Summit closes purchase of 3 US Hyatt Places

Summit Hotel Properties announced on Wednesday that bought three Hyatt Place-branded hotels in the U.S. from affiliates of Hyatt Hotels Corp. for US$36.1 million.

The hotels include the 151-room Hyatt Place Orlando/Universal and 149-room Hyatt Place Orlando/Convention Center, both located in Orlando, Florida, and the 126-room Hyatt Place Chicago/Hoffman Estates, located in Hoffman Estates, Illinois.

Summit Hotel Properties, Sioux Falls, South Dakota, has entered into an agreement with Hyatt affiliate Select Hotels Group LLC to operate each hotel. Summit anticipates a post-renovation estimated NTM EBITDA multiple for the Hyatt portfolio in the range of 10.5x to 11.5x based on management’s current estimate of EBITDA.

“We continue to cultivate and improve our portfolio with accretive acquisitions of top brands in top markets,” said Dan Hansen, Summit Hotel Properties president and CEO. “We have also effectively recycled capital through the strategic disposition of select hotels.”