AUSTIN, Texas, Feb. 5, 2018 /PRNewswire/ -- Summit Hotel
Properties, Inc. (NYSE: INN) (the "Company"), today provided notice
to holders of record (the "Notice of Redemption") of the Company's
7.125% Series C Cumulative Redeemable Preferred Stock (the "Series
C Preferred Stock") of the redemption of all 3,400,000 shares of
the issued and outstanding Series C Preferred Stock. The cash
redemption amount (the "Redemption Amount") for each share of
Series C Preferred Stock is $25.00,
plus an amount equal to all accrued and unpaid dividends to, but
not including, the redemption date of March
20, 2018 (the "Redemption Date"), in an amount equal to
$0.09401 per share. The
Redemption Amount will be payable in cash, without interest on the
Redemption Date.
On the Redemption Date, dividends on the Series C Preferred
Stock will cease to accrue and trading of the Series C Preferred
Stock will be delisted from the New York Stock Exchange (NYSE:
INNPrC).
The Notice of Redemption and related materials will be mailed to
holders of record of the Series C Preferred Stock. Payment of
the Redemption Amount will be made upon presentation and surrender
of shares of the Series C Preferred Stock to Broadridge Corporate
Issuer Solutions, the Company's redemption and paying agent.
Questions relating to the Notice of Redemption and related
materials should be directed to Broadridge Corporate Issuer
Solutions at (877) 830-4936.
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 December 31,
2017, the Company's portfolio consisted of 83 hotels with a
total of 12,242 guestrooms located in 26 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 Exchange 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 mailing of the Notice of Redemption and to the redemption of
the Series C Preferred Stock. 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 activities to differ
materially from such statements. These risks and uncertainties
include, but are not limited to, factors as are described in
greater detail in the Company's filings with the Securities and
Exchange Commission ("SEC"). 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. For information about the Company's
business and financial results, please refer to the "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and "Risk Factors" sections of the Company's Annual
Report on Form 10-K for the year ended December 31, 2016, filed with the SEC, and its
quarterly and other periodic filings with the SEC. The Company
undertakes no duty to update the statements in this release to
conform the statements to actual results or changes in the
Company's expectations.
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SOURCE Summit Hotel Properties, Inc.