Initial Public Offering
Baird served as a book-runner in this offering.
AboutSummit Hotel Properties, Inc. (“Summit” or the “Company”)(NYSE: INN) recently completed a 26,000,000 share initial public offering of its common stock. The offering was priced at $9.75 per share and generated gross proceeds of $265.1 million, including proceeds from a concurrent private placement with InterContinental Hotels Group. Summit intends to use the net proceeds from the offering for debt repayment, capital improvements and general business purposes.
Summit is a self managed hotel investment company that was recently organized to continue and expand the existing hotel investment business of its predecessor, Summit Hotel Properties, LLC, a leading U.S. hotel owner. The Company will focus exclusively on acquiring and owning premium branded, limited service and select service hotels in the upscale and midscale without food and beverage segments of the U.S. lodging industry. The Company’s initial portfolio will consist of 65 hotels with a total of 6,533 guestrooms located in 19 states.
For additional information about this transaction, please contact:
- February 2011
- Summit Hotel Properties, Inc.
- Real Estate
- Target Location
- North America