|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  |  |  |  |  |

|         |                                                                                         |  |  |  |  |
|---------|-----------------------------------------------------------------------------------------|--|--|--|--|
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|         |                                                                                          |  |  |  |  |
|---------|------------------------------------------------------------------------------------------|--|--|--|--|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                   |        |                                      |  |  |  |  |  |  |
|-----------------------------------|--------|--------------------------------------|--|--|--|--|--|--|
| Maryland                          |   | 27-2962512                           |
| (State or other jurisdiction      |   | (I.R.S. Employer Identification No.) |
| of incorporation or organization) |   |                                 |

|                                                                 |  |                   |  |                                           |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|--|-------------------|--|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Title of each class                                             |  | Trading Symbol(s) |  | Name of each exchange on which registered |
| Common Stock, $0.01 par value                                   |  | INN               |  | New York Stock Exchange                   |
|                                                                 |  |                   |  |                                           |
| Series E Cumulative Redeemable Preferred Stock, $0.01 par value |  | INN-PE            |  | New York Stock Exchange                   |
| Series F Cumulative Redeemable Preferred Stock, $0.01 par value |  | INN-PF            |  | New York Stock Exchange                   |

----

|                                                                                                                                                                                                                                                            |         |                           |         |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------|---------|--|--|--|--|--|--|--|--|
| Large accelerated filer                                                                                                                                                                                                                                    | ☒ | Accelerated filer         | ☐ |
| Non-accelerated filer                                                                                                                                                                                                                                      | ☐ | Smaller reporting company | ☐ |
|                                                                                                                                                                                                                                                            |    | 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. | ☐ |

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  |  |  |  |  |

----

|                                           |                                                                                                                                                                            |        |  |  |  |  |  |  |
|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--|--|--|--|--|--|
|                                      |                                                                                                                                                                       | Page   |
| PART I — FINANCIAL INFORMATION |
|                                      |                                                                                                                                                                       |   |
| Item 1.                                   | Financial Statements                                                                                                                                                       |        |
|                                      |                                                                                                                                                                       |   |
|                                      | Condensed Consolidated Balance Sheets —June 30, 2023 (Unaudited) and December 31, 2022                                                                     | 1      |
|                                      | Condensed Consolidated Statements of Operations (Unaudited) —Three and Six Months Ended June 30, 2023 and 2022                                                  | 2      |
|                                      | Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)—Three and Six Months Ended June 30, 2023 and 2022                                  | 3      |
|                                           | Condensed Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests (Unaudited)  —Three and Six Months Ended June 30, 2023 and 2022 | 4      |
|                                      | Condensed Consolidated Statements of Cash Flows (Unaudited) —Six Months EndedJune 30, 2023and 2022                                                              | 6      |
|                                      | Notes to the Condensed Consolidated Financial Statements (Unaudited)                                                                                                       | 7      |
|                                      |                                                                                                                                                                       |   |
| Item 2.                                   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                | 34     |
|                                      |                                                                                                                                                                       |   |
| Item 3.                                   | Quantitative and Qualitative Disclosures about Market Risk                                                                                                                 | 53     |
|                                      |                                                                                                                                                                       |   |
| Item 4.                                   | Controls and Procedures                                                                                                                                                    | 54     |
|                                      |                                                                                                                                                                       |   |
| PART II — OTHER INFORMATION    |
|                                      |                                                                                                                                                                       |   |
| Item 1.                                   | Legal Proceedings                                                                                                                                                          | 55     |
|                                      |                                                                                                                                                                       |   |
| Item 1A.                                  | Risk Factors                                                                                                                                                               | 55     |
|                                      |                                                                                                                                                                       |   |
| Item 2.                                   | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                | 55     |
|                                      |                                                                                                                                                                       |   |
| Item 3.                                   | Defaults Upon Senior Securities                                                                                                                                            | 55     |
|                                      |                                                                                                                                                                       |   |
| Item 4.                                   | Mine Safety Disclosures                                                                                                                                                    | 55     |
|                                      |                                                                                                                                                                       |   |
| Item 5.                                   | Other Information                                                                                                                                                          | 55     |
|                                      |                                                                                                                                                                       |   |
| Item 6.                                   | Exhibits                                                                                                                                                                   | 56     |

----

|                                                                                                                                                                                                                                |  |                 |                 |                   |                 |   |                 |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------|-----------------|-------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                |  | June 30, 2023   |                 | December 31, 2022 |
|                                                                                                                                                                                                                                |  | (Unaudited)     |                 |                   |
| ASSETS                                                                                                                                                                                                                         |  |                 |                 |                   |
| Investments in lodging property, net                                                                                                                                                                                           |  | $               | 2,856,006  |                   |                 | $ | 2,841,856  |  |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| Assets held for sale, net                                                                                                                                                                                                      |  | 1,650      |                 |                   | 29,166     |   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| Cash and cash equivalents                                                                                                                                                                                                      |  | 58,456     |                 |                   | 51,255     |   |
| Restricted cash                                                                                                                                                                                                                |  | 11,953     |                 |                   | 10,553     |   |
| Right-of-use assets, net                                                                                                                                                                                                       |  | 35,624     |                 |                   | 35,023     |   |
| Trade receivables, net                                                                                                                                                                                                         |  | 22,112     |                 |                   | 21,015     |   |
| Prepaid expenses and other                                                                                                                                                                                                     |  | 15,641     |                 |                   | 8,378      |   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| Deferred charges, net                                                                                                                                                                                                          |  | 7,079      |                 |                   | 7,074      |   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| Other assets                                                                                                                                                                                                                   |  | 25,166     |                 |                   | 17,950     |   |
| Total assets                                                                                                                                                                                                                   |  | $               | 3,033,687  |                   |                 | $ | 3,022,270  |  |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTSAND EQUITY                                                                                                                                                                    |  |                 |                 |                   |
| Liabilities:                                                                                                                                                                                                               |  |                 |                 |                   |
| Debt, net of debt issuance costs                                                                                                                                                                                               |  | $               | 1,450,854  |                   |                 | $ | 1,451,796  |  |
| Lease liabilities, net                                                                                                                                                                                                         |  | 26,383     |                 |                   | 25,484     |   |
| Accounts payable                                                                                                                                                                                                               |  | 5,479      |                 |                   | 5,517      |   |
| Accrued expenses and other                                                                                                                                                                                                     |  | 88,776     |                 |                   | 81,304     |   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| Total liabilities                                                                                                                                                                                                              |  | 1,571,492  |                 |                   | 1,564,101  |   |
| Commitments and contingencies (Note 11)                                                                                                                                                                                        |  |                 |                 |                   |
| Redeemable non-controlling interests                                                                                                                                                                                           |  | 50,219     |                 |                   | 50,219     |   |
| Equity:                                                                                                                                                                                                                    |  |            |                 |              |
| Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:                                                                                                                                                 |  |            |                 |              |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| 6.25% Series E - 6,400,000 shares issued and outstanding at June 30, 2023 and December 31, 2022 (aggregate liquidation preference of $160,861 at June 30, 2023 and December 31, 2022, respectively)   |  | 64         |                 |                   | 64         |   |
| 5.875% Series F - 4,000,000 shares issued and outstanding at June 30, 2023  and December 31, 2022 (aggregate liquidation preference of $100,506 at June 30, 2023 and December 31, 2022, respectively) |  | 40         |                 |                   | 40         |   |
| Common stock, $0.01 par value per share, 500,000,000 shares authorized, 107,569,738 and 106,901,576 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively                               |  | 1,076      |                 |                   | 1,069      |   |
| Additional paid-in capital                                                                                                                                                                                                     |  | 1,234,947  |                 |                   | 1,232,302  |   |
| Accumulated other comprehensive income                                                                                                                                                                                         |  | 18,007     |                 |                   | 14,538     |   |
| Accumulated deficit and distributions in excess of retained earnings                                                                                                                                                           |  | (304,888)       |                 |                   | (288,200)       |   |
| Total stockholders’ equity                                                                                                                                                                                               |  | 949,246    |                 |                   | 959,813    |   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
|                                                                                                                                                                                                                                |  |                 |                 |                   |
| Non-controlling interests                                                                                                                                                                                                      |  | 462,730    |                 |                   | 448,137    |   |
| Total equity                                                                                                                                                                                                                   |  | 1,411,976  |                 |                   | 1,407,950  |   |
| Total liabilities, redeemable non-controlling interests and equity                                                                                                                                                             |  | $               | 3,033,687  |                   |                 | $ | 3,022,270  |  |

----

|                                                                                                       |  |                                 |               |                               |               |      |               |               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------|--|---------------------------------|---------------|-------------------------------|---------------|------|---------------|---------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                       |  | Three Months EndedJune 30, |               | Six Months EndedJune 30, |
|                                                                                                       |  | 2023                            |               | 2022                          |               | 2023 |               | 2022          |
| Revenues:                                                                                         |  |                                 |               |                               |               |      |               |               |
| Room                                                                                                  |  | $                               | 174,181  |                               |               | $    | 166,804  |               |  | $ | 337,270  |  |  | $ | 295,614  |  |
| Food and beverage                                                                                     |  | 10,269                     |               |                               | 7,664    |      |               | 20,899   |  |   | 13,326   |  |
| Other                                                                                                 |  | 10,043                     |               |                               | 8,780    |      |               | 18,707   |  |   | 16,177   |  |
| Total revenues                                                                                        |  | 194,493                    |               |                               | 183,248  |      |               | 376,876  |  |   | 325,117  |  |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
| Expenses:                                                                                         |  |                                 |               |                               |               |      |               |               |
| Room                                                                                                  |  | 38,788                     |               |                               | 35,783   |      |               | 74,697   |  |   | 64,193   |  |
| Food and beverage                                                                                     |  | 8,040                      |               |                               | 6,013    |      |               | 15,995   |  |   | 10,127   |  |
| Other lodging property operating expenses                                                             |  | 57,829                     |               |                               | 53,711   |      |               | 113,954  |  |   | 99,988   |  |
| Property taxes, insurance and other                                                                   |  | 14,215                     |               |                               | 13,525   |      |               | 28,939   |  |   | 26,663   |  |
| Management fees                                                                                       |  | 4,992                      |               |                               | 5,042    |      |               | 9,797    |  |   | 8,837    |  |
| Depreciation and amortization                                                                         |  | 37,510                     |               |                               | 38,058   |      |               | 74,418   |  |   | 74,332   |  |
| Corporate general and administrative                                                                  |  | 9,100                      |               |                               | 8,074    |      |               | 17,099   |  |   | 17,211   |  |
| Transaction costs                                                                                     |  | 260                        |               |                               | 681      |      |               | 266      |  |   | 681      |  |
| Recoveries of credit losses                                                                           |  | —                    |               |                               | (250)         |      |               | (250)         |  |   | (250)         |  |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
| Total expenses                                                                                        |  | 170,734                    |               |                               | 160,637  |      |               | 334,915  |  |   | 301,782  |  |
| (Loss) gain on disposal of assets, net                                                                |  | (320)                           |               |                               | 20,484   |      |               | (320)         |  |   | 20,484   |  |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
| Operating income                                                                                      |  | 23,439                     |               |                               | 43,095   |      |               | 41,641   |  |   | 43,819   |  |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
| Other income (expense):                                                                           |  |                                 |               |                               |               |      |               |               |
| Interest expense                                                                                      |  | (22,248)                        |               |                               | (15,118)      |      |               | (43,157)      |  |   | (28,557)      |  |
| Interest and other income, net                                                                        |  | 490                        |               |                               | 1,773    |      |               | 755      |  |   | 3,515    |  |
| Total other expense, net                                                                              |  | (21,758)                        |               |                               | (13,345)      |      |               | (42,402)      |  |   | (25,042)      |  |
| Income (loss) from continuing operations before income taxes                                          |  | 1,681                      |               |                               | 29,750   |      |               | (761)         |  |   | 18,777   |  |
| Income tax expense  (Note 13)                                                                         |  | (791)                           |               |                               | (6,437)       |      |               | (319)         |  |   | (4,437)       |  |
| Net income (loss)                                                                                     |  | 890                        |               |                               | 23,313   |      |               | (1,080)       |  |   | 14,340   |  |
| Loss (income) attributable to non-controlling interests                                               |  | 2,982                      |               |                               | (10,748)      |      |               | 4,351    |  |   | (9,629)       |  |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
| Net income attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions |  | 3,872                      |               |                               | 12,565   |      |               | 3,271    |  |   | 4,711    |  |
| Distributions to and accretion of redeemable non-controlling interests                                |  | (657)                           |               |                               | (653)         |      |               | (1,314)       |  |   | (1,208)       |  |
| Preferred dividends                                                                                   |  | (3,968)                         |               |                               | (3,968)       |      |               | (7,938)       |  |   | (7,938)       |  |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
| Net (loss) income attributable to common stockholders                                                 |  | $                               | (753)         |                               |               | $    | 7,944    |               |  | $ | (5,981)       |  |  | $ | (4,435)       |  |
|                                                                                                       |  |                                 |               |                               |               |      |               |               |
| (Loss) income per share:                                                                          |  |                                 |               |                               |               |      |               |               |
| Basic                                                                                                 |  | $                               | (0.01)        |                               |               | $    | 0.08     |               |  | $ | (0.06)        |  |  | $ | (0.04)        |  |
| Diluted                                                                                               |  | $                               | (0.01)        |                               |               | $    | 0.07     |               |  | $ | (0.06)        |  |  | $ | (0.04)        |  |
| Weighted-average common shares outstanding:                                                       |  |                                 |               |                               |               |      |               |               |
| Basic                                                                                                 |  | 105,562                    |               |                               | 105,199  |      |               | 105,438  |  |   | 105,049  |  |
| Diluted                                                                                               |  | 105,562                    |               |                               | 121,352  |      |               | 105,438  |  |   | 105,049  |  |

----

|                                                                         |  |                                 |             |                               |              |      |              |             |  |   |              |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------|--|---------------------------------|-------------|-------------------------------|--------------|------|--------------|-------------|--|---|--------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                         |  | Three Months EndedJune 30, |             | Six Months EndedJune 30, |
|                                                                         |  | 2023                            |             | 2022                          |              | 2023 |              | 2022        |
| Net income (loss)                                                       |  | $                               | 890    |                               |              | $    | 23,313  |             |  | $ | (1,080)      |  |  | $ | 14,340  |  |
| Other comprehensive  income, net of tax:                            |  |                                 |             |                               |              |      |              |             |
| Changes in fair value of derivative financial instruments               |  | 10,973                     |             |                               | 4,896   |      |              | 6,585  |  |   | 17,009  |  |
| Comprehensive income                                                    |  | 11,863                     |             |                               | 28,209  |      |              | 5,505  |  |   | 31,349  |  |
|                                                                         |  |                                 |             |                               |              |      |              |             |
|                                                                         |  |                                 |             |                               |              |      |              |             |
| Comprehensive (income) loss attributable to non-controlling interests   |  | (254)                           |             |                               | (9,741)      |      |              | 1,235  |  |   | (9,999)      |  |
| Comprehensive income attributable to Summit Hotel Properties, Inc. |  | 11,609                     |             |                               | 18,468  |      |              | 6,740  |  |   | 21,350  |  |
| Distributions to and accretion of redeemable non-controlling interests  |  | (657)                           |             |                               | (653)        |      |              | (1,314)     |  |   | (1,208)      |  |
| Preferred dividends                                                     |  | (3,968)                         |             |                               | (3,968)      |      |              | (7,938)     |  |   | (7,938)      |  |
|                                                                         |  |                                 |             |                               |              |      |              |             |
| Comprehensive income (loss) attributable to common stockholders         |  | $                               | 6,984  |                               |              | $    | 13,847  |             |  | $ | (2,512)      |  |  | $ | 12,204  |  |

----

|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |               |   |              |               |  |   |               |  |  |              |               |  |  |   |               |  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|--|--------------------------------------|--------------|--|-------------------------------|---------------|------------------|--|-----------------------|---|-------------|---------------|--------------------------------|-------------------|--------------------------------------------------|--|-------------------------------------------------------------------------|---------------|--------------------------------|--|---------------------------|-----------------|--|---------------|---|--------------|---------------|--|---|---------------|--|--|--------------|---------------|--|--|---|---------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                        |  | Redeemable Non-controlling Interests |              |  | Shares of PreferredStock |               | PreferredStock   |  | Shares of CommonStock |   | CommonStock |               | AdditionalPaid-In Capital |                   | Accumulated OtherComprehensiveIncome (Loss) |  | AccumulatedDeficit andDistributions in Excess of Retained Earnings |               | TotalShareholders’Equity |  | Non-controlling Interests | TotalEquity     |
| Balance at March 31, 2023                                              |  | $                                    | 50,219  |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 107,469,863  |                                                  |  | $                                                                       | 1,075    |                                |  | $                         | 1,232,457  |  |               | $ | 10,270  |               |  | $ | (297,687)     |  |  | $            | 946,219  |  |  | $ | 446,428  |  |  | $ | 1,392,647  |  |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Adjustment of redeemable non-controlling interests to redemption value |  | 657                             |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (657)         |   |              | (657)         |  |   | —  |  |  | (657)        |               |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Contributions by non-controlling interest in joint venture             |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | 20,532   |  |  | 20,532  |               |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Dividends and distributions on common stock and common units           |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (6,448)       |   |              | (6,448)       |  |   | (958)         |  |  | (7,406)      |               |
| Preferred dividends and distributions                                  |  | (657)                                |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (3,968)       |   |              | (3,968)       |  |   | (161)         |  |  | (4,129)      |               |
| Joint venture partner distributions                                    |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | (3,365)       |  |  | (3,365)      |               |
| Equity-based compensation                                              |  | —                         |              |  |                               | —  |                  |  | —          |   |             | 112,572  |                                |                   | 1                                           |  |                                                                         | 2,577    |                                |  | —              |                 |  | —  |   |              | 2,578    |  |   | —  |  |  | 2,578   |               |
| Shares of common stock acquired for employee withholding requirements  |  | —                         |              |  |                               | —  |                  |  | —          |   |             | (12,697)      |                                |                   | —                                     |  |                                                                         | (87)          |                                |  | —              |                 |  | —  |   |              | (87)          |  |   | —  |  |  | (87)         |               |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Other comprehensive income                                             |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | 7,737                |                 |  | —  |   |              | 7,737    |  |   | 3,236    |  |  | 10,973  |               |
| Net income (loss)                                                      |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | 3,872    |   |              | 3,872    |  |   | (2,982)       |  |  | 890     |               |
| Balance at June 30,2023                                                |  | $                                    | 50,219  |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 107,569,738  |                                                  |  | $                                                                       | 1,076    |                                |  | $                         | 1,234,947  |  |               | $ | 18,007  |               |  | $ | (304,888)     |  |  | $            | 949,246  |  |  | $ | 462,730  |  |  | $ | 1,411,976  |  |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Balance at March 31, 2022                                              |  | $                                    | 50,220  |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 106,960,863  |                                                  |  | $                                                                       | 1,069    |                                |  | $                         | 1,230,094  |  |               | $ | (4,903)      |               |  | $ | (275,018)     |  |  | $            | 951,346  |  |  | $ | 520,049  |  |  | $ | 1,471,395  |  |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Adjustment of redeemable non-controlling interests to redemption value |  | 655                             |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (655)         |   |              | (655)         |  |   | —  |  |  | (655)        |               |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Contributions by non-controlling interest in joint venture             |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | 7,317    |  |  | 7,317   |               |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
|                                                                        |  |                                      |              |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Common dividends and distributions                                     |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (83)          |   |              | (83)          |  |   | —  |  |  | (83)         |               |
| Preferred dividends and distributions                                  |  | (652)                                |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (3,968)       |   |              | (3,968)       |  |   | (83)          |  |  | (4,051)      |               |
| Joint venture partner distributions                                    |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | (66,633)      |  |  | (66,633)     |               |
| Equity-based compensation                                              |  | —                         |              |  |                               | —  |                  |  | —          |   |             | 193,948  |                                |                   | 2                                           |  |                                                                         | 2,140    |                                |  | —              |                 |  | —  |   |              | 2,142    |  |   | —  |  |  | 2,142   |               |
| Shares of common stock acquired for employee withholding requirements  |  | —                         |              |  |                               | —  |                  |  | —          |   |             | (260,800)     |                                |                   | (2)                                              |  |                                                                         | (2,453)       |                                |  | —              |                 |  | —  |   |              | (2,455)       |  |   | —  |  |  | (2,455)      |               |
| Other                                                                  |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | (121)         |                                |  | —              |                 |  | —  |   |              | (121)         |  |   | —  |  |  | (121)        |               |
| Other comprehensive income (loss)                                      |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | 5,903                |                 |  | —  |   |              | 5,903    |  |   | (1,007)       |  |  | 4,896   |               |
| Net income                                                             |  | —                         |              |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | 12,565   |   |              | 12,565   |  |   | 10,748   |  |  | 23,313  |               |
| Balance at June 30, 2022                                               |  | $                                    | 50,223  |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 106,894,011  |                                                  |  | $                                                                       | 1,069    |                                |  | $                         | 1,229,660  |  |               | $ | 1,000   |               |  | $ | (267,159)     |  |  | $            | 964,674  |  |  | $ | 470,391  |  |  | $ | 1,435,065  |  |

----

|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |               |   |              |               |  |   |               |  |  |               |               |  |  |   |               |  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|---------------|--|-------------------------------|---------------|------------------|--|-----------------------|---|-------------|---------------|--------------------------------|-------------------|--------------------------------------------------|--|-------------------------------------------------------------------------|---------------|--------------------------------|--|---------------------------|-----------------|--|---------------|---|--------------|---------------|--|---|---------------|--|--|---------------|---------------|--|--|---|---------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                               |  | Redeemable Non-controlling Interests |               |  | Shares of PreferredStock |               | PreferredStock   |  | Shares of CommonStock |   | CommonStock |               | AdditionalPaid-In Capital |                   | Accumulated OtherComprehensiveIncome (Loss) |  | AccumulatedDeficit andDistributions in Excess of Retained Earnings |               | TotalShareholders’Equity |  | Non-controlling Interests | TotalEquity     |
| Balance at December 31, 2022                                                                                                  |  | $                                    | 50,219   |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 106,901,576  |                                                  |  | $                                                                       | 1,069    |                                |  | $                         | 1,232,302  |  |               | $ | 14,538  |               |  | $ | (288,200)     |  |  | $             | 959,813  |  |  | $ | 448,137  |  |  | $ | 1,407,950  |  |
|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Adjustment of redeemable non-controlling interests to redemption value                                                        |  | 1,314                           |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (1,314)       |   |              | (1,314)       |  |   | —  |  |  | (1,314)       |               |
|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Sale of non-controlling interests in joint venture                                                                            |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | 1,353    |  |  | 1,353    |               |
| Contributions by non-controlling interest in joint venture                                                                    |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | 20,532   |  |  | 20,532   |               |
|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Common dividends and distributions                                                                                            |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (10,707)      |   |              | (10,707)      |  |   | (1,597)       |  |  | (12,304)      |               |
| Preferred dividends and distributions                                                                                         |  | (1,314)                              |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (7,938)       |   |              | (7,938)       |  |   | (161)         |  |  | (8,099)       |               |
| Joint venture partner distributions                                                                                           |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | (4,155)       |  |  | (4,155)       |               |
| Equity-based compensation                                                                                                     |  | —                         |               |  |                               | —  |                  |  | —          |   |             | 848,942  |                                |                   | 8                                           |  |                                                                         | 4,038    |                                |  | —              |                 |  | —  |   |              | 4,046    |  |   | —  |  |  | 4,046    |               |
| Shares of common stock acquired for employee withholding requirements                                                         |  | —                         |               |  |                               | —  |                  |  | —          |   |             | (180,780)     |                                |                   | (1)                                              |  |                                                                         | (1,369)       |                                |  | —              |                 |  | —  |   |              | (1,370)       |  |   | —  |  |  | (1,370)       |               |
| Other                                                                                                                         |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | (24)          |                                |  | —              |                 |  | —  |   |              | (24)          |  |   | (144)         |  |  | (168)         |               |
| Other comprehensive income                                                                                                    |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | 3,469                |                 |  | —  |   |              | 3,469    |  |   | 3,116    |  |  | 6,585    |               |
| Net income (loss)                                                                                                             |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | 3,271    |   |              | 3,271    |  |   | (4,351)       |  |  | (1,080)       |               |
| Balance at June 30,2023                                                                                                       |  | $                                    | 50,219   |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 107,569,738  |                                                  |  | $                                                                       | 1,076    |                                |  | $                         | 1,234,947  |  |               | $ | 18,007  |               |  | $ | (304,888)     |  |  | $             | 949,246  |  |  | $ | 462,730  |  |  | $ | 1,411,976  |  |
|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Balance at December 31, 2021                                                                                                  |  | $                                    | —  |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 106,337,724  |                                                  |  | $                                                                       | 1,063    |                                |  | $                         | 1,225,184  |  |               | $ | (15,639)     |               |  | $ | (262,639)     |  |  | $             | 948,073  |  |  | $ | 159,119  |  |  | $ | 1,107,192  |  |
| Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties |  | 50,000                          |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | —  |  |  | —  |               |
| Adjustment of redeemable non-controlling interests to redemption value                                                        |  | 1,210                           |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (1,210)       |   |              | (1,210)       |  |   | —  |  |  | (1,210)       |               |
| Non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties            |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | 157,513  |  |  | 157,513  |               |
| Sale of non-controlling interests in joint venture                                                                            |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | 674      |  |  | 674      |               |
| Contributions by non-controlling interest in joint venture                                                                    |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | 1,218    |                                |  | —              |                 |  | —  |   |              | 1,218    |  |   | 209,802  |  |  | 211,020  |               |
|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
|                                                                                                                               |  |                                      |               |  |                               |               |                  |  |                       |   |             |               |                                |                   |                                                  |  |                                                                         |               |                                |  |                           |                 |  |
| Common dividends and distributions                                                                                            |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (83)          |   |              | (83)          |  |   | —  |  |  | (83)          |               |
| Preferred dividends and distributions                                                                                         |  | (987)                                |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | (7,938)       |   |              | (7,938)       |  |   | (83)          |  |  | (8,021)       |               |
| Joint venture partner distributions                                                                                           |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | —  |   |              | —  |  |   | (66,633)      |  |  | (66,633)      |               |
| Equity-based compensation                                                                                                     |  | —                         |               |  |                               | —  |                  |  | —          |   |             | 817,087  |                                |                   | 8                                           |  |                                                                         | 5,832    |                                |  | —              |                 |  | —  |   |              | 5,840    |  |   | —  |  |  | 5,840    |               |
| Shares of common stock acquired for employee withholding requirements                                                         |  | —                         |               |  |                               | —  |                  |  | —          |   |             | (260,800)     |                                |                   | (2)                                              |  |                                                                         | (2,453)       |                                |  | —              |                 |  | —  |   |              | (2,455)       |  |   | —  |  |  | (2,455)       |               |
| Other                                                                                                                         |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | (121)         |                                |  | —              |                 |  | —  |   |              | (121)         |  |   | —  |  |  | (121)         |               |
| Other comprehensive income                                                                                                    |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | 16,639               |                 |  | —  |   |              | 16,639   |  |   | 370      |  |  | 17,009   |               |
| Net  income                                                                                                                   |  | —                         |               |  |                               | —  |                  |  | —          |   |             | —  |                                |                   | —                                     |  |                                                                         | —  |                                |  | —              |                 |  | 4,711    |   |              | 4,711    |  |   | 9,629    |  |  | 14,340   |               |
| Balance at June 30, 2022                                                                                                      |  | $                                    | 50,223   |  |                               |               | 10,400,000  |  |                       | $ | 104    |               |                                | 106,894,011  |                                                  |  | $                                                                       | 1,069    |                                |  | $                         | 1,229,660  |  |               | $ | 1,000   |               |  | $ | (267,159)     |  |  | $             | 964,674  |  |  | $ | 470,391  |  |  | $ | 1,435,065  |  |

----

|                                                                                                                                                                   |  |                               |              |        |               |   |               |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------------------|--------------|--------|---------------|---|---------------|--|--|--|--|--|--|--|
| Summit Hotel Properties, Inc.Condensed Consolidated Statements of Cash Flows                                                                                 |
| (Unaudited)                                                                                                                                                       |
| (In thousands)                                                                                                                                                    |
|                                                                                                                                                                   |  | Six Months EndedJune 30, |
|                                                                                                                                                                   |  | 2023                          |              | 2022   |
| OPERATING ACTIVITIES                                                                                                                                              |  |                               |              |        |
| Net (loss) income                                                                                                                                                 |  | $                             | (1,080)      |        |               | $ | 14,340   |  |
| Adjustments to reconcile net loss to net cash provided by operating activities:                                                                               |  |                               |              |        |
| Depreciation and amortization                                                                                                                                     |  | 74,418                   |              |        | 74,332   |   |
| Amortization of debt issuance costs                                                                                                                               |  | 2,785                    |              |        | 2,825    |   |
|                                                                                                                                                                   |  |                               |              |        |
| Recoveries of credit losses                                                                                                                                       |  | (250)                         |              |        | (250)         |   |
| Equity-based compensation                                                                                                                                         |  | 4,046                    |              |        | 5,840    |   |
|                                                                                                                                                                   |  |                               |              |        |
| Loss (gain) on disposal of assets, net                                                                                                                            |  | 320                      |              |        | (20,484)      |   |
|                                                                                                                                                                   |  |                               |              |        |
| Non-cash interest income                                                                                                                                          |  | (288)                         |              |        | (113)         |   |
| Transaction costs                                                                                                                                                 |  | 328                      |              |        | —  |   |
| Other                                                                                                                                                             |  | 513                      |              |        | 42       |   |
| Changes in operating assets and liabilities:                                                                                                                  |  |                               |              |        |
|                                                                                                                                                                   |  |                               |              |        |
| Trade receivables, net                                                                                                                                            |  | (1,097)                       |              |        | (7,261)       |   |
| Prepaid expenses and other                                                                                                                                        |  | 3,855                    |              |        | (7,882)       |   |
| Accounts payable                                                                                                                                                  |  | (150)                         |              |        | (175)         |   |
| Accrued expenses and other                                                                                                                                        |  | (4,346)                       |              |        | 25,689   |   |
| NET CASH PROVIDED BY OPERATING ACTIVITIES                                                                                                                         |  | 79,054                   |              |        | 86,903   |   |
| INVESTING ACTIVITIES                                                                                                                                              |  |                               |              |        |
| Acquisitions of lodging properties                                                                                                                                |  | (42,813)                      |              |        | (281,074)     |   |
|                                                                                                                                                                   |  |                               |              |        |
| Improvements to lodging properties                                                                                                                                |  | (42,889)                      |              |        | (25,281)      |   |
|                                                                                                                                                                   |  |                               |              |        |
| Proceeds from asset dispositions, net                                                                                                                             |  | 27,632                   |              |        | 73,758   |   |
|                                                                                                                                                                   |  |                               |              |        |
|                                                                                                                                                                   |  |                               |              |        |
| Funding of real estate loans                                                                                                                                      |  | (2,917)                       |              |        | (2,167)       |   |
| Repayments of real estate loans                                                                                                                                   |  | 257                      |              |        | —  |   |
|                                                                                                                                                                   |  |                               |              |        |
| NET CASH USED IN INVESTING ACTIVITIES                                                                                                                             |  | (60,730)                      |              |        | (234,764)     |   |
| FINANCING ACTIVITIES                                                                                                                                              |  |                               |              |        |
| Proceeds from borrowing on revolving line of credit                                                                                                               |  | 55,000                   |              |        | 466,500  |   |
| Repayments of line of credit borrowings                                                                                                                           |  | (50,000)                      |              |        | —  |   |
| Principal payments on debt                                                                                                                                        |  | (1,187)                       |              |        | (392,939)     |   |
| Proceeds from the sale of non-controlling interests                                                                                                               |  | 1,353                    |              |        | 674      |   |
|                                                                                                                                                                   |  |                               |              |        |
|                                                                                                                                                                   |  |                               |              |        |
|                                                                                                                                                                   |  |                               |              |        |
| Financing fees, debt transactions costs and other issuance costs                                                                                                  |  | (8,036)                       |              |        | (2,935)       |   |
| Common dividends and distributions paid                                                                                                                           |  | (12,247)                      |              |        | —  |   |
| Preferred dividends and distributions paid                                                                                                                        |  | (9,413)                       |              |        | (9,308)       |   |
| Proceeds from contributions by non-controlling interests in joint venture                                                                                         |  | 20,332                   |              |        | 204,073  |   |
|                                                                                                                                                                   |  |                               |              |        |
| Distributions to joint venture partners                                                                                                                           |  | (4,155)                       |              |        | (66,633)      |   |
| Repurchase of shares of common stock for withholding requirements                                                                                                 |  | (1,370)                       |              |        | (2,455)       |   |
|                                                                                                                                                                   |  |                               |              |        |
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES                                                                                                               |  | (9,723)                       |              |        | 196,977  |   |
| Net change in cash, cash equivalents and restricted cash                                                                                                          |  | 8,601                    |              |        | 49,116   |   |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH                                                                                                                        |  |                          |              |   |
| Beginning of period                                                                                                                                               |  | 61,808                   |              |        | 96,944   |   |
| End of period                                                                                                                                                     |  | $                             | 70,409  |        |               | $ | 146,060  |  |
|                                                                                                                                                                   |  |                               |              |        |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE: |  |                               |              |        |
| Cash and cash equivalents                                                                                                                                         |  | 58,456                   |              |        | 109,999  |   |
| Restricted cash                                                                                                                                                   |  | 11,953                   |              |        | 36,061   |   |
| TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH                                                                                                                  |  | $                             | 70,409  |        |               | $ | 146,060  |  |

----

----

----

----

|                                                |  |                 |                 |                   |                 |   |                 |  |  |  |  |  |  |  |
|------------------------------------------------|--|-----------------|-----------------|-------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                                |  | June 30, 2023   |                 | December 31, 2022 |
| Lodging buildings and improvements             |  | $               | 2,872,197  |                   |                 | $ | 2,815,993  |  |
| Land                                           |  | 385,751    |                 |                   | 373,106    |   |
| Furniture, fixtures and equipment              |  | 264,264    |                 |                   | 252,842    |   |
| Construction in progress                       |  | 63,950     |                 |                   | 64,159     |   |
| Intangible assets                              |  | 39,954     |                 |                   | 39,954     |   |
| Real estate development loan, net              |  | 2,249      |                 |                   | —    |   |
|                                                |  | 3,628,365  |                 |                   | 3,546,054  |   |
| Less accumulated depreciation and amortization |  | (772,359)       |                 |                   | (704,198)       |   |
|                                                |  | $               | 2,856,006  |                   |                 | $ | 2,841,856  |  |

----

----

----

|                        |  |                                                                                     |  |                       |  |             |  |               |               |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------|--|-------------------------------------------------------------------------------------|--|-----------------------|--|-------------|--|---------------|---------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Date Acquired     |  | Franchise/Brand                                                                 |  | Location              |  | Guestrooms  |  | PurchasePrice |
| 2023 Acquisitions: |  |                                                                                     |  |                       |  |             |  |               |
| June 1, 2023           |  | Residence Inn by Marriott                                                           |  | Scottsdale, AZ        |  | 120         |  | $             | 29,000   |               |
| June 23, 2023          |  | Nordic Lodge                                                                        |  | Steamboat Springs, CO |  | 47          |  | 13,700   |               |
|                        |  |                                                                                     |  |                       |  | 167    |  |               | $             | 42,700   |  |
|                        |  |                                                                                     |  |                       |  |             |  |               |
| 2022 Acquisitions: |  |                                                                                     |  |                       |  |             |  |               |
| January 13, 2022       |  | Portfolio of properties - twenty-six lodging properties and two parking garages (1) |  | Various               |  | 3,533       |  | $             | 766,000  |               |
| March 23, 2022         |  | Canopy Hotel by Hilton (1)                                                          |  | New Orleans, LA       |  | 176         |  | 56,000   |               |
| June 10, 2022          |  | AC/Element Hotel (2)                                                            |  | Miami, FL             |  | 264         |  | 80,100   |               |
|                        |  |                                                                                     |  |                       |  | 3,973  |  |               | $             | 902,100  |  |

|                                    |  |                                        |              |      |               |   |               |  |  |  |  |  |  |  |
|------------------------------------|--|----------------------------------------|--------------|------|---------------|---|---------------|--|--|--|--|--|--|--|
|                                    |  | For the Six Months Ended June 30, |
|                                    |  | 2023                                   |              | 2022 |
| Land                               |  | $                                      | 12,257  |      |               | $ | 67,175   |  |
| Lodging buildings and improvements |  | 29,225                            |              |      | 751,720  |   |
| Furniture, fixtures and equipment  |  | 1,331                             |              |      | 82,353   |   |
| Incentives and other intangibles   |  | —                           |              |      | 25,642   |   |
| Other assets                       |  | —                           |              |      | 5,318    |   |
| Total assets acquired (1)          |  | 42,813                            |              |      | 932,208  |   |
| Less debt assumed                  |  | —                           |              |      | (382,205)     |   |
| Less lease liabilities assumed     |  | —                           |              |      | (5,441)       |   |
| Less other liabilities             |  | —                           |              |      | (5,892)       |   |
| Net assets acquired                |  | $                                      | 42,813  |      |               | $ | 538,670  |  |

----

|                                  |  |                                     |  |            |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|--|-------------------------------------|--|------------|--|--|--|--|--|--|--|--|--|--|
| Franchise/Brand              |  | Location                            |  | Guestrooms |
| Hilton Garden Inn                |  | Minneapolis (Eden Prairie), MN      |  | 97         |
| Holiday Inn Express & Suites |  | Minneapolis (Minnetonka), MN        |  | 93         |
| Hyatt Place                      |  | Chicago (Hoffman Estates), IL       |  | 126        |
| Hyatt Place                      |  | Chicago (Lombard/Oak Brook), IL |  | 151        |
|                                  |  |                                     |  | 467        |

|                                         |  |               |              |                   |              |   |              |  |  |  |  |  |  |  |
|-----------------------------------------|--|---------------|--------------|-------------------|--------------|---|--------------|--|--|--|--|--|--|--|
|                                         |  | June 30, 2023 |              | December 31, 2022 |
| Indefinite-lived intangible assets: |  |               |              |                   |
| Air rights                              |  | $             | 10,754  |                   |              | $ | 10,754  |  |
| Other                                   |  | 80       |              |                   | 80      |   |
|                                         |  | 10,834   |              |                   | 10,834  |   |
| Finite-lived intangible assets:     |  |               |              |                   |
|                                         |  |               |              |                   |
| Tax incentives                          |  | 19,750   |              |                   | 19,750  |   |
| Key money                               |  | 9,370    |              |                   | 9,370   |   |
|                                         |  |               |              |                   |
|                                         |  |               |              |                   |
|                                         |  | 29,120   |              |                   | 29,120  |   |
| Intangible assets                       |  | 39,954   |              |                   | 39,954  |   |
| Less accumulated amortization           |  | (7,188)       |              |                   | (5,110)      |   |
| Intangible assets, net                  |  | $             | 32,766  |                   |              | $ | 34,844  |  |

----

|                                 |  |              |              |  |  |  |  |  |
|---------------------------------|--|--------------|--------------|--|--|--|--|--|
| For the Year EndingDecember 31, |  | Amount       |
| 2023                            |  | $            | 2,078   |  |
| 2024                            |  | 4,157   |              |
| 2025                            |  | 1,595   |              |
| 2026                            |  | 1,595   |              |
| 2027                            |  | 1,540   |              |
| Thereafter                      |  | 10,967  |              |
|                                 |  | $            | 21,932  |  |

|                                                          |  |                     |               |                   |               |   |              |  |  |  |  |  |  |  |
|----------------------------------------------------------|--|---------------------|---------------|-------------------|---------------|---|--------------|--|--|--|--|--|--|--|
|                                                          |  | Net Carrying Amount |
|                                                          |  | June 30, 2023       |               | December 31, 2022 |
| Under Contract for Sale:                             |  |                     |               |                   |
|   Portfolio of four lodging properties         |  | $                   | —  |                   |               | $ | 27,516  |  |
|                                                          |  |                     |               |                   |
|   Parcel of undeveloped land - San Antonio, TX |  | 1,225          |               |                   | 1,225    |   |
|   Parcel of undeveloped land - Flagstaff, AZ   |  | 425            |               |                   | —  |   |
|                                                          |  | 1,650          |               |                   | 28,741   |   |
| Marketed for Sale:                                   |  |                     |               |                   |
|   Parcel of undeveloped land - Flagstaff, AZ   |  | —        |               |                   | 425      |   |
|                                                          |  | $                   | 1,650    |                   |               | $ | 29,166  |  |

----

|                             |  |               |               |                   |         |   |               |  |  |  |  |  |  |  |
|-----------------------------|--|---------------|---------------|-------------------|---------|---|---------------|--|--|--|--|--|--|--|
|                             |  | June 30, 2023 |               | December 31, 2022 |
| Real estate loan            |  | $             | 1,000    |                   |         | $ | 1,250    |  |
| Allowance for credit losses |  | (1,000)       |               |                   | (1,250) |   |
|                             |  |               |               |                   |
|                             |  | $             | —  |                   |         | $ | —  |  |

|                                                          |  |                 |                 |                   |                 |   |                 |  |  |  |  |  |  |  |
|----------------------------------------------------------|--|-----------------|-----------------|-------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                                          |  | June 30, 2023   |                 | December 31, 2022 |
| Revolving debt                                           |  | $               | 145,000    |                   |                 | $ | 140,000    |  |
| Term loans                                               |  | 910,000    |                 |                   | 910,000    |   |
| Convertible notes                                        |  | 287,500    |                 |                   | 287,500    |   |
| Mortgage loans                                           |  | 124,436    |                 |                   | 125,624    |   |
|                                                     |  | 1,466,936  |                 |                   | 1,463,124  |   |
| Unamortized debt issuance costs                          |  | (16,082)        |                 |                   | (11,328)        |   |
|     Debt, net of debt issuance costs |  | $               | 1,450,854  |                   |                 | $ | 1,451,796  |  |

----

|                     |  |               |                 |            |     |                   |               |            |                 |     |  |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------|--|---------------|-----------------|------------|-----|-------------------|---------------|------------|-----------------|-----|--|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                     |  | June 30, 2023 |                 | Percentage |     | December 31, 2022 |               | Percentage |
| Fixed-rate debt (1) |  | $             | 757,378    |            |     | 52%               |               | $          | 758,433    |     |  | 52% |
| Variable-rate debt  |  | 709,558  |                 |            | 48% |                   | 704,691  |            |                 | 48% |
|                     |  | $             | 1,466,936  |            |     |                   |               | $          | 1,463,124  |     |  |     |

|                   |  |               |               |                   |              |               |               |                 |  |                          |               |  |  |                           |               |  |  |                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|---------------|---------------|-------------------|--------------|---------------|---------------|-----------------|--|--------------------------|---------------|--|--|---------------------------|---------------|--|--|---------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                   |  | June 30, 2023 |               | December 31, 2022 |              |          |
|                   |  | CarryingValue |               | Fair Value   |              | CarryingValue |               | Fair Value |  | Valuation Technique |
| Convertible notes |  | $             | 287,500  |                   |              | $             | 245,616  |                 |  | $                        | 287,500  |  |  | $                         | 247,126  |  |  | Level 1 - Market approach |
| Mortgage loans    |  | 69,878   |               |                   | 60,539  |               |               | 70,933     |  |                          | 61,447   |  |  | Level 2 - Market approach |
|                   |  | $             | 357,378  |                   |              | $             | 306,155  |                 |  | $                        | 358,433  |  |  | $                         | 308,573  |  |  |                           |

----

|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |               |              |              |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------------------|--|--|--|--------------------|--|-------------------------------------------|--|-------------------------------|--------------|-------------------|---------------|--------------|--------------|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                        |  |                    |  |  |  |                    |  |                                           |  | Principal Balance Outstanding |
| Lender                                                 |  | Interest Rate |  |  |  | Maturity Date |  | Number ofEncumbered  Properties |  | June 30, 2023                 |              | December 31, 2022 |
| OPERATING PARTNERSHIP DEBT:                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| 2018 Senior Credit Facility                            |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Bank of America, N.A.                                  |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| $400 Million Revolver (1)(2)                           |  | 7.15% Variable     |  |  |  | June 21, 2027      |  | n/a                                   |  | $                             | 20,000  |                   |               | $            | 15,000  |                 |
| $200 Million Term Loan (1)(2)                          |  | 7.10% Variable     |  |  |  | June 21, 2026      |  | n/a                                   |  | 200,000                  |              |                   | 200,000  |              |
| Total Senior Credit and Term Loan Facility             |  |                    |  |  |  |                    |  |                                           |  | 220,000                  |              |                   | 215,000  |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Term Loans                                             |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| KeyBank National Association Term Loan (1)             |  | 7.04% Variable     |  |  |  | February 14, 2025  |  | n/a                                   |  | 225,000                  |              |                   | 225,000  |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Convertible Notes                                      |  | 1.50% Fixed        |  |  |  | February 15, 2026  |  | n/a                                   |  | 287,500                  |              |                   | 287,500  |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Secured Mortgage Indebtedness                          |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| MetaBank                                               |  | 4.44% Fixed        |  |  |  | July 1, 2027       |  | 3                                    |  |                               | 43,215  |                   |               | 43,917  |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Bank of the Cascades (3)                               |  | 7.14% Variable     |  |  |  | December 19, 2024  |  | 1                                    |  |                               | 7,558   |                   |               | 7,691   |              |
|                                                        |  | 4.30% Fixed        |  |  |  | December 19, 2024  |  |                                           |  | 7,558                    |              |                   | 7,691    |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Total Mortgage Loans                                   |  |                    |  |  |  |                    |  | 4                                    |  |                               | 58,331  |                   |               | 59,299  |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  | 790,831                  |              |                   | 786,799  |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| JOINT VENTURE DEBT:                                |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Brickell Joint Venture Mortgage Loan                   |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| City National Bank of Florida                          |  | 8.22% Variable     |  |  |  | June 30, 2025      |  | 2                                    |  |                               | 47,000  |                   |               | 47,000  |              |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| GIC Joint Venture Credit Facility and Term Loans       |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| Bank of America, N.A.                                  |  |                    |  |  |  |                    |  |                                           |  |                               |              |                   |
| $125 Million Revolver (4)                              |  | 7.34% Variable     |  |  |  | October 8, 2023    |  | n/a                                   |  | 125,000                  |              |                   | 125,000  |              |
| $75 Million Term Loan (4)                              |  | 7.29% Variable     |  |  |  | October 8, 2023    |  | n/a                                   |  | 75,000                   |              |                   | 75,000   |              |
| Bank of America, N.A. (5)                              |  | 7.95% Variable     |  |  |  | January 13, 2026   |  | n/a                                   |  | 410,000                  |              |                   | 410,000  |              |
| Wells Fargo                                            |  | 4.99% Fixed        |  |  |  | June 6, 2028       |  | 1                                         |  | 12,909                   |              |                   | 13,032   |              |
| PACE loan                                              |  | 6.10% Fixed        |  |  |  | July 31, 2040      |  | 1                                         |  | 6,196                    |              |                   | 6,293    |              |
| Total GIC Joint Venture Credit Facility and Term Loans |  |                    |  |  |  |                    |  | 2                                         |  | 629,105                  |              |                   | 629,325  |              |
| Total Joint Venture Debt                               |  |                    |  |  |  |                    |  | 4                                    |  |                               | $            | 676,105      |               |              | $            | 676,325    |  |
| Total Debt                                             |  |                    |  |  |  |                    |  | 8                                    |  |                               | $            | 1,466,936    |               |              | $            | 1,463,124  |  |

----

----

----

----

----

----

|                                 |  |              |              |  |  |  |  |  |
|---------------------------------|--|--------------|--------------|--|--|--|--|--|
| For the Year EndingDecember 31, |  | Amount       |
| 2023                            |  | $            | 1,154   |  |
| 2024                            |  | 2,264   |              |
| 2025                            |  | 2,285   |              |
| 2026                            |  | 2,239   |              |
| 2027                            |  | 2,282   |              |
| Thereafter                      |  | 37,956  |              |
| Total lease payments (1)        |  | 48,180  |              |
| Less: Imputed interest      |  | (21,797)     |              |
| Total                           |  | $            | 26,383  |  |

|                 |  |                    |     |                    |  |                                     |   |                 |               |                   |  |               |               |                   |               |   |              |               |  |   |              |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------|--|--------------------|-----|--------------------|--|-------------------------------------|---|-----------------|---------------|-------------------|--|---------------|---------------|-------------------|---------------|---|--------------|---------------|--|---|--------------|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                 |  |                    |     |                    |  |                                     |   | Notional Amount |               | Fair Value        |
| Contract date   |  | Effective Date     |     | Expiration Date    |  | Average Annual Effective Fixed Rate |   | June 30, 2023   |               | December 31, 2022 |  | June 30, 2023 |               | December 31, 2022 |
| October 2, 2017 |  | January 29, 2018   |     | January 31, 2023   |  | 1.96                           | % |                 | $             | —      |  |               | $             | 100,000      |               |   | $            | —  |  |   | $            | 208  |  |
| October 2, 2017 |  | January 29, 2018   |     | January 31, 2023   |  | 1.98                           | % |                 | —  |                   |  | 100,000  |               |                   | —  |   |              | 210      |  |
| June 11, 2018   |  | September 28, 2018 |     | September 30, 2024 |  | 2.86                           | % |                 | 75,000   |                   |  | 75,000   |               |                   | 2,163    |   |              | 2,219    |  |
| June 11, 2018   |  | December 31, 2018  |     | December 31, 2025  |  | 2.92                           | % |                 | 125,000  |                   |  | 125,000  |               |                   | 4,907    |   |              | 4,211    |  |
| July 26, 2022   |  | January 31, 2023   |     | January 31, 2027   |  | 2.60                           | % |                 | 100,000  |                   |  | 100,000  |               | (1)               | 4,999    |   |              | 4,366    |  |
| July 26, 2022   |  | January 31, 2023   |     | January 31, 2029   |  | 2.56                           | % |                 | 100,000  |                   |  | 100,000  |               | (1)               | 6,066    |   |              | 5,627    |  |
| March 24, 2023  |  | July 1, 2023       | (2) | January 13, 2026   |  | 3.35                           | % |                 | 100,000  |                   |  | —  |               |                   | 2,654    |   |              | —  |  |
| March 24, 2023  |  | July 1, 2023       | (2) | January 13, 2026   |  | 3.35                           | % |                 | 100,000  |                   |  | —  |               |                   | 2,637    |   |              | —  |  |
|                 |  |                    |     |                    |  |                                     |   | $               | 600,000  |                   |  | $             | 600,000  |                   |               | $ | 23,426  |               |  | $ | 16,841  |           |

----

|                                                                                                                                                                         |  |                                 |              |                               |  |      |              |      |  |   |              |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------------|--------------|-------------------------------|--|------|--------------|------|--|---|--------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                    |  | Three Months EndedJune 30, |              | Six Months EndedJune 30, |
|                                                                                                                                                                    |  | 2023                            |              | 2022                          |  | 2023 |              | 2022 |
| Gain recognized in Accumulated other comprehensive loss on derivative financial instruments                                                                             |  | $                               | 13,286  |                               |  | $    | 3,211   |      |  | $ | 10,846  |  |  | $ | 13,024  |  |
| Gain (loss) reclassified from Accumulated other comprehensive loss to Interest expense                                                                                  |  | $                               | 2,313   |                               |  | $    | (1,685)      |      |  | $ | 4,261   |  |  | $ | (3,985)      |  |
| Total interest expense and other finance expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded |  | $                               | 22,248  |                               |  | $    | 15,118  |      |  | $ | 43,157  |  |  | $ | 28,557  |  |
|                                                                                                                                                                         |  |                                 |              |                               |  |      |              |      |

|                                                           |                                       |  |      |                   |  |  |  |  |  |  |  |
|-----------------------------------------------------------|---------------------------------------|--|------|-------------------|--|--|--|--|--|--|--|
|                                                           | For the Six Months EndedJune 30, |
|                                                           | 2023                                  |  | 2022 |
| Beginning shares of Common Stock outstanding              | 106,901,576                      |  |      | 106,337,724  |  |
|                                                           |                                       |  |      |
|                                                           |                                       |  |      |
| Grants under the Equity Plan                              | 875,055                          |  |      | 735,371      |  |
| Annual grants to independent directors                    | 113,141                          |  |      | 84,889       |  |
|                                                           |                                       |  |      |
|                                                           |                                       |  |      |
| Performance share and other forfeitures                   | (139,254)                             |  |      | (3,173)           |  |
| Shares retained for employee tax withholding requirements | (180,780)                             |  |      | (260,800)         |  |
| Ending shares of Common Stock outstanding                 | 107,569,738                      |  |      | 106,894,011  |  |

----

----

----

|                                                                      |  |                                                               |               |              |               |              |              |           |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------|--|---------------------------------------------------------------|---------------|--------------|---------------|--------------|--------------|-----------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                      |  | Fair Value Measurements at June 30, 2023 using |
|                                                                      |  | Level 1                                                  |               | Level 2 |               | Level 3 |              | Total     |
| Assets:                                                          |  |                                                               |               |              |               |              |              |           |
| Interest rate swaps                                                  |  | $                                                             | —  |              |               | $            | 23,426  |           |  | $ | —  |  |  | $ | 23,426  |  |
| Purchase option related to real estate loans (Onera Purchase Option) |  | —                                                  |               |              | —  |              |              | 931  |  |   | 931      |  |
|                                                                      |  |                                                               |               |              |               |              |              |           |
|                                                                      |  |                                                               |               |              |               |              |              |           |
|                                                                      |  |                                                               |               |              |               |              |              |           |

|                     |  |                                                                   |               |              |  |              |              |       |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|---------------------|--|-------------------------------------------------------------------|---------------|--------------|--|--------------|--------------|-------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                     |  | Fair Value Measurements at December 31, 2022 using |
|                     |  | Level 1                                                      |               | Level 2 |  | Level 3 |              | Total |
| Assets:         |  |                                                                   |               |              |  |              |              |       |
| Interest rate swaps |  | $                                                                 | —  |              |  | $            | 16,841  |       |  | $ | —  |  |  | $ | 16,841  |  |
|                     |  |                                                                   |               |              |  |              |              |       |
|                     |  |                                                                   |               |              |  |              |              |       |
|                     |  |                                                                   |               |              |  |              |              |       |

|                                           |  |                   |             |  |  |  |  |  |
|-------------------------------------------|--|-------------------|-------------|--|--|--|--|--|
|                                           |  |                   |
| Exercise price                            |  | $                 | 8,206  |  |
| First option exercise date (1)            |  | 10/1/2024 |
| Expected volatility                       |  | 52.20        | %           |
| Risk free rate                            |  | 4.15         | %           |
| Expected annualized equity dividend yield |  | —      | %           |

----

|                                 |  |                            |  |                                                      |            |                             |  |  |   |             |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|--|----------------------------|--|------------------------------------------------------|------------|-----------------------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|
|                            |  | Number of Shares |  | Weighted-AverageGrant Date Fair Value |            | AggregateCurrent Value |
|                            |  |                       |  | (per share)                                     |            | (in thousands)         |
| Non-vested at December 31, 2022 |  | 654,804               |  |                                                      | $          | 9.85                   |  |  | $ | 4,728  |  |
| Granted                         |  | 449,148               |  |                                                      | 7.71  |                             |  |  |
| Vested                          |  | (225,539)                  |  |                                                      | 8.46  |                             |  |  |
| Forfeited                       |  | (2,061)                    |  |                                                      | 8.50  |                             |  |  |
| Non-vested at June 30, 2023     |  | 876,352               |  |                                                      | $          | 8.79                   |  |  | $ | 5,705  |  |

----

|                                 |  |                            |  |                                                          |             |                             |  |  |   |             |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|--|----------------------------|--|----------------------------------------------------------|-------------|-----------------------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|
|                            |  | Number of Shares |  | Weighted-AverageGrant Date Fair Value (1) |             | AggregateCurrent Value |
|                            |  |                       |  | (per share)                                         |             | (in thousands)         |
| Non-vested at December 31, 2022 |  | 1,006,974             |  |                                                          | $           | 11.76                  |  |  | $ | 7,270  |  |
| Granted                         |  | 425,907               |  |                                                          | 10.08  |                             |  |  |
| Vested                          |  | (239,416)                  |  |                                                          | 9.38   |                             |  |  |
| Forfeited                       |  | (137,193)                  |  |                                                          | 9.38   |                             |  |  |
| Non-vested at June 30, 2023     |  | 1,056,272             |  |                                                          | $           | 11.93                  |  |  | $ | 6,876  |  |

|                                    |  |                                         |             |                                       |           |      |             |             |  |   |             |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|--|-----------------------------------------|-------------|---------------------------------------|-----------|------|-------------|-------------|--|---|-------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|
|                                    |  | For the Three Months EndedJune 30, |             | For the Six Months EndedJune 30, |
|                                    |  | 2023                                    |             | 2022                                  |           | 2023 |             | 2022        |
| Time-based restricted stock        |  | $                                       | 847    |                                       |           | $    | 651    |             |  | $ | 1,538  |  |  | $ | 1,645  |  |
| Performance-based restricted stock |  | 976                                |             |                                       | 721  |      |             | 1,753  |  |   | 3,393  |  |
| Director stock                     |  | 755                                |             |                                       | 770  |      |             | 755    |  |   | 802    |  |
|                                    |  | $                                       | 2,578  |                                       |           | $    | 2,142  |             |  | $ | 4,046  |  |  | $ | 5,840  |  |

----

|                                    |  |             |              |      |             |      |             |             |  |      |             |  |  |           |             |  |  |   |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|--|-------------|--------------|------|-------------|------|-------------|-------------|--|------|-------------|--|--|-----------|-------------|--|--|---|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                               |  | Total       |              | 2023 |             | 2024 |             | 2025        |  | 2026 |             |
| Time-based restricted stock        |  | $           | 5,865   |      |             | $    | 1,714  |             |  | $    | 2,582  |  |  | $         | 1,358  |  |  | $ | 211  |  |  |
| Performance-based restricted stock |  | 6,804  |              |      | 1,974  |      |             | 2,914  |  |      | 1,654  |  |  | 262  |             |  |
|                               |  | $           | 12,669  |      |             | $    | 3,688  |             |  | $    | 5,496  |  |  | $         | 3,012  |  |  | $ | 473  |  |  |

----

|                                                                                      |  |                                         |        |                                       |               |      |             |               |  |   |               |  |  |   |         |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------|--|-----------------------------------------|--------|---------------------------------------|---------------|------|-------------|---------------|--|---|---------------|--|--|---|---------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                      |  | For the Three Months EndedJune 30, |        | For the Six Months EndedJune 30, |
|                                                                                      |  | 2023                                    |        | 2022                                  |               | 2023 |             | 2022          |
| Numerator:                                                                       |  |                                         |        |                                       |               |      |             |               |
| Net (loss) income attributable to common stockholders                                |  | $                                       | (753)  |                                       |               | $    | 7,944  |               |  | $ | (5,981)       |  |  | $ | (4,435) |  |
| Less:                                                                            |  |                                         |        |                                       |               |      |             |               |
| Dividends paid on additional performance shares earned                               |  | —                            |        |                                       | 83       |      |             | —  |  |   | 83       |  |
| Income attributable to non-controlling interest in Operating Partnership             |  | —                            |        |                                       | (1,715)       |      |             | —  |  |   | —  |  |
| Loss attributable to participating securities                                        |  | —                            |        |                                       | 1,310    |      |             | —  |  |   | —  |  |
| Net (loss) income attributable to common stockholders for diluted earnings per share |  | $                                       | (753)  |                                       |               | $    | 8,266  |               |  | $ | (5,981)       |  |  | $ | (4,518) |  |
| Denominator:                                                                     |  |                                         |        |                                       |               |      |             |               |
| Weighted average common shares outstanding - basic                                   |  | 105,562                            |        |                                       | 105,199  |      |             | 105,438  |  |   | 105,049  |  |
| Add:                                                                             |  |                                         |        |                                       |               |      |             |               |
| Dilutive effect of equity-based compensation awards                                  |  | —                            |        |                                       | 164      |      |             | —  |  |   | —  |  |
| Dilutive effect of Common Units of Operating Partnership                             |  | —                            |        |                                       | 15,989   |      |             | —  |  |   | —  |  |
| Weighted average common shares outstanding, diluted                                  |  | 105,562                            |        |                                       | 121,352  |      |             | 105,438  |  |   | 105,049  |  |
| Net (loss) income per share - basic                                                  |  | $                                       | (0.01) |                                       |               | $    | 0.08   |               |  | $ | (0.06)        |  |  | $ | (0.04)  |  |
| Net (loss) income  per share - diluted                                               |  | $                                       | (0.01) |                                       |               | $    | 0.07   |               |  | $ | (0.06)        |  |  | $ | (0.04)  |  |

----

|                                                                                                                            |  |                               |               |      |  |   |               |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|-------------------------------|---------------|------|--|---|---------------|--|--|--|--|--|--|--|
|                                                                                                                            |  | Six Months EndedJune 30, |
|                                                                                                                            |  | 2023                          |               | 2022 |
|                                                                                                                            |  |                               |               |      |
| Cash payments for interest                                                                                                 |  | $                             | 38,250   |      |  | $ | 23,395   |  |
| Insurance premium financing                                                                                                |  | $                             | 10,877   |      |  | $ | —  |  |
| Accrued acquisitions and improvements to lodging properties                                                                |  | $                             | 8,820    |      |  | $ | 7,581    |  |
| Increase in carrying amount of lodging property related to contingent consideration                                        |  | $                             | 2,000    |      |  | $ | —  |  |
| Cash payments for income taxes, net of refunds                                                                             |  | $                             | 1,925    |      |  | $ | 2,268    |  |
| Accrued and unpaid dividends                                                                                               |  | $                             | 58       |      |  | $ | —  |  |
| Debt assumed to complete acquisition of properties                                                                         |  | $                             | —  |      |  | $ | 382,205  |  |
| Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties      |  | $                             | —  |      |  | $ | 9,206    |  |
| Conversion of a mezzanine financing loan to complete acquisition of lodging properties                                     |  | $                             | —  |      |  | $ | 29,875   |  |
| Exercise of purchase option to complete acquisition of lodging properties                                                  |  | $                             | —  |      |  | $ | 2,800    |  |
| Non-controlling interests in joint venture issued to complete acquisition of lodging properties                            |  | $                             | —  |      |  | $ | 6,922    |  |
| Non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties             |  | $                             | —  |      |  | $ | 157,513  |  |
| Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of  properties |  | $                             | —  |      |  | $ | 50,000   |  |

----

----

----

|                                                                                                                                    |  |                          |  |                          |              |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------|--|--------------------------|--|--------------------------|--------------|--|--|--|--|--|--|--|--|--|
| Management Company                                                                                                            |  | Number ofProperties |  | Number ofGuestrooms |
| Affiliates of Aimbridge Hospitality, including Interstate Management Company, LLC                                                  |  | 61                  |  |                          | 9,096   |  |
| OTO Development, LLC                                                                                                               |  | 13                  |  |                          | 1,887   |  |
|                                                                                                                                    |  |                          |  |                          |
| Stonebridge Realty Advisors, Inc. and affiliates                                                                              |  | 8                   |  |                          | 1,143   |  |
| Affiliates of Marriott, including Courtyard Management Corporation, SpringHill SMC Corporation and Residence Inn by Marriott, Inc. |  | 6                   |  |                          | 973     |  |
| Crestline Hotels & Resorts, LLC                                                                                                |  | 5                   |  |                          | 617     |  |
| White Lodging Services Corporation                                                                                                 |  | 2                   |  |                          | 453     |  |
| Hersha Hospitality Management                                                                                                      |  | 2                   |  |                          | 338     |  |
|                                                                                                                                    |  |                          |  |                          |
|                                                                                                                                    |  |                          |  |                          |
|                                                                                                                                    |  |                          |  |                          |
|                                                                                                                                    |  |                          |  |                          |
| Concord Hospitality Enterprises                                                                                                    |  | 2                   |  |                          | 264     |  |
| InterContinental Hotel Group Resources, Inc., an affiliate of IHG                                                             |  | 1                   |  |                          | 252     |  |
| Blink Data Services, LLC                                                                                                           |  | 1                   |  |                          | 11      |  |
| Total                                                                                                                              |  | 101                 |  |                          | 15,034  |  |

----

----

|                                             |  |                                       |  |                          |              |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|---------------------------------------|--|--------------------------|--------------|--|--|--|--|--|--|--|--|--|
| Franchise/Brand                         |  | Number of LodgingProperties |  | Number ofGuestrooms |
| Marriott                                    |  |                                       |  |                          |
| Courtyard by Marriott                       |  | 17                               |  |                          | 3,049   |  |
| Residence Inn by Marriott                   |  | 16                               |  |                          | 2,256   |  |
| AC Hotel by Marriott                        |  | 6                                |  |                          | 1,026   |  |
| SpringHill Suites by Marriott               |  | 7                                |  |                          | 983     |  |
| TownePlace Suites                           |  | 2                                |  |                          | 225     |  |
| Marriott                                    |  | 1                                |  |                          | 165     |  |
| Fairfield Inn & Suites by Marriott |  | 1                                |  |                          | 140     |  |
| Element by Marriott                         |  | 1                                |  |                          | 108     |  |
| Four Points by Sheraton                     |  | 1                                |  |                          | 101     |  |
| Total Marriott                              |  | 52                               |  |                          | 8,053   |  |
| Hilton                                      |  |                                       |  |                          |
| Hilton Garden Inn                           |  | 8                                |  |                          | 1,194   |  |
| Hampton Inn & Suites               |  | 8                                |  |                          | 1,162   |  |
|                                             |  |                                       |  |                          |
| Homewood Suites                             |  | 3                                |  |                          | 369     |  |
| Embassy Suites                              |  | 2                                |  |                          | 346     |  |
| Canopy Hotel                                |  | 2                                |  |                          | 326     |  |
| DoubleTree by Hilton                        |  | 1                                |  |                          | 210     |  |
| Total Hilton                                |  | 24                               |  |                          | 3,607   |  |
| Hyatt                                       |  |                                       |  |                          |
| Hyatt Place                                 |  | 15                               |  |                          | 2,142   |  |
| Hyatt House                                 |  | 3                                |  |                          | 466     |  |
| Total Hyatt                                 |  | 18                               |  |                          | 2,608   |  |
| IHG                                         |  |                                       |  |                          |
| Holiday Inn Express & Suites       |  | 3                                |  |                          | 471     |  |
|                                             |  |                                       |  |                          |
| Staybridge Suites                           |  | 1                                |  |                          | 121     |  |
| Hotel Indigo                                |  | 1                                |  |                          | 116     |  |
| Total IHG                                   |  | 5                                |  |                          | 708     |  |
| Independent                                 |  |                                       |  |                          |
| Nordic Lodge                                |  | 1                                |  |                          | 47      |  |
| Onera                                       |  | 1                                |  |                          | 11      |  |
| Total Independent                           |  | 2                                |  |                          | 58      |  |
| Total                                       |  | 101                              |  |                          | 15,034  |  |

----

|                                           |  |                                          |              |                                         |            |                                           |              |                                         |         |                                             |              |                                         |  |                                                   |              |                                         |            |           |            |           |           |   |            |   |  |           |   |  |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|--|------------------------------------------|--------------|-----------------------------------------|------------|-------------------------------------------|--------------|-----------------------------------------|---------|---------------------------------------------|--------------|-----------------------------------------|--|---------------------------------------------------|--------------|-----------------------------------------|------------|-----------|------------|-----------|-----------|---|------------|---|--|-----------|---|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | For the Three Months Ended June 30, |              | Quarter-over-Quarter                    |            | Quarter-over-Quarter                      |              |
|                                      |  | 2023                                     |              | 2022                                    |            | Dollar Change                        |              | Percentage Change                       |         |
|                                           |  | Total Portfolio(101 properties)     |              | Same-StorePortfolio(95 properties) |            | Total Portfolio(102 properties) |              | Same-StorePortfolio(95 properties) |         | Total Portfolio(101/102properties) |              | Same-StorePortfolio(95 properties) |  | Total Portfolio(101/102 properties) |              | Same-StorePortfolio(95 properties) |            |
| Revenues:                             |  |                                          |              |                                         |            |                                           |              |                                         |         |                                             |              |                                         |  |                                                   |              |                                         |            |
| Room                                      |  | $                                        | 174,181      |                                         | $          | 166,464                                   |              | $                                       | 166,804 |                                             | $            | 160,692                                 |  | $                                                 | 7,377        |                                         | $          | 5,772     |            | 4.4  | %         |   | 3.6   | % |  |
| Food and beverage                         |  | 10,269                                   |              | 7,999                                   |            | 7,664                                     |              | 7,002                                   |         | 2,605                                       |              | 997                                     |  | 34.0                                         | %            |                                         | 14.2  | %         |            |
| Other                                     |  | 10,043                                   |              | 9,382                                   |            | 8,780                                     |              | 8,530                                   |         | 1,263                                       |              | 852                                     |  | 14.4                                         | %            |                                         | 10.0  | %         |            |
| Total                                     |  | $                                        | 194,493      |                                         | $          | 183,845                                   |              | $                                       | 183,248 |                                             | $            | 176,224                                 |  | $                                                 | 11,245       |                                         | $          | 7,621     |            | 6.1  | %         |   | 4.3   | % |  |
|                                           |  |                                          |              |                                         |            |                                           |              |                                         |         |                                             |              |                                         |  |                                                   |              |                                         |            |
| Expenses:                             |  |                                          |              |                                         |            |                                           |              |                                         |         |                                             |              |                                         |  |                                                   |              |                                         |            |
| Room                                      |  | $                                        | 38,788       |                                         | $          | 36,571                                    |              | $                                       | 35,783  |                                             | $            | 34,117                                  |  | $                                                 | 3,005        |                                         | $          | 2,454     |            | 8.4  | %         |   | 7.2   | % |  |
| Food and beverage                         |  | 8,040                                    |              | 6,404                                   |            | 6,013                                     |              | 5,451                                   |         | 2,027                                       |              | 953                                     |  | 33.7                                         | %            |                                         | 17.5  | %         |            |
| Other lodging property operating expenses |  | 57,829                                   |              | 54,378                                  |            | 53,711                                    |              | 51,301                                  |         | 4,118                                       |              | 3,077                                   |  | 7.7                                          | %            |                                         | 6.0   | %         |            |
| Total                                     |  | $                                        | 104,657      |                                         | $          | 97,353                                    |              | $                                       | 95,507  |                                             | $            | 90,869                                  |  | $                                                 | 9,150        |                                         | $          | 6,484     |            | 9.6  | %         |   | 7.1   | % |  |
|                                           |  |                                          |              |                                         |            |                                           |              |                                         |         |                                             |              |                                         |  |                                                   |              |                                         |            |
| Operational Statistics:               |  |                                          |              |                                         |            |                                           |              |                                         |         |                                             |              |                                         |  |                                                   |              |
| Occupancy                                 |  | 75.5                                | %            |                                         | 75.7  | %                                         |              | 74.2                               | %       |                                             | 74.7    | %                                       |  | n/a                                           |              | n/a                                 |            | 1.8  | %          |           | 1.3  | % |            |
| ADR                                       |  | $                                        | 167.64  |                                         |            | $                                         | 167.70  |                                         |         | $                                           | 162.68  |                                         |  | $                                                 | 164.06  |                                         |            | $         | 4.96  |           |           | $ | 3.64  |   |  | 3.0  | % |  | 2.2  | % |  |
| RevPAR                                    |  | $                                        | 126.51  |                                         |            | $                                         | 126.89  |                                         |         | $                                           | 120.64  |                                         |  | $                                                 | 122.49  |                                         |            | $         | 5.87  |           |           | $ | 4.40  |   |  | 4.9  | % |  | 3.6  | % |  |

----

----

|                                      |  |                                          |              |      |              |               |              |                   |  |   |            |   |  |           |   |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|------------------------------------------|--------------|------|--------------|---------------|--------------|-------------------|--|---|------------|---|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | For the Three Months Ended June 30, |              |      |              |               |
|                                      |  | 2023                                     |              | 2022 |              | Dollar Change |              | Percentage Change |
| Property taxes, insurance and other  |  | $                                        | 14,215  |      |              | $             | 13,525  |                   |  | $ | 690   |   |  | 5.1  | % |
| Management fees                      |  | 4,992                               |              |      | 5,042   |               |              | (50)              |  |   | (1.0)      | % |
| Depreciation and amortization        |  | 37,510                              |              |      | 38,058  |               |              | (548)             |  |   | (1.4)      | % |
| Corporate general and administrative |  | 9,100                               |              |      | 8,074   |               |              | 1,026        |  |   | 12.7  | % |
| Transaction costs                    |  | 260                                 |              |      | 681     |               |              | (421)             |  |   | (61.8)     | % |
| Recoveries of credit losses          |  | —                             |              |      | (250)        |               |              | 250          |  |   | nm1        |
|                                      |  |                                          |              |      |              |               |              |                   |
| Gain on disposal of assets, net      |  | (320)                                    |              |      | 20,484  |               |              | (20,804)          |  |   | nm1        |
| Interest expense                     |  | 22,248                              |              |      | 15,118  |               |              | 7,130        |  |   | 47.2  | % |
| Interest  and other income, net      |  | 490                                 |              |      | 1,773   |               |              | (1,283)           |  |   | (72.4)     | % |
| Income tax expense                   |  | 791                                 |              |      | 6,437   |               |              | (5,646)           |  |   | (87.7)     | % |

----

|                                           |  |                                        |              |                                         |            |                                           |              |                                               |         |                                             |              |                                         |              |                                                   |              |                                         |   |           |              |            |           |            |             |   |            |            |   |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|--|----------------------------------------|--------------|-----------------------------------------|------------|-------------------------------------------|--------------|-----------------------------------------------|---------|---------------------------------------------|--------------|-----------------------------------------|--------------|---------------------------------------------------|--------------|-----------------------------------------|---|-----------|--------------|------------|-----------|------------|-------------|---|------------|------------|---|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                           |  | For the Six Months Ended June 30, |              |                                         |            |                                           |              |
|                                           |  | 2023                                   |              | 2022                                    |            | Dollar Change                        |              | Percentage Change                             |         |
|                                           |  | Total Portfolio(101 properties)   |              | Same-StorePortfolio(95 properties) |            | Total Portfolio(102 properties) |              | Same-StorePortfolio1(95 properties) |         | Total Portfolio(101/102properties) |              | Same-StorePortfolio(95 properties) |              | Total Portfolio(101/102 properties) |              | Same-StorePortfolio(95 properties) |   |
| Revenues:                             |  |                                        |              |                                         |            |                                           |              |                                               |         |                                             |              |                                         |              |                                                   |              |                                         |   |
| Room                                      |  | $                                      | 337,270      |                                         | $          | 319,875                                   |              | $                                             | 295,614 |                                             | $            | 289,229                                 |              | $                                                 | 41,656  |                                         |   | $         | 30,646  |            |           | 14.1  | %           |   | 10.6  | %          |   |
| Food and beverage                         |  | 20,899                                 |              | 16,186                                  |            | 13,326                                    |              | 12,826                                        |         | 7,573                                  |              |                                         | 3,360   |                                                   |              | 56.8                               | % |           | 26.2    | %          |           |
| Other                                     |  | 18,707                                 |              | 17,344                                  |            | 16,177                                    |              | 16,030                                        |         | 2,530                                  |              |                                         | 1,314   |                                                   |              | 15.6                               | % |           | 8.2     | %          |           |
| Total                                     |  | $                                      | 376,876      |                                         | $          | 353,405                                   |              | $                                             | 325,117 |                                             | $            | 318,085                                 |              | $                                                 | 51,759       |                                         | $ | 35,320    |              | 15.9  | %         |            | 11.1   | % |            |
|                                           |  |                                        |              |                                         |            |                                           |              |                                               |         |                                             |              |                                         |              |                                                   |              |                                         |   |
| Expenses:                             |  |                                        |              |                                         |            |                                           |              |                                               |         |                                             |              |                                         |              |                                                   |              |                                         |   |
| Room                                      |  | $                                      | 74,697       |                                         | $          | 70,087                                    |              | $                                             | 64,193  |                                             | $            | 62,152                                  |              | $                                                 | 10,504  |                                         |   | $         | 7,935   |            |           | 16.4  | %           |   | 12.8  | %          |   |
| Food and beverage                         |  | 15,995                                 |              | 12,665                                  |            | 10,127                                    |              | 10,004                                        |         | 5,868                                  |              |                                         | 2,661   |                                                   |              | 57.9                               | % |           | 26.6    | %          |           |
| Other lodging property operating expenses |  | 113,954                                |              | 106,764                                 |            | 99,988                                    |              | 96,499                                        |         | 13,966                                 |              |                                         | 10,265  |                                                   |              | 14.0                               | % |           | 10.6    | %          |           |
| Total                                     |  | $                                      | 204,646      |                                         | $          | 189,516                                   |              | $                                             | 174,308 |                                             | $            | 168,655                                 |              | $                                                 | 30,338       |                                         | $ | 20,861    |              | 17.4  | %         |            | 12.4   | % |            |
|                                           |  |                                        |              |                                         |            |                                           |              |                                               |         |                                             |              |                                         |              |                                                   |              |                                         |   |
| Operational Statistics:               |  |                                        |              |                                         |            |                                           |              |                                               |         |                                             |              |                                         |              |                                                   |              |
| Occupancy                                 |  | 72.2                              | %            |                                         | 72.4  | %                                         |              | 69.3                                     | %       |                                             | 69.6    | %                                       |              | n/a                                           |              | n/a                                 |   | 4.1  | %            |            | 4.2  | %          |             |
| ADR                                       |  | $                                      | 169.55  |                                         |            | $                                         | 169.21  |                                               |         | $                                           | 158.22  |                                         |              | $                                                 | 159.37  |                                         |   | $         | 11.33   |            |           | $          | 9.84   |   |            | 7.2   | % |  | 6.2   | % |  |
| RevPAR                                    |  | $                                      | 122.34  |                                         |            | $                                         | 122.59  |                                               |         | $                                           | 109.64  |                                         |              | $                                                 | 110.85  |                                         |   | $         | 12.70   |            |           | $          | 11.74  |   |            | 11.6  | % |  | 10.6  | % |  |

----

|                                      |  |                                       |              |      |              |               |              |                   |  |   |               |   |  |           |   |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|---------------------------------------|--------------|------|--------------|---------------|--------------|-------------------|--|---|---------------|---|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | For the Six Months EndedJune 30, |              |      |              |               |
|                                      |  | 2023                                  |              | 2022 |              | Dollar Change |              | Percentage Change |
| Property taxes, insurance and other  |  | $                                     | 28,939  |      |              | $             | 26,663  |                   |  | $ | 2,276    |   |  | 8.5  | % |
| Management fees                      |  | 9,797                            |              |      | 8,837   |               |              | 960          |  |   | 10.9     | % |
| Depreciation and amortization        |  | 74,418                           |              |      | 74,332  |               |              | 86           |  |   | 0.1      | % |
| Corporate general and administrative |  | 17,099                           |              |      | 17,211  |               |              | (112)             |  |   | (0.7)         | % |
| Transaction costs                    |  | 266                              |              |      | 681     |               |              | (415)             |  |   | (60.9)        | % |
| Recoveries of credit losses          |  | (250)                                 |              |      | (250)        |               |              | —      |  |   | —  | % |
|                                      |  |                                       |              |      |              |               |              |                   |
| Gain on disposal of assets, net      |  | (320)                                 |              |      | 20,484  |               |              | (20,804)          |  |   | nm1           |
| Interest expense                     |  | 43,157                           |              |      | 28,557  |               |              | 14,600       |  |   | 51.1     | % |
| Interest and other income, net       |  | 755                              |              |      | 3,515   |               |              | (2,760)           |  |   | (78.5)        | % |
| Income tax expense                   |  | 319                              |              |      | 4,437   |               |              | (4,118)           |  |   | (92.8)        | % |

----

----

----

|                                                                                   |  |                                         |              |                                       |               |      |              |               |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------|--|-----------------------------------------|--------------|---------------------------------------|---------------|------|--------------|---------------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                   |  | For the Three Months EndedJune 30, |              | For the Six Months EndedJune 30, |
|                                                                                   |  | 2023                                    |              | 2022                                  |               | 2023 |              | 2022          |
| Net income (loss)                                                                 |  | $                                       | 890     |                                       |               | $    | 23,313  |               |  | $ | (1,080)       |  |  | $ | 14,340  |  |
| Preferred dividends                                                               |  | (3,968)                                 |              |                                       | (3,968)       |      |              | (7,938)       |  |   | (7,938)       |  |
| Distributions to and accretion of redeemable non-controlling interests            |  | (657)                                   |              |                                       | (653)         |      |              | (1,314)       |  |   | (1,208)       |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Loss (income) related to non-controlling interests in consolidated joint ventures |  | 2,971                              |              |                                       | (9,031)       |      |              | 3,651    |  |   | (8,949)       |  |
| Net (loss) income applicable to Common Stock and Common Units                     |  | (764)                                   |              |                                       | 9,661    |      |              | (6,681)       |  |   | (3,755)       |  |
| Real estate-related depreciation                                                  |  | 36,327                             |              |                                       | 36,960   |      |              | 72,054   |  |   | 72,155   |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Loss (gain) on disposal of assets and other dispositions, net                     |  | 320                                |              |                                       | (20,484)      |      |              | 368      |  |   | (20,484)      |  |
| Adjustments related to non-controlling interests in consolidated joint ventures   |  | (8,036)                                 |              |                                       | 998      |      |              | (15,818)      |  |   | (6,288)       |  |
| FFO applicable to Common Stock and Common Units                                   |  | 27,847                             |              |                                       | 27,135   |      |              | 49,923   |  |   | 41,628   |  |
| Recoveries of credit losses                                                       |  | —                            |              |                                       | (250)         |      |              | (250)         |  |   | (250)         |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Amortization of debt issuance costs                                               |  | 1,386                              |              |                                       | 1,413    |      |              | 2,785    |  |   | 2,825    |  |
| Amortization of franchise fees                                                    |  | 144                                |              |                                       | 169      |      |              | 286      |  |   | 337      |  |
| Amortization of intangible assets, net                                            |  | 919                                |              |                                       | 929      |      |              | 1,822    |  |   | 1,840    |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Equity-based compensation                                                         |  | 2,578                              |              |                                       | 2,142    |      |              | 4,046    |  |   | 5,840    |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Transaction costs and other                                                       |  | 259                                |              |                                       | 716      |      |              | 352      |  |   | 716      |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Non-cash interest (income) expense, net                                           |  | (133)                                   |              |                                       | 9        |      |              | (263)         |  |   | (113)         |  |
| Non-cash lease expense, net                                                       |  | 129                                |              |                                       | 130      |      |              | 262      |  |   | 258      |  |
| Casualty losses, net                                                              |  | 935                                |              |                                       | 119      |      |              | 1,471    |  |   | 304      |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Other non-cash items, net                                                         |  | —                            |              |                                       | —  |      |              | 768      |  |   | —  |  |
| Adjustments related to non-controlling interests in consolidated joint ventures   |  | (913)                                   |              |                                       | 112      |      |              | (1,791)       |  |   | (620)         |  |
| AFFO applicable to Common Stock and Common Units                                  |  | $                                       | 33,151  |                                       |               | $    | 32,624  |               |  | $ | 59,411   |  |  | $ | 52,765  |  |
| FFO per share of Common Stock and Common Units                                    |  | $                                       | 0.23    |                                       |               | $    | 0.22    |               |  | $ | 0.41     |  |  | $ | 0.35    |  |
| AFFO per share of Common Stock and Common Units                                   |  | $                                       | 0.27    |                                       |               | $    | 0.27    |               |  | $ | 0.49     |  |  | $ | 0.44    |  |
| Weighted-average diluted shares of Common Stock and Common Units                  |  |                                         |              |                                       |               |      |              |               |
| FFO(1) and AFFO (1) (2)                                                           |  | 122,432                            |              |                                       | 121,352  |      |              | 122,223  |  |   | 119,890  |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |

----

|                                                                                                                |  |                                         |  |                                       |               |      |  |               |  |  |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------|--|-----------------------------------------|--|---------------------------------------|---------------|------|--|---------------|--|--|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                |  | For the Three Months EndedJune 30, |  | For the Six Months EndedJune 30, |
|                                                                                                                |  | 2023                                    |  | 2022                                  |               | 2023 |  | 2022          |
| Weighted-average shares of Common Stock outstanding                                                            |  | 105,562                            |  |                                       | 105,199  |      |  | 105,438  |  |  | 105,049  |  |
| Dilutive effect of unvested restricted stock awards                                                            |  | 29                                 |  |                                       | 164      |      |  | 122      |  |  | 113      |  |
| Dilutive effect of Common Units of Operating Partnership                                                       |  | 15,977                             |  |                                       | 15,989   |      |  | 15,977   |  |  | 14,728   |  |
| Dilutive effect of shares of Common Stock issuable upon conversion of convertible debt                         |  | 24,540                             |  |                                       | 23,978   |      |  | 24,433   |  |  | 23,978   |  |
| Adjusted weighted diluted shares of Common Stock                                                               |  | 146,108                            |  |                                       | 145,330  |      |  | 145,970  |  |  | 143,868  |  |
|                                                                                                                |  |                                         |  |                                       |               |      |  |               |
|                                                                                                                |  |                                         |  |                                       |               |      |  |               |
| Non-GAAP adjustment for dilutive effects of restricted stock awards                                            |  | 864                                |  |                                       | —  |      |  | 686      |  |  | —  |  |
| Non-GAAP adjustment for dilutive effect of shares of Common Stock issuable upon conversion of convertible debt |  | (24,540)                                |  |                                       | (23,978)      |      |  | (24,433)      |  |  | (23,978)      |  |
| Non-GAAP weighted diluted share of Common Stock and Common Units                                               |  | 122,432                            |  |                                       | 121,352  |      |  | 122,223  |  |  | 119,890  |  |

----

|                                                                                   |  |                                         |              |                                       |               |      |              |               |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------|--|-----------------------------------------|--------------|---------------------------------------|---------------|------|--------------|---------------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                   |  | For the Three Months EndedJune 30, |              | For the Six Months EndedJune 30, |
|                                                                                   |  | 2023                                    |              | 2022                                  |               | 2023 |              | 2022          |
| Net income (loss)                                                                 |  | $                                       | 890     |                                       |               | $    | 23,313  |               |  | $ | (1,080)       |  |  | $ | 14,340  |  |
| Depreciation and amortization                                                     |  | 37,510                             |              |                                       | 38,058   |      |              | 74,418   |  |   | 74,332   |  |
| Interest expense                                                                  |  | 22,248                             |              |                                       | 15,118   |      |              | 43,157   |  |   | 28,557   |  |
| Interest income                                                                   |  | (157)                                   |              |                                       | (4)           |      |              | (240)         |  |   | (6)           |  |
| Income tax expense                                                                |  | 791                                |              |                                       | 6,437    |      |              | 319      |  |   | 4,437    |  |
| EBITDA                                                                            |  | 61,282                             |              |                                       | 82,922   |      |              | 116,574  |  |   | 121,660  |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Loss (gain) on disposal of assets and other dispositions, net                     |  | 320                                |              |                                       | (20,484)      |      |              | 368      |  |   | (20,484)      |  |
| EBITDAre                                                                          |  | 61,602                             |              |                                       | 62,438   |      |              | 116,942  |  |   | 101,176  |  |
| Recoveries of credit losses                                                       |  | —                            |              |                                       | (250)         |      |              | (250)         |  |   | (250)         |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Amortization of key money liabilities                                             |  | (121)                                   |              |                                       | (123)         |      |              | (257)         |  |   | (123)         |  |
| Equity-based compensation                                                         |  | 2,578                              |              |                                       | 2,142    |      |              | 4,046    |  |   | 5,840    |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Transaction costs and other                                                       |  | 259                                |              |                                       | 716      |      |              | 352      |  |   | 716      |  |
|                                                                                   |  |                                         |              |                                       |               |      |              |               |
| Non-cash interest (income) expense, net                                           |  | (133)                                   |              |                                       | 9        |      |              | (263)         |  |   | (113)         |  |
| Non-cash lease expense, net                                                       |  | 129                                |              |                                       | 130      |      |              | 262      |  |   | 258      |  |
| Casualty losses, net                                                              |  | 935                                |              |                                       | 119      |      |              | 1,471    |  |   | 304      |  |
| Loss (income) related to non-controlling interests in consolidated joint ventures |  | 2,971                              |              |                                       | (9,031)       |      |              | 3,651    |  |   | (8,949)       |  |
| Other non-cash items, net                                                         |  | —                            |              |                                       | —  |      |              | 713      |  |   | —  |  |
| Adjustments related to non-controlling interests in consolidated joint ventures   |  | (15,324)                                |              |                                       | (1,558)       |      |              | (29,336)      |  |   | (11,346)      |  |
| Adjusted EBITDAre                                                                 |  | $                                       | 52,896  |                                       |               | $    | 54,592  |               |  | $ | 97,331   |  |  | $ | 87,513  |  |

----

----

----

|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |               |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------------------|--|--|--|--------------------|--|-------------------------------------------|--|-----------------------------|---------------|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Lender                                                 |  | Interest Rate |  |  |  | Maturity Date |  | Number ofEncumbered  Properties |  | Principal AmountOutstanding |
| OPERATING PARTNERSHIP DEBT:                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| 2018 Senior Credit Facility                            |  |                    |  |  |  |                    |  |                                           |  |                             |
| Bank of America, NA                                    |  |                    |  |  |  |                    |  |                                           |  |                             |
| $400 Million Revolver (1)(2)                           |  | 7.15% Variable     |  |  |  | June 21, 2027      |  | n/a                                   |  | $                           | 20,000   |                 |
| $200 Million Term Loan (1)(2)                          |  | 7.10% Variable     |  |  |  | June 21, 2026      |  | n/a                                   |  | 200,000                |               |
| Total Senior Credit and Term Loan Facility             |  |                    |  |  |  |                    |  |                                           |  | 220,000                |               |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| Term Loans                                             |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| KeyBank National Association Term Loan (1)             |  | 7.04% Variable     |  |  |  | February 14, 2025  |  | n/a                                   |  | 225,000                |               |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| Convertible Notes                                      |  | 1.50% Fixed        |  |  |  | February 15, 2026  |  | n/a                                   |  | 287,500                |               |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| Secured Mortgage Indebtedness                          |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| MetaBank                                               |  | 4.44% Fixed        |  |  |  | July 1, 2027       |  | 3                                    |  |                             | 43,215   |                 |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| Bank of the Cascades(3)                                |  | 7.14% Variable     |  |  |  | December 19, 2024  |  | 1                                    |  |                             | 7,558    |                 |
|                                                        |  | 4.30% Fixed        |  |  |  | December 19, 2024  |  |                                           |  | 7,558                  |               |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| Total Mortgage Loans                                   |  |                    |  |  |  |                    |  | 4                                    |  |                             | 58,331   |                 |
|                                                        |  |                    |  |  |  |                    |  |                                           |  | 790,831                |               |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| JOINT VENTURE DEBT:                                |  |                    |  |  |  |                    |  |                                           |  |                             |
| Brickell Joint Venture Mortgage Loan                   |  |                    |  |  |  |                    |  |                                           |  |                             |
| City National Bank of Florida                          |  | 8.22% Variable     |  |  |  | June 30, 2025      |  | 2                                    |  |                             | 47,000   |                 |
|                                                        |  |                    |  |  |  |                    |  |                                           |  |                             |
| GIC Joint Venture Credit Facility and Term Loans       |  |                    |  |  |  |                    |  |                                           |  |                             |
| Bank of America, N.A.                                  |  |                    |  |  |  |                    |  |                                           |  |                             |
| $125 Million Revolver (4)                              |  | 7.34% Variable     |  |  |  | October 8, 2023    |  | n/a                                   |  | 125,000                |               |
| $75 Million Term Loan (4)                              |  | 7.29% Variable     |  |  |  | October 8, 2023    |  | n/a                                   |  | 75,000                 |               |
| Bank of America, N.A. (5)                              |  | 7.95% Variable     |  |  |  | January 13, 2026   |  | n/a                                   |  | 410,000                |               |
| Wells Fargo                                            |  | 4.99% Fixed        |  |  |  | June 6, 2028       |  | 1                                         |  | 12,909                 |               |
| PACE loan                                              |  | 6.10% Fixed        |  |  |  | July 31, 2040      |  | 1                                    |  |                             | 6,196    |                 |
| Total GIC Joint Venture Credit Facility and Term Loans |  |                    |  |  |  |                    |  | 2                                    |  |                             | 629,105  |                 |
| Total Joint Venture Debt                               |  |                    |  |  |  |                    |  | 4                                    |  |                             | 676,105  |                 |
| Total Debt                                             |  |                    |  |  |  |                    |  | 8                                    |  |                             | $             | 1,466,936  |  |

----

|                                                          |  |                               |              |      |               |        |              |               |  |   |          |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------|--|-------------------------------|--------------|------|---------------|--------|--------------|---------------|--|---|----------|--|--|--|--|--|--|--|--|--|
|                                                          |  | Six Months EndedJune 30, |              |      |
|                                                          |  | 2023                          |              | 2022 |               | Change |
|                                                          |  |                               |
| Net cash provided by operating activities                |  | $                             | 79,054  |      |               | $      | 86,903  |               |  | $ | (7,849)  |  |
| Net cash used in investing activities                    |  | (60,730)                      |              |      | (234,764)     |        |              | 174,034  |  |
| Net cash (used in) provided by financing activities      |  | (9,723)                       |              |      | 196,977  |        |              | (206,700)     |  |
| Net change in cash, cash equivalents and restricted cash |  | $                             | 8,601   |      |               | $      | 49,116  |               |  | $ | (40,515) |  |

----

|                |  |                    |  |                    |  |                                     |   |                 |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------|--|--------------------|--|--------------------|--|-------------------------------------|---|-----------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Contract date  |  | Effective Date     |  | Expiration Date    |  | Average Annual Effective Fixed Rate |   | Notional Amount |
| June 11, 2018  |  | September 28, 2018 |  | September 30, 2024 |  | 2.86                           | % |                 | $             | 75,000  |  |
| June 11, 2018  |  | December 31, 2018  |  | December 31, 2025  |  | 2.92                           | % |                 | 125,000  |              |
| July 26, 2022  |  | January 31, 2023   |  | January 31, 2027   |  | 2.60                           | % |                 | 100,000  |              |
| July 26, 2022  |  | January 31, 2023   |  | January 31, 2029   |  | 2.56                           | % |                 | 100,000  |              |
| March 24, 2023 |  | July 1, 2023       |  | January 13, 2026   |  | 3.35                           | % |                 | 100,000  |              |
| March 24, 2023 |  | July 1, 2023       |  | January 13, 2026   |  | 3.35                           | % |                 | 100,000  |              |
|                |  |                    |  |                    |  |                                     |   | $               | 600,000  |              |

----

----

----

|                    |        |                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  |
|--------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
| Exhibit            |   |                                                                                                                                                                                                                                                                                                                                                        |  |
| Number             |   | Description of Exhibit                                                                                                                                                                                                                                                                                                                            |  |
| 10.1               |        | Amended and Restated Credit Agreement dated June 21, 2023 among Summit Hotel OP, LP, as borrower, Summit Hotel Properties, Inc., as parent guarantor, each party executing the credit facility documentation as a subsidiary guarantor, Bank of America, N.A., as administrative agent, and the lenders party to the Amended and Restated Credit Agreement. |  |
| 31.1†        |        | Certification of Chief Executive Officer of Summit Hotel Properties, Inc. pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                    |  |
| 31.2†        |        | Certification of Chief Financial Officer of Summit Hotel Properties, Inc. pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                    |  |
| 32.1†† |        | Certification of Chief Executive Officer of Summit Hotel Properties, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                          |  |
| 32.2†† |        | Certification of Chief Financial Officer of Summit Hotel Properties, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                          |  |
| 101.INS            |        | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.                                                                                                                                                                                                                      |  |
| 101.SCH            |        | Inline XBRL Taxonomy Extension Schema Document (1)                                                                                                                                                                                                                                                                                                          |  |
| 101.CAL            |        | Inline XBRL Taxonomy Extension Calculation Linkbase Document (1)                                                                                                                                                                                                                                                                                            |  |
| 101.DEF            |        | Inline XBRL Taxonomy Extension Definition Linkbase Document (1)                                                                                                                                                                                                                                                                                             |  |
| 101.LAB            |        | Inline XBRL Taxonomy Extension Labels Linkbase Document (1)                                                                                                                                                                                                                                                                                                 |  |
| 101.PRE            |        | Inline XBRL Taxonomy Presentation Linkbase Document (1)                                                                                                                                                                                                                                                                                                     |  |
| 104                |        | Cover Page Interactive Data File (the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)                                                                                                                                                                     |  |

----

|                          |                                                 |                                                                                                      |  |  |  |  |  |  |
|--------------------------|-------------------------------------------------|------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|                     | SUMMIT HOTEL PROPERTIES, INC. (registrant) |
|                     |                                            |                                                                                                 |
| Date: August 2, 2023 | By:                                         | /s/ William H. Conkling                                                                 |
|                     |                                            | William H. ConklingExecutive Vice President and Chief Financial Officer(principal financial officer) |