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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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August 21, 2014
10:14 EDTINNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AllianceBernstein (AB) initiated with a Hold at Jefferies... Federated Investors (FII) initiated with a Buy at Jefferies... Heritage-Crystal Clean (HCCI) initiated with a Hold at Stifel... MDC Partners (MDCA) initiated with an Outperform at FBR Capital... MeetMe (MEET) initiated with an Outperform at JMP Securities... PNM Resources (PNM) initiated with a Hold at KeyBanc... Perficient (PRFT) initiated with a Buy at Maxim... Summit Hotel Properties (INN) initiated with an Outperform at JMP Securities... Tesla (TSLA) initiated with an Outperform at CLSA... Tyler Technologies (TYL) initiated with a Buy at Maxim... US Ecology (ECOL) initiated with a Buy at Stifel... Vertex Energy (VTNR) initiated with a Buy at Stifel.
05:25 EDTINNSummit Hotel Properties initiated with an Outperform at JMP Securities
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