“Our pipeline is massive and we continue to find top brands in top markets at great capitalization rates that are accretive to our portfolio,” said Dan Hansen, president and CEO of the Company. “Our portfolio continues to improve through the consistent execution of our strategy.”
The Company also announced further consolidation into the executive office in Austin, Texas. Company President and CEO Dan Hansen, Chief Operating Officer Craig Aniszewski, Chief Financial Officer Stuart Becker and Chief Accounting Officer Troy Hester are all located in Austin. The Sioux Falls, South Dakota office remains open with key accounting and administrative personnel.
About Summit Hotel Properties, Inc.Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of January 2, 2013, the Company’s hotel portfolio consisted of 84 hotels, containing a total of 9,019 guestrooms, located in 21 states.
Forward-Looking StatementsThis 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.