HOUSTON- Austin-based Summit Hotel Properties, Inc. has closed on three previously announced acquisitions and completed the disposition of five hotels, including the Hilton Garden Inn in the Galleria area of Houston.

The 182-room hotel sold for $37.5 million, which included $17.9 million in assumed mortgage debt. Summit plans to spend $3.1 million in capital improvements over the next twelve months to update the property built in 2005.

In December, Houston's Galleria area hotel market had an occupancy rate of 78 percent, with average nightly room rates at $150, according to the Houston office of PKF Consulting USA.

"Our recent acquisitions and completed dispositions of hotels we no longer see as strategic demonstrate our fastidious approach to creating shareholder value through building our best-in-class portfolio of premium select-service hotels with strong growth profiles in the best markets nationwide," said President and CEO Dan Hansen. "Our thoughtful, disciplined and consistent approach to growing and enhancing our portfolio reinforces our core principle that we, as a company, are creating long-term shareholder value."

Summit said it anticipates a post-renovation estimated NTM capitalization rate in the range of 8.75% to 9.50% based on management's current estimate of net operating income.

Additionally, Summit closed on the Hyatt Place located in Minneapolis, Minnesota, and the Hampton Inn in Santa Barbara, California.

Summit also sold following five hotels for a total price of $12 million: the AmericInn Hotel & Suites and the Fairfield Inn in Salina, KS, the Fairfield Inn and the Hampton Inn in Boise, Idaho and the Holiday Inn Express in Emporia, Kansas. The company sold the five hotels for a total sale price of $12 million.

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 January 14, 2013, the company's portfolio consisted of 90 hotels with a total of 11,188 guestrooms located in 22 states.