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Summit Hotel Properties Closes Acquisition Of Hyatt Portfolio

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.

“Our ability to execute accretive acquisitions effectively and efficiently is paramount to bringing value to our investors,” said Dan Hansen, President and CEO of the Company.

Underwriter option exercised in full

As previously disclosed, the underwriters of the Company’s recent offering of common stock fully exercised their option to purchase an additional 1,800,000 shares. The offering, which closed October 3, 2012, was upsized by 20 percent to 12,000,000 shares, and the total number of shares sold, including the option shares, was 13,800,000. A portion of the net proceeds from the offering were used to fund the purchase price of the Hyatt Portfolio acquisition.

“We are very pleased with the execution of our first follow-on common stock offering,” said Mr. Hansen. “We continue to see terrific opportunities, and, with our expanded capacity, we are in a strong position to continue our growth.”

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 October 9, 2012, the Company’s hotel portfolio consisted of 81 hotels with a total of 8,576 guestrooms located in 21 states. Additional information about Summit may be found at the Company’s website, www.shpreit.com.

Copyright Business Wire 2010
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