ARC Agrees to Acquire Portfolio of 26 Hotels from Summit Hotel Properties for $351.4 Million

ARC Hospitality | June 8, 2015

NEW YORK, June 8, 2015 -- American Realty Capital Hospitality Trust, Inc. ("ARC Hospitality" or the "Company") announced today that it has agreed to acquire a portfolio of 26 hotels (the "Summit Portfolio") for a purchase price of $351.4 million from Summit Hotel Properties, Inc., a publicly-traded hotel real estate investment trust ("Summit"). The Summit Portfolio consists of 25 premium-branded select-service and extended-stay hotels and one full-service hotel and totals 2,793 rooms in 11 states. The hotels are franchised by major global brands including Marriott International, Hilton Hotels & Resorts, Hyatt Hotels and InterContine...