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Summit Completes Acquisition of 150-room Courtyard by Marriott in Atlanta
Hearing Portion of Arbitration Involving Choice Hotels Also Completed, Now Awaiting Decision
SIOUX FALLS, SD - January 23, 2012 - 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.
