Summit Hotel Properties Launches Public Offering of Common Stock

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. September 28, 2012

September 28, 2012 - Summit Hotel Properties, Inc. (the “Company”) today announced the commencement of an underwritten public offering of 10,000,000 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 1,500,000 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, in part, the cash portions of the purchase prices for the previously announced hotel acquisitions it has under contract: an eight-hotel portfolio of unencumbered Hyatt hotels (total of 1,043 rooms; located in Arizona, Colorado, Illinois, Maryland and Texas), a 98-room Hilton Garden Inn in Fort Worth, Texas; and a 178-room Residence Inn in Salt Lake City, Utah. Prior to consummating the acquisitions of these hotel properties, the Operating Partnership intends to use a portion of the net proceeds to repay debt outstanding under the Company's senior secured revolving credit facility, which amounts can be re-borrowed to fund the closings of the acquisitions.

Deutsche Bank Securities, Citigroup, 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 FREE (800) 503-4611, or by e-mail at [email protected]; Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, or by calling (800) 831-9146 FREE (800) 831-9146, or by email at [email protected]; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, or by calling (800) 792-2413 FREE (800) 792-2413, 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 FREE (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 September 26, 2012 the Company's hotel portfolio consisted of 73 hotels with a total of 7,533 guestrooms located in 20 states.