Profile: Summit Hotel Properties Inc (INN.N)
12 Mar 2014
Summit Hotel Properties, Inc. (Summit REIT), incorporated in June 2010, is a real estate investment trust (REIT). The Company is a hotel investment company. Summit REIT holds both general and limited partnership interests in Summit Hotel OP, LP (the Operating Partnership). The Company conducts its business through its operating partnership. As of December 31, 2011, its real estate investment portfolio consisted of 70 upscale, upper midscale and midscale hotels with a total of 7,095 guestrooms located in small, mid-sized and suburban markets in 19 states. It focuses on acquiring and owning hotels in the upper midscale and upscale segments of the United Sates lodging industry, as these segments are defined by Smith Travel Research (STR). As of December 31, 2011, its TRS lessees had engaged Interstate Management Company (Interstate) and its affiliate to operate and manage 69 of its 70 hotels. In July 2012, the Company acquired a hotel and sold two land parcels in Boise, ID. In October 2012, the Company acquired eight hotels containing an aggregate of 1,043 guestrooms (the Hyatt Portfolio), which include Hyatt Place-Arlington, Hyatt Place-Park Meadows, Hyatt Place-Denver Tech Center, Hyatt House-Denver Tech Center, Hyatt Place-Owings Mills, Hyatt Place-Lombard, Hyatt Place-Phoenix and Hyatt Place-Scottsdale. On October 23, 2012, the Company acquired the 98-room Hilton Garden Inn in Fort Worth, Texas. On December 21, 2012, it acquired 178-room Residence Inn by Marriott Marriott in Salt Lake City, Utah. On December 27, 2012, it acquired 122-room Hyatt Place in Long Island (Garden City), New York and 138-room Hampton Inn & Suites in Tampa, Florida. In January 2013, the Company acquired three hotels (the Hyatt Portfolio) containing an aggregate of 426 guestrooms from certain affiliates of Hyatt Hotels Corporation. In February 2013, it closed on the joint venture transaction for the acquisition of a 252-room Holiday Inn Express property (the Hotel) located on Fisherman's Wharf in San Francisco, CA. Effective March 12, 2013, Summit Hotel Properties Inc acquired the Louisiana Hotel Portfolio. In May 2013, the Company acquired four hotels. In October 2013, Summit Hotel Properties Inc closed on the acquisition of two hotels. The Company also announced the disposition of three hotels. In January 2014, Summit Hotel Properties Inc announced acquisitions and completed the disposition of five hotels the 213-guestroom Hyatt Place located in Minneapolis, MN, the 182-guestroom Hilton Garden Inn located in Houston, TX and the 98-guestroom Hampton Inn located in Santa Barbara (Goleta) CA. In January 2014, Summit Hotel Properties Inc completed the acquisition of 101-guestroom Four Points by Sheraton and the dispositions of the 89-guestroom AmericInn Hotel & Suites and the 57-guestroom Aspen Hotel & Suites located in Fort Smith.
On January 12, 2012, the Company purchased the 150 unit Courtyard by Marriott hotel in Atlanta, Georgia. It acquired the Homewood Suites hotel in Ridgeland, Mississippi on April 15, 2011; the Holiday Inn hotel in Duluth, Georgia and the Staybridge Suites in Glendale, Colorado, on April 27, 2011; the Hilton Garden Inn hotel in Duluth, Georgia, on May 25, 2011, and the Courtyard by Marriott hotel in El Paso, Texas, on July 28, 2011. On February 28, 2012, it acquired Hilton Garden Inn in Birmingham (Liberty Park and Lakeshore), Alabama.
As of December 31, 2011, the majority of the Company’s hotels operated under franchise brands owned by Marriott International, Inc. (Marriott), which included Courtyard by Marriott, Residence Inn by Marriott, SpringHill Suites by Marriott, Fairfield Inn by Marriott, Fairfield Inn and Suites by Marriott, and TownePlace Suites by Marriott; Hilton Worldwide (Hilton), which included DoubleTree by Hilton, Hampton Inn, Hampton Inn & Suites, Homewood Suites and Hilton Garden Inn; Intercontinental Hotel Group (IHG), which included Holiday Inn, Holiday Inn Express, Holiday Inn Express and Suites and Staybridge Suites, and an affiliate of Hyatt Hotels Corporation (Hyatt) included Hyatt Place. As of December 31, 2011, the Company’s franchise mix, by total number of rooms, consisted of Marriott (2,953 rooms, or 41.6%), Hilton (1,671 rooms, or 23.6%), IHG (1,088 rooms, or 15.3%), Hyatt (556 rooms, or 7.8%) and others (827 rooms, or 11.7%). Smith Travel Research classifies 28 of its hotels within the upscale segment, 34 of its hotels within the upper midscale segment, and eight of its hotels in the midscale segment.
Summit Hotel Properties Inc
Suite R-100, 12600 Hill Country
AUSTIN TX 78738