<SEC-DOCUMENT>0001157523-13-004504.txt : 20130924
<SEC-HEADER>0001157523-13-004504.hdr.sgml : 20130924
<ACCEPTANCE-DATETIME>20130924112539
ACCESSION NUMBER:		0001157523-13-004504
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130924
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130924
DATE AS OF CHANGE:		20130924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Summit Hotel Properties, Inc.
		CENTRAL INDEX KEY:			0001497645
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				272962512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35074
		FILM NUMBER:		131111546

	BUSINESS ADDRESS:	
		STREET 1:		12600 HILL COUNTRY BOULEVARD
		STREET 2:		SUITE R-100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
		BUSINESS PHONE:		512-538-2300

	MAIL ADDRESS:	
		STREET 1:		12600 HILL COUNTRY BOULEVARD
		STREET 2:		SUITE R-100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Summit Hotel OP, LP
		CENTRAL INDEX KEY:			0001497612
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				272966616
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54273
		FILM NUMBER:		131111547

	BUSINESS ADDRESS:	
		STREET 1:		12600 HILL COUNTRY BOULEVARD
		STREET 2:		SUITE R-100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
		BUSINESS PHONE:		512-538-2300

	MAIL ADDRESS:	
		STREET 1:		12600 HILL COUNTRY BOULEVARD
		STREET 2:		SUITE R-100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50715440.htm
<DESCRIPTION>SUMMIT HOTEL 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2013 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      D.C. 20549</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Securities
      Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): September 24, 2013</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="font-size: 10pt">
            <font style="font-size: 14pt"><b>SUMMIT HOTEL PROPERTIES, INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
            Name of Registrant as Specified in its Charter)</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Maryland</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; width: 34%; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>001-35074</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; width: 33%; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>27-2962512</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of Incorporation or Organization)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification No.)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="font-size: 10pt">
            <font style="font-size: 14pt"><b>SUMMIT HOTEL OP, LP</b></font><br>(Exact
            Name of Registrant as Specified in its Charter)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Delaware</b></font>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; width: 34%; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>000-54273</b></font>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; width: 33%; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>20-0617340</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of Incorporation or Organization)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification No.)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>12600 Hill Country Boulevard, Suite R-100<br>Austin, Texas 78738</b><br>(Address
      of Principal Executive Offices) (Zip Code)<br><br><b>(512) 538-2300</b><br>(Registrants&#8217;
      telephone number, including area code)<br><br><font style="font-size: 10pt"><b>Not
      applicable</b></font><br>(Former name or former address, if changed
      since last report.)<br>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 10%; text-align: left">
          <b>Item 7.01.</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 90%; text-align: left">
          <b>Regulation FD.</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 90.0px">

    </p>
    <p style="margin-left: 90.0px">

    </p>
    <p>

    </p>
    <p>
      On September 24, 2013, Summit Hotel Properties, Inc. (the &#8220;Company&#8221;)
      issued a press release announcing four pending hotel acquisitions.
    </p>
    <p>

    </p>
    <p>
      A copy of the press release is furnished as Exhibit 99.1 to this report.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 10%; text-align: left">
          <b>Item 9.01.</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 89%; text-align: left">
          <b>Exhibit.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 89%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 10%; text-align: right">
          <i>(d)</i>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 89%; text-align: left">
          <i>Exhibit</i>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 89%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; width: 10%; white-space: nowrap; text-align: right">
          99.1
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 89%; text-align: left">
          Press release issued on September 24, 2013.
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font>
    </p>
    <p>
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>SUMMIT HOTEL PROPERTIES, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 7%; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 43%; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Christopher R. Eng
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Christopher R. Eng
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 7%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 43%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            September 24, 2013
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President, General Counsel and Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>SUMMIT HOTEL OP, LP</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            SUMMIT HOTEL GP, LLC,
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            its General Partner
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            SUMMIT HOTEL PROPERTIES, INC.,
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            its Sole Member
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 7%; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 43%; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Christopher R. Eng
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
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            Name:
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            Christopher R. Eng
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            Dated:
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            September 24, 2013
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            Title:
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            Vice President, General Counsel and Secretary
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50715440ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Summit
      Hotel Properties, Inc. Announces Four Pending Hotel Acquisitions</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      AUSTIN, Texas--(BUSINESS WIRE)--September 24, 2013--Summit Hotel
      Properties, Inc. (NYSE: INN) (the &#8220;Company&#8221;) today announced that it has
      four hotel properties, containing an aggregate of 503 guestrooms, under
      contract to acquire.
    </p>
    <p>
      The Company announced that it has entered into definitive agreements to
      acquire a portfolio of three Southern California hotels containing an
      aggregate of 321-guestrooms for a purchase price of approximately $59.0
      million. The Company expects to implement approximately $2.9 million in
      capital improvements to the portfolio. The Company anticipates a
      post-renovation estimated NTM capitalization rate for the portfolio in
      the range of 8.25 percent to 9.0 percent based on management&#8217;s current
      estimate of net operating income.
    </p>
    <p>
      &#8220;These top quality assets in high barrier to entry markets provide
      significant expansion of our west coast presence,&#8221;&#160;said Company
      President and CEO Dan Hansen. &#8220;We welcome the opportunity to work with a
      new, high quality management team and continue to improve their
      performance.&#8221;
    </p>
    <p>
      The Company plans to acquire the 98-guestroom Hampton Inn located in
      Santa Barbara (Goleta), CA. This hotel was built in 2007 and has several
      large corporate demand generators including Raytheon and the US Postal
      Service. The government and educational institutes, such as Vandenberg
      Air Force Base and the University of California Santa Barbara, drive
      additional demand. The hotel has strong leisure demand and is expected
      to add to it with the addition of marketing dollars from the city as
      well as the improving economy.
    </p>
    <p>
      The second property is a 115-guestroom Hampton Inn &amp; Suites located in
      Ventura (Camarillo), CA. The hotel was built in 2004 and recently added
      The Lodging Association to the community. There is a strong focus in the
      community to bring additional leisure demand to the area. There are also
      several large corporate demand generators including Verizon and Lockheed
      Martin.
    </p>
    <p>
      The third property is a 108-guestroom Hampton Inn &amp; Suites located in
      San Diego (Poway), CA. Built in 2008, the hotel has both strong weekday
      business demand and weekend leisure demand. The Poway Business Park has
      grown consistently since its inception in 2007 and continued expansion
      is expected.
    </p>
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    <p>
      The Company anticipates assuming approximately $12.1 million in mortgage
      debt associated with the acquisition of the Southern California
      portfolio. The loan bears a fixed interest rate of 6.13% and has a
      maturity date of November 11, 2021.
    </p>
    <p>
      The Company also announced that it has entered into a definitive
      agreement to acquire a 182-guestroom Hilton Garden Inn located in
      Houston, TX, for a purchase price of approximately $37.5 million. The
      Company expects to implement approximately $3.1 million in capital
      improvements to the hotel. The Company anticipates a post-renovation
      estimated NTM capitalization rate in the range of 8.25 percent to 9.0
      percent based on management&#8217;s current estimate of net operating income.
    </p>
    <p>
      &#8220;I have watched and admired this hotel&#160;for many years. We look&#160;forward
      to continuing the legacy of strong performance through capital
      investment and by working with a well-respected management team. This
      will be a great addition to our portfolio,&#8221; said Company President and
      CEO Dan Hansen.
    </p>
    <p>
      The Hilton Garden Inn is located in the heart of the Houston Galleria
      and is surrounded by over 2,000 businesses as well as a lively mix of
      restaurants and shops. The hotel is within walking distance to the
      prominent Galleria Mall offering excellent shopping and dining
      experiences.
    </p>
    <p>
      The Company anticipates assuming approximately $17.9 million in mortgage
      debt associated with the acquisition of the Hilton Garden Inn. The loan
      bears a fixed interest rate of 6.22% and has a maturity date of November
      01, 2016.
    </p>
    <p>
      The Company expects to complete these acquisitions in the fourth quarter
      of 2013. Certain acquisitions remain subject to satisfactory completion
      of the Company&#8217;s due diligence, including lender consent, and
      satisfaction of customary closing conditions. The Company can give no
      assurances that the acquisitions will be consummated.
    </p>
    <p>
      The Summit executive team is hosting its Institutional Investor and
      Analyst Conference today in Minneapolis, Minnesota. The executive
      management team will present on the Company&#8217;s premium select-service
      portfolio as well as the strength and success of their clustering
      strategy. The presentation will be followed by a property tour of both
      the urban and suburban clusters in the Minneapolis market. A copy of the
      presentation will be available on the Company&#8217;s website, <u>www.shpreit.com</u>,
      in the Investor Relations section.
    </p>
    <p>
      <u><b>About Summit Hotel Properties</b></u>
    </p>
    <p>
      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 September 24, 2013, the
      Company&#8217;s portfolio consisted of 93 hotels with a total of 10,976
      guestrooms located in 24 states.
    </p>
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    <p>
      <u><b>Forward Looking Statements</b></u>
    </p>
    <p>
      This press release contains statements that are &#8220;forward-looking
      statements&#8221; within the meaning of Section 27A of the Securities Act of
      1933, as amended, and Section 21E of the Securities Act of 1934, as
      amended, pursuant to the safe harbor provisions of the Private
      Securities Litigation Reform Act of 1995. Forward-looking statements are
      generally identifiable by use of forward-looking terminology such as
      &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;potential,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;seek,&#8221;
      &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;approximately,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221;
      &#8220;project,&#8221; &#8220;predict,&#8221; &#8220;forecast,&#8221; &#8220;continue,&#8221; &#8220;plan&#8221; or other similar
      words or expressions. Forward-looking statements are based on certain
      assumptions and can include future expectations, future plans and
      strategies and financial and operating projections or other
      forward-looking information. 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&#8217;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&#8217;s filings with
      the Securities and Exchange Commission, including, without limitation,
      the company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      2012. 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.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Summit Hotel Properties, Inc.</b><br>Stuart J. Becker,
      Chief Financial Officer, 512-538-2300
    </p>
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