Summit Hotel Properties, Inc.’s $249 Million Acquisition Of Four Hotels

Simpson Thacher represented Blackstone in connection with the sale of four select service hotels located in California and Oregon to Summit Hotel Properties, Inc. for a total purchase price of $249 million.

The Residence Inn by Marriott Portland Downtown/RiverPlace benefits from a wide range of demand generators including Portland State University, Oregon Health & Science University (OHSU), the Oregon Convention Center, the Moda Center, and more than 28 million square feet of office space occupied by government, professional services, law firms, healthcare, education, and tech tenants. The hotel is located in the emerging RiverPlace district on the southside of downtown Portland which is experiencing significant development, most notably OHSU’s expansion just south of the hotel.

The Simpson Thacher team for the transaction included Whitney Salinas (Picture), Jason Mohr and Kathryn Christoforatos (Real Estate); Andrew Blau, Andrew Kofsky and Joo Hyun Lee (ECEB); and Nancy Mehlman, Jacqueline Clinton and Caroline Phillips (Tax).

Involved fees earner: Andrew Blau – Simpson Thacher & Bartlett; Kathryn Christoforatos – Simpson Thacher & Bartlett; Jacqueline Clinton – Simpson Thacher & Bartlett; Andrew Kofsky – Simpson Thacher & Bartlett; Joo Hyun Lee – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Jason Mohr – Simpson Thacher & Bartlett; Caroline Phillips – Simpson Thacher & Bartlett; Whitney Salinas – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Blackstone;