Summit Hotel Properties to issue series B cumulative redeemable perpetual preferreds

By Stephanie N. Rotondo

Phoenix, Dec. 3 - Summit Hotel Properties Inc. intends to issue series B cumulative redeemable perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Dividends will be payable quarterly on the last day of February, May, August and November, beginning Feb. 28.

The preferreds become redeemable in December 2017 or upon a change of control.

The company will apply to list the new series of preferreds on the New York Stock Exchange under the ticker symbol "INNPB."

Raymond James & Associates Inc., Baird, RBC Capital markets, Stifel Nicolaus & Co. Inc., Deutsche Bank Securities Inc., Keybanc Capital Markets, Janney Montgomery Scott LLC, JMP Securities and MLV & Co. Inc. are the joint bookrunners.

Proceeds will be contributed to the operating partnership in exchange for series B preferreds units. The operating partnership will use the funds to reduce the outstanding balance on its revolving credit facility and for general corporate purposes.

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

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