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Editorial Results (free)

1. New York Firm Pays $23M for 3 Germantown Hotels -

7750 Wolf River Blvd., 9314 Poplar Pike and 9320 Poplar Pike, Germantown, TN 38138 | Sale Amount: $23 million

Sale Date: April 28, 2017

2. New York Firm Pays $23M For 3 Memphis-Area Hotels -

AR Global Investments, a New York-based asset management firm, has purchased a trio of Germantown hotels for a combined $23 million from Austin, Texas-based Summit Hotel Properties, according to three warranty deeds filed with the Shelby County Register of Deeds on April 28.

3. Hotel REIT Transfers 3 Germantown Properties -

7750 Wolf River Parkway Germantown, TN 38138
9314 Poplar Pike Germantown, TN 38138
9320 Poplar Pike Germantown, TN 38138

4. Hotel REIT Transfers 3 Germantown Properties -

Austin, Texas-based hotel real estate investment trust Summit Hotel Properties Inc. has transferred three Germantown hotels to related affiliates for a combined $5.7 million.

5. Archived Article -

9314 Poplar Pike
Germantown, TN 38138
Cost: $5 million

Buyer: Summit Hotel Properties LLC
Seller: ER Johnson Road Hotel Investors LLC
Property: Residence Inn by Marriott at 9314 Poplar Pike.

6. Summit Group Closes on Three Local Hotels -

9314 Poplar Pike
Germantown, TN 38138
Cost: $6.4 million

Borrower: Summit Hotel Properties LLC
Lender: First National Bank of Omaha
Trustee: Midsouth Title Corp.
Property: Residence Inn by Marriott at 9314 Poplar Pike. The property is one of three recently purchased by Summit Hotel Properties, an affiliate of The Summit Group Inc. The other properties purchased were Courtyard by Marriott, 3076 Kirby Parkway, and Fairfield Inn by Marriott, 9320 Poplar Ave.
According to Chris Bills, chief operating officer for Summit Group Inc., the 80-room Fairfield Inn and 78-room Residence Inn are located next door to each other in Germantown.
"We do plan a very comprehensive renovation at the Residence Inn, which would include beds, soft goods, bathroom upgrades and lobby and exercise room upgrades," Bills said. "And then the Fairfield Inn we plan to convert to a Fairfield Inn & Suites, and we will have approximately 15 suites with a separate sitting room and entertainment wall."
South Dakota-based Summit Group owns 60 hotels in 21 states. In February, Summit purchased the Courtyard by Marriott at 7750 Wolf River Parkway in Germantown.
"We feel that the Germantown area has become even more upscale in the last five years, so we're going to renovate the (Germantown) properties to have more of an upscale feeling to them," Bills said.

7. Archived Article: Daily Digest - Jabil Memphis Plans

Summit Hotel Properties

Buys Two Memphis Hotels

Summit Hotel Properties LLC has purchased a Residence Inn at 9314 Poplar Pike for $5 million and a Fairfield Inn at 9320 Poplar Ave. for $2.8 million from ER Johnson Road H...

8. Archived Article: Hotels (bott) - By SUZANNE THOMPSON Residence Inn, Fairfield Inn to break ground in Germantown By SUZANNE THOMPSON The Daily News Construction is set to begin on two hotels that will be built adjacent to the Forest Hill Irene shopping center in Germantown. The tota...