Summit Hotel Properties increases dividend 50% to 6c per share

Summit Hotel Properties has declared a cash dividend for Q1 of 6c per share of common stock of the company and per common unit of limited partnership interest in Summit Hotel OP, LP, the company’s operating partnership. This represents an increase of 2c per share, or 50%, over the prior quarter’s common dividend and an annualized dividend yield of 3.9% based on the closing price of shares of the common stock on April 26. The company has also authorized a cash dividend of $0.390625 per share of the company’s 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2023, and a cash dividend of $0.3671875 per share of the Company’s 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2023. Additionally, the company has declared on behalf of the operating partnership, distributions of $0.328125 per unit pertaining to the operating partnership’s unregistered 5.25% Series Z Cumulative Perpetual Preferred Units for the distribution period ending on May 31, 2023. The dividends are payable on May 31, 2023, to holders of record as of May 17, 2023.