Deal Details
Follow-on Offering
Summary
Baird served as a joint book-running manager on this offering
About
Summit Hotel Properties, Inc. (“Summit” or the “Company”) (NYSE: INN) recently completed a follow-on offering of 10,350,000 shares of common stock at a price of $16.50 per share, generating $170.8 million in gross proceeds. The Company intends to use the net proceeds from this offering for the acquisition of identified assets, to reduce the outstanding balance on its revolving credit facility and for general corporate purposes.Summit is a self-managed hotel investment company focused exclusively on acquiring and owning premium-branded limited service and select-service hotel properties in the upper midscale and upscale segments of the United States lodging industry. As of March 31, 2017, the Company’s hotel portfolio consisted of 82 hotels with a total of 11,095 guestrooms located in 23 states. Summit is headquartered in Austin, Texas.
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- Date
- May 2017
- Company
- Summit Hotel Properties, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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