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Summit Hotel Properties Announces Acquisitions And Dispositions, Resolution Of Arbitration With Choice Hotels

The examples below detail highlights of the re-branding and subsequent property performance for four of the 11 re-branded hotels:

New Brand

   

Market

   

Former Brand

   

Date of Rebranding

   

RevPAR Growth Performance Date of Re-brand thru 3/31/2012

Holiday Inn     Boise, ID     Cambria Suites     5/18/2011     16.4%
SpringHill Suites by Marriott     Bloomington, MN     Cambria Suites     6/24/2011     28.8%
Doubletree by Hilton     Baton Rouge, LA     Cambria Suites     10/19/2011     15.7%
Holiday Inn Express     Charleston, WV     Comfort Suites     11/3/2011     16.7%
               

Acquisitions executive departure

Ryan Bertucci, vice president of acquisitions, has accepted a new position with an unaffiliated company and resigned his position with the Company as of Friday, April 6, 2012. Ryan joined the Company’s predecessor in 2007 and was named vice president of acquisitions at the Company’s IPO in February 2011. “Ryan has done a great job in sorting through the hundreds of acquisition deals we’ve looked at over the past year,” said Hansen. “We’re certainly going to miss him but he has left us with a pipeline full of identified targets.”

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