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Stock Market & Financial Investment News

News Breaks
March 7, 2014
15:48 EDTINNSummit Hotel Properties to acquire two hotels
Summit Hotel Properties announced that it has two hotel properties, containing an aggregate of 421 guestrooms, under contract to acquire. The company announced that it has entered into a definitive agreement to acquire the 210-guestroom DoubleTree by Hilton located in San Francisco, Calif. for a purchase price of approximately $39.0M. The company expects to implement approximately $4.1M in capital improvements to the property prior to year-end 2014 and anticipates an estimated forward capitalization rate in the range of 8.5%-9.5% based on managementís current estimate of the Hotelís 2015 stabilized net operating income. The company anticipates assuming approximately $13.1M in mortgage debt associated with the acquisition of the DoubleTree by Hilton. The loan bears a fixed interest rate of 5.98% and has a maturity date of March 08, 2016. The company also announced that it has entered into a definitive agreement with Mortenson Development to acquire a 211-guestroom Hampton Inn & Suites currently under development in Minneapolis, Minn., for a purchase price of approximately $37.7M. In January, the company issued a $13.1M letter of credit in support of this acquisition under its senior unsecured credit facility. This agreement is subject to certain conditions, including the completion of the hotel in accordance with agreed upon architectural and engineering designs, receipt of a Hampton Inn & Suites franchise and receipt of a certificate of occupancy. The company expects to complete the San Francisco, CA acquisition in the first half of 2014 and anticipates closing on the Minneapolis, MN acquisition mid-year 2015.
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September 15, 2014
16:03 EDTINNSummit Hotel Properties acquires Hampton Inn & Suites in Austin, Texas
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September 11, 2014
16:08 EDTINNSummit Hotel Properties names Greg Dowell as executive VP, CFO
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September 10, 2014
08:47 EDTINNSummit Hotel Properties acquires Houston Hilton Garden Inn for $36M
Summit Hotel Properties announced the acquisition of the Hilton Garden Inn located in the Energy Corridor of Houston, Tex. and the disposition of the Hampton Inn located in Fort Smith, Ark. The company acquired the 190-guestroom Hilton Garden Inn on August 15 for a total purchase price of $36.0M and entered into a management agreement with American Liberty Hospitality. The company anticipates spending approximately $3.2M in capital improvements over the next twelve months. The company anticipates an estimated post-renovation next twelve month capitalization rate in the range of 8.0%-8.5% based on managementís current estimate of future net operating income. The company expects the hotel to generate approximately $1.1M of adjusted earnings before interest, taxes, depreciation and amortization in 2014.

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