Asset sales involving non-core properties are a possibility, though Hansen said Summit generally is

Dan Hansen, Summit s president and CEO, said approximately 50% of the REIT s 72 hotels car rental from united states into mexico comprising 7,407 rooms are in the top 50 U.S. metropolitan statistical areas. During the coming years, Hansen said Summit will look to nudge that percentage up, possibly to a range between 55% and 75%. Top 50 MSAs always have been a focus for Summit.
As such, the REIT s most recent deal making in May resulted in the acquisition of the 112-room Hilton Garden Inn Nashville/Smyrna near Nashville, Tennessee, for $12 million, including planned improvements; and the purchase of the 103-room Courtyard by Marriott Dallas Arlington South in Arlington, Texas, for $15.3 million, including planned improvements.
Also in May, Summit announced the sale of three hotels in Twin Falls, car rental from united states into mexico Idaho: car rental from united states into mexico a Holiday Inn Express, Hampton Inn and AmericInn. car rental from united states into mexico The properties, which did not fit in with Summit s strategy, were sold at an aggregate price of approximately $16.5 million.
Asset sales involving non-core properties are a possibility, though Hansen said Summit generally is a net buyer of hotels. Older, smaller hotels are examples of properties that Summit might consider non-core, he said.
The company is market agnostic in searching for deals, Hansen car rental from united states into mexico said. Summit targets branded hotels from the links of Hilton, Marriott, Hyatt and InterContinental Hotels car rental from united states into mexico Group. The REIT s hotel portfolio, broken down by brand company, is:
We are very excited about our continued partnership with Marriott, Hilton, IHG and Hyatt, Hansen said in a follow-up email. We have had some great acquisitions early on primarily with Marriott and Hilton but see great opportunity with IHG and Hyatt as well. We have been extremely pleased with our conversions to IHG brands, and they continue to outperform.
Our strategic partnership with IHG is designed to uncover great opportunities like these, and although deal flow for these value creation opportunities has been slow, we are working directly with them to uncover more.
One of the reasons we went public is so it would be easier to raise capital, he said. There are opportunities to raise capital, but it comes at a price. It s not that we won t raise equity, but it s that we will be more cautious and surgical in how we proceed.
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