SIOUX FALLS, S.D.--(BUSINESS WIRE)--
Summit Hotel Properties, Inc. (NYSE: INN), a real estate investment
trust (REIT) specializing in the ownership of premium-branded hotels in
the upscale and upper midscale segments, today announced the company has
entered into agreements on the following properties:
-
An agreement to purchase a 150-room Courtyard by Marriott in downtown
Atlanta, GA for $191,000 per key with an anticipated post-renovation
NTM capitalization rate between 8 and 9 percent.
-
An agreement to purchase a 96-room Residence Inn by Marriott in
downtown Kansas City, MO for $103,000 per key with an anticipated
post-renovation NTM capitalization rate between 9 and 10 percent.
-
The company also announced it has entered into an agreement to sell
the 52-room AmericInn Hotel & Suites in Missoula, MT for $2 million.
The completion of the acquisitions is subject to lender approval and
satisfactory completion of due diligence and other customary closing
conditions. The completion of the disposition is subject to completion
of the buyer’s due diligence. The company has also entered into purchase
agreements on two additional hotel properties and is just beginning its
due diligence process.
“These transactions are part of the disciplined strategy Summit has
followed since our predecessor company was founded twenty years ago,”
commented Mr. Dan Hansen, the company’s chief executive officer. “We are
constantly reviewing our portfolio to make certain that our assets are
providing the best opportunities for our investors. If acquired, these
two properties would bring our total acquisitions to seven since our IPO
just nine months ago. We continue to see attractive opportunities in the
market and the recent completion of our preferred offering puts us in a
great position to take advantage of those opportunities for our
investors.”
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment
trust focused on acquiring and owning premium-branded select-service
hotels in the upscale and upper midscale segments. As of November 10,
2011, the company’s hotel portfolio consisted of 70 hotels with a total
of 7,099 guestrooms located in 19 states. Additional information about
Summit may be found at the company’s website, www.shpreit.com.
Forward Looking Statement
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities
Litigation Reform Act of 1995, and, as such, may involve known and
unknown risks, uncertainties and other factors that may cause the actual
results or performance to differ from those projected in the
forward-looking statement. These forward-looking statements include
statements related to the company’s ability to continue to execute its
strategy by selectively expanding the portfolio while continuing to
maximize the operating results of its existing portfolio. For a
description of factors that may cause the company’s actual results or
performance to differ from its forward-looking statements, please review
the information under the heading “Risk Factors” included in the
company’s Annual Report on Form 10-K for the year ended December 31,
2010, as filed with the Securities and Exchange Commission.
(Media)
Daly Gray Public Relations
Jerry Daly, Carol McCune
(703)
435-6293
jerry@dalygray.com
or
(Investors)
Summit
Hotel Properties, Inc.
Dan Boyum – VP of Investor Relations
(605)
782-2015
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.