Summit Completes $115 Million Preferred Offering

Real Estate

Summit preferred offering


Summary

Summit Hotel Properties (“Summit” or the “Company”) (NYSE: INN) recently completed a preferred offering of 4,600,000 shares of 5.875% Series F Cumulative Redeemable Preferred Stock (including exercise of the overallotment option) at a price of $25.00 per share, generating gross proceeds of approximately $115 million. The Company intends to use the proceeds to redeem their outstanding Series D Preferred Stock.

Baird served as a co-manager on this offering.

About

Summit Hotel Properties is a self-managed hotel investment company. Summit focuses on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of June 30, 2021, the Company’s portfolio consisted of 72 hotels with a total of 11,288 guestrooms located in 23 states. Summit owns 100% of the outstanding equity interests in 61 of their 72 hotels. The Company’s hotels are typically located in markets with multiple demand generators such as corporate offices and headquarters, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. Summit is headquartered in Austin, Texas.
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Real Estate

Summit preferred offering

Date
August 2021
Company
Summit Hotel Properties
Transaction
Equity Capital Markets
Sectors
Real Estate
Target Location
North America

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