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