secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K/A
Filed at:   2022-03-11T23:59:59+00:00
Accession:  0001104659-22-032948
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000110465922032948/0001104659-22-032948-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000110465922032948/tm228887d2_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-032948

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