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Summit Hotel Properties JV obtains $200M credit facility

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Summit Hotel Properties JV obtains $200M credit facility

A Summit Hotel Properties Inc. joint venture landed a $200 million credit facility, comprising a $125 million revolver and a $75 million term loan due Oct. 8, 2023.

The facilities can be extended for a single consecutive 12-month period at the company's option, subject to certain conditions. The credit facility has an accordion feature that allows for the total commitments to be increased to up to $500 million.

Bank of America NA is administrative agent and sole initial lender, while BofA Securities Inc. is the sole lead arranger and sole book runner.