Wednesday, February 9, 2011

Thomas Clearwater Named Senior Vice President of Sales for Richfield Hospitality

 DENVER, CO, Feb. 9, 2011—Richfield Hospitality, a leading hotel management company, today announced that Thomas Clearwater has joined the company as senior vice president of sales.  He will head all property-level sales for the company’s 24-hotel portfolio.

“The outlook for the hotel industry is positive, with business and meeting business expected to improve substantially over the coming year,” said Richfield Hospitality president Greg Mount (top right photo).

 “Tom will develop and oversee execution of the sales strategies for each of our properties with a focus in 2011 on driving rate.  Our portfolio gained market share last year, and Tom will help us build additional momentum.  Combined with the electronic marketing expertise from our Sceptre Division, we have a formidable team in place to continue to grow market share and profitability.”

Prior to joining Richfield, Clearwater was vice president of sales and special events for the Hard Rock Hotel & Casino in Las Vegas.

 Previously, he was vice president of hospitality finance for GE Capital – Franchise Finance.  He is a former vice president of sales & marketing for Starwood Hotels & Resorts, where he was responsible for managing the sales and revenue management functions for 30 key hotels in the Southwest market.  He holds a Bachelor of Arts degree in Business Administration from Ohio Northern University.

Contact:  Jerry Daly or Chris Daly, Daly Gray Public Relations, (703) 435-6293

Summit Hotel Properties, Inc. Prices Initial Public Offering

SIOUX FALLS, SD, Feb. 8, 2011 —Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the pricing of its initial public offering of 26,000,000 shares of common stock at a public offering price of $9.75 per share.

The offering is expected to close on February 14, 2011.

 The underwriters have been granted a 30-day option to purchase up to an additional 3,900,000 shares at the public offering price, less the underwriting discount, to cover over-allotments, if any.  All the shares are being offered by the Company. 

The shares are expected to begin trading on February 9, 2011 on the New York Stock Exchange under the symbol “INN.”

Concurrent with the closing of the offering, the Company expects to raise additional proceeds through a private placement to an affiliate of InterContinental Hotels Group on the terms described in the prospectus relating to the offering.

The Company will contribute the net proceeds of the offering and concurrent private placement to its operating partnership, which will use the net proceeds to repay or extinguish existing indebtedness and to fund capital improvements at the Company’s hotels and for general corporate and working capital purposes.

For additional information, please contact:
Jerry Daly, Carol McCune, (Media Daly Gray Public Relations, (703) 435-6293                                                                                                                                Dan Boyum, (Investors), Summit Hotel Properties, Inc., (605) 361-9566,

Colliers International Completes Sale of Trophy Grocery and Drug Anchored Shopping Center in Valencia, CA

SANTA CLARITA, CA, Feb. 8, 2011-- Colliers International, the second largest global real estate services organization, facilitated the investment sale of Northpark Village Square (top left photo), an 87,094-square-foot neighborhood shopping center located at 27706 – 27760 McBean Parkway, Santa Clarita, Calif. to an institutional buyer with offices in Orange County California.

 The property is anchored by a high performing Ralphs, and includes Rite Aid, Wells Fargo, and Starbucks as tenants. Built in 1996 and having undergone expansion in 1999, the center has maintained at least 95% occupancy since its construction.

 The Seller, Northpark Village Corporation, an entity advised by Cornerstone Real Estate Advisers LLC, was represented by Tom J. Lagos (middle right photo), Senior Vice President and the Director of Retail Services Group, based in Colliers International’s Downtown Los Angeles office.
“The sale of Northpark Village Square proves there is a large investor appetite for quality ‘core’ grocery-anchored retail properties,” said Lagos.

“Our team was able to generate 23 qualified offers, 22 of which were all cash, within three weeks of commencing the marketing campaign. The sub 6% cap rate achieved for this transaction is an indicator of the strong demand we had from worldwide institutional investors capitalizing on the historically wide spreads between cap rates and treasury rates” said Lagos. 

 “We are proud of the level of service brought forth by Tom and his team. They are highly specialized allowing them to continually deliver solid results to their clients,” said Martin Pupil (middle left photo), Regional Managing Director of Colliers International Greater Los Angeles.

 “This demand for quality anchored shopping centers may not last very long, so I hope investors who have been sitting on the fence about selling their shopping centers take notice of this sale and seize the opportunity to dispose of their properties  this year,” added Lagos. 

“I must warn that even though market conditions are right and Buyer demand continues to be strong, all properties are different and you must have the right sales strategy to maximize value.” 

Angela S. Hwang
Regional Marketing Coordinator
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA