Item 1.01. Entry into a Material Definitive Agreement.

Second Amendment to $200.0 Million Senior Credit Facility

On June 18, 2020, Summit JV MR 1, LLC (the "Borrower" or "we"), as borrower, Summit Hospitality JV, LP, as parent, and each party executing the credit facility documentation as a subsidiary guarantor, entered into the Second Amendment to Credit Agreement (the "Second Amendment") of the Borrower's $200 Million senior credit facility (the "Credit Facility") with Bank of America, N.A., as administrative agent, BofA Securities, Inc., as sole lead arranger and sole bookrunner, and a syndicate of lenders including Bank of America, N.A., KeyBank National Association, and Bank of Montreal, Chicago Branch.

The following summary of the Second Amendment is qualified in its entirety by reference to the Second Amendment to Credit Agreement, dated June 18, 2020, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein. The following is a summary of the material amendments to the Credit Facility:

Certain financial and other covenants under the Credit Facility were waived or adjusted, for the periods described below:





  · Temporary waivers of the Consolidated Fixed Charge Coverage Ratio covenant and
    certain other covenants in the Credit Facility for the period June 18, 2020
    through the date the Borrower is required to deliver to the lenders a
    compliance certificate for the period ending June 30, 2021 ("Covenant Waiver
    Period"); and




  · Adjustments to the Borrowing Base Coverage Ratio beginning on June 18, 2020,
    and adjusting up through June 30, 2022.

The Second Amendment confirmed that the Borrower may make additional advances on the existing revolving facility. Prior to the expiration of the Covenant Waiver Period, advances are limited to the lesser of the aggregate facility amount and the aggregate Borrowing Base Asset Value multiplied by 55%, less all outstanding advances. Upon the expiration of the Covenant Waiver Period, advances are limited to the lesser of the aggregate facility amount, the aggregate Borrowing Base Asset Value multiplied by 55%, and the amount that would permit the Borrower to achieve the Borrowing Base Coverage Ratio then applicable, less all outstanding advances.

Certain other typical limitations and conditions for credit facilities of this nature were included among the provisions in the Second Amendment including, among other provisions, limitations on the use of revolving facility advances, certain restrictions on payments of dividends and limitations on investments and dispositions.

We retain the right to opt out of certain additional restrictive covenants upon demonstration of compliance with the required financial covenants.




Item 2.03.   Creation of a Direct Financial Obligation or an Obligation under an
             Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 concerning the Company's direct financial obligations is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.






(d) Exhibits



Exhibit No. Description



  10.1        Second Amendment to Credit Agreement dated June 18, 2020 among
            Summit JV MR 1, LLC, as borrower, Summit Hospitality JV, LP, as
            parent guarantor, each party executing the credit facility
            documentation as a subsidiary guarantor, Bank of America, N.A., as
            administrative agent, and the lenders party to the Credit
            Agreement.

101         Cover Page Interactive Data - the cover page XBRL tags are embedded
            within the Inline XBRL document

104         Cover Page Interactive Data File - the cover page XBRL tags are
            embedded within the Inline XBRL document

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