Deal Details
Follow-On Offering
Summary
Baird served as a book-running manager on this offering.
About
Summit Hotel Properties, Inc. (NYSE: INN) (“Summit” or the “Company”) recently completed a follow-on offering of 17,250,000 common shares at a price of $9.00 per share, generating gross proceeds of approximately $155.3 million. The Company intends to use the net proceeds from the offering to fund the cash portion of the purchase price for the acquisition of six hotels encompassing 868 rooms, reduce the outstanding balance under the Company’s line of credit and for general corporate purposes.Summit 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 84 hotels, containing a total of 9,019 guestrooms located in 21 states. Summit is headquartered in Austin, Texas.
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- Date
- January 2013
- Company
- Summit Hotel Properties, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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