Summit Hotel Properties, Inc. Closes Acquisition Of Hyatt Portfolio

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the closing of its acquisition of three hotels (the “Hyatt Portfolio”) containing an aggregate of 426 guestrooms from certain affiliates of Hyatt Hotels Corporation for a purchase price of $36.1 million.
        Number
of

Hotel

Location

Rooms
 

Hyatt Place-Universal
Orlando, FL 151

Hyatt Place-Convention Center
Orlando, FL 149
Hyatt Place

Chicago (Hoffman Estates), IL
126
 

The Company anticipates a post-renovation estimated NTM EBITDA multiple for the Hyatt Portfolio in the range of 10.5x to 11.5x based on management’s current estimate of EBITDA.

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