Summit Properties Closes on Three Acquisitions, Announces Fourth

1Q 2011 Earnings Release Set for May 16

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. May 11, 2011

May 10 - 2011 - Summit Hotel Properties, Inc. (NYSE:INN), a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments, announced the closure on three previously announced acquisitions, as well as an additional property purchase agreement.

“This strategy allows our management team to more effectively and efficiently manage the properties to maximize return for our investors and has worked very well for our company over the past nearly 20 years”
Acquisitions Ahead of Anticipated Schedule

• A 121-room Staybridge Suites in Denver (Cherry Creek), CO for $83,000 per key, at a post-renovation NTM capitalization rate of 10.3 percent.
• A 143-room Holiday Inn in Gwinnett/Duluth (Atlanta), GA for $49,000 a key and a post-renovation NTM capitalization rate of 12.2 percent.
• A 91-suite Homewood Suites by Hilton in Jackson-Ridgeland, MS for $80,000 per key, and a post-renovation NTM capitalization rate of 12.0 percent. The company also announced a purchase agreement on the following property:
• A 122-room Hilton Garden Inn in Gwinnett/Duluth (Atlanta), GA for $115,000 a key and a post-renovation NTM capitalization rate of 9.0 percent.

The purchase of these properties is squarely in line with the company's strategy of acquiring immediately accretive properties at attractive post-renovation capitalization rates. It also aligns with the company's “clustering” strategy by grouping hotels in close geographic areas to gain efficiencies and management advantages. “This strategy allows our management team to more effectively and efficiently manage the properties to maximize return for our investors and has worked very well for our company over the past nearly 20 years,” said Dan Hansen, Summit's chief executive officer. 1Q 2011 Earnings Release and Conference Call

The company also announced that it will release first quarter 2011 financial results on Monday, May 16, 2011, after the market closes. The results will reflect a portion of the earnings of the REIT's predecessor company, Summit Hotel Properties, LLC. On February 14, 2011, the company completed its initial public offering of common stock, generating proceeds of $253 million.