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The 96 room Courtyard By Marriott Memphis East/Lenox
Park Acquired by The Summit Group for $6.5 million


SIOUX FALLS, S.D. - July 6, 2005 -- The Summit Group, Inc., today announced it has added its fourth property in the Memphis market through its purchase of a Courtyard by Marriott property, further expanding the upscale limited-service hotel owner's presence in the Southeast.

Under this agreement, Summit has purchased 96 rooms for approximately $6.5 million -- or $67,700 per room -- bringing the total number of properties in The Summit Group's portfolio to 61 hotels across 21 states. The Company also plans to spend nearly $1 million in renovations on this new property, including soft-goods renovations, enhanced bedding, bathroom upgrades and the addition of an upscale lounge.

"We are pleased to add yet another Courtyard by Marriott to our growing portfolio of leading-brand, limited-service hotels," said Chris Bills, chief operating officer of The Summit Group, Inc. "This purchase expands our presence in the Memphis market, further building on our strategy to expand our portfolio throughout the Southeastern portion of the United States."

The Courtyard By Marriott Memphis East/Lenox Park is located adjacent to the Lenox Center Office Park at 3076 Kirby Parkway. Lenox is an integrated technology office park consisting of seven Class AA 97,000-square-foot office buildings, which Summit expects will continue to play a role in driving occupancy at the Courtyard property.

About The Summit Group, Inc.
The Summit Group, Inc. is a developer, owner and manager of upscale limited-service hotels nationwide. The Company owns and operates all the hotels in its portfolio of 61 properties in 21 states. The Summit Group's growing portfolio includes leading hotel brands such as Marriott International, Inc. (Courtyard, Residence Inn, Springhill Suites, Fairfield Inn and TownePlace Suites), Hilton Hotels Corporation (Homewood Suites, Hampton Inn, Hampton Inn & Suites), InterContinental Hotels Group (Holiday Inn Express), and Choice Hotels International (Comfort Suites, Comfort Inn). Approximately 50 percent of The Summit Group's portfolio hotels are Marriott properties. 


The Summit Group

Also See: Summit Hotel Properties, LLC Acquires Four Limited-service Hotels for Approximately $18 million; Portfolio Grows to 60 Hotels in 21 States / June 2005
The Summit Group Acquires 4 Limited Service Hotels; 427 rooms for $27.7 million -- or $64,871 per room / March 2005

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