Summit Hotel Properties, Inc. — Director's Dealing 2013

Jan 7, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Summit Hotel Properties, Inc. (INN)
CIK: 0001497645
Period of Report: 2012-09-30

Reporting Person: Boekelheide Kerry W (Director, Executive Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-01-02	Common Stock	M	1409552	$0.00	Acquired	1473658	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-09-30	OP Units	$	J	108316	Disposed		Common Stock (108316)	Indirect
2012-09-30	OP Units	$	J	208570	Acquired		Common Stock (208570)	Direct
2012-09-30	OP Units	$	J	1183993	Acquired		Common Stock (1183993)	Direct
2013-01-02	OP Units	$	M	1409552	Disposed		Common Stock (1409552)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
OP Units	$		Common Stock (0)	17000	Direct
OP Units	$		Common Stock (0)	1500879	Indirect

Footnotes

F1: Represents common units of limited partnership interest ("OP Units") in Summit Hotel OP, LP, the operating partnership of the Issuer (the "Operating Partnership"). On February 14, 2011, the Operating Partnership issued an aggregate of 1,517,879 OP Units to the Reporting Person and certain entities affiliated with the Reporting Person.

F2: Holders of OP Units have redemption rights that enable them to cause the Operating Partnership to redeem their OP Units for cash or, at the option of the Issuer, for shares of Common Stock on a one-for-one basis beginning one year after the issuance of the OP Units.

F3: Not applicable.

F4: On September 30, 2012, certain entities affiliated with the Reporting Person were dissolved and an aggregate of 108,316 OP Units were distributed by these entities to individuals who are not affiliated with the Issuer and 208,570 OP Units were distributed by these entities to the Reporting Person.

F5: The value of each OP Unit distributed on September 30, 2012 was $8.54, based on the price per share of the Issuer's common stock on September 28, 2012.

F6: On September 30, 2012, The Summit Group Inc. ("SGI"), an entity that was wholly owned by the Reporting Person, distributed an aggregate of 1,183,993 OP Units to the Reporting Person.

F7: On October 17, 2012, the Reporting Person tendered for redemption an aggregate of 1,409,552 OP Units in accordance with the Operating Partnership's partnership agreement. On January 2, 2012, the Issuer issued an aggregate of 1,409,552 shares of common stock to the Reporting Person in connection with the Reporting Person's redemption request.

F8: The value of each OP Unit tendered for redemption by the Reporting Person was $9.62 as of the redemption date, based on the price per share of the Issuer's common stock on January 2, 2012.