---
schema_version: "secwatch.filing_event.v1"
accession: "0001497645-23-000021"
form_type: "8-K"
ticker: "INN"
cik: "0001497645"
company_name: "Summit Hotel Properties, Inc."
filed_at: "2023-06-27T23:59:59+00:00"
generated_at: "2026-06-13T16:14:05.726986+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Summit Hotel Properties enters $600M senior unsecured credit facility, refinancing existing debt

## Summary
- $400M revolving credit facility matures June 21, 2027 (extendable to 2028) and $200M term loan matures June 21, 2026 (extendable to 2028).
- Accordion feature allows up to $300M increase in total commitments.
- Facility secured by 53 unencumbered hotel properties initially; leverage ratio covenant max 8.25:1.00 declining to 7.25:1.00.
- Refinances the existing $600M credit facility in its entirety.

## SEC filing metadata
- accession: 0001497645-23-000021
- form_type: 8-K
- ticker: INN
- cik: 0001497645
- company_name: Summit Hotel Properties, Inc.
- filed_at: 2023-06-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/a8-kcoverpr06242023.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001497645-23-000021
- JSON: https://secwatch.observer/filing/0001497645-23-000021.json
- Plain text: https://secwatch.observer/filing/0001497645-23-000021.txt

## Key facts
- Debt Financings
  Summit Hotel Properties, Inc. amended term loan of $200 million with Bank of America, N.A. at the applicable margin for a term loan advance shall be 0.05% less than the revol maturing June 21, 2026.
  - Instrument: term loan
  - Principal: $200 million
  - Counterparty: Bank of America, N.A.
  - Rate: the applicable margin for a term loan advance shall be 0.05% less than the revol
  - Maturity: June 21, 2026
  - Event: amendment
  source text: The $200 Million Term Loan will mature on June 21, 2026 and can be extended to June 21, 2028 at the Company’s option, subject to certain conditions.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm
- Debt Financings
  Summit Hotel Properties, Inc. amended revolving credit of $400 million with Bank of America, N.A. at SOFR, plus a 0.10% credit spread adjustment, plus a SOFR margin between 1.40% an maturing June 21, 2027.
  - Instrument: revolving credit
  - Principal: $400 million
  - Counterparty: Bank of America, N.A.
  - Rate: SOFR, plus a 0.10% credit spread adjustment, plus a SOFR margin between 1.40% an
  - Maturity: June 21, 2027
  - Event: amendment
  source text: The $400 Million Revolver will mature on June 21, 2027 and can be extended to June 21, 2028 at the Company’s option, subject to certain conditions.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm
- Material Agreements
  Summit Hotel Properties, Inc. amended Amended Credit Facility with Bank of America, N.A., as administrative agent, and the lenders valued at $600 million (effective 2023-06-21).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A., as administrative agent, and the lenders
  - Value: $600 million
  - Effective: 2023-06-21
  source text: On June 21, 2023, Summit Hotel OP, LP (the “Operating Partnership”), as borrower, Summit Hotel Properties, Inc. (the “Company”), as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $600 million senior unsecured credit facility (the “Amended Credit Facility”) with Bank of America, N.A. as administrative agent (in such capacity, the “Agent”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1497645/000149764523000021/0001497645-23-000021-index.htm

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