Underwriters fully exercised option in recent offering of common
stock
SIOUX FALLS, S. D.--(BUSINESS WIRE)--
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today
announced the closing of its acquisition of eight hotels containing an
aggregate of 1,043 guestrooms (the “Hyatt Portfolio”) from certain
affiliates of Hyatt Hotels Corporation (Hyatt”) for a purchase price of
$87.4 million.
|
|
|
| |
| |
| Number of |
| | | Hotel | | Location | | Rooms |
| | |
Hyatt Place-Arlington
| | Dallas (Arlington), TX
| |
127
|
| | |
Hyatt Place-Park Meadows
| | Denver (Lone Tree), CO
| |
127
|
| | |
Hyatt Place-Denver Tech Center
| | Denver (Englewood), CO
| |
126
|
| | |
Hyatt House-Denver Tech Center
| | Denver (Englewood), CO
| |
135
|
| | |
Hyatt Place-Owings Mills
| | Baltimore (Owings Mills), MD
| |
123
|
| | |
Hyatt Place-Lombard
| | Chicago (Lombard), IL
| |
151
|
| | |
Hyatt Place-Phoenix
| | Phoenix, AZ | |
127
|
| | |
Hyatt Place-Scottsdale
| | Scottsdale, AZ | |
127
|
| | | | |
Total
| |
1,043
|
| | | | | | |
|
The Company has entered into an agreement with Select Hotels Group,
L.L.C., an affiliate of Hyatt, to operate each hotel.
For the twelve-month period ended June 30, 2012, on a weighted-average
basis, the hotels in the Hyatt Portfolio had occupancy of 74.0%, an
average daily rate (“ADR”) of $96.42 and revenue per available room
(“RevPAR”) of $71.35.
“Our ability to execute accretive acquisitions effectively and
efficiently is paramount to bringing value to our investors,” said Dan
Hansen, President and CEO of the Company.
Underwriter option exercised in full
As previously disclosed, the underwriters of the Company’s recent
offering of common stock fully exercised their option to purchase an
additional 1,800,000 shares. The offering, which closed October 3, 2012,
was upsized by 20 percent to 12,000,000 shares, and the total number of
shares sold, including the option shares, was 13,800,000. A portion of
the net proceeds from the offering were used to fund the purchase price
of the Hyatt Portfolio acquisition.
“We are very pleased with the execution of our first follow-on common
stock offering,” said Mr. Hansen. “We continue to see terrific
opportunities, and, with our expanded capacity, we are in a strong
position to continue our growth.”
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment
trust (REIT) focused on acquiring and owning premium-branded
select-service hotels in the upscale and upper midscale segments. As of
October 9, 2012, the Company’s hotel portfolio consisted of 81 hotels
with a total of 8,576 guestrooms located in 21 states. Additional
information about Summit may be found at the Company’s website, www.shpreit.com.
Summit Hotel Properties, Inc.
Dan Boyum, VP – Investor Relations,
605-782-2015
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.