---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-004141"
form_type: "8-K"
ticker: "INN"
cik: "0001497645"
company_name: "Summit Hotel Properties, Inc."
filed_at: "2022-01-14T23:59:59+00:00"
generated_at: "2026-06-27T17:54:32.050069+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-22-004141
- form_type: 8-K
- ticker: INN
- cik: 0001497645
- company_name: Summit Hotel Properties, Inc.
- filed_at: 2022-01-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 3.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1497645/000110465922004141/0001104659-22-004141-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1497645/000110465922004141/tm222868d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-004141
- JSON: https://secwatch.observer/filing/0001104659-22-004141.json
- Plain text: https://secwatch.observer/filing/0001104659-22-004141.txt

## Key facts
- Executive change
  Mehul Patel was appointed as director at Summit Hotel Properties, Inc..
  - Action: appointed
  - Role: director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1497645/000110465922004141/0001104659-22-004141-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.