Summit Hotel Properties Closes on Marriott-Branded Portfolio of Five Hotels
AUSTIN, Texas--(BUSINESS WIRE)-- Summit Hotel Properties, Inc. (NYS: 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.
"These hotels are very well positioned throughout the diverse areas of the New Orleans metropolitan market," said Dan Hansen, president and CEO of the Company. "From the suburban community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market."
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 focused primarily 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.
Additional information may be found at the Company's website, www.shpreit.com .
Forward Looking Statements
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies and financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the company and many of which are beyond the company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Annual Report on Form 10-K for the year ended December 31, 2012. Unless legally required, the company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise
Summit Hotel Properties, Inc.
Dan Boyum, 512-538-2304
VP of Investor Relations
KEYWORDS: United States North America Texas
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