Atlanta acquisition closes - Arbitration completed, awaiting
decision
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
closed the previously announced acquisition of the following property:
- A 150-room Courtyard by Marriott in downtown Atlanta, GA for
$191,000 per key at a post-renovation NTM capitalization rate in the
range of 8 to 9 percent.
“It is a great opportunity to secure this unique property in this
market,” said Mr. Dan Hansen, the company’s chief executive officer. “It
is core to our strategy to have the best brands in the best markets. As
we continue to see attractive acquisitions in top markets we will
continue to capitalize on these opportunities for our investors.”
The company also announced that the hearing portion of the arbitration
proceedings involving Choice Hotels International concluded January 21,
2012. All parties have the opportunity to submit post-hearing briefs
with a decision from the arbitration panel expected in March or April
2012.
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 January 23,
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 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.
Summit Hotel Properties, Inc.
Dan Boyum, 605-782-2015
VP of
Investor Relations
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.