affiliates of American Realty Capital Hospitality Trust.

The hotels were sold for an aggregate price of $108.3 million, and proceeds of the sale were used to pay down the company's $300 million unsecured revolving credit facility by $105 million, resulting an an outstanding balance of $40 million.

"This sale represents another notable success for us in executing on our capital recycling strategy and is particularly significant given the current volatile market conditions.  It demonstrates our commitment to value creation and our ability to be creative in achieving our goals," commented Dan Hansen, the company's president and CEO.

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The hotels sold include the Fairfield Inn & Suites - Spokane, Wash. (84 rooms); the Fairfield Inn & Suites - Denver, Colo., (160 rooms); the SpringHill Suites - Denver, Colo., (124 rooms); the Hampton Inn - Ft. Collins, Colo., (75 rooms); the Fairfield Inn & Suites - Bellevue, Wash., (144 rooms); and the Hilton Garden Inn - Ft. Collins, Colo., (120 rooms).

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The two locally owned resorts join the Benchmark Resorts & Hotels brand as a result of the deal.

The combined company now will own and operate a portfolio of 40 hotels totaling more than 5,000 guestrooms.

The global crisis will provide significant merger and acquisition opportunities for hospitality companies willing to take the risk.