AUSTIN, Texas, July 8, 2015 /PRNewswire/ -- Summit Hotel Properties, Inc. 
                                    INN, -1.57%
                                         (the "Company") today announced that it recently completed the acquisition of the Hampton Inn located in Boston (Norwood), Mass. and the Hotel Indigo located in Asheville, N.C. for an aggregate purchase price of $59.0 million.

The Company acquired the 139-guestroom Hampton Inn located in Boston (Norwood), Mass. on June 18, 2015 for a total purchase price of $24.0 million and has entered into a management agreement with Interstate Hotels  Resorts. The Company plans to spend approximately $2.3 million on capital improvements at the property during the latter part of 2016, which will include the conversion to a Hampton Inn  Suites by Hilton, and anticipates an estimated forward capitalization rate in the range of 8.0 percent to 8.5 percent based on management's current estimate of the hotel's 2016 net operating income. The Company currently estimates the hotel will contribute approximately $1.2 million of earnings before interest, taxes, depreciation and amortization ("EBITDA") through the balance of 2015.

"We are thrilled with our acquisition of the Hampton Inn in the growing suburb of Boston. Norwood, with its proximity to downtown Boston, coupled with its great area amenities and direct commuter train service into the city, is a wonderful addition to our portfolio," said Daniel P. Hansen, President and Chief Executive Officer.  "We see strong upside potential in the property with the planned renovation and conversion to a Hampton Inn  Suites in a market with limited supply growth and strong demand generators."

The Company also acquired the 115-guestroom Hotel Indigo located in the heart of downtown Asheville, N.C. on June 30, 2015 for a total purchase price of $35.0 million and entered into a management agreement with Interstate Hotels  Resorts. The Company plans to spend approximately $0.4 million on capital improvements during the next twelve months and anticipates an estimated forward capitalization rate in the range of 8.0 percent to 8.5 percent based on management's current estimate of the hotel's 2016 net operating income. The Company currently estimates the hotel to contribute approximately $1.8 million of EBITDA through the balance of 2015.

"Our team is extremely pleased with the acquisition of the Hotel Indigo centrally located in the vibrant Asheville market," commented Hansen.  "The Asheville market thrives on tourism and leisure demand, as well as several economic drivers such as health care, advanced manufacturing and retail trade, which makes this diverse and highly desirable market a perfect addition to our portfolio."

The acquisitions were funded by advances on the Company's senior unsecured credit facility.


        About Summit Hotel Properties
      
Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused primarily on acquiring and owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry.  As of July 8, 2015, the Company's portfolio consisted of 93 hotels with a total of 11,933 guestrooms located in 23 states. 

For additional information, please visit the Company's website, www.shpreit.com.


        Forward-Looking Statements
      

        This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Examples of forward-looking statements include the following: the Company's ability to realize embedded growth from the deployment of renovation capital; projections of the Company's revenues and expenses, capital expenditures or other financial items; descriptions of the Company's plans or objectives for future operations, acquisitions, dispositions, financings or services; forecasts of the Company's future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, FFO and AFFO; the Company's outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth,  AFFO,  AFFO per diluted unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission ("SEC"). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
      

        For information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations.
      
Logo: http://photos.prnewswire.com/prnh/20150708/233320LOGO
 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/summit-hotel-properties-acquires-two-properties-for-590-million-300110265.html
SOURCE  Summit Hotel Properties, Inc.

Copyright (C) 2015 PR Newswire. All rights reserved
									

Duke sent letters to about 3,700 landowners in Henderson, Polk and Buncombe counties and in Greenville and Spartanburg counties in South Carolina, notifying them that their “property falls within 500 feet of the center of one of the potential routes being considered for the new transmission line.”

“The final route will be determined this fall, following public input and further study to determine feasibility,” the letter continues.

“I’m very concerned, very concerned,” said Madelon Wallace, co-owner and broker at Walker, Wallace and Emerson Realty, which is based in Landrum, S.C. but works in each of the five counties.

“It’s going to have a huge negative effect here,” she said, explaining that the big economic drivers of the Landrum area are tourism, equestrian, agriculture and wineries, and this project “could have a huge effect on the economy in our area, not to mention real estate values.”

Conservationists are also concerned about the potential impacts of the plan, and MountainTrue has been fielding calls from concerned landowners, some in the Hooper’s Creek area of Henderson County, said Mark Stierwalt, southern regional director.

If the line goes through southern Henderson County, Stierwalt said, it will be hard to miss the many conserved and protected areas such as the Green River Game Lands, Greenville watershed, DuPont State Recreational Forest and more, as well as several summer camps.

He said he views the 45-mile project as “basically going to be a 500-foot path of clear-cutting that will then be maintained with herbicides.”

In Polk County, a handful of landowners have already expressed their concerns to Pacolet Area Conservancy, said Pam Torlina, director of stewardship and land protection.

In the past, she said, Duke has been forthcoming and open about a project, but she hasn’t heard from the company yet on this proposal.

Duke spokesperson Meghan Musgrave said the company has also been fielding and responding to calls from landowners who received letters, wanting to know more about the project.

Musgrave said the 230-kilovolt transmission lines will connect Duke Energy Carolinas system with the Duke Energy Progress system, making them more efficient and saving on generation fuel expenses. The added infrastructure will also provide an opportunity for future economic development.

The lines will be supported by steel lattice-framed steel towers with an average height of 140 feet, though their height will vary throughout the foothills and mountains. They’ll also be darkened to make them less visible, Musgrave said.

Wallace expressed concerns that public meetings would be less interactive and more informational, but Musgrave said the open-house format of the meeting will allow community members to visit different stations, talk to and ask questions of experts and get any additional information they need.

Stierwalt said MountainTrue plans to put together a strong showing for the scheduled public meetings, “but until they actually release the plans, it’s hard to know what we’re dealing with,” he said.

The first meeting, where the potential routes will be unveiled, will be held from 4-7 p.m. Tuesday at the WNC Ag Center.

Julie Mayfield, co-director at MountainTrue, said the conservation group is “not opposed to the lines as a matter of fact, but probably will be looking at where the lines will go and making sure that they’re not impacting special natural areas” and that they’re minimizing the impact on landowners.

Musgrave said Duke gathers information from many sources and analyzes the physical, cultural and ecological impacts for proposed routes in the study area, which encompasses nearly all of Henderson County, more than half of Polk County, and sections of Greenville and Spartanburg counties.

She said sensitive ecological areas are included and considered in that process, and that the company wants to look for corridors and routes that minimize impacts on homes, the community and the environment.

The new transmission line is part of a larger project, the $1.1 billion Western Carolinas Modernization Project, which will eventually replace Duke’s coal-burning Asheville plant with a natural gas-burning plant.

Duke has slated $320 million to construct the transmission line and the substation in Campobello, S.C., it will connect to.