SUMMIT HOTEL PROPERTIES DECLARES THIRD QUARTER 2022 DIVIDENDS

Rhea-AI Summary

Summit Hotel Properties announced a cash dividend of $0.04 per share for Q3 2022, payable on November 30, 2022. The Company also declared dividends of $0.390625 for Series E Preferred Stock and $0.3671875 for Series F Preferred Stock, along with $0.328125 for Series Z Preferred Units. All dividends are payable to holders of record as of November 16, 2022. As of September 30, 2022, Summit’s portfolio includes 102 hotels across 24 states, emphasizing its position in the upscale lodging segment.

Positive

• Declared a cash dividend of $0.04 per share for Q3 2022, reflecting shareholder return.
• Continued payment of preferred stock dividends, indicating financial stability.

Negative

• None.

AUSTIN, Texas, Oct. 28, 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 for the third quarter ended September 30, 2022, of $0.04 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership.

The Board of Directors has also 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 November 30, 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 November 30, 2022.

Additionally, the Board of Directors has authorized a cash distribution, and the Company has declared on behalf of the operating partnership, distributions of $0.328125 per unit pertaining to the operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units.

The dividends are payable on November 30, 2022 to holders of record as of November 16, 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 September 30, 2022, the Company's portfolio consisted of 102 hotels, 61 of which are wholly owned, with a total of 15,323 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 declared by Summit Hotel Properties for Q3 2022?

Summit Hotel Properties declared a cash dividend of $0.04 per share for Q3 2022.

When will the dividends for Summit Hotel Properties be paid?

The dividends will be paid on November 30, 2022.

What are the preferred stock dividends declared by Summit Hotel Properties?

The Company declared dividends of $0.390625 for Series E and $0.3671875 for Series F Preferred Stock.

What is the record date for the dividends declared by Summit Hotel Properties?

The record date for the dividends is November 16, 2022.

How many hotels does Summit Hotel Properties own?

As of September 30, 2022, Summit Hotel Properties owns 102 hotels.