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Summit Hotel Properties Declares Cash Dividends for Q4 2024

On January 23, 2025, Summit Hotel Properties, Inc. (NYSE: INN) made a significant announcement regarding its financial strategy for the fourth quarter of 2024. The company's Board of Directors has approved a cash dividend totaling $0.08 per share for each common stock and common unit of the limited partnership interest in Summit Hotel OP, LP.

This dividend not only signifies the company’s continuous commitment to its shareholders but also represents an attractive annualized dividend yield of 4.8%, which is calculated based on the closing stock price from January 22, 2025. This yield is indicative of a healthy financial performance and an optimistic outlook by the company, aimed squarely at sustaining investor confidence amidst fluctuating market conditions.

In addition to the common stock dividend, Summit Hotel Properties announced a cash dividend of $0.390625 per share of its Series E Cumulative Redeemable Preferred Stock. This is geared for the dividend period ending on February 28, 2025. Furthermore, holders of the Series F Cumulative Redeemable Preferred Stock will receive a dividend of $0.3671875 per share for the same period. These actions underline Summit's focus on delivering value not only through common shares but also via its preferred stock offerings.

The operating partnership of the company has likewise authorized a distribution of $0.328125 per unit linked to the unregistered 5.25% Series Z Cumulative Perpetual Preferred Units, set to take place during the same timeframe ending February 28, 2025. Such distributions reinforce Summit's commitment to ensuring that its financial obligations to all classes of securities are met.

All dividends declared by Summit Hotel Properties will be payable on February 28, 2025, to shareholders who are recorded as of February 14, 2025. This structured approach to dividends not only highlights the company's fiscal discipline but also reflects the planning and execution of a well-defined financial strategy aimed toward beneficial shareholder returns.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust that focuses on owning and managing premium-branded lodging properties. As of the announcement date, the company boasts a diverse portfolio of 97 assets across 25 states, including 53 wholly owned properties with a total of 14,553 guest rooms. This wide specification provides the company with a significant foothold in the upscale segment of the hotel industry, evidencing its ability to thrive in competitive markets.

Interested stakeholders can find further information about the company and its offerings by visiting summithotelproperties.com or following the company on social media.

Conclusion

The announcement by Summit Hotel Properties regarding its dividend for Q4 2024 demonstrates not only a commitment to shareholder wealth but also a resilient stance amidst ongoing economic challenges. By continuing to project confidence through regular dividend payments, Summit seeks to solidify its reputation as a reliable investment option in the hotel real estate sector.