News | March 14, 2005

The Summit Group, Inc. Expands Portfolio Of Hotels With Purchase Of Four Leading Brand Properties

Upscale limited-service hotel owner and manager broadens geographic footprint

Sioux Falls, SD -- 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.

About The Summit Group, Inc.
The Summit Group, Inc. is a developer, owner and manager of upscale limited- service hotels nationwide. The Company owns and operates all the hotels in its portfolio of 57 properties in 21 states. The Summit Group¡¦s growing portfolio includes leading hotel brands such as Marriott International, Inc. (Courtyard, Springhill Suites, Fairfield Inn and TownePlace Suites), Hilton Hotels Corporation (Homewood Suites, Hampton Inn, Hampton Inn & Suites), InterContinental Hotels Group (Holiday Inn Express), and Choice Hotels International (Comfort Suites, Comfort Inn). Approximately 46 percent of The Summit Group¡¦s portfolio hotels are Marriott properties. For information about The Summit Group, visit www.thesummitgroupinc.com.

Source: The Summit Group