Summit Hotel Properties, Inc. Announces Annual Meeting of Shareholders and Dividends on Common and Preferred Stock

SIOUX FALLS, S.D.--(EON: Enhanced Online News)--Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments, today announced that its 2012 Annual Meeting of Stockholders will be held on Tuesday, June 5, 2012, beginning at 5:00 p.m., Eastern Time, at the Marriott Marquis, 1535 Broadway, New York, New York 10036. The meeting is open to all stockholders of record as of April 16, 2012.

The Company also announced today that its Board of Directors has authorized, and the Company declared, a cash dividend for the fourth quarter ended December 31, 2011 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 4.52% based on the closing price of shares of the common stock on February 7, 2012.

The Board of Directors also authorized, and the Company has declared, a cash dividend for the fourth quarter ended December 31, 2011 of $0.578125 per share of the Company’s 9.25% Series A Cumulative Redeemable Preferred Stock.

The dividends are payable February 29, 2012 to holders of record as of February 17, 2012.

About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of February 7, 2012, the company’s hotel portfolio consisted of 71 hotels with a total of 7,245 guestrooms located in 19 states. Additional information about Summit may be found at the Company’s website, www.shpreit.com.

Forward Looking Statements
This 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, 2010. 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.