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Summit Hotel Properties Closes on Initial Three Acquisitions,
with Plans for a Fourth



May 10, 2011- SIOUX FALLS, S.D.--Summit Hotel Properties, Inc. (NYSE:INN), a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments, announced today the closure on three previously announced acquisitions, as well as an additional property purchase agreement.

“This strategy allows our management team to more effectively and efficiently manage the properties to maximize return for our investors and has worked very well for our company over the past nearly 20 years”

Acquisitions Ahead of Anticipated Schedule

The company has closed on the previously announced acquisitions of the following properties:
  • A 121-room Staybridge Suites in Denver (Cherry Creek), CO for $83,000 per key, at a post-renovation NTM capitalization rate of 10.3 percent.
  • A 143-room Holiday Inn in Gwinnett/Duluth (Atlanta), GA for $49,000 a key and a post-renovation NTM capitalization rate of 12.2 percent.
  • A 91-suite Homewood Suites by Hilton in Jackson-Ridgeland, MS for $80,000 per key, and a post-renovation NTM capitalization rate of 12.0 percent.
The company also announced a purchase agreement on the following property:
  • A 122-room Hilton Garden Inn in Gwinnett/Duluth (Atlanta), GA for $115,000 a key and a post-renovation NTM capitalization rate of 9.0 percent.
The purchase of these properties is squarely in line with the company’s strategy of acquiring immediately accretive properties at attractive post-renovation capitalization rates. It also aligns with the company’s “clustering” strategy by grouping hotels in close geographic areas to gain efficiencies and management advantages. “This strategy allows our management team to more effectively and efficiently manage the properties to maximize return for our investors and has worked very well for our company over the past nearly 20 years,” said Dan Hansen, Summit’s chief executive officer.

1Q 2011 Earnings Release and Conference Call

The company also announced that it will release first quarter 2011 financial results on Monday, May 16, 2011, after the market closes. The results will reflect a portion of the earnings of the REIT’s predecessor company, Summit Hotel Properties, LLC. On February 14, 2011, the company completed its initial public offering of common stock, generating proceeds of $253 million.

The company will host a conference call to discuss its financial results at 9 a.m. ET on Tuesday, May 17 with Kerry W. Boekelheide, executive chairman of the board; Dan Hansen, president and chief executive officer; and Stu Becker, executive vice president and chief financial officer. Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Summit’s website, www.shpreit.com or may call, 866-783-2141 reference number 37707705. A recording of the call will be available by telephone until midnight on May 24, 2011, by dialing 888-286-8010, reference number 82182582. A replay of the conference call will be posted on Summit’s website through May 31, 2011.

About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of May 9, 2011, the company’s hotel portfolio consisted of 68 hotels with a total of 6,888 guestrooms located in 19 states. Additional information about Summit may be found at the company’s website, www.shpreit.com

Forward Looking Statement:
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements include statements related to the company’s ability to continue to execute its strategy by selectively expanding the portfolio while continuing to maximize the operating results of its existing portfolio. For a description of factors that may cause the company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the company’s Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the Securities and Exchange Commission.
.
Contact:

Daly Gray Public Relations
Jerry Daly or Carol McCune, 703-435-6293
jerry@dalygray.com
or
Investors:
Summit Hotel Properties, Inc.
Dan Boyum, 605-782-2015
dboyum@shpreit.com


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