SIOUX FALLS, SD, May 4, 2011—Summit Hotel Properties, Inc. (NYSE: INN), 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 Board of Directors declared a cash dividend of $0.05625 per common share for the first quarter ending March 31, 2011. The dividend is payable May 23, 2011 to holders of record as of May 13, 2011.The dividend of $.05625 represents a dividend payment for the fractional portion of the first quarter of 2011 since the settlement of the company’s Initial Public Offering of February, 14, 2011. The company’s annualized dividend is $0.45 per common share. This fractional quarterly dividend and the annualized dividend represent a current yield of 4.09% based on the May 3, 2011 closing price of $11.00 per share.
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 May 3, 2011, the company’s hotel portfolio consisted of 68 hotels with a total of 6,888 guestrooms located in 19 states.
Additional information about Summit may be found at the company’s website, http://www.shpreit.com/
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Contact:
(Media, Jerry Daly, Carol McCune, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com
(Investors) Dan Boyum, Summit Hotel Properties, Inc.,(605) 361-9566 ext 4015
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