Interest rate reduction and borrowing base expansion provide
significant improvements
SIOUX FALLS, S.D.--(BUSINESS WIRE)--
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), a real estate
investment trust (REIT) specializing in the ownership of premium-branded
hotels in the upscale and upper midscale segments, today announced
improvements made to the Company’s debt structure.
Summit Hotel OP, LP, the Company’s operating partnership, has entered
into an amendment to its $125 million senior secured revolving credit
facility. The amendment provides for a reduction in the Company’s
borrowing costs and fees as well as additional flexibility in usage of
the credit facility.
“We continue to improve the structure of our debt,” said Dan Hansen,
Company president and CEO. “The amended terms of our credit facility
allow our company to lower our cost of capital while gaining flexibility
in executing our acquisition strategy.”
About Summit Hotel Properties
Summit Hotel Properties, Inc.
is a self-advised real estate investment trust focused on acquiring and
owning premium-branded select-service hotels in the upscale and upper
midscale segments. As of March 31, 2012, the company’s hotel portfolio
consisted of 73 hotels with a total of 7,469 guestrooms located in 20
states. Additional information about Summit may be found at the
company’s website, www.shpreit.com.
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” 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 (“SEC”), including, without
limitation, the Company’s Annual Report on Form 10-K for the year ended
December 31, 2011. 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.
Summit Hotel Properties, Inc.
Dan Boyum, 605-782-2015
VP of
Investor Relations
dboyum@shpreit.com
Source: Summit Hotel Properties, Inc.