Summit Hotel Properties Launches Public Offering of Common Stock

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. January 09, 2013

January 9, 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 begin_of_the_skype_highlighting (800) 503-4611 FREE end_of_the_skype_highlighting, or by e-mail at [email protected]; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, or by calling toll-free at 1-800-248-8863 begin_of_the_skype_highlighting 1-800-248-8863 FREE end_of_the_skype_highlighting, or emailing [email protected]; 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 [email protected]; 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.