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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sunday, January 19, 3:59 PM

Slide #395. Summit Hotel Properties, Inc. Preferred Stock Offering

Company: Summit Hotel Properties, Inc. (NYSE:INN)
Shares Offered: 3,000,000
Date of Pricing: 3/13/2013
Price Per Share: $25
Preferred Stock Offering Details: Summit Hotel Properties, Inc. (NYSE:INN) (the "Company") today announced the pricing of an underwritten public offering of 3,000,000 shares of its 7.125% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") at a public offering price of $25.00 per share. Dividends on the Series C 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 May 31, 2013, at the rate of 7.125% per annum of the $25.00 liquidation preference, which is equivalent to $1.78125 per annum per share. The offering is expected to close on March 20, 2013. The underwriters have a 30-day option to purchase up to an additional 400,000 shares of Series C Preferred Stock to cover over-allotments, if any. All the shares are being sold by the Company.

Summit Hotel Properties is a real estate investment trust holding company and a self-managed hotel investment company. Co. focuses on owning primarily premium-branded, select-service hotels. Majority of Co.'s hotel guestrooms operate under franchise brands owned by Marriott® International, Inc., Hilton® Worldwide, Hyatt® Hotels Corporation and Intercontinental® Hotel Group. Substantially all of Co.'s assets are held by, and all of its operations are conducted through, its operating partnership, Summit Hotel OP, LP (the Operating Partnership). Through a wholly-owned subsidiary, Co. is the sole general partner of the Operating Partnership.

Preferreds: INN.PRA, INN.PRB, INN.PRC, INN.PRD, INN.PRE


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Name:  Summit Hotel Properties Inc
Website:  www.shpreit.com
Sector:  REITs
Number of ETFs Holding INN:  56 (see which ones)
Total Market Value Held by ETFs:  $352,217,610
Total Market Capitalization:  $1,279,000,000
% of Market Cap. Held by ETFs:  27.54%
 

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