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The total construction cost for the Hyatt House hotel was $32.7 million, or approximately $194,500 per key.
The agreements to acquire the portfolio were previously announced on November 13, 2017.
Summit to acquire 5-hotel portfolio from Xenia.
The seven hotels in the Summit Portfolio consist of 651 keys and were acquired for an aggregate purchase price of
Capital recycling continues with the sale of one hotel for $14.5 million.
Mr. Hansen has served as the company's President and Chief Executive Officer and been a member of the board since
The gross purchase price represents a capitalization rate of 8.2 percent on management's current estimate of the Hotel's 2017 net
Acquisition increases ARC Hospitality's current lodging portfolio to 142 hotels totaling 17,351 rooms across 32 states.
The company acquired the 141-guestroom Residence Inn located in Baltimore (Hunt Valley), Md. for a total purchase price of $31.1m.
