AUSTIN, Texas--(BUSINESS WIRE)--
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today
announced the acquisition of the Four Points by Sheraton located in San
Francisco, Calif. as well as the completion of two previously announced
dispositions.
The Company acquired the 101-guestroom Four Points by Sheraton for a
purchase price of $21.3 million and has entered into a management
agreement with Pillar Hotels and Resorts, L.P. The Company plans to
spend approximately $1.3 million on capital improvements and anticipates
a post-renovation estimated NTM capitalization rate in the range of 8.5
percent to 9.5 percent based on management’s current estimate of net
operating income.
“We are very happy to expand our presence in the San Francisco market,”
said Company President and CEO Dan Hansen. “This property is a great
addition to our portfolio with its proximity to the San Francisco
International Airport as well as the unique mix of multiple demand
generators.”
The Company also announced the completion of two previously announced
dispositions, the 89-guestroom AmericInn Hotel & Suites and the
57-guestroom Aspen Hotel & Suites located in Fort Smith, Ark. for a
total sales price of $3.1 million.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate
investment trust focused primarily on acquiring and owning
premium-branded select-service hotels in the upscale and upper midscale
segments of the lodging industry. As of January 30, 2014, the Company’s
portfolio consisted of 89 hotels with a total of 11,143 rooms located in
22 states.
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 Exchange Act of
1934, as amended, pursuant to the safe harbor provisions of the Private
Securities 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 or other forward-looking information. Examples of
forward-looking statements include the following: projections of the
Company’s revenues and expenses, capital expenditures or other financial
items; descriptions of the Company’s plans or objectives for future
operations, acquisitions or services; forecasts of the Company’s future
economic performance and potential increases in average daily rate,
occupancy, RevPAR,room supply and demand, funds from operations
and adjusted funds from operations; US GDP growth and descriptions of
assumptions underlying or relating to any of the foregoing expectations
regarding the timing of their occurrence. 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, 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, VP of Investor Relations,
512-538-2304
www.shpreit.com
Source: Summit Hotel Properties, Inc.