Summit Hotel Properties, Inc. INN (the “Company”) today announced that
it has entered into a definitive agreement to acquire a portfolio of five
Louisiana hotels (the “Louisiana portfolio”) containing an aggregate of 823
rooms for a purchase price of approximately $135.0 million. The Company
expects to implement approximately $5.0 million in property improvements to
the Louisiana portfolio over the next twelve months. The Company anticipates a
post-renovation estimated NTM EBITDA multiple for the Louisiana portfolio in
the range of 10.5x to 11.5x based on management's current estimate of EBITDA.
The Company expects to complete the acquisition in the first quarter of 2013.
The acquisition is subject to satisfactory completion of the Company's due
diligence and satisfaction of customary closing conditions, and the Company
can give no assurance that the acquisition will be consummated. The Company
intends to enter into agreements with affiliates of Marriott to operate each
hotel.
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