AUSTIN,
Texas, April 27, 2023 /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, 2023, of $0.06 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 $0.02 per share, or 50 percent, over the prior
quarter's common dividend and an annualized dividend yield of 3.9
percent based on the closing price of shares of the common stock on
April 26, 2023.
The Board of Directors has also authorized, and the Company has
declared, a cash dividend of $0.390625 per share of the Company's 6.25% Series
E Cumulative Redeemable Preferred Stock for the dividend period
ending on May 31, 2023, and a cash
dividend of $0.3671875 per share of
the Company's 5.875% Series F Cumulative Redeemable Preferred Stock
for the dividend period ending on May 31,
2023.
Additionally, the Board of Directors has authorized a cash
distribution, and the Company has declared on behalf of the
operating partnership, distributions of $0.328125 per unit pertaining to the operating
partnership's unregistered 5.25% Series Z Cumulative Perpetual
Preferred Units for the distribution period ending on May 31, 2023.
The dividends are payable on May 31,
2023, to holders of record as of May
17, 2023.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate
investment trust focused on owning premium-branded lodging
properties with efficient operating models primarily in the Upscale
segment of the lodging industry. As of April
27, 2023, the Company's portfolio consisted of 103 assets,
61 of which are wholly owned, with a total of 15,334 guestrooms
located in 24 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, including, without limitation, the Company's Annual
Report on Form 10-K for the year ended December 31, 2022. 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.
