AUSTIN, Texas, Aug. 5, 2021 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today provided notice to the record holders (the "Notice of Redemption") of the Company's 6.45% Series D Cumulative Redeemable Preferred Stock (the "Series D Preferred Stock") of the redemption, subject to completion of the Company's public underwritten offering of 5.875% Series F Cumulative Redeemable Preferred Stock (the "Series F Offering"), of all 3,000,000 of the issued and outstanding shares of Series D Preferred Stock. The cash redemption amount (the "Redemption Amount") for each share of Series D Preferred Stock is $25.00, plus accrued and unpaid dividends to, but not including, the redemption date of September 4, 2021 (the "Redemption Date").
Subject to completion of the Series F Offering, dividends on the Series D Preferred Stock will cease to accrue on the Redemption Date. Payment of the Redemption Amount will be made only upon delivery and surrender of the Series D Preferred Stock to Broadridge Financial Solutions, Inc., the Company's redemption and paying agent, during its normal business hours at the address specified in the Notice of Redemption.
The Notice of Redemption and related materials were mailed today to holders of record of the Series D Preferred Stock. Questions relating to the Notice of Redemption and related materials should be directed to Broadridge Financial Solutions, Inc. at 1-877-830-4936 or [email protected].
About Summit Hotel Properties, Inc.
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 August 5, 2021, the Company's portfolio consisted of 73 hotels, 61 of which were wholly owned, with a total of 11,398 guestrooms located in 23 states.
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 Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These forward-looking statements relate to the redemption of the Series D Preferred Stock.