Summit Hotel to pay down revolver, interim loan via stock offering

By Tali David

Minneapolis, Sept. 12 - Summit Hotel Properties, Inc. plans to contribute the proceeds from a common stock public offering to operating partnership Summit Hotel OP, LP, which will use the net proceeds to reduce the outstanding balances under its $150 million senior secured revolving credit facility and $92 million senior secured interim loan, according to a press release.

Any remaining net proceeds will be used for general corporate purposes, including repayment of debt and acquisitions of additional hotel properties.

Summit Hotel Properties is a Sioux Falls, S.D.-based real estate investment trust.

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