Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Summit Hotel Properties, Inc.
Baird served as a book-running manager in this offering.
Summit Hotel Properties, Inc. (NYSE: INN) (“Summit” or the “Company”) recently completed a follow-on offering of 13,800,000 shares of its common stock at a price of $8.15 per share, generating gross proceeds of approximately $112.5 million. The Company intends to use the net proceeds from this offering to fund, in part, the cash portions of the purchase prices for the 1,043-room Hyatt Portfolio (eight hotels), the 98-room Hilton Garden Inn in Fort Worth, Texas and the 178-room Residence Inn in Salt Lake City, Utah.
Summit is a self-advised real estate investment trust (REIT) focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. The Company’s hotel portfolio consists of 73 hotels with a total of 7,533 guestrooms located in 20 states.