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Fly News Breaks for June 9, 2015
INN
Jun 9, 2015 | 08:36 EDT
After Summit Hotel announced that it plans to sell 26 hotels to American Realty Capital Hospitality for $351.4M, JMP Securities says that the deal highlights the inherent value of its select service assets, further concentrates its portfolio in the top 50 markets, and gives it the opportunity to deploy $350M of proceeds;The firm expects Summit to outperform the broader REIT group in 2015. It reiterates a $15.50 price target and Outperform rating on Summit.
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