$INN (Summit Hotel Properties, Inc.)

$INN {{ '2016-02-17T09:23:09+0000' | timeago}} • Announcement

On Feb. 11, $INN reinstated the purchase agreement with ARC affiliate for the sale of 10 hotels at the original selling price of $89.1MM. The sale was previously canceled just prior to its closing date of Dec. 29. The agreement requires ARC affiliate to deposit $7.5MM of earnest money on or before Dec. 30, 2016 to support the closing of the sale.

$INN {{ '2017-10-02T21:14:38+0000' | timeago}} • Announcement

$INN closed a new $225MM unsecured term loan. The loan includes accordion feature that allows it to request a rise in lender commitments up to $400MM. The unsecured term loan matures on Nov. 25, 2022. At closing, $INN received initial loan advance of $125MM and may draw the remaining $100MM at any time prior to Sept. 20, 2018.

$INN {{ '2017-07-28T21:44:45+0000' | timeago}} • Announcement

$INN's BoD declared a 2Q17 cash dividend of $0.17 per share of common stock of the company and per common unit of limited partnership interest in Summit Hotel OP. The dividend is payable on Aug. 31, 2017 to holders of record as of Aug. 16, 2017.

$INN {{ '2017-07-10T21:02:05+0000' | timeago}} • Announcement

$INN announced Hope Taitz has been appointed to the company's Board of Directors as an independent director.

$INN {{ '2017-06-05T13:49:40+0000' | timeago}} • Announcement

$INN to acquire an 812-guestroom, 5-hotel portfolio for its affiliate from $XHR for a total purchase price of $163MM. Related to the acquisition, $INN will be executing new franchise agreements with the respective franchisors for the hotels and expects to spend approx. $13-16MM in capital improvements for these agreements.

$INN {{ '2017-06-02T11:57:59+0000' | timeago}} • Announcement

$INN completed the previously announced acquisition of the 261-guestroom Courtyard by Marriott Fort Lauderdale, which includes a 0.8 acre vacant land parcel and 6,200 sq. ft. of high-quality retail space, for a total purchase price of $85MM. $INN plans to invest $1.6MM over the next year into public space improvements and a patio bar redesign.

$INN {{ '2017-05-15T22:22:15+0000' | timeago}} • Announcement

$INN completed its underwritten public offering of 10.35MM shares of its common stock. The company estimates that the net proceeds from the offering, after underwriting discounts and commissions and estimated offering expenses will be approx. $163.8MM.

$INN {{ '2017-05-09T21:08:03+0000' | timeago}} • Announcement

$INN commenced an underwritten public offering to sell 9MM common shares. $INN plans to grant underwriters a 30-day option to buy up to an additional 1.35MM shares. $INN plans to contribute the net proceeds to Summit Hotel OP, LP, its operating partnership, which plans to use it for general corporate purposes.

$INN {{ '2017-04-05T16:06:58+0000' | timeago}} • Announcement

$INN appointed Jonathan Stanner as EVP & Chief Investment Officer, effective April 17, 2017. Stanner will be an integral part of the company's investment, acquisition, and capital markets strategy. Most recently, Stanner served as CEO of Strategic Hotels & Resorts, Inc.

$INN {{ '2017-04-03T17:24:56+0000' | timeago}} • Announcement

$INN closed the sale of the 150-guestroom Hyatt Place Atlanta Airport North located in East Point, GA on March 30, 2017 for a total sales price of $14.5MM. On March 31, Hospitality Investors Trust, Inc. (HIT) repaid original $27.5MM loan, of which $22.5MM was outstanding, along with $1.2MM of accrued payment-in-kind interest.

$INN {{ '2017-04-03T17:23:11+0000' | timeago}} • Announcement

$INN acquired two hotels for $60.2MM. On March 1, 2017, $INN closed purchase of 129-guestroom Homewood Suites by Hilton Aliso Viejo - Laguna Beach located in Aliso Viejo, CA for $38MM. On March 30, $INN acquired the 152-guestroom Hyatt Place Phoenix-Mesa located in Mesa, AZ for $22.2MM.

$INN {{ '2017-04-03T13:27:55+0000' | timeago}} • Announcement

$INN said it has received the proceeds from Hospitality Investors Trust, Inc.  for the repayment of a $27.5MM loan.

$INN {{ '2017-04-03T13:22:24+0000' | timeago}} • Announcement

$INN has completed the purchase of Homewood Suites by Hilton Aliso Viejo-Laguna Beach for $38MM, as well as Hyatt Place Phoenix in Mesa, AZ for $22.2MM. Meanwhile, it has completed the sale of Hyatt Place Atlanta Airport North located in East Point, GA for $14.5MM. The acquisitions represent a RevPAR premium of 33.4% over the sold hotel.

$INN {{ '2017-01-25T14:06:59+0000' | timeago}} • Announcement

$INN's BoD declared 4Q16 cash dividend of $0.1625 per share of common stock of the company and per common unit of limited partnership interest in Summit Hotel OP, LP, its operating partnership. The dividend is payable on Feb. 28, 2017, to holders of record as of Feb. 14, 2017.

$INN {{ '2017-01-18T22:14:33+0000' | timeago}} • Announcement

$INN's BoD appointed CEO Daniel Hansen, to additional post of Chairman. Hansen succeeds Thomas Storey who will remain as director. Jeffrey Jones has been appointed to lead independent director, succeeding Bjorn Hanson, who will also remain as a director and will continue as Chair of the Nominating and Corporate Governance Committee.

$INN {{ '2016-08-19T17:59:18+0000' | timeago}} • Announcement

$INN said it on Aug. 9 completed the previously announced acquisition of the 157-guestroom Marriott in Boulder, CO for a gross purchase price of $61.4 million and entered into a management agreement with Stonebridge Realty Advisors.

$INN {{ '2016-08-12T17:37:22+0000' | timeago}} • Announcement

$INN said its BoD has authorized and declared a 2Q16 cash dividend of $0.1325 per share of its common stock and per common unit of limited partnership interest in Summit Hotel OP, the company's operating partnership. The dividend is payable on Aug. 31, 2016, to holders of record as of Aug. 16, 2016.

$INN {{ '2016-02-17T09:26:23+0000' | timeago}} • Announcement

In Jan., $INN acquired Courtyard by Marriott located in Nashville, Tennessee for $71MM and Residence Inn by Marriott in Atlanta, Georgia for $38MM, and entered into a management agreement with $IHR for both hotels. $INN plans to spend about $0.3MM at Courtyard and limited capital improvements at Residence Inn in 2016.

$INN {{ '2016-02-17T09:24:58+0000' | timeago}} • Announcement

On Feb. 11, $INN entered into a $27.5MM loan with ARC. $20MM of the proceeds were applied towards the purchase price of the 6 hotels sold in the Feb. closing and $7.5MM was applied towards the new earnest money deposit required by the reinstated purchase agreement. The loan has an initial maturity date of Feb. 11, 2017.

$INN {{ '2016-02-17T09:23:09+0000' | timeago}} • Announcement

On Feb. 11, $INN reinstated the purchase agreement with ARC affiliate for the sale of 10 hotels at the original selling price of $89.1MM. The sale was previously canceled just prior to its closing date of Dec. 29. The agreement requires ARC affiliate to deposit $7.5MM of earnest money on or before Dec. 30, 2016 to support the closing of the sale.

$INN {{ '2016-02-17T09:22:16+0000' | timeago}} • Announcement

Hotel investment company $INN said it has sold 6 hotels to affiliates of American Realty Capital Hospitality Trust (ARC) for $108.3MM. The sales proceeds were used to complete some reverse like-kind exchanges to defer otherwise taxable gains of about $74MM and to pay down $INN's unsecured revolving credit facility by $105MM.

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