Hotels, Restaurants and Leisure
Company Overview of Summit Hotel OP, LP
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.
2701 South Minnesota Avenue
Sioux Falls, SD 57105
Founded in 2010
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
Executive Chairman of the Board - Summit Hotel GP LLC, Executive Chairman of the Board - Summit Hotel Properties Inc
Secretary of Summit Hotel GP LLC
Vice President of Summit Hotel GP LLC and Controller of Summit Hotel GP LLC
Compensation as of Fiscal Year 2014.
Summit Hotel OP, LP Key Developments
Summit Hotel OP, LP Entered into the First Amendment to Credit Agreement
Mar 2 15
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.
Summit Hotel OP, LP Enters in to $300 Million Unsecured Credit Facility
Oct 15 13
On October 10, 2013, Summit Hotel OP, LP, as borrower, Summit Hotel Properties Inc., as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $300 million senior unsecured credit facility with Deutsche Bank AG New York Branch, as administrative agent, Deutsche Bank Securities Inc., as sole lead arranger, and a syndicate of lenders including Deutsche Bank AG New York Branch, Bank of America, N.A., Royal Bank of Canada, Key Bank National Association, Regions Bank, Fifth Third Bank, Raymond James Bank, N.A., and U.S. Bank National Association. The unsecured credit facility is comprised of a $225 million revolving credit facility and a $75 million term loan and replaces the $150 million senior secured revolving credit facility. The credit facility has an accordion feature which will allows to increase the total commitments by an aggregate of $100 million on the $225 Million Revolver and $75 Million Term Loan prior to October 10, 2017. Outstanding borrowings on the $300 million credit facility are limited to the least of the aggregate commitments of all of the lenders, the aggregate value of the unencumbered assets, less the consolidated unsecured indebtedness of the Company, all as calculated pursuant to the terms of the credit facility documentation, multiplied by 60% and the principal amount that when drawn under the credit facility would result in an unsecured interest expense, calculated on a pro forma basis for the next consecutive four fiscal quarters of the company after taking such draws into account, equal to 50% of the net operating income of the unencumbered assets, as adjusted pursuant to the credit facility documentation. The $225 Million Revolver will mature on October 10, 2017 which can be extended to October 10, 2018 at the option, subject to certain conditions. The $75 Million Term Loan will mature on October 10, 2018.
Summit Hotel OP, LP Enters into $92.0 Million Senior Secured Interim Loan with Keybank National Association
May 30 13
On May 23, 2013, Summit Hotel OP, LP as borrower, and Summit Hotel Properties Inc. as guarantor, entered into a $92.0 million senior secured interim loan with KeyBank National Association, as administrative agent and lender, and Regions Bank, as lender. The Interim Loan is collateralized by a pledge of the equity interests in the subsidiaries that own the White Lodging Portfolio (as defined in Item 2.01 of this Current Report on Form 8-K). The Interim Loan has an initial maturity of six months, and the Operating Partnership may extend the maturity for an additional six months, subject to certain conditions, including securing mortgages and entry into typical security and loan agreements on the White Lodging Portfolio. The Interim Loan is cross-defaulted to the Company's senior secured revolving credit facility and any cross-defaults identified in the senior secured revolving credit facility will trigger a default under the Interim Loan. Outstanding borrowings on the Interim Loan carry an interest rate of, at option, 1-, 2-, 3- or 6- month LIBOR plus 225 bps or the base rate plus 125 bps. The base rate is the greatest of (i) the administrative agent's prime rate, (ii) 0.50% plus the federal funds effective rate or (iii) 1-month LIBOR (incorporating a floor of 0.50%) plus 1.00%. Interest is paid monthly, with all outstanding principal and accrued but unpaid interest due at maturity, unless the maturity is extended pursuant to the terms of the Interim Loan.
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