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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

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

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR (Exact name of registrant as specified in its charter) (State or other jurisdiction (I.R.S. Employer Identification No.) 13215 Bee Cave Parkway, Suite B-300 Austin, TX 78738 (Address of principal executive offices, including zip code) (512) 538-2300 of incorporation or organization) ☐ TRANSITION ...

Summit Hotel Properties, Inc. (NYSE:INN) Q4 2020 Earnings Conference Call February 24, 2021 11:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance and Capital Markets Jon Stanner - President and Chief Executive Officer Conference Call Participants Neil Malkin - Capital One Securities Austin Wurschmidt - KeyBanc Dany Asad - Bank of America Chris Woronka - Deutsche Bank Michael Bellisario - Baird Operator Ladies and gentlemen, thank you for standing by. And welcome to the Summit Hotel ...

Summit Hotel Properties, Inc. (NYSE:INN) Q3 2020 Earnings Conference Call November 4, 2020 9:00 AM ET Company Participants Adam Wudel - SVP of Finance Dan Hansen - Chairman, President and CEO Jon Stanner - EVP and CFO Conference Call Participants Michael Bellisario - Baird Neil Malkin - Capital One Securities Austin Wurschmidt - KeyBanc Capital Markets Dany Asad - Bank of America Merrill Lynch Chris Woronka - Deutsche Bank Bill Crow - Raymond James Operator Good morning, and thank you for standing by, and w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

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