Summit Hotel Properties published an announcement confirming they are purchasing a $822 million portfolio spanning over 27 hotels and 3,709 rooms from NewcrestImage.

“We are thrilled to announce this transformational investment opportunity for the acquisition of 27 hotels that are complementary to our existing portfolio of high-quality, well-located assets and significantly expands our presence in high-growth Sun Belt markets,” said Jonathan P. Stanner, president and CEO of Summit.

Six of the hotels are located in Louisiana and Oklahoma, while the rest are in various Texas markets. Some of the major names in the portfolio include Residence Inn by Marriott, Canopy by Hilton, Hilton Garden Inn and AC Hotels by Marriott.

The deal is expected to close in the fourth quarter of 2021 or in early 2022. 

“We believe the two portfolios create an excellent combination of hotels that have tremendous growth potential and are well-positioned to create long-term shareholder value as the lodging recovery continues," said Mehul Patel, managing partner and CEO of NewcrestImage.

More than 70% of the rooms in the portfolio have been developed in 2015 or later. Summit Hotel Properties has received $410 million in acquisition financing by Bank of America and Wells Fargo.