{"id":1004092713,"date":"2014-03-16T20:53:14","date_gmt":"2014-03-17T04:53:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=246883"},"modified":"2022-03-04T11:21:04","modified_gmt":"2022-03-04T19:21:04","slug":"summit-hotel-enters-into-agreement-with-mortenson-development-to-acquire-hampton-inn-suites","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/summit-hotel-enters-into-agreement-with-mortenson-development-to-acquire-hampton-inn-suites\/","title":{"rendered":"Summit Hotel Enters into Agreement with Mortenson Development to Acquire Hampton Inn &amp; Suites"},"content":{"rendered":"<p><em>By Gabriel Circiog, Associate Editor<\/em><\/p>\n<p>Summit Hotel Properties Inc. recently announced it has contracted to acquire two hotel properties featuring a total of 421 guestrooms. The two properties are the DoubleTree by Hilton located in San Francisco and the Hampton Inn &amp; Suites in Minneapolis. <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/The-Hampton-Inn-Suites-in-Minneapolis.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-246885\" title=\"The Hampton Inn &amp; Suites in Minneapolis\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/The-Hampton-Inn-Suites-in-Minneapolis.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p>The real estate investment trust has entered into a definitive agreement with Mortenson Development to purchase the 211-guestroom Hampton Inn &amp; Suites, which is currently under development in Minneapolis, for approximately $37.7 million. Summit issued, in January 2014, a $13.1 million letter of credit in support of the acquisition under its senior unsecured credit facility.<\/p>\n<p>Upon completion of the deal, The Hampton Inn &amp; Suites will be the second property for Summit in downtown Minneapolis. The hotel will be located at First Avenue and Eighth Street, near the Block E Entertainment District, Target Field, Target Center, the Minneapolis Convention Center and the new Vikings stadium, currently underway. The Mayo Clinic also recently announced it will open a 20,000-square-foot sports medicine facility in the current Block E Building.<\/p>\n<p>Company president &amp; CEO Dan Hansen, in a statement, said: \u201cWe look forward to the addition of another high-quality asset to our portfolio in a vibrant market such as downtown Minneapolis. We are excited to be part of this development opportunity and work with Mortenson throughout the building process.\u201d<\/p>\n<p>The deal is subject to certain conditions such as the completion of the hotel as per the agreed-upon architectural and engineering designs, receipt of a certificate of occupancy and receipt of a Hampton Inn &amp; Suites franchise. The hotel is scheduled for completion in the first quarter of 2015 and was designed by ESG Architects.<\/p>\n<p>For more market data about Minneapolis, <strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-construction-soars-in-minneapolis-as-employment-and-occupancy-keep-pressure-on-rents\/1004076763.html\" target=\"_blank\" rel=\"nofollow noopener\">click here<\/a><\/strong>.<\/p>\n<p><em>Rendering courtesy of www.mortenson.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summit Hotel Properties Inc. recently announced that it has under contract to acquire two hotel properties featuring a total of 421 guestrooms. The two properties are the DoubleTree by Hilton located in San Francisco and the Hampton Inn &amp; Suites in Minneapolis.<\/p>\n","protected":false},"author":264,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[1815],"class_list":["post-1004092713","post","type-post","status-publish","format-standard","hentry","category-minneapolis-st-paul","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Summit Hotel Enters into Agreement with Mortenson Development to Acquire Hampton Inn &amp; Suites - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/summit-hotel-enters-into-agreement-with-mortenson-development-to-acquire-hampton-inn-suites\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Summit Hotel Enters into Agreement with Mortenson Development to Acquire Hampton Inn &amp; Suites\" \/>\n<meta property=\"og:description\" content=\"Summit Hotel Properties Inc. recently announced that it has under contract to acquire two hotel properties featuring a total of 421 guestrooms. The two properties are the DoubleTree by Hilton located in San Francisco and the Hampton Inn &amp; Suites in Minneapolis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/summit-hotel-enters-into-agreement-with-mortenson-development-to-acquire-hampton-inn-suites\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-03-17T04:53:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T19:21:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/The-Hampton-Inn-Suites-in-Minneapolis.jpg\" \/>\n<meta name=\"author\" content=\"Gabriel Circiog\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/summit-hotel-enters-into-agreement-with-mortenson-development-to-acquire-hampton-inn-suites\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/summit-hotel-enters-into-agreement-with-mortenson-development-to-acquire-hampton-inn-suites\\\/\"},\"author\":{\"name\":\"Gabriel Circiog\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc807179924e7fea3aeab259237f45a5\"},\"headline\":\"Summit Hotel Enters into Agreement with Mortenson Development to Acquire Hampton Inn &amp; 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