Summit Hotel Properties To Acquire Residence Inn By Marriott Steamboat Springs For $33 Million
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Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has entered into a definitive agreement to acquire the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33.0 million through its joint venture with GIC. Opened in December 2020, the newly built Residence Inn by Marriott Steamboat Springs is ideally located in close proximity to the base of Mount Werner and Gondola Square, biking and hiking trails, downtown Steamboat Springs, restaurants, shopping, and numerous other attractions. Advertisements
The hotel is well-positioned to capture strong winter ski demand and summer leisure demand in what has been an extremely high barrier-to-entry market as only six other hotels have opened in the last 20 years, and there are none in any stage of development. In addition to robust peak winter and summer demand, the
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