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Summit Hotel Properties Closes on Marriott-Branded Portfolio
of Five Hotels in Louisiana for Approximately $135 Million

AUSTIN, Texas - March 12, 2103--Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has closed on the previously announced acquisition of a portfolio of five unencumbered Louisiana hotels (the “Louisiana portfolio”) containing an aggregate of 823 rooms for a total purchase price of approximately $135.0 million. The Company funded the acquisition with available cash and borrowings under its senior secured revolving credit facility. An affiliate of Marriott International, Inc. will operate the hotels under their current franchise flags.

“These hotels are very well positioned throughout the diverse areas of the New Orleans metropolitan market,” said Dan Hansen, president and CEO of the Company. “From the suburban community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market.”

Properties included in this portfolio are: the 153-room Courtyard by Marriott and the 120-room Residence Inn by Marriott, both located in Metairie, LA; the 202-room Courtyard by Marriott and the 208-room SpringHill Suites by Marriott, both located near the New Orleans Ernest N. Morial Convention Center; and the 140-room Courtyard by Marriott in downtown New Orleans near the French Quarter and financial and corporate office district.

About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments of the lodging industry. As of March 12, 2013, the Company’s portfolio consisted of 91 hotels with a total of 10,309 rooms located in 22 states.

Additional information 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 and financial and operating projections 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, 2012. 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
512-538-2304
dboyum@shpreit.com
www.shpreit.com




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Also See: Summit Hotel Properties Closes on Acquisition of the 252-room Holiday Inn Express on Fisherman’s Wharf in San Francisco, California; The $60.5 Million Purchase was Completed through a Joint Venture with an Affiliate of IHG / February 2013

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 / January 2013

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

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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