SIOUX FALLS, S.D.--(BUSINESS WIRE)--
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), 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 2012 Annual Meeting of Stockholders will be held on Tuesday, June 5,
2012, beginning at 5:00 p.m., Eastern Time, at the Marriott Marquis,
1535 Broadway, New York, New York 10036. The meeting is open to all
stockholders of record as of April 16, 2012.
The Company also announced today that its Board of Directors has
authorized, and the Company declared, a cash dividend for the fourth
quarter ended December 31, 2011 of $0.1125 per share of common stock of
the Company and per common unit of limited partnership in Summit Hotel
OP, LP, the Company’s operating partnership. The common dividend
represents an annualized yield of approximately 4.52% based on the
closing price of shares of the common stock on February 7, 2012.
The Board of Directors also authorized, and the Company has declared, a
cash dividend for the fourth quarter ended December 31, 2011 of
$0.578125 per share of the Company’s 9.25% Series A Cumulative
Redeemable Preferred Stock.
The dividends are payable February 29, 2012 to holders of record as of
February 17, 2012.
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 February 7, 2012, the company’s hotel portfolio
consisted of 71 hotels with a total of 7,245 guestrooms located in 19
states. Additional information about Summit may be found at the
Company’s website, www.shpreit.com.
Forward Looking Statements
This press release contains
statements that are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Act of 1934, as amended, pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as “may,” “will,” “should,”
“potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,”
“approximately,” “believe,” “could,” “project,” “predict,” “forecast,”
“continue,” “plan” or other similar words or expressions.These
forward-looking statements relate to the payment of dividends.
Forward-looking statements are based on certain assumptions and can
include future expectations, future plans and strategies, financial and
operating projections or other forward-looking information. These
forward-looking statements are subject to various risks and
uncertainties, not all of which are known to the Company and many of
which are beyond the Company’s control, which could cause actual results
to differ materially from such statements. These risks and uncertainties
include, but are not limited to, the state of the U.S. economy, supply
and demand in the hotel industry and other factors as are described in
greater detail in the Company’s filings with the Securities and Exchange
Commission (“SEC”), including, without limitation, the Company’s Annual
Report on Form 10-K for the year ended December 31, 2010. Unless legally
required, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Summit Hotel Properties, Inc.
Dan Boyum, 605-782-2015
VP
of Investor Relations
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.