Summit Hotel Properties Opens New Build Hyatt House Hotel Across From Orlando Universal Resort™
Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), has
announced the grand opening of the 168-guestroom Hyatt House Across From
Orlando Universal Resort™. The newly constructed upscale, extended
stay hotel is located adjacent to the Company's existing Hyatt Place
hotel and conveniently situated within walking distance of Universal
Orlando Resort™ and a short shuttle ride from the new Volcano Bay™ water
park. Other nearby entertainment venues include Walt Disney World® Resort, SeaWorld®
Orlando, ICON Orlando 360™, and SEA LIFE Orlando Aquarium. Major
corporations in the area include Lockheed Martin, Siemens, and Deloitte,
among others, and Hyatt House Across From Orlando Universal Resort™
provides easy access to the Orange County Convention Center, downtown
Orlando, and Orlando International Airport.
"We are thrilled with the opening of the new Hyatt House Across From
Orlando Universal Resort™ which will be a great addition to our
portfolio of well located, high-quality hotels in one of the best
performing markets in the country," said Dan Hansen, the Company's
Chairman, President and Chief Executive Officer. "Utilizing our
in-house development expertise, we successfully executed on this project
as an opportunistic way to create value on a vacant land parcel we
acquired at the time we purchased the adjacent Hyatt Place hotel. The
two hotels will nicely complement one another and are expected to
generate incremental revenue opportunities through a collaborative sales
effort and benefit from efficiencies achieved through a shared cost
structure," commented Mr. Hansen.
"Orlando continues to experience record-breaking tourism numbers among leisure travelers and convention attendees. We are confident Hyatt House Across From Orlando Universal Resort™ will bring a new and dynamic guest experience to the marketplace, and is a great example of our continued focus on growing premium hotels that will attract business and leisure travelers alike," said Susan Santiago, Senior Vice President of Operations, Hyatt Place and Hyatt House. "I want to offer my congratulations and thanks to Dan and his team at Summit Hotel Properties who collaborated with us in order to bring this development to fruition."
The total construction cost for the Hyatt House hotel was $32.7 million, or approximately $194,500 per key, excluding land, and the Company expects the hotel to contribute $1.0 million of earnings before interest, taxes, depreciation, and amortization for real estate ("EBITDAre") during the remainder of 2018. The forecasted EBITDAre contribution was included in the Company's updated 2018 financial outlook provided on May 2, 2018.
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 
