SUMMIT HOTEL PROPERTIES DECLARES FIRST QUARTER 2022 PREFERRED DIVIDENDS

Rhea-AI Summary

Summit Hotel Properties (NYSE: INN) has declared cash dividends for Q1 2022. Shareholders will receive $0.390625 for Series E Preferred Stock and $0.3671875 for Series F, both payable on May 31, 2022, to record holders as of May 17, 2022. Additionally, distributions of $0.328125 and $0.249660 will be made for 5.25% Series Z Preferred Units issued in January and March 2022, respectively. The firm owns 101 hotels with 15,228 guestrooms across 24 states, focusing on the upscale lodging segment.

Positive

• Declared cash dividends of $0.390625 and $0.3671875 per share for Series E and F Preferred Stocks, respectively.
• Distributions of $0.328125 and $0.249660 for Series Z Cumulative Preferred Units.
• Robust portfolio of 101 hotels and 15,228 guestrooms across 24 states.

Negative

• None.

AUSTIN, Texas, April 29, 2022 /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 $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2022, and a cash dividend of $0.3671875 per share of the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2022.

The Board of Directors has also authorized, and the Company has declared on behalf of the operating partnership, distributions pertaining to the operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units that were issued as part of the recently completed NewcrestImage portfolio acquisition. The cash distributions are $0.328125 per unit for the units issued on January 13, 2022 and $0.249660 per unit for the units issued on March 23, 2022.

The dividends are payable on May 31, 2022, to holders of record as of May 17, 2022.

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 29, 2022, the Company's portfolio consisted of 101 hotels, 61 of which are wholly owned, with a total of 15,228 guestrooms located in 24 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, 2021. 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) for Q1 2022?

The dividend amounts are $0.390625 for Series E and $0.3671875 for Series F Preferred Stocks.

When will the dividends for Summit Hotel Properties (INN) be paid?

The dividends are payable on May 31, 2022.

What are the record dates for the dividends declared by Summit Hotel Properties (INN)?

The record date for the dividends is May 17, 2022.

How many hotels does Summit Hotel Properties (INN) own?

Summit Hotel Properties owns 101 hotels.

What is the focus of Summit Hotel Properties (INN)?

The company focuses on owning premium-branded hotels in the upscale segment of the lodging industry.