SIOUX FALLS, S.D.--(BUSINESS WIRE)--
Summit Hotel Properties, Inc. (NYSE: INN), a real estate investment
trust (REIT) specializing in the ownership of premium-branded hotels in
the upscale and upper midscale segments, today announced that its Board
of Directors declared a cash dividend of $0.05625 per common share for
the first quarter ending March 31, 2011. The dividend is payable May 23,
2011 to holders of record as of May 13, 2011.
The dividend of $.05625 represents a dividend payment for the fractional
portion of the first quarter of 2011 since the settlement of the
company’s Initial Public Offering of February, 14, 2011. The company’s
annualized dividend is $0.45 per common share. This fractional quarterly
dividend and the annualized dividend represent a current yield of 4.09%
based on the May 3, 2011 closing price of $11.00 per share.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment
trust focused on acquiring and owning premium-branded select-service
hotels in the upscale and upper midscale segments. As of May 3, 2011,
the company’s hotel portfolio consisted of 68 hotels with a total of
6,888 guestrooms located in 19 states. Additional information about
Summit may be found at the company’s website, www.shpreit.com.
Forward Looking Statement
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities
Litigation Reform Act of 1995, and, as such, may involve known and
unknown risks, uncertainties and other factors that may cause the actual
results or performance to differ from those projected in the
forward-looking statement. These forward-looking statements include
statements related to the company’s ability to continue to execute its
strategy by selectively expanding the portfolio while continuing to
maximize the operating results of its existing portfolio. For a
description of factors that may cause the company’s actual results or
performance to differ from its forward-looking statements, please review
the information under the heading “Risk Factors” included in the
company’s Annual Report on Form 10-K for the year ended December 31,
2010, as filed with the Securities and Exchange Commission.
Source: Summit Hotel Properties, Inc.
Contact:
(Media)
Daly Gray Public Relations
Jerry Daly, Carol McCune
703-435-6293
jerry@dalygray.com
or
(Investors)
Summit
Hotel Properties, Inc.
Dan Boyum
605-361-9566 ext 4015
dboyum@shpreit.com