Summit Hotel gets new $225 million revolver, $75 million term loan

By Jennifer Chiou

New York, Oct. 15 - Summit Hotel Properties, Inc. announced that it completed on Oct. 10 a new $300 million senior unsecured credit facility through Deutsche Bank AG, New York Branch as the administrative agent, replacing its $150 million senior secured revolving credit facility.

The new facility is comprised of a $225 million revolving credit facility and a $75 million term loan.

The facility will mature on Oct. 10, 2017, two and a half years beyond the maturity of its prior loan.

There is a $100 million accordion feature.

The syndicate includes Deutsche Bank AG, Bank of America, NA., Royal Bank of Canada, Key Bank NA, Regions Bank, Fifth Third Bank, Raymond James Bank, NA and U.S. Bank NA.

"We are very satisfied with the completion of our unsecured credit facility," executive vice president and chief financial officer Stuart Becker said in a news release.

"We continue to see opportunities to acquire additional strategic hotels. Thus, expanding our financing capacity with a more flexible unsecured credit facility, while reducing our financing costs, is very positive for our company."

Summit Hotel Properties is a Sioux Falls, S.D.-based real estate investment trust.

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