Summit Group Expands Portfolio of Hotels

15th Mar 2005

The Summit Group, Inc., a leading developer, owner and manager of upscale limited-service hotels nationwide, today announced the purchase of four leading brand hotels, including Fairfield Inn, Hampton Inn & Suites and two Courtyard by Marriott properties.

Under these agreements, The Summit Group has purchased 427 rooms for $27.7 million—or $64,871 per room—bringing the total number of properties in the Company’s portfolio to 57 hotels across 21 states.

“Our strategy for growth relies on the acquisition of the strongest brands in the upscale limited-service hotel arena - and these brands are clearly among the best of the best in the industry,” said Kerry W. Boekelheide, chief executive officer and chairman of The Summit Group, Inc. “We carefully selected these locations as part of our strategy to grow through geographic diversification, as these properties will help The Summit Group expand its footprint in the South and Southeastern parts of the United States.”

The Summit Group’s new properties include:

—Fairfield Inn - 106-room hotel in Fenton (metro St. Louis), purchased from Dominion Hospitality


—Courtyard by Marriott (117 rooms) and Hampton Inn & Suites (111 rooms)—both in Jackson, MS, purchased from Master Hospitality Services, Inc.

—Courtyard by Marriott - 93-room hotel in Germantown, TN, also purchased from Master Hospitality Services, Inc.


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