Summit Hotel Properties Reports Fourth Quarter And Full Year 2020 Results
Credit Facility Covenant Waivers Extended Through March 31, 2022; Over $400 Million of Current Liquidity
Portfolio Achieves Second Consecutive Quarter of Hotel Profitability
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AUSTIN, Texas, Feb. 23, 2021 /PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (the Company ), today announced results for the fourth quarter and full year ended December 31, 2020. Hotel demand remained stable during the fourth quarter and combined with strong market share gains across our portfolio and the efficient operating model of our business, led to hotel-level profitability for the second consecutive quarter and positive Adjusted EBITDAre for the full year, said Jonathan P. Stanner, the Company s President and Chief Executive Officer. While 2020 was an extremely challenging year for our business, we took meaningful action in response which has positioned the
Summit Hotel Properties Successfully Completes Credit Facility Amendments To Extend Covenant Waiver Period and Enhance Flexibility
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AUSTIN, Texas, Feb. 8, 2021 /PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (together with its consolidated subsidiaries, the Company ) today announced that it has amended the credit agreements for its $400 million revolving credit facility and three senior term loans totaling approximately $550 million to enhance overall flexibility and extend the financial covenant waiver period through March 31, 2022, unless terminated earlier at the Company s option. We appreciate the continued support from our bank group that allowed us to complete the amendments with numerous enhancements, including a waiver of key financial covenants through March 31, 2022. The favorable terms obtained are a testament to our efficient, high-quality portfolio of hotels and our longstanding track record of bei
Summit Hotel Properties Declares Fourth Quarter 2020 Preferred Dividends
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AUSTIN, Texas, Jan. 29, 2021 /PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (the Company ), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend of $0.403125 per share of the Company s 6.45% Series D Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2021, and a cash dividend of $0.390625 per share of the Company s 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2021.
The dividends are payable on February 26, 2021 to holders of record as of February 12, 2021.
/PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the fourth quarter and full.
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AUSTIN, Texas, Jan. 12, 2021 /PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (the Company ) today announced that it has closed its previously announced underwritten public offering of $287,500,000 aggregate principal amount of its 1.50% Convertible Senior Notes due 2026 (the Notes ), including $37,500,000 aggregate principal amount of Notes sold pursuant to the exercise in full of the underwriters over-allotment option to purchase additional Notes.
The Notes are the Company s senior unsecured obligations and rank equally with all of its existing and future unsecured debt that is not subordinated, senior to any future subordinated debt and junior to all existing and future debt and preferred equity of the Company s subsidiaries. The Notes pay interest semiannually at a rate of 1.50% per annum and will mature on February 15, 2026, unless earlier converted, purchased or redeemed. The Notes have an initial conversion rate of 83.4028 p