Summit Hotel Properties, a self-advised REIT focused with an initial portfolio of 65 limited service hotels in 19 states, filed on Monday with the SEC to raise up to $325 million in an initial public offering. The Sioux Falls, SD-based company, was created to continue the business of predecessor Summit Hotel Properties, LLC, which was founded in 2004. The REIT, which booked $121 million in pro forma sales last year, plans to list on the NYSE under the symbol INN. Baird is the lead underwriter on the deal. Pricing terms and timing were not disclosed.
