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Summit Hotel Properties Announces Pricing Of Public Offering Of Common Stock

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the pricing of its public offering of 12,000,000 shares of its common stock, par value $0.01 per share, an increase of 20% over the previously announced offering size of 10,000,000 shares, at a price of $8.15 per share, for total net proceeds of approximately $93.0 million, after deducting the underwriting discount and other estimated offering expenses payable by the Company.

The underwriters have a 30-day option to purchase up to an additional 1,800,000 shares of common stock. Subject to customary closing conditions, the offering is expected to close on or about October 3, 2012.

The Company will contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds to fund, in part, the cash portions of the purchase prices for the eight-hotel portfolio of unencumbered Hyatt hotels (1,043 rooms), the 98-room Hilton Garden Inn in Fort Worth, Texas and the 178-room Residence Inn in Salt Lake City, Utah, all of which the Company has under contract to purchase. Prior to consummating these acquisitions, the Company intends to use a portion of the net proceeds to reduce the outstanding balance under its senior secured revolving credit facility, which amounts can be re-borrowed to fund the closings of the acquisitions.

Deutsche Bank Securities, Citigroup, Baird and RBC Capital Markets are acting as book-running managers for the offering. KeyBanc Capital Markets is acting as co-lead manager for the offering. MLV & Co is acting as co-manager for the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, or any solicitation of an offer to buy, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made solely by means of the prospectus, including a prospectus supplement, forming part of the effective shelf registration statement.

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