Summit Hotel Properties, Inc. (NYSE: INN) (the Company ) today announced that it has closed on the p

Summit Hotel Properties, Inc. (NYSE: INN) (the Company ) today announced that it has closed on the previously announced acquisition of a portfolio of five unencumbered Louisiana hotels (the Louisiana portfolio ) containing an aggregate of 823 rooms for a total purchase price of approximately $135.0 million. The Company funded royal carribean cruises for january the acquisition royal carribean cruises for january with available cash and borrowings under its senior secured revolving credit facility. An affiliate of Marriott royal carribean cruises for january International, Inc. will operate the hotels under their current royal carribean cruises for january franchise flags.
From the suburban community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market.
These hotels are very well positioned throughout the diverse areas of the New Orleans metropolitan market, said Dan Hansen, president and CEO of the Company. From the suburban royal carribean cruises for january community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market.
Properties included in this portfolio are: the 153-room Courtyard by Marriott and the 120-room Residence Inn by Marriott, both located in Metairie, LA; the 202-room Courtyard by Marriott and the 208-room SpringHill Suites by Marriott, both located near the New Orleans Ernest N. Morial Convention Center; and the 140-room Courtyard by Marriott in downtown New Orleans near the French Quarter and financial and corporate office royal carribean cruises for january district.