Summit Hotel Properties Announces Pricing of Public Offering of Common Stock

  Summit Hotel Properties Announces Pricing of Public Offering of Common Stock

Business Wire

AUSTIN, Texas -- January 8, 2013

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the
pricing of its public offering of 15,000,000 shares of its common stock, par
value $0.01 per share, an upsize over the previously announced 13,000,000
share offering, at a public offering price of $9.00 per share, for total net
proceeds of approximately $128.8 million, after deducting the underwriting
discount and other estimated offering expenses payable by the Company.

The underwriters have a 30-day option to purchase up to an additional
2,250,000 shares of common stock. Subject to customary closing conditions, the
offering is expected to close on or about January 14, 2013.

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. KeyBanc Capital Markets is
acting as lead manager for the offering. JMP Securities and MLV & Co are
acting as co-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.

A copy of the prospectus supplement and base prospectus relating to the
offering may 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; or Raymond
James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716,
or by calling toll-free at 1-800-248-8863, or emailing; 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; 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)

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 8, 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 expected date of closing of 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 date or 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 date and 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, The Company undertakes no
obligation to update these statements after the date of this release.


Summit Hotel Properties, Inc.
Dan Boyum, 512-538-2304
VP of Investor Relations
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