SUBSEQUENT EVENTS	9 Months Ended
Sep. 30, 2012
SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS Capital Structure On October 1, 2012, holders of 858,433 Common Units tendered their Common Units for redemption and redeemed on a one-for-one basis with shares of our common stock pursuant to our prospectus filed with the Securities Exchange Commission on March 1, 2012, On October 3, 2012, Summit REIT completed a public offering of 13,800,000 shares of common stock, in which it raised net proceeds, after deducting the underwriting discount and estimated offering costs, of approximately $107.0 million. On October 11, 2012, we entered into an agreement to hedge our interest rate on $12.1 million of the outstanding principal balance of the Compass Bank loan, with an effective fixed rate of 4.57%. Acquisitions On October 5, 2012, we purchased from affiliates of Hyatt, a portfolio of eight hotels containing an aggregate of 1,043 guestrooms for a purchase price of approximately $87.4 million. On October 23, 2012, we purchased from an unaffiliated third party a 98 unit Hilton Garden Inn in Fort Worth, Texas for a purchase price of $7.2 million. Other On October 30, 2012, we entered into an agreement to fund $20 million in the form of a first mortgage loan on a hotel property located in downtown Minneapolis, Minnesota. The $20 million represents a portion of the total acquisition and renovation costs expected to be incurred to convert the property to a Hyatt Place hotel. Subject to certain conditions including the successful conversion of the property, estimated to be completed in summer 2013, we plan to purchase the property.

NOTE 11 - SUBSEQUENT EVENTS

Capital Structure

On October 1, 2012, holders of 858,433 Common Units tendered their Common Units for redemption and redeemed on a one-for-one basis with shares of our common stock pursuant to our prospectus filed with the Securities Exchange Commission on March 1, 2012,

On October 3, 2012, Summit REIT completed a public offering of 13,800,000 shares of common stock, in which it raised net proceeds, after deducting the underwriting discount and estimated offering costs, of approximately $107.0 million.

On October 11, 2012, we entered into an agreement to hedge our interest rate on $12.1 million of the outstanding principal balance of the Compass Bank loan, with an effective fixed rate of 4.57%.

Acquisitions

On October 5, 2012, we purchased from affiliates of Hyatt, a portfolio of eight hotels containing an aggregate of 1,043 guestrooms for a purchase price of approximately $87.4 million.

On October 23, 2012, we purchased from an unaffiliated third party a 98 unit Hilton Garden Inn in Fort Worth, Texas for a purchase price of $7.2 million.

Other

On October 30, 2012, we entered into an agreement to fund $20 million in the form of a first mortgage loan on a hotel property located in downtown Minneapolis, Minnesota. The $20 million represents a portion of the total acquisition and renovation costs expected to be incurred to convert the property to a Hyatt Place hotel. Subject to certain conditions including the successful conversion of the property, estimated to be completed in summer 2013, we plan to purchase the property.