Summit Hotel Properties, Inc. 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 15,000,000 shares of its common stock, par value $0.01 per share, at a public offering price of $9.20 per share, for total net proceeds of approximately $132.3 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 September 18, 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 reduce the outstanding balances under the Company’s $150 million senior secured revolving credit facility as well as the Company’s $92 million senior secured interim loan. Any remaining proceeds will be used for general corporate purposes, including repayment of debt and acquisitions of additional hotel properties.

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

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 preliminary prospectus supplement, forming part of the effective shelf registration statement.

Copies of the prospectus supplement and base prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained by contacting: BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, Email: dg.prospectus_requests@baml.com; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, E-mail: prospectus.cpdg@db.com; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, E-mail: syndicate@rwbaird.com; Raymond James & Associates, Inc., Attention: Prospectus Department, 880 Carillon Parkway, St. Petersburg, Florida 33716, E-mail prospectus@raymondjames.com; RBC Capital Markets, LLC, Attention: Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th floor, New York, New York 10281-8098, Telephone: (877) 822-4089.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments of the lodging industry. As of September 13, 2013, the Company’s portfolio consisted of 93 hotels with a total of 10,976 guestrooms located in 24 states.

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