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Summit Hotel Properties (INN) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Summit Hotel Properties (NYSE:INN) is a hotel Real Estate Investment Trust (REIT). Summit Hotel focuses on acquiring and owning upscale and midscale hotels that do not have food and beverage segments. The company owns 65 hotels across 19 states with an aggregate of 6,533 guestrooms. Most of the hotels operate under a franchise brand of Marriott International (MAR), Hilton Hotels, or Hyatt Hotels Corp (H). The Hotels are located primarily in the South, Midwest, and Northwest.[1]
Summit Hotel plans to use approximately $10M of the proceeds from its February IPO to pay for capital improvements to the hotels in its portfolio.[1] The company divides its portfolio into two main groups - seasoned and unseasoned hotels. Seasoned hotels are ones that have been around since before 2007 and have a proven track record and are well known. 46 of the 65 hotels are seasoned, and have significant brand recognition.[2] In 2009, the average seasoned hotel maintained a 64.8% occupancy level. Unseasoned hotels, which consist of 19 hotels, are newer and have a lesser recognition. While they tend to be larger and more modern, they had an average occupancy level of 55.3% in 2009.[3]
The company's initial public offering of stock on the NYSE occurred on February 8, 2011. The company offered 26M shares each for $9.75. This wasbelow the initial price range of $10.50 - $12.50. However, the company had originally planned to sell only 23M shares, but was able to sell more. This brought the total offering to $254M. The lead underwriter of the IPO were Deutsche Bank AG (DB), Baird, and RBC Capital Markets.[4]
During the first 9 months of 2010, Summit Hotel Properties reported a total revenue of $105M. This compares to $121M total revenue for the first 9 months of 2009. The company reported a net loss for the first 9 months of 2010 of $.7M. The first 9 months of 2009 had a net loss of $15.1M [5]
References
- ↑ 1.0 1.1 INN S-11/A 2011 PROSPECTUS SUMMARY "Overview" pg 1
- ↑ INN S-11/A 2011 PROSPECTUS SUMMARY "Our Competitive Strengths" pg 2
- ↑ INN S-11/A 2011 PROSPECTUS SUMMARY "Recent Developments" pg 4
- ↑ Renaissance Capital - IPO Home "Summit Hotel Properties prices IPO below the range at $9.75, offers more shares" 9 Feb 2011
- ↑ INN S-11/A 2011 PROSPECTUS SUMMARY "Summary Pro Forma Financial Information" pg 17
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