Summit Hotel to sell series E cumulative redeemable preferreds

By Devika Patel

Knoxville, Tenn., Nov. 2 – Summit Hotel Properties Inc. is offering series E cumulative redeemable preferred stock, according to a 424B5 filed with the Securities and Exchange Commission.

The liquidation preference is $25.00 per preferred.

BofA Merrill Lynch, Robert W. Baird & Co. Inc., Raymond James & Associates and RBC Capital Markets Corp. are the joint bookrunners.

Dividends will be payable on the last day of February, May, August and November. The preferreds become redeemable in November 2022 at par plus accrued dividends.

The company plans to list the new preferreds on the New York Stock Exchange under the ticker symbol “INNPrE.”

Proceeds will be used for the redemption of the $75 million of outstanding 7.875% series B cumulative redeemable preferred stock.

Summit Hotel is an Austin, Texas-based real estate investment trust.

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