SUMMIT HOTEL PROPERTIES COMPLETES $600 MILLION CREDIT FACILITY REFINANCING

AUSTIN, Texas, June 22, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully completed the refinancing of its $600 million senior unsecured credit facility (the "Credit Facility"), which is comprised of a $400 million senior unsecured revolving credit facility (the "Revolver") and $200 million senior unsecured term loan (the "Term Loan").

"We greatly appreciate the ongoing support of our lending partners and are extremely pleased with the execution of this credit facility refinancing.  The credit facility further enhances our well-positioned balance sheet by extending maturity dates, maintaining pricing, and preserving overall flexibility to execute on our strategic initiatives," commented Trey Conkling, the Company's Executive Vice President and Chief Financial Officer.

The amended and restated credit agreement provides for a maturity date of June 2028 for both the Revolver and Term Loan, including extension options.  The pricing grid from the prior credit facility has been maintained at a range of 140 to 240 basis points for the Revolver and 135 to 235 basis points for the Term Loan, each over the applicable adjusted Term SOFR rate.  Other terms of the agreement are similar to the Company's previous credit facility agreement.

As a result of this refinancing, the Company's average length to maturity has been increased to over three years, including extension options, with no more than 25% of the Company's pro rata outstanding debt maturing in any single year.  Additionally, the Company currently has nearly $450 million of pro rata total liquidity and continues to maintain approximately 80% pro rata fixed interest rate debt and preferred equity capital after giving effect to interest rate derivative agreements.

Serving as Joint Bookrunners and Joint Lead Arrangers on the transaction were BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Regions Capital Markets, and U.S. Bank National Association.  Additional Joint Lead Arrangers were Capital One, National Association, Bank of Nova Scotia, and Truist Securities, Inc.  Royal Bank of Canada and Raymond James Bank were participants in the Credit Facility.  Bank of America, N.A. serves as the Administrative Agent.  Wells Fargo Bank, N.A., Regions Bank, JPMorgan Chase Bank, N.A., and U.S. Bank National Association serve as Co-Syndication Agents.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the Upscale segment of the lodging industry. As of June 22, 2023, the Company's portfolio consisted of 100 assets, 57 of which are wholly owned, with a total of 14,987 guestrooms located in 24 states.

For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on Twitter at @SummitHotel_INN.

Forward Looking Statements

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. These forward-looking statements relate to the payment of dividends. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Summit Hotel Properties, Inc.