By a News Reporter-Staff News Editor at Investment Weekly News -- Summit Hotel Properties (NYSE: INN) ("the Company") announced that its Board of Directors has authorized, and the Company declared, a cash dividend for the second quarter ended June 30, 2014 of $0.1175 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. The common dividend increase of $0.02 on an annual basis represents an annualized yield of 4.6 percent based on the closing price of shares of the common stock on July 31, 2014.
The Board of Directors also authorized, and the Company has declared, a cash dividend of $0.578125 per share of the Company's 9.25 percent Series A Cumulative Redeemable Preferred Stock for the dividend period ending on August 29, 2014; a cash dividend of $0.4921875 per share of the Company's 7.875 percent Series B Cumulative Redeemable Preferred Stock for the dividend period ending on August 29, 2014; and a cash dividend of $0.4453125 per share of the Company's 7.125 percent Series C Cumulative Redeemable Preferred Stock for the dividend period ending on August 29, 2014.
The dividends are payable August 29, 2014 to holders of record as of August 15, 2014. About Summit Hotel Properties Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused primarily on acquiring and owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. As of August 1, 2014, the Company's portfolio consisted of 90 hotels with a total of 11,353 guestrooms located in 22 states.
Keywords for this news article include: Investment and Finance, Summit Hotel Properties.
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