Singapore’s GIC, NYSE-Listed Summit Hotels Acquire Four US Hospitality Assets for $249M
GIC, Singapore’s sovereign wealth fund has reached a deal to acquire four hotels on the western coast of the US. The $249 million deal was done through a recently formed JV with Summit Hotel Properties, with the announcement being made from a New York Stock Exchange-listed real estate investment trust.
This is the first set of acquisitions by the newly set up JV called GIC-Summit Hotels JV. The JV was set up in July for the sole purpose of acquiring US hotel assets.
The hotels purchased are a portfolio of 710 rooms by Residence Inn by Marriott Hotels in Portland, Oregon and two Hilton Garden Inns in California’s Bay Area.
Full article by Jan Kot, Mingtiandi: View full article here