AUSTIN, Texas, June 27, 2018 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced the grand opening of the 168-guestroom Hyatt House Across From Orlando Universal Resort™. The newly constructed upscale, extended stay hotel is located adjacent to the Company's existing Hyatt Place hotel and conveniently situated within walking distance of Universal Orlando Resort™ and a short shuttle ride from the new Volcano Bay™ water park. Other nearby entertainment venues include Walt Disney World® Resort, SeaWorld® Orlando, ICON Orlando 360™, and SEA LIFE Orlando Aquarium. Major corporations in the area include Lockheed Martin, Siemens, and Deloitte, among others, and Hyatt House Across From Orlando Universal Resort™ provides easy access to the Orange County Convention Center, downtown Orlando, and Orlando International Airport.
"We are thrilled with the opening of the new Hyatt House Across From Orlando Universal Resort™ which will be a great addition to our portfolio of well located, high-quality hotels in one of the best performing markets in the country," said Dan Hansen, the Company's Chairman, President and Chief Executive Officer. "Utilizing our in-house development expertise, we successfully executed on this project as an opportunistic way to create value on a vacant land parcel we acquired at the time we purchased the adjacent Hyatt Place hotel. The two hotels will nicely complement one another and are expected to generate incremental revenue opportunities through a collaborative sales effort and benefit from efficiencies achieved through a shared cost structure," commented Mr. Hansen.
"Orlando continues to experience record-breaking tourism numbers among leisure travelers and convention attendees. We are confident Hyatt House Across From Orlando Universal Resort™ will bring a new and dynamic guest experience to the marketplace, and is a great example of our continued focus on growing premium hotels that will attract business and leisure travelers alike," said Susan Santiago, Senior Vice President of Operations, Hyatt Place and Hyatt House. "I want to offer my congratulations and thanks to Dan and his team at Summit Hotel Properties who collaborated with us in order to bring this development to fruition."
The total construction cost for the Hyatt House hotel was $32.7 million, or approximately $194,500 per key, excluding land, and the Company expects the hotel to contribute $1.0 million of earnings before interest, taxes, depreciation, and amortization for real estate ("EBITDAre") during the remainder of 2018. The forecasted EBITDAre contribution was included in the Company's updated 2018 financial outlook provided on May 2, 2018. The Hyatt House Across From Orlando Universal Resort™ is now accepting reservations for June 27, 2018 and beyond at https://acrossfromuniversalorlando.house.hyatt.com.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of June 27, 2018, the Company's portfolio consisted of 84 hotels with a total of 12,418 guestrooms located in 26 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on Twitter at @SummitHotel_INN.
About Hyatt House
Hyatt House, a brand of Hyatt Hotels Corporation, launched in 2012 and offers more than 85 locations throughout the United States, China, Germany, Mexico, Turkey, and Puerto Rico. Inspired by extensive research into guest experiences, Hyatt House hotels offer services, amenities, upscale spaces and a casual, comfortable environment that reminds guests of home. For more information, please visit hyatthouse.com. Join the conversation on Facebook, and tag photos with #HyattHouse and #WhySettle.
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. Examples of forward-looking statements include the following: the Company's ability to realize financial and operational synergies; projections of revenues and expenses or other financial items; descriptions of the Company's plans or objectives for future operations; forecasts of EBITDAre; 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, 2017, 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.
SOURCE Summit Hotel Properties, Inc.