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.
|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|
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.