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Summit Hotel Properties, Inc. to Acquire Two Properties
and Sell One Non-Core Property


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, today announced the company has entered into agreements on the following properties:
  • An agreement to purchase a 150-room Courtyard by Marriott in downtown Atlanta, GA for $191,000 per key with an anticipated post-renovation NTM capitalization rate between 8 and 9 percent.
  • An agreement to purchase a 96-room Residence Inn by Marriott in downtown Kansas City, MO for $103,000 per key with an anticipated post-renovation NTM capitalization rate between 9 and 10 percent.
  • The company also announced it has entered into an agreement to sell the 52-room AmericInn Hotel & Suites in Missoula, MT for $2 million.
The completion of the acquisitions is subject to lender approval and satisfactory completion of due diligence and other customary closing conditions. The completion of the disposition is subject to completion of the buyer’s due diligence. The company has also entered into purchase agreements on two additional hotel properties and is just beginning its due diligence process.

“These transactions are part of the disciplined strategy Summit has followed since our predecessor company was founded twenty years ago,” commented Mr. Dan Hansen, the company’s chief executive officer. “We are constantly reviewing our portfolio to make certain that our assets are providing the best opportunities for our investors. If acquired, these two properties would bring our total acquisitions to seven since our IPO just nine months ago. We continue to see attractive opportunities in the market and the recent completion of our preferred offering puts us in a great position to take advantage of those opportunities for our investors.”

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 November 10, 2011, the company’s hotel portfolio consisted of 70 hotels with a total of 7,099 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.
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Contact: 

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




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Also See: The 127-room DoubleTree by Hilton Baton Rouge Opens in Louisiana in a Conversion of the Aspen Suites Hotel; Operated by Summit Hotel TRS 047, LLC and Managed by Interstate Hotels & Resorts / November 2011

Carlson Opens 126-room Country Inn & Suites By Carlson, San Antonio Airport in Texas Owned by Summit Hotel Properties / July 2011

Summit Hotel Properties Closes on Initial Three Acquisitions, with Plans for a Fourth / May 2011

IHG to Sell 121-room Staybridge Suites Denver Cherry Creek and the 143-room Holiday Inn Atlanta-Gwinnett Place to Summit Hotel Properties for $17 million / April 2011
..
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