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Summit Hotel Properties Reports Second Quarter 2013 Results

“Our opportunities for strategic acquisitions remain very much intact. We continue to find individual properties and portfolios that align well with our strategy,” said Dan Hansen, President and CEO. “We continue to see acquisition opportunities that would fit nicely into our current portfolio of hotels.”

The following table provides information on the Company’s second quarter 2013 hotel acquisitions:
               
Purchase Price

Date

Hotel

Location

Rooms

(millions)
04/30/13 Hilton Garden Inn Greenville, SC 120 $ 15.3
05/21/13 Holiday Inn Express & Suites Minneapolis (Minnetonka), MN 93 6.9
05/21/13 Hilton Garden Inn Minneapolis (Eden Prairie), MN 97 10.2
05/23/13 Fairfield Inn & Suites Louisville, KY 135 25.0
05/23/13 SpringHill Suites Louisville, KY 198 39.1
05/23/13 Courtyard by Marriott Indianapolis, IN 297 58.7
05/23/13     SpringHill Suites     Indianapolis, IN     156       30.2
      Total           1,096     $ 185.4
 

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.

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