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  Title	Form 8-K - Current report
  ID	7255717
  External ID	7576972214
  Author	Unknown
  Published Date	Feb. 24, 2025, 4:01 p.m.
  Summary	FALSE us-gaap:CommonStockMember inn:SeriesECumulativeRedeemablePreferredStock001ParValueMember inn:SeriesFCumulativeRedeemablePreferredStock001ParValueMember UNITED STATES SECURIT
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  URL	https://mx.advfn.com/bolsa-de-valores/nyse/inn-f/noticias/95500524/form-8-k-current-report
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  Content ID	4560963
  Key	7cdd365a-a4f0-4743-99cd-16a1762a4ac8
  Content	FALSE us-gaap:CommonStockMember inn:SeriesECumulativeRedeemablePreferredStock001ParValueMember inn:SeriesFCumulativeRedeemablePreferredStock001ParValueMember UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 24, 2025 SUMMIT HOTEL PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction (Commission File Number) (I.R.S. Employer Identification No.) of incorporation or organization) 13215 Bee Cave Parkway Suite B-300 Austin TX (Address of Principal Executive Offices) (Zip Code) (Registrant's telephone number, including area code) Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value INN New York Stock Exchange Series E Cumulative Redeemable Preferred Stock, $0.01 par value INN-PE New York Stock Exchange Series F Cumulative Redeemable Preferred Stock, $0.01 par value INN-PF New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter) ☐ Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 2.02. Results of Operations and Financial Condition. On February 24, 2025, Summit Hotel Properties, Inc. (the “Company”) issued a press release announcing the consolidated operating results of the Company and its subsidiaries for the fourth quarter and year ended December 31, 2024. The press release referred to supplemental financial information for the fourth quarter and full year 2024 that is available on the Company's website at www.shpreit.com . A copy of the press release and the supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report. The information in this Report, including the exhibits, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings. Item 9.01. Financial Statements and Exhibits. (d) Exhibits Press release issued February Fourth Quarter and Full Year 2024 Supplemental Data Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SUMMIT HOTEL PROPERTIES, INC. Date: February 24, 2025 By: /s/ Christopher R. Eng Christopher R. Eng Executive Vice President, General Counsel, Chief Risk Officer and Secretary 13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738 Telephone: 512-538-2300 Fax: 512-538-2333 www.shpreit.com NEWS RELEASE SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS Full Year Operating Income Increases to $103.5 million Full Year Adjusted EBITDAre Grows to $192.2 million; AFFO increases 5.6% to $0.96 per share Completed Over $200 Million of Accretive Transaction Activity in 2024 Austin, Texas, February 24, 2025 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the three and twelve months ended December 31, 2024. “We are pleased with our fourth quarter and full-year 2024 financial results, driven by pro forma RevPAR growth that exceeded industry average growth for the third consecutive year, effective expense management, and the continued success of our accretive capital recycling program. These efforts drove nearly six percent growth in Adjusted FFO in 2024. Despite a low RevPAR growth environment, pro forma hotel EBITDA margins remained essentially unchanged year-over-year, underscoring the strength of our best-in-class operating platform. During the fourth quarter, we closed on the acquisition of the Hampton Inn Boston-Logan Airport and the Hilton Garden Inn Tysons Corner for $96 million, which represents an 8.8 percent net capitalization rate on 2024 net operating income for the two hotels. This acquisition was facilitated by nearly $150 million of asset sales completed over the past 18 months for hotels with lower nominal RevPAR levels and meaningful upcoming capital requirements. Combined, our recent transaction activity has been accretive to our financial results, reduced our balance sheet leverage, and enhanced both the quality and growth profile of our portfolio,” said Jonathan P. Stanner, the Company's President and Chief Executive Officer. “Our outlook for 2025 remains positive, supported by stable demand trends and anticipated growth in urban markets, which we expect to continue to drive our portfolio performance. Expense pressures normalized throughout 2024, and we are confident in our ability to continue managing operating costs effectively this year. Finally, with historically low industry supply growth and a stabilizing cost environment, our high-quality portfolio and strong operating platform position us well for a multi-year revenue and profitability growth cycle as demand strengthens,” continued Mr. Stanner. Fourth Quarter 2024 Summary • Net Income: Net income attributable to common stockholders was $0.7 million, or $0.01 per diluted share, compared to a net loss of $16.6 million, or $0.16 per diluted share, for the fourth quarter of 2023. • Pro forma RevPAR: Pro forma RevPAR increased 1.4 percent to $117.21 compared to the fourth quarter of 2023. Pro forma ADR increased 0.9 percent to $164.00 compared to the same period in 2023, and pro forma occupancy increased 0.5 percent to 71.5 percent. • Same Store RevPAR: Same store RevPAR increased 1.3 percent to $116.52 compared to the fourth quarter of 2023. Same store ADR increased 0.8 percent to $163.55, and same store occupancy increased 0.4 percent to 71.2 percent. • Pro Forma Hotel EBITDA Pro forma hotel EBITDA decreased 2.8 percent to $60.4 million from $62.1 million in the same period in 2023. Pro forma hotel EBITDA margin contracted approximately 140 basis points to 34.1 percent. When adjusting for property tax increases year-over-year, which were primarily related to refunds received in 2023, pro forma hotel EBITDA margin contracted approximately 85 basis points. • Same Store Hotel EBITDA Same store hotel EBITDA decreased 4.1 percent to $57.1 million from $59.5 million in the same period in 2023. Same store hotel EBITDA margin contracted approximately 187 basis points to 33.6 percent. When adjusting for property tax increases year-over-year, which were primarily related to refunds received in 2023, same store hotel EBITDA margin contracted approximately 125 basis points. • Adjusted EBITDA re Adjusted EBITDA re decreased to $42.1 million from $46.4 million in the fourth quarter of 2023. 1 | P a g e • Adjusted FFO Adjusted FFO decreased to $25.2 million, or $0.20 per diluted share, compared to $26.9 million, or $0.22 per diluted share, in the fourth quarter of 2023. Full Year 2024 Summary • Net Income: Net income attributable to common stockholders was $25.1 million, or $0.22 per diluted share, compared to a net loss of $28.0 million, or $0.27 per diluted share, in the same period of 2023. • Pro forma RevPAR: Pro forma RevPAR increased 1.8 percent to $124.13 compared to the same period of 2023. Pro forma ADR increased 0.6 percent to $167.84, and pro forma occupancy increased 1.2 percent to 74.0 percent. • Same Store RevPAR: Same store RevPAR increased 1.7 percent to $123.34 compared to the same period of 2023. Same store ADR increased 0.4 percent to $167.30, and same store occupancy increased 1.2 percent to 73.7 percent. • Pro Forma Hotel EBITDA Pro forma hotel EBITDA increased 2.0 percent to $264.7 million from $259.5 million, and pro forma hotel EBITDA margin contracted 7 basis points to 35.6 percent. • Same Store Hotel EBITDA Same store hotel EBITDA increased 1.6 percent to $252.5 million from $248.6 million, and same store hotel EBITDA margin contracted 18 basis points to 35.5 percent. • Adjusted EBITDA re Adjusted EBITDA re increased 1.1 percent to $192.2 million from $190.0 million in the same period of 2023. • Adjusted FFO Adjusted FFO increased 5.6 percent to $119.2 million, or $0.96 per diluted share, compared to $112.9 million, or $0.92 per diluted share, in the same period of 2023. 2 | P a g e The Company's results for the three and twelve months ended December 31, 2024 and 2023 are as follows (in thousands, except per share amounts and metrics): For the Three Months Ended December 31, For the Twelve Months Ended December 31, Net income (loss) attributable to common stockholders Net income (loss) per diluted share Total revenues EBITDAre Adjusted EBITDAre FFO Adjusted FFO FFO per diluted share and unit Adjusted FFO per diluted share and unit Pro Forma RevPAR RevPAR Growth Hotel EBITDA Hotel EBITDA Margin Hotel EBITDA Margin Change (140) bps (7) bps Same Store RevPAR RevPAR Growth Hotel EBITDA Hotel EBITDA Margin Hotel EBITDA Margin Change (187) bps (18) bps (1) See tables later in this press release for a discussion and reconciliation of net income (loss) to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDAre, adjusted EBITDAre, funds from operations (“FFO”), FFO per diluted share and unit, adjusted FFO (“AFFO”), and AFFO per diluted share and unit, as well as a reconciliation of operating income to hotel EBITDA. See “Non-GAAP Financial Measures” at the end of this release. (2) Unless stated otherwise in this release, all pro forma information includes operating and financial results for 97 hotels owned as of December 31, 2024, as if each hotel had been owned by the Company since January 1, 2023 and remained open for the entirety of the reporting period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2023, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. (3) All same store information includes operating and financial results for 93 hotels owned as of December 31, 2024, and at all times during the three and twelve months ended December 31, 2024, and 2023. 3 | P a g e Acquisition Activity During the fourth quarter 2024, the Company, through its joint venture with GIC, completed the acquisition of the 250-guestroom Hampton Inn Boston - Logan Airport and the 149-guestroom Hilton Garden Inn Tysons Corner for a combined purchase price of $96.0 million, or $241,000 per key. The purchase price represents an 8.8% capitalization rate based on 2024 net operating income and no meaningful capital expenditures are planned prior to the fourth quarter of 2026. The two premium-branded hotels are located in high barrier-to-entry, gateway city submarkets and generate RevPAR, EBITDA margin and EBITDA per key metrics that are accretive to our existing portfolio. The purchase price represents an attractive going-in yield and a significant discount to replacement cost. The transaction was financed with a mix of cash on hand and a $50.0 million term loan raised in conjunction with exercising a portion of the accordion option on the GIC joint venture's existing $200.0 million credit facility. The term loan has an interest rate of SOFR + 210 basis points, and a fully extended maturity date of September 2028. The Company's $24.0 million of required equity for its 51% share of the transaction was funded primarily from the net sale proceeds from sale of the Four Points by Sheraton San Francisco Airport, which was completed in October 2024, as well as cash on hand. Acquired Hotels (2023 & 2024) Count Keys Date Price Year 1 Capex Year 1 RevPAR Cap Rate Residence Inn Scottsdale North June 2023 Nordic Lodge Steamboat Springs June 2023 Hampton Inn Boston-Logan Airport & Hilton Garden Inn Tysons Corner Dec 2024 N/A Total Since 2023, the Company has acquired four hotels for $138.7 million through its joint venture with GIC at a blended capitalization rate of nearly nine percent, including near-term capital needs. Disposition Activity In 2024, the Company and its affiliates sold five hotels for a combined sales price of nearly $112 million. Since 2023, the Company and its affiliates have sold a total of 10 hotels for a combined sales price of nearly $150 million at a blended capitalization rate of less than 5%, inclusive of an estimated $47 million of foregone capital needs, based on the trailing twelve-month net operating income at the time of each sale. The combined RevPAR for the sold hotels was $85 which is an approximate 30% discount to the current pro forma portfolio. The Company's disposition activity has facilitated nearly a full turn reduction in its Net Debt to Adjusted EBITDAre leverage ratio, enhanced the quality and growth profile of the portfolio, significantly reduced near-term capital requirements, and enabled the acquisition of two high quality hotels. Sold Hotels (2023 & 2024) Count Keys Date Price Capex RevPAR Cap Rate Hyatt Place Chicago/Lombard May 2023 Hyatt Place Chicago/Hoffman Estates May 2023 Hilton Garden Inn Minneapolis/Eden Prairie May 2023 Holiday Inn Express & Suites Minnetonka May 2023 Hyatt Place Baltimore/Owings Mills Dec 2023 Hyatt Place Dallas/Plano Feb 2024 New Orleans (2) Convention Center Apr 2024 Hilton Garden Inn College Station Apr 2024 Four Points San Francisco Airport Oct 2024 N/M Total (1) In thousands. (2) Reflects estimated near-term foregone capital expenditures for dispositions. (3) Reflects RevPAR for the twelve-month period immediately prior to sale. (4) Based on 2024 Net Operating Income. (5) Based on trailing twelve month Net Operating Income through the date of disposition. (6) The hotel's Net Operating Income at the time of sale was de minimis. 4 | P a g e Capital Markets and Balance Sheet On a pro rata basis as of December 31, 2024, the Company had the following outstanding indebtedness and liquidity available: • Outstanding debt of $1.1 billion with a weighted average interest rate of 4.55 percent. After giving effect to interest rate derivative agreements, $774.9 million, or 72 percent, of our outstanding debt had a fixed interest rate, and $302.9 million, or 28 percent, had a variable interest rate. • Unrestricted cash and cash equivalents of $32.5 million. • Total liquidity of approximately $350 million, including unrestricted cash and cash equivalents and revolving credit facility availability, which reflects a liquidity enhancement option available for the Company to exercise at its sole discretion. Common and Preferred Dividend Declaration On January 23, 2025, the Company declared a quarterly cash dividend of $0.08 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP. The quarterly dividend of $0.08 per share represents an annualized dividend yield of 5.1 percent, based on the closing price of shares of the common stock on February 21, 2025. In addition, the Board of Directors declared a quarterly cash dividend of: • $0.390625 per share on its 6.25% Series E Cumulative Redeemable Preferred Stock • $0.3671875 per share on its 5.875% Series F Cumulative Redeemable Preferred Stock • $0.328125 per unit on its 5.25% Series Z Cumulative Perpetual Preferred Units The dividends are payable on February 28, 2025 to holders of record as of February 14, 2025. 2025 Outlook The Company is providing its outlook for the full-year 2025 based on 97 lodging assets owned as of year-end 2024. There are no additional acquisitions, dispositions, or capital markets activities assumed in the Company's full year 2025 outlook. FYE 2025 Outlook Low High Pro Forma RevPAR Growth Adjusted EBITDAre Adjusted FFO Adjusted FFO per share of Common Stock and Common Units Capital Expenditures, Pro Rata (1) All pro forma information includes operating and financial results for 97 lodging assets owned as of December 31, 2024, as if each property had been owned by the Company since January 1, 2024 and will continue to be owned through the entire year ending December 31, 2025. As a result, the pro forma information includes operating and financial results for lodging assets acquired since January 1, 2024, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. 5 | P a g e Fourth Quarter 2024 Earnings Conference Call The Company will conduct its quarterly conference call on February 25, 2025 at 9:00 AM ET. To access the conference call, please pre-register using this link . Registrants will receive a confirmation with dial-in details. A live webcast of the conference call can be accessed using this link . A replay of the webcast will be available in the Investors section of the Company's website, www.shpreit.com , until April 30, 2025. Supplemental Disclosures In conjunction with this press release, the Company has furnished a financial supplement with additional disclosures on its website. Visit www.shpreit.com for more information. The Company has no obligation to update any of the information provided to conform to actual results or changes in portfolio, capital structure, or future expectations. About Summit Hotel Properties Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry. As of February 24, 2025, the Company's portfolio consisted of 97 assets, 53 of which are wholly owned, with a total of 14,553 guestrooms located in 25 states. For additional information, please visit the Company's website, www.shpreit.com , and follow on X at @SummitHotel_INN. Contact: Kevin Milota SVP - Corporate Finance Summit Hotel Properties, Inc. 6 | P a g e Forward-Looking Statements This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan,” “likely,” “would” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, or other forward-looking information. Examples of forward-looking statements include the following: the Company's ability to realize growth from the deployment of renovation capital; projections of the Company's revenues and expenses, capital expenditures or other financial items; descriptions of the Company's plans or objectives for future operations, acquisitions, dispositions, financings, redemptions or services; forecasts of the Company's future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, EBITDAre, Adjusted EBITDAre, FFO and AFFO; the Company's outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth, AFFO, AFFO per diluted share and unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission (“SEC”). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. For information about the Company's business and financial results, please refer to the “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations. 7 | P a g e Summit Hotel Properties, Inc. Consolidated Balance Sheets (In thousands) December 31, 2024 December 31, 2023 ASSETS Investments in lodging property, net Investment in lodging property under development Assets held for sale, net Cash and cash equivalents Restricted cash Right-of-use assets, net Trade receivables, net Prepaid expenses and other Deferred charges, net Other assets Total assets LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY Liabilities: Debt, net of debt issuance costs Lease liabilities, net Accounts payable Accrued expenses and other Total liabilities Redeemable non-controlling interests Total stockholders' equity Non-controlling interests Total equity Total liabilities, redeemable non-controlling interests and equity 8 | P a g e Summit Hotel Properties, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, (Unaudited) Revenues: Room Food and beverage Other Total revenues Expenses: Room Food and beverage Other lodging property operating expenses Property taxes, insurance and other Management fees Depreciation and amortization Corporate general and administrative Transaction costs — Loss on impairment and write-down of assets Recovery of credit losses — — Total expenses Gain (loss) on disposal of assets, net Operating income Other income (expense): Interest expense Interest income Gain on extinguishment of debt — — — Other income, net Total other expense, net (Loss) income from continuing operations before income taxes Income tax benefit (expense) Net income (loss) Less - Loss attributable to non-controlling interests Net income (loss) attributable to Summit Hotel Properties, Inc. before preferred dividends Less - Distributions to and accretion of redeemable non-controlling interests Less - Preferred dividends Net income (loss) attributable to common stockholders Income (loss) per common share: Basic Diluted Weighted-average common shares outstanding: Basic Diluted 9 | P a g e Summit Hotel Properties, Inc. Reconciliation of Net Income (Loss) to Non-GAAP Measures - Funds From Operations (Unaudited) (In thousands, except per share and unit amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, Net income (loss) Preferred dividends Distributions to and accretion of redeemable non-controlling interests Loss related to non-controlling interests in consolidated joint ventures Net income (loss) applicable to common shares and Common Units Real estate-related depreciation Loss on impairment and write-down of assets (Gain) loss on disposal of assets and other dispositions, net FFO adjustments related to non-controlling interests in consolidated joint ventures FFO applicable to common shares and Common Units Recoveries of credit losses — — Amortization of deferred financing costs Amortization of franchise fees Amortization of intangible assets, net Equity-based compensation Transaction costs — Debt transaction costs — Gain on extinguishment of debt — — — Non-cash interest income — Non-cash lease expense, net Casualty losses, net Deferred tax expense Reversal of valuation allowance on deferred tax assets — — AFFO adjustments related to non-controlling interests in consolidated joint ventures Non-cash state taxes and other, net AFFO applicable to common shares and Common Units FFO per share of common share/Common Unit AFFO per common share/Common Unit Weighted-average diluted common shares/Common Units: FFO and AFFO (1) Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated value of the embedded purchase option in the note receivable. (2) The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. 10 | P a g e Summit Hotel Properties, Inc. Reconciliation of Weighted Average Diluted Common Shares (Unaudited) (In thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, Weighted average common shares outstanding - diluted Adjusted for: Non-GAAP adjustment for restricted stock awards Non-GAAP adjustment for dilutive effects of Common Units Non-GAAP adjustment for dilutive effect of shares of common stock issuable upon conversion of convertible debt — — — Non-GAAP weighted diluted share of common stock and Common Units (1) Adjustment reflects the difference between the total weighted-average unvested restricted time-based shares outstanding as of the reporting date and the weighted-average restricted time-based shares computed for diluted earnings per share under the treasury stock method in accordance with GAAP, plus the difference between the estimated total weighted average unvested restricted performance-based shares expected to vest based on achievement of the performance measures as if the vesting date were the reporting date and the estimated weighted-average unvested restricted performance-based shares computed for diluted earnings per share under the treasury stock method in accordance with GAAP. (2) The weighted-average shares of Common Stock and Common Units used to calculate FFO and AFFO per share of Common Stock and Common Unit for the three and twelve months ended December 31, 2024 and 2023 exclude the potential dilution related to our Convertible Notes as we intend to settle the principal value of the Convertible Notes in cash. 11 | P a g e Summit Hotel Properties, Inc. Reconciliation of Net Income (Loss) to Non-GAAP Measures - EBITDAre (Unaudited) (In thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, Net income (loss) Depreciation and amortization Interest expense Interest income on cash deposits Income tax (benefit) expense EBITDA Loss on impairment and write-down of assets (Gain) loss on disposal of assets and other dispositions, net EBITDA re Recoveries of credit losses — — Amortization of key money liabilities Equity-based compensation Transaction costs — Debt transaction costs — Gain on extinguishment of debt — — — Non-cash interest income — Non-cash lease expense, net Casualty losses, net Loss related to non-controlling interests in consolidated joint ventures Adjustments related to non-controlling interests in consolidated joint ventures Non-cash state taxes and other, net Adjusted EBITDA re (1) Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated fair value of the embedded purchase option in the note receivable. 12 | P a g e Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, Pro Forma Operating Data: Pro forma room revenue Pro forma other hotel operations revenue Pro forma total revenues Pro forma total hotel operating expenses Pro forma hotel EBITDA Pro forma hotel EBITDA Margin Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures Revenue: Total revenues Total revenues - acquisitions Total revenues - dispositions Pro forma total revenues Hotel Operating Expenses: Hotel operating expenses Hotel operating expenses - acquisitions Hotel operating expenses - dispositions Pro forma hotel operating expense Hotel EBITDA: Operating income (Gain) loss on disposal of assets and other dispositions, net Loss on impairment and write-down of assets Recoveries of credit losses — — Transaction costs — Corporate general and administrative Depreciation and amortization Hotel EBITDA Hotel EBITDA - acquisitions Hotel EBITDA - dispositions Same Store hotel EBITDA Hotel EBITDA - acquisitions Pro forma hotel EBITDA (1) Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if all such hotels had been owned by the Company since January 1, 2023. For hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to December 31, 2024. The financial results for the Acquired Hotels include information provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2023 (the “Disposed Hotels”), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2023 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. (2) For any hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to December 31, 2024 (the “Acquisition Period”) in determining same-store hotel EBITDA. (3) For hotels sold by the Company between January 1, 2023, and December 31, 2024 (the “Disposed Hotels”), the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on January 1, 2023, and ending on the date the Disposed Hotels were sold by the Company (the “Disposition Period”) in determining same-store hotel EBITDA. 13 | P a g e Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (In thousands, except operating statistics) Year Ended Pro Forma Operating Data: Q1 Q2 Q3 Q4 December 31, 2024 Pro forma room revenue Pro forma other hotel operations revenue Pro forma total revenues Pro forma total hotel operating expenses Pro forma hotel EBITDA Pro forma hotel EBITDA Margin Pro Forma Statistics: Rooms sold Rooms available Occupancy ADR RevPAR Actual Statistics: Rooms sold Rooms available Occupancy ADR RevPAR Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures Revenue: Total revenues Total revenues - acquisitions Total revenues - dispositions Pro forma total revenues Hotel Operating Expenses: Hotel operating expenses Hotel operating expenses - acquisitions Hotel operating expenses - dispositions Pro forma hotel operating expenses Hotel EBITDA: Operating income Gain on disposal of assets, net Loss on impairment and write-down of assets — — — Hotel acquisition and transition costs — — — Corporate general and administrative Depreciation and amortization Hotel EBITDA Hotel EBITDA - acquisitions Hotel EBITDA - dispositions Same store hotel EBITDA Hotel EBITDA - acquisitions Pro forma hotel EBITDA (1) Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if all such hotels had been owned by the Company since January 1, 2024. For hotels acquired by the Company after January 1, 2024, the Company has included in the pro forma information the financial results of each of the hotels acquired for the period from January 1, 2024, to December 31, 2024. The financial results for the hotels acquired include information provided by the third-party owner of such hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2024, the Company excludes the financial results of each of those hotels from January 1, 2024 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. (2) For any hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to December 31, 2024 (the “Acquisition Period”) in determining same-store hotel EBITDA. (3) For hotels sold by the Company between January 1, 2024, and December 31, 2024, the Company has excluded the financial results of each of the hotels for the period beginning on January 1, 2024, and ending on the date the hotels were sold by the Company in determining same-store hotel EBITDA. 14 | P a g e Summit Hotel Properties, Inc. Pro Forma and Same Store Data (Unaudited) For the Three Months Ended December 31, For the Twelve Months Ended December 31, Pro Forma Rooms sold Rooms available Occupancy ADR RevPAR Occupancy change ADR change RevPAR change For the Three Months Ended December 31, For the Twelve Months Ended December 31, Same-Store Rooms sold Rooms available Occupancy ADR RevPAR Occupancy change ADR change RevPAR change (1) Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if each hotel had been owned by the Company since January 1, 2023. As a result, these pro forma operating and financial measures include operating results for certain hotels for periods prior to the Company's ownership. (2) Same-store information includes operating results for 93 hotels owned by the Company as of January 1, 2023, and at all times during the three and twelve months ended December 31, 2024, and 2023. 15 | P a g e Summit Hotel Properties, Inc. Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDA for Financial Outlook (In thousands) (Unaudited) FYE 2025 Outlook Low High Net (loss) income Depreciation and amortization Interest expense Interest income Income tax expense EBITDA and EBITDAre Equity-based compensation Debt transaction costs Other non-cash items, net Loss (income) related to non-controlling interests in consolidated joint ventures Adjustments related to non-controlling interests in consolidated joint ventures Adjusted EBITDAre Summit Hotel Properties, Inc. Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations for Financial Outlook (In thousands except per share and unit) (Unaudited) FYE 2025 Outlook Low High Net (loss) income Preferred dividends Distributions to and accretion of redeemable non-controlling interests Loss (income) related to non-controlling interests in consolidated joint ventures Net loss applicable to common shares and Common Units Real estate-related depreciation Adjustments related to non-controlling interests in consolidated joint ventures FFO applicable to common shares and Common Units Amortization of deferred financing costs Amortization of franchise fees Equity-based compensation Debt transaction costs Other non-cash items, net Adjustments related to non-controlling interests in consolidated joint ventures AFFO applicable to common shares and Common Units Weighted average diluted common shares/Common Units for FFO and AFFO FFO per common share and Common Unit AFFO per common share/Common Unit 16 | P a g e Non-GAAP Financial Measures We disclose certain “non-GAAP financial measures,” which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations (“FFO”) and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDA re "), Adjusted EBITDA re , and hotel EBITDA (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss). Funds From Operations (“FFO”) and Adjusted FFO (“AFFO”) As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash lease expense, non-cash interest income and non-cash income tax related adjustments to our deferred tax assets. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of corporate depreciation and amortization expense. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this release, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted. 17 | P a g e EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry's supplemental measures such as FFO and net operating income (“NOI”) to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company's capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs. EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. We caution investors that amounts presented in accordance with our definitions of EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above, we include a quantitative reconciliation of EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss) and operating income (loss). 18 | P a g e 1 Earnings Release Supplement Fourth Quarter 2024 (UNAUDITED) February 24, 2025 2 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing 3 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 similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature: • our ability to increase our dividend per share of common stock; • the state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular; • market trends in our industry, interest rates, real estate values and the capital markets; • our business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions; • our projected operating results; • actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies; • our ability to manage our relationships with our management companies and franchisors; • our ability to maintain our existing and future financing arrangements; • changes in the value of our properties; • the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; • our ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code; • our ability to repay or refinance our indebtedness as it matures or becomes callable by lenders; • the availability of qualified personnel; • our ability to make distributions to our stockholders in the future; • the general volatility of the market price of our securities; and • the degree and nature of our competition. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other documents we have filed with the Securities and Exchange Commission. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement is effective only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law we are not obligated to, and do not intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, this presentation contains certain unaudited historical and pro forma information and metrics which are based or calculated from historical data that is maintained or produced by Summit Hotel Properties, Inc. or third parties. This presentation contain statistics and other data that may have been obtained from, or compiled from, information made available by third-parties. 4 Non-GAAP Financial Measures We disclose certain “non-GAAP financial measures,” which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations (“FFO”) and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non- GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss). FFO and AFFO As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, transaction costs, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash interest income and non-cash income tax related adjustments to our deferred tax asset. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, and certain transaction costs related to lodging property acquisition activities and debt, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of depreciation and amortization expense on assets at our corporate offices, which is de minimus. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this Earnings Release Supplement, FFO is based on our computation of FFO and not the computation of Nareit- defined FFO unless otherwise noted. 5 Non-GAAP Financial Measures (cont.) EBITDAre and Adjusted EBITDAre In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry's supplemental measures such as FFO and net operating income (“NOI”) to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company's capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs. EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to meet general operating expenses, to make capital expenditures and to fund other cash needs, or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. 6 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing 7 Summary Financial Results (Unaudited) For the Three Months Ended December 31, For the Twelve Months Ended December 31, (Amounts in thousands, except per share metrics and statistics) 2024 2023 2024 2023 Net income (loss) attributable to common stockholders $ 680 $ (16,571) $ 25,141 $ (27,990) Net income (loss) per diluted share $ 0.01 $ (0.16) $ 0.22 $ (0.27) Total revenues $ 172,931 $ 177,435 $ 731,783 $ 736,127 EBITDAre (1) $ 51,499 $ 56,581 $ 236,198 $ 228,882 Adjusted EBITDAre (1) $ 42,131 $ 46,384 $ 192,192 $ 190,022 FFO (1) $ 31,603 $ 24,186 $ 115,160 $ 96,778 Adjusted FFO (1) $ 25,230 $ 26,935 $ 119,206 $ 112,892 FFO per diluted share and unit (1) $ 0.25 $ 0.20 $ 0.93 $ 0.79 Adjusted FFO per diluted share and unit (1) $ 0.20 $ 0.22 $ 0.96 $ 0.92 Pro Forma (2) RevPAR $ 117.21 $ 115.62 $ 124.13 $ 121.93 RevPAR Growth 1.4 % 1.8 % Hotel EBITDA $ 60,368 $ 62,076 $ 264,712 $ 259,539 Hotel EBITDA Margin 34.1 % 35.5 % 35.6 % 35.7 % Hotel EBITDA Margin Change (140) bps (7) bps Same Store (3) RevPAR $ 116.52 $ 115.07 $ 123.34 $ 121.31 RevPAR Growth 1.3 % 1.7 % Hotel EBITDA $ 57,067 $ 59,529 $ 252,456 $ 248,559 Hotel EBITDA Margin 33.6 % 35.5 % 35.5 % 35.7 % Hotel EBITDA Margin Change (187) bps (18) bps 1. See tables later in this presentation for a discussion and reconciliation of Net income (loss) to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDAre, adjusted EBITDAre, funds from operations (“FFO”), FFO per diluted share and unit, adjusted FFO (“AFFO”), and AFFO per diluted share and unit, as well as a reconciliation of Operating income to hotel EBITDA. See “Non-GAAP Financial Measures” at the end of this presentation. 2. Unless stated otherwise in this presentation, all pro forma information includes operating and financial results for 97 lodging properties owned as of December 31, 2024, as if each hotel had been owned by the Company since January 1, 2023 and remained open for the entirety of the measurement period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2023, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. 3. All same store information includes 93 lodging properties owned as of December 31, 2024, with operating and financial results for the three and twelve months ended December 31, 2024 and 2023. 8 Summary Pro Forma Operating Results (Unaudited) 1. Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if all such hotels had been owned by the Company since January 1, 2024. For hotels acquired by the Company after January 1, 2024, the Company has included in the pro forma information the financial results of each of the hotels for the period from January 1, 2024, to December 31, 2024. The financial results for the hotels include information provided by the third-party owner of such hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2024, the Company excludes the financial results of each of those hotels from January 1, 2024 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. (Amounts in thousands, except operating statistics) 2024 Year Ended Pro Forma Operating Data: (1) Q1 Q2 Q3 Q4 December 31, 2024 Pro forma room revenue $ 164,004 $ 177,392 $ 162,848 $ 156,955 $ 661,199 Pro forma other hotel operations revenue 20,488 21,047 19,689 20,299 81,523 Pro forma total revenues 184,492 198,439 182,537 177,254 742,722 Pro forma total hotel operating expenses 117,992 122,775 120,357 116,886 478,010 Pro forma hotel EBITDA 66,500 75,664 62,180 60,368 264,712 Pro forma hotel EBITDA Margin 36.0 % 38.1 % 34.1 % 34.1 % 35.6 % Pro Forma Statistics: (1) Rooms sold 955,533 1,035,292 991,580 957,027 3,939,432 Rooms available 1,324,414 1,324,414 1,338,979 1,339,060 5,326,867 Occupancy 72.1 % 78.2 % 74.1 % 71.5 % 74.0 % ADR $ 171.64 $ 171.34 $ 164.23 $ 164.00 $ 167.84 RevPAR $ 123.83 $ 133.94 $ 121.62 $ 117.21 $ 124.13 Actual Statistics: Rooms sold 969,479 1,014,864 966,019 935,012 3,885,374 Rooms available 1,351,150 1,306,712 1,311,563 1,312,953 5,282,378 Occupancy 71.8 % 77.7 % 73.7 % 71.2 % 73.6 % ADR $ 172.70 $ 170.49 $ 162.95 $ 163.47 $ 167.48 RevPAR $ 123.92 $ 132.41 $ 120.02 $ 116.42 $ 123.19 9 Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Net income (loss) $ 916 $ (21,267) $ 38,891 $ (28,116) Depreciation and amortization 36,471 38,624 146,436 150,924 Interest expense 19,792 21,621 82,632 86,798 Interest income on cash deposits (263) (178) (829) (568) Income tax (benefit) expense (11,667) 1,119 (8,743) 2,798 EBITDA 45,249 39,919 258,387 211,836 Loss on impairment and write-down of assets 6,723 16,661 6,723 16,661 (Gain) loss on disposal of assets and other dispositions, net (473) 1 (28,912) 385 EBITDAre 51,499 56,581 236,198 228,882 Recoveries of credit losses — (730) — (1,230) Amortization of key money liabilities (124) (120) (486) (498) Equity-based compensation 1,795 1,829 8,132 7,742 Transaction costs — (11) 10 13 Debt transaction costs — 43 647 461 Gain on extinguishment of debt — — (3,000) — Non-cash interest income — (134) (400) (531) Non-cash lease expense, net 132 113 464 481 Casualty losses, net 814 261 177 2,112 Loss related to non-controlling interests in consolidated joint ventures 4,488 6,731 8,499 14,824 Adjustments related to non-controlling interests in consolidated joint ventures (16,251) (17,921) (58,793) (62,681) Non-cash state taxes and other, net (222) (258) 744 447 Adjusted EBITDAre $ 42,131 $ 46,384 $ 192,192 $ 190,022 10 Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Net income (loss) $ 916 $ (21,267) $ 38,891 $ (28,116) Preferred dividends (3,969) (3,969) (15,875) (15,875) Distributions to and accretion of redeemable non-controlling interests (656) (656) (2,626) (2,626) Loss related to non-controlling interests in consolidated joint ventures 4,488 6,731 8,499 14,824 Net income (loss) applicable to common shares and Common Units 779 (19,161) 28,889 (31,793) Real estate-related depreciation 35,903 37,436 142,493 146,187 Loss on impairment and write-down of assets 6,723 16,661 6,723 16,661 (Gain) loss on disposal of assets and other dispositions, net (473) 1 (28,912) 385 FFO adjustments related to non-controlling interests in consolidated joint ventures (11,329) (10,751) (34,033) (34,662) FFO applicable to common shares and Common Units 31,603 24,186 115,160 96,778 Recoveries of credit losses — (730) — (1,230) Amortization of deferred financing costs 1,702 1,531 6,582 5,910 Amortization of franchise fees 177 156 671 595 Amortization of intangible assets, net 266 909 2,786 3,642 Equity-based compensation 1,795 1,829 8,132 7,742 Transaction costs — (11) 10 13 Debt transaction costs — 43 647 461 Gain on extinguishment of debt — — (3,000) — Non-cash interest income — (134) (400) (531) Non-cash lease expense, net 132 113 464 481 Casualty losses, net 814 261 177 2,112 Deferred tax expense 765 21 762 84 Reversal of valuation allowance on deferred tax assets (12,061) — (12,061) — AFFO adjustments related to non-controlling interests in consolidated joint ventures 259 (981) (1,468) (3,612) Non-cash state taxes and other, net (222) (258) 744 447 AFFO applicable to common shares and Common Units $ 25,230 $ 26,935 $ 119,206 $ 112,892 FFO per share of common share/Common Unit $ 0.25 $ 0.20 $ 0.93 $ 0.79 AFFO per common share/Common Unit $ 0.20 $ 0.22 $ 0.96 $ 0.92 Weighted-average diluted common shares/Common Units: FFO and AFFO 124,502 122,486 124,313 122,355 11 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) 1. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 2. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Q4 2024 Summit GIC Other GIC JV Other JVs (Amounts in thousands, except statistics) Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 Number Rooms Sold 550,312 579,058 363,501 371,171 21,199 20,730 935,012 970,959 Number of Rooms Available 788,362 843,115 499,199 513,452 25,392 25,300 1,312,953 1,381,867 Occupancy 69.8 % 68.7 % 72.8 % 72.3 % 83.5 % 81.9 % 71.2 % 70.3 % Average Daily Rate $ 163.95 $ 166.76 $ 160.05 $ 151.48 $ 209.72 $ 207.07 $ 163.47 $ 161.78 Room Revenue PAR $ 114.45 $ 114.53 $ 116.54 $ 109.51 $ 175.09 $ 169.67 $ 116.42 $ 113.67 Room Revenue 90,225 96,561 58,178 56,227 4,446 4,293 152,849 157,081 Other revenue 9,800 10,332 7,412 7,158 2,870 2,864 20,082 20,354 Total Revenue $ 100,025 $ 106,893 $ 65,590 $ 63,385 $ 7,316 $ 7,157 $ 172,931 $ 177,435 Hotel EBITDA $ 30,357 $ 36,082 $ 25,271 $ 23,501 $ 2,533 $ 2,695 $ 58,161 $ 62,278 % margin 30.3 % 33.8 % 38.5 % 37.1 % 34.6 % 37.7 % 33.6 % 35.1 % Net income (loss) $ 8,518 $ (8,137) $ (8,123) $ (13,679) $ 521 $ 549 $ 916 $ (21,267) $ 4,540 $ 6,786 $ (52) $ (55) $ 5,404 $ (14,536) Depreciation and amortization 18,790 20,174 16,586 17,370 1,095 1,080 36,471 38,624 (8,127) (8,511) (110) (108) 28,234 30,005 Interest expense 7,625 8,417 11,243 12,183 924 1,021 19,792 21,621 (5,509) (5,970) (92) (102) 14,191 15,549 Interest income (227) (169) (36) (9) — — (263) (178) 18 4 — — (245) (174) Income tax (benefit) expense (9,684) 401 (1,983) 718 — — (11,667) 1,119 972 (352) — — (10,695) 767 EBITDA $ 25,022 $ 20,686 $ 17,687 $ 16,583 $ 2,540 $ 2,650 $ 45,249 $ 39,919 $ (8,106) $ (8,043) $ (254) $ (265) $ 36,889 $ 31,611 Loss on impairment and write-down of assets — 11,270 6,723 5,391 — — 6,723 16,661 (3,294) (2,642) — — 3,429 14,019 (Gain) loss on disposal of assets and other dispositions, net (467) (7) (6) 8 — — (473) 1 3 (4) — — (470) (3) EBITDAre $ 24,555 $ 31,949 $ 24,404 $ 21,982 $ 2,540 $ 2,650 $ 51,499 $ 56,581 $ (11,397) $ (10,689) $ (254) $ (265) $ 39,848 $ 45,627 Recoveries of credit losses — (730) — — — — — (730) — — — — — (730) Amortization of key money liabilities (55) (51) (51) (51) (18) (18) (124) (120) 25 25 2 2 (97) (93) Equity-based compensation 1,795 1,829 — — — — 1,795 1,829 — — — — 1,795 1,829 Transaction costs — 1 — (12) — — — (11) — 6 — — — (5) Debt transaction costs — 44 — (1) — — — 43 — — — — — 43 Non-cash interest income (1) — (134) — — — — — (134) — — — — — (134) Non-cash lease expense, net 126 104 6 9 — — 132 113 (3) (4) — — 129 109 Casualty losses (gains), net 538 (283) 276 544 — — 814 261 (135) (267) — — 679 (6) Non-cash state taxes and other, net (222) (256) — (2) — — (222) (258) (1) 2 — — (223) (256) Adjusted EBITDAre $ 26,737 $ 32,473 $ 24,635 $ 22,469 $ 2,522 $ 2,632 $ 53,894 $ 57,574 $ (11,511) $ (10,927) $ (252) $ (263) $ 42,131 $ 46,384 12 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) 1. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 2. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. YTD 2024 Summit GIC Other GIC JV Other JVs (Amounts in thousands, except statistics) Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 Number Rooms Sold 2,320,897 2,416,720 1,481,801 1,479,685 82,676 78,664 3,885,374 3,975,069 Number of Rooms Available 3,201,236 3,410,723 1,980,389 2,010,814 100,753 100,375 5,282,378 5,521,912 Occupancy 72.5 % 70.9 % 74.8 % 73.6 % 82.1 % 78.4 % 73.6 % 72.0 % Average Daily Rate $ 169.81 $ 168.39 $ 161.37 $ 157.06 $ 211.39 $ 212.28 $ 167.48 $ 165.04 Room Revenue PAR $ 123.11 $ 119.32 $ 120.74 $ 115.58 $ 173.46 $ 166.37 $ 123.19 $ 118.81 Room Revenue 394,117 406,960 239,119 232,404 17,477 16,699 650,713 656,063 Other revenue 40,660 41,421 29,194 28,078 11,216 10,565 81,070 80,064 Total Revenue $ 434,777 $ 448,381 $ 268,313 $ 260,482 $ 28,693 $ 27,264 $ 731,783 $ 736,127 Hotel EBITDA $ 145,766 $ 149,478 $ 105,055 $ 99,920 $ 8,817 $ 8,624 $ 259,638 $ 258,022 % margin 33.5 % 33.3 % 39.2 % 38.4 % 30.7 % 31.6 % 35.5 % 35.1 % Net income (loss) $ 54,513 $ 2,081 $ (16,548) $ (30,589) $ 926 $ 392 $ 38,891 $ (28,116) $ 8,592 $ 14,863 $ (93) $ (39) $ 47,390 $ (13,292) Depreciation and amortization 76,722 78,122 65,360 68,636 4,354 4,166 146,436 150,924 (32,026) (33,632) (435) (417) 113,975 116,875 Interest expense 31,815 34,198 46,880 48,692 3,937 3,908 82,632 86,798 (22,971) (23,859) (394) (391) 59,267 62,548 Interest income (768) (523) (61) (45) — — (829) (568) 30 22 — — (799) (546) Income tax (benefit) expense (8,852) 428 109 2,370 — — (8,743) 2,798 (53) (1,161) — — (8,796) 1,637 EBITDA $ 153,430 $ 114,306 $ 95,740 $ 89,064 $ 9,217 $ 8,466 $ 258,387 $ 211,836 $ (46,428) $ (43,767) $ (922) $ (847) $ 211,037 $ 167,222 Loss on impairment and write-down of assets — 11,270 6,723 5,391 — — 6,723 16,661 (3,294) (2,642) — — 3,429 14,019 (Gain) loss on disposal of assets and other dispositions, net (28,738) 338 (193) 47 19 — (28,912) 385 95 (23) (2) — (28,819) 362 EBITDAre $ 124,692 $ 125,914 $ 102,270 $ 94,502 $ 9,236 $ 8,466 $ 236,198 $ 228,882 $ (49,627) $ (46,432) $ (924) $ (847) $ 185,647 $ 181,603 Recoveries of credit losses — (1,230) — — — — — (1,230) — — — — — (1,230) Amortization of key money liabilities (208) (220) (206) (206) (72) (72) (486) (498) 101 101 7 7 (378) (390) Equity-based compensation 8,132 7,742 — — — — 8,132 7,742 — — — — 8,132 7,742 Transaction costs 10 14 — (1) — — 10 13 — — — — 10 13 Debt transaction costs 627 336 20 125 — — 647 461 (10) (61) — — 637 400 Gain on extinguishment of debt (3,000) — — — — — (3,000) — — — — — (3,000) — Non-cash interest income (1) (400) (531) — — — — (400) (531) — — — — (400) (531) Non-cash lease expense, net 474 438 (10) 43 — — 464 481 5 (21) — — 469 460 Casualty losses (gains), net 1,280 789 (707) 1,214 (396) 109 177 2,112 346 (595) 40 (11) 563 1,506 Non-cash state taxes and other, net 274 449 470 (1) — (1) 744 447 (232) 2 — — 512 449 Adjusted EBITDAre $ 131,881 $ 133,701 $ 101,837 $ 95,676 $ 8,768 $ 8,502 $ 242,486 $ 237,879 $ (49,417) $ (47,006) $ (877) $ (851) $ 192,192 $ 190,022 13 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. 2. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 3. The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. Summit GIC Other GIC JV Other JVs Q4 2024 Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata (Amounts in thousands, except statistics) 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 Net income (loss) $ 8,518 $ (8,137) $ (8,123) $ (13,679) $ 521 $ 549 $ 916 $ (21,267) $ 4,540 $ 6,786 $ (52) $ (55) $ 5,404 $ (14,536) Preferred dividends (3,969) (3,969) — — — — (3,969) (3,969) — — — — (3,969) (3,969) Distributions to and accretion of redeemable non-controlling interests (656) (656) — — — — (656) (656) — — — — (656) (656) Net income (loss) applicable to common shares and Common Units $ 3,893 $ (12,762) $ (8,123) $ (13,679) $ 521 $ 549 $ (3,709) $ (25,892) $ 4,540 $ 6,786 $ (52) $ (55) $ 779 $ (19,161) Real estate-related depreciation 18,643 20,049 16,184 16,325 1,076 1,062 35,903 37,436 (7,930) (7,999) (108) (106) 27,865 29,331 Loss on impairment and write-down of assets — 11,270 6,723 5,391 — — 6,723 16,661 (3,294) (2,642) — — 3,429 14,019 (Gain) loss on disposal of assets and other dispositions, net (467) (7) (6) 8 — — (473) 1 3 (4) — — (470) (3) FFO applicable to common shares and Common Units $ 22,069 $ 18,550 $ 14,778 $ 8,045 $ 1,597 $ 1,611 $ 38,444 $ 28,206 $ (6,681) $ (3,859) $ (160) $ (161) $ 31,603 $ 24,186 Recoveries of credit losses — (730) — — — — — (730) — — — — — (730) Amortization of deferred financing costs 1,170 1,070 517 446 15 15 1,702 1,531 (253) (219) (2) (2) 1,447 1,310 Amortization of franchise fees 96 73 81 83 — — 177 156 (40) (41) — — 137 115 Amortization of intangible assets (4) (2) 270 911 — — 266 909 (132) (446) — — 134 463 Equity based compensation 1,795 1,829 — — — — 1,795 1,829 — — — — 1,795 1,829 Transaction costs — 1 — (12) — — — (11) — 6 — — — (5) Debt transaction costs — 44 — (1) — — — 43 — — — — — 43 Non-cash interest income (2) — (134) — — — — — (134) — — — — — (134) Non-cash lease expense, net 126 104 6 9 — — 132 113 (3) (4) — — 129 109 Casualty losses (gains), net 538 (283) 276 544 — — 814 261 (135) (267) — — 679 (6) Deferred tax expense 734 — 31 21 — — 765 21 (15) (10) — — 750 11 Reversal of deferred tax valuation allowance (10,347) — (1,714) — — — (12,061) — 840 — — — (11,221) — Non-cash state taxes and other, net (222) (258) — — — — (222) (258) (1) 2 — — (223) (256) AFFO applicable to common shares and common units (3) $ 15,955 $ 20,264 $ 14,245 $ 10,046 $ 1,612 $ 1,626 $ 31,812 $ 31,936 $ (6,420) $ (4,838) $ (162) $ (163) $ 25,230 $ 26,935 FFO per common share/Common Unit $ 0.25 $ 0.20 AFFO per common share/Common Unit $ 0.20 $ 0.22 Weighted-average diluted common shares/Common Units (3) 124,502 122,486 14 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. 2. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 3. The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. Summit GIC Other GIC JV Other JVs YTD 2024 Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata (Amounts in thousands, except statistics) YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 Net income (loss) $ 54,513 $ 2,081 $ (16,548) $ (30,589) $ 926 $ 392 $ 38,891 $ (28,116) $ 8,592 $ 14,863 $ (93) $ (39) $ 47,390 $ (13,292) Preferred dividends (15,875) (15,875) — — — — (15,875) (15,875) — — — — (15,875) (15,875) Distributions to and accretion of redeemable non-controlling interests (2,626) (2,626) — — — — (2,626) (2,626) — — — — (2,626) (2,626) Net income (loss) applicable to common shares and Common Units $ 36,012 $ (16,420) $ (16,548) $ (30,589) $ 926 $ 392 $ 20,390 $ (46,617) $ 8,592 $ 14,863 $ (93) $ (39) $ 28,889 $ (31,793) Real estate-related depreciation 76,163 77,628 62,048 64,465 4,282 4,094 142,493 146,187 (30,404) (31,588) (428) (409) 111,661 114,190 Loss on impairment and write-down of assets — 11,270 6,723 5,391 — — 6,723 16,661 (3,294) (2,642) — — 3,429 14,019 (Gain) loss on disposal of assets and other dispositions, net (28,738) 338 (193) 47 19 — (28,912) 385 95 (23) (2) — (28,819) 362 FFO applicable to common shares and Common Units $ 83,437 $ 72,816 $ 52,030 $ 39,314 $ 5,227 $ 4,486 $ 140,694 $ 116,616 $ (25,011) $ (19,390) $ (523) $ (448) $ 115,160 $ 96,778 Recoveries of credit losses — (1,230) — — — — — (1,230) — — — — — (1,230) Amortization of deferred financing costs 4,651 3,941 1,871 1,909 60 60 6,582 5,910 (917) (935) (6) (6) 5,659 4,969 Amortization of franchise fees 354 274 317 321 — — 671 595 (155) (157) — — 516 438 Amortization of intangible assets (3) (1) 2,789 3,643 — — 2,786 3,642 (1,367) (1,785) — — 1,419 1,857 Equity based compensation 8,132 7,742 — — — — 8,132 7,742 — — — — 8,132 7,742 Transaction costs 10 14 — (1) — — 10 13 — — — — 10 13 Debt transaction costs 627 336 20 125 — — 647 461 (10) (61) — — 637 400 Gain on extinguishment of debt (3,000) — — — — — (3,000) — — — — — (3,000) — Non-Cash Interest Income (2) (400) (531) — — — — (400) (531) — — — — (400) (531) Non-cash lease expense, net 474 438 (10) 43 — — 464 481 5 (21) — — 469 460 Casualty losses (gains), net 1,280 789 (707) 1,214 (396) 109 177 2,112 346 (595) 40 (11) 563 1,506 Deferred tax expense 731 — 31 84 — — 762 84 (15) (41) — — 747 43 Reversal of valuationn allowance on deferred tax assets (10,347) — (1,714) — — — (12,061) — 840 — — — (11,221) — Non-cash state taxes and other, net 274 447 470 — — — 744 447 (229) — — — 515 447 AFFO applicable to common shares and common units (3) $ 86,220 $ 85,035 $ 55,097 $ 46,652 $ 4,891 $ 4,655 $ 146,208 $ 136,342 $ (26,513) $ (22,985) $ (489) $ (465) $ 119,206 $ 112,892 FFO per common share/Common Unit $ 0.93 $ 0.79 AFFO per common share/Common Unit $ 0.96 $ 0.92 Weighted-average diluted common shares/Common Units (3) 124,313 122,355 15 Full Year 2025 Outlook (Unaudited) 1. All pro forma information includes operating and financial results for 97 hotels owned as of December 31, 2024 as if each hotel had been owned by the Company since January 1, 2024 and will continue to be owned through the entire year ending December 31, 2025. As a result, the pro forma information includes operating and financial results for hotels acquired since January 1, 2024, which may include periods prior to the Company's ownership. Pro forma and non-GAAP measures are unaudited. FYE 2025 Outlook (Amounts in thousands, except per share metrics and statistics) Low High Pro Forma RevPAR Growth (1) 1.00 % 3.00 % Adjusted EBITDAre $ 184,000 $ 198,000 Adjusted FFO $ 111,900 $ 125,600 Adjusted FFO per share of Common Stock and Common Units $ 0.90 $ 1.00 Capital Expenditures, Pro Rata $ 65,000 $ 85,000 16 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing 17 Pro Forma Operating Results - By Ownership Interest (Unaudited) 1. Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if all such hotels had been owned by the Company since January 1, 2023. For any hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to the date the Acquired Hotels were purchased by the Company (the “Pre-acquisition Period”). The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2023 (the “Disposed Hotels”), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2023 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. Q4 2024 INN Wholly-Owned (53 Hotels) GIC Joint Venture (41 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (97 Hotels) (Amounts in thousands, except statistics) 2024 2023 2024 2023 2024 2023 2024 2023 Pro Forma Operating Data (1) Occupancy 69.8 % 69.6 % 73.4 % 72.9 % 83.5 % 81.9 % 71.5 % 71.1 % ADR $ 164.04 $ 166.69 $ 161.45 $ 154.23 $ 209.72 $ 207.07 $ 164.00 $ 162.54 RevPAR $ 114.46 $ 116.04 $ 118.53 $ 112.40 $ 175.09 $ 169.67 $ 117.21 $ 115.62 Occupancy change 0.2 % 0.7 % 1.9 % 0.5 % ADR change (1.6) % 4.7 % 1.3 % 0.9 % RevPAR change (1.4) % 5.5 % 3.2 % 1.4 % Pro forma total revenues $ 99,762 $ 101,200 $ 70,176 $ 66,697 $ 7,316 $ 7,157 $ 177,254 $ 175,054 Pro forma hotel EBITDA $ 30,293 $ 34,777 $ 27,542 $ 24,604 $ 2,533 $ 2,695 $ 60,368 $ 62,076 Pro forma hotel EBITDA Margin 30.4 % 34.4 % 39.2 % 36.9 % 34.6 % 37.7 % 34.1 % 35.5 % 18 Pro Forma Operating Results - By Ownership Interest (Unaudited) 1. Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if all such hotels had been owned by the Company since January 1, 2023. For any hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to the date the Acquired Hotels were purchased by the Company (the “Pre-acquisition Period”). The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2023 (the “Disposed Hotels”), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2023 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. YTD 2024 INN Wholly-Owned (53 Hotels) GIC Joint Venture (41 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (97 Hotels) (Amounts in thousands, except statistics) 2024 2023 2024 2023 2024 2023 2024 2023 Pro Forma Operating Data (1) Occupancy 72.7 % 72.0 % 75.5 % 74.4 % 82.1 % 78.4 % 74.0 % 73.1 % ADR $ 169.61 $ 169.64 $ 163.03 $ 160.63 $ 211.39 $ 212.28 $ 167.84 $ 166.89 RevPAR $ 123.28 $ 122.11 $ 123.02 $ 119.52 $ 173.46 $ 166.37 $ 124.13 $ 121.93 Occupancy change 1.0 % 1.4 % 4.7 % 1.2 % ADR change — % 1.5 % (0.4) % 0.6 % RevPAR change 1.0 % 2.9 % 4.3 % 1.8 % Pro forma total revenues $ 425,591 $ 420,409 $ 288,438 $ 279,199 $ 28,693 $ 27,264 $ 742,722 $ 726,872 Pro forma hotel EBITDA $ 142,894 $ 143,298 $ 113,001 $ 107,617 $ 8,817 $ 8,624 $ 264,712 $ 259,539 Pro forma hotel EBITDA Margin 33.6 % 34.1 % 39.2 % 38.5 % 30.7 % 31.6 % 35.6 % 35.7 % 19 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing 20 Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Common Share Price & Dividends At quarter ended $ 6.85 $ 6.86 $ 5.99 $ 6.51 $ 6.72 High during quarter ended $ 7.22 $ 7.08 $ 6.63 $ 6.95 $ 6.98 Low during quarter ended $ 5.94 $ 5.66 $ 5.72 $ 6.15 $ 5.31 Common dividends per share $ 0.08 $ 0.08 $ 0.08 $ 0.06 $ 0.06 Common Shares & Units Common shares outstanding 108,436 108,453 108,276 108,198 107,593 Common units outstanding 15,933 15,943 15,948 15,949 15,949 Total common shares and units outstanding 124,369 124,396 124,224 124,147 123,542 Capitalization Market value of common equity at quarter end $ 851,928 $ 853,357 $ 744,102 $ 808,197 $ 830,202 Par value of preferred equity - 6.250% Series E 160,000 160,000 160,000 160,000 160,000 Par value of preferred equity - 5.875% Series F 100,000 100,000 100,000 100,000 100,000 Par value of preferred equity - 5.250% Series Z 50,000 50,000 50,000 50,000 50,000 Consolidated total debt 1,408,007 1,348,544 1,359,186 1,467,349 1,445,839 Less: Consolidated unrestricted cash (40,637) (51,698) (45,873) (63,435) (37,837) Consolidated total enterprise value $ 2,529,298 $ 2,460,203 $ 2,367,415 $ 2,522,111 $ 2,548,204 Noncontrolling interest in consolidated total debt - GIC JV (325,579) (301,112) (301,196) (304,159) (308,151) Noncontrolling interest in consolidated total debt - Other JVs (4,606) (4,653) (4,700) (4,700) (4,700) Noncontrolling interest in consolidated total cash - GIC JV 7,956 10,044 7,860 13,334 8,498 Noncontrolling interest in consolidated total cash - Other JVs 218 283 340 485 260 Pro rata total enterprise value $ 2,207,287 $ 2,164,765 $ 2,069,719 $ 2,227,071 $ 2,244,111 21 As of December 31, 2024 Number of Pro Rata (amounts in thousands) Base Interest Fixed/ Fully-Extended Encumbered Principal Non-controlling Principal Spread Rate Rate Variable Maturity Date Properties Outstanding Interests Outstanding Senior Credit Facility $400 Million Revolver 1.75% 4.58% 6.33% Variable 06/21/2028 n/a 10,000 — 10,000 $200 Million Term Loan 1.70% 4.46% 6.16% Variable 06/21/2028 n/a 200,000 — 200,000 Total Senior Credit and Term Loan Facility $ 210,000 $ — $ 210,000 $200 Million Unsecured Term Loan 1.70% 4.67% 6.37% Variable 02/26/2029 n/a $ 200,000 $ — $ 200,000 Convertible Notes n/a n/a 1.50% Fixed 02/15/2026 n/a $ 287,500 $ — $ 287,500 $ 697,500 $ — $ 697,500 Brickell Joint Venture Mortgage Loan City National Bank of Florida 3.00% 4.45% 7.45% Variable 06/09/2025 2 46,060 (4,606) 41,454 GIC Joint Venture Credit Facility and Term Loans $125 Million Revolver 2.15% 4.46% 6.61% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 $125 Million Term Loan 2.10% 4.46% 6.56% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 $410 Million Term Loan 2.75% 4.47% 7.22% Variable 01/13/2027 n/a 396,037 (194,058) 201,979 Wells Fargo CMBS Loan n/a n/a 4.99% Fixed 06/06/2028 1 12,526 (6,138) 6,388 PACE Loan n/a n/a 6.10% Fixed 07/31/2040 n/a 5,884 (2,883) 3,001 Total GIC Joint Venture Credit Facility and Term Loans 1 $ 664,447 $ (325,579) $ 338,868 Total Joint Venture Debt 3 $ 710,507 $ (330,185) $ 380,322 Total Debt 3 $ 1,408,007 $ (330,185) $ 1,077,822 Debt Schedule - Part I (Unaudited) 22 Debt Schedule - Part II (Unaudited) As of December 31, 2024 (amounts in thousands) Principal Amount Fixed Debt Variable Debt Effective Interest Outstanding Outstanding Outstanding Rate Total Debt $ 1,408,007 $ 305,910 $ 1,102,097 5.64 % Non-controlling Interests in Joint Ventures (330,185) (9,021) (321,164) Pro Rata Debt $ 1,077,822 $ 296,889 $ 780,933 5.25 % % of Pro Rata Debt 100 % 28 % 72 % Pro Rata Adjustment for Swaps in Effect — 478,000 (478,000) Pro Rata Debt Including Swaps $ 1,077,822 $ 774,889 $ 302,933 4.55 % % of Pro Rata Debt Including Swaps 100 % 72 % 28 % Notional Effective Maturity Interest Rate Swaps Value Swap Rate Date Date Regions - 2018 - 125mm $ 125,000 2.9170 % December 31, 2018 December 31, 2025 Capital One - 2022 - $100mm 100,000 2.6000 % January 31, 2023 January 31, 2027 Regions - 2022 - $100mm 100,000 2.5625 % January 31, 2023 January 31, 2029 Capital One - 2023 - $100mm 100,000 3.3540 % July 1, 2023 January 13, 2026 Wells Fargo - 2023 - $100mm 100,000 3.3540 % July 1, 2023 January 13, 2026 Wells Fargo - 2024 - $100mm 100,000 3.7650 % October 1, 2024 January 13, 2026 Total Swaps $ 625,000 3.0851 % 23 Debt Schedule - Part III (Unaudited) (1) Amounts are in millions ($) and assumes fully-extended maturities for all loans. Reflects pro rata debt totals. Pro Rata Debt Maturity Ladder at December 31, 2024 $10.0 $287.5 $200.0 $127.5 $41.5 $200.0$202.0 $0.0 $6.4 $3.0 $400M Senior Revolver Convertible Senior Notes $200M Senior Term Loan $200M GIC JV Credit Facility Brickell JV Mortgage Debt $200M Senior Term Loan $410M GIC JV Term Loan Mortgage Debt 2024 2025 2026 2027 2028 2029 2030 + 0 100 200 300 400 (1) 24 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing 25 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership) Hyatt Place - Denver South/Park Meadows 1 127 Upscale Suburban Hyatt Place - Denver Tech Center 1 126 Upscale Suburban Hyatt Place - Scottsdale/Old Town 1 126 Upscale Resort Holiday Inn Express & Suites - San Francisco/Fisherman's Wharf 1 252 Upper Midscale Urban Courtyard - Dallas/Arlington South 1 103 Upscale Suburban Residence Inn - Dallas/Arlington South 1 96 Upscale Suburban Hyatt Place - Orlando/Convention Center 1 151 Upscale Resort Hyatt Place - Orlando/Universal 1 150 Upscale Resort Hyatt Place - Minneapolis/Downtown 1 213 Upscale Urban Springhill Suites - Nashville MetroCenter 1 78 Upscale Urban Courtyard - New Orleans Downtown Near the French Quarter 1 140 Upscale Urban Hyatt Place - Portland Airport/Cascade Station 1 136 Upscale Airport Residence Inn - Portland Airport at Cascade Station 1 124 Upscale Airport Courtyard - New Orleans/Metairie 1 153 Upscale Airport Staybridge Suites - Denver/Cherry Creek 1 121 Upscale Suburban Hyatt House - Denver Tech Center 1 135 Upscale Suburban Courtyard - Atlanta Downtown 1 150 Upscale Urban Hyatt Place - Garden City 1 122 Upscale Suburban Residence Inn - New Orleans/Metairie 1 120 Upscale Airport Hilton Garden Inn - Greenville 1 120 Upscale Suburban Fairfield Inn & Suites - Louisville Downtown 1 140 Upper Midscale Urban 26 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) SpringHill Suites - Louisville Downtown 1 198 Upscale Urban SpringHill Suites - Indianapolis Downtown 1 156 Upscale Urban Courtyard - Indianapolis Downtown 1 297 Upscale Urban Hampton Inn & Suites - San Diego/Poway 1 108 Upper Midscale Suburban Hampton Inn & Suites - Camarillo 1 116 Upper Midscale Suburban Hilton Garden Inn - Houston/Galleria Area 1 182 Upscale Urban Doubletree by Hilton San Francisco Airport North Bayfront 1 210 Upscale Airport Hilton Garden Inn - Houston/Energy Corridor 1 190 Upscale Suburban Hampton Inn & Suites - Austin/Downtown/Convention Center 1 209 Upper Midscale Urban Hampton Inn & Suites - Minneapolis/Downtown 1 211 Upper Midscale Urban Residence Inn - Bridgewater/Branchburg 1 101 Upscale Suburban Hyatt House - Across From Universal Orlando Resort 1 168 Upscale Resort Residence Inn - Baltimore/Hunt Valley 1 141 Upscale Suburban Hotel Indigo - Asheville Downtown 1 116 Upper Upscale Small Metro/Town Courtyard - Atlanta Decatur Downtown/Emory 1 179 Upscale Suburban Courtyard - Nashville Vanderbilt/West End 1 226 Upscale Urban Residence Inn - Atlanta Midtown/Peachtree at 17th 1 160 Upscale Urban Hyatt House - Miami Airport 1 163 Upscale Airport Marriott - Boulder 1 165 Upper Upscale Urban Hyatt Place - Chicago/Downtown-The Loop 1 206 Upscale Urban Hyatt Place - Phoenix/Mesa 1 152 Upscale Suburban Courtyard - Fort Lauderdale Beach 1 261 Upscale Resort 27 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) Courtyard - Charlotte City Center 1 181 Upscale Urban Hampton Inn & Suites - Baltimore Inner Harbor 1 116 Upper Midscale Urban Residence Inn - Baltimore Downtown/Inner Harbor 1 189 Upscale Urban Courtyard - Kansas City Country Club Plaza 1 123 Upscale Suburban Courtyard - Fort Worth Downtown/Blackstone 1 203 Upscale Urban AC Hotel - Atlanta Downtown 1 255 Upscale Urban Hilton Garden Inn - Waltham 1 148 Upscale Suburban Residence Inn - Cleveland Downtown 1 175 Upscale Urban Courtyard - New Haven at Yale 1 207 Upscale Urban Residence Inn - Boston/Watertown 1 150 Upscale Suburban INN Wholly-Owned (100% Ownership) 53 8,545 28 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) Courtyard - Scottsdale North 1 153 Upscale Resort Springhill Suites - Scottsdale North 1 121 Upscale Resort Hampton Inn & Suites - Tampa/Ybor City/Downtown 1 138 Upper Midscale Urban Homewood Suites - Aliso Viejo/Laguna Beach 1 129 Upscale Suburban Courtyard - Pittsburgh Downtown 1 183 Upscale Urban Homewood Suites - Tucson/St. Philip's Plaza University 1 122 Upscale Resort Hampton Inn & Suites - Silverthorne 1 88 Upper Midscale Resort Hilton Garden Inn - San Jose / Milpitas 1 161 Upscale Suburban Residence Inn - Portland Downtown / Riverplace 1 258 Upscale Urban Residence Inn - Portland / Hillsboro 1 122 Upscale Suburban Residence Inn - Steamboat Springs 1 110 Upscale Small Metro/Town Embassy Suites - Tucson / Paloma Village 1 120 Upper Upscale Resort Residence Inn - Scottsdale North 1 120 Upscale Resort AC Hotel - Dallas Downtown 1 128 Upscale Urban Residence Inn - Dallas Downtown 1 121 Upscale Urban Hampton Inn & Suites - Dallas Downtown 1 176 Upper Midscale Urban SpringHill Suites - Dallas Downtown 1 148 Upscale Urban Hilton Garden Inn - Grapevine at Silver Lake Crossing 1 152 Upscale Airport Holiday Inn Express & Suites - DFW / Grapevine 1 95 Upper Midscale Airport Courtyard - Dallas DFW Airport / North Grapevine 1 181 Upscale Airport TownePlace Suites - Dallas / Grapevine 1 120 Upper Midscale Airport Hyatt Place - Dallas / Grapevine 1 125 Upscale Airport 29 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) AC Hotel - Dallas / Frisco 1 150 Upscale Suburban Residence Inn - Dallas / Frisco 1 150 Upscale Suburban Canopy Hotel - Dallas / Frisco Station 1 150 Upper Upscale Suburban Residence Inn - Tyler 1 119 Upscale Small Metro/Town Hilton Garden Inn - Longview 1 122 Upscale Small Metro/Town AC Hotel - Houston Downtown 1 195 Upscale Urban Homewood Suites - Midland 1 118 Upscale Suburban Hyatt Place - Lubbock 1 125 Upscale Urban Courtyard - Amarillo Downtown 1 107 Upscale Suburban Embassy Suites - Amarillo Downtown 1 226 Upper Upscale Suburban AC Hotel - Oklahoma City / Bricktown 1 142 Upscale Urban Hyatt Place - Oklahoma City / Bricktown 1 134 Upscale Urban Holiday Inn Express & Suites - Oklahoma City Downtown / Bricktown 1 124 Upper Midscale Urban SpringHill Suites - New Orleans Downtown / Canal Street 1 74 Upscale Urban TownePlace Suites - New Orleans Downtown / Canal Street 1 105 Upper Midscale Urban Canopy Hotel - New Orleans Downtown 1 176 Upper Upscale Urban The Nordic Lodge - Steamboat Springs 1 46 Independent Small Metro/Town Hampton Inn Boston-Logan Airport 1 250 Upper Midscale Airport Hilton Garden Inn Tysons Corner 1 149 Upscale Urban GIC Joint Venture (51% Ownership) 41 5,733 30 Asset Listing (Unaudited) (1) Asset listing excludes two parking garages located in Dallas, TX and Frisco, TX. Hotels Rooms STR Chain Scale STR Location Other Joint Ventures (90% Ownership) AC Hotels by Marriott - Miami Brickell 1 156 Upscale Urban Element - Miami Brickell 1 108 Upscale Urban Onera - Fredericksburg 1 11 N/A N/A Other Joint Ventures (90% Ownership) 3 275 Pro Forma 97 14,553 v3.25.0.1 Cover Feb. 24, 2025 Document Information [Line Items] Entity Central Index Key Amendment Flag false Document Type 8-K Document Period End Date Feb. 24, 2025 Entity Registrant Name SUMMIT HOTEL PROPERTIES, INC. 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• Publisher

  Publisher Name	Advanced Financial Network
  Publisher URL	https://mx.advfn.com
  Description	None
  Trust Flow Score	14
  Citation Flow Score	33

• Data Source

  Data Source Name	Quantexa News
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10