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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

SIOUX FALLS, S. D.October 9, 2012-- Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the closing of its acquisition of eight hotels containing an aggregate of 1,043 guestrooms (the “Hyatt Portfolio”) from certain affiliates of Hyatt Hotels Corporation (Hyatt”) for a purchase price of $87.4 million.

Number of




Hyatt Place-Arlington
Dallas (Arlington), TX

Hyatt Place-Park Meadows
Denver (Lone Tree), CO

Hyatt Place-Denver Tech Center
Denver (Englewood), CO

Hyatt House-Denver Tech Center
Denver (Englewood), CO

Hyatt Place-Owings Mills
Baltimore (Owings Mills), MD

Hyatt Place-Lombard
Chicago (Lombard), IL

Hyatt Place-Phoenix
Phoenix, AZ

Hyatt Place-Scottsdale
Scottsdale, AZ


The Company has entered into an agreement with Select Hotels Group, L.L.C., an affiliate of Hyatt, to operate each hotel.

For the twelve-month period ended June 30, 2012, on a weighted-average basis, the hotels in the Hyatt Portfolio had occupancy of 74.0%, an average daily rate (“ADR”) of $96.42 and revenue per available room (“RevPAR”) of $71.35.

“Our ability to execute accretive acquisitions effectively and efficiently is paramount to bringing value to our investors,” said Dan Hansen, President and CEO of the Company.

Underwriter option exercised in full

As previously disclosed, the underwriters of the Company’s recent offering of common stock fully exercised their option to purchase an additional 1,800,000 shares. The offering, which closed October 3, 2012, was upsized by 20 percent to 12,000,000 shares, and the total number of shares sold, including the option shares, was 13,800,000. A portion of the net proceeds from the offering were used to fund the purchase price of the Hyatt Portfolio acquisition.

“We are very pleased with the execution of our first follow-on common stock offering,” said Mr. Hansen. “We continue to see terrific opportunities, and, with our expanded capacity, we are in a strong position to continue our growth.”

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 9, 2012, the Company’s hotel portfolio consisted of 81 hotels with a total of 8,576 guestrooms located in 21 states. Additional information about Summit may be found at the Company’s website,

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

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Also See: 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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