Summit Hotel Properties Announces Acquisitions and Dispositions, Resolution of Arbitration with Choice Hotels

Summit Hotel Properties

today announced several recent developments. Property Acquisitions The Company has entered into agreements to acquire the properties described below. The completion of these acquisitions is anticipated during the second quarter of 2012. These transactions are subject to lender approval and satisfactory completion of due diligence and other customary closing conditions. * A 112-room Hilton Garden Inn property in Nashville (Smyrna), TN for a purchase price of $12.0 million including planned property improvements. The Company anticipates a post-renovation, estimated NTM capitalization rate in the range of 8 to 9 percent. * An 83-room Hampton Inn & Suites property in Nashville (Smyrna), TN for a purchase price of $8.5 million including planned property improvements. The Company anticipates a post-renovation, estimated NTM capitalization rate in the range of 9 to 10 percent. “The opportunity for acquisitions like these continues to be robust,” said Dan Hansen, Company president and CEO. “We continue to build our portfolio with the best brands in the best markets at great cap rates.”