Summit Hotel Properties enters $650M senior unsecured credit facility, refinancing prior facility

Summit Hotel Properties, Inc.

$650M facility: $400M revolver (matures 2030, extendable to 2031), $200M term loan (matures 2031), $50M delayed draw term loan (draws by March 2027).
Interest rates: SOFR + 1.40%-2.30% for revolver; term loans 0.05% less; base rate + 0.40%-1.30%.
Financial covenants: max leverage 7.25x, min fixed charge coverage 1.50x, min tangible net worth $1.67B+75% of equity proceeds.
Unencumbered asset pool: 52 hotel properties initially; minimum 20; unsecured debt to asset value ≤60%, NOI to interest ≥2.00x.
Accordion feature allows increase to $900M total commitments.

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