December 24, 2014 8:38 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.

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
Age: 45
Executive Chairman of the Board - Summit Hotel GP LLC
Age: 59
Secretary of Summit Hotel GP LLC
Age: 43
Vice President of Summit Hotel GP LLC and Controller of Summit Hotel GP LLC
Age: 56
Compensation as of Fiscal Year 2014.

Summit Hotel OP, LP Key Developments

Summit Hotel OP, LP Enters in to $300 Million Unsecured Credit Facility

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

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.

Summit Hotel OP, LP Announces Auditor Changes

On March 21, 2013, Summit Hotel OP, LP dismissed KPMG LLP as the independent registered public accounting firm of the company, effective as of March 25, 2013. On March 21, 2013, the company appointed Ernst & Young LLP to serve as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2013.

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