Summit Hotel Properties, a self-advised REIT with an initial portfolio of 65 limited service hotels in 19 states, announced terms for its IPO on Friday. The Sioux Falls, SD-based company plans to raise $265 million by offering 23 million shares at a price range of $10.50-$12.50. At the mid-point of the proposed range, Summit Hotel Properties will command a market value of $394 million. Summit Hotel Properties, which was founded in 2004 and booked $121 million in sales last year, plans to list on the NYSE under the symbol INN. Deutsche Bank Securities, Baird and RBC Capital Markets are the lead underwriters on the deal, which is expected to price during the week of February 7.
