AUSTIN, Texas, April 29, 2016 /PRNewswire/ -- Summit Hotel
Properties, Inc. (NYSE:INN) ("the Company") announced today that
its Board of Directors has authorized, and the Company has
declared, a cash dividend for the first quarter ended March 31, 2016, of $0.1325 per share of common stock of the Company
and per common unit of limited partnership interest in Summit Hotel
OP, LP, the Company's operating partnership. The Company's
first quarter common dividend represents an increase of
$0.015 per share, or 12.8 percent,
over the prior quarter's cash dividend.
![Summit Hotel Properties, Inc. Logo. Summit Hotel Properties, Inc. Logo.](http://photos.prnewswire.com/prnvar/20150708/233320LOGO)
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, 2016; a cash
dividend of $0.4921875 per share of
the Company's 7.875 percent Series B Cumulative Redeemable
Preferred Stock for the dividend period ending on May 31, 2016; and a cash dividend of $0.4453125 per share of the Company's 7.125
percent Series C Cumulative Redeemable Preferred Stock for the
dividend period ending on May 31,
2016.
The dividends are payable May 31,
2016, to holders of record as of May
16, 2016.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate
investment trust focused primarily on owning premium-branded,
select-service hotels in the Upscale segment of the lodging
industry. As of March 31, 2016, the
Company's portfolio consisted of 83 hotels with a total of 11,099
guestrooms located in 23 states.
For additional information, please visit the Company's website,
www.shpreit.com and follow the Company on Twitter at
@SummitHotel_INN.
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," "likely," "would" 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, 2015. 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.
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SOURCE Summit Hotel Properties, Inc.