Summit Hotel Properties enters $200M ATM equity distribution program, terminates prior agreements

Summit Hotel Properties, Inc.

New equity distribution agreement with 12 managers for up to $200M in common stock at-the-market offerings.
Terminated prior sales agreements from 2017; new program includes forward sale option with multiple forward purchasers.
Company may issue up to 15.86M shares of common stock upon redemption of OP Units issued in $822M acquisition.
Net proceeds to operating partnership for general corporate purposes, including hotel acquisitions and debt repayment.
Managers receive commission up to 2.0% of gross sales price; forward confirmations may be settled physically or in cash.

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