Austin Hampton Inn & Suites to Summit for $53M

AUSTIN – Summit Hotel Properties Inc. has purchased the Hampton Inn & Suites at 200 San Jacinto Blvd., its first Austin asset. The publicly-traded real estate investment trust paid $53 million for a leasehold position of the 209-room hotel.

The Hampton Inn & Suites was built in 2002. Summit expects to invest about $2.4 million in improvements.

Summit did not disclose the name of the seller or the owner of the land beneath the hotel, but Travis Central Appraisal District records indicate that the landowner is Austin-based Finley Co.

Summit Hotel Properties moved its headquarters to Austin in late 2012 from Sioux Falls, South Dakota.

The real estate investment company owns 91 hotels with almost 11,600 rooms in 21 states.