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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

AUSTIN, Texas-February 13, 2103--Summit Hotel Properties (NYSE: INN) (“the Company”) announced today it has closed on the joint venture transaction for the acquisition of a 252-room Holiday Inn Express® property (the “Hotel”) located on Fisherman’s Wharf in San Francisco, CA.

The Company has acquired the Hotel from an unaffiliated seller for a purchase price of $60.5 million through a joint venture with an affiliate of IHG (InterContinental Hotels Group). The Hotel joins the 10 IHG-branded hotels in the Company’s portfolio, including the Holiday Inn Atlanta-Gwinnett Place and the Staybridge Suites Denver that were previously acquired under our current sourcing agreement. The joint venture gives the Company an approximate 80% ownership interest in the Hotel, which will be operated under a long-term IHG management agreement. The Company currently expects the joint venture to spend an aggregate of approximately $3.0 million for improvements at the Hotel within the next 12 months. The Company anticipates a post-renovation estimated NTM EBITDA multiple for the Hotel in the range of 11.0x to 12.0x based on management’s current estimate of EBITDA.

“We are excited about the opportunity to enter the San Francisco market,” said Dan Hansen, president and CEO of the Company. “We are also very pleased that our relationship with IHG has provided us with the opportunity to source quality acquisitions like this and we expect to continue our growth with them.”

The Hotel is perfectly positioned in the heart of the wharf district in the midst of the bustling waterfront area. Leisure guests can spend a sunny day at Pier 39, take a tour of Alcatraz or grab a ride on one of San Francisco’s iconic trolleys. Fisherman's Wharf also offers souvenir shopping and world-class seafood. Business travelers will enjoy the proximity to the corporate offices of Levi Strauss, Williams-Sonoma, Diversity Alliance and others in nearby downtown San Francisco. The Hotel's location is also near the Financial District, Art Institute and Academy of Art University. And, all guests are able to enjoy the complimentary Express Start® breakfast bar option before beginning their day.

“The strategic relationship with Summit Hotel Properties continues to drive value for our business in strong US market such as San Francisco. We are pleased to see the completion of this transaction and start of a new long-term management agreement for our successful Holiday Inn Express brand,” said Kirk Kinsell, president, Americas, IHG. “This joint venture purchase with Summit is yet another example of us delivering consistently on our asset strategy, as well as working with high quality ownership groups who have confidence in our brands and management expertise.”

Features of the Hotel are in line with the $1 billion Holiday Inn® brand family’s global brand relaunch, which was the largest project of its kind ever in the hospitality industry. The relaunch program has created a more contemporary brand image, including redesigned logo and signage, as part of the drive to increase the portfolio’s quality and consistency around the world. Business and leisure guests to a Holiday Inn Express hotel will enjoy signature details in areas that were a key focus of the relaunch including: arrival and welcome services, guestroom and guest bath comfort.

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 February 13, 2013, the Company’s hotel portfolio consisted of 87 hotels, containing a total of 9,635 guestrooms, located in 22 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, The Company undertakes no obligation to update these statements after the date of this release.

About Holiday Inn Express®
Holiday Inn Express hotels are modern hotels for value-oriented travelers. Fresh, clean and uncomplicated, Holiday Inn Express hotels offer competitive rates for both business and leisure travelers. Guests Stay Smart® at Holiday Inn Express hotels where they enjoy a free hot Express Start®Breakfast Bar, free high-speed internet access and free local phone calls (US and Canada only). There are currently more than 2,000 Holiday Inn Express hotel locations around the globe. For more information about Holiday Inn Express hotels or to book reservations, call 1-800-HOLIDAY or visit

About IHG
IHG® (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organization with nine hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels & Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, as well as our two newest brands, EVEN™ Hotels and HUALUXE™ Hotels and Resorts. IHG also manages Priority Club® Rewards, the world’s first and largest hotel loyalty program with over 69 million members worldwide.

IHG franchises, leases, manages or owns over 4,500 hotels and more than 672,000 guest rooms in nearly 100 countries and territories. With more than 1,000 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.

InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.
Visit for hotel information and reservations and for more on Priority Club Rewards. For our latest news, visit,, or

Summit Hotel Properties, Inc.
Dan Boyum
VP- Investor Relations

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Also See: 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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