Summit Hotel Properties (NYSE:INN), like most hotel REITs, is operating in a challenging environment of high cost and high competition. Despite trading at a massive discount to net asset value and at only 12X AFFO, I would be hesitant to buy common shares. The F series preferred, however, strikes me as highly opportunistic with 8.4% current yield, 42% upside to par and ample dividend coverage. We see 3 ways for preferred series F investors to win: Continuing as is, just collecting dividends Buyout of INN a ...