BB&T Capital Markets Serves as a Co-Manager on Summit Hotel Properties, Inc.’s Follow-On Offering
BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise a total of $170,775,000 for our client.
The Company intends to contribute the net proceeds from this offering to Company's operating partnership in exchange for additional common units of company's operating partnership. The Company's operating partnership intends to use the net proceeds from this offering for general corporate purposes, including repayment of borrowings under company's senior unsecured revolving credit facility and acquisitions of additional hotel properties. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,350,000 shares.
About the Companies
Summit Hotel Properties, Inc. (“INN” or “The Company”), is a publicly-traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the lodging industry. As of May 3, 2017, the Company's portfolio consisted of 75 hotels with a total of 10,444 guestrooms located in 22 states.
The BB&T Capital Markets Real Estate Group is led by an experienced banking team focused on serving the broad needs of Real Estate Investment Trusts (REITs) and private real estate sponsors. Our corporate and investment bankers are experts in all aspects of REITs and commercial real estate, allowing us to provide a comprehensive suite of capital markets solutions ranging from corporate lending, equity and debt underwriting, joint venture equity placements, and merger and acquisition advisory. This unique teaming enables us to serve clients with financing options that are optimized for their specific needs and strategic initiatives.
Core services include at-the-market (ATM) offerings, entity-level recapitalizations, follow-on equity offerings, initial public offerings, joint venture equity, merger and acquisition (M&A) advisory, preferred stock offerings, sale leasebacks, senior debt offerings, and stock repurchase programs.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.