SIOUX FALLS, SD-Summit Hotel Properties Inc., a hotel REIT formed to expand a former corporation of the same name, ended its first day of trading on Feb. 9 at $9.69 per share, six cents lower than its open at $9.75 per share. The company sold about 26 million shares in its initial public offering on Tuesday.

The trust, which has 65 properties in 19 states, had planned to sell only 23 million shares at up to $12 per share. A trust spokesman tells GlobeSt.com that no comments can be given during the first days of trading.

The company operates with brands such as InterContinental Hotels Group, Hilton and Marriott, including the Cambria Hotel in Bloomington, MN; a SpringHill Suites in Flagstaff, AZ and a Residence Inn in Portland, OR. The cash infusion, along with a private placement to an affiliate of IHG, will allow the trust to repay or extinguish existing indebtedness and to fund capital improvements at the hotels. In a statement, the trust said it will focus on acquiring and owning premium-branded, select-service hotels that don’t feature food and beverage service.

Deutsche Bank Securities, Baird and RBC Capital Markets are the joint book-running managers of the offering. Co-managers are KeyBanc Capital Markets and Morgan Keegan.