Summit Hotel Properties, Inc. Closes on Seventh and Eight Acquisitions Since IPO

Summit Hotel Properties, Inc. (NYSE: INN) announced that the Company has closed on two acquisition transactions. On February 9, 2012 the company announced it had entered into a contract to purchase the 130-room Birmingham (Liberty Park), AL Hilton Garden Inn. That transaction was closed today.
Summit Hotel Properties, Inc. (NYSE: INN) announced that the Company has closed on two acquisition transactions. On February 9, 2012 the company announced it had entered into a contract to purchase the 130-room Birmingham (Liberty Park), AL Hilton Garden Inn. That transaction was closed today.

“These two properties hit all points of our strategy; a top 50 market, a top brand, and multiple demand generators with enhanced efficiency through clustering”

In addition, the company has also closed on a second acquisition in Birmingham (Lakeshore), AL; a 95-room Hilton Garden Inn. Details of both transactions are listed below:

• The previously announced 130-room Hilton Garden Inn, Birmingham (Liberty Park), AL for a purchase price of $11.9 million including planned property improvements and a post-renovation, NTM capitalization rate in the range of 8.5 to 9.5 percent.
• The 95-room Hilton Garden Inn, Birmingham (Lakeshore), AL for a purchase price of $10.2 million including planned property improvements and a post-renovation, NTM capitalization rate in the range of 9.5 to 10.5 percent.

“These two properties hit all points of our strategy; a top 50 market, a top brand, and multiple demand generators with enhanced efficiency through clustering,” said Mr. Dan Hansen, the company’s president and chief executive officer. “Top brands in top markets at great cap rates; that’s what we do.” 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 28, 2012, the company’s hotel portfolio consisted of 73 hotels with a total of 7,469 guestrooms located in 20 states.


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