Summit Hotel Properties Acquires Newly Constructed Hampton Inn & Suites Located in Downtown Minneapolis, Minnesota
April 14 2015 - 8:28AM
Business Wire
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today
announced that it closed on the previously announced acquisition of
the Hampton Inn & Suites located in Minneapolis, Minnesota.
The Company acquired the 211-guestroom Hampton Inn & Suites
on April 13, 2015 for a total purchase price of $39.0 million and
entered into a management agreement with Interstate Hotels &
Resorts. The Company anticipates an estimated forward
capitalization rate in the range of 7.0 percent to 8.0 percent
based on management’s current estimate of the hotel’s 2016 net
operating income.
“We are extremely pleased with the recent completion of the
Hampton Inn & Suites located in the heart of downtown
Minneapolis,” said Daniel P. Hansen, President and Chief Executive
Officer. “This property is a wonderful addition to our nationwide
portfolio of premium select-service hotels. The newly built Hampton
Inn & Suites is in a prime urban location with direct access to
the Minneapolis Skyway System and walking distance to the Block E
Entertainment District, Target Field, Target Center, Minneapolis
Convention Center and the new Minnesota Vikings stadium, currently
under construction.”
About Summit Hotel
Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate
investment trust focused primarily on acquiring and owning
premium-branded, select-service hotels in the upscale and upper
midscale segments of the lodging industry. As of April 14, 2015,
the Company’s portfolio consisted of 91 hotels with a total of
11,679 guestrooms located in 21 states.
For additional information, please visit the Company’s website,
www.shpreit.com.
Forward-Looking
Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, pursuant to the safe harbor provisions of the
Private Securities Reform Act of 1995. Forward-looking statements
are generally identifiable by use of forward-looking terminology
such as “may,” “will,” “should,” “potential,” “intend,” “expect,”
“seek,” “anticipate,” “estimate,” “approximately,” “believe,”
“could,” “project,” “predict,” “forecast,” “continue,” “plan,”
“likely,” “would” or other similar words or expressions.
Forward-looking statements are based on certain assumptions and can
include future expectations, future plans and strategies, financial
and operating projections or other forward-looking information.
Examples of forward-looking statements include the following: the
Company’s ability to realize embedded growth from the deployment of
renovation capital; projections of the Company’s revenues and
expenses, capital expenditures or other financial items;
descriptions of the Company’s plans or objectives for future
operations, acquisitions, dispositions, financings or services;
forecasts of the Company’s future financial performance and
potential increases in average daily rate, occupancy, RevPAR, room
supply and demand, FFO and AFFO; the Company’s outlook with respect
to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR
growth, AFFO, AFFO per diluted unit and renovation capital
deployed; and descriptions of assumptions underlying or relating to
any of the foregoing expectations regarding the timing of their
occurrence. These forward-looking statements are subject to various
risks and uncertainties, not all of which are known to the Company
and many of which are beyond the Company’s control, which could
cause actual results to differ materially from such statements.
These risks and uncertainties include, but are not limited to, the
state of the U.S. economy, supply and demand in the hotel industry
and other factors as are described in greater detail in the
Company’s filings with the Securities and Exchange Commission
(“SEC”). Unless legally required, the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
For information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and “Risk
Factors” sections of the Company’s Annual Report on Form 10-K for
the year ended December 31, 2014 filed with the SEC, and its
quarterly and other periodic filings with the SEC. The Company
undertakes no duty to update the statements in this release to
conform the statements to actual results or changes in the
Company’s expectations.
Summit Hotel Properties, Inc.Elisabeth Eisleben,
512-538-2306Director of Investor Relationseeisleben@shpreit.com
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