Summit Hotel to redeem all $50 million 9.25% series A preferred stock

By Tali Rackner

Norfolk, Va., Sept. 8 – Summit Hotel Properties, Inc. plans to redeem all $50 million of its outstanding 9.25% series A cumulative redeemable preferred stock, $0.01 par value per share, according to an 8-K filing with the Securities and Exchange Commission.

The 2 million shares will be redeemed at $25 per share plus accrued dividends on Oct. 28.

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

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