Summit Hotel refinances credit facility with $650M unsecured package, extends maturity to 2030-31

Filed June 30, 2026 · Period ending June 29, 2026 · ~1 min read

Key Changes

• high

  Replaced 2023 credit facility with $650M unsecured package: $400M revolver (matures 2030, extendable to 2031), $200M term loan (2031), and $50M delayed draw (2031). Accordion feature allows expansion to $900M.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  Maximum leverage covenant set at 7.25x; minimum fixed charge coverage 1.50x; secured debt capped at 45% of asset value. Minimum tangible net worth $1.67B plus 75% of future equity proceeds.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  Interest rates leverage-based: SOFR margins 1.40%-2.30% for revolver (term loan 0.05% lower). Unused commitment fees 0.20%-0.25%. Prepayment allowed without penalty except SOFR breakage costs.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →