Financial Data and Key Metrics Changes - The company reported a pro forma RevPAR increase of 19.3% compared to Q1 2022, exceeding the high-end of the growth expectations of 17% to 19% for the quarter [20] - Adjusted EBITDA for the quarter was $44.4 million, a 35% increase compared to Q1 2022, and adjusted FFO was $26.3 million or $0.22 per share, a 30% increase from last year [44] - Pro forma hotel EBITDA for Q1 was $62.9 million, a 27% increase from the previous year, with hotel EBITDA margins in the same-store portfolio increasing nearly 175 basis points [12][44] Business Line Data and Key Metrics Changes - RevPAR in the urban portfolio grew 25% year-over-year, translating to an 89% recapture to 2019 levels, indicating strong potential for continued growth [42] - The suburban portfolio also saw significant growth, with RevPAR increasing by 21% in Q1 2023 [11] - The resort portfolio, comprising approximately 10% of the pro forma portfolio, produced Q1 RevPAR growth of 12%, reaching 111% of 2019 levels [43] Market Data and Key Metrics Changes - RevPAR in the NCI portfolio grew 22% compared to Q1 2022, with Texas markets like Houston and Dallas showing RevPAR growth of 77% and 29%, respectively [6][7] - The company experienced a 5% year-over-year slowdown in preliminary April RevPAR growth, attributed to seasonal patterns and the Easter holiday [5] - The revenue pace for May and June is trending up in the high single digits compared to last year, driven by strong rate and occupancy growth [23] Company Strategy and Development Direction - The company is focused on operational initiatives to drive better performance and expects continued outsized RevPAR and EBITDA growth throughout 2023 [8] - The company is working towards closing the sale of six hotels and a vacant land parcel, expected to generate nearly $80 million in gross proceeds, which will help defer near-term capital needs [9] - The company is prioritizing a balance between returning capital to shareholders, reducing corporate leverage, and maintaining liquidity for future growth opportunities [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's outlook, expecting continued strong performance driven by business transient and group demand [21][8] - The company reiterated its full-year guidance for 2023, projecting RevPAR growth of 6% to 11% and adjusted EBITDA between $190.4 million to $205.9 million [47] - Management noted that while the transaction market has been quiet, they anticipate more activity in the back half of the year due to potential distressed sales [37] Other Important Information - The company declared a quarterly common dividend of $0.06 per share, representing a 50% increase from the previous quarter, reflecting strong performance and ongoing recovery [32][41] - The company invested approximately $24.1 million in capital expenditures during Q1, driven by transformative renovations across several properties [30] - The balance sheet remains robust with nearly $500 million in liquidity, and the company has no debt maturities until Q4 2024 [45][46] Q&A Session Summary Question: What factors are influencing hotel level margins potentially getting to flat? - Management indicated that margins were up close to 200 basis points in Q1, driven by the ability to push rates and RevPAR growth primarily from rate increases [49][50] Question: How does the company prioritize different types of opportunities in the transaction market? - Management stated they evaluate all opportunities through a risk-adjusted return lens, considering various types of assets including core select service and turnaround stories [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Summit Hotel Properties, Inc. (NYSE:INN) Q4 2022 Results Conference Call February 28, 2023 9:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBank Capital Market William Crow - Raymond James Michael Bellisario - Robert W. Baird Operator Good day, and thank you for standing by. Wel ...

Ownership and Structure - The company owns approximately 87.0% of the Common Units in the Operating Partnership and all issued Series E and Series F Preferred Units[150]. - Stockholders' claims are structurally subordinated to all liabilities of the Operating Partnership, affecting their recovery in bankruptcy scenarios[149]. - The company has a 9.8% stock ownership limit in its charter, which may restrict market activity and business combination opportunities[176]. - To qualify as a REIT, at least 100 persons must beneficially own the company's capital stock for at least 335 days of a taxable year[176]. - The board of directors has the authority to revoke the company's REIT qualification without stockholder approval, which could lead to federal income tax liabilities[147]. Financial Performance and Risks - The cash available for distribution may not be sufficient to meet expected levels, potentially requiring the use of borrowed funds or other sources[153]. - The company may need to borrow funds or sell assets to satisfy REIT distribution requirements, which could adversely affect liquidity[164]. - Future issuances of debt securities may be senior to common and preferred stock, potentially diluting existing stockholders' interests[159]. - The company anticipates increasing regulation and scrutiny regarding ESG matters, which could lead to higher costs and negative investor sentiment[187]. - The company may face adverse effects on cash flows due to the timing differences between actual income receipt and income recognition for federal tax purposes[164]. Market and Economic Conditions - The market price of the company's stock may be volatile due to changes in market interest rates and the annual yield from distributions compared to other financial instruments[155]. - The U.S. economy experienced the highest inflation rate in 40 years during the year ended December 31, 2022, which could adversely affect operating costs and consumer demand for lodging[114]. - The lodging industry is sensitive to economic conditions, with declines in corporate budgets and consumer demand potentially lowering revenue and profitability[118]. - The company faces high competition from other hotels and alternative accommodations, which could adversely affect occupancy, average daily rate (ADR), and revenue per available room (RevPAR)[119]. Regulatory and Taxation Issues - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, or it will face federal corporate income tax[163]. - The formation of TRSs increases the overall tax liability, as they are subject to federal, state, and local income tax on their taxable income[165]. - The company is subject to a 100% prohibited transactions tax, which may limit its ability to dispose of properties and incur material tax liabilities[179]. - If any subsidiary REIT fails to qualify as a REIT, it could lead to higher taxes and jeopardize the company's REIT status[173]. - The company may be subject to adverse legislative or regulatory tax changes that could affect its operations and stock price[174]. Operational Challenges - The TRS Lessees are subject to increased lodging property operating expenses, which could adversely affect their ability to pay rent[166]. - The company selectively provides mezzanine financing to developers, exposing it to credit financing risk in case of borrower default[115]. - The outbreak of highly infectious diseases, such as COVID-19, could significantly reduce the number of guests visiting the company's lodging properties, adversely affecting operations[116]. - Ongoing capital expenditures are required for renovations and improvements at lodging properties, which may impact financial position and cash flows[123]. - Development of lodging properties involves risks related to timing and budgeting, which could adversely affect financial results[124]. Environmental and Social Governance (ESG) - The company has established a Corporate Responsibility program since 2017 to address ESG concerns, which may lead to increased costs and compliance obligations[185]. - The company faces risks from climate change, including increased costs and potential business interruptions due to natural disasters[182]. - Regulatory developments related to climate change may impose substantial monitoring and compliance costs on the company[183]. - Increasing scrutiny on ESG matters may lead to higher costs and potential negative publicity, impacting consumer preference and investor sentiment[185]. - Unfavorable ESG ratings could negatively affect the company's share price and access to capital[187]. Internal Controls and Governance - The company cannot guarantee it will remain qualified as a REIT, which could impair its ability to expand and raise capital[160]. - The company may face challenges in maintaining effective internal controls, which are critical for accurate financial reporting[151]. - The company’s charter limits stockholders' voting rights and makes it difficult to remove directors[144]. - The company relies on third-party information for its ESG efforts, which may be prone to errors and could adversely affect its sustainability goals[186]. - Cybersecurity risks, including potential breaches and system disruptions, could negatively impact the company's operations and financial results[105].

Summit Hotel Properties, Inc. (NYSE:INN) Q3 2022 Results Conference Call November 2, 2022 9:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and CFO Conference Call Participants Neil Malkin - Capital One Michael Bellisario - Baird Austin Wurschmidt - KeyBanc Operator Good day, and thank you for standing by. Welcome to the Summit Hotel Properties Q3, 2022 Conf ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Summit Hotel Properties, Inc. (NYSE:INN) Q2 2022 Earnings Conference Call August 3, 2022 9:00 AM ET Company Participants Adam Wudel - SVP of Finance, Capital Markets and Treasurer Jon Stanner - President & CEO Trey Conkling - EVP & CFO Conference Call Participants Neil Malkin - Capital One Chris Woronka - Deutsche Bank Austin Wurschmidt - KeyBanc Capital Markets. Michael Bellisario - Baird Bill Crow - Raymond James Operator Thank you for standing by, and welcome to Summit Hotel Properties Second Quarter Fis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Financial Data and Key Metrics Changes - The company reported a pro forma RevPAR increase of approximately 78% from Q1 2021, driven by a 21% increase in occupancy and a 47% increase in ADR [9][32] - First quarter RevPAR reached $87 for the urban portfolio, with March and April RevPAR at $113 and $120 respectively, marking a 7% and 14% premium to the previous pandemic monthly high [23][24] - Pro forma hotel EBITDA for Q1 was $47.3 million, a 200% increase from Q1 2021, resulting in a 33% margin, nearly 13 percentage points higher than the previous year [32] Business Line Data and Key Metrics Changes - The urban portfolio saw significant growth, particularly in mid-week occupancy driven by corporate and group travel, with preliminary April occupancy at approximately 70% [8][11] - Non-urban hotels reported a Q1 RevPAR of $106, with resort hotels achieving a RevPAR of $183 due to strong spring break demand [26][27] - The company anticipates a combined hotel EBITDA yield of 8% to 9% for the newly acquired hotels in Miami and San Francisco [17] Market Data and Key Metrics Changes - RevPAR in March reached a pandemic era high of over $120, a 61% increase from January results, indicating strong recovery trends [7] - Preliminary April pro forma RevPAR was expected to be $119, approximately 90% of 2019 levels, despite entering slower seasonal periods for some markets [10] - The company noted that weekday pro forma RevPAR increased significantly, achieving $113 and $110 in March and April respectively, both over 20% higher than the previous pandemic peak [12] Company Strategy and Development Direction - The company is focused on opportunistic capital allocation, having executed approximately $1 billion in transactions since July 2021, with a strategy to identify and execute accretive transactions [21] - The company plans to close on the sale of the Hilton Garden Inn in San Francisco for $75 million, which will allow it to avoid a $7 million renovation [14][36] - The management emphasized the uniqueness of their mezzanine lending program, which allows for capturing better risk-adjusted returns without taking on outright development risk [17][58] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery trajectory, noting that pricing power remained strong in March and April, with no significant pushback from customers despite rising inflation [56] - The company expects continued improvement in weekday demand and strong performance during the summer season, with May and June recapture rates anticipated to be in line or better than April [13] - Management highlighted that the balance sheet remains robust, with over $450 million in liquidity and a well-positioned interest rate risk management strategy [39] Other Important Information - The company plans to invest $60 million to $80 million in capital expenditures for 2022, focusing on renovations across 13 hotels [34][41] - The company reported an adjusted FFO of $20.1 million for Q1, an increase of $27.1 million from Q1 2021 [33] Q&A Session Summary Question: Performance of Newcrest portfolio - Management indicated that the Newcrest portfolio is tracking slightly ahead of underwriting, with expectations of a 7% EBITDA yield for the full year [47] Question: Balance sheet and deleveraging strategy - Management discussed plans to use proceeds from the San Francisco asset sale to pay down debt, aiming for a more normalized debt to EBITDA ratio [49][50] Question: Impact of inflation on leisure travelers - Management noted no significant signs of pushback from customers regarding rising hotel rates, maintaining strong pricing power [56] Question: Future appetite for mezzanine investments - Management expressed a positive outlook on the mezzanine lending program, indicating a willingness to explore more opportunities despite current market challenges [58] Question: Differences in recovery pace among brand families - Management clarified that recovery differences are more market-driven rather than brand-driven, with leisure-oriented properties recovering more robustly [64]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...