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Summit Hotel Properties Closes Two Property Acquisitions, Three Dispositions And The Completion Of $300 Million Senior Unsecured Credit Facility

Stocks in this article: INN

Hotel Dispositions

The Company announced that during the third quarter, it closed on the dispositions of the 78-guestroom SpringHill Suites located in Lithia Springs, GA, the 71-guestroom Fairfield Inn located in Lewisville, TX and the 63-guestroom Fairfield Inn located in Lakewood, CO. The Company sold the three hotels for a total sale price of $7.2 million.

“We continue to be focused on creating shareholder value through acquisition of premium select service hotels with strong growth profiles. In addition, the continued disposition of hotels we no longer see as strategic keeps our portfolio’s quality and growth profile aligned with our strategy of having the best premium select service brands in the best markets nationwide,” said Company President and CEO Dan Hansen.

Credit Facility

On October 10, 2013, the Company completed a new $300 million senior unsecured credit facility to replace its $150 million senior secured revolving credit facility. The unsecured credit facility is comprised of a $225 million revolving credit facility and a $75 million term loan. In addition to moving to an unsecured structure and increasing the maximum size of the facility, the company was able to lower the interest rate spread on outstanding borowings and extend the term of the maturity by two and a half years to October 10, 2017. The credit facility has an accordion feature which will allow the Company to increase the capacity by $100 million in either additional revolver capacity or an additional term loan. Deutsche Bank AG New York Branch is the administrative agent and Deutsche Bank Securities Inc. is the lead manager. The syndication of lenders includes Deutsche Bank AG; Bank of America, N.A.; Royal Bank of Canada; Key Bank National Association; Regions Bank; Fifth Third Bank; Raymond James Bank, N.A.; and U.S. Bank National Association.

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