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Summit Hotel Buys Hotels in Salt Lake City, Garden City and Tampa

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Earnings Scheduled For March 14, 2014
Summit Hotel Properties, Inc. Announces the Acquisition of the San Francisco Four Points by Sheraton and the Completion of Two Dispositions for $21.3M

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the closing of three additional hotel acquisitions:

* 178-room Residence Inn by Marriott in Salt Lake City, UT for a purchase price of $20.0 million. The Company anticipates a post-renovation estimated NTM EBITDA multiple in the range of 10.5x to 11.5x based on management's current estimate of EBITDA. The Company expects to spend approximately $6.5 million for improvements at this hotel. The acquisition of this property was announced September 26, 2012 concurrent with the Company's offering of common stock and the purchase closed on 12/21/2012. * 122-room Hyatt Place in Long Island (Garden City), NY for a purchase price of $31.0 million. The Company anticipates a post-renovation estimated NTM EBITDA multiple in the range of 11.0x to 12.0x based on management's current estimate of EBITDA. The Company expects to spend approximately $305,000 for improvements at this hotel. The purchase of this hotel closed 12/27/2012. * 138-room Hampton Inn & Suites in Tampa, FL for a purchase price of $20.8 million. The Company anticipates a post-renovation estimated NTM EBITDA multiple in the range of 10.5x to 11.5x based on management's current estimate of EBITDA. The Company expects to spend approximately $2.0 million for improvements at this hotel. The purchase of this hotel closed 12/27/2012. * The Company also announced today the closing on December 11, 2012 of the sale of the 92-room Courtyard by Marriott hotel in Missoula, Montana for a price of $7.65 million.

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