Summit Hotel Properties Closes on Marriott-Branded Portfolio of Five Hotels
Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has closed on the previously announced acquisition of a portfolio of five unencumbered Louisiana hotels (the "Louisiana portfolio") containing an aggregate of 823 rooms for a total purchase price of approximately $135.0 million. The Company funded the acquisition with available cash and borrowings under its senior secured revolving credit facility. An affiliate of Marriott International, Inc. will operate the hotels under their current franchise flags.
Properties included in this portfolio are: the 153-room Courtyard by Marriott and the 120-room Residence Inn by Marriott, both located in Metairie, LA; the 202-room Courtyard by Marriott and the 208-room SpringHill Suites by Marriott, both located near the New Orleans Ernest N. Morial Convention Center; and the 140-room Courtyard by Marriott in downtown New Orleans near the French Quarter and financial and corporate office district.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focusedprimarily on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments of the lodging industry. As of March 12, 2013, the Company's portfolio consisted of 91 hotels with a total of 10,309 rooms located in 22 states.
Forward Looking Statements
This press release contains statements that are "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. These statements relate to, among other things, the Company's pending acquisitions, the availability of funding for the pending acquisitions and the expected increase in the maximum borrowing availability under the Credit Facility. No assurance can be given that the acquisitions will be completed when expected, on the terms described or at all, or that maximum borrowing availability under the Credit Facility will be increased. These actions are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions, market conditions and other factors, including those set forth in the Risk Factors section of the Company's periodic reports and other documents filed with the Securities and Exchange Commission (the "SEC").Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements after the date of this release.