Summit Hotel Properties, Inc. announced that it has amended the credit agreements for its $400 million revolving credit facility and three senior term loans totaling approximately $550 million to enhance overall flexibility and extend the financial covenant waiver period through March 31, 2022, unless terminated earlier at the Company’s option.
“We appreciate the continued support from our bank group that allowed us to complete the amendments with numerous enhancements, including a waiver of key financial covenants through March 31, 2022. The favorable terms obtained are a testament to our efficient, high-quality portfolio of hotels and our longstanding track record of being thoughtful and disciplined capital allocators,” commented Jonathan P. Stanner, the Company’s President and Chief Executive Officer. “This amendment, along with the other significant actions we have taken since the onset of the pandemic, provides us with ample liquidity and the flexibility to opportunistically pursue a broad range of capital and transaction alternatives,” commented Mr. Stanner.
Key terms and enhancements of the amendments include:
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of February 8, 2021, the Company’s portfolio consisted of 72 hotels, 67 of which were wholly owned, with a total of 11,288 guestrooms located in 23 states.
For additional information, please visit the Company’s website, www.shpreit.com