The Summit Group, Inc. Builds Upscale Limited-Service Hotel Portfolio
Summit Group affiliate purchases four new properties
SIOUX FALLS, SD, June 27, 2005. Summit Hotel Properties, LLC, an affiliate of The Summit Group, Inc., today announced it has purchased four leading-brand, limited-service hotels. These transactions are part of the overall growth strategy of The Summit Group, a leading developer, owner, and manager of upscale limited-service hotels nationwide.
Under these agreements, Summit has purchased 316 rooms for approximately $18 million - or $57,000 per room - bringing the total number of properties in The Summit Group's portfolio to 60 hotels across 21 states. The Company also plans to spend $2.5 million in soft-goods renovation expenses and other capital improvements, bringing the projected total investment to approximately $65,000 per room.
"We are gaining true momentum as we continue to execute our growth strategy, which is based on the strategic acquisition of leading-brand hotel properties in the upscale, limited-service arena," said Kerry W. Boekelheide, chief executive officer and chairman of The Summit Group, Inc. "These newest properties build upon our presence in existing markets, while we continue to identify new markets that will help us expand geographically."
Summit's new properties include:
Fairfield Inn by Marriott, 80-room hotel that will be converted to a Fairfield Inn & Suites,Residence Inn by Marriott, 78-room hotel " Both the Fairfield Inn and the Residence Inn will go through a soft goods renovation this fall. Both are located in the upscale Memphis suburb of Germantown, TN, and were purchased from Master Hospitality Services, Inc., Towneplace Suites by Marriott, 95-room hotel in St. Louis suburb Fenton, MO, also will be renovated this fall. Summit purchased this hotel from Dominion Hospitality, Holiday Inn Express 63-room hotel in Boise, ID, for a total of three Summit-owned properties in this market. The seller was Sonomar of Boise
The Company also expects to break ground soon on a 116-room Cambria Suites by Choice Hotels International, which is currently slated to be open in the summer of 2006. The hotel will be built on a site near the airport in Boise adjacent to the Company's Hampton Inn and Fairfield Inn.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
