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Summit Hotel Properties Completes Acquisition of the
98-room Hilton Garden Inn in Fort Worth, Texas for $7.2 million


SIOUX FALLS, S.D.--October 31, 2012-- Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today 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.”

About Summit Hotel Properties

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. Additional information about Summit may be found at the Company’s website, www.shpreit.com.

Forward looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, including projections based on management’s current estimate of EBITDA for newly acquired hotels, or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the company and many of which are beyond the company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the company’s filings with the Securities and Exchange Commission, including, without limitation, the company’s Annual Report on Form 10-K for the year ended December 31, 2011. Unless legally required, the company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

.
Contact:

Summit Hotel Properties, Inc.
Dan Boyum, VP – Investor Relations, 605-782-2015
dboyum@shpreit.com



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Also See: Summit Hotel Properties Completes Acquisition of an Eight Hyatt Hotels Portfolio for $87.4 million; Select Hotels Group, L.L.C., an Affiliate of Hyatt, to Operate Each hotel / October 2012

Summit Hotel Properties to Acquire Ten Hotels, Including a Portfolio of Eight from Hyatt; Anticipates Completing the Acquisition in Q4 2012 / September 2012

Summit Hotel Properties Completes Twelfth Hotel Acquisition with the 96-room Residence Inn by Marriott in Dallas (Arlington), Texas for $15.5 Million / August 2012

The 70-room Fairfield Inn & Suites by Marriott Opens in Fort Worth, Texas; Owned by Summit Hotel Group and Managed by Interstate Hotels & Resorts / July 2012

Summit Hotel Properties Completes Acquisition of Two Properties, a Hilton Garden Inn and a Courtyard by Marriott; Also Completes Sale of Three Properties in Twin Falls, Idado / May 2012

Summit Hotel Properties Cultivates and Improves Portfolio through Two Acquisitions, Four Dispositions, and a Positive Resolution of Arbitration with Choice Hotels / April 2012

Summit Hotel Properties Completes Acquisition of Two Birmingham, Alabama Hotels; Transactions Close for the 130-room Hilton Garden Inn Liberty Park and the 95-room Hilton Garden Inn Lakeshore / February 2012

Summit Hotel Properties, Inc. Enters Purchase Agreement for the 130-room Hilton Garden Inn, Birmingham, Alabama for $11.9 million / February 2012

Summit Hotel Properties, Inc. Completes Acquisition of the 150-room Courtyard by Marriott, Atlanta, Georgia; Hearing Portion of Arbitration Involving Choice Hotels Also Completed, Now Awaiting Decision / January 2012

Summit Hotel Properties, Inc. to Acquire Two Properties and Sell One Non-Core Property / November 2011

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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