AUSTIN, Texas, June 30, 2026 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully completed the refinancing and upsizing of its senior unsecured credit facility (the "Credit Facility"). The $650 million senior unsecured credit facility is comprised of a $400 million senior unsecured revolving credit facility (the "Revolver"), a $200 million senior unsecured term loan (the "Term Loan"), and a $50 million senior unsecured delayed draw term loan (the "Delayed Draw Term Loan").
"We appreciate the strong support from our lending partners and are very pleased with the successful completion of this refinancing. The transaction further strengthens our balance sheet by extending maturities, improving our overall borrowing costs, and providing enhanced flexibility to pursue our strategic and capital allocation objectives," commented Jonathan Stanner, the Company's President and Chief Executive Officer.
The amended and restated credit agreement provides for a fully extended maturity date of June 2031. The pricing grid for the current facility ranges from 140 to 230 basis points for the Revolver and 135 to 225 basis points for the Term Loan and Delayed Draw Term Loan, each over the applicable adjusted Term SOFR rate. At the Company's current leverage, pricing on the new senior unsecured facility improved by 20 basis points, resulting in immediate interest savings and earnings accretion. Other terms of the agreement are similar to the Company's previous credit facility agreement.
As a result of this refinancing, the Company has extended its weighted average debt maturity to approximately 3.7 years, including extension options, and currently has only $5 million outstanding under its Revolving Credit Facility, preserving substantial available liquidity to support future strategic opportunities.
Serving as Joint Bookrunners and Joint Lead Arrangers on the transaction were BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Regions Capital Markets, U.S. Bank National Association, and Capital One, National Association. Additional Joint Lead Arrangers and Co-Documentation agents were The Huntington National Bank, Truist Bank, Manufacturers & Traders Trust Company, and Bank of Nova Scotia. Royal Bank of Canada and Raymond James Bank were participants in the Credit Facility. Bank of America, N.A. serves as the Administrative Agent. Wells Fargo Bank, N.A., Regions Bank, JPMorgan Chase Bank, N.A., U.S. Bank National Association, and Capital One, National Association serve as Co-Syndication Agents.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the Upscale segment of the lodging industry. As of June 30, 2026, the Company's portfolio consisted of 94 assets, 52 of which are wholly owned, with a total of 14,226 guestrooms located in 24 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on X at @SummitHotel_INN.
Forward Looking Statements
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Summit Hotel Properties, Inc.
