The Summit Group, Inc. Expands in Southeastern Market
Upscale limited-service hotel company purchases leading-brand hotel in Memphis
SIOUX FALLS, SD, July 6, 2005. The Summit Group, Inc., today announced it has added its fourth property in the Memphis market through its purchase of a Courtyard by Marriott property, further expanding the upscale limited-service hotel owner's presence in the Southeast.
Under this agreement, Summit has purchased 96 rooms for approximately $6.5 million - or $67,700 per room - bringing the total number of properties in The Summit Group's portfolio to 61 hotels across 21 states. The Company also plans to spend nearly $1 million in renovations on this new property, including soft-goods renovations, enhanced bedding, bathroom upgrades and the addition of an upscale lounge.
"We are pleased to add yet another Courtyard by Marriott to our growing portfolio of leading-brand, limited-service hotels," said Chris Bills, chief operating officer of The Summit Group, Inc. "This purchase expands our presence in the Memphis market, further building on our strategy to expand our portfolio throughout the Southeastern portion of the United States."
This latest addition to Summit's portfolio is located adjacent to the Lenox Center Office Park. Lenox is an integrated technology office park consisting of seven Class AA 97,000-square-foot office buildings, which Summit expects
will continue to play a role in driving occupancy at the Courtyard property.
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 
