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Summit Hotel Properties to Acquire a Marriott-branded Portfolio of Five
Hotels in Louisiana for Approximately $135 Million

Property Improvements Planned During 2013 for the Portfolio
Totaling 823 Rooms


AUSTIN, Texas - January 28, 2013--Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has entered into a definitive agreement to acquire a portfolio of five Louisiana hotels (the “Louisiana portfolio”) containing an aggregate of 823 rooms for a purchase price of approximately $135.0 million. The Company expects to implement approximately $5.0 million in property improvements to the Louisiana portfolio over the next twelve months. The Company anticipates a post-renovation estimated NTM EBITDA multiple for the Louisiana portfolio in the range of 10.5x to 11.5x based on management’s current estimate of EBITDA.

The Company expects to complete the acquisition in the first quarter of 2013. The acquisition is subject to satisfactory completion of the Company’s due diligence and satisfaction of customary closing conditions, and the Company can give no assurance that the acquisition will be consummated. The Company intends to enter into agreements with affiliates of Marriott to operate each hotel.

“This portfolio of hotels is uniquely positioned to allow us access to the many diverse markets and sub-markets in the area,” said Company President and CEO Dan Hansen. “They are each great properties on their own and we would be happy to own any one of them. We are very excited to have the opportunity to acquire all five of them.”

Metairie
The Company plans to acquire the 153-room Courtyard by Marriott and the 120-room Residence Inn by Marriott, both located in Metairie, LA. Metairie is the first suburb of New Orleans and is the halfway point between downtown New Orleans, home of the world-famous French Quarter, Superdome, Aquarium, Zoo, and Convention Center; and Kenner, where the New Orleans International Airport, Rivertown, and the Pontchartrain Center are located. Metairie is an important business hub for the New Orleans area, and home to major businesses including Ochsner Hospital, US Department of Defense, ATF, and DEA, as well as Entergy, Jacobs Engineering, Tetra Tech, Skanska, URS, Westinghouse, Verizon, PF Changs, and AT&T.

New Orleans Convention Center
The Company plans to acquire the 202-room Courtyard by Marriott and the 208-room SpringHill Suites by Marriott, both located just two blocks from the freshly renovated New Orleans Ernest N. Morial Convention Center. A jam-packed convention calendar in 2012, including large citywide events such as the BCS Championship Game and NCAA Men’s Final Four helped boost demand. The city is also enjoying the continued demand recovery following the 2005 landfall of Hurricane Katrina. The New Orleans Convention and Visitors Bureau has a healthy pipeline of large conventions to help fill the expanding Convention Center which is nearing the completion of its $50 million “Great Hall” expansion, designed to attract small to mid-size corporate events.

French Quarter
The Company plans to acquire the 140-room Courtyard by Marriott in downtown New Orleans. This hotel’s premier location on St. Charles Avenue is within short walking distance to the French Quarter as well as many financial and corporate offices. Some of the key corporate offices include GE, Whitney Hancock, Xavier University, LSU Medical, Miller/Coors, AT&T, Verizon, Glazers, Moet/Hennesey, as well as the US Department of Justice and Homeland Security.

About Summit Hotel Properties, Inc.

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 January 28, 2013, the Company’s hotel portfolio consisted of 86 hotels, containing a total of 9,383 guestrooms, located in 21 states.

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.
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Contact:

Summit Hotel Properties, Inc.
Dan Boyum
VP- Investor Relations
512-538-2304
dboyum@shpreit.com
www.shpreit.com




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Also See: Summit Hotel Properties Completes Acquisition of Three Hyatt Properties for $36.1 million; Enters Into Agreement with Select Hotels Group, L.L.C to Operate Hotels / January 2013

Summit Hotel Properties Acquires Three Hotels; a Residence Inn, Hyatt Place and Hampton Inn & Suites for $71.8 million; All Properties to Undergo Improvements Over the Next 18 Months / January 2013

Summit Hotel Properties Completes Acquisition of the 98-room Hilton Garden Inn in Fort Worth, Texas for $7.2 million / November 2012

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

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..
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