☐ 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 ...

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 ...

Financial Data and Key Metrics Changes - Second quarter pro forma RevPAR increased approximately 54% from the second quarter of last year, driven by a 12.5% increase in occupancy and a 37% increase in ADR [6] - Hotel EBITDA recapture in the portfolio was 89% of 2019 second quarter results, with pro forma gross operating profit margins reaching just under 48%, representing 125 basis points of margin expansion over June of last year [7][11] - Pro forma hotel EBITDA for the second quarter was $70.7 million, a 94% increase from the second quarter of 2021, resulting in a 38% margin, the highest quarterly hotel EBITDA margin during the pandemic era [31] Business Line Data and Key Metrics Changes - The urban portfolio produced a second quarter RevPAR of $125, the highest quarterly RevPAR since the onset of the pandemic, surpassing first quarter 2022 urban RevPAR by approximately $34 or 38% [23] - Non-urban hotels achieved a second quarter RevPAR of $119, an increase of over 13% relative to first quarter 2022 and a 33% increase compared to the second quarter of 2021 [25] - The group segment's recovery was notable, with group room night contribution reaching 15% of the total portfolio mix, essentially flat to pre-pandemic levels [10] Market Data and Key Metrics Changes - Weekday pro forma RevPAR increased 26% from the first quarter and 67% from the same period last year, with weekday occupancy exceeding 71% for the quarter [9] - September RevPAR is pacing 14% ahead of August in the pro forma portfolio, positioning the company to achieve recapture rates to 2019 that are in line or potentially above the highest experienced in June [13] - Booking windows expanded, with same-day bookings declining from 19% to 15% of total bookings, indicating a return to pre-pandemic norms [27] Company Strategy and Development Direction - The company reinstated a quarterly common dividend of $0.04 per share, reflecting confidence in the cash flow profile and business outlook [14] - The company remains bullish on the long-term outlook for the NewcrestImage portfolio, expecting to realize benefits from recently implemented asset and revenue management strategies [19] - The company is focused on thoughtful transactions and executing its operating plan to enhance earnings and share price over time [50] Management's Comments on Operating Environment and Future Outlook - Management noted that the consumer remains healthy, with no signs of softness in leisure travel demand despite inflation concerns [102] - The company is optimistic about the recovery in urban markets, particularly as business transient travel continues to improve [47] - Management expects stabilization in the Newcrest portfolio to occur in 2023 or 2024, with benefits starting to show in the fall [75] Other Important Information - The company invested approximately $15 million in its portfolio during the second quarter, with expectations to spend $60 million to $80 million on a consolidated basis for the full year [33] - The overall liquidity position remains robust at more than $480 million, with ample liquidity to repay all maturing debt through 2024 [34] - The company has entered into two $100 million interest rate swap agreements to manage interest rate risk, extending the average duration of its swap portfolio [35] Q&A Session Summary Question: Insights on ADR for business travelers - Management indicated that historically, their portfolio has run higher rates than negotiated channels, and as business travel returns, there is significant upside potential for ADR [42][44] Question: Stock performance and catalysts for growth - Management expressed frustration with stock performance, noting that it does not reflect the quality of the portfolio and the transactions completed since the pandemic [46][48] Question: Urban vs. resort market performance - Management acknowledged that while leisure travel remains strong, there has been a shift of some leisure travel to urban markets, particularly those with leisure attractions [56] Question: Recent investment performance and future expectations - Management stated that recent acquisitions are trending ahead of underwriting, with expectations for stabilization in 2023 and 2024 [66][75] Question: Changes in buyer-seller expectations in the current market - Management noted that asset prices have trended lower, but there remains a deep buyer pool for high-quality assets, and they are open to evaluating seller financing if it makes sense [78][79]