Summit REIT Inks $135M Deal For 5 Marriott Hotels

Law360, New York (January 28, 2013, 7:58 PM EST) -- Hospitality-focused real estate investment trust Summit Hotel Properties Inc. has scooped up a Marriott International Inc. portfolio including five Louisiana hotels for about $135 million, it announced Monday.

The hotels, which encompass 823 rooms, are scattered in and around New Orleans, a market that has been growing steadily since Hurricane Katrina destroyed swaths of the low-lying city in 2005, according to a statement from Summit.

“This portfolio of hotels is uniquely positioned to allow us access to the many diverse markets and submarkets in the area,”...
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