STOCK TITAN
  1. Home
  2. Sec-filings
  3. INN
  4. [8-K] Summit Hotel Properties, Inc. Reports Material Event

Summit Hotel Properties (INN) Q1 2026 RevPAR, outlook and asset sales

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Summit Hotel Properties reported mixed first quarter 2026 results, with total revenues of $185.1 million, essentially flat versus the prior year, and a widened net loss attributable to common stockholders of $10.4 million, or $0.10 per diluted share, compared to a $4.7 million loss, or $0.04 per share, a year earlier.

On a pro forma basis, RevPAR edged up 0.2% to $126.57, driven by a 1.5% increase in average daily rate to $176.85, while occupancy slipped to 71.6%. Pro forma hotel EBITDA declined to $63.4 million and hotel EBITDA margin compressed to 34.4% from 35.8%, reflecting higher operating costs and a loss on write-down of assets.

The company continued its capital recycling strategy, agreeing to sell two Dallas (Arlington South) hotels for $19.0 million at a 5.0% capitalization rate and completing a joint-venture sale in Longview, Texas for $12.3 million. Since 2023, it and its affiliates have sold or contracted to sell 15 hotels for about $218 million at a blended 4.6% cap rate. Summit also fully repaid $287.5 million of 1.5% convertible notes using term loan and revolver borrowings and repurchased 1.4 million shares for $6.0 million in the quarter.

As of March 31, 2026, the company had $1.1 billion of pro rata debt at a 5.53% weighted average interest rate and $34.8 million of unrestricted cash. It declared a quarterly common dividend of $0.08 per share, equating to a 6.4% annualized yield based on the April 29 share price. For full-year 2026, Summit modestly raised the low end and implied midpoint of its outlook, guiding pro forma RevPAR growth of 0.5%–3.0%, Adjusted EBITDAre of $170–$181 million, and Adjusted FFO of $90–$102 million, or $0.75–$0.85 per diluted share and unit, based on its current 94-hotel portfolio.

Positive

  • None.

Negative

  • None.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenues Q1 2026 $185.1M Quarter ended March 31, 2026; vs $184.5M in Q1 2025
Net loss attributable to common stockholders $10.4M (−$0.10/share) Quarter ended March 31, 2026; vs $4.7M (−$0.04/share) in Q1 2025
Pro forma RevPAR $126.57 Q1 2026; up 0.2% vs Q1 2025
Pro forma hotel EBITDA $63.4M Q1 2026; down from $65.1M in Q1 2025
Dallas (Arlington South) hotel sale price $19.0M Courtyard and Residence Inn combined; 5.0% capitalization rate
Share repurchases in Q1 2026 1.4M shares for $6.0M Weighted average price about $4.17 per share
Pro rata debt outstanding $1.1B As of March 31, 2026; weighted average interest rate 5.53%
Quarterly common dividend $0.08 per share Declared April 23, 2026; 6.4% annualized yield on April 29 price
RevPAR financial
"Pro forma RevPAR increased 0.2 percent to $126.57 compared to the first quarter of 2025."
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
Adjusted EBITDAre financial
"Adjusted EBITDAre decreased to $44.2 million from $45.0 million in the first quarter of 2025."
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
Funds From Operations (FFO) financial
"FFO applicable to common shares and Common Units $ 20,590 $ 23,196"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
capital recycling financial
"Accretive Capital Recycling Continues with Agreement to Sell the Courtyard and Residence Inn Dallas (Arlington South)"
Capital recycling is a strategy where a company sells mature or non-core assets to free up cash, then uses that money to invest in new projects or pay down debt. For investors, it matters because it can boost returns and growth without needing new funding, while also revealing how management chooses to deploy company resources—like selling an old house to fund a new one that may earn more or cost less to maintain.
pro rata financial
"On a pro rata basis as of March 31, 2026, the Company had the following outstanding indebtedness"
Pro rata means dividing or distributing something proportionally based on a specific factor, such as ownership or contribution. For example, if an investor owns 10% of a company, they would receive 10% of any dividends or benefits allocated. This approach ensures everyone gets their fair share relative to their stake or input, helping investors understand how benefits, costs, or responsibilities are fairly shared.
Total revenues $185.1M +$0.6M vs Q1 2025
Net loss attributable to common stockholders $10.4M worse than $4.7M loss in Q1 2025
Pro forma RevPAR $126.57 +0.2% vs Q1 2025
Adjusted EBITDAre $44.2M down from $45.0M in Q1 2025
Adjusted FFO $25.5M ($0.21/share and unit) down from $27.4M ($0.22/share and unit) in Q1 2025
Guidance

For full-year 2026, Summit guides pro forma RevPAR growth of 0.5%–3.0%, Adjusted EBITDAre of $170–$181 million, and Adjusted FFO of $90–$102 million, or $0.75–$0.85 per common share and unit, based on 94 lodging assets owned as of March 31, 2026.

Understanding 8-K Material Events →
0001497645FALSE00014976452026-04-302026-04-300001497645us-gaap:CommonStockMember2026-04-302026-04-300001497645us-gaap:SeriesEPreferredStockMember2026-04-302026-04-300001497645us-gaap:SeriesFPreferredStockMember2026-04-302026-04-30

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): April 30, 2026
 
SUMMIT HOTEL PROPERTIES, INC.
(Exact name of registrant as specified in its charter)

Maryland001-3507427-2962512
(State or other jurisdiction(Commission File Number)(I.R.S. Employer Identification No.)
of incorporation or organization)  
 
13215 Bee Cave Parkway, Suite B-300
Austin, TX  78738
(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:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareINNNew York Stock Exchange
6.25% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareINN-PENew York Stock Exchange
5.875% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per shareINN-PFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

☐    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐









Item 2.02.    Results of Operations and Financial Condition.

On April 30, 2026, Summit Hotel Properties, Inc. (the “Company”) issued a press release announcing the consolidated operating results of the Company and its subsidiaries for three months ended March 31, 2026. The press release referred to supplemental financial information for the first 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
99.1
Press release issued April 30, 2026, providing consolidated operating results for the three months ended March 31, 2026.
99.2
First Quarter 2026 Supplemental Data
104Cover 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: April 30, 2026By:/s/ Christopher R. Eng
 Christopher R. Eng
Executive Vice President, General Counsel,
Chief Risk Officer and Secretary




picture1a.jpg
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 FIRST QUARTER 2026 RESULTS
First Quarter Operating Income of $14.1 Million; AFFO of $25.5 Million or $0.21 per Share
Increased 2026 Outlook as Sequential RevPAR Improvement Results in Positive First Quarter RevPAR Growth
Accretive Capital Recycling Continues with Agreement to Sell the Courtyard and Residence Inn Dallas (Arlington South)

Austin, Texas, April 30, 2026 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the three months ended March 31, 2026.

“Operating fundamentals improved meaningfully in the first quarter as positive RevPAR growth in the quarter exceeded our expectations by over 200 basis points. Encouragingly, we experienced sequential improvements in demand within the quarter culminating with March RevPAR growth of over 4%. These positive trends have continued into the second quarter as rate-driven revenue growth has been broad based across markets and segments of our portfolio. Our outlook for the remainder of the year is increasingly positive as we approach what is expected to be a robust summer of travel demand, highlighted by a record setting special events calendar and current operating trends that support an increase to our full year 2026 guidance ranges,” said Jonathan Stanner, President and Chief Executive Officer.

“We also continue to successfully allocate capital as we entered into an agreement to sell two wholly-owned assets for $19 million at an implied capitalization rate of 5.0 percent, inclusive of foregone capital investment needs, and repurchased an additional 1.4 million shares during the quarter. Since the inception of our share repurchase program, we have repurchased approximately 5 million shares (approximately 4% of total share outstanding) at an average price of $4.26 per share. Our balance sheet remains well positioned with ample liquidity and no debt maturities until 2028,” continued Mr. Stanner.

First Quarter 2026 Summary

•Net Loss: Net loss attributable to common stockholders was $10.4 million, or $0.10 per diluted share, compared to net loss of $4.7 million, or $0.04 per diluted share, for the first quarter of 2025.

•Pro forma RevPAR: Pro forma RevPAR increased 0.2 percent to $126.57 compared to the first quarter of 2025. Pro forma ADR increased 1.5 percent to $176.85 compared to the same period in 2025, and pro forma occupancy decreased 1.3 percent to 71.6 percent.

•Pro Forma Hotel EBITDA(1): Pro forma hotel EBITDA decreased to $63.4 million from $65.1 million in the same period in 2025.

•Adjusted EBITDAre(1): Adjusted EBITDAre decreased to $44.2 million from $45.0 million in the first quarter of 2025.

•Adjusted FFO(1): Adjusted FFO decreased to $25.5 million, or $0.21 per diluted share, compared to $27.4 million, or $0.22 per diluted share, in the first quarter of 2025.
picture1a.jpg
1 | P a g e

The Company’s results for the three months ended March 31, 2026 and 2025 are as follows (in thousands, except per share amounts and metrics):
For the Three Months Ended March 31,
20262025
Net loss attributable to common stockholders$(10,441)$(4,684)
Net loss per diluted share$(0.10)$(0.04)
Total revenues$185,053$184,478
EBITDAre (1)
$55,766$58,449
Adjusted EBITDAre (1)
$44,192$45,007
FFO (1)
$20,590$23,196
Adjusted FFO (1)
$25,525$27,359
FFO per diluted share and unit (1)
$0.17$0.19
Adjusted FFO per diluted share and unit (1)
$0.21$0.22
Pro Forma (2) and Same Store (3)
RevPAR$126.57$126.28
RevPAR Growth0.2%
Hotel EBITDA$63,374$65,105
Hotel EBITDA Margin34.4%35.8%
Hotel EBITDA Margin Change(146) bps

(1)    See tables later in this press release for a discussion and reconciliation of Net 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 March 31, 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 months ended March 31, 2026, and 2025.

Transaction Activity

In April 2026, we entered into a purchase and sale agreement to sell the wholly-owned 103-guestroom Courtyard by Marriott, Dallas (Arlington South), TX and the 96-guestroom Residence Inn, Dallas (Arlington South), TX for a combined selling price of $19.0 million. The sales price for the transaction represents a 5.0 percent capitalization rate based on the net operating income for the trailing twelve months ended March 31, 2026, and after consideration of foregone near-term required capital expenditures. The transaction is expected to close in the third quarter of 2026.

In February 2026, the Company completed the sale of the 122-guestroom Hilton Garden Inn Longview, Texas, which was owned by the Company’s joint venture with GIC, for $12.3 million. The sales price for the transaction represented a 6.8 percent capitalization rate based on the net operating income for the trailing twelve months ended January 31, 2026, and 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 $218 million at a blended capitalization rate of approximately 4.6 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 percent discount to the current pro forma portfolio.

picture1a.jpg
2 | P a g e

Capital Markets Activity

Repayment of Convertible Notes
On February 17, 2026, the Company fully repaid its $287.5 million 1.5% Convertible Notes utilizing its $275.0 million Delayed Draw Term Loan and Corporate Revolver.

Stock Repurchases
During the first quarter, the Company repurchased 1.4 million common shares under its share repurchase program for an aggregate purchase price of $6.0 million, or a weighted average price of approximately $4.17 per share. As of March 31, 2026, approximately $28.6 million remained available for repurchase under this program.

Since the inception of our share repurchase program in 2025, we have repurchased approximately 5.0 million shares (approximately 4% of total share outstanding) at an average price of $4.26 per share.

Balance Sheet Summary

On a pro rata basis as of March 31, 2026, the Company had the following outstanding indebtedness:

•Outstanding debt of $1.1 billion with a weighted average interest rate of 5.53 percent. After giving effect to interest rate derivative agreements, $539.2 million, or 50 percent, of our outstanding debt had a fixed interest rate, and $545.0 million, or 50 percent, had a variable interest rate.

•Unrestricted cash and cash equivalents of $34.8 million.

Common and Preferred Dividend Declaration

On April 23, 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 6.4 percent, based on the closing price of shares of the common stock on April 29, 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 May 29, 2026, to holders of record as of May 15, 2026.

picture1a.jpg
3 | P a g e

2026 Outlook

The Company’s updated outlook for the full year 2026 is based on the 94 lodging assets owned as of March 31, 2026, including the Courtyard by Marriott and Residence Inn Dallas (Arlington South) for which we have entered into an agreement to sell the two hotels. The sale is expected to close in the third quarter and will result in approximately $500,000 of foregone Hotel EBITDA from the closing date through the end of the year, which is not reflected in the updated guidance ranges. Based on first quarter actual results and recent operating trends, the Company is increasing the low end and implied midpoint of its guidance ranges. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company’s full year 2026 outlook.
FYE 2026 Outlook
LowHighVariance to Prior Midpoint% Change to Prior Midpoint
Pro Forma RevPAR Growth (1)
0.50 %3.00 %0.25 %— %
Adjusted EBITDAre$170,000 $181,000 $1,500 0.9 %
Adjusted FFO$90,000 $102,000 $(250)(0.3)%
Adjusted FFO per share of Common Stock and Common Units$0.75 $0.85 $0.01 1.3 %
Capital Expenditures, Pro Rata$55,000 $65,000 $— — %
(1)    All pro forma information includes operating and financial results for 94 lodging assets owned as of March 31, 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.

First Quarter 2026 Earnings Conference Call

The Company will conduct its quarterly conference call on May 1, 2026, at 12:00 PM ET.

1.To access the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details.

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 July 30, 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 April 30, 2026, the Company's portfolio consisted of 94 assets, 52 of which are wholly owned, with a total of 14,226 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
picture1a.jpg
4 | P a g e

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan,” “likely,” “would” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, or other forward-looking information. Examples of forward-looking statements include the following: the Company’s ability to realize growth from the deployment of renovation capital; projections of the Company’s revenues and expenses, capital expenditures or other financial items; descriptions of the Company’s plans or objectives for future operations, acquisitions, dispositions, financings, redemptions or services; forecasts of the Company’s future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, EBITDAre, Adjusted EBITDAre, FFO and AFFO; the Company’s outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth, AFFO, AFFO per diluted share and unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission (“SEC”). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 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.

picture1a.jpg
5 | P a g e

Summit Hotel Properties, Inc.
Consolidated Balance Sheets
(In thousands)
March 31, 2026December 31, 2025
(Unaudited)
ASSETS
Investments in lodging property, net$2,592,231 $2,640,367 
Assets held for sale, net18,405 11,967 
Cash and cash equivalents44,773 36,110 
Restricted cash5,661 5,102 
Right-of-use assets, net31,563 32,028 
Trade receivables, net23,528 17,347 
Prepaid expenses and other14,610 7,104 
Deferred charges, net5,585 10,051 
Other assets18,208 15,954 
Total assets$2,754,564 $2,776,030 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Liabilities:
Debt, net of debt issuance costs$1,396,385 $1,394,014 
Lease liabilities, net23,749 24,091 
Accounts payable7,128 7,537 
Accrued expenses and other77,682 76,417 
Total liabilities1,504,944 1,502,059 
Redeemable non-controlling interests50,219 50,219 
Total stockholders’ equity840,406 862,155 
Non-controlling interests358,995 361,597 
Total equity1,199,401 1,223,752 
Total liabilities, redeemable non-controlling interests and equity$2,754,564 $2,776,030 


picture1a.jpg
6 | P a g e

Summit Hotel Properties, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
For the Three Months Ended March 31,
20262025
(Unaudited)
Revenues:
Room$162,564 $163,731 
Food and beverage11,460 10,990 
Other11,029 9,757 
Total revenues185,053 184,478 
Expenses:
Room36,347 36,132 
Food and beverage8,520 7,991 
Other lodging property operating expenses58,650 56,922 
Property taxes, insurance and other13,884 13,311 
Management fees4,221 4,495 
Depreciation and amortization36,774 37,230 
Corporate general and administrative8,845 8,571 
Loss on write-down of assets3,641 — 
Total expenses170,882 164,652 
(Loss) gain on disposal of assets, net(40)1 
Operating income14,131 19,827 
Other income (expense):
Interest expense(20,450)(19,956)
Interest income246 276 
Other income, net1,052 1,230 
Total other expense, net(19,152)(18,450)
(Loss) income from continuing operations before income taxes(5,021)1,377 
Income tax expense(892)(754)
Net (loss) income(5,913)623 
Less - (Loss) income attributable to non-controlling interests(99)680 
Net loss attributable to Summit Hotel Properties, Inc. before preferred dividends(5,814)(57)
Less - Distributions to and accretion of redeemable non-controlling interests(657)(657)
Less - Preferred dividends(3,970)(3,970)
Net loss attributable to common stockholders$(10,441)$(4,684)
Loss per common share:
Basic and diluted$(0.10)$(0.04)
Weighted-average common shares outstanding:
Basic and diluted105,720 108,008 
picture1a.jpg
7 | P a g e

Summit Hotel Properties, Inc.
Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDAre
(Unaudited)
(In thousands)
For the Three Months Ended March 31,
20262025
Net (loss) income$(5,913)$623 
Depreciation and amortization36,774 37,230 
Interest expense20,450 19,956 
Interest income on cash deposits(118)(113)
Income tax expense892 754 
EBITDA52,085 58,450 
Loss on write-down of assets3,641 — 
Loss (gain) on disposal of assets and other dispositions, net40 (1)
EBITDAre
55,766 58,449 
Amortization of key money liabilities(129)(129)
Equity-based compensation2,001 1,916 
Non-cash lease expense, net129 133 
Casualty losses, net328 294 
Other53 — 
Income related to non-controlling interests in consolidated joint ventures(1,168)(1,283)
Adjustments related to non-controlling interests in consolidated joint ventures(12,788)(14,373)
Adjusted EBITDAre
$44,192 $45,007 


picture1a.jpg
8 | P a g e

Summit Hotel Properties, Inc.
Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations
(Unaudited)
(In thousands, except per share and unit amounts)
For the Three Months Ended March 31,
20262025
Net (loss) income$(5,913)$623 
Preferred dividends(3,970)(3,970)
Distributions to and accretion of redeemable non-controlling interests(657)(657)
Income related to non-controlling interests in consolidated joint ventures(1,168)(1,283)
Net loss applicable to common shares and Common Units(11,708)(5,287)
Real estate-related depreciation36,214 36,663 
Loss on write-down of assets3,641 — 
Loss (gain) on disposal of assets and other dispositions, net40 (1)
FFO adjustments related to non-controlling interests in consolidated joint ventures(7,597)(8,179)
FFO applicable to common shares and Common Units20,590 23,196 
Amortization of deferred financing costs1,997 1,673 
Amortization of franchise fees169 175 
Amortization of intangible assets, net262 262 
Equity-based compensation2,001 1,916 
Non-cash lease expense, net129 133 
Casualty losses, net328 294 
Deferred tax expense467 325 
Other53 — 
AFFO adjustments related to non-controlling interests in consolidated joint ventures(471)(615)
AFFO applicable to common shares and Common Units$25,525 $27,359 
FFO per share of common share/Common Unit$0.17 $0.19 
AFFO per common share/Common Unit$0.21 $0.22 
Weighted-average diluted common shares/Common Units120,829 124,636 

picture1a.jpg
9 | P a g e

Summit Hotel Properties, Inc.
Reconciliation of Weighted Average Diluted Common Shares
(Unaudited)
(In thousands)
For the Three Months Ended March 31,
20262025
Weighted average common shares outstanding - basic and diluted105,720 108,008 
Adjusted for:
Non-GAAP adjustment for restricted stock awards (1)
2,100 2,573 
Non-GAAP adjustment for dilutive effects of Common Units (2)
13,009 14,055 
Non-GAAP weighted diluted share of common stock and Common Units120,829 124,636 

(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.

picture1a.jpg
10 | P a g e

Summit Hotel Properties, Inc.
Pro Forma Hotel Operating Data
(Unaudited)
(Dollars in thousands)
For the Three Months Ended March 31,
Pro Forma Operating Data: (1)
20262025
Pro forma room revenue$162,052 $161,424 
Pro forma other hotel operations revenue22,394 20,347 
Pro forma total revenues184,446 181,771 
Pro forma total hotel operating expenses121,072 116,666 
Pro forma hotel EBITDA$63,374 $65,105 
Pro forma hotel EBITDA Margin34.4 %35.8 %
Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures
Revenue:
Total revenues$185,053 $184,478 
Total revenues - dispositions(607)(2,707)
Pro forma total revenues (1)
184,446 181,771 
Hotel Operating Expenses:
Hotel operating expenses$121,622 $118,851 
Hotel operating expenses - dispositions(550)(2,185)
Pro forma hotel operating expense (1)
121,072 116,666 
Hotel EBITDA:
Operating income14,131 19,827 
Loss (gain) on disposal of assets and other dispositions, net40 (1)
Loss on write-down of assets3,641 — 
Corporate general and administrative8,845 8,571 
Depreciation and amortization36,774 37,230 
Hotel EBITDA63,431 65,627 
Hotel EBITDA - dispositions (2)
(57)(522)
Pro forma hotel EBITDA (1)
$63,374 $65,105 

(1)    Unaudited pro forma information includes operating results for 94 hotels owned as of March 31, 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 March 31, 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.

picture1a.jpg
11 | P a g e

Summit Hotel Properties, Inc.
Pro Forma Hotel Operating Data
(Unaudited)
(In thousands, except operating statistics)
20252026Trailing Twelve Months Ended March 31, 2026
Pro Forma Operating Data: (1)
Q2Q3Q4Q1
Pro forma room revenue$167,436 $153,213 $151,612 $162,052 $634,313 
Pro forma other hotel operations revenue21,806 20,316 21,497 22,394 86,013 
Pro forma total revenues189,242 173,529 173,109 184,446 720,326 
Pro forma total hotel operating expenses121,988 120,465 118,069 121,072 481,594 
Pro forma hotel EBITDA$67,254 $53,064 $55,040 $63,374 $238,732 
Pro forma hotel EBITDA Margin35.5 %30.6 %31.8 %34.4 %33.1 %
Pro Forma Statistics: (1)
Rooms sold1,004,861 963,934 929,979 916,304 3,815,078 
Rooms available1,292,566 1,308,700 1,308,700 1,280,340 5,190,306 
Occupancy77.7 %73.7 %71.1 %71.6 %73.5 %
ADR$166.63 $158.95 $163.03 $176.85 $166.26 
RevPAR$129.54 $117.07 $115.85 $126.57 $122.21 
Actual Statistics:
Rooms sold 1,029,583 987,833 941,803 920,670 3,879,889 
Rooms available1,324,598 1,341,084 1,325,524 1,286,440 5,277,646 
Occupancy77.7 %73.7 %71.1 %71.6 %73.5 %
ADR$165.70 $158.25 $162.60 $176.57 $165.63 
RevPAR$128.79 $116.57 $115.53 $126.37 $121.76 
Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures
Revenue:
Total revenues$192,917 $177,117 $174,960 $185,053 $730,047 
Total revenues - dispositions(3,675)(3,588)(1,851)(607)(9,721)
Pro forma total revenues (1)
189,242 173,529 173,109 184,446 720,326 
Hotel Operating Expenses:
Hotel operating expenses124,614 122,998 119,644 121,622 488,878 
Hotel operating expenses - dispositions(2,626)(2,533)(1,575)(550)(7,284)
Pro forma hotel operating expenses (1)
121,988 120,465 118,069 121,072 481,594 
Hotel EBITDA:
Operating income22,684 8,583 14,591 14,131 59,989 
Loss (gain) on disposal of assets, net80 57 (6,715)40 (6,538)
Loss on write-down of assets— — 1,833 3,641 5,474 
Corporate general and administrative8,280 7,845 8,120 8,845 33,090 
Depreciation and amortization37,259 37,634 37,487 36,774 149,154 
Hotel EBITDA68,303 54,119 55,316 63,431 241,169 
Hotel EBITDA - dispositions (2)
(1,049)(1,055)(276)(57)(2,437)
Pro forma hotel EBITDA (1)
$67,254 $53,064 $55,040 $63,374 $238,732 

(1)    Unaudited pro forma information includes operating results for 94 hotels owned as of March 31, 2026 as if all such hotels had been owned by the Company since April 1, 2025. For any hotels sold by the Company after April 1, 2025, the Company excludes the financial results of each of those hotels from April 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 April 1, 2025, and March 31, 2026, the Company has excluded the financial results of each of the hotels for the period beginning on April 1, 2025, and ending on the date the hotels were sold by the Company in determining pro forma hotel EBITDA.
picture1a.jpg
12 | P a g e

Summit Hotel Properties, Inc.
Pro Forma and Same Store Data
(Unaudited)
For the Three Months Ended March 31,
20262025
Pro Forma (1) and Same Store (2)
Rooms sold916,304 926,656 
Rooms available1,280,340 1,278,270 
Occupancy71.6 %72.5 %
ADR$176.85 $174.20 
RevPAR$126.57 $126.28 
Occupancy change(1.3)%
ADR change1.5 %
RevPAR change0.2 %

(1)    Unaudited pro forma information includes operating results for 94 hotels owned as of March 31, 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 months ended March 31, 2026, and 2025.



picture1a.jpg
13 | P a g e

Summit Hotel Properties, Inc.
Reconciliation of Net Loss to Non-GAAP Measures - EBITDA for Financial Outlook
(In thousands)
(Unaudited)
FYE 2026 Outlook
LowHigh
Net loss$(32,900)$(18,400)
Depreciation and amortization147,600 147,600 
Interest expense86,900 85,900 
Interest income(500)(500)
Income tax expense3,700 3,700 
EBITDA204,800 218,300 
Loss on write-down of assets3,600 3,600 
EBITDAre208,400 221,900 
Equity-based compensation8,900 8,900 
Debt transaction costs100 100 
Other non-cash items, net900 900 
Loss related to non-controlling interests in consolidated joint ventures3,700 1,200 
Adjustments related to non-controlling interests in consolidated joint ventures(52,000)(52,000)
Adjusted EBITDAre$170,000 $181,000 

Summit Hotel Properties, Inc.
Reconciliation of Net Loss to Non-GAAP Measures - Funds From Operations for Financial Outlook
(In thousands except per share and unit)
(Unaudited)
FYE 2026 Outlook
LowHigh
Net loss$(32,900)$(18,400)
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 ventures3,700 1,200 
Net loss applicable to common shares and Common Units(47,700)(35,700)
Real estate-related depreciation145,300 145,300 
Loss on write-down of assets3,600 3,600 
FFO Adjustments related to non-controlling interests in consolidated joint ventures(30,500)(30,500)
FFO applicable to common shares and Common Units70,700 82,700 
Amortization of deferred financing costs7,300 7,300 
Amortization of franchise fees700 700 
Equity-based compensation8,900 8,900 
Debt transaction costs100 100 
Other non-cash items, net4,200 4,200 
AFFO Adjustments related to non-controlling interests in consolidated joint ventures(1,900)(1,900)
AFFO applicable to common shares and Common Units$90,000 $102,000 
Weighted average diluted common shares/Common Units for FFO and AFFO120,400 120,400 
FFO per common share and Common Unit$0.59 $0.69 
AFFO per common share/Common Unit$0.75 $0.85 

picture1a.jpg
14 | 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.

picture1a.jpg
15 | 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).


picture1a.jpg
16 | P a g e
1 Earnings Release Supplement First Quarter 2026 (UNAUDITED) April 30, 2026

 

2 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing

 

3 Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature: • our ability to increase our dividend per share of common stock; • the state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular; • market trends in our industry, interest rates, real estate values and the capital markets; • our business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions; • our projected operating results; • actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies; • our ability to manage our relationships with our management companies and franchisors; • our ability to maintain our existing and future financing arrangements; • changes in the value of our properties; • the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; • our ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code; • our ability to repay or refinance our indebtedness as it matures or becomes callable by lenders; • the availability of qualified personnel; • our ability to make distributions to our stockholders in the future; • the general volatility of the market price of our securities; and • the degree and nature of our competition. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 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.

 

4 Non-GAAP Financial Measures We disclose certain “non-GAAP financial measures,” which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations (“FFO”) and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non- GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss). FFO and AFFO As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, transaction costs, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash interest income and non-cash income tax related adjustments to our deferred tax asset. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, and certain transaction costs related to lodging property acquisition activities and debt, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of depreciation and amortization expense on assets at our corporate offices, which is de 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.

 

5 Non-GAAP Financial Measures (cont.) EBITDAre and Adjusted EBITDAre In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry’s supplemental measures such as FFO and net operating income (“NOI”) to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company’s capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs. EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our 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.

 

6 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing

 

7 Summary Financial Results (Unaudited) (Amounts in thousands, except per share metrics and statistics) For the Three Months Ended March 31, 2026 2025 Net loss attributable to common stockholders $ (10,441) $ (4,684) Net loss per diluted share $ (0.10) $ (0.04) Total revenues $ 185,053 $ 184,478 EBITDAre (1) $ 55,766 $ 58,449 Adjusted EBITDAre (1) $ 44,192 $ 45,007 FFO (1) $ 20,590 $ 23,196 Adjusted FFO (1) $ 25,525 $ 27,359 FFO per diluted share and unit (1) $ 0.17 $ 0.19 Adjusted FFO per diluted share and unit (1) $ 0.21 $ 0.22 Pro Forma (2) and Same Store (3) RevPAR $ 126.57 $ 126.28 RevPAR Growth 0.2 % Hotel EBITDA $ 63,374 $ 65,105 Hotel EBITDA Margin 34.4 % 35.8 % Hotel EBITDA Margin Change (146) bps 1. See tables later in this presentation for a discussion and reconciliation of Net (loss) 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 March 31, 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 months ended March 31, 2026 and 2025.

 

8 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 March 31, 2026. For any hotels sold by the Company after April 1, 2025, the Company excludes the financial results of each of those hotels from April 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) Q2 Q3 Q4 Q1 March 31, 2026 Pro forma room revenue $ 167,436 $ 153,213 $ 151,612 $ 162,052 $ 634,313 Pro forma other hotel operations revenue 21,806 20,316 21,497 22,394 86,013 Pro forma total revenues 189,242 173,529 173,109 184,446 720,326 Pro forma total hotel operating expenses 121,988 120,465 118,069 121,072 481,594 Pro forma hotel EBITDA $ 67,254 $ 53,064 $ 55,040 $ 63,374 $ 238,732 Pro forma hotel EBITDA Margin 35.5 % 30.6 % 31.8 % 34.4 % 33.1 % Pro Forma Statistics: (1) Rooms sold 1,004,861 963,934 929,979 916,304 3,815,078 Rooms available 1,292,566 1,308,700 1,308,700 1,280,340 5,190,306 Occupancy 77.7 % 73.7 % 71.1 % 71.6 % 73.5 % ADR $ 166.63 $ 158.95 $ 163.03 $ 176.85 $ 166.26 RevPAR $ 129.54 $ 117.07 $ 115.85 $ 126.57 $ 122.21 Actual Statistics: Rooms sold 1,029,583 987,833 941,803 920,670 3,879,889 Rooms available 1,324,598 1,341,084 1,325,524 1,286,440 5,277,646 Occupancy 77.7 % 73.7 % 71.1 % 71.6 % 73.5 % ADR $ 165.70 $ 158.25 $ 162.60 $ 176.57 $ 165.63 RevPAR $ 128.79 $ 116.57 $ 115.53 $ 126.37 $ 121.76

 

9 Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended March 31, 2026 2025 Net (loss) income $ (5,913) $ 623 Depreciation and amortization 36,774 37,230 Interest expense 20,450 19,956 Interest income on cash deposits (118) (113) Income tax expense 892 754 EBITDA 52,085 58,450 Loss on write-down of assets 3,641 — Loss (gain) on disposal of assets and other dispositions, net 40 (1) EBITDAre 55,766 58,449 Amortization of key money liabilities (129) (129) Equity-based compensation 2,001 1,916 Non-cash lease expense, net 129 133 Casualty losses, net 328 294 Other 53 — Income related to non-controlling interests in consolidated joint ventures (1,168) (1,283) Adjustments related to non-controlling interests in consolidated joint ventures (12,788) (14,373) Adjusted EBITDAre $ 44,192 $ 45,007

 

10 Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended March 31, 2026 2025 Net (loss) income $ (5,913) $ 623 Preferred dividends (3,970) (3,970) Distributions to and accretion of redeemable non-controlling interests (657) (657) Income related to non-controlling interests in consolidated joint ventures (1,168) (1,283) Net loss applicable to common shares and Common Units (11,708) (5,287) Real estate-related depreciation 36,214 36,663 Loss on write-down of assets 3,641 — Loss (gain) on disposal of assets and other dispositions, net 40 (1) FFO adjustments related to non-controlling interests in consolidated joint ventures (7,597) (8,179) FFO applicable to common shares and Common Units 20,590 23,196 Amortization of deferred financing costs 1,997 1,673 Amortization of franchise fees 169 175 Amortization of intangible assets, net 262 262 Equity-based compensation 2,001 1,916 Non-cash lease expense, net 129 133 Casualty losses, net 328 294 Deferred tax expense 467 325 Other 53 — AFFO adjustments related to non-controlling interests in consolidated joint ventures (471) (615) AFFO applicable to common shares and Common Units $ 25,525 $ 27,359 FFO per share of common share/Common Unit $ 0.17 $ 0.19 AFFO per common share/Common Unit $ 0.21 $ 0.22 Weighted-average diluted common shares/Common Units 120,829 124,636

 

11 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 March 31, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Number Rooms Sold 533,618 539,639 363,518 383,987 23,534 22,479 920,670 946,105 Number of Rooms Available 758,160 769,050 501,370 516,060 26,910 24,840 1,286,440 1,309,950 Occupancy 70.4 % 70.2 % 72.5 % 74.4 % 87.5 % 90.5 % 71.6 % 72.2 % Average Daily Rate $ 170.31 $ 164.48 $ 177.35 $ 178.46 $ 306.53 $ 286.66 $ 176.57 $ 173.06 Room Revenue PAR $ 119.87 $ 115.42 $ 128.59 $ 132.79 $ 268.07 $ 259.41 $ 126.37 $ 124.99 Room Revenue $ 90,881 $ 88,761 $ 64,469 $ 68,526 $ 7,214 $ 6,444 $ 162,564 $ 163,731 Other revenue 11,456 9,669 8,047 7,992 2,986 3,086 22,489 20,747 Total Revenue $ 102,337 $ 98,430 $ 72,516 $ 76,518 $ 10,200 $ 9,530 $ 185,053 $ 184,478 Hotel EBITDA $ 30,573 $ 29,376 $ 28,484 $ 32,060 $ 4,374 $ 4,191 $ 63,431 $ 65,627 % margin 29.9 % 29.8 % 39.3 % 41.9 % 42.9 % 44.0 % 34.3 % 35.6 % Net (loss) income $ (10,133) $ (3,821) $ 1,842 $ 2,201 $ 2,378 $ 2,243 $ (5,913) $ 623 $ (930) $ (1,059) $ (238) $ (224) $ (7,081) $ (660) Depreciation and amortization 19,764 19,280 15,582 16,859 1,428 1,091 36,774 37,230 (7,635) (8,261) (143) (109) 28,996 28,860 Interest expense 9,760 7,655 10,113 11,446 577 855 20,450 19,956 (4,955) (5,609) (58) (86) 15,437 14,261 Interest income (95) (102) (23) (11) — — (118) (113) 11 5 — — (107) (108) Income tax expense 811 119 81 635 — — 892 754 (40) (311) — — 852 443 EBITDA 20,107 23,131 27,595 31,130 4,383 4,189 52,085 58,450 (13,549) (15,235) (439) (419) 38,097 42,796 Loss on write-down of assets 3,641 — — — — — 3,641 — — — — — 3,641 — Loss (gain) on disposal of assets and other dispositions, net 4 (23) 36 22 — — 40 (1) (18) (11) — — 22 (12) EBITDAre 23,752 23,108 27,631 31,152 4,383 4,189 55,766 58,449 (13,567) (15,246) (439) (419) 41,760 42,784 Amortization of key money liabilities (60) (60) (51) (51) (18) (18) (129) (129) 25 25 2 2 (102) (102) Equity-based compensation 2,001 1,916 — — — — 2,001 1,916 — — — — 2,001 1,916 Non-cash lease expense, net 123 127 6 6 — — 129 133 (3) (3) — — 126 130 Casualty losses, net 293 257 29 29 6 8 328 294 (14) (14) (1) (1) 313 279 Other 461 — — — (408) — 53 — — — 41 — 94 — Adjusted EBITDAre $ 26,570 $ 25,348 $ 27,615 $ 31,136 $ 3,963 $ 4,179 $ 58,148 $ 60,663 $ (13,559) $ (15,238) $ (397) $ (418) $ 44,192 $ 45,007

 

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. 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 March 31, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net (loss) income $ (10,133) $ (3,821) $ 1,842 $ 2,201 $ 2,378 $ 2,243 $ (5,913) $ 623 $ (930) $ (1,059) $ (238) $ (224) $ (7,081) $ (660) Preferred dividends (3,970) (3,970) — — — — (3,970) (3,970) — — — — (3,970) (3,970) Distributions to and accretion of redeemable non- controlling interests (657) (657) — — — — (657) (657) — — — — (657) (657) Net (loss) income applicable to common shares and Common Units (14,760) (8,448) 1,842 2,201 2,378 2,243 (10,540) (4,004) (930) (1,059) (238) (224) (11,708) (5,287) Real estate-related depreciation 19,624 19,138 15,180 16,452 1,410 1,073 36,214 36,663 (7,438) (8,061) (141) (107) 28,635 28,495 Loss on write-down of assets 3,641 — — — — — 3,641 — — — — — 3,641 — Loss (gain) on disposal of assets and other dispositions, net 4 (23) 36 22 — — 40 (1) (18) (11) — — 22 (12) FFO applicable to common shares and Common Units 8,509 10,667 17,058 18,675 3,788 3,316 29,355 32,658 (8,386) (9,131) (379) (331) 20,590 23,196 Amortization of deferred financing costs 1,278 1,104 645 554 74 15 1,997 1,673 (316) (271) (7) (2) 1,674 1,400 Amortization of franchise fees 88 89 81 86 — — 169 175 (40) (42) — — 129 133 Amortization of intangible assets (8) (8) 270 270 — — 262 262 (132) (132) — — 130 130 Equity based compensation 2,001 1,916 — — — — 2,001 1,916 — — — — 2,001 1,916 Non-cash lease expense, net 124 127 5 6 — — 129 133 (2) (3) — — 127 130 Casualty losses, net 293 257 29 29 6 8 328 294 (14) (14) (1) (1) 313 279 Deferred tax expense 467 18 — 307 — — 467 325 — (150) — — 467 175 Other 461 — — — (408) — 53 — — — 41 — 94 — AFFO applicable to common shares and common units (2) $ 13,213 $ 14,170 $ 18,088 $ 19,927 $ 3,460 $ 3,339 $ 34,761 $ 37,436 $ (8,890) $ (9,743) $ (346) $ (334) $ 25,525 $ 27,359 FFO per common share/Common Unit $ 0.17 $ 0.19 AFFO per common share/Common Unit $ 0.21 $ 0.22 Weighted-average diluted common shares/Common Units (2) 120,829 124,636

 

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 94 lodging assets owned as of March 31, 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) 0.50 % 3.00 % 0.25 % — % Adjusted EBITDAre $ 170,000 $ 181,000 $ 1,500 0.9 % Adjusted FFO $ 90,000 $ 102,000 $ (250) (0.3) % Adjusted FFO per share of Common Stock and Common Units $ 0.75 $ 0.85 $ 0.01 1.3 % Capital Expenditures, Pro Rata $ 55,000 $ 65,000 $ — — % The Company’s outlook for the full year 2026 is based on the 94 lodging assets owned as of March 31, 2026, including the Courtyard by Marriott and Residence Inn Dallas (Arlington South) for which we have entered into an agreement to sell the two hotels. The sale is expected to close in the third quarter and will result in approximately $500,000 of foregone Hotel EBITDA from the closing date through the end of the year, which is not reflected in the updated guidance ranges. Based on first quarter actual results and recent operating trends, the Company is increasing the low end and implied midpoint of its guidance ranges. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company’s full year 2026 outlook.

 

14 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 March 31, 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 March 31, 2026 2025 2026 2025 2026 2025 2026 2025 Pro Forma Operating Data (1) Occupancy 70.4 % 70.5 % 72.5 % 74.7 % 87.5 % 90.5 % 71.6 % 72.5 % ADR $ 170.31 $ 164.94 $ 178.08 $ 180.73 $ 306.53 $ 286.66 $ 176.85 $ 174.20 RevPAR $ 119.87 $ 116.26 $ 129.14 $ 134.94 $ 268.07 $ 259.41 $ 126.57 $ 126.28 Occupancy change (0.1) % (2.9) % (3.4) % (1.3) % ADR change 3.3 % (1.5) % 6.9 % 1.5 % RevPAR change 3.1 % (4.3) % 3.3 % 0.2 % Pro forma total revenues $ 102,337 $ 97,716 $ 71,909 $ 74,525 $ 10,200 $ 9,530 $ 184,446 $ 181,771 Pro forma hotel EBITDA $ 30,587 $ 29,455 $ 28,412 $ 31,459 $ 4,375 $ 4,191 $ 63,374 $ 65,105 Pro forma hotel EBITDA Margin 29.9 % 30.1 % 39.5 % 42.2 % 42.9 % 44.0 % 34.4 % 35.8 %

 

16 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing

 

17 Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Common Share Price & Dividends At quarter ended $ 4.42 $ 4.87 $ 5.49 $ 5.09 $ 5.41 High during quarter ended $ 4.97 $ 5.79 $ 6.00 $ 5.56 $ 6.96 Low during quarter ended $ 3.98 $ 4.73 $ 4.61 $ 3.57 $ 5.28 Common dividends per share $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 Common Shares & Units Common shares outstanding 108,414 108,799 108,803 108,812 112,222 Common units outstanding 13,009 13,009 13,009 13,009 13,009 Total common shares and units outstanding 121,423 121,808 121,812 121,821 125,231 Capitalization Market value of common equity at quarter end $ 536,690 $ 593,205 $ 668,748 $ 620,069 $ 677,500 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 1,409,154 1,404,143 1,433,483 1,434,703 1,427,359 Less: Consolidated unrestricted cash (44,773) (36,110) (41,135) (39,490) (48,194) Consolidated total enterprise value 2,211,071 2,271,238 2,371,096 2,325,282 2,366,665 Noncontrolling interest in consolidated total debt - GIC JV (319,066) (322,735) (327,311) (325,460) (325,492) Noncontrolling interest in consolidated total debt - Other JVs (5,800) (5,800) (5,800) (5,800) (4,559) Noncontrolling interest in consolidated total cash - GIC JV 9,690 5,759 7,116 6,140 11,720 Noncontrolling interest in consolidated total cash - Other JVs 272 256 239 258 215 Pro rata total enterprise value $ 1,896,167 $ 1,948,718 $ 2,045,340 $ 2,000,420 $ 2,048,549

 

18 Base Interest Fixed/ Fully-Extended Number of Encumbered Principal Non- controlling Pro Rata Principal As of March 31, 2026 Spread Rate Rate Variable Maturity Date Properties Outstanding Interests Outstanding Senior Credit Facility $400 Million Revolver 2.15% 3.66% 5.81% Variable 06/21/2028 n/a $ 25,000 $ — $ 25,000 $200 Million Term Loan 2.10% 3.67% 5.77% Variable 06/21/2028 n/a 200,000 — 200,000 Total Senior Credit and Term Loan Facility 225,000 — 225,000 Term Loans Regions Bank 2024 Term Loan Facility 2.10% 3.57% 5.67% Variable 02/26/2029 n/a 200,000 — 200,000 2025 Delayed Draw Term Loan 2.10% 3.66% 5.76% Variable 03/27/2030 n/a 275,000 — 275,000 475,000 — 475,000 Total Operating Partnership Debt 700,000 — 700,000 Brickell Joint Venture Mortgage Loan Wells Fargo Bank, N.A. 2.60% 3.67% 6.27% Variable 05/15/2030 2 58,000 (5,800) 52,200 GIC Joint Venture Credit Facility and Term Loans $125 Million Revolver 2.15% 3.67% 5.82% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 $125 Million Term Loan 2.10% 3.67% 5.77% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 Bank of America, N.A. 2025 Term Loan 2.35% 3.67% 6.02% Variable 07/24/2030 n/a 383,430 (187,881) 195,549 Wells Fargo n/a n/a 4.99% Fixed 06/06/2028 1 12,180 (5,968) 6,212 PACE Loan n/a n/a 6.10% Fixed 07/31/2040 n/a 5,544 (2,717) 2,827 Total GIC Joint Venture Credit Facility and Term Loans 1 651,154 (319,066) 332,088 Total Joint Venture Debt 3 709,154 (324,866) 384,288 Total Debt 3 $ 1,409,154 $ (324,866) $ 1,084,288 Debt Schedule - Part I (Unaudited) (Amounts in thousands except for number of properties)

 

19 Debt Schedule - Part II (Unaudited) (Amounts in thousands) Principal Amount Fixed Debt Variable Debt Effective Interest As of March 31, 2026 Outstanding Outstanding Outstanding Rate Total Debt $ 1,409,154 $ 17,724 $ 1,391,430 5.84 % Non-controlling Interests in Joint Ventures (324,866) (8,685) (316,181) Pro Rata Debt $ 1,084,288 $ 9,039 $ 1,075,249 5.82 % % of Pro Rata Debt 100 % 1 % 99 % Pro Rata Adjustment for Swaps in Effect — 530,200 (530,200) Pro Rata Debt Including Swaps $ 1,084,288 $ 539,239 $ 545,049 5.53 % % of Pro Rata Debt Including Swaps 100 % 50 % 50 % 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 %

 

20 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 March 31, 2026 $25.0 $275.0$200.0 $127.5 $52.2 $200.0 $195.5 $6.2 $2.8 $400M Senior Revolver 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)

 

21 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

 

22 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

 

23 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 - Fort Lauderdale Beach 1 261 Upscale Resort

 

24 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 (2)

 

25 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

 

26 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 (2)

 

27 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

 

28

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Summit Hotel Properties (INN) perform financially in Q1 2026?

Summit Hotel Properties generated $185.1 million in total revenues in Q1 2026, essentially flat year over year. Net loss attributable to common stockholders increased to $10.4 million, or $0.10 per diluted share, compared with a loss of $4.7 million, or $0.04 per share, in Q1 2025.

What were Summit Hotel Properties’ key hotel operating metrics for Q1 2026?

Pro forma RevPAR was $126.57 in Q1 2026, up 0.2% from Q1 2025. Average daily rate rose 1.5% to $176.85, while occupancy declined to 71.6%. Pro forma hotel EBITDA was $63.4 million with a 34.4% margin, down from 35.8% a year earlier.

What capital recycling transactions did Summit Hotel Properties (INN) announce?

Summit agreed to sell the Courtyard and Residence Inn Dallas (Arlington South) for a combined $19.0 million at a 5.0% capitalization rate, and sold the Hilton Garden Inn Longview for $12.3 million. Since 2023, it and affiliates have sold or contracted to sell 15 hotels for about $218 million.

How much debt and cash does Summit Hotel Properties have as of March 31, 2026?

On a pro rata basis, Summit reported $1.1 billion of outstanding debt at a weighted average interest rate of 5.53%. After accounting for interest rate derivatives, debt is evenly split between fixed and variable. The company also held $34.8 million in unrestricted cash and cash equivalents.

What dividends did Summit Hotel Properties (INN) declare for Q2 2026?

Summit declared a quarterly cash dividend of $0.08 per common share, representing an annualized yield of 6.4% based on the April 29, 2026 closing price. It also declared quarterly dividends of $0.390625 on Series E, $0.3671875 on Series F preferred stock, and $0.328125 on Series Z preferred units.

What is Summit Hotel Properties’ full-year 2026 guidance?

For full-year 2026, Summit projects pro forma RevPAR growth of 0.5%–3.0%, Adjusted EBITDAre of $170–$181 million, and Adjusted FFO of $90–$102 million. Adjusted FFO per common share and unit is guided to $0.75–$0.85, based on the 94 hotels owned at March 31, 2026.

Filing Exhibits & Attachments

6 documents

Press Releases

Other Documents