Summit Hotel Properties Inc has successfully refinanced and upsized its senior unsecured credit facility to $650 million. The facility includes a $400 million revolving credit line, a $200 million term loan, and a $50 million delayed draw term loan.
This move, announced on 30 June 2026, aims to strengthen the company's balance sheet by extending maturities and reducing borrowing costs.
The amended credit agreement now has a fully extended maturity date of June 2031. The pricing grid for the facility ranges from 140 to 230 basis points for the revolving credit line and 135 to 225 basis points for the term loans, each over the adjusted Term SOFR rate. At the current leverage, the company's pricing improved by 20 basis points, resulting in immediate interest savings.
Jonathan Stanner, President and CEO of Summit Hotel Properties, expressed satisfaction with the refinancing, stating, "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."
The refinancing extends the company's weighted average debt maturity to approximately 3.7 years and leaves only $5 million outstanding under its revolving credit facility, preserving liquidity for future opportunities. Joint Bookrunners and Lead Arrangers for the transaction included BofA Securities Inc, Wells Fargo Securities LLC, and JPMorgan Chase Bank NA, among others.
Summit Hotel Properties, a real estate investment trust, focuses on owning premium-branded lodging properties. As of 30 June 2026, its portfolio consists of 94 assets across 24 states
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