Exhibit 99.1

Summit Hotel Properties Reports Second Quarter 2013 Results

Beat Consensus AFFO per share; 8.0 Percent Same-Store RevPAR Growth;

79.3 Percent Adjusted EBITDA Growth; Acquired 1,096 Guestrooms

AUSTIN, Texas--(BUSINESS WIRE)--August 6, 2013--Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced results for the second quarter of 2013.

Second Quarter Highlights

• Same-Store RevPAR: Same-store revenue per available room (“RevPAR”) in the second quarter of 2013 grew to $75.76, an increase of 8.0 percent over the same period in 2012. Same-store average daily rate (“ADR”) grew to $99.96, an increase of 4.9 percent from the second quarter of 2012. Same-store occupancy grew by 219 basis points to 75.8 percent.
• Pro Forma RevPAR: Pro forma RevPAR in the second quarter of 2013 grew to $85.43, an increase of 5.8 percent over the same period in 2012. Pro forma ADR grew to $110.58, an increase of 3.9 percent from the second quarter of 2012. Pro forma occupancy grew by 140 basis points to 77.3 percent. Pro forma RevPAR grew by 7.0 percent when excluding the recently acquired five hotels in the New Orleans market.
• Pro Forma Hotel EBITDA: Pro forma hotel EBITDA for the second quarter of 2013 was $32.8 million, an increase of 7.2 percent over the same period of 2012.
• Pro Forma Hotel EBITDA Margin: Pro forma hotel EBITDA margin expanded 38 basis points compared with the same period in 2012. Pro forma hotel EBITDA margin expanded by 118 basis points when excluding the recently acquired five hotels in the New Orleans market. Pro forma hotel EBITDA margin is defined as pro forma hotel EBITDA as a percentage of pro forma total revenue.
• Adjusted EBITDA: The Company’s adjusted EBITDA increased to $26.7 million from $14.9 million in the same period in 2012, an increase of $11.8 million or 79.3 percent. Adjusted EBITDA for the quarter includes $0.2 million of charges associated with the consolidation of the Company’s corporate offices to Austin, TX.
• Adjusted FFO: The Company’s Adjusted FFO for the quarter was $17.6 million or $0.26 per diluted unit.
• Acquisitions: During the second quarter, the Company acquired seven hotels with 1,096 guestrooms, for a total purchase price of $185.4 million.
• Dividends: On August 1, 2013, the Company declared an $0.1125 per share quarterly dividend on its common stock, a $0.578125 per share quarterly dividend on its 9.25% Series A Cumulative Redeemable Preferred Stock, a $0.4921875 per share quarterly dividend on its 7.875% Series B Cumulative Redeemable Preferred Stock, and a $0.4453125 per share partial quarterly dividend on its 7.125% Series C Cumulative Redeemable Preferred Stock. Based on the closing price on August 5, 2013, annualized dividend yield on the Company’s common stock was 4.6%.

The Company’s results included the following:

“We continue to remain positive in our view of the second half of 2013 and into 2014,” said Dan Hansen, President and CEO. “Our same-store hotels had a very solid 8.0% RevPAR growth despite some softening in May and June. Investors should be reminded that we had impressive same-store RevPAR growth in the second quarter of 2012. Our same-stores grew RevPAR 12.8% in second quarter of 2012. Our strong second quarter 2013 RevPAR growth was the result of completed renovation work and general economic improvement in many of our markets. Our acquisitions performed well during the quarter with the exception of our five hotels recently acquired in New Orleans. As we discussed previously, our New Orleans hotels, as a group, had outsized growth in second quarter of 2012. These hotels had an exceptionally strong convention calendar last year, and will have a tough comparison in the third quarter of 2013 as well. However, the New Orleans conference calendar is developing well for fourth quarter of 2013 and for the full year of 2014. We expect strong performance from this cluster.”

2013 Year-to-Date Highlights

• Same-Store RevPAR: Same-store RevPAR in the first six months of 2013 grew to $71.24, an increase of 7.4 percent over the same period in 2012. Same-store ADR grew to $99.25, an increase of 4.5 percent from the first six months of 2012. Same-store occupancy grew by 190 basis points to 71.8 percent.
• Pro Forma RevPAR: Pro forma RevPAR in the first six months of 2013 grew to $81.66, an increase of 6.1 percent over the same period in 2012. Pro forma ADR grew to $110.79, an increase of 3.7 percent from the first six months of 2012. Pro forma occupancy grew by 160 basis points to 73.7 percent.
• Pro Forma Hotel EBITDA: Pro forma hotel EBITDA for the first six months of 2013 was $60.8 million, an increase of 8.6 percent over the same period of 2012.
• Pro Forma Hotel EBITDA Margin: Pro forma hotel EBITDA margin grew 90 basis points compared with the same period in 2012. When adjusted to exclude the New Orleans portfolio, pro forma hotel EBITDA margin expansion was 113 basis points for the first six months of 2013.
• Adjusted EBITDA: The Company’s adjusted EBITDA increased to $45.6 million from $25.4 million in the same period in 2012, an increase of $20.1 million or 79.1 percent. Adjusted EBITDA for the first six months of 2013 includes $0.3 million of charges associated with the consolidation of the Company’s corporate offices to Austin, TX.

• Adjusted FFO: The Company’s Adjusted FFO for the first six months of 2013 was $29.4 million or $0.44 per diluted unit.

• Acquisitions: During the first six months of 2013, the Company acquired 16 hotels with 2,597 guestrooms, for a total purchase price of $414.2 million.

Acquisitions

During the second quarter of 2013, the Company acquired seven hotels in the upscale and upper midscale segments, totaling 1,096 guestrooms for a total purchase price of $185.4 million. Year to date, the Company has acquired sixteen hotels in the upscale and upper midscale segments totaling 2,597 guestrooms for a total purchase price of $414.2 million. Acquisitions in the last twelve months, net of hotel dispositions, increased the Company’s guestroom count by 48.6 percent over the number of guestrooms owned at June 30, 2012.

“Our opportunities for strategic acquisitions remain very much intact. We continue to find individual properties and portfolios that align well with our strategy,” said Dan Hansen, President and CEO. “We continue to see acquisition opportunities that would fit nicely into our current portfolio of hotels.”

The following table provides information on the Company’s second quarter 2013 hotel acquisitions:

On October 30, 2012, the Company entered into an agreement with an affiliate of Hyatt Hotels Corporation to fund $20.3 million in the form of a first lien mortgage loan on a hotel property in downtown Minneapolis, MN. The $20.3 million represents a portion of the total acquisition and renovation costs expected to be incurred to convert the property to a Hyatt Place hotel. Subject to certain conditions, including the successful conversion of the property estimated to be completed in the fourth quarter of 2013, the Company plans to purchase the property and enter into a management agreement with a Hyatt affiliate.

“The conversion of the Hyatt Place in downtown Minneapolis is progressing as planned. We anticipate an opening in fourth quarter of 2013 with positive effect on earnings in 2014 and beyond,” said Mr. Hansen. “We believe the downtown Minneapolis market is under-served by premium select-service offerings and thus expect great results from this hotel.”

Dispositions

During the second quarter of 2013, the Company continued its strategy of recycling capital by selling hotels that it no longer considers strategic.

• On May 1, 2013, the Company sold the Holiday Inn Express (63-guestrooms) and the Holiday Inn (119-guestrooms) in Boise, ID for $3.0 million and $9.6 million, respectively.
• On May 30, 2013, the Company sold the Courtyard by Marriott (96-guestrooms) in Memphis, TN for $4.2 million.

Capital Markets

During the second quarter of 2013, the Company closed on $102.1 million in debt financing including the following transactions.

• On May 21, 2013, the Company acquired a Hilton Garden Inn in Minneapolis (Eden Prairie), MN for a total purchase price of $10.2 million, including $6.4 million in assumed mortgage debt with Wells Fargo, N.A. The loan bears interest at a fixed rate of 5.57% and has a January 1, 2016 maturity date.
• On May 21, 2013, the Company acquired a Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN for a total purchase price of $6.9 million, including $3.7 million in assumed mortgage debt with Wells Fargo, N.A. The loan bears interest at a fixed rate of 5.53% and has an October 1, 2015 maturity date.
• On May 23, 2013, the Company closed on a $92.0 million senior secured interim loan with KeyBank National Association, as administrative agent and lender, and Regions Bank, as lender. The “Interim Loan” is associated with four recent acquisitions: the Fairfield Inn & Suites in Louisville, KY, the Courtyard by Marriott in Louisville, KY, the SpringHill Suites in Indianapolis, IN, and the Courtyard by Marriott in Indianapolis, IN. This loan bears interest at a variable rate of 1-, 2-, 3, or 6- month LIBOR plus 225 basis points or the base rate plus 125 basis points and matures on November 23, 2013 with an option for a six month extension.

Capital Investment

The Company invested $8.8 million during the second quarter of 2013 on renovations at ten properties. Projects ranged from lobby and public space improvements to complete guestroom renovations, including all furniture, soft goods, and guest bathrooms.

One of the Company’s largest capital projects in the second quarter of 2013 was the full renovation of the SpringHill Suites in Nashville, TN. During the renovation, all guestrooms were updated to include new furniture, beds, lighting, air conditioning units, and wall coverings. The bathrooms were renovated with new fixtures, tile, and paint. As part of the common areas update, the exercise room was relocated and outfitted with all new fitness equipment. With the re-image of the lobby, a new kitchen, business center, and front desk were included to improve the overall guest experience. To complete the full renovation, the entire outside of the building was painted and parking lot was updated. The renovation cost approximately $1.9 million and was complete in May of 2013.

“The capital we have invested in the renovations of our hotels has provided us with exceptional results,” said Mr. Hansen. “We see RevPAR growth premiums from these renovated hotels and will continue to invest in our portfolio where opportunities are presented.”

Balance Sheet

• At June 30, 2013, the Company had total outstanding debt of $517.5 million and $34.4 million of cash and cash equivalents. Maximum borrowing capacity was $150.0 million under the senior secured revolving credit facility. The Company had $96.6 million outstanding on its senior secured revolving credit facility, $5.2 million in standby letters of credit, and $48.2 million available to borrow. In addition, the Company had 17 unencumbered hotels available.
• The Company’s weighted average interest rate on its debt outstanding at June 30, 2013 was 4.37%.

• At June 30, 2013, the Company’s total net debt to trailing twelve month pro forma corporate EBITDA was 4.9x. The Company’s debt to total market capitalization was 37.5%.

Subsequent Events

• On July 22, 2013, the Company closed on a $38.7 million CMBS loan with KeyBank, N.A. secured by the two recent Louisville, KY acquisitions, the Courtyard by Marriott and the Fairfield Inn & Suites. This loan matures on August 1, 2023 and bears interest at a fixed rate of 4.95%. Proceeds from the loan were applied to the $92 million senior secured interim loan with KeyBank, N.A.
• On July 26, 2013, the Company received proceeds from a $7.4 million term loan with Metabank secured by the Hyatt Place in Atlanta, GA. This loan matures on August 1, 2018 and bears interest at a fixed rate of 4.25%.
• On August 1, 2013, the Company closed on a $34.0 million term loan with ING Life Insurance and Annuity. This loan matures on March 1, 2038 and bears interest at a fixed rate of 4.55%. ING has the right to call the loan in full on March 1, 2019, 2024, 2029, and 2034.
• As of August 5, 2013, the Company had total outstanding debt of $515.3 million. Maximum borrowing capacity was $150.0 million under the senior secured revolving credit facility. The Company had $60.6 million outstanding on its senior secured revolving credit facility, $0.5 million in standby letters of credit, and $88.9 million available to borrow. In addition, the Company had 15 unencumbered hotels available.

Current Portfolio

As of August 6, 2013, the Company owns 95 hotels totaling 11,127 guestrooms in 24 states, with 21 brands. Since its initial public offering in February of 2011, the Company has acquired 40 hotel properties, totaling 5,512 guestrooms for a total purchase price of $729.6 million.

Third Quarter 2013 Outlook

The Company is providing guidance for the third quarter based on 92 current hotels.¹ This outlook includes debt capital markets activity in second quarter and subsequent to quarter end. Except as described in footnote 1 below, it assumes no additional hotels are acquired or sold in the third quarter and no additional issuances of equity securities.

Full Year 2013 Outlook

The Company is providing guidance for full year 2013 based on 92 current hotels.¹ This outlook includes debt capital markets activity in second quarter and subsequent to quarter end. Except as described in footnote 1 below, it assumes no additional hotels are acquired or sold in 2013 and no additional issuances of equity securities. US GDP growth for 2013 is assumed to be in the range of 1.75 to 2.25 percent.

Earnings Call

The Company will conduct its quarterly conference call on Wednesday, August 7, 2013 at 9:00am EST. To participate in the conference call please dial 800-237-9752. The participant passcode for the call is 63872141. Additionally, a live webcast of the call will be available through the Company’s website, www.shpreit.com. A replay of the conference call will be available until 11:59pm EST Wednesday, August 14, 2013 by dialing 888-286-8010; participant passcode 15903008. A replay of the conference call will also be available on the Company’s website until November 7, 2013.

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 6, 2013, the Company’s portfolio consisted of 95 hotels with a total of 11,127 guestrooms located in 24 states. Additional information about Summit may be found at the Company’s website, www.shpreit.com.

Forward-Looking Statements

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 Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan” or other similar words or expressions. 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. Examples of forward-looking statements include the following: projections of the Company’s revenues and expenses, capital expenditures or other financial items; descriptions of the Company’s plans or objectives for future operations, acquisitions, dispositions, financings or services; forecasts of the Company’s future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, funds from operations and adjusted funds from operations; US GDP growth; estimated sources and uses of available capital; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. 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 risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company’s expectations.

The following condensed consolidated balance sheets and statements of operations are those of Summit Hotel OP, LP (the Operating Partnership) and Summit Hotel Properties, Inc.’s (the REIT) consolidated operating partnership. Such financial results for the periods presented are identical to those of the REIT; however, we believe the reconciliation of FFO, AFFO, EBITDA and Adjusted EBITDA to net income (loss) presented in the Operating Partnership’s statement of operations is more beneficial, as it eliminates the presentation of noncontrolling interests represented by the equity interests held by limited partners of the Operating Partnership, other than the REIT. In addition, FFO and AFFO results on a total per common unit basis provides for a more consistent period over period presentation now and in future periods.

Non-GAAP Financial Measures

FFO and Adjusted FFO (“AFFO”)

As defined by the National Association of Real Estate Investment Trusts, or NAREIT, funds from operations, or FFO, represents net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization. We present FFO because we consider it an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and impairment losses, it provides a performance measure that, when compared year over year, reflects the effect to operations from trends in occupancy, room rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs because the amount of depreciation and amortization we add back to net income or loss includes amortization of deferred financing costs and amortization of franchise royalty fees. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

We further adjust FFO for certain additional items that are not included in the definition of FFO, such as hotel transaction and pursuit costs, equity based compensation, loan transaction costs, prepayment penalties and certain other expenses, which we refer to as AFFO. We believe that AFFO provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs.

We caution investors that amounts presented in accordance with our definitions of FFO and AFFO may not be comparable to similar measures disclosed by other companies, since not all companies calculate this non-GAAP measure in the same manner. FFO and AFFO should not be considered as an alternative measure of our net income (loss) or operating performance. FFO and AFFO may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that FFO and AFFO can enhance your understanding of our financial condition and results of operations, this non-GAAP financial measure is not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above we have included a quantitative reconciliation of FFO and AFFO to the most directly comparable GAAP financial performance measure, which is net income (loss). Dollar amounts in such reconciliation are in thousands.

EBITDA and Adjusted EBITDA, and Hotel EBITDA

EBITDA represents net income or loss, excluding: (i) interest, (ii) income tax expense and (iii) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. Our management also uses EBITDA as one measure in determining the value of acquisitions and dispositions. We further adjust EBITDA by adding back hotel transaction and pursuit costs, equity based compensation, impairment losses, and certain other nonrecurring expenses. We believe that adjusted EBITDA provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs.

With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to discontinued operations, provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

We caution investors that amounts presented in accordance with our definitions of EBITDA, adjusted EBITDA and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate this non-GAAP measure in the same manner. EBITDA, adjusted EBITDA and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, adjusted EBITDA and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, adjusted EBITDA and hotel EBITDA can enhance your understanding of our financial condition and results of operations, this non-GAAP financial measure is not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above we include a quantitative reconciliation of EBITDA, adjusted EBITDA and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss). Dollar amounts in such reconciliation are in thousands.

CONTACT:
Summit Hotel Properties, Inc.
Dan Boyum, 512-538-2304
VP of Investor Relations
www.shpreit.com