INN - Summit Hotel joint venture to acquire Steamboat Springs hotel for $33M

Photo by zeljkosantrac/E+ via Getty Images Summit Hotel Properties (INN) enters into a definitive agreement to acquire the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33M through its joint venture with GIC. The transaction is expected to settle late in Q2 Alterra Mountain Company owns the Steamboat Resort and in April of this year it said it will spend $135M on base area improvements, ski acreage expansion, and enhancement of the overall guest experience. The hotel opened in December 2020 and has achieved >30% in revenue per available room in the first six months of operating. Summit expects to finance its 51% interest in the joint venture with $17M of cash on-hand. The company also expects to have $425M+ of total liquidity and $150M+ of current investment capacity post-transaction.

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Summit Hotel joint venture to acquire Steamboat Springs hotel for $33M