AUSTIN, Texas--(BUSINESS WIRE)--
Summit Hotel Properties (NYSE: INN) (“the Company”) announced today that
its Board of Directors has authorized, and the Company declared, a cash
dividend for the first quarter ended March 31, 2013 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 4.50
percent based on the closing price of shares of the common stock on
April 30, 2013.
The Board of Directors also authorized, and the Company has declared, a
cash dividend of $0.578125 per share of the Company’s 9.25 percent
Series A Cumulative Redeemable Preferred Stock for the dividend period
ending on May 31, 2013; a cash dividend of $0.4921875 per share of the
Company’s 7.875 percent Series B Cumulative Preferred Stock for the
dividend period ending on May 31, 2013; and a cash dividend of $0.35625
per share of the Company’s 7.125 percent Series C Cumulative Preferred
Stock for the partial dividend period ending on May 31, 2013.
The dividends are payable May 31, 2013 to holders of record as of May
16, 2013.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate
investment trust focused primarily on acquiring and owning
premium-branded limited-service and select-service hotels in the upscale
and upper midscale segments of the lodging industry. As of April 29,
2013, the Company’s portfolio consisted of 91 hotels with a total of
10,309 guestrooms located in 22 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, 2012. 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, 512-538-2304
VP of
Investor Relations
www.shpreit.com
Source: Summit Hotel Properties, Inc.