Summit Hotel Properties, Inc. Reports Fourth Quarter And Full Year 2011 Results

CAPITAL EXPENDITURES

The company continued its strategy of upgrading hotels with capital renovations to capture additional RevPAR as industry outlook improves and completing conversion of the formerly Choice hotels. During the fourth quarter, the company capitalized $11.4 million of improvements. The company completed renovations, varying in scope, on two hotels, completed renovation of an additional three hotels post third quarter and continued work on an additional five hotels during the quarter.

DIVIDENDS

On February 7, 2012 the Board of Directors authorized, and the company declared, a cash dividend for the fourth quarter ended December 31, 2011 of $0.1125 per share of common stock of the company and per common unit of limited partnership in Summit Hotel OP, LP, the company’s operating partnership. The Board of Directors also authorized, and the company declared, a cash dividend for the fourth quarter ended December 31, 2011 of $0.5781 per share of the company’s 9.25% Series A Cumulative Redeemable Preferred Stock.

Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Total Portfolio (70 hotels FYE 2011, 65 hotels FYE 2010)
Schedule of Property Level Results
(unaudited)
		For the Three Months ended						For the Twelve Months ended
		December 31,						December 31,
		2011			2010			2011			2010
Room Revenue		$	33,883,406		$	30,195,084		$	145,906,174		$	133,069,346
Other Hotel Operations Revenue			673,522			627,042			2,976,465			2,565,722
Total Revenue		$	34,556,928		$	30,822,125		$	148,882,639		$	135,635,069
Rooms			11,205,539			10,451,666			45,098,727			41,128,699
Other Direct			4,975,378			4,624,172			20,329,980			17,692,322
Property Taxes			1,825,838			1,936,766			7,296,485			7,459,356
Insurance			516,234			481,938			1,789,582			1,661,751
Management Expenses			2,001,934			947,929			5,295,737			3,348,065
Other Indirect Expenses			6,828,684			5,976,990			26,948,243			24,612,383
Total Hotel Operating Expenses		$	27,353,607		$	24,419,461		$	106,758,755		$	95,902,575
Income from Hotel Operations		$	7,203,322		$	6,402,664		$	42,123,884		$	39,732,493
Occupancy			58.5%			58.0%			64.4%			63.7%
Average Daily Rate		$	88.68		$	86.63		$	90.03		$	87.59
RevPAR		$	51.89		$	50.24		$	58.02		$	55.80

Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Same-Store Hotels (54 Hotels)
Schedule of Property Level Results
(unaudited)
		For the Three Months ended						For the Twelve Months ended
		December 31,						December 31,
		2011			2010			2011			2010
Room Revenue		$	26,880,955		$	25,958,376		$	121,201,738		$	114,442,814
Other Hotel Operations Revenue			419,335			493,356			2,068,203			2,041,717
Total Revenue		$	27,300,290		$	26,451,732		$	123,269,941		$	116,484,530
Rooms			8,588,434			8,825,473			35,916,030			34,737,631
Other Direct			3,860,028			3,930,253			16,310,351			14,968,998
Property Taxes			1,386,059			1,614,866			5,755,252			6,181,932
Insurance			395,623			413,125			1,425,627			1,421,161
Management Expenses			1,692,289			815,109			4,416,971			2,879,609
Other Indirect Expenses			5,562,141			5,271,488			23,134,408			21,543,776
Total Hotel Operating Expenses		$	21,484,574		$	20,870,313		$	86,958,640		$	81,733,108
Income from Hotel Operations		$	5,815,716		$	5,581,419		$	36,311,301		$	34,751,423
Occupancy			59.2%			57.5%			65.9%			63.4%
Average Daily Rate		$	89.22		$	88.57		$	91.07		$	89.38
RevPAR		$	52.79		$	50.96		$	59.98		$	56.63
Seasoned
Occupancy			58.0%			57.4%			64.7%			64.2%
Average Daily Rate		$	87.84		$	88.36		$	89.94		$	89.01
RevPAR		$	50.94		$	50.75		$	58.23		$	57.17
Unseasoned
Occupancy			61.5%			57.7%			68.0%			61.7%
Average Daily Rate		$	91.77		$	88.98		$	93.17		$	90.13
RevPAR		$	56.40		$	51.36		$	63.39		$	55.57

Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Rebranded Hotels (11 Hotels)
Schedule of Property Level Results
(unaudited)
		For the Three Months ended						For the Twelve Months ended
		December, 31						December 31,
		2011			2010			2011			2010
Room Revenue			3,461,451			4,236,707			15,246,315			18,626,533
Other Hotel Operations Revenue			83,007			133,686			431,963			524,005
Total Revenue		$	3,544,458		$	4,370,394		$	15,678,278		$	19,150,538
Rooms			1,465,441			1,626,193			6,232,030			6,391,068
Other Direct			665,410			693,919			2,834,114			2,723,324
Property Taxes			293,211			321,900			1,208,200			1,277,424
Insurance			51,899			68,813			231,048			240,590
Management Expenses			184,376			132,821			557,450			468,456
Other Indirect Expenses			538,141			705,502			2,039,341			3,068,607
Total Hotel Operating Expenses		$	3,198,478		$	3,549,148		$	13,102,183		$	14,169,468
Income from Hotel Operations		$	345,980		$	821,245		$	2,576,095		$	4,981,070
Occupancy			49.2%			60.5%			53.9%			65.7%
Average Daily Rate		$	76.84		$	76.38		$	77.88		$	77.99
RevPAR		$	37.80		$	46.24		$	41.95		$	51.24

Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Acquisitions (5 Hotels)
Schedule of Property Level Results
(unaudited)
		For the Three Months ended						For the Twelve Months ended
		December 31,						December 31,
		2011			2010			2011			2010
Room Revenue		$	3,541,000		$	-		$	9,458,121		$	-
Other Hotel Operations Revenue			171,181			0			476,299			0
Total Revenue		$	3,712,181		$	-		$	9,934,420		$	-
Rooms			1,151,667			0			2,950,667			0
Other Direct			449,939			0			1,185,514			0
Property Taxes			146,568			0			333,033			0
Insurance			68,712			0			132,907			0
Management Expenses			125,269			0			321,315			0
Other Indirect Expenses			728,402			0			1,774,494			0
Total Hotel Operating Expenses		$	2,670,558		$	-		$	6,697,931		$	-
Income from Hotel Operations		$	1,041,623		$	-		$	3,236,489		$	-
Occupancy			57.1%			0.0%			72.0%			0.0%
Average Daily Rate		$	93.20		$	0.00		$	100.55		$	0.00
RevPAR		$	53.22		$	0.00		$	72.43		$	0.00

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