INN - Summit Hotel Properties completes acquisition of AC Hotel by Marriott & Element Miami Brickell

Summit Hotel Properties (NYSE:INN) has completed the previously announced acquisition of the dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell. The Co.'s initial purchase option was based on a gross hotel valuation of $89M, or $337K per key. The Co. funded its 90% equity interest totaling $38M with the conversion of the previously funded $30M mezzanine construction loan, which earned 9% cash interest during the loan term, and $8M in cash. The Co. projects that the Brickell Hotels will generate a combined hotel EBITDA yield between 8.0% and 9.0% for the full year 2022.

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Summit Hotel Properties completes acquisition of AC Hotel by Marriott & Element Miami Brickell