Deal Details
Preferred Offering
Summary
Baird served as a book-running manager on this offering.
About
Summit Hotel Properties, Inc. (“Summit” or the “Company”) (NYSE: INN) recently completed an offering of 3,400,000 shares of its 7.125% series C cumulative redeemable preferred stock at a price of $25.00 per share, generating gross proceeds of $85.0 million. The Company intends to use the net proceeds from the offering to reduce the outstanding balance under the Company’s revolving credit facility, and the balance, if any, 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 midscale segments. The Company’s hotel portfolio consists of 91 hotels, containing a total of 10,309 guestrooms, located in 22 states. Summit is headquartered in Austin, Texas.
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- Date
- March 2013
- Company
- Summit Hotel Properties, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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