Summit Properties Acquires 98-room Hilton Garden Inn in Fort Worth, Texas
The Company anticipates a post-renovation estimated NTM capitalization rate based on management's current estimate of net operating income for the twelve-month period ending October 31, 2013 in the range of 8.5 to 9.5 percent.
November 2, 2012 - Summit Hotel Properties, Inc. (NYSE: INN) announced the closing on October 23, 2012 of its acquisition of the 98-room Hilton Garden Inn in Fort Worth, Texas for a purchase price of $7.2 million. The Company anticipates a post-renovation estimated NTM capitalization rate based on management's current estimate of net operating income for the twelve-month period ending October 31, 2013 in the range of 8.5 to 9.5 percent. The Company expects to spend approximately $2.4 million for improvements at this hotel within the next 18 months, funding the improvements with available cash or additional borrowings under the Company's senior secured revolving credit facility. The acquisition of this property was announced September 26, 2012 concurrent with the Company's offering of common stock.
“This hotel is a great addition to the other eight properties we own in the Dallas-Fort Worth metro area,” said Company President and CEO Dan Hansen. “The strategy of clustering hotels in top markets such as this has proven to be successful for us and plays a key role in creating value for our investors.”
Summit Hotel Properties, Inc. is a self-advised real estate investment trust (REIT) focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of October 31, 2012, the Company's hotel portfolio consisted of 82 hotels with a total of 8,674 guestrooms located in 21 states.
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 
