Hotel investment company Summit Hotel Properties Inc. is expected to go public this week in an initial public offering of about 23 million shares priced between $10.50 and $12.50 each.
The Sioux Falls, S.D. company was recently organized to continue the hotel investment business of Summit Hotel Properties LLC. The company plans to operate as a real estate investment trust, focusing on acquiring and owning midscale and upscale hotels without food and beverage segments.
Following completion of the offering, the company will have a portfolio of 65 hotels in 19 states.
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