SUMMIT HOTEL PROPERTIES PUBLISHES 2024 CORPORATE RESPONSIBILITY REPORT

Rhea-AI Summary

Summit Hotel Properties (NYSE: INN) has released its 2024 Corporate Responsibility Report, highlighting its ongoing commitment to ESG initiatives. The company has made significant progress towards its environmental goals, achieving 87% of its 2025 reduction target. Summit's community engagement efforts have resulted in nearly $1,000,000 in contributions and 1,400 volunteer hours supporting 55 charitable organizations. The report emphasizes Summit's dedication to creating long-term shareholder value through responsible investing, environmental safeguarding, and supporting employees and communities. CEO Jonathan P. Stanner expressed pride in the company's ESG advancements and its commitment to fostering a diverse, equitable, and inclusive work culture. The full report is available on Summit Hotel Properties' website.

Positive

• Achieved 87% of 2025 environmental reduction target
• Nearly $1,000,000 in charitable contributions
• 1,400 volunteer hours supporting 55 charitable organizations
• Commitment to fostering diverse, equitable, and inclusive work culture

Negative

• None.

AUSTIN, Texas, Sept. 11, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced the publication of its annual Corporate Responsibility Report, which presents the Company's ongoing commitment to creating long-term shareholder value by investing responsibly, safeguarding the environment, and supporting its employees, communities, and other stakeholders.

"I am pleased to share the continued  progress  we made in advancing our Environmental, Social, and Governance (ESG) program and initiatives over the past year.  We recognize that the ESG landscape continues to evolve and we believe our program addresses the interests of our many stakeholders. Our commitment to sustainability and responsibility has not only strengthened our organization but also exemplifies our dedication to having a positive effect on all of  these constituencies," stated Jonathan P. Stanner, President and Chief Executive Officer.  "We have already reached  87% of the reduction target that we are working to achieve by the end of 2025 and our commitment to community engagement remains steadfast with our contributions and charitable activities approaching $1,000,000 and 1,400 service volunteer hours, respectively, to support 55 charitable organizations. We continue to foster a diverse, equitable, and inclusive work culture that recognizes and rewards excellence based on merit and performance. We are excited for current and future opportunities to further enhance our ESG program to support our values," continued Mr. Stanner. 

The Corporate Responsibility Report is designed to help stakeholders better understand the Company's commitments to environmental stewardship, social responsibility and governance, and resilience. The report can be viewed in the "Responsibility" section of the Company's website at http://www.shpreit.com/responsibility/about.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the Upscale segment of the lodging industry. As of September 11, 2024, the Company's portfolio consisted of 96 assets, 54 of which are wholly owned, with a total of 14,256 guestrooms located in 24 states.

For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on X at @SummitHotel_INN.

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 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. These forward-looking statements relate to the payment of dividends. 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. 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, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 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.

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SOURCE Summit Hotel Properties, Inc.

FAQ

What progress has Summit Hotel Properties (INN) made towards its environmental goals in 2024?

Summit Hotel Properties has achieved 87% of its 2025 environmental reduction target, as reported in their 2024 Corporate Responsibility Report.

How much has Summit Hotel Properties (INN) contributed to charitable causes in 2024?

According to the 2024 Corporate Responsibility Report, Summit Hotel Properties has contributed nearly $1,000,000 and 1,400 volunteer hours to support 55 charitable organizations.

What are the key focus areas of Summit Hotel Properties' (INN) ESG initiatives in 2024?

Summit Hotel Properties' ESG initiatives focus on creating long-term shareholder value through responsible investing, environmental safeguarding, supporting employees and communities, and fostering a diverse, equitable, and inclusive work culture.

Where can I find Summit Hotel Properties' (INN) 2024 Corporate Responsibility Report?

The 2024 Corporate Responsibility Report can be viewed in the 'Responsibility' section of Summit Hotel Properties' website at http://www.shpreit.com/responsibility/about.