Summit Hotel Properties closes $822M acquisition of 27-hotel portfolio from NewcrestImage

Summit Hotel Properties, Inc.

Initial closing of 26 hotels (3,533 rooms) for $766M; one hotel (Canopy New Orleans) pending Q1 2022 for $56M.
Transaction includes $410M term loan (SOFR+2.86%), 15.865M common units and $50M Series Z preferred units.
Acquisition expected immediately accretive to adjusted FFO per share with 8.0%-8.5% stabilized NOI yield.
GIC joint venture funds 49% in cash; Summit's 51% equity funded via units, preserving ~$450M liquidity.
Mehul Patel, NewcrestImage CEO, appointed to Summit's Board as part of director nomination agreement.

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Executive movements

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Appointed

Mehul Patel

director

INN · Summit Hotel Properties, Inc.

Effective: 2022-01-13
Filed: January 14, 2022, 6:59 PM ET

On January 13, 2022, the Board, based on the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Mehul “Mike” Patel as a director of the Company, effective January 13, 2022.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Mehul Patel was appointed as director at Summit Hotel Properties, Inc..

Action: appointed
Role: director

Exact text from the filing

On January 13, 2022, the Board, based on the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Mehul “Mike” Patel as a director of the Company, effective January 13, 2022.

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Summit Hotel Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-004141

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