Deal Details
Preferred Stock Offering
Summary
Baird served as a Book-running Manager to Summit Hotel Properties, Inc.
About
Summit Hotel Properties, Inc. (“Summit” or the “Company”) (NYSE: INN) recently completed an offering of 3,000,000 shares of its 6.450% Series D Cumulative Redeemable Perpetual Preferred Stock at a price of $25.00 per share, generating $75.0 million in gross proceeds. The Company intends to use the net proceeds from this offering to initially repay the amounts outstanding under the Company’s senior unsecured credit facility and 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. As of the time of the offering, the Company’s hotel portfolio consisted of 82 hotels, containing a total of 10,971 guestrooms, located in 23 states. Summit is headquartered in Austin, Texas.
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- Date
- June 2016
- Company
- Summit Hotel Properties, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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