According to Dow Jones Summit Hotel Properties Inc. unveiled the terms of its planned initial public offering, saying it expects to offer 23 million shares at $10.50 to $12.50 each.
The company, which focuses on upscale and midscale hotels, also said it will sell up to $12.5 million in shares to an affiliate of InterContinental Hotels Group (IHG), equaling a 4.7% stake in the company.
Summit, which intends to qualify as a real-estate investment trust, plans to use the proceeds from the offering to repay existing debt, as well as to fund capital improvements at its hotels and for other general purposes, according to a filing with the U.S. Securities and Exchange Commission.
Summit in August filed to sell up to an estimated $325.5 million of stock in the IPO.
It reported a 3.9% increase in occupancy during the fourth quarter. Full financial statements for the year haven't been released.
The company plans to apply to list its stock on the New York Stock Exchange under the symbol INN.
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