Summit Hotel Properties Prices Public Offering at $25.00 Per Share
October 25, 2010 - Summit Hotel Properties, Inc. (NYSE: INN) announced the pricing of an underwritten public offering of 2,000,000 shares of its 9.25% Series A Cumulative Redeemable Preferred Stockat a public offering price of $25.00 per share.
Summit Hotel Properties, Inc. (NYSE: INN) announced the pricing of an underwritten public offering of 2,000,000 shares of its 9.25% Series A Cumulative Redeemable Preferred Stockat a public offering price of $25.00 per share. Dividends on the Series A 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 November 30, 2011, at the rate of 9.25% per annum of the $25.00 liquidation preference, which is equivalent to $2.3125 per annum per share. The offering is expected to close on October 28, 2011. The underwriters have a 30-day option to purchase up to an additional 300,000 shares of Series A Preferred Stock to cover over-allotments, if any. All the shares are being sold by the Company.
The Company estimates that the net proceeds from this offering, after deducting underwriting discounts, commissions and estimated offering expenses, will be approximately $48.0 million (or approximately $55.3 million if the underwriters' over-allotment option is exercised in full). The Company expects to use the net proceeds to repay the debt outstanding on its revolving credit facility and the balance, if any, for general corporate purposes.
Wells Fargo Securities, Baird, Deutsche Bank Securities and RBC Capital Markets are acting as book-running managers for the offering. KeyBanc Capital Markets is acting as a co-manager for the offering
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
