Hospitality Investors Trust Acquires Seven Hotels from Summit Hotel Properties for $66.8 Million

Hospitality Investors Trust | May 1, 2017

NEW YORK, May 1, 2017 -- Hospitality Investors Trust, Inc ("HIT REIT" or the "Company") announced today that it has successfully refinanced two loans and, simultaneously, completed the acquisition of seven hotels pursuant to its previously announced purchase agreement with Summit Hotel Properties, Inc. ("Summit") (the "Summit Portfolio"). The new loans, which total approximately $1.225 billion, each carry a two-year initial term with three one-year extension options subject to conditions, and consist of: (i) A mortgage loan and related mezzanine loans with an aggregate principal balance of $915.0 ...