This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

For the twelve-month period ended June 30, 2012, on a weighted-average basis, the hotels in the Hyatt Portfolio had occupancy of 74.0%, an average daily rate (“ADR”) of $96.42 and revenue per available room (“RevPAR”) of $71.35.

“We continue to see terrific opportunities to grow our portfolio,” said Dan Hansen, President and CEO of the Company. “This acquisition is a result of our great relationship with Hyatt and we look forward to exploring future opportunities and continuing to grow that relationship.”

Additional Two Hotels Under Contract

The Company also announced today that it entered into definitive agreements to acquire two additional hotels. The Company entered into an agreement to purchase a 98-room Hilton Garden Inn in Fort Worth, Texas for a purchase price of $7.2 million and an agreement to purchase a 178-room Residence Inn in Salt Lake City, Utah for a purchase price of $20.0 million. The Company intends to fund the purchase price of the Salt Lake City Residence Inn in part by assuming approximately $14.1 million of existing first mortgage debt having a fixed interest rate of 6.11% per annum and maturing in January 2016.

The Company expects to complete both acquisitions in the fourth quarter of 2012. Both acquisitions are subject to franchisor and, in the case of the Residence Inn, lender approval and satisfaction of customary closing conditions, and the Company can give no assurance that either transaction will be consummated.

The Company expects to spend an aggregate of approximately $8.9 million for improvements at these two hotels within 18 months after closing of the acquisitions, funding the improvements with available cash or additional borrowings under the Company’s senior secured revolving credit facility (the “Credit Facility”).

Disposition of Hotel

In August 2012, the Company sold the 52-room AmericInn Hotel & Suites in Missoula, Montana, which was held for sale as of June 30, 2012, for approximately $1.9 million.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs