Summit Hotel Properties prices $100M public offering of 5.875% Series F Preferred Stock

Summit Hotel Properties, Inc.

Pricing: 4,000,000 shares at $25.00 each; gross proceeds $100M; underwriters' 30-day option for 600,000 additional shares.
Net proceeds estimated at $96.7M (or $111.2M if over-allotment exercised in full).
Proceeds to redeem $75M of outstanding 6.45% Series D Preferred Stock plus accrued dividends; balance to reduce revolver/term loans.
Offering expected to close August 12, 2021, subject to customary conditions.
Underwriters led by Wells Fargo, Raymond James, BofA Securities, and Deutsche Bank.

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