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Summit Hotel Properties Reports Second Quarter Results

For purposes of this press release, pro forma RevPAR, pro forma RevPAR growth, pro forma Hotel EBITDA, pro forma Hotel EBITDA margin and pro forma Hotel EBITDA margin growth includes operating results for the Company’s 72 hotels owned as of June 30, 2012, excluding 3 hotels sold including Twin Falls, ID AmericInn & Suites, Twin Falls, ID Hampton Inn, and Twin Falls, ID Holiday Inn Express & Suites and the Missoula, MT AmericInn Hotel & Suites held for sale, as if such hotels had been owned since January 1, 2011. As a result, these pro forma operating measures include operating results for certain hotels prior to the Company’s period of ownership.

       
 
Company and
Company Predecessor
Three months     Three months       Six months Six months
ended 06/30/12 ended 06/30/11 ended 06/30/12 ended 06/30/11
Same Store (61 hotels)
Rooms Occupied 412,668 386,661 775,979 726,961
Rooms Available 563,957 564,564 1,127,975 1,122,924
Occupancy 73.2% 68.5% 68.8% 64.7 %
ADR $93.29 $88.32 $92.76 $90.39
RevPAR $68.27 $60.49 $63.81 $58.51
 
Occupancy Growth 6.8% 6.3%
ADR Growth 5.6% 2.6%
RevPAR Growth 12.9% 9.1%
 

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