Summit Hotel Properties files audited financials for NewcrestImage Portfolio acquisition (27 hotels, 3,709 rooms)

Summit Hotel Properties, Inc.

Portfolio consists of 27 hotels under Marriott, Hilton, Hyatt, and IHG brands across Texas, Oklahoma, and Louisiana.
As of Sep 30, 2021, total assets $605.8M, debt $492.9M, members' equity $85.6M.
Nine-month 2021 revenues $80.96M, net income $0.99M; full-year 2020 revenues $70.3M, net loss $22.5M.
Debt includes mortgage loans with 10 loans in covenant default totaling $205.4M; no waivers obtained.
Pro forma financial information indicates the consolidation impact on Summit's statements is now provided.

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