Summit Properties Prices Initial Public Offering
February 9, 201 - Summit Hotel Properties, Inc. (NYSE: INN) announced the pricing of its initial public offering of 26,000,000 shares of common stock at a public offering price of $9.75 per share.
The offering is expected to close on February 14, 2011. The underwriters have been granted a 30-day option to purchase up to an additional 3,900,000 shares at the public offering price, less the underwriting discount, to cover over-allotments, if any. All the shares are being offered by the Company. The shares are expected to begin trading on February 9, 2011 on the New York Stock Exchange under the symbol “INN.”
Concurrent with the closing of the offering, the Company expects to raise additional proceeds through a private placement to an affiliate of InterContinental Hotels Group on the terms described in the prospectus relating to the offering.
The Company will contribute the net proceeds of the offering and concurrent private placement to its operating partnership, which will use the net proceeds to repay or extinguish existing indebtedness and to fund capital improvements at the Company's hotels and for general corporate and working capital purposes.
Deutsche Bank Securities, Baird and RBC Capital Markets are the joint book-running managers of the offering. The co-managers of the offering are KeyBanc Capital Markets and Morgan Keegan.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the offered securities, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering of these securities is being made only by means of a prospectus. A copy of the final prospectus related to the offering will be filed with the Securities and Exchange Commission and may be obtained, when available, by contacting Deutsche Bank Securities Inc., Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, NJ 07311-3988, or by calling (800) 503-4611, or by e-mail at prospectus.cpdg@db.com; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53502, or by calling (800) 792-2413, or by emailing syndicate@rwbaird.com; RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, or by calling (877) 822-4089.
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