Key Developments: Summit Hotel Properties Inc (INN)
10.34USD
17 May 2013
$-0.03 (-0.29%)
$10.37
$10.40
$10.46
$10.27
198,699
400,760
$10.56
$7.43
Latest Key Developments (Source: Significant Developments)
Summit Hotel Properties Inc Issues Q2 2013 FFO Guidance In Line With Analysts' Estimates; Comments On Q2 2013 RevPAR Guidance
Summit Hotel Properties Inc announced that for the second quarter of 2013, it expects RevPAR Growth of 5.0% to 7.0% and adjusted FFO per diluted unit of $0.24 to $0.26. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $0.26 for the second quarter of 2013. Full Article
Summit Hotel Properties Inc Declares Dividends
Summit Hotel Properties Inc announced that Board of Directors has authorized, and the Company declared, a cash dividend for the first quarter ended March 31, 2013 of $0.1125 per share of common stock of the Company and per common unit of limited partnership in Summit Hotel OP, LP, the Company`s operating partnership. The Board of Directors also authorized, and the Company has declared, a cash dividend of $0.578125 per share of the Company`s 9.25 % Series A Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2013; a cash dividend of $0.4921875 per share of the Company`s 7.875 % Series B Cumulative Preferred Stock for the dividend period ending on May 31, 2013; and a cash dividend of $0.35625 per share of the Company`s 7.125 % Series C Cumulative Preferred Stock for the partial dividend period ending on May 31, 2013. The dividends are payable May 31, 2013 to holders of record as of May 16, 2013. Full Article
Summit Hotel Properties Inc Prices Public Offering Of 7.125% Series C Preferred Stock
Summit Hotel Properties Inc announced the pricing of an underwritten public offering of 3,000,000 shares of its 7.125% Series C Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per share. Dividends on the Series C Preferred Stock will be payable quarterly in arrears on or about the last day of February, May, August and November of each year, commencing on or about May 31, 2013, at the rate of 7.125% per annum of the $25.00 liquidation preference, which is equivalent to $1.78125 per annum per share. The offering is expected to close on March 20, 2013. The underwriters have a 30-day option to purchase up to an additional 400,000 shares of Series C Preferred Stock to cover over-allotments, if any. All the shares are being sold by the Company. The Company estimates that the net proceeds from this offering, after deducting underwriting discounts, commissions and estimated offering expenses, will be approximately $72.4million (or approximately $82.1 million if the underwriters over-allotment). The Company expects to use the net proceeds to reduce the outstanding balance under its revolving credit facility, and the balance, if any, for general corporate purposes. Raymond James, Baird and RBC Capital Markets are acting as joint book-running managers for the offering. Deutsche Bank Securities and KeyBanc Capital Markets are acting as senior co-managers for the offering. JMP Securities and MLV & Co are acting as co-managers for the offering. Full Article
Summit Hotel Properties Inc Issues Q1 2013 FFO Guidance In Line With Analysts' Estimates; Comments On Q1 2013 RevPAR Guidance
Summit Hotel Properties Inc announced that for the first quarter of 2013, it expects RevPAR Growth of 5.0% to 7.0% and adjusted FFO per diluted unit of $0.16 to $0.18. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $0.17 for the first quarter of 2013. Full Article
Summit Hotel Properties Inc Closes Acquisition of San Francisco Hotel
Summit Hotel Properties Inc announced that it has closed on the joint venture transaction for the acquisition of a 252-room Holiday Inn Express property (the Hotel) located on Fisherman's Wharf in San Francisco, CA. The Company has acquired the Hotel from an unaffiliated seller for a purchase price of $60.5 million through a joint venture with an affiliate of IHG (InterContinental Hotels Group). The Hotel joins the 10 IHG-branded hotels in the Company's portfolio, including the Holiday Inn Atlanta-Gwinnett Place and the Staybridge Suites Denver that were previously acquired under current sourcing agreement. The joint venture gives the Company an approximate 80% ownership interest in the Hotel, which will be operated under a long-term IHG management agreement. The Company currently expects the joint venture to spend an aggregate of approximately $3.0 million for improvements at the Hotel within the next 12 months. The Company anticipates a post-renovation estimated NTM EBITDA multiple for the Hotel in the range of 11.0x to 12.0x based on management`s current estimate of EBITDA. Full Article
Summit Hotel Properties Inc Declares Dividends
Summit Hotel Properties Inc announced that Board of Directors has authorized, and the Company declared, a cash dividend for the fourth quarter ended December 31, 2012 of $0.1125 per share of common stock of the Company and per common unit of limited partnership in Summit Hotel OP, LP, the Company`s operating partnership. The common dividend represents an annualized yield of approximately 4.86 % based on the closing price of shares of the common stock on January 30, 2013.The Board of Directors also authorized, and the Company has declared, a cash dividend of $0.578125 per share of the Company`s 9.25% Series A Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2013, and a cash dividend of $0.432 per share of the Company`s 7.875 % Series B Cumulative Preferred Stock for the partial dividend period ending on February 28, 2013. The dividends are payable February 28, 2013 to holders of record as of February 13, Full Article
Summit Hotel Properties Inc Closes Acquisition Of Hyatt Portfolio
Summit Hotel Properties Inc announced that closing of its acquisition of three hotels (the Hyatt Portfolio) containing an aggregate of 426 guestrooms from certain affiliates of Hyatt Hotels Corporation for a purchase price of $36.1 million.The Company also announced the closing of the sale of the 62-room AmericInn hotel in Lakewood, CO for a price of $2.6 million. Full Article
Summit Hotel Properties Inc Announces Pricing of Public Offering of Common Stock
Summit Hotel Properties Inc announced the pricing of its public offering of 15,000,000 shares of its common stock, par value $0.01 per share, an upsize over the previously announced 13,000,000 share offering, at a public offering price of $9.00 per share, for total net proceeds of approximately $128.8 million, after deducting the underwriting discount and other estimated offering expenses payable by the Company. The underwriters have a 30-day option to purchase up to an additional 2,250,000 shares of common stock. Subject to customary closing conditions, the offering is expected to close on or about January 14, 2013. The Company will contribute the net proceeds of the offering to Summit Hotel OP, LP, its operating partnership (the “Operating Partnership”), which will use the net proceeds to fund (i) the cash purchase price for the acquisition of a three-hotel portfolio of unencumbered Hyatt Place hotels (total of 426 rooms; located in Orlando Florida (two hotels) and Chicago, Illinois), a 93-room Holiday Inn Express hotel in Minneapolis, Minnesota and a 97-room Hilton Garden Inn hotel in Minneapolis, Minnesota and (ii) the Company’s initial capital contribution to a proposed joint venture for the acquisition, renovation and ownership of a 252-room Holiday Inn Express in San Francisco, California. Prior to consummating these transactions. Full Article
Summit Hotel Properties Inc Launches Public Offering Of Common Stock
Summit Hotel Properties Inc announced that the commencement of an underwritten public offering of 13,000,000 shares of its common stock, par value $0.01 per share. The Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,950,000 shares. The shares will be offered pursuant to the Company`s effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission. The Company will contribute the net proceeds of the offering to Summit Hotel OP, LP, its operating partnership (the "Operating Partnership"), which will use the net proceeds to fund (i) the cash purchase price for the acquisition of a three-hotel portfolio of unencumbered Hyatt Place hotels (total of 426 rooms; located in Orlando Florida (two hotels) and Chicago, Illinois), a 93-room Holiday Inn Express hotel in Minneapolis, Minnesota and a 97-room Hilton Garden Inn hotel in Minneapolis, Minnesota and the Company`s initial capital contribution to a proposed joint venture for the acquisition, renovation and ownership of a 252-room Holiday Inn Express in San Francisco, California. The Company will use the balance of the net proceeds for general corporate purposes, including repayment of debt and acquisitions of additional hotel properties. Full Article
Summit Hotel Properties Inc Acquires Three Hotels
Summit Hotel Properties Inc announced the closing of three additional hotel acquisitions: 178-room Residence Inn by Marriott in Salt Lake City, UT for a purchase price of $20.0 million. The acquisition of this property was announced September 26, 2012 concurrent with the Company`s offering of common stock and the purchase closed on December 21,2012. 122-room Hyatt Place in Long Island (Garden City), NY for a purchase price of $31.0 million. The purchase of this hotel closed December 27, 2012. 138-room Hampton Inn & Suites in Tampa, FL for a purchase price of $20.8 million. The purchase of this hotel closed December 27, 2012. The Company also announced the closing on December 11, 2012 of the sale of the 92-room Courtyard by Marriott hotel in Missoula, Montana for a price of $7.65 million. Full Article
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