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Summit Hotel Properties Reports 2012 Results

“The 19 hotels we acquired are all top brands, in top markets and continue to build our strong portfolio of assets across the country. We continue to cultivate and improve our portfolio with accretive acquisitions,” said Mr. Hansen. “We have also effectively recycled capital through the strategic disposition of select hotels. Successful execution of this strategy is one of the key components of how we create value for our investors.”

The following table provides information on the Company’s 2012 hotel acquisitions:

        Purchase

Date

Hotel

Location

Rooms

Price (000's)

01/12/12 Courtyard Atlanta, GA 150 $ 28.9
02/28/12 Hilton Garden Inn Birmingham (Lakeshore), AL 95 8.6
02/28/12 Hilton Garden Inn Birmingham (Liberty Park), AL 130 11.5
05/29/12 Hilton Garden Inn Nashville (Smyrna), TN 112 11.5
05/29/12 Courtyard Dallas (Arlington), TX 103 15.0
06/21/12 Hampton Inn & Suites Nashville (Smyrna), TN 83 8.0
07/02/12 Residence Inn Dallas (Arlington), TX 96 15.5
10/05/12 Hyatt Portfolio (8 hotels) 87.4

Hyatt Place

Baltimore (Owings Mills), MD 123
Hyatt Place Chicago (Lombard), IL 151
Hyatt Place Dallas (Arlington), TX 127
Hyatt Place Denver (Englewood), CO 126
Hyatt Place Phoenix, AZ 127
Hyatt Place Scottsdale, AZ 127
Hyatt Place Denver (Lone Tree), AZ 127
Hyatt House Denver (Englewood), CO 135
10/23/12 Hilton Garden Inn Fort Worth, TX 98 7.2
12/21/12 Residence Inn Salt Lake City, UT 178 20.0
12/27/12 Hyatt Place Long Island (Garden City), NY 122 31.0
12/27/12   Hampton Inn & Suites   Tampa (Ybor City), FL   138     20.8
    Total       2,348   $ 265.4
 

On October 30, 2012, the Company entered into an agreement with an affiliate of Hyatt Hotels Corporation to fund $20.3 million in the form of a first lien mortgage loan on a hotel property in downtown Minneapolis, MN. The $20.3 million represents a portion of the total acquisition and renovation costs expected to be incurred to convert the property to a Hyatt Place hotel. Subject to certain conditions, including the successful conversion of the property estimated to be completed in the fourth quarter of 2013, the Company plans to purchase the property and enter into a management agreement with a Hyatt affiliate. The Company has funded $10.3 million to date and anticipates funding the additional capital over the next two quarters.

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