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Summit Hotel Properties Reports Third Quarter Results

Stocks in this article: INN

On November 6, 2012, the Company increased the commitment on its revolving credit facility to $150 million. The increased revolving credit facility increases the capital the Company has available for future acquisitions and capital investments. The actual amount of borrowing capacity available under the facility depends on the value of the properties comprising the borrowing base that secure the credit facility.

Acquisitions

The Company continues to actively acquire hotels, having closed the acquisition of nine hotels, totaling 1,141 rooms, with an average purchase price per key of $82,901 since September 30, 2012.

The hotels purchased include:

               
Hotel       Location     Rooms
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
Hilton Garden Inn - Fort Worth       Fort Worth, TX     98
        Total     1,141
 

During 2012, the Company has acquired 16 hotels totaling 2,477 rooms, an increase of 22.3 percent over the number of rooms at December 31, 2011. As of November 6, 2012, the Company owns 82 hotels totaling 8,674 rooms.

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