Four South Baton Rouge hotels are getting new owners as part of a $351.4 million deal set to close over the next few months.
The Doubletree, Fairfield Inn & Suites, SpringHill Suites Baton Rouge South and TownPlace Suites are part of a 26-hotel portfolio that Summit Hotel Properties has agreed to sell to affiliates of American Realty Capital Hospitality Trust Inc. The hotels are scheduled to change hands in September; other properties will be transferred to American Realty Capital in October and January.
Summit Hotel Properties is based in Austin, Texas, while American Realty Capital is a real estate investment trust that was founded in 2013 that focuses on the lodging industry.
Summit said it sold the properties as a way of improving its asset mix, by generating enough money to buy more hotel properties. American Realty plans on making capital improvements at the properties.
The DoubleTree is a 127-room hotel on Constitution Avenue. It opened in 2008 as a Cambria Suites, but was rebranded in 2011. The Fairfield Inn & Suites is a 78-room hotel on Essen Park Avenue that opened in 2000. The SpringHill Suites is also a 78-room hotel on Essen Park Avenue that opened in 2001. The TownPlace Suites is a 90-room property on Summa Avenue that opened in 1999.
Follow Timothy Boone on Twitter @TCB_TheAdvocate