Summit Hotel Properties, Inc. Launches Public Offering of Common Stock

  Summit Hotel Properties, Inc. Launches Public Offering of Common Stock

Business Wire

AUSTIN, Texas -- January 7, 2013

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the
commencement of an underwritten public offering of 13,000,000 shares of its
common stock, par value $0.01 per share. The Company intends to grant the
underwriters of the offering a 30-day option to purchase up to an additional
1,950,000 shares. The shares will be offered pursuant to the Company’s
effective shelf registration statement on Form S-3 that was previously filed
with the Securities and Exchange Commission.

The Company will contribute the net proceeds of the offering to Summit Hotel
OP, LP, its operating partnership (the “Operating Partnership”), which will
use the net proceeds to fund (i) the cash purchase price for the acquisition
of a three-hotel portfolio of unencumbered Hyatt Place hotels (total of 426
rooms; located in Orlando Florida (two hotels) and Chicago, Illinois), a
93-room Holiday Inn Express hotel in Minneapolis, Minnesota and a 97-room
Hilton Garden Inn hotel in Minneapolis, Minnesota and (ii) the Company’s
initial capital contribution to a proposed joint venture for the acquisition,
renovation and ownership of a 252-room Holiday Inn Express in San Francisco,
California. Prior to consummating these transactions, the Company intends to
use a portion of the net proceeds to reduce the outstanding balance under its
revolving credit facility which amounts can be re-borrowed to fund the
closings of these transactions. The Company will use the balance of the net
proceeds for general corporate purposes, including repayment of debt and
acquisitions of additional hotel properties.

Deutsche Bank Securities, Raymond James, Baird and RBC Capital Markets are
acting as book-running managers for the offering.

This press release shall not constitute an offer to sell or a solicitation of
an offer to buy, nor shall there be any sale of, or any solicitation of an
offer to buy, these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction. The
offering is being made solely by means of the prospectus, including a
preliminary prospectus supplement, forming part of the effective shelf
registration statement.

Copies of the preliminary prospectus supplement and base prospectus relating
to the offering will be filed with the Securities and Exchange Commission and,
when available, can be obtained by contacting: Deutsche Bank Securities Inc.,
Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, or by
calling (800) 503-4611, or by e-mail at prospectus.cpdg@db.com; or Raymond
James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716,
or by calling toll-free at 1-800-248-8863, or emailing
prospectus@raymondjames.com; or Robert W. Baird & Co. Incorporated, Attention:
Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, or by
calling (800) 792-2473, or by email at syndicate@rwbaird.com; or RBC Capital
Markets, LLC, Attention: Equity Syndicate, Three World Financial Center, 200
Vesey Street, 8th floor, New York, New York 10281-8098, or by calling (877)
822-4089.

About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment trust
(REIT) focused on acquiring and owning premium-branded select-service hotels
in the upscale and upper midscale segments. As of January 7, 2013 the
Company’s hotel portfolio consisted of 84 hotels with a total of 9,019
guestrooms located in 21 states.

Forward Looking Statements

This press release contains statements that are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws. These forward-looking statements are based upon
the Company’s expectations, but these statements are not guaranteed to occur.
Investors should not place undue reliance upon forward-looking statements.
These statements relate to the Company’s common stock offering and the
anticipated use of the net proceeds. No assurance can be given that the common
stock offering discussed above will be completed on the terms described, or at
all, or that the net proceeds of the offering will be used as indicated.
Completion of the common stock offering on the terms described, and the
application of net proceeds, are subject to numerous conditions, many of which
are beyond the control of the Company, including, without limitation, general
economic conditions, market conditions and other factors, including those set
forth in the Risk Factors section of the Company’s periodic reports and other
documents filed with the Securities and Exchange Commission (the “SEC”).
Copies are available on the SEC’s website, www.sec.gov. The Company undertakes
no obligation to update these statements after the date of this release.

Contact:

Summit Hotel Properties, Inc.
Stuart J. Becker, Chief Financial Officer, 512-538-2303
sbecker@shpreit.com