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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, 2012 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 5.51 percent based on the closing price of shares of the common stock on May 9, 2012.
The Board of Directors also authorized, and the Company has declared, a cash dividend for the first quarter ended March 31, 2012 of $0.578125 per share of the Company’s 9.25 percent Series A Cumulative Redeemable Preferred Stock.
The dividends are payable May 31, 2012 to holders of record as of May 21, 2012.
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 March 31, 2012, the Company’s portfolio consisted of 73 hotels with a total of 7,469 guestrooms located in 20 states. Additional information about Summit may be found at the Company’s website,
Forward Looking StatementsThis 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, 2011. 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.