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Summit Hotel Properties, Inc. Prices Public Offering Of 7.125% Series C Preferred Stock

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the pricing of an underwritten public offering of 3,000,000 shares of its 7.125% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”) at a public offering price of $25.00 per share. Dividends on the Series C Preferred Stock will be payable quarterly in arrears on or about the last day of February, May, August and November of each year, commencing on or about May 31, 2013, at the rate of 7.125% per annum of the $25.00 liquidation preference, which is equivalent to $1.78125 per annum per share. The offering is expected to close on March 20, 2013. The underwriters have a 30-day option to purchase up to an additional 400,000 shares of Series C Preferred Stock to cover over-allotments, if any. All the shares are being sold by the Company.

The Company intends to apply to list the Series C Preferred Stock on the New York Stock Exchange under the symbol “INNPrC.”

The Company estimates that the net proceeds from this offering, after deducting underwriting discounts, commissions and estimated offering expenses, will be approximately $72.4 million (or approximately $82.1 million if the underwriters’ over-allotment option is exercised in full). The Company expects to use the net proceeds to reduce the outstanding balance under its revolving credit facility, and the balance, if any, for general corporate purposes.

Raymond James, Baird and RBC Capital Markets are acting as joint book-running managers for the offering. Deutsche Bank Securities and KeyBanc Capital Markets are acting as senior co-managers for the offering. JMP Securities and MLV & Co are acting as co-managers 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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