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By Ru Back Packer Staff, updated Sunday, January 28, 12:57 PM

Slide #365. Summit Hotel Properties, Inc. Preferred Stock Offering

Company: Summit Hotel Properties, Inc. (NYSE:INN)
Security type: 7.875% Series B Preferred Stock (NYSE:INN.PRB)
Shares Offered: 2,700,000
Date of Pricing: 12/3/2012
Price Per Share: $25
Preferred Stock Offering Details: Summit Hotel Properties, Inc. announced the pricing of an underwritten public offering of 2,700,000 shares of its 7.875% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") at a public offering price of $25.00 per share. Dividends on the Series B 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 February 28, 2013, at the rate of 7.875% per annum of the $25.00 liquidation preference, which is equivalent to $1.96875 per annum per share. The offering is expected to close on December 11, 2012. The underwriters have a 30-day option to purchase up to an additional 300,000 shares of Series B 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 primarily on owning premium-branded, select-service hotels. At Dec 31 2016, Co.'s portfolio consisted of 81 hotels with a total of 10,957 guestrooms located in 23 states. 99.4% of Co.'s hotel guestrooms operate under franchise brands owned by Marriott® International, Inc., Hilton® Worldwide, Intercontinental® Hotel Group, and Hyatt® Hotels Corporation. 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), which Co. is the sole general partner.


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Name: Summit Hotel Properties Inc
Sector: REITs
Number of ETFs Holding INN: 48 (see which ones)
Total Market Value Held by ETFs: $342,858,284
Total Market Capitalization: $1,651,000,000
% of Market Cap. Held by ETFs: 20.77%

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