Hunt Valley Residence Inn Reaches A New Summit
- Jul 29, 2015
Summit Hotel Properties, Inc. continues its expansion in the U.S. The real estate investment trust has recently added two more hotels to its portfolio of properties, and one of them is located in Baltimore.
Summit’s new Baltimore hotel is the Residence Inn by Marriott in Hunt Valley. The property is located just 18 miles from downtown Baltimore and close to the MTA Light Rail station, which provides service to BWI International Airport, the Inner Harbor and Camden Yards, home of the Baltimore Orioles.
The REIT paid $31.1 million to buy the 141-key hotel from an unnamed seller and plans to invest an additional $1.5 million next year to upgrade the property. Summit also announced that it has hired Interstate Hotels & Resorts to manage the Hunt Valley Residence Inn.
The second hotel—also a Residence Inn—is located outside of New York City, in Branchburg, N.J. Summit paid $25.7 million to purchase the 101-key property.
The two acquisitions were funded by advances on the REIT’s senior unsecured credit facility. With the new Residence Inns, Summit’s portfolio now consists of 95 hotels, with a total of 12,175 guestrooms across 24 states.