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Summit Hotel Properties Closes Six Hotel Acquisitions
Totaling 786 Guestrooms for $153 Million

AUSTIN, Texas--May 30, 2013 --Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has closed on the previously announced acquisitions of four hotels containing an aggregate of 786 guestrooms from affiliates of White Lodging Services Corporation for a total purchase price of approximately $153.0 million. Properties in this portfolio include: the 135-guestroom Fairfield Inn & Suites by Marriott and the 198-guestroom SpringHill Suites by Marriott in Louisville, KY; the 156-guestroom SpringHill Suites by Marriott and the 297-guestroom Courtyard by Marriott in Indianapolis, IN. The Company funded the acquisitions through a combination of bridge financing and borrowings under its senior secured revolving credit facility. The Company currently expects minimal renovation requirements for these hotels and anticipates an estimated NTM EBITDA multiple in the range of 11.5x to 12.5x based on management’s current estimate of EBITDA.

The Company also announced today that it has closed on the previously announced acquisitions of two Minneapolis hotels; the 93-guestroom Holiday Inn Express & Suites and the 97-guestroom Hilton Garden Inn for a total purchase price of approximately $17.1 million. The Company funded the acquisitions with loan assumptions of $3.7 million and $6.4 million, respectively, and borrowings under its senior secured revolving credit facility. The Company currently expects to spend an aggregate of approximately $3.6 million in improvements over the next twelve months and anticipates a post-renovation estimated NTM EBITDA multiple for the hotels in the range of 10.5x to 11.5x based on management’s current estimate of EBITDA.

“These six hotels are very well positioned amid multiple demand generators in their respective markets,” said Dan Hansen, President and Chief Executive Officer. “We are excited about the opportunity to extend our nationwide reach into the Indianapolis and Louisville markets as well as grow our presence in Minneapolis. These acquisitions squarely hit the marks of our simple strategy; top brands in top markets.”

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 May 30, 2013, the Company’s portfolio consisted of 96 hotels with a total of 11,223 guestrooms located in 24 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.
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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 Closes on Marriott-Branded Portfolio of Five Hotels in Louisiana for Approximately $135 Million / March 2013

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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