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 closed on two acquisition transactions. On February 9,
2012 the company announced it had entered into a contract to purchase
the 130-room Birmingham (Liberty Park), AL Hilton Garden Inn. That
transaction was closed today.
In addition, the company has also closed on a second acquisition in
Birmingham (Lakeshore), AL; a 95-room Hilton Garden Inn. Details of both
transactions are listed below:
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The previously announced 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.
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The 95-room Hilton Garden Inn, Birmingham (Lakeshore), AL for a
purchase price of $10.2 million including planned property
improvements and a post-renovation, NTM capitalization rate in the
range of 9.5 to 10.5 percent.
“These two properties hit all points of our strategy; a top 50 market, a
top brand, and multiple demand generators with enhanced efficiency
through clustering,” said Mr. Dan Hansen, the company’s president and
chief executive officer. “Top brands in top markets at great cap rates;
that’s what we do.”
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 28,
2012, the company’s hotel portfolio consisted of 73 hotels with a total
of 7,469 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.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, 605-782-2015
VP of
Investor Relations
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.