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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Showing posts with label Summit Hotels. Show all posts
Showing posts with label Summit Hotels. Show all posts
Wednesday, February 9, 2011
Friday, January 28, 2011
Summit Hotel Sets IPO Terms At 23M Shares, $10.50-$12.50 Each
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.
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.
