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Summit Hotel Properties increases dividend, plans preferred stock redemption

Summit Hotel Properties Inc. boosted its quarterly dividend to 18 cents per share, a 1-cent increase over the previous quarterly payout.

The company also plans to redeem all 3.4 million issued and outstanding shares of its 7.125% series C cumulative redeemable preferred stock. The cash redemption amount per share is $25.00 plus 9.401 cents per share, representing all accrued and unpaid dividends up to, but not including, the March 20 redemption date.