Summit Hotel Properties JV enters $400M term loan facility maturing 2028, extendable to 2030

Summit Hotel Properties, Inc.

$400M term loan with Bank of America as admin agent; interest at SOFR + 2.35% or base rate + 1.35%.
Financial covenants: max leverage 55%, min tangible net worth $593.9M + 75% of future equity proceeds.
Facility secured by equity interests in subsidiaries holding borrowing base assets; accordion feature to $600M.
Maturity July 24, 2028, optional two 12-month extensions; no prepayment penalty.
Summit Hotel Properties, Inc. not a borrower or guarantor; Parent is JV between Summit OP and USFI G-Peak.

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