Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, August 14, 7:51 PM
|This Slide: #533 of 582|
Slide #533. Summit Hotel Properties, Inc. — Preferred Stock Offering
Summit Hotel Properties, Inc. (NYSE:INN)
7.875% Series B Preferred Stock (INN.PRB)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Summit Hotel Properties, Inc. announced the pricing of an underwritten public offering of 2,700,000 shares of its 7.875% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") at a public offering price of $25.00 per share. Dividends on the Series B Preferred Stock will be payable quarterly in arrears on or about the last day of February, May, August and November of each year, commencing on or about February 28, 2013, at the rate of 7.875% per annum of the $25.00 liquidation preference, which is equivalent to $1.96875 per annum per share. The offering is expected to close on December 11, 2012. The underwriters have a 30-day option to purchase up to an additional 300,000 shares of Series B Preferred Stock to cover over-allotments, if any. All the shares are being sold by the Company.
Summit Hotel Properties is a real estate investment trust and a self-managed hotel investment holding company. Substantially all of Co.'s assets are held by, and all of its operations are conducted through, its operating partnership, Summit Hotel OP, LP (the Operating Partnership). Through a wholly-owned subsidiary, Co. is the sole general partner of the Operating Partnership. Co. focuses on owning primarily select-service hotels. All of Co.'s guestrooms are operated under franchise brands owned by Marriott® International, Inc., Hilton® Worldwide, Hyatt® Hotels Corporation and InterContinental® Hotels Group.
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