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SIOUX FALLS, SD-Locally based Summit Hotel Properties Inc. closed on a 1,043-room portfolio of Hyatt hotels from Hyatt Hotels Corp. affiliates. Summit paid $87.4 million for the eight-property portfolio.

In addition to owning the hotels, which are located in the Baltimore, Chicago, Dallas, Denver and Phoenix areas, Summit entered into an agreement with Hyatt affiliate Select Hotels Group LLC to operate each hotel. For the twelve-month period ended June 30, 2012, on a weighted-average basis, the portfolio hotels are 74% occupied, with an average daily rate of $96.42 and RevPAR of $71.35.

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