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128-Room Holiday Inn Express & Suites sells in Las Colinas128-Room Holiday Inn Express & Suites sells in Las Colinashttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=133892016-06-03T05:00:00Z2016-06-03T20:00:00Z

​​​LAS COLINAS - Summit Hotel Properties Inc. completed the sale of the Holiday Inn E​xpress & Suites.

The hotel contains 128 guestrooms for a total sales price of $10.5 million.

"We are very pleased to have sold this hotel at a price we believe validates the benefits of premium select-service hotels.  With RevPAR nearly 30 percent below our portfolio's average, this sale demonstrates our commitment to enhancing portfolio quality," said President and CEO Daniel P. Hansen.

The sales price represents a capitalization rate of 7.7 percent on the hotel's net operating income, including planned capital improvements, for the trailing twelve months ended March 31, 2016. 

The Company estimates the hotel would have contributed approximately $0.2 million and $0.6 million of EBITDA from the sale date through the second quarter and full year 2016, respectively. 

PRNewswire
Dallas-Fort Worth-Arlington
Hotel
http://www.prnewswire.com/news-releases/summit-hotel-properties-announces-the-sale-of-a-hotel-for-105-million-300277215.htmlRead more at {Source}

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