Summit Hotel Properties Declares First Quarter 2021 Preferred Dividends

Rhea-AI Summary

Summit Hotel Properties, Inc. (NYSE: INN) has declared a cash dividend of $0.403125 per share for its 6.45% Series D Preferred Stock and $0.390625 per share for its 6.25% Series E Preferred Stock, both payable on May 28, 2021. The record date for these dividends is May 17, 2021. This announcement reflects the company's commitment to returning income to shareholders while managing a portfolio of 72 hotels across 23 states, focusing on the upscale lodging segment.

Positive

• Dividend of $0.403125 per share for Series D Preferred Stock.
• Dividend of $0.390625 per share for Series E Preferred Stock.
• Commitment to shareholder returns through regular dividends.

Negative

• None.

AUSTIN, Texas, April 30, 2021 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend of $0.403125 per share of the Company's 6.45% Series D Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2021, and a cash dividend of $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2021.

The dividends are payable on May 28, 2021 to holders of record as of May 17, 2021.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry.  As of April 30, 2021, the Company's portfolio consisted of 72 hotels, 67 of which were wholly-owned, with a total of 11,288 guestrooms located in 23 states. 

For additional information, please visit the Company's website, www.shpreit.com, and follow the Company 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," "likely," "would" 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, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 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.

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SOURCE Summit Hotel Properties, Inc.

FAQ

What is the dividend amount for Summit Hotel Properties (INN)?

The dividend for Series D Preferred Stock is $0.403125, and for Series E, it is $0.390625.

When will the dividends for INN be paid?

The dividends will be paid on May 28, 2021.

What is the record date for the INN dividends?

The record date for the dividends is May 17, 2021.

Is Summit Hotel Properties (INN) financially stable to pay dividends?

The declaration of the dividends suggests a focus on returning income to shareholders, but financial stability should be reviewed in the context of overall company performance.