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
select-service hotels in the upscale and upper midscale segments, today
announced the company’s twelfth hotel acquisition since its February
2011 initial public offering.
The company purchased a 96-room Residence Inn by Marriott in Dallas
(Arlington), TX at a price of $15.5 million. The company anticipates a
post-renovation estimated NTM capitalization rate based on management’s
current estimate of EBITDA for the twelve-month period ending July 31,
2013 in the range of 8.5 to 9.5 percent.
“This acquisition is yet another example of our commitment to consistent
execution of one of our clearly stated goals; acquire top brands in top
markets at great cap rates.” said Dan Hansen, company president and CEO.
“This fits perfectly into our strategy of clustering properties in
prospering beltway markets.”
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised REIT focused on
acquiring and owning premium-branded select-service hotels in the
upscale and upper midscale segments. As of August 3, 2012 the company’s
hotel portfolio consisted of 74 hotels with a total of 7,586 guestrooms
located in 20 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.Forward-looking statements are
based on certain assumptions and can include future expectations, future
plans and strategies, financial and operating projections, including
projections based on management’s current estimate of EBITDA for newly
acquired hotels, 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, including, without limitation, the company’s Annual Report
on Form 10-K for the year ended December 31, 2011. 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, 605-782-2015
VP
of Investor Relations
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.