Austin, Texas-based Summit Hotel Properties Inc. has entered into an agreement to purchase a portfolio of three Southern California hotels, including Hampton Inn & Suites in Poway, for approximately $59 million.
The company said the other hotels are Hampton Inn properties in the Santa Barbara and Ventura markets. The three hotels have a total of 321 guestrooms.
The 108-room Poway Hampton Inn, located at 14068 Stowe Drive in Poway Business Park, near Scripps Poway Parkway, was built in 2008.
The real estate investment trust expects to assume approximately $12.1 million in mortgage debt associated with the Southern California portfolio. Summit (NYSE: INN) owns a portfolio of 93 hotels in 24 states, with a total of nearly 11,000 rooms.
SDBJ Staff Report