Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the pricing of its public offering of 15,000,000 shares of its common stock, par value $0.01 per share, an upsize over the previously announced 13,000,000 share offering, at a public offering price of $9.00 per share, for total net proceeds of approximately $128.8 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 2,250,000 shares of common stock. Subject to customary closing conditions, the offering is expected to close on or about January 14, 2013. The Company will contribute the net proceeds of the offering to Summit Hotel OP, LP, its operating partnership (the “Operating Partnership”), which will use the net proceeds to fund (i) the cash purchase price for the acquisition of a three-hotel portfolio of unencumbered Hyatt Place hotels (total of 426 rooms; located in Orlando Florida (two hotels) and Chicago, Illinois), a 93-room Holiday Inn Express hotel in Minneapolis, Minnesota and a 97-room Hilton Garden Inn hotel in Minneapolis, Minnesota and (ii) the Company’s initial capital contribution to a proposed joint venture for the acquisition, renovation and ownership of a 252-room Holiday Inn Express in San Francisco, California. Prior to consummating these transactions, the Company intends to use a portion of the net proceeds to reduce the outstanding balance under its revolving credit facility which amounts can be re-borrowed to fund the closings of these transactions. The Company will use the balance of the net proceeds for general corporate purposes, including repayment of debt and acquisitions of additional hotel properties. Deutsche Bank Securities, Raymond James, Baird and RBC Capital Markets are acting as book-running managers for the offering. KeyBanc Capital Markets is acting as lead manager for the offering. JMP Securities and MLV & Co are acting as co-managers for the offering.