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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


AUSTIN, Texas--January 23, 2013--Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the closing of its acquisition of three hotels (the “Hyatt Portfolio”) containing an aggregate of 426 guestrooms from certain affiliates of Hyatt Hotels Corporation for a purchase price of $36.1 million.







Number






of

Hotel



Location



Rooms








Hyatt Place-Universal



Orlando, FL

151

Hyatt Place-Convention Center



Orlando, FL

149
Hyatt Place

Chicago (Hoffman Estates), IL



126







The Company anticipates a post-renovation estimated NTM EBITDA multiple for the Hyatt Portfolio in the range of 10.5x to 11.5x based on management’s current estimate of EBITDA.

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

The Company also announced today the closing of the sale of the 62-room AmericInn hotel in Lakewood, CO for a price of $2.6 million.

“We continue to cultivate and improve our portfolio with accretive acquisitions of top brands in top markets,” said Company President and CEO Dan Hansen. “We have also effectively recycled capital through the strategic disposition of select hotels. Successful execution of this strategy is one of the key components of how we create value for our investors.”

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 23, 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 the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company’s expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. These statements relate to, among other things, the Company’s pending acquisitions, the availability of funding for the pending acquisitions and the expected increase in the maximum borrowing availability under the Credit Facility. No assurance can be given that the acquisitions will be completed when expected, on the terms described or at all, or that maximum borrowing availability under the Credit Facility will be increased. These actions are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions, market conditions and other factors, including those set forth in the Risk Factors section of the Company’s periodic reports and other documents filed with the Securities and Exchange Commission (the “SEC”).Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements after the date of this release.

.
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 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

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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