SUMMIT HOTEL PROPERTIES,INC. (NYSE:INN) Files An 8-K Other Events
Item 8.01. Other Events.
On May9, 2017, Summit Hotel Properties,Inc. (the Company) and its
operating partnership, Summit Hotel OP, LP (the Operating
Partnership), entered into an underwriting agreement (the
(Underwriting Agreement) with Raymond James Associates,Inc. and
Deutsche Bank Securities Inc., as the representatives of the
several underwriters named therein, relating to the issuance and
sale of 9,000,000 shares of the Companys common stock, $0.01 par
value per share (Common Stock), at a public offering price of
$16.50 per share, less an underwriting discount of $0.66 per
share. to the terms of the Underwriting Agreement, the Company
granted the underwriters a 30-day option to purchase up to an
additional 1,350,000 shares of common stock on the same terms,
which the underwriters exercised in full on May10, 2017. The
closing of the offering occurred on May15, 2017.
The 10,350,000 shares of Common Stock were issued and sold to the
Underwriting Agreement have been registered on the Companys shelf
registration statement on FormS-3 (File No.333-212118), which was
declared effective by the Securities and Exchange Commission (the
SEC) on June20, 2016.
The Underwriting Agreement is filed as Exhibit1.1 to this Current
Report on Form8-K, and the description herein of the material
terms of the Underwriting Agreement is qualified in its entirety
by reference to that exhibit. For a more detailed description of
the underwriting agreement, see the disclosure under the caption
Underwriting contained in the Companys prospectus supplement,
dated May9, 2017, relating to the offering of the shares of
Common Stock referred to above, which was filed with the SEC to
Rule424(b)under the Securities Act of 1933, as amended, which
disclosure is hereby incorporated herein by reference.
In connection with the filing of the Underwriting Agreement, the
Company is filing as Exhibit5.1 to this Current Report on Form8-K
the opinion of its Maryland counsel, Venable LLP.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
|
Exhibit Number |
|
Description |
|
1.1 |
Underwriting Agreement, dated May9, 2017, by and among |
|
|
5.1 |
Opinion of Venable LLP regarding the legality of the common |
|
|
23.1 |
Consent of Venable LLP (included in Exhibit5.1). |
About SUMMIT HOTEL PROPERTIES, INC. (NYSE:INN)
Summit Hotel Properties, Inc. is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 75 hotels with over 10,444 guestrooms located in 22 states. The Company’s hotels are located in markets, such as business and corporate headquarters, retail centers, airports and tourist attractions. The Company’s portfolio is located in urban and suburban markets. Based on total number of guestrooms, approximately 86% of the Company’s portfolio is positioned in over 50 metropolitan statistical areas (MSAs), and approximately 95% is located within over 100 MSAs. Based on total number of guestrooms, approximately 99% of the Company’s hotels operate under franchise brands owned by Marriott International, Inc., Hilton Worldwide, InterContinental Hotels Group, and an affiliate of Hyatt Hotels Corporation. SUMMIT HOTEL PROPERTIES, INC. (NYSE:INN) Recent Trading Information
SUMMIT HOTEL PROPERTIES, INC. (NYSE:INN) closed its last trading session up +0.19 at 16.41 with 1,479,623 shares trading hands.