Summit Hotel Properties, through its joint venture with GIC, is under contract to acquire the 250-guestroom Hampton Inn Boston – Logan Airport and the 149-guestroom Hilton Garden Inn Tysons Corner for a combined purchase price of $96 million, or $241,000 per key.
The purchase price represents an 8.8 percent capitalization rate based on forecast 2024 net operating income, and no meaningful capital expenditures are planned before fourth quarter 2026.
“We are excited to announce the pending acquisition of the Hampton Inn Boston – Logan Airport and Hilton Garden Inn Tysons Corner through our joint venture with GIC,” said Jonathan P. Stanner, the company’s president and CEO. “These two premium-branded hotels are located in high barrier-to-entry, gateway city submarkets and generate RevPAR, EBITDA margin and EBITDA per key metrics that are accretive to our existing portfolio of high-quality hotels. The purchase price represents an attractive going-in yield and a
