SIOUX FALLS, S.D.--(BUSINESS WIRE)--Summit Hotel Properties, Inc. (NYSE:INN), a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments, announced today the closure on three previously announced acquisitions, as well as an additional property purchase agreement. Acquiisitions Ahead of Anticipated Schedule
The company has closed on the previously announced acquisitions of the following properties:
- A 121-room Staybridge Suites in Denver (Cherry Creek) (top left photo), CO for $83,000 per key, at a post-renovation NTM capitalization rate of 10.3 percent.
- A 143-room Holiday Inn in Gwinnett/Duluth (Atlanta) (middle right photo), GA for $49,000 a key and a post-renovation NTM capitalization rate of 12.2 percent.
- A 91-suite Homewood Suites by Hilton in Jackson-Ridgeland, MS (middle left photo) for $80,000 per key, and a post-renovation NTM capitalization rate of 12.0 percent.
The company also announced a purchase agreement on the following property:
- A 122-room Hilton Garden Inn in Gwinnett/Duluth (Atlanta), GA for $115,000 a key and a post-renovation NTM capitalization rate of 9.0 percent.
The purchase of these properties is squarely in line with the company’s strategy of acquiring immediately accretive properties at attractive post-renovation capitalization rates,” said Dan Hansen (lower right photo), Summit’s chief executive officer..
“It also aligns with the company’s “clustering” strategy by grouping hotels in close geographic areas to gain efficiencies and management advantages.
“This strategy allows our management team to more effectively and efficiently manage the properties to maximize return for our investors and has worked very well for our company over the past nearly 20 years,”
1Q 2011 Earnings Release and Conference Call
The company also announced that it will release first quarter 2011 financial results on Monday, May 16, 2011, after the market closes. The results will reflect a portion of the earnings of the REIT’s predecessor company, Summit Hotel Properties, LLC. On February 14, 2011, the company completed its initial public offering of common stock, generating proceeds of $253 million.
The company will host a conference call to discuss its financial results at 9 a.m. ET on Tuesday, May 17 with Kerry W. Boekelheide (lower left photo), executive chairman of the board; Dan Hansen, president and chief executive officer; and Stu Becker (bottom right photo), executive vice president and chief financial officer.
Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Summit’s website, www.shpreit.com or may call, 866-783-2141 reference number 37707705.
A recording of the call will be available by telephone until midnight on May 24, 2011, by dialing 888-286-8010, reference number 82182582. A replay of the conference call will be posted on Summit’s website through May 31, 2011.
Additional information about Summit may be found at the company’s website, http://www.shpreit.com/
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Contacts:
Media:, Daly Gray Public Relations, Jerry Daly or Carol McCune, 703-435-6293
Investors: Summit Hotel Properties, Inc., Dan Boyum, 605-782-2015
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