At June 30, 2012, the Company had approximately $54.4 million of borrowings outstanding under the Credit Facility and approximately $32.7 million available to borrow. In August 2012, the Company increased the borrowing capacity of the Credit Facility by contributing to the borrowing base three additional hotel properties, the 90-room Courtyard by Marriott in El Paso, Texas, the 96-room Residence Inn in Arlington, Texas, and the 103-room Courtyard by Marriott in Arlington, Texas.
At September 25, 2012, the Company had approximately $69.9 million of borrowings outstanding under the Credit Facility and approximately $40.8 million available to borrow.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment trust (REIT) focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of September 26, 2012, the Company’s hotel portfolio consisted of 73 hotels with a total of 7,533 guestrooms located in 20 states. Additional information about Summit may be found at the Company’s website, www.shpreit.com.Forward Looking Statements This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company’s expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. These statements relate to, among other things, the Company’s pending acquisitions, the availability of funding for the pending acquisitions and the expected increase in the maximum borrowing availability under the Credit Facility. No assurance can be given that the acquisitions will be completed when expected, on the terms described or at all, or that maximum borrowing availability under the Credit Facility will be increased. These actions are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions, market conditions and other factors, including those set forth in the Risk Factors section of the Company’s periodic reports and other documents filed with the Securities and Exchange Commission (the “SEC”).Copies are available on the SEC’s website, www.sec.gov . The Company undertakes no obligation to update these statements after the date of this release.