Summit Hotel Properties, Inc. (NYSE:INN) Q4 2021 Earnings Conference Call February 24, 2022 9:00 AM ET Company Participants Adam Wudel - SVP, Finance & Capital Markets Jonathan Stanner - President, CEO & Director William Conkling - EVP & CFO Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Robert W. Baird & Co. Neil Malkin - Capital One Securities Chris Woronka - Deutsche Bank William Crow - Raymond James & Associates Operator Good day, and thank you for standing ...

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, 2021 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) Securities registered pursuant to Section 12(b) of t ...

Financial Data and Key Metrics Changes - The company reported a pro forma RevPAR of $98 for Q3 2021, more than double the RevPAR from Q3 2020 and 24% lower than Q3 2019, showing significant improvement from earlier in the year [11] - Corporate cash flow reached $18.5 million in Q3, more than triple the cash flow from Q2 2021, with pro forma hotel EBITDA at $38.8 million, exceeding the previous two quarters combined by approximately $5 million [25][28] - Operating costs per occupied room declined nearly 10% compared to 2019, leading to a gross operating profit margin of 47% and hotel EBITDA margin of 35% in Q3 [26] Business Line Data and Key Metrics Changes - The resort and non-urban hotels experienced a RevPAR growth of 12% relative to Q2 2021, with a nominal RevPAR exceeding $100 [18] - Urban hotels saw a RevPAR increase of 43% from Q2 2021 to approximately $94, driven by a 24% increase in ADR [19] - Full week group RevPAR for the total portfolio increased by 76% relative to Q2 2021, while weekday group RevPAR increased by 100% during the same period [22] Market Data and Key Metrics Changes - Demand growth was primarily driven by increases in group business and negotiated business segments, with negotiated room revenue increasing approximately 28% in Q3 over Q2 [10][22] - Weekend occupancy averaged 80% during Q3, with mid-week occupancy climbing to 64%, indicating a narrowing gap between weekday and weekend occupancy [13] - The company noted a reacceleration in demand in the latter half of September, with occupancy averaging nearly 70% during the last two weeks of the quarter [10] Company Strategy and Development Direction - The company announced a transformational acquisition of 27 hotels for a total consideration of $822 million, aimed at enhancing its portfolio in high-growth markets [7][30] - The acquisition is expected to be immediately accretive to earnings and leverage-neutral, with a stabilized NOI yield of 8% to 8.5% [31][33] - The company plans to continue renovations and capital expenditures between $15 million and $20 million for the year, reflecting confidence in long-term demand trends [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of corporate transient demand trends, with indications of a more robust return of corporate travel [10] - The company highlighted the favorable dynamics in Texas and Sunbelt markets, which are expected to benefit from migration patterns and corporate relocation activity [31][52] - Management acknowledged ongoing labor challenges but indicated a commitment to maintaining a lean staffing model while gradually increasing FTEs as demand recovers [26][62] Other Important Information - The company completed the acquisition of a newly built 110 guestroom residence for $33 million, which has performed exceptionally well since acquisition [14][15] - The company accessed capital markets in August, issuing $100 million of preferred equity to refinance existing debt and strengthen liquidity [28] Q&A Session Summary Question: Details on accretion numbers from NewcrestImage transactions - Management expects the transaction to be immediately accretive to earnings, with a stabilized NOI yield between 8% and 8.5% [40] Question: NewcrestImage's holding period intentions - Shares will be subject to a 6-month lockup period, and the partnership is expected to be long-term [42] Question: Ramp-up of EBITDA from the new portfolio - The new portfolio is expected to have a different growth profile, with higher growth potential due to the inclusion of newer assets [48] Question: Comfort with Texas exposure - Management is confident in the growth dynamics in Texas, citing strong migration and job growth [50] Question: Future acquisition plans post-transaction - While the transaction will keep management busy, the company remains open to opportunistic acquisitions [56] Question: Labor dynamics in new markets - Management noted better labor dynamics in the new markets, which were a consideration in the acquisition [75] Question: Supply growth outlook - The new development pipeline has slowed significantly, leading to expectations of below-average supply growth for several years [78]

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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, 2021 (512) 538-2300 For the tra ...

I N V E S T O R P R E S E N T A T I O N S E P T E M B E R 2 0 2 1 | N Y S E : I N N Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "m ...

Summit Hotel Properties Inc. (NYSE:INN) Q2 2021 Earnings Conference Call August 4, 2021 9:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer Jon Stanner - Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Neil Malkin - Capital One Austin Wurschmidt - KeyBanc Dany Asad - Bank of America Michael Bellisario - Baird Bill Crow - Raymond James Operator Thank you for standing by, and welc ...

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, 2021 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 pro forma RevPAR at $53, a decline of 45% compared to last year and 59% compared to Q1 2019, but a 23% improvement over Q4 2020 [7] - March RevPAR finished above $65, representing a 27% month-over-month increase from February, with preliminary April results suggesting a RevPAR of nearly $70 [5][6] - Corporate level cash burn in March was less than $1 million, with expectations to be near or cash flow positive in April [6] Business Line Data and Key Metrics Changes - Nine resort hotels led the recovery with first quarter occupancy exceeding 76% and RevPAR exceeding $100, driven by strong leisure demand [9] - Urban hotels reported post-pandemic highs in occupancy and RevPAR, exceeding 50% occupancy in April [10] - The average occupancy for weekdays during March was over 50%, marking a significant recovery [8] Market Data and Key Metrics Changes - The company gained market share with a RevPAR index of 133%, a nine percentage point increase relative to competitive sets [7] - ADR in March was 9% higher than February and 14% higher than January, indicating a positive trend in pricing [11] - Year-to-date through April, urban hotels experienced ADR growth of approximately 27% from December of the previous year [12] Company Strategy and Development Direction - The company plans to accelerate renovations starting in Q4 2021, taking advantage of improving demand trends [17][18] - The joint venture with GIC now holds 11 assets with total investments of nearly $450 million, focusing on unique and opportunistic investments [20] - The company aims to maintain a lean staffing model while addressing challenges in rehiring hourly staff due to enhanced unemployment benefits [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery trajectory, particularly in leisure demand, with expectations for a robust summer travel season [26] - The return of corporate travel is anticipated as case counts decline and vaccine distribution broadens, contributing to future demand [26] - Management acknowledged ongoing challenges in the operating environment but noted that hotels are consistently profitable [13][15] Other Important Information - The company completed a convertible notes offering generating gross proceeds of $287.5 million at a 1.5% coupon [21] - The joint venture revolving credit facility was amended to provide waivers of certain covenants through the end of the year [23] - New management team additions were announced, including a new CFO and a new board member [24][25] Q&A Session Summary Question: Can you provide insights on ADR trends and corporate travel? - Management noted that March ADR was 14% higher than January, with expectations for continued growth, particularly with the return of corporate travel [30][31] Question: How is the company managing labor challenges? - Management acknowledged labor challenges due to unemployment benefits but emphasized efforts to retain key staff and gradually reintroduce normal staffing levels [50][51] Question: What is the strategy behind the GIC joint venture and asset contributions? - Management explained that the asset contributions were based on finding markets where GIC could be more constructive on pricing, with no specific number of assets predetermined [35][60] Question: How does the company view future acquisitions and capital deployment? - Management indicated a busy acquisition pipeline and the potential for redeploying capital into unique opportunities, emphasizing flexibility in capital allocation [64][62] Question: What are the plans for capital expenditures and renovations? - Management plans to accelerate renovations in response to improving demand, focusing on room and public space upgrades [88][89]

I N V E S T O R P R E S E N T A T I O N A P R I L 2 0 2 1 | N Y S E : I N N Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," or ...

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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...