Summit Hotel Properties Refinances $650 Million Credit Facility

CEO Jonathan Stanner noted that the transaction provides the company with greater flexibility for capital allocation while immediately improving earnings through a 20-basis-point reduction in interest rates at current leverage levels. The new agreement pushes the company's weighted average debt maturity to approximately 3.7 years, leaving only $5 million currently drawn on the revolving credit facility.

A consortium of financial institutions supported the deal, with BofA Securities, Wells Fargo Securities, JPMorgan Chase Bank, Regions Capital Markets, U.S. Bank, and Capital One acting as joint bookrunners and lead arrangers. Bank of America serves as the administrative agent for the facility. Summit Hotel Properties currently maintains a portfolio of 94 assets across 24 states, comprising over 14,000 guestrooms in the upscale lodging segment.