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Stock Market & Financial Investment News

News Breaks
March 14, 2014
17:14 EDTINNSummit Hotel reaffirms Q4, FY13 guidance, reschedules earnings release
Summit Hotel Properties announced that it will report financial results for Q4 on Monday, March 17, before the market opens. The company rescheduled the release of its earnings in order to provide additional time to complete its annual report on Form 10-K. The company also reaffirmed its previously announced Q4 and FY13 guidance.
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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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