Press Release November 05, 2021

NewcrestImage 27-Hotel Portfolio to Summit For $827 Million

The Real Estate Industry team advised affiliates of NewcrestImage in its definitive agreement with Summit Hotel Properties (NYSE: INN) in which Summit will acquire a 27-hotel portfolio totaling 3,709 guestrooms, two parking structures and various financial incentives from NewcrestImage through its existing joint venture with GIC for total consideration of $822 million. The total consideration for the transaction is comprised of $776.5 million, or $209,000 per key, for the 27-hotel portfolio, $24.8 million for the two parking structures and $20.7 million for the various financial incentives. Subject to customary closing conditions, the transaction is expected to close late in the fourth quarter of 2021 or early in the first quarter of 2022.

NewcrestImage has become one of the leading hotel companies in America having transacted over 184 hotels throughout its history. It is known and respected for its unique properties and for repeatedly developing bold award-winning projects that have transformed the hospitality industry.

The Goodwin team included David Phelps, Hilary Fey and James Crolle on real estate matters, Todd Pollock on tax and Mark Opper on REIT matters.

For additional details on the agreement, please read the press release and coverage in Hotel Business and HOTELS Magazine.