Summit Hotel Properties, Inc. and GIC Pte. Ltd. acquired Embassy Suites by Hilton Tucson / Paloma Village for $25.5 million.
January 04, 2022
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Summit Hotel Properties, Inc. (NYSE:INN) and GIC Pte. Ltd. acquired Embassy Suites by Hilton Tucson / Paloma Village for $25.5 million on December 21, 2021. Summit Hotel Properties and GIC acquired Embassy Suites with a combination of cash and an assumed loan that has a balance of approximately $13.3 million.
Summit Hotel Properties, Inc. (NYSE:INN) and GIC Pte. Ltd. completed the acquisition of Embassy Suites by Hilton Tucson / Paloma Village on December 21, 2021.
Summit Hotel Properties, Inc. is a real estate investment trust. The Company is focused on owning premium-branded lodging properties with operating models primarily in the upscale segment of the lodging industry. Its portfolio consists of approximately 96 assets, 54 of which are wholly owned, with a total of 14,256 guestrooms located in 24 states. Its properties are located in markets with multiple demand generators, such as corporate offices and headquarters, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. Its guestrooms operate under franchise brands owned by Marriott International, Inc. (Marriott), Hilton Worldwide (Hilton), Hyatt Hotels Corporation (Hyatt), and InterContinental Hotels Group (IHG). It holds both general and limited partnership interests in Summit Hotel OP, LP (the Operating Partnership). Substantially, all of its assets are held by, and all of its operations are conducted through, the Operating Partnership.
SUMMIT HOTEL PROPERTIES, INC. 
