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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35074 SUMMIT HOTEL PROPERTIES, INC. (Exact name of registrant as specified in its charter) of incorporation or organization) Maryland 27-296251 ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35074 SUMMIT HOTEL PROPERTIES, INC. 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 EX ...

Summit Hotel Properties, Inc. (NYSE:INN) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Adam Wudel - Investor Relations Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Baird Bill Crow - Raymond James Dany Asad - Bank of America Operator Good day and thank you for standing by. Welcome to the Summit Hotel Proper ...

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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive ...

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 ...