BREAKING NEWS

Summit Hotel Properties Announces Sale Of Six Hotels For $135 Million

Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") reported today that it has completed the disposition of six hotels totaling 815 guestrooms for an aggregate gross sales price of $135.0 million which resulted in an estimated net gain of $36.6 million. The portfolio of six hotels sold included:

HotelStateRooms
Hampton Inn Boston-NorwoodMA139
Hampton Inn Santa Barbara/GoletaCA101
Hampton Inn & Suites Minneapolis St. Paul Airport – Mall of AmericaMN146
Hyatt Place Dallas/ArlingtonTX127
Residence Inn Salt Lake City DowntownUT189
SpringHill Suites by Marriott Minneapolis St. Paul Airport – Mall of AmericaMN113
Total  815


The aggregate gross sales price of $135.0 million, plus estimated future capital improvements, represented a 12.8x EBITDA multiple and 6.9 percent capitalization rate for the trailing twelve months ended March 31, 2019. The Company estimates that the hotels would have contributed approximately $9.5 million of EBITDAre through the remainder of 2019. Net proceeds from the sale were used to reduce the outstanding balance of the Company's unsecured revolving credit facility, which now has $395.0 million available to borrow.

About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
 

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