Summit Hotel Properties has filed with US securities regulators to raise up to $325.5 million in an initial public offering (IPO) of its common stock.
The company focuses on upscale and midscale hotels and has 65 facilities in 19 states. The majority operate under brands of Marriott International.
The hotel investment company said it plans to use net proceeds from the offering to repay existing debt, fund capital improvements at its hotels and for working capital purposes, including possible future hotel acquisitions.
The company did not reveal the number of shares it plans to sell, but said it plans to list its common stock on the New York Stock Exchange under the ticker symbol “INN.”
Summit Hotel told the U.S. Securities and Exchange Commission in a preliminary prospectus that the offering was being underwritten by Baird.
