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News May 13, 2020

Summit Hotel Properties Modifies Senior Credit Facilities

Shearman & Sterling represented Deutsche Bank AG New York Branch as administrative agent in connection with modifications to $1.015 Billion in syndicated senior revolving credit and term loan facilities for Summit Hotel Properties. The modifications were in response to the COVID-19 pandemic and provide Summit with waivers of certain financial covenants, additional liquidity and enhanced flexibility. Summit Hotel Properties, Inc. is a publicly traded real estate investment trust which owns 72 premium-branded hotels across 23 states, with a total of 11,288 guestrooms.

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