Service Hotels for Approximately $18 million
Portfolio Grows to 60 Hotels in 21 States
|SIOUX FALLS, S.D. - 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:
About Summit Hotel Properties, LLC
About The Summit Group, Inc.
The Summit Group
|Also See:||The Summit Group Acquires 4 Limited Service Hotels; 427 rooms for $27.7 million -- or $64,871 per room / March 2005|
|The Summit Group of Sioux Falls Acquiring the 252-room Ambassador Hotel in Downtown Detroit / Aug 2002|