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Summit Hotel Properties Reports 2012 Results

Subsequent Events

  • On January 14, 2013, the Company completed a public offering of 15,000,000 shares of its common stock at a public offering price of $9.00 per share. The underwriters fully exercised their option to purchase an additional 2,250,000 shares. The total number of shares sold, including the option shares, was 17,250,000. Net proceeds of $148.1 million were realized after deducting the underwriting discount and other estimated offering expenses.
  • On January 14, 2013, the Company repaid its loans with First National Bank of Omaha in the amount of $22.8 million.
  • On January 15, 2013, the Company sold the AmericInn Hotel & Suites (62 guestrooms) in Golden, CO for $2.6 million.
  • On January 22, 2013, the Company acquired three upscale Hyatt Place hotels (426 guestrooms) for $36.1 million. The hotels are located in Orlando, FL (2 hotels) and Chicago, IL.
  • On January 25, 2013, the Company closed on a $29.4 million CMBS loan with KeyBank secured by four of its recent Hyatt Place acquisitions, Chicago (Lombard), IL, Denver (Lone Tree), CO, Denver (Englewood), CO and Dallas (Arlington), TX. This loan has a maturity date of February 1, 2023, and bears interest at a fixed rate of 4.46%.
  • On February 11, 2013, the Company, through a joint venture with an affiliate of IHG, acquired a Holiday Inn Express & Suites (252 guestrooms) in San Francisco, CA for a purchase price of $60.5 million, including the $23.5 million in debt assumed. The Company contributed $34.6 million, including $2.8 million in renovation reserves, to the joint venture for an 80 percent controlling interest.
  • On February 15, 2013, the Company sold the Hampton Inn (149 guestrooms) in Denver (Greenwood Village), CO for $5.5 million.

Acquisitions

During 2012, the Company acquired 19 hotels in the upscale and upper midscale segments, totaling 2,348 guestrooms for a total purchase price of $265.4 million. These acquisitions, net of hotel dispositions in 2012, increased the Company’s guestroom count 27.1 percent over the number of guestrooms owned on December 31, 2011.

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