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Summit Hotel Properties To Acquire Ten Hotels, Including A Portfolio Of Eight From Hyatt

Stocks in this article: INN

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has entered into a definitive agreement to acquire a portfolio of eight unencumbered hotels containing an aggregate of 1,043 guestrooms (the “Hyatt Portfolio”) from certain affiliates of Hyatt Hotels Corporation for a purchase price of approximately $87.4 million, subject to closing prorations and adjustments.

The following table lists the eight hotels in the Hyatt Portfolio.

        Number of

Hotel

Location

Rooms

Hyatt Place-Arlington Dallas (Arlington), TX 127
Hyatt Place-Park Meadows Denver (Lone Tree), CO 127
Hyatt Place-Denver Tech Center Denver (Englewood), CO 126
Hyatt House-Denver Tech Center Denver (Englewood), CO 135
Hyatt Place-Owings Mills Baltimore (Owings Mills), MD 123
Hyatt Place-Lombard Chicago (Lombard), IL 151
Hyatt Place-Phoenix Phoenix, AZ 127
Hyatt Place-Scottsdale Scottsdale, AZ 127
Total 1,043
 

The Company expects to complete the acquisition in the fourth quarter of 2012. The acquisition is subject to satisfactory completion of the Company’s due diligence and satisfaction of customary closing conditions, and the Company can give no assurance that the acquisition will be consummated. The Company intends to enter into an agreement with Select Hotels Group, L.L.C., an affiliate of Hyatt, to operate each hotel.

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