Summit Hotel Properties (NYSE:INN) went public in February of 2011 at a price of $9.75/share. The company has grown its FFO extensively, yet trades below its initial price. Early 2011 was an opportune time to go public as the hotel cycle was just entering its upswing. INN could use its new sources of capital to make acquisitions at bottom of market prices. While it came out at fair value, the extreme rates of organic and external growth make it a tremendous opportunity. As growth alone does not create value, we will be extra diligent in demonstrating that it does in fact enhance earnings on a per-share basis. We will begin with external growth, follow with organic growth and...
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