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August 1, 2014
13:34 EDTINNSummit Hotel Properties raises common dividend 2c to 11.75c
Summit Hotel Properties announced that its board has authorized, and the company declared, a cash dividend for Q2 of 11.75c per share of common stock of the company and per common unit of limited partnership interest in Summit Hotel OP, LP, the companyís operating partnership. The common dividend increase of 2c on an annual basis represents an annualized yield of 4.6% based on the closing price of shares of the common stock on July 31. The dividend is payable August 29 to holders of record as of August 15.
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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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