Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Summit Hotel Properties, Inc.
Preferred Equity Offering
Baird served as a book-running manager on this offering.
Summit Hotel Properties, Inc. (NYSE: INN) (“Summit” or the “Company”) recently completed an offering of 3,000,000 shares of its 7.875% Series B Cumulative Redeemable Preferred Stock at a price of $25.00 per share, generating gross proceeds of $75.0 million. The Company intends to use the net proceeds from the offering to reduce the outstanding balance on its revolving credit facility and the balance, if any, for general corporate purposes.
Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper mid-scale segments. The Company’s hotel portfolio consists of 82 hotels, containing a total of 8,674 guestrooms, located in 21 states.