Sandpiper Lodging Trust (“SLT”) announces today that its Board of Trustees declared a third quarter dividend of $0.1706 per share to shareholders of record on November 11, 2020. This represents an annualized dividend of 7% on the current share price of $9.75 and was distributed on November 20, 2020.

Carter Rise, CEO of SLT, stated, “We are extremely excited to add these two hotels to the Sandpiper Lodging Trust portfolio. We have targeted the Charleston and coastal South Carolina market as an area with exciting long-term demographic advantages, and we are pleased to be able to acquire two quality assets in these markets.”

Carter Rise, CEO of SLT, stated, “We have known and admired Charles Wills and his development team for nearly 10 years. His properties consistently rank among the highest performing hotels in the WoodSpring system. This acquisition expands our geographic footprint into four rapidly growing markets. We are particularly pleased that Mr. Wills has agreed to join our Board of Trustees, and I look forward to working with him for years to come.”

RICHMOND, Va.—Sandpiper, LLC—developer and operator of extended-stay hotels—has completed the formation of Sandpiper Lodging Trust (SLT). SLT is a privately held Maryland real estate investment trust (REIT) focused on extended-stay hotel properties, with emphasis on the economy and mid-scale segments of the market.