SIOUX FALLS, S.D.--(BUSINESS WIRE)--
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), a real estate
investment trust (REIT) specializing in the ownership of premium-branded
hotels in the upscale and upper midscale segments, today announced that
the Company has signed a purchase contract on the following property:
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A 130-room Hilton Garden Inn, Birmingham (Liberty Park), AL for a
purchase price of $11.9 million including planned property
improvements and a post-renovation, NTM capitalization rate in the
range of 8.5 to 9.5 percent.
The transaction includes assumption of existing debt and the completion
of the acquisition is subject to lender approval and satisfactory
completion of due diligence and other customary closing conditions.
“Acquiring properties that represent top brands in top markets that
provide great yields to our investors is exactly what we set forth in
our strategy,” said Mr. Dan Hansen, the company’s president and chief
executive officer. “This Birmingham Hilton Garden Inn is a perfect
example of how we are continuing to execute on that strategy.”
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 February 8, 2012, the company’s hotel portfolio
consisted of 71 hotels with a total of 7,245 guestrooms located in 19
states. Additional information about Summit may be found at the
Company’s website, www.shpreit.com.
Forward Looking Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Act of 1934, as
amended, pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
generally identifiable by use of forward-looking terminology such as
“may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,”
“anticipate,” “estimate,” “approximately,” “believe,” “could,”
“project,” “predict,” “forecast,” “continue,” “plan” or other similar
words or expressions.These forward-looking statements relate to
the payment of dividends. Forward-looking statements are based on
certain assumptions and can include future expectations, future plans
and strategies, financial and operating projections or other
forward-looking information. These forward-looking statements are
subject to various risks and uncertainties, not all of which are known
to the Company and many of which are beyond the Company’s control, which
could cause actual results to differ materially from such statements.
These risks and uncertainties include, but are not limited to, the state
of the U.S. economy, supply and demand in the hotel industry and other
factors as are described in greater detail in the Company’s filings with
the Securities and Exchange Commission (“SEC”), including, without
limitation, the Company’s Annual Report on Form 10-K for the year ended
December 31, 2010. Unless legally required, the Company disclaims any
obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise.
Summit Hotel Properties, Inc.
Dan Boyum, VP of Investor Relations,
605-782-2015
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.