SUMMIT HOTEL PROPERTIES COMPLETES $200 MILLION JOINT VENTURE CREDIT FACILITY REFINANCING

AUSTIN, Texas, Sept. 20, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its joint venture with GIC, Singapore's sovereign wealth fund, has successfully completed the refinancing of its $200 million senior credit facility (the "Credit Facility"), which is comprised of a $125 million revolving credit facility (the "$125 Million Revolver") and a $75 million term loan (the "$75 Million Term Loan").

"We greatly appreciate the continued support from our lending partners and are extremely pleased with this credit facility refinancing for the joint venture. The transaction eliminates all of the Company's material debt maturities through 2024 and maintains attractive pricing, further strengthening our well-positioned balance sheet," commented Trey Conkling, the Company's Executive Vice President and Chief Financial Officer.

The new credit agreement provides for a fully extended maturity date of September 2028 for both the Revolver and Term Loan. The interest rate pricing from the prior credit facility has been maintained at SOFR+215 basis points for the $125 Million Revolver and SOFR+210 basis points for the $75 Million Term Loan. Other terms of the agreement are similar to the joint venture's previous credit facility agreement.

As a result of this refinancing, the Company has no material debt maturities through 2024 and its average length to maturity is over three years, including extension options. Approximately 80% of the Company's pro rata debt and preferred equity capital has a fixed interest rate after giving effect to interest rate derivative agreements.

Serving as sole lead arranger and sole bookrunner on the transaction is BofA Securities, Inc. Capital One, National Association and Wells Fargo Securities, LLC serve as Co-Documentation Agents. JPMorgan Chase Bank, N.A. is a participating lender. Bank of America, N.A., serves as the Administrative Agent.

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 September 19, 2023, the Company's portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 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.

SOURCE SUMMIT HOTEL PROPERTIES, INC.