INN 8-K
Summit Hotel Properties, Inc. (INN)
8-K
2026-08-05
For: 2026-08-05
View Original
Added on
August 05, 2026
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): August 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| of incorporation or organization) | ||||||||
(Address of Principal Executive Offices) (Zip Code)
(512 ) 538-2300
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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)
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 August 5, 2026, Summit Hotel Properties, Inc. (the “Company”) issued a press release announcing the consolidated operating results of the Company and its subsidiaries for three and six months ended June 30, 2026. The press release referred to supplemental financial information for the second quarter 2026 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 Item, 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, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section. Furthermore, the information in this Item, 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 | |||||||
| 104 | 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: August 5, 2026 | 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 SECOND QUARTER 2026 RESULTS
Second Quarter Operating Income Increased 27.3% to $28.9 Million; Adjusted EBITDAre Increased 7.7% to $54.8 Million
Second Quarter Pro Forma RevPAR Increased 5.0%, Led by Robust ADR Growth of 7.1%
Strengthened Balance Sheet with Refinanced $650 Million Senior Credit Facility and Sale of Two Additional Hotels
Austin, Texas, August 5, 2026 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the three and six months ended June 30, 2026.
“We were pleased with our strong second quarter results and are increasingly optimistic about the outlook for our business. Operating fundamentals accelerated in the quarter and exceeded our expectations as pro forma RevPAR increased 5.0 percent year-over-year driven by a 7.1 percent increase in average rates. Demand strength was broad based across segments and markets reflecting the quality of our portfolio, and our team did a terrific job capitalizing on a more favorable environment driving hotel EBITDA growth of 7.8 percent compared to the second quarter of last year. Our outlook for the remainder of the year continues to improve as the positive inflection of industry fundamentals proves durable, and we have increased our full year 2026 guidance ranges to reflect this more positive outlook,” said Jonathan Stanner, President and Chief Executive Officer.
“We also continue to make progress strengthening our balance sheet. During the quarter, we refinanced our primary corporate credit facility, extending its maturity date and lowering borrowing costs, and separately negotiated a reduction in the interest rate spread on our Miami Brickell mortgage loan. We have no debt maturities until 2028 and significant liquidity. Subsequent to quarter end, we closed on the previously announced sale of two wholly-owned hotels as we continue to successfully recycle capital to reduce leverage, build capacity for future growth, and enhance the quality of our portfolio,” continued Mr. Stanner.
Second Quarter 2026 Summary
•Net Income: Net income attributable to common stockholders was $3.9 million, or $0.04 per diluted share, compared to net loss of $1.6 million, or $0.02 per diluted share, for the second quarter of 2025.
•Pro Forma RevPAR: Pro forma RevPAR increased 5.0 percent to $136.06 compared to the second quarter of 2025. Pro forma ADR increased 7.1 percent to $178.42 compared to the same period in 2025, and pro forma occupancy decreased 1.9 percent to 76.3 percent.
•Pro Forma Hotel EBITDA(1): Pro forma hotel EBITDA increased 7.8 percent to $72.5 million from $67.3 million in the same period in 2025. Pro forma hotel EBITDA margin expanded 88 basis points to 36.4 percent in the second quarter.
•Adjusted EBITDAre(1): Adjusted EBITDAre increased 7.7 percent to $54.8 million from $50.9 million in the second quarter of 2025.
•Adjusted FFO(1): Adjusted FFO increased 6.7 percent to $34.9 million, or $0.29 per diluted share, compared to $32.7 million, or $0.27 per diluted share, in the second quarter of 2025.
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Year-to-Date 2026 Summary
•Net Loss: Net loss attributable to common stockholders was $6.6 million, or $0.06 per diluted share, compared to net loss of $6.3 million, or $0.06 per diluted share, in the same period of 2025.
•Pro Forma RevPAR: Pro forma RevPAR increased 2.7 percent to $131.34 compared to the same period of 2025. Pro forma ADR increased 4.4 percent to $177.67, and pro forma occupancy decreased 1.6 percent to 73.9 percent.
•Pro Forma Hotel EBITDA(1): Pro forma hotel EBITDA increased 2.6 percent to $135.9 million from $132.4 million.
•Adjusted EBITDAre(1): Adjusted EBITDAre increased 3.2 percent to $99.0 million from $95.9 million in the same period of 2025.
•Adjusted FFO(1): Adjusted FFO increased to $60.4 million, or $0.50 per diluted share, compared to $60.1 million, or $0.49 per diluted share, in the same period of 2025.
The Company’s results for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except per share amounts and metrics):
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 3,867 | $ | (1,612) | $ | (6,574) | $ | (6,296) | |||||||||||||||
| Net income (loss) per diluted share | $ | 0.04 | $ | (0.02) | $ | (0.06) | $ | (0.06) | |||||||||||||||
| Total revenues | $ | 199,019 | $ | 192,917 | $ | 384,072 | $ | 377,395 | |||||||||||||||
EBITDAre (1) | $ | 66,475 | $ | 61,050 | $ | 122,241 | $ | 119,499 | |||||||||||||||
Adjusted EBITDAre (1) | $ | 54,834 | $ | 50,919 | $ | 99,026 | $ | 95,926 | |||||||||||||||
FFO (1) | $ | 32,438 | $ | 26,886 | $ | 53,028 | $ | 50,082 | |||||||||||||||
Adjusted FFO (1) | $ | 34,883 | $ | 32,707 | $ | 60,408 | $ | 60,066 | |||||||||||||||
FFO per diluted share and unit (1) | $ | 0.27 | $ | 0.22 | $ | 0.44 | $ | 0.40 | |||||||||||||||
Adjusted FFO per diluted share and unit (1) | $ | 0.29 | $ | 0.27 | $ | 0.50 | $ | 0.49 | |||||||||||||||
Pro Forma (2) and Same Store (3) | |||||||||||||||||||||||
| RevPAR | $ | 136.06 | $ | 129.54 | $ | 131.34 | $ | 127.92 | |||||||||||||||
| RevPAR Growth | 5.0% | 2.7% | |||||||||||||||||||||
| Hotel EBITDA | $ | 72,487 | $ | 67,254 | $ | 135,861 | $ | 132,359 | |||||||||||||||
| Hotel EBITDA Margin | 36.4% | 35.5% | 35.4% | 35.7% | |||||||||||||||||||
| Hotel EBITDA Margin Change | 88 bps | (25) bps | |||||||||||||||||||||
(1) See tables later in this press release for a discussion and reconciliation of Net income (loss) attributable to common stockholders 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 94 hotels owned as of June 30, 2026.
(3) All same store information includes operating and financial results for 94 hotels owned as of January 1, 2025 and at all times during the three and six months ended June 30, 2026, and 2025.
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Transaction Activity
Subsequent to quarter end, on July 22, 2026, we closed on the previously announced sale of the wholly-owned 103-guestroom Courtyard by Marriott, Dallas (Arlington South), TX and the 96-guestroom Residence Inn by Marriott, Dallas (Arlington South), TX for a combined selling price of $19.0 million. The combined sale price represents a 5.9 percent capitalization rate based on the net operating income for the trailing twelve months ended June 30, 2026, and after consideration of approximately $7.6 million of foregone near-term required capital expenditures. These hotels benefited from significant FIFA World Cup driven demand in June and July, during which the Company continued to own the hotels. Based on the net operating income for the trailing twelve months prior to FIFA World Cup demand, the sale price represents a 5.4 percent capitalization rate after consideration of foregone near-term required capital expenditures.
Since 2023, the Company and its affiliates have sold, or are under contract to sell, 15 hotels for a combined sales price of approximately $219 million at a blended capitalization rate of approximately 4.7 percent, inclusive of an estimated $68 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 $86, which is an approximate 30.0 percent discount to the current pro forma portfolio.
Capital Markets Activity
Senior Credit Facility
On June 29, 2026, the Company closed on a $650 million Senior Credit Facility to refinance the previous 2023 Senior Credit Facility. The 2026 Senior Credit Facility is comprised of a $400 million senior unsecured revolving credit facility, a $200 million senior unsecured term loan, and a $50 million senior unsecured delayed draw term loan.
The amended and restated credit agreement provides for a fully extended maturity date of June 2031. The pricing grid for the current facility ranges from 140 to 230 basis points for the Revolver and 135 to 225 basis points for the Term Loan and Delayed Draw Term Loan, each over the applicable adjusted Term SOFR rate. At the Company's current leverage, pricing on the new senior unsecured facility improved by 20 basis points, resulting in immediate interest savings and earnings accretion. Other terms of the agreement are similar to the Company's previous credit facility agreement.
Brickell Mortgage Loan
On May 15, 2026, the Company, together with its joint venture partner, amended the terms of the $58 million mortgage loan to reduce the interest rate spread from 260 basis points to 230 basis points, over the applicable Term SOFR rate. Other terms of the agreement remain unchanged. The mortgage loan provides for a fully extended maturity date of May 2030.
Stock Repurchases
During the second quarter, the Company repurchased approximately 49,000 shares for an aggregate purchase price of $0.2 million, or a weighted average price of approximately $4.27 per share. During the six months ended June 30, 2026, the Company repurchased 1.5 million common shares under its share repurchase program for an aggregate purchase price of $6.2 million, or a weighted average price of approximately $4.17 per share.
Since the inception of our share repurchase program in 2025, we have repurchased approximately 5.1 million shares (approximately 4.2 percent of total shares and units outstanding) at an average price of $4.26 per share. As of June 30, 2026, approximately $28.4 million remained available for repurchase under this program.
Balance Sheet Summary
On a pro rata basis as of June 30, 2026, the Company had the following outstanding indebtedness:
•Outstanding debt of $1.1 billion with a weighted average interest rate of 5.46 percent. After giving effect to interest rate derivative agreements, $539.2 million, or 51 percent, of our outstanding debt had a fixed interest rate, and $525.0 million, or 49 percent, had a variable interest rate.
•Unrestricted cash and cash equivalents of $29.3 million.
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As of June 30, 2026, the Company’s pro rata weighted average term to maturity was approximately 3.7 years, including extension options, and had only $5.0 million outstanding under its Revolving Credit Facility. Subsequent to the sale of the Courtyard by Marriott, Dallas (Arlington South), TX and the Residence Inn by Marriott, Dallas (Arlington South), TX, the Company paid off the outstanding balance of the Revolving Credit Facility.
Common and Preferred Dividend Declaration
On July 28, 2026, 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 4.6 percent, based on the closing price of shares of the common stock on August 4, 2026.
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 August 31, 2026, to holders of record as of August 17, 2026.
2026 Outlook
The Company’s updated outlook for the full year 2026 is based on 92 lodging assets owned as of August 5, 2026.
Our previous guidance ranges incorporated ownership of the recently sold Courtyard by Marriott, Dallas (Arlington South), TX and Residence Inn by Marriott, Dallas (Arlington South), TX hotels which were expected to contribute approximately $0.5 million of hotel EBITDA in the remaining five months of 2026. These hotels are no longer included in our updated guidance ranges.
Based on actual results for the first six months of the year and recent operating trends, the Company is increasing the low and high end of its guidance ranges for pro forma RevPAR growth, Adjusted EBITDAre, Adjusted FFO, and Adjusted FFO per share. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company’s full year 2026 outlook.
| FYE 2026 Outlook | ||||||||||||||||||||||||||
| Low | High | Variance to Prior Midpoint | % Change to Prior Midpoint | |||||||||||||||||||||||
Pro Forma RevPAR Growth (1) | 1.75% | 3.25% | 0.75% | —% | ||||||||||||||||||||||
| Adjusted EBITDAre | $ | 175,000 | $ | 182,000 | $ | 3,000 | 1.7% | |||||||||||||||||||
| Adjusted FFO | $ | 95,500 | $ | 103,000 | $ | 3,300 | 3.4% | |||||||||||||||||||
| Adjusted FFO per share of common share and Common Units | $ | 0.79 | $ | 0.85 | $ | 0.02 | 2.5% | |||||||||||||||||||
| Capital Expenditures, Pro Rata | $ | 55,000 | $ | 65,000 | $ | — | —% | |||||||||||||||||||
(1) All pro forma information includes operating and financial results for 92 lodging assets owned as of August 5, 2026 and excludes the financial results of hotels sold by the Company after January 1, 2025. Pro forma and non-GAAP financial measures are unaudited.
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Second Quarter 2026 Earnings Conference Call
The Company will conduct its quarterly conference call on August 6, 2026, at 9:00 AM ET.
1.To access the conference call, please dial +1 (800) 715-9871 and enter passcode 8328053 when prompted.
2.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 October 31, 2026.
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 August 5, 2026, the Company's portfolio consisted of 92 assets, 50 of which are wholly owned, with a total of 14,027 guestrooms located in 24 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.
(737) 205-5787
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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, 2025, 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.
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Summit Hotel Properties, Inc. Consolidated Balance Sheets (In thousands) | ||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) | ||||||||||||||
| ASSETS | ||||||||||||||
| Investments in lodging property, net | $ | 2,570,706 | $ | 2,640,367 | ||||||||||
| Assets held for sale, net | 18,413 | 11,967 | ||||||||||||
| Cash and cash equivalents | 36,933 | 36,110 | ||||||||||||
| Restricted cash | 5,531 | 5,102 | ||||||||||||
| Right-of-use assets, net | 31,662 | 32,028 | ||||||||||||
| Trade receivables, net | 22,213 | 17,347 | ||||||||||||
| Prepaid expenses and other | 14,068 | 7,104 | ||||||||||||
| Deferred charges, net | 6,064 | 10,051 | ||||||||||||
| Other assets | 22,604 | 15,954 | ||||||||||||
| Total assets | $ | 2,728,194 | $ | 2,776,030 | ||||||||||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY | ||||||||||||||
| Liabilities: | ||||||||||||||
| Debt, net of debt issuance costs | $ | 1,371,470 | $ | 1,394,014 | ||||||||||
| Lease liabilities, net | 23,971 | 24,091 | ||||||||||||
| Accounts payable | 7,876 | 7,537 | ||||||||||||
| Accrued expenses and other | 83,622 | 76,417 | ||||||||||||
| Total liabilities | 1,486,939 | 1,502,059 | ||||||||||||
| Redeemable non-controlling interests | 50,219 | 50,219 | ||||||||||||
| Total stockholders’ equity | 838,947 | 862,155 | ||||||||||||
| Non-controlling interests | 352,089 | 361,597 | ||||||||||||
| Total equity | 1,191,036 | 1,223,752 | ||||||||||||
| Total liabilities, redeemable non-controlling interests and equity | $ | 2,728,194 | $ | 2,776,030 | ||||||||||
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Summit Hotel Properties, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) | ||||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Room | $ | 176,137 | $ | 170,599 | $ | 338,701 | $ | 334,330 | ||||||||||||||||||
| Food and beverage | 11,098 | 11,195 | 22,558 | 22,185 | ||||||||||||||||||||||
| Other | 11,784 | 11,123 | 22,813 | 20,880 | ||||||||||||||||||||||
| Total revenues | 199,019 | 192,917 | 384,072 | 377,395 | ||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Room | 39,352 | 39,166 | 75,699 | 75,298 | ||||||||||||||||||||||
| Food and beverage | 8,480 | 8,388 | 17,000 | 16,379 | ||||||||||||||||||||||
| Other lodging property operating expenses | 60,671 | 58,943 | 119,321 | 115,865 | ||||||||||||||||||||||
| Property taxes, insurance and other | 13,571 | 13,706 | 27,455 | 27,017 | ||||||||||||||||||||||
| Management fees | 4,366 | 4,411 | 8,587 | 8,906 | ||||||||||||||||||||||
| Depreciation and amortization | 36,413 | 37,259 | 73,187 | 74,489 | ||||||||||||||||||||||
| Corporate general and administrative | 7,415 | 8,280 | 16,260 | 16,851 | ||||||||||||||||||||||
| Loss on write-down of assets | — | — | 3,641 | — | ||||||||||||||||||||||
| Total expenses | 170,268 | 170,153 | 341,150 | 334,805 | ||||||||||||||||||||||
| Gain (loss) on disposal of assets, net | 134 | (80) | 94 | (79) | ||||||||||||||||||||||
| Operating income | 28,885 | 22,684 | 43,016 | 42,511 | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest expense | (22,068) | (20,628) | (42,518) | (40,584) | ||||||||||||||||||||||
| Interest income | 301 | 301 | 547 | 577 | ||||||||||||||||||||||
| Other income, net | 1,187 | 858 | 2,239 | 2,088 | ||||||||||||||||||||||
| Total other expense, net | (20,580) | (19,469) | (39,732) | (37,919) | ||||||||||||||||||||||
| Income from continuing operations before income taxes | 8,305 | 3,215 | 3,284 | 4,592 | ||||||||||||||||||||||
| Income tax benefit (expense) | 1,430 | (1,178) | 538 | (1,932) | ||||||||||||||||||||||
| Net income | 9,735 | 2,037 | 3,822 | 2,660 | ||||||||||||||||||||||
| Less - Income (loss) attributable to non-controlling interests | 1,243 | (976) | 1,144 | (296) | ||||||||||||||||||||||
| Net income attributable to Summit Hotel Properties, Inc. before preferred dividends | 8,492 | 3,013 | 2,678 | 2,956 | ||||||||||||||||||||||
| Less - Distributions to and accretion of redeemable non-controlling interests | (657) | (657) | (1,314) | (1,314) | ||||||||||||||||||||||
| Less - Preferred dividends | (3,968) | (3,968) | (7,938) | (7,938) | ||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 3,867 | $ | (1,612) | $ | (6,574) | $ | (6,296) | ||||||||||||||||||
| Income (loss) per common share: | ||||||||||||||||||||||||||
| Basic | $ | 0.04 | $ | (0.02) | $ | (0.06) | $ | (0.06) | ||||||||||||||||||
| Diluted | $ | 0.04 | $ | (0.02) | $ | (0.06) | $ | (0.06) | ||||||||||||||||||
| Weighted-average common shares outstanding: | ||||||||||||||||||||||||||
| Basic | 104,768 | 107,633 | 105,241 | 107,820 | ||||||||||||||||||||||
| Diluted | 106,181 | 107,633 | 105,241 | 107,820 | ||||||||||||||||||||||
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| Summit Hotel Properties, Inc. Reconciliation of Net Income to Non-GAAP Measures - EBITDAre | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net income | $ | 9,735 | $ | 2,037 | $ | 3,822 | $ | 2,660 | ||||||||||||||||||
| Depreciation and amortization | 36,413 | 37,259 | 73,187 | 74,489 | ||||||||||||||||||||||
| Interest expense | 22,068 | 20,628 | 42,518 | 40,584 | ||||||||||||||||||||||
| Interest income on cash deposits | (177) | (132) | (295) | (245) | ||||||||||||||||||||||
| Income tax (benefit) expense | (1,430) | 1,178 | (538) | 1,932 | ||||||||||||||||||||||
| EBITDA | 66,609 | 60,970 | 118,694 | 119,420 | ||||||||||||||||||||||
| Loss on write-down of assets | — | — | 3,641 | — | ||||||||||||||||||||||
| (Gain) loss on disposal of assets and other dispositions, net | (134) | 80 | (94) | 79 | ||||||||||||||||||||||
EBITDAre | 66,475 | 61,050 | 122,241 | 119,499 | ||||||||||||||||||||||
| Amortization of key money liabilities | (164) | (129) | (293) | (258) | ||||||||||||||||||||||
| Equity-based compensation | 1,426 | 2,789 | 3,427 | 4,705 | ||||||||||||||||||||||
| Debt transaction costs | 142 | 15 | 142 | 15 | ||||||||||||||||||||||
| Non-cash lease expense, net | 122 | 133 | 251 | 266 | ||||||||||||||||||||||
| Casualty losses, net | 294 | 430 | 622 | 724 | ||||||||||||||||||||||
| Other | 3 | — | 56 | — | ||||||||||||||||||||||
| (Income) loss related to non-controlling interests in consolidated joint ventures | (776) | 769 | (1,944) | (514) | ||||||||||||||||||||||
| Adjustments related to non-controlling interests in consolidated joint ventures | (12,688) | (14,138) | (25,476) | (28,511) | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 54,834 | $ | 50,919 | $ | 99,026 | $ | 95,926 | ||||||||||||||||||
| 9 | P a g e | |||||||
| Summit Hotel Properties, Inc. Reconciliation of Net Income to Non-GAAP Measures - Funds From Operations | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| (In thousands, except per share and unit amounts) | ||||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net income | $ | 9,735 | $ | 2,037 | $ | 3,822 | $ | 2,660 | ||||||||||||||||||
| Preferred dividends | (3,968) | (3,968) | (7,938) | (7,938) | ||||||||||||||||||||||
| Distributions to and accretion of redeemable non-controlling interests | (657) | (657) | (1,314) | (1,314) | ||||||||||||||||||||||
| (Income) loss related to non-controlling interests in consolidated joint ventures | (776) | 769 | (1,944) | (514) | ||||||||||||||||||||||
| Net income (loss) applicable to common shares and Common Units | 4,334 | (1,819) | (7,374) | (7,106) | ||||||||||||||||||||||
| Real estate-related depreciation | 35,861 | 36,694 | 72,075 | 73,357 | ||||||||||||||||||||||
| Loss on write-down of assets | — | — | 3,641 | — | ||||||||||||||||||||||
| (Gain) loss on disposal of assets and other dispositions, net | (134) | 80 | (94) | 79 | ||||||||||||||||||||||
| FFO adjustments related to non-controlling interests in consolidated joint ventures | (7,623) | (8,069) | (15,220) | (16,248) | ||||||||||||||||||||||
| FFO applicable to common shares and Common Units | 32,438 | 26,886 | 53,028 | 50,082 | ||||||||||||||||||||||
| Amortization of deferred financing costs | 1,919 | 1,677 | 3,916 | 3,350 | ||||||||||||||||||||||
| Amortization of franchise fees | 165 | 175 | 334 | 350 | ||||||||||||||||||||||
| Amortization of intangible assets, net | 224 | 262 | 486 | 524 | ||||||||||||||||||||||
| Equity-based compensation | 1,426 | 2,789 | 3,427 | 4,705 | ||||||||||||||||||||||
| Debt transaction costs | 142 | 15 | 142 | 15 | ||||||||||||||||||||||
| Non-cash lease expense, net | 122 | 133 | 251 | 266 | ||||||||||||||||||||||
| Casualty losses, net | 294 | 430 | 622 | 724 | ||||||||||||||||||||||
| Deferred tax (benefit) expense | (1,430) | 843 | (963) | 1,168 | ||||||||||||||||||||||
| Other | 3 | — | 56 | — | ||||||||||||||||||||||
| AFFO adjustments related to non-controlling interests in consolidated joint ventures | (420) | (503) | (891) | (1,118) | ||||||||||||||||||||||
| AFFO applicable to common shares and Common Units | $ | 34,883 | $ | 32,707 | $ | 60,408 | $ | 60,066 | ||||||||||||||||||
| FFO per common share and Common Unit | $ | 0.27 | $ | 0.22 | $ | 0.44 | $ | 0.40 | ||||||||||||||||||
| AFFO per common share and Common Unit | $ | 0.29 | $ | 0.27 | $ | 0.50 | $ | 0.49 | ||||||||||||||||||
| Weighted-average diluted common shares and Common Units | 121,154 | 123,125 | 121,511 | 123,742 | ||||||||||||||||||||||
| 10 | P a g e | |||||||
Summit Hotel Properties, Inc. Reconciliation of Weighted Average Diluted Common Shares (Unaudited) (In thousands) | ||||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Weighted average common shares outstanding - diluted | 106,181 | 107,633 | 105,241 | 107,820 | ||||||||||||||||||||||
| Adjusted for: | ||||||||||||||||||||||||||
Non-GAAP adjustment for restricted stock awards (1) | 1,964 | 2,483 | 3,261 | 2,393 | ||||||||||||||||||||||
Non-GAAP adjustment for dilutive effects of Common Units (2) | 13,009 | 13,009 | 13,009 | 13,529 | ||||||||||||||||||||||
| Non-GAAP weighted diluted shares of common stock and Common Units | 121,154 | 123,125 | 121,511 | 123,742 | ||||||||||||||||||||||
(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, 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.
(2) The Company includes the outstanding Common Units issued by our Operating Partnership held by limited partners other than the Company because the Common Units are redeemable for cash or, at the Company’s option, shares of the Company’s common stock on a one-for-one basis.
| 11 | P a g e | |||||||
Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (In thousands, except operating statistics) | ||||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
Pro Forma Operating Data: (1) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Pro forma room revenue | $ | 176,137 | $ | 167,436 | $ | 338,189 | $ | 328,860 | ||||||||||||||||||
| Pro forma other hotel operations revenue | 22,882 | 21,806 | 45,276 | 42,153 | ||||||||||||||||||||||
| Pro forma total revenues | 199,019 | 189,242 | 383,465 | 371,013 | ||||||||||||||||||||||
| Pro forma total hotel operating expenses | 126,532 | 121,988 | 247,604 | 238,654 | ||||||||||||||||||||||
| Pro forma hotel EBITDA | $ | 72,487 | $ | 67,254 | $ | 135,861 | $ | 132,359 | ||||||||||||||||||
| Pro forma hotel EBITDA Margin | 36.4% | 35.5% | 35.4% | 35.7% | ||||||||||||||||||||||
| Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures | ||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||
| Total revenues | $ | 199,019 | $ | 192,917 | $ | 384,072 | $ | 377,395 | ||||||||||||||||||
| Total revenues - dispositions | — | (3,675) | (607) | (6,382) | ||||||||||||||||||||||
Pro forma total revenues (1) | 199,019 | 189,242 | 383,465 | 371,013 | ||||||||||||||||||||||
| Hotel Operating Expenses: | ||||||||||||||||||||||||||
| Hotel operating expenses | $ | 126,440 | $ | 124,614 | $ | 248,062 | $ | 243,465 | ||||||||||||||||||
| Hotel operating expenses - dispositions | 92 | (2,626) | (458) | (4,811) | ||||||||||||||||||||||
Pro forma hotel operating expense (1) | 126,532 | 121,988 | 247,604 | 238,654 | ||||||||||||||||||||||
| Hotel EBITDA: | ||||||||||||||||||||||||||
| Operating income | 28,885 | 22,684 | 43,016 | 42,511 | ||||||||||||||||||||||
| (Gain) loss on disposal of assets and other dispositions, net | (134) | 80 | (94) | 79 | ||||||||||||||||||||||
| Loss on write-down of assets | — | — | 3,641 | — | ||||||||||||||||||||||
| Corporate general and administrative | 7,415 | 8,280 | 16,260 | 16,851 | ||||||||||||||||||||||
| Depreciation and amortization | 36,413 | 37,259 | 73,187 | 74,489 | ||||||||||||||||||||||
| Hotel EBITDA | 72,579 | 68,303 | 136,010 | 133,930 | ||||||||||||||||||||||
Hotel EBITDA - dispositions (2) | (92) | (1,049) | (149) | (1,571) | ||||||||||||||||||||||
Pro forma hotel EBITDA (1) | $ | 72,487 | $ | 67,254 | $ | 135,861 | $ | 132,359 | ||||||||||||||||||
(1) Unaudited pro forma information includes operating results for 94 hotels owned as of June 30, 2026. For any hotels sold by the Company after January 1, 2025 (the “Disposed Hotels”), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2025 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 hotels sold by the Company between January 1, 2025, and June 30, 2026, the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on January 1, 2025, and ending on the date the Disposed Hotels were sold by the Company (the “Disposition Period”) in determining pro forma hotel EBITDA.
| 12 | P a g e | |||||||
Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (In thousands, except operating statistics) | ||||||||||||||||||||||||||||||||
| 2025 | 2026 | Trailing Twelve Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||
Pro Forma Operating Data: (1) | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||||||||||||
| Pro forma room revenue | $ | 153,213 | $ | 151,612 | $ | 162,052 | $ | 176,137 | $ | 643,014 | ||||||||||||||||||||||
| Pro forma other hotel operations revenue | 20,316 | 21,497 | 22,394 | 22,882 | 87,089 | |||||||||||||||||||||||||||
| Pro forma total revenues | 173,529 | 173,109 | 184,446 | 199,019 | 730,103 | |||||||||||||||||||||||||||
| Pro forma total hotel operating expenses | 120,465 | 118,069 | 121,072 | 126,532 | 486,138 | |||||||||||||||||||||||||||
| Pro forma hotel EBITDA | $ | 53,064 | $ | 55,040 | $ | 63,374 | $ | 72,487 | $ | 243,965 | ||||||||||||||||||||||
| Pro forma hotel EBITDA Margin | 30.6% | 31.8% | 34.4% | 36.4% | 33.4% | |||||||||||||||||||||||||||
Pro Forma Statistics: (1) | ||||||||||||||||||||||||||||||||
| Rooms sold | 963,934 | 929,979 | 916,304 | 987,180 | 3,797,397 | |||||||||||||||||||||||||||
| Rooms available | 1,308,700 | 1,308,700 | 1,280,340 | 1,294,566 | 5,192,306 | |||||||||||||||||||||||||||
| Occupancy | 73.7% | 71.1% | 71.6% | 76.3% | 73.1% | |||||||||||||||||||||||||||
| ADR | $ | 158.95 | $ | 163.03 | $ | 176.85 | $ | 178.42 | $ | 169.33 | ||||||||||||||||||||||
| RevPAR | $ | 117.07 | $ | 115.85 | $ | 126.57 | $ | 136.06 | $ | 123.84 | ||||||||||||||||||||||
| Actual Statistics: | ||||||||||||||||||||||||||||||||
| Rooms sold | 987,833 | 941,803 | 920,670 | 987,180 | 3,837,486 | |||||||||||||||||||||||||||
| Rooms available | 1,341,084 | 1,325,524 | 1,286,440 | 1,294,566 | 5,247,614 | |||||||||||||||||||||||||||
| Occupancy | 73.7% | 71.1% | 71.6% | 76.3% | 73.1% | |||||||||||||||||||||||||||
| ADR | $ | 158.25 | $ | 162.60 | $ | 176.57 | $ | 178.42 | $ | 168.90 | ||||||||||||||||||||||
| RevPAR | $ | 116.57 | $ | 115.53 | $ | 126.37 | $ | 136.06 | $ | 123.52 | ||||||||||||||||||||||
| Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures | ||||||||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||
| Total revenues | $ | 177,117 | $ | 174,960 | $ | 185,053 | $ | 199,019 | $ | 736,149 | ||||||||||||||||||||||
| Total revenues - dispositions | (3,588) | (1,851) | (607) | — | (6,046) | |||||||||||||||||||||||||||
Pro forma total revenues (1) | 173,529 | 173,109 | 184,446 | 199,019 | 730,103 | |||||||||||||||||||||||||||
| Hotel Operating Expenses: | ||||||||||||||||||||||||||||||||
| Hotel operating expenses | 122,998 | 119,644 | 121,622 | 126,440 | 490,704 | |||||||||||||||||||||||||||
| Hotel operating expenses - dispositions | (2,533) | (1,575) | (550) | 92 | (4,566) | |||||||||||||||||||||||||||
Pro forma hotel operating expenses (1) | 120,465 | 118,069 | 121,072 | 126,532 | 486,138 | |||||||||||||||||||||||||||
| Hotel EBITDA: | ||||||||||||||||||||||||||||||||
| Operating income | 8,583 | 14,591 | 14,131 | 28,885 | 66,190 | |||||||||||||||||||||||||||
| Loss (gain) on disposal of assets, net | 57 | (6,715) | 40 | (134) | (6,752) | |||||||||||||||||||||||||||
| Loss on write-down of assets | — | 1,833 | 3,641 | — | 5,474 | |||||||||||||||||||||||||||
| Corporate general and administrative | 7,845 | 8,120 | 8,845 | 7,415 | 32,225 | |||||||||||||||||||||||||||
| Depreciation and amortization | 37,634 | 37,487 | 36,774 | 36,413 | 148,308 | |||||||||||||||||||||||||||
| Hotel EBITDA | 54,119 | 55,316 | 63,431 | 72,579 | 245,445 | |||||||||||||||||||||||||||
Hotel EBITDA - dispositions (2) | (1,055) | (276) | (57) | (92) | (1,480) | |||||||||||||||||||||||||||
Pro forma hotel EBITDA (1) | $ | 53,064 | $ | 55,040 | $ | 63,374 | $ | 72,487 | $ | 243,965 | ||||||||||||||||||||||
(1) Unaudited pro forma information includes operating results for 94 hotels owned as of June 30, 2026 as if all such hotels had been owned by the Company since July 1, 2025. For any hotels sold by the Company after July 1, 2025, the Company excludes the financial results of each of those hotels from July 1, 2025 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 hotels sold by the Company between July 1, 2025, and June 30, 2026, the Company has excluded the financial results of each of the hotels for the period beginning on July 1, 2025, and ending on the date the hotels were sold by the Company in determining pro forma hotel EBITDA.
| 13 | P a g e | |||||||
Summit Hotel Properties, Inc. Pro Forma and Same Store Data (Unaudited) | ||||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Pro Forma (1) and Same Store (2) | ||||||||||||||||||||||||||
| Rooms sold | 987,180 | 1,004,861 | 1,903,484 | 1,931,517 | ||||||||||||||||||||||
| Rooms available | 1,294,566 | 1,292,566 | 2,574,906 | 2,570,836 | ||||||||||||||||||||||
| Occupancy | 76.3% | 77.7% | 73.9% | 75.1% | ||||||||||||||||||||||
| ADR | $ | 178.42 | $ | 166.63 | $ | 177.67 | $ | 170.26 | ||||||||||||||||||
| RevPAR | $ | 136.06 | $ | 129.54 | $ | 131.34 | $ | 127.92 | ||||||||||||||||||
| Occupancy change | (1.9)% | (1.6)% | ||||||||||||||||||||||||
| ADR change | 7.1% | 4.4% | ||||||||||||||||||||||||
| RevPAR change | 5.0% | 2.7% | ||||||||||||||||||||||||
(1) Unaudited pro forma information includes operating results for 94 hotels owned as of June 30, 2026.
(2) Same-store information includes operating results for 94 hotels owned by the Company as of January 1, 2025, and at all times during the three and six months ended June 30, 2026, and 2025.
| 14 | P a g e | |||||||
| Summit Hotel Properties, Inc. Reconciliation of Net Loss to Non-GAAP Measures - EBITDA for Financial Outlook | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands) | ||||||||||||||
| FYE 2026 Outlook | ||||||||||||||
| Low | High | |||||||||||||
| Net loss | $ | (23,800) | $ | (14,700) | ||||||||||
| Depreciation and amortization | 146,700 | 146,700 | ||||||||||||
| Interest expense | 87,200 | 86,700 | ||||||||||||
| Interest income | (500) | (500) | ||||||||||||
| Income tax expense | 3,600 | 3,600 | ||||||||||||
| EBITDA | 213,200 | 221,800 | ||||||||||||
| Loss on write-down assets | 3,600 | 3,600 | ||||||||||||
| Gain on disposal of assets and other dispositions, net | (100) | (100) | ||||||||||||
| EBITDAre | 216,700 | 225,300 | ||||||||||||
| Equity-based compensation | 6,800 | 6,800 | ||||||||||||
| Debt transaction costs | 200 | 200 | ||||||||||||
| Other items, net | 500 | 500 | ||||||||||||
| Loss related to non-controlling interests in consolidated joint ventures | 2,800 | 1,200 | ||||||||||||
| Adjustments related to non-controlling interests in consolidated joint ventures | (52,000) | (52,000) | ||||||||||||
| Adjusted EBITDAre | $ | 175,000 | $ | 182,000 | ||||||||||
| Summit Hotel Properties, Inc. Reconciliation of Net Loss to Non-GAAP Measures - Funds From Operations for Financial Outlook | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share and unit) | ||||||||||||||
| FYE 2026 Outlook | ||||||||||||||
| Low | High | |||||||||||||
| Net loss | $ | (23,800) | $ | (14,700) | ||||||||||
| Preferred dividends | (15,900) | (15,900) | ||||||||||||
| Distributions to and accretion of redeemable non-controlling interests | (2,600) | (2,600) | ||||||||||||
| Loss related to non-controlling interests in consolidated joint ventures | 2,800 | 1,200 | ||||||||||||
| Net loss applicable to common shares and Common Units | (39,500) | (32,000) | ||||||||||||
| Real estate-related depreciation | 144,500 | 144,500 | ||||||||||||
| Loss on write-down assets | 3,600 | 3,600 | ||||||||||||
| Gain on disposal of assets and other dispositions, net | (100) | (100) | ||||||||||||
| FFO Adjustments related to non-controlling interests in consolidated joint ventures | (30,500) | (30,500) | ||||||||||||
| FFO applicable to common shares and Common Units | 78,000 | 85,500 | ||||||||||||
| Amortization of deferred financing costs | 8,100 | 8,100 | ||||||||||||
| Amortization of franchise fees | 700 | 700 | ||||||||||||
| Equity-based compensation | 6,800 | 6,800 | ||||||||||||
| Debt transaction costs | 200 | 200 | ||||||||||||
| Other items, net | 3,600 | 3,600 | ||||||||||||
| AFFO Adjustments related to non-controlling interests in consolidated joint ventures | (1,900) | (1,900) | ||||||||||||
| AFFO applicable to common shares and Common Units | $ | 95,500 | $ | 103,000 | ||||||||||
| Weighted average diluted common shares/Common Units for FFO and AFFO | 121,300 | 121,300 | ||||||||||||
| FFO per common share and Common Unit | $ | 0.64 | $ | 0.70 | ||||||||||
| AFFO per common share and Common Unit | $ | 0.79 | $ | 0.85 | ||||||||||
| 15 | 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 ("EBITDAre"), Adjusted EBITDAre, 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.
| 16 | 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 on-going 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 on-going 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).
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Earnings Release Supplement Second Quarter 2026 (UNAUDITED) August 5, 2026
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
1 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, 2025, 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.
2 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 minimis. 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.
3 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 on-going 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.
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
5 Summary Financial Results (Unaudited) (Amounts in thousands, except per share metrics and statistics) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) attributable to common stockholders $ 3,867 $ (1,612) $ (6,574) $ (6,296) Net income (loss) per diluted share $ 0.04 $ (0.02) $ (0.06) $ (0.06) Total revenues $ 199,019 $ 192,917 $ 384,072 $ 377,395 EBITDAre (1) $ 66,475 $ 61,050 $ 122,241 $ 119,499 Adjusted EBITDAre (1) $ 54,834 $ 50,919 $ 99,026 $ 95,926 FFO (1) $ 32,438 $ 26,886 $ 53,028 $ 50,082 Adjusted FFO (1) $ 34,883 $ 32,707 $ 60,408 $ 60,066 FFO per diluted share and unit (1) $ 0.27 $ 0.22 $ 0.44 $ 0.40 Adjusted FFO per diluted share and unit (1) $ 0.29 $ 0.27 $ 0.50 $ 0.49 Pro Forma (2) and Same Store (3) RevPAR $ 136.06 $ 129.54 $ 131.34 $ 127.92 RevPAR Growth 5.0 % 2.7 % Hotel EBITDA $ 72,487 $ 67,254 $ 135,861 $ 132,359 Hotel EBITDA Margin 36.4 % 35.5 % 35.4 % 35.7 % Hotel EBITDA Margin Change 88 bps (25) bps 1. See tables later in this presentation for a discussion and reconciliation of Net income 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 94 lodging properties owned as of June 30, 2026. 3. All same store information includes operating and financial results for 94 hotels owned as of January 1, 2025, and at all times during the three and six months ended June 30, 2026 and 2025.
6 Summary Pro Forma Operating Results (Unaudited) (Amounts in thousands, except operating statistics) 1. Unaudited pro forma information includes operating results for 94 hotels owned as of June 30, 2026. For any hotels sold by the Company after July 1, 2025, the Company excludes the financial results of each of those hotels from July 1, 2025 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. 2025 2026 Trailing Twelve Months Ended Pro Forma Operating Data: (1) Q3 Q4 Q1 Q2 June 30, 2026 Pro forma room revenue $ 153,213 $ 151,612 $ 162,052 $ 176,137 $ 643,014 Pro forma other hotel operations revenue 20,316 21,497 22,394 22,882 87,089 Pro forma total revenues 173,529 173,109 184,446 199,019 730,103 Pro forma total hotel operating expenses 120,465 118,069 121,072 126,532 486,138 Pro forma hotel EBITDA $ 53,064 $ 55,040 $ 63,374 $ 72,487 $ 243,965 Pro forma hotel EBITDA Margin 30.6 % 31.8 % 34.4 % 36.4 % 33.4 % Pro Forma Statistics: (1) Rooms sold 963,934 929,979 916,304 987,180 3,797,397 Rooms available 1,308,700 1,308,700 1,280,340 1,294,566 5,192,306 Occupancy 73.7 % 71.1 % 71.6 % 76.3 % 73.1 % ADR $ 158.95 $ 163.03 $ 176.85 $ 178.42 $ 169.33 RevPAR $ 117.07 $ 115.85 $ 126.57 $ 136.06 $ 123.84 Actual Statistics: Rooms sold 987,833 941,803 920,670 987,180 3,837,486 Rooms available 1,341,084 1,325,524 1,286,440 1,294,566 5,247,614 Occupancy 73.7 % 71.1 % 71.6 % 76.3 % 73.1 % ADR $ 158.25 $ 162.60 $ 176.57 $ 178.42 $ 168.90 RevPAR $ 116.57 $ 115.53 $ 126.37 $ 136.06 $ 123.52
7 Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 9,735 $ 2,037 $ 3,822 $ 2,660 Depreciation and amortization 36,413 37,259 73,187 74,489 Interest expense 22,068 20,628 42,518 40,584 Interest income on cash deposits (177) (132) (295) (245) Income tax (benefit) expense (1,430) 1,178 (538) 1,932 EBITDA 66,609 60,970 118,694 119,420 Loss on write-down of assets — — 3,641 — (Gain) loss on disposal of assets and other dispositions, net (134) 80 (94) 79 EBITDAre 66,475 61,050 122,241 119,499 Amortization of key money liabilities (164) (129) (293) (258) Equity-based compensation 1,426 2,789 3,427 4,705 Debt transaction costs 142 15 142 15 Non-cash lease expense, net 122 133 251 266 Casualty losses, net 294 430 622 724 Other 3 — 56 — (Income) loss related to non-controlling interests in consolidated joint ventures (776) 769 (1,944) (514) Adjustments related to non-controlling interests in consolidated joint ventures (12,688) (14,138) (25,476) (28,511) Adjusted EBITDAre $ 54,834 $ 50,919 $ 99,026 $ 95,926
8 Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 9,735 $ 2,037 $ 3,822 $ 2,660 Preferred dividends (3,968) (3,968) (7,938) (7,938) Distributions to and accretion of redeemable non-controlling interests (657) (657) (1,314) (1,314) (Income) loss related to non-controlling interests in consolidated joint ventures (776) 769 (1,944) (514) Net income (loss) applicable to common shares and Common Units 4,334 (1,819) (7,374) (7,106) Real estate-related depreciation 35,861 36,694 72,075 73,357 Loss on write-down of assets — — 3,641 — (Gain) loss on disposal of assets and other dispositions, net (134) 80 (94) 79 FFO adjustments related to non-controlling interests in consolidated joint ventures (7,623) (8,069) (15,220) (16,248) FFO applicable to common shares and Common Units 32,438 26,886 53,028 50,082 Amortization of deferred financing costs 1,919 1,677 3,916 3,350 Amortization of franchise fees 165 175 334 350 Amortization of intangible assets, net 224 262 486 524 Equity-based compensation 1,426 2,789 3,427 4,705 Debt transaction costs 142 15 142 15 Non-cash lease expense, net 122 133 251 266 Casualty losses, net 294 430 622 724 Deferred tax (benefit) expense (1,430) 843 (963) 1,168 Other 3 — 56 — AFFO adjustments related to non-controlling interests in consolidated joint ventures (420) (503) (891) (1,118) AFFO applicable to common shares and Common Units $ 34,883 $ 32,707 $ 60,408 $ 60,066 FFO per common share and Common Unit $ 0.27 $ 0.22 $ 0.44 $ 0.40 AFFO per common share and Common Unit $ 0.29 $ 0.27 $ 0.50 $ 0.49 Weighted-average diluted common shares and Common Units 121,154 123,125 121,511 123,742
9 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Number Rooms Sold 590,965 606,839 373,555 400,531 22,660 22,213 987,180 1,029,583 Number of Rooms Available 766,584 777,656 500,773 521,734 27,209 25,208 1,294,566 1,324,598 Occupancy 77.1 % 78.0 % 74.6 % 76.8 % 83.3 % 88.1 % 76.3 % 77.7 % Average Daily Rate $ 181.30 $ 167.52 $ 171.53 $ 160.68 $ 217.09 $ 206.33 $ 178.42 $ 165.70 Room Revenue PAR $ 139.77 $ 130.72 $ 127.95 $ 123.36 $ 180.79 $ 181.81 $ 136.06 $ 128.79 Room Revenue $ 107,143 $ 101,657 $ 64,075 $ 64,359 $ 4,919 $ 4,583 $ 176,137 $ 170,599 Other revenue 12,300 11,256 7,521 7,964 3,061 3,098 22,882 22,318 Total Revenue $ 119,443 $ 112,913 $ 71,596 $ 72,323 $ 7,980 $ 7,681 $ 199,019 $ 192,917 Hotel EBITDA $ 42,699 $ 38,064 $ 27,537 $ 27,691 $ 2,343 $ 2,548 $ 72,579 $ 68,303 % margin 35.7 % 33.7 % 38.5 % 38.3 % 29.4 % 33.2 % 36.5 % 35.4 % Net income (loss) $ 7,913 $ 3,656 $ 1,446 $ (1,656) $ 376 $ 37 $ 9,735 $ 2,037 $ (738) $ 773 $ (38) $ (4) $ 8,959 $ 2,806 Depreciation and amortization 19,289 19,456 15,692 16,617 1,432 1,186 36,413 37,259 (7,689) (8,142) (143) (119) 28,581 28,998 Interest expense 11,456 7,813 10,058 11,507 554 1,308 22,068 20,628 (4,928) (5,638) (55) (131) 17,085 14,859 Interest income (149) (119) (26) (13) (2) — (177) (132) 13 6 — — (164) (126) Income tax (benefit) expense (1,202) 1,120 (228) 58 — — (1,430) 1,178 112 (28) — — (1,318) 1,150 EBITDA 37,307 31,926 26,942 26,513 2,360 2,531 66,609 60,970 (13,230) (13,029) (236) (254) 53,143 47,687 (Gain) loss on disposal of assets and other dispositions, net (112) 61 (22) 19 — — (134) 80 11 (9) — — (123) 71 EBITDAre 37,195 31,987 26,920 26,532 2,360 2,531 66,475 61,050 (13,219) (13,038) (236) (254) 53,020 47,758 Amortization of key money liabilities (94) (60) (52) (51) (18) (18) (164) (129) 25 25 2 2 (137) (102) Equity-based compensation 1,426 2,789 — — — — 1,426 2,789 — — — — 1,426 2,789 Debt transaction costs 142 — — — — 15 142 15 — — — (2) 142 13 Non-cash lease expense, net 123 126 (1) 7 — — 122 133 — (3) — — 122 130 Casualty losses, net 138 283 156 141 — 6 294 430 (76) (69) — (1) 218 360 Other 419 (315) — — (416) 315 3 — (2) — 42 (29) 43 (29) Adjusted EBITDAre $ 39,349 $ 34,810 $ 27,023 $ 26,629 $ 1,926 $ 2,849 $ 68,298 $ 64,288 $ (13,272) $ (13,085) $ (192) $ (284) $ 54,834 $ 50,919
10 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 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. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Number Rooms Sold 1,124,583 1,146,478 737,073 784,518 46,194 44,692 1,907,850 1,975,688 Number of Rooms Available 1,524,744 1,546,706 1,002,143 1,037,794 54,119 50,048 2,581,006 2,634,548 Occupancy 73.8 % 74.1 % 73.5 % 75.6 % 85.4 % 89.3 % 73.9 % 75.0 % Average Daily Rate $ 176.09 $ 166.09 $ 174.40 $ 169.38 $ 262.65 $ 246.73 $ 177.53 $ 169.22 Room Revenue PAR $ 129.87 $ 123.11 $ 128.27 $ 128.05 $ 224.19 $ 220.33 $ 131.23 $ 126.90 Room Revenue $ 198,024 $ 190,418 $ 128,544 $ 132,885 $ 12,133 $ 11,027 $ 338,701 $ 334,330 Other revenue 23,756 20,928 15,568 15,954 6,047 6,183 45,371 43,065 Total Revenue $ 221,780 $ 211,346 $ 144,112 $ 148,839 $ 18,180 $ 17,210 $ 384,072 $ 377,395 Hotel EBITDA $ 73,272 $ 67,440 $ 56,021 $ 59,751 $ 6,717 $ 6,739 $ 136,010 $ 133,930 % margin 33.0 % 31.9 % 38.9 % 40.1 % 36.9 % 39.2 % 35.4 % 35.5 % Net (loss) income $ (2,221) $ (164) $ 3,289 $ 545 $ 2,754 $ 2,279 $ 3,822 $ 2,660 $ (1,669) $ (286) $ (275) $ (228) $ 1,878 $ 2,146 Depreciation and amortization 39,052 38,736 31,274 33,476 2,861 2,277 73,187 74,489 (15,324) (16,403) (286) (228) 57,577 57,858 Interest expense 21,216 15,469 20,171 22,952 1,131 2,163 42,518 40,584 (9,884) (11,246) (113) (216) 32,521 29,122 Interest income (244) (221) (49) (24) (2) — (295) (245) 24 12 — — (271) (233) Income tax (benefit) expense (391) 1,239 (147) 693 — — (538) 1,932 72 (340) — — (466) 1,592 EBITDA 57,412 55,059 54,538 57,642 6,744 6,719 118,694 119,420 (26,781) (28,263) (674) (672) 91,239 90,485 Loss on write-down of assets 3,641 — — — — — 3,641 — — — — — 3,641 — (Gain) loss on disposal of assets and other dispositions, net (108) 38 14 41 — — (94) 79 (7) (20) — — (101) 59 EBITDAre 60,945 55,097 54,552 57,683 6,744 6,719 122,241 119,499 (26,788) (28,283) (674) (672) 94,779 90,544 Amortization of key money liabilities (154) (119) (103) (103) (36) (36) (293) (258) 50 50 4 4 (239) (204) Equity-based compensation 3,427 4,705 — — — — 3,427 4,705 — — — — 3,427 4,705 Debt transaction costs 141 — 1 — — 15 142 15 — — — (2) 142 13 Non-cash lease expense, net 246 253 5 13 — — 251 266 (2) (6) — — 249 260 Casualty losses, net 431 540 185 170 6 14 622 724 (91) (83) (1) (1) 530 640 Other 880 (315) — — (824) 315 56 — — — 82 (32) 138 (32) Adjusted EBITDAre $ 65,916 $ 60,161 $ 54,640 $ 57,763 $ 5,890 $ 7,027 $ 126,446 $ 124,951 $ (26,831) $ (28,322) $ (589) $ (703) $ 99,026 $ 95,926
11 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) (Amounts in thousands, except per share metrics) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. 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. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net income (loss) $ 7,913 $ 3,656 $ 1,446 $ (1,656) $ 376 $ 37 $ 9,735 $ 2,037 $ (738) $ 773 $ (38) $ (4) $ 8,959 $ 2,806 Preferred dividends (3,968) (3,968) — — — — (3,968) (3,968) — — — — (3,968) (3,968) Distributions to and accretion of redeemable non- controlling interests (657) (657) — — — — (657) (657) — — — — (657) (657) Net income (loss) applicable to common shares and Common Units 3,288 (969) 1,446 (1,656) 376 37 5,110 (2,588) (738) 773 (38) (4) 4,334 (1,819) Real estate-related depreciation 19,158 19,316 15,289 16,210 1,414 1,168 35,861 36,694 (7,493) (7,943) (141) (117) 28,227 28,634 Loss on write-down of assets — — — — — — — — — — — — — — (Gain) loss on disposal of assets and other dispositions, net (112) 61 (22) 19 — — (134) 80 11 (9) — — (123) 71 FFO applicable to common shares and Common Units 22,334 18,408 16,713 14,573 1,790 1,205 40,837 34,186 (8,220) (7,179) (179) (121) 32,438 26,886 Amortization of deferred financing costs 1,197 1,062 645 554 77 61 1,919 1,677 (316) (271) (8) (6) 1,595 1,400 Amortization of franchise fees 84 89 81 86 — — 165 175 (40) (42) — — 125 133 Amortization of intangible assets (46) (8) 270 270 — — 224 262 (132) (132) — — 92 130 Equity based compensation 1,426 2,789 — — — — 1,426 2,789 — — — — 1,426 2,789 Debt transaction costs 142 — — — — 15 142 15 — — — (2) 142 13 Non-cash lease expense, net 122 126 — 7 — — 122 133 — (3) — — 122 130 Casualty losses, net 138 283 156 141 — 6 294 430 (76) (69) — (1) 218 360 Deferred tax (benefit) expense (1,202) 956 (228) (113) — — (1,430) 843 112 55 — — (1,318) 898 Other 419 (315) — — (416) 315 3 — (2) — 42 (32) 43 (32) AFFO applicable to common shares and common units (2) $ 24,614 $ 23,390 $ 17,637 $ 15,518 $ 1,451 $ 1,602 $ 43,702 $ 40,510 $ (8,674) $ (7,641) $ (145) $ (162) $ 34,883 $ 32,707 FFO per common share and Common Unit $ 0.27 $ 0.22 AFFO per common share and Common Unit $ 0.29 $ 0.27 Weighted-average diluted common shares and Common Units (2) 121,154 123,125
12 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) (Amounts in thousands, except per share metrics) 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 Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net (loss) income $ (2,221) $ (164) $ 3,289 $ 545 $ 2,754 $ 2,279 $ 3,822 $ 2,660 $ (1,669) $ (286) $ (275) $ (228) $ 1,878 $ 2,146 Preferred dividends (7,938) (7,938) — — — — (7,938) (7,938) — — — — (7,938) (7,938) Distributions to and accretion of redeemable non- controlling interests (1,314) (1,314) — — — — (1,314) (1,314) — — — — (1,314) (1,314) Net (loss) income applicable to common shares and Common Units (11,473) (9,416) 3,289 545 2,754 2,279 (5,430) (6,592) (1,669) (286) (275) (228) (7,374) (7,106) Real estate-related depreciation 38,781 38,454 30,469 32,662 2,825 2,241 72,075 73,357 (14,930) (16,004) (283) (224) 56,862 57,129 Loss on write-down of assets 3,641 — — — — — 3,641 — — — — — 3,641 — (Gain) loss on disposal of assets and other dispositions, net (108) 38 14 41 — — (94) 79 (7) (20) — — (101) 59 FFO applicable to common shares and Common Units 30,841 29,076 33,772 33,248 5,579 4,520 70,192 66,844 (16,606) (16,310) (558) (452) 53,028 50,082 Amortization of deferred financing costs 2,475 2,167 1,290 1,107 151 76 3,916 3,350 (632) (542) (15) (8) 3,269 2,800 Amortization of franchise fees 172 179 162 171 — — 334 350 (79) (84) — — 255 266 Amortization of intangible assets (54) (16) 540 540 — — 486 524 (265) (265) — — 221 259 Equity based compensation 3,427 4,705 — — — — 3,427 4,705 — — — — 3,427 4,705 Debt transaction costs 141 — 1 — — 15 142 15 — — — (2) 142 13 Non-cash lease expense, net 246 253 5 13 — — 251 266 (2) (6) — — 249 260 Casualty losses, net 431 540 185 170 6 14 622 724 (91) (83) (1) (1) 530 640 Deferred tax (benefit) expense (735) 974 (228) 194 — — (963) 1,168 112 (95) — — (851) 1,073 Other 880 (315) — — (824) 315 56 — — — 82 (32) 138 (32) AFFO applicable to common shares and common units (3) $ 37,824 $ 37,563 $ 35,727 $ 35,443 $ 4,912 $ 4,940 $ 78,463 $ 77,946 $ (17,563) $ (17,385) $ (492) $ (495) $ 60,408 $ 60,066 FFO per common share and Common Unit $ 0.44 $ 0.40 AFFO per common share and Common Unit $ 0.50 $ 0.49 Weighted-average diluted common shares and Common Units (3) 121,511 123,742
13 Full Year 2026 Outlook (Unaudited) (Amounts in thousands, except per share metrics and statistics) 1. All pro forma information includes operating and financial results for 92 lodging assets owned as of August 5, 2026 and excludes the financial results of hotels sold by the Company after January 1, 2025. Pro forma and non-GAAP financial measures are unaudited. FYE 2026 Outlook Low High Variance to Prior Midpoint % Change to Prior Midpoint Pro Forma RevPAR Growth (1) 1.75 % 3.25 % 0.75 % — % Adjusted EBITDAre $ 175,000 $ 182,000 $ 3,000 1.7 % Adjusted FFO $ 95,500 $ 103,000 $ 3,300 3.4 % Adjusted FFO per share of common share and Common Units $ 0.79 $ 0.85 $ 0.02 2.5 % Capital Expenditures, Pro Rata $ 55,000 $ 65,000 $ — — % The Company’s updated outlook for the full year 2026 is based on 92 lodging assets owned as of August 5, 2026. Our previous guidance ranges incorporated ownership of the recently sold Courtyard by Marriott, Dallas (Arlington South), TX and Residence Inn by Marriott, Dallas (Arlington South), TX hotels which were expected to contribute approximately $0.5 million of hotel EBITDA in the remaining five months of 2026. These hotels are no longer included in our updated guidance ranges. Based on actual results for the first six months of the year and recent operating trends, the Company is increasing the low and high end of its guidance ranges for pro forma RevPAR growth, Adjusted EBITDAre, Adjusted FFO, and Adjusted FFO per share. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company’s full year 2026 outlook.
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
15 Pro Forma Operating Results - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. Unaudited pro forma information includes operating results for 94 hotels owned as of June 30, 2026. For any hotels sold by the Company after January 1, 2025 (the “Disposed Hotels”), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2025 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. INN Wholly-Owned (52 Hotels) GIC Joint Venture (39 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (94 Hotels) For The Three Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 Pro Forma Operating Data (1) Occupancy 77.1 % 78.1 % 74.6 % 76.6 % 83.3 % 88.1 % 76.3 % 77.7 % ADR $ 181.30 $ 168.00 $ 171.53 $ 162.18 $ 217.09 $ 206.33 $ 178.42 $ 166.63 RevPAR $ 139.77 $ 131.28 $ 127.95 $ 124.24 $ 180.79 $ 181.81 $ 136.06 $ 129.54 Occupancy change (1.3) % (2.6) % (5.5) % (1.9) % ADR change 7.9 % 5.8 % 5.2 % 7.1 % RevPAR change 6.5 % 3.0 % (0.6) % 5.0 % Pro forma total revenues $ 119,443 $ 111,781 $ 71,596 $ 69,781 $ 7,980 $ 7,680 $ 199,019 $ 189,242 Pro forma hotel EBITDA $ 42,688 $ 37,981 $ 27,455 $ 26,725 $ 2,344 $ 2,548 $ 72,487 $ 67,254 Pro forma hotel EBITDA Margin 35.7 % 34.0 % 38.3 % 38.3 % 29.4 % 33.2 % 36.4 % 35.5 %
16 Pro Forma Operating Results - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. Unaudited pro forma information includes operating results for 94 hotels owned as of June 30, 2026, as if all such hotels had been owned by the Company since January 1, 2025. For any Acquired Hotels, the Company has included in the pro forma information the financial results of each of the Acquired Hotels for 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 Disposed Hotels, the Company excludes the financial results of each of the Disposed Hotels from January 1, 2025 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. INN Wholly-Owned (52 Hotels) GIC Joint Venture (39 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (94 Hotels) For The Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 Pro Forma Operating Data (1) Occupancy 73.8 % 74.3 % 73.6 % 75.6 % 85.4 % 89.3 % 73.9 % 75.1 % ADR $ 176.09 $ 166.56 $ 174.74 $ 171.29 $ 262.65 $ 246.73 $ 177.67 $ 170.26 RevPAR $ 129.87 $ 123.81 $ 128.54 $ 129.56 $ 224.19 $ 220.33 $ 131.34 $ 127.92 Occupancy change (0.8) % (2.7) % (4.4) % (1.6) % ADR change 5.7 % 2.0 % 6.5 % 4.4 % RevPAR change 4.9 % (0.8) % 1.8 % 2.7 % Pro forma total revenues $ 221,780 $ 209,497 $ 143,505 $ 144,306 $ 18,180 $ 17,210 $ 383,465 $ 371,013 Pro forma hotel EBITDA $ 73,277 $ 67,436 $ 55,867 $ 58,184 $ 6,717 $ 6,739 $ 135,861 $ 132,359 Pro forma hotel EBITDA Margin 33.0 % 32.2 % 38.9 % 40.3 % 36.9 % 39.2 % 35.4 % 35.7 %
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
18 Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Common Share Price & Dividends At quarter ended $ 7.01 $ 4.42 $ 4.87 $ 5.49 $ 5.09 High during quarter ended $ 7.15 $ 4.97 $ 5.79 $ 6.00 $ 5.56 Low during quarter ended $ 4.19 $ 3.98 $ 4.73 $ 4.61 $ 3.57 Common dividends per share $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 Common Shares & Units Common shares outstanding 107,854 108,414 108,799 108,803 108,812 Common units outstanding 13,009 13,009 13,009 13,009 13,009 Total common shares and units outstanding 120,863 121,423 121,808 121,812 121,821 Capitalization Market value of common equity at quarter end $ 847,250 $ 536,690 $ 593,205 $ 668,748 $ 620,069 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 1,389,084 1,409,154 1,404,143 1,433,483 1,434,703 Less: Consolidated unrestricted cash (36,933) (44,773) (36,110) (41,135) (39,490) Consolidated total enterprise value 2,509,401 2,211,071 2,271,238 2,371,096 2,325,282 Noncontrolling interest in consolidated total debt - GIC JV (319,032) (319,066) (322,735) (327,311) (325,460) Noncontrolling interest in consolidated total debt - Other JVs (5,800) (5,800) (5,800) (5,800) (5,800) Noncontrolling interest in consolidated total cash - GIC JV 7,372 9,690 5,759 7,116 6,140 Noncontrolling interest in consolidated total cash - Other JVs 213 272 256 239 258 Pro rata total enterprise value $ 2,192,154 $ 1,896,167 $ 1,948,718 $ 2,045,340 $ 2,000,420
19 As of June 30, 2026 Spread Base Rate Interest Rate Fixed/ Variable Fully-Extended Maturity Date Number of Encumbered Properties Principal Outstanding Non- controlling Interests Pro Rata Principal Outstanding Senior Credit Facility $400 Million Revolver 1.95% 3.64% 5.59% Variable June 2031 n/a $ 5,000 $ — $ 5,000 $200 Million Term Loan 1.90% 3.64% 5.54% Variable June 2031 n/a 200,000 — 200,000 $50 Million Delayed Draw Term Loan 1.90% 3.64% 5.54% Variable June 2031 n/a — — — Total Senior Credit and Term Loan Facility 205,000 — 205,000 Term Loans Regions Bank 2024 Term Loan Facility 2.10% 3.64% 5.74% Variable February 2029 n/a 200,000 — 200,000 2025 Delayed Draw Term Loan 2.10% 3.64% 5.74% Variable March 2030 n/a 275,000 — 275,000 475,000 — 475,000 Total Operating Partnership Debt 680,000 — 680,000 Brickell Joint Venture Mortgage Loan Wells Fargo Bank, N.A. 2.30% 3.62% 5.92% Variable May 2030 2 58,000 (5,800) 52,200 GIC Joint Venture Credit Facility and Term Loans $125 Million Revolver 2.15% 3.64% 5.79% Variable September 2028 n/a 125,000 (61,250) 63,750 $125 Million Term Loan 2.10% 3.64% 5.74% Variable September 2028 n/a 125,000 (61,250) 63,750 Bank of America, N.A. 2025 Term Loan 2.35% 3.64% 5.99% Variable July 2030 n/a 383,430 (187,881) 195,549 Wells Fargo n/a n/a 4.99% Fixed June 2028 1 12,110 (5,934) 6,176 PACE Loan n/a n/a 6.10% Fixed July 2040 n/a 5,544 (2,717) 2,827 Total GIC Joint Venture Credit Facility and Term Loans 1 651,084 (319,032) 332,052 Total Joint Venture Debt 3 709,084 (324,832) 384,252 Total Debt 3 $ 1,389,084 $ (324,832) $ 1,064,252 Debt Schedule - Part I (Unaudited) (Amounts in thousands except for number of properties)
20 Debt Schedule - Part II (Unaudited) (Amounts in thousands) As of June 30, 2026 Principal Amount Outstanding Fixed Debt Outstanding Variable Debt Outstanding Effective Interest Rate Total Debt $ 1,389,084 $ 17,654 $ 1,371,430 5.79 % Non-controlling Interests in Joint Ventures (324,832) (8,651) (316,181) Pro Rata Debt $ 1,064,252 $ 9,003 $ 1,055,249 5.76 % % of Pro Rata Debt 100 % 1 % 99 % Pro Rata Adjustment for Swaps in Effect — 530,200 (530,200) Pro Rata Debt Including Swaps $ 1,064,252 $ 539,203 $ 525,049 5.46 % % of Pro Rata Debt Including Swaps 100 % 51 % 49 % Notional Effective Maturity Interest Rate Swaps Value Swap Rate Date Date 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 Wells Fargo - 2025 - $58mm 58,000 3.5740 % June 2, 2025 May 15, 2028 Bank of America - 2025 - $150mm 150,000 3.2605 % January 13, 2026 January 13, 2028 Fifth-Third Bank - 2025 - $150mm 150,000 3.2650 % January 13, 2026 January 13, 2028 U.S. Bank National Association - 2025 - $125mm 125,000 3.3135 % December 31, 2025 December 31, 2027 Total Swaps $ 683,000 3.0989 %
21 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 June 30, 2026 $5.0 $275.0 $200.0 $127.5 $52.2 $200.0 $195.6 $6.2 $2.8 $400M Senior Revolver $50M Delayed Draw Term Loan 2025 Delayed Draw Term Loan $200M Senior Term Loan GIC JV Credit Facility Brickell JV Mortgage Debt Regions Bank 2024 Term Loan Facility $400M GIC JV Term Loan Mortgage Debt 2026 2027 2028 2029 2030 2031 2032 + $0 $100 $200 $300 $400 $500 $600 (1)
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
23 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 Suburban 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 Suburban Hilton Garden Inn - Greenville 1 120 Upscale Suburban Fairfield Inn & Suites - Louisville Downtown 1 140 Upper Midscale Urban (1) (1) (1) - The Courtyard and the Residence Inn - Dallas/Arlington South were sold in July 2026.
24 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 1 117 Upper Upscale Urban 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 - Oceanside Fort Lauderdale Beach 1 261 Upscale Resort
25 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) Courtyard - Charlotte City Center 1 182 Upscale Urban Hampton Inn & Suites - Baltimore Inner Harbor 1 116 Upper Midscale Urban Residence Inn - Baltimore Downtown/Inner Harbor 1 189 Upscale Urban 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) 52 8,424
26 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
27 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 AC Hotel - Houston Downtown 1 195 Upscale Urban Homewood Suites - Midland 1 118 Upscale Suburban Hyatt Place - Lubbock 1 125 Upscale Urban Embassy Suites - Amarillo Downtown 1 226 Upper Upscale Urban 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 45 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) 39 5,503
28 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 35 N/A Small Metro/Town Other Joint Ventures (90% Ownership) 3 299 Pro Forma (1) 94 14,226
