Summit Hotel Properties Completes Acquisition of 181-Room Courtyard by Marriott Charlotte City Center for $56.3 Million

Summit Hotel Properties | June 16, 2017

AUSTIN, Texas, June 16, 2017 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") announced today that on June 9, 2017, it completed the acquisition of the 181-guestroom Courtyard by Marriott Charlotte City Center (the "Hotel") for a total purchase price of $56.3 million and entered into a management agreement with OTO Development, LLC. "The acquisition of the Courtyard by Marriott Charlotte City Center represents a continuation of our capital allocation strategy by acquiring an exceptionally well-located hotel in a strong market, funded partially through the recycling of capital from the sale of a non-c...