Summit Hotel Properties (NYSE: INN) (“the Company”) announced today that
its Board of Directors has authorized, and the Company declared, a cash
dividend for the first quarter ended March 31, 2014 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 4.9
percent based on the closing price of shares of the common stock on May
5, 2014.
The Board of Directors also authorized, and the Company has declared, a
cash dividend of $0.578125 per share of the Company’s 9.25 percent
Series A Cumulative Redeemable Preferred Stock for the dividend period
ending on May 30, 2014; a cash dividend of $0.4921875 per share of the
Company’s 7.875 percent Series B Cumulative Preferred Stock for the
dividend period ending on May 30, 2014; and a cash dividend of
$0.4453125 per share of the Company’s 7.125 percent Series C Cumulative
Preferred Stock for the dividend period ending on May 30, 2014.
The dividends are payable May 30, 2014 to holders of record as of May
16, 2014.
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 May 6, 2014, the Company’s
portfolio consisted of 90 hotels with a total of 11,353 guestrooms
located in 22 states.
For additional information, please visit the Company’s website, www.shpreit.com
and follow on Twitter at @SummitHotel_INN.
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, 2013. 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.
Copyright Business Wire 2014