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Tuesday, March 12, 2013

Summit Hotel Properties Closes on Marriott-Branded Portfolio of Five Hotels


Summit Hotel Properties, Inc. (NYSE: 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.

“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.”
“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.