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February 06, 2016 10:59 PM ET

Hotels, Restaurants and Leisure

Company Overview of Summit Hotel OP, LP

Company Overview

Summit Hotel OP, LP owns and operates hotel under franchise brands. Summit Hotel OP, LP was incorporated in 2010 and is based in Sioux Falls, South Dakota. Summit Hotel OP, LP operates as a subsidiary of Summit Hotel Properties, Inc.

2701 South Minnesota Avenue

Suite 6

Sioux Falls, SD 57105

United States

Founded in 2010

Phone:

605-361-9566

Key Executives for Summit Hotel OP, LP

Chief Executive Officer of Summit Hotel GP LLC, President of Summit Hotel GP LLC, Director of Summit Hotel GP LLC, Chief Executive Officer of Summit Hotel Properties Inc and President of Summit Hotel Properties Inc
Age: 46
Executive Chairman of the Board - Summit Hotel GP LLC, Executive Chairman of the Board - Summit Hotel Properties Inc
Age: 60
Secretary of Summit Hotel GP LLC
Age: 44
Vice President of Summit Hotel GP LLC and Controller of Summit Hotel GP LLC
Age: 57
Compensation as of Fiscal Year 2015.

Summit Hotel OP, LP Key Developments

Summit Hotel OP, LP Enters into $125 Million Unsecured Term Loan with Key Bank National Association, Regions Bank, Raymond James Bank, N.A., Branch Banking and Trust Company and U.S. Bank National Association

On April 7, 2015, Summit Hotel OP, LP (Summit OP), as borrower, Summit Hotel Properties Inc. (company), as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a $125 million unsecured term loan with KeyBank National Association, as administrative agent, Regions Bank and Raymond James Bank, N.A., as co-syndication agents, KeyBanc Capital Markets Inc., Regions Capital Markets and Raymond James Bank, N.A., as co-lead arrangers, and a syndicate of lenders including KeyBank National Association, Regions Bank, Raymond James Bank, N.A., Branch Banking and Trust Company, and U.S. Bank National Association. The $125 million term loan matures on April 7, 2022. The $125 million term loan has an accordion feature which will allow to increase the total commitments by an aggregate of $75 million prior to the maturity date, subject to certain conditions. Outstanding borrowings on the $125 million term loan are limited to the least of (1) the aggregate commitments of all of the lenders, (2) an amount such that the ratio of the consolidated unsecured indebtedness of the company to the aggregate value of the unencumbered assets, all as calculated pursuant to the terms of the term loan documentation, does not exceed 60%, and (3) an amount such that the ratio of unencumbered adjusted net operating income to assumed unsecured interest expense, all as defined in the term loan documentation, is equal to or greater than 2.00:1.00. A minimum of 20 of its hotel properties must qualify as unencumbered assets, as defined in the term loan documentation, or the aggregate value of the unencumbered assets will be deemed to be $0.

Summit Hotel OP, LP Entered into the First Amendment to Credit Agreement

On February 27, 2015, Summit Hotel OP, LP as borrower, Summit Hotel Properties Inc. as parent guarantor, each party executing the credit facility documentation as a subsidiary guarantor, Deutsche Bank AG New York Branch, as administrative agent, and the financial institutions to the Credit Agreement referred to below entered into the First Amendment (First Amendment") to Credit Agreement executed October 10, 2013, as amended for $300.0 million senior unsecured credit facility. The following summary of the First Amendment is qualified in its entirety by reference to the First Amendment to Credit Agreement, dated February 27, 2015 and incorporated by reference herein. The following is a summary of the material amendments to the Credit Agreement: The definition of Deemed Management Fee" contained in Section 1.01 of the Credit Agreement was amended to decrease the Deemed Management Fee from 3.5% to 3.0%. The definition of Negative Pledge" contained in Section 1.01 of the Credit Agreement was amended such that the following agreements are not deemed to constitute a Negative Pledge: an agreement that conditions a Person's ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person's ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, and a provision in any agreement governing unsecured Indebtedness generally prohibiting the encumbrance of assets so long as such provision is generally consistent with a comparable provision of the Loan Documents. The definition of Permitted Recourse Debt" contained in Section 1.01 of the Credit Agreement was amended by deleting the words and inserting the words provided that the aggregate principal amount of any such Unsecured Indebtedness that has a scheduled maturity date or commitment termination date prior to the one year anniversary of the latest Termination Date under the Credit Agreement (taking into account any extensions thereof) shall in no event exceed $125,000,000. The definition of Recourse Debt" contained in Section 1.01 of the Credit Agreement was revised so that it applies to the Parent Guarantor and its Subsidiaries (which includes the Borrower), rather than applying solely to the Borrower and its Subsidiaries. The definition of Total Asset Value" contained in Section 1.01 of the Credit Agreement was amended so that the Borrower may include in calculations of Total Asset Value the gross book value of any Investments consisting of loans, advances and extensions of credit to any Person permitted by 5.02(f)(iv)(C). The negative covenants contained in Section 5.02(f) of the Credit Agreement which limit the types of Investments held by Loan Parties or their Subsidiaries, were revised to add Section 5.02(f)(iv)(C) which permits as an Investment: Loans, advances and extensions of credit (including, without limitation, mezzanine loans) to any Person so long as the aggregate amount of such Investments does not at any time exceed 5% of Total Asset Value at such time." The covenant contained in Section 5.02(m) which restricts a Loan Party or its Subsidiaries from entering into a Negative Pledge, subject to certain exceptions, was amended to permit the Loan Parties to enter into agreements which meet the new provisos added to the definition of Negative Pledge as described elsewhere in the First Amendment.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 8, 2015
Summit Hotel OP, LP, Portfolio of 16 Hotels
 

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