Summit Hotel Properties acquires 27 hotels from NewcrestImage for $822M

Summit Hotel Properties, Inc.

Acquires 27 hotels (3,709 rooms) and 2 parking structures from NewcrestImage for $822M total.
Financing: $410M term loan (Bank of America/Wells Fargo), $50M 5.25% Series Z preferred units, $160M common units to seller, $208M cash from GIC.
Expected close Q4 2021 or Q1 2022; transaction immediately accretive to Adjusted FFO and leverage-neutral.
NewcrestImage gets board nomination right for one director and ~13% pro forma common ownership.
Portfolio avg effective age 3.8 yrs; ~50% in Dallas/Fort Worth; 35% increase in total room count to 15,000+ keys.

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