Summit Hotel Properties Announces Public Offering Of Common Stock

AUSTIN, Texas, May 9, 2017

The Company intends to contribute the net proceeds from the offering to Summit Hotel OP, LP, its operating partnership, which intends to use the net proceeds for general corporate purposes, including repayment of borrowings under its senior unsecured revolving credit facility and acquisitions of additional hotel properties, which may include the 261-guestroom Courtyard by Marriott the Company has under contract to purchase for $85.0 million in the second quarter of 2017.

Raymond James, Deutsche Bank Securities, BofA Merrill Lynch, RBC Capital Markets and Baird are acting as joint book-running managers for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective.  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 for the offering may be obtained by contacting Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716 or by email at prospectus@raymondjames.com or by telephone at (800) 248-8863, by contacting Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005 or by email at prospectus.cpdg@db.com or by telephone at (800) 503-4611, by contacting BofA Merrill Lynch, Attention: Prospectus Department, 200 North College Street, 3^rd Floor, NC1-004-03-43, Charlotte, NC 28255-0001 or by email at dg.prospectus_request@baml.com, by contacting RBC Capital Markets, LLC, Attention: Prospectus Department, Brookfield Place, 200 Vesey Street, 8^th Floor, New York, New York 10281-8098, or by email at equityprospectus@rbccm.com or by telephone at (877) 822-4089, by contacting Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202 or by email at syndicate@rwbaird.com.

About Summit Hotel Properties