Summit Hotel Properties, Inc. (INN): debt financing — 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.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Summit Hotel Properties, Inc. incurred credit facility of $400 million with Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association, as syndication agent, BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint bookrunners, and BofA Securities, Inc., Wells Fargo Securities, LLC, Capital One, National Association, Fifth Third Bank, Nati at Daily SOFR or Term SOFR (1-month or 3-month) (subject to a 0% floor), plus a mar maturing July 24, 2028.

Instrument: credit facility
Principal: $400 million
Counterparty: Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association, as syndication agent, BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint bookrunners, and BofA Securities, Inc., Wells Fargo Securities, LLC, Capital One, National Association, Fifth Third Bank, Nati
Rate: Daily SOFR or Term SOFR (1-month or 3-month) (subject to a 0% floor), plus a mar
Maturity: July 24, 2028
Event: incurrence

Exact text from the filing

On July 24, 2025, Summit JV MR 2, LLC, Summit JV MR 3, LLC and Summit NCI NOLA BR 184, LLC (the “Borrowers”, “we” or “us”), as borrowers, Summit Hospitality JV, LP (the “Parent”), as parent, and each subsidiary of the Borrowers executing the credit facility documentation as a guarantor, entered into a $400 million credit facility (the “Credit Facility”)

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Summit Hotel Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001497645-25-000084

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