Summit Hotel's 7.875% preferreds admitted to begin trading on NYSE

By Tali David

Minneapolis, Dec. 13 - Summit Hotel Properties, Inc.'s issue of 7.875% series B cumulative redeemable preferred stock has been admitted to trading on the New York Stock Exchange, according to a notice.

The notes trade under the symbol "INN PR B."

The company priced $67.5 million of the preferreds on Dec. 4.

Raymond James & Associates Inc., Robert W. Baird & Co. Inc., RBC Capital Markets LLC and Stifel Nicolaus & Co. Inc. were 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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