
Summit Hotel Properties announced the acquisition of two Residence Inn by Marriott properties in the United States for 56.8 million dollars.
Located in Hunt Valley, the Residence Inn in Baltimore has 140 rooms and will be managed under contract by Interstate Hotels & Resorts. The company plans to invest and additional 1.5 million dollars in the property by 2016. The Residence Inn Branchburg has 101 rooms. Its management will also be handled by Interstate Hotels & Resorts, through a management contract. An additional 1.1 million dollars will be invested in the property.
As of January 1, 2015, Marriott International was number three worldwide in terms of number of rooms with 701,899 units in 4,117 properties according to MKG Hospitality, consulting firm founded by Georges Panayotis. (Read our report)
