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Summit Hotel Properties Acquires Hampton Inn & Suites Located in Downtown Austin, Texas

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Summit Hotel Properties (NYSE:INN) (“the Company”) announced today the acquisition of the Hampton Inn & Suites located in downtown Austin, Texas. The acquisition is the first property owned by Summit in the home of their corporate offices.

The Company acquired the 209-guestroom Hampton Inn & Suites located in Austin, Texas on September 9, 2014 for a total purchase price of $53.0 million and entered into a management agreement with Interstate Hotels & Resorts. The property was built in 2002 and the Company anticipates spending approximately $2.4 million in capital improvements over the next twelve months. The Company estimates a post-renovation next twelve month (“NTM”) capitalization rate in the range of 8.00 percent to 8.50 percent based on management’s current projection of future net operating income. The Company expects the hotel to generate approximately $1.4 million of adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) through the balance of 2014.

“We are thrilled with the acquisition of our first property in the robust and dynamic Austin market,” said Company President and CEO Dan Hansen. “The Hampton Inn & Suites is a wonderful addition to our portfolio in one of the fastest growing cities in the country.”

The 16-story Hampton Inn & Suites is located in downtown Austin, Texas, one block from the Austin Convention Center and Lady Bird Lake, in the central business district. Austin has seen continued increases in demand from large corporate accounts, convention business and strong leisure demand. The capitol city is home to the headquarters or regional offices of many Fortune 500 companies, including Apple Inc., eBay, Google, IBM, Texas Instruments, Whole Foods and Dell. Live music, sports and entertainment events in the city known as the Live Music Capital of the World(R), include Austin City Limits Music Festival (“ACL”), South by Southwest (“SXSW”), Formula 1 and the University of Texas Longhorn football.

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 September 15, 2014, the Company’s portfolio consisted of 91 hotels with a total of 11,589 guestrooms located in 21 states.

For additional information, please visit the Company’s website, and follow the Company on Twitter at @SummitHotel_INN.

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 Litigation 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. 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”), including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. 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.

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