Summit Hotel OP, LP entered into an agreement to acquire three hotels from Hyatt Hotels Corporation (NYSE:H) for $36.1 million.

Summit Hotel OP, LP entered into an agreement to acquire three hotels from Hyatt Hotels Corporation (NYSE:H) for $36.1 million on October 24, 2012. The purchase price is subject to closing prorations and adjustments. Summit intends to fund the acquisition with a portion of the net proceeds from its common stock offering of approximately $128.8 million and, if needed, additional borrowings under its credit facility.

Select Hotels Group, L.L.C. will operate the hotels. The acquisition is subject to certain condition including completion of due diligence. As on December 20, 2012, the due diligence has been completed.

The acquisition is expected to be completed prior to the end of the first quarter of 2013.