Summit Hotel Properties, Inc. (NYSE: INN) announced the completion of a $650 million senior unsecured credit facility refinancing, according to a company press release dated June 30, 2026.

The credit facility consists of a $400 million revolving credit facility, a $200 million term loan, and a $50 million delayed draw term loan. The facility carries a fully extended maturity date of June 2031.

The pricing grid ranges from 140 to 225 basis points over the applicable adjusted Term SOFR rate, depending on the loan type and leverage level. At the company's current leverage, pricing improved by 20 basis points compared to the previous facility.

As a result of the transaction, the company's weighted average debt maturity extended to approximately 3.7 years, including extension options. The company currently has $5 million outstanding under the revolving credit facility.

"The transaction further strengthens our balance sheet by extending maturities, improving our overall borrowing costs, and providing enhanced flexibility to pursue our strategic and capital allocation objectives," said Jonathan Stanner, President and Chief Executive Officer.

BofA Securities, Wells Fargo Securities, JPMorgan Chase Bank, Regions Capital Markets, U.S. Bank National Association, and Capital One served as Joint Bookrunners and Joint Lead Arrangers. Bank of America, N.A. serves as Administrative Agent.

As of June 30, 2026, Summit Hotel Properties' portfolio consisted of 94 assets with 14,226 guestrooms across 24 states.