Summit Hotel To Raise $254M Via IPO

Summit Hotel Properties is offering $253.5 million of shares in an initial public offering.

Summit Hotel Properties is offering $253.5 million of shares in an initial public offering (IPO). The company will sell 26 million shares at $9.75 per share. Summit Hotel will also grant its underwriters an option to buy an additional 3.9 million shares to cover any over-allotments.

Deutsche Bank Securities, Baird and RBC Capital Markets have been appointed as the joint book-running managers for the IPO. KeyBanc Capital Markets and Morgan Keegan are acting as the co-managers of the offering.

Click here for the release from Business Wire.