Attached files
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| EX-99.1 - SUMMIT HOTEL PROPERTIES LLC | v197238_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 21,
2010
SUMMIT
HOTEL PROPERTIES, LLC
(Exact
name of registrant as specified in its charter)
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South Dakota
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000-51955
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20-0617340
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(State or other jurisdiction
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(Commission File Number)
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(I.R.S. employer identification no.)
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of incorporation or organization)
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2701
South Minnesota Avenue, Suite 6, Sioux Falls, South Dakota 57105
(Address
of principal executive offices, including zip code)
Registrant’s
Telephone Number, Including Area Code: (605)
361-9566
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02 Results of Operations and Financial Condition.
As
disclosed in the quarterly report on Form 10-Q of Summit Hotel Properties, LLC
(“Company”), for the quarter ended March 31, 2010, the Company recorded an
impairment charge of $1,173,100 to write down the carrying value of its
Courtyard hotel in Memphis, TN to fair value. Management’s evaluation
of impairment for this property as of December 31, 2009 indicated a potential
impairment, however, management concluded at that time that the amount was not
material to the 2009 financial statements. Subsequently, management
concluded that the fair value at December 31, 2009 was not different from the
fair value that was determined in the quarter ended March 31,
2010. Therefore, management believes the impairment charge should
have been recorded in the quarter ended December 31, 2009. The effect
of the error was to overstate Loss on Impairment of Assets for the three-months
ended March 31, 2010 and, to understate Loss on Impairment of Assets for the
year ended December 31, 2009 and to overstate Property and Equipment, net at
December 31, 2009.
For
additional information please see the Company’s quarterly report on Form 10-Q
filed with the SEC on August 16, 2010 for the three and six months ended June
30, 2010.
The
Company’s audited consolidated financial statements as of the year ended
December 31, 2009 have been revised to reflect the above-described immaterial
change, are attached hereto in full as Exhibit 99.1, incorporated by reference
herein. These financial statements have been audited by Eide Bailly
LLP, an independent registered public accounting firm, as indicated in their
report with respect thereto for the years ended December 31, 2009 and December
31, 2008. The financial statements for the year ended December 31, 2007 were
audited by Gordon, Hughes & Banks, LLP, as indicated in their report with
respect thereto.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
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99.1
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Report
of Independent Registered Public Accounting Firm Eide Bailly, LLP dated as
of March 31, 2010 (and September 21, 2010 as to Note 21) for the years
ended December 31, 2009 and 2008; Report of Independent Registered Public
Accounting Firm Gordon, Hughes, and Banks, LLP dated as of March 21, 2008
for the year ended December 31, 2007; and Consolidated
Financial Statements for the Years Ended December 31, 2009, 2008 and
2007.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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SUMMIT
HOTEL PROPERTIES, LLC
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By:
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/s/
Kerry W. Boekelheide
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Name:
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Kerry
W. Boekelheide
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Title:
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Chief
Executive
Officer
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Dated: September
22, 2010
Exhibit
Index
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Exhibit
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Number
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Description of Exhibit
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99.1
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Report
of Independent Registered Public Accounting Firm Eide Bailly, LLP dated as
of March 31, 2010 (and September 21, 2010 as to Note 21) for the years
ended December 31, 2009 and 2008; Report of Independent Registered Public
Accounting Firm Gordon, Hughes, and Banks, LLP dated as of March 21, 2008
for the year ended December 31, 2007; and Consolidated
Financial Statements for the Years Ended December 31, 2009, 2008 and
2007.
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