Summit Hotel Properties, a self-advised REIT with a portfolio of 65 limited- and select-service hotels in 19 states, raised $254 million on Tuesday by offering 26 million shares at $9.75, 15% below the midpoint of its $10.50 to $12.50 proposed range. However, total proceeds were only 4% lower than previously expected, as the company was able to sell 13% more shares than offered in its original terms (was 23 million). Summit Hotel Properties will list on the NYSE under the symbol INN. Deutsche Bank Securities, Baird, and RBC Capital Markets acted as lead managers on the deal.
