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Summit Hotel Properties has entered a definitive agreement to acquire four West Coast hotels for $249 million through its recently formed joint venture with GIC. The 710-room portfolio consists of two Residence Inn by Marriott hotels and two Hilton Garden Inns.
The joint venture plans to invest approximately $23 million of capital in the four hotels during the first three years of ownership. The pending transaction is expected to close in the fourth quarter 2019.
The 258-room Residence Inn by Marriott Portland Downtown/RiverPlace is located in Portland, Ore., near several demand generators, including Portland State University, Oregon Health & Science University, the Oregon Convention Center and more than 28 million square feet of office space.
The 122-room Residence Inn by Marriott Portland Hillsboro also is situated near major demand generators in Hillsboro, Ore. Intel, Oregon’s largest private employer, recently announced a 1.5 million-square-foot campus
