Summit Hotel Properties earlier this month announced the completion of its acquisition of the NewcrestImage portfolio.

In a statement, Summit said the initial closing, which was completed through the existing joint venture between Summit and GIC, included 26 of 27 hotels totaling 3,533 guestrooms, two parking structures, and various financial incentives.

The sole property to be acquired as of Jan. 13 is the 176-guestroom Canopy by Hilton New Orleans, construction of which is almost complete.

Bloomberg reported that Summit’s transaction was valued at $776.5 million for the 27-property portfolio.

“The transaction is expected to be immediately accretive to adjusted FFO per share, generate a stabilized net operating income yield of 8.0% to 8.5%, including future capital investment and excluding any ancillary joint venture fees earned by Summit, and be leverage-neutral to the company's balance sheet while preserving existing liquidity of nearly $450 million,” Summit said in the release.

The release added that Bank of America and Wells Fargo Bank granted Summit a $410 million financing commitment that will serve as the primary debt financing for the transaction.