Summit Hotel Properties Inc | 5.875% Series F Cumulative Preferred Stock (INN.PRF)
Prospectus excerpt: Summit Hotel Properties, Inc. is offering 4,000,000 shares of its 5.875% Series F Cumulative Redeemable Preferred Stock, $0.01 par value per share, or the Series F Preferred Stock. Dividends on the Series F Preferred Stock will be payable quarterly in arrears on or about the last day of February, May, August and November of each year. The dividend rate is 5.875% per annum of the $25.00 liquidation preference, which is equivalent to $1.46875 per annum per share of Series F Preferred Stock. The first dividend on the Series F Preferred Stock sold in this offering will be paid on November 30, 2021 (long first dividend period) and will be in the amount of $0.440625 per share.
Summit Hotel Properties is a holding company. Through its subsidiaries, Co. is a self-managed hotel investment 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 select-service hotels. Co.'s portfolio consists of hotels with guestrooms located in various states. All of Co.'s hotel guestrooms are operated under franchise brands owned by Marriott® International, Inc., Hilton® Worldwide, Hyatt® Hotels Corporation and InterContinental® Hotels Group.
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