Summit Hotels Spends $37.5M On Houston Hilton

Law360, New York (January 15, 2014, 8:33 PM EST) -- Summit Hotel Properties Inc. has acquired a Hilton Garden Inn in Houston from an affiliate of American Liberty Hospitality for $37.5 million, Summit announced Wednesday.

The deal for the 182-room hotel closed on Jan. 9, with $17.9 million of the purchase price constituting assumed mortgage debt, according to Summit, which has entered into a management agreement with American Liberty to operate the hotel.

The announcement came as part of a broader regulatory filing detailing recent closings, which also included the purchase of a 213-room Hyatt Place...
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