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

Stocks in this article: INN

Pro Forma Portfolio

The following table provides certain hotel operating data for the Company’s portfolio for the twelve-month period ended June 30, 2012 on a pro forma basis, assuming that as of July 1, 2011 the Company: (i) owned the Hyatt Portfolio, the 98-room Hilton Garden Inn in Fort Worth, Texas, and the 178-room Residence Inn in Salt Lake City, Utah, all of which the Company has under contract to purchase; and (ii) did not own the 52-room AmericInn Hotel & Suites in Missoula, Montana, which the Company sold in August 2012.

  Number      

of Rooms

Occupancy

ADR

RevPAR

Total/weighted average 8,852 68.2% $94.53 $64.48
 

Credit Facility Increase

In July 2012, Citigroup Global Markets Inc. committed that one of its lending affiliates would become a lender under the Credit Facility with a maximum commitment of $30 million, subject to the lender’s satisfaction with the definitive documentation and a closing date on or before October 15, 2012. The Company intends to exercise the accordion feature of the Credit Facility by $25 million to increase the maximum borrowing limit under the Credit Facility to $150 million. The commitment is subject to standard closing conditions, and there can be no assurance that the increase of the Credit Facility will close before that date, or at all. The actual amount of borrowings available to the Company under the Credit Facility depends on the value of the properties comprising the borrowing base that secure the Credit Facility.

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