Summit Hotel Properties, Inc. (NYSE: INN) (the “company”), a real estate investment trust (REIT) specializing in the ownership of premium-branded select-service hotels in the upscale and upper midscale segments, today announced the company’s twelfth hotel acquisition since its February 2011 initial public offering.
The company purchased a 96-room Residence Inn by Marriott in Dallas (Arlington), TX at a price of $15.5 million. The company anticipates a post-renovation estimated NTM capitalization rate based on management’s current estimate of EBITDA for the twelve-month period ending July 31, 2013 in the range of 8.5 to 9.5 percent.
“This acquisition is yet another example of our commitment to consistent execution of one of our clearly stated goals; acquire top brands in top markets at great cap rates.” said Dan Hansen, company president and CEO. “This fits perfectly into our strategy of clustering properties in prospering beltway markets.”
About Summit Hotel PropertiesSummit Hotel Properties, Inc. is a self-advised REIT focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of August 3, 2012 the company’s hotel portfolio consisted of 74 hotels with a total of 7,586 guestrooms located in 20 states. Additional information about Summit may be found at the company’s website, www.shpreit.com. Forward Looking Statements This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, including projections based on management’s current estimate of EBITDA for newly acquired hotels, or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the company and many of which are beyond the company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the company’s filings with the Securities and Exchange Commission, including, without limitation, the company’s Annual Report on Form 10-K for the year ended December 31, 2011. Unless legally required, the company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.