##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Quarterly Period Ended June 30, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For
the Transition Period fromto
 Commission File Number: 000-51955
 SUMMIT HOTEL PROPERTIES, LLC
  South Dakota
 20-0617340
 2701 South Minnesota Avenue, Suite 6
Sioux Falls, SD 57105
 (605) 361-9566
 þ o
 o o þ
 o þ




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##### 



TABLE OF CONTENTS
 PagePART IItem 1. Financial Statements
    
    
    3Condensed Consolidated Balance Sheets as of June 30, 2007 (Unaudited) and December 31, 2006
    
    
    3Condensed Consolidated Statements of Operations for the three months and six months ended June 30, 2007 and 2006 (Unaudited)
    
    
    4Condensed Consolidated Statements of Changes in Members Equity for the six months ended June 30, 2007 (Unaudited)
    
    
    5Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2007 and 2006 (Unaudited)
    
    
    6Notes to Condensed Consolidated Financial Statements (Unaudited)
    
    
    7Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    12Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    26Item 4. Controls and Procedures
    
    
    27PART IIItem 1. Legal Proceedings
    
    
    27Item 1A. Risk Factors
    
    
    27Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    27Item 3. Defaults Upon Senior Securities
    
    
    27Item 4. Submission of Matters to a Vote of Security Holders
    
    
    28Item 5. Other Information
    
    
    28Item 6. Exhibits
    
    
    28Exhibit 10.1Exhibit 10.2Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2Exhibit 99.1
  2




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##### Table of Contents



PART I
FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 SUMMIT HOTEL PROPERTIES, LLC
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2007 (UNAUDITED) AND DECEMBER 31, 2006
 (Unaudited)
    
    
    (Audited)2007
    
    
    2006ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    10,133,576
    
    
    $
    7,999,443Restricted cash
    
    
    1,862,737
    
    
    
    2,479,940Trade receivables
    
    
    5,219,332
    
    
    
    3,151,673Prepaid expenses and other
    
    
    1,007,664
    
    
    
    1,761,769Assets held for sale
    
    
    
    
    
    
    3,110,559Total current assets
    
    
    18,223,309
    
    
    
    18,503,384PROPERTY AND EQUIPMENT, NET
    
    
    406,098,196
    
    
    
    331,706,663OTHER ASSETSDeferred charges and other assets, net
    
    
    4,410,611
    
    
    
    4,400,900Restricted cash
    
    
    1,146,973
    
    
    
    1,348,538Total other assets
    
    
    5,557,584
    
    
    
    5,749,438TOTAL ASSETS
    
    $
    429,879,089
    
    
    $
    355,959,485LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESCurrent portion of long-term debt
    
    $
    22,066,000
    
    
    $
    12,030,000Lines of credit and notes payable
    
    
    90,588,345
    
    
    
    14,905,265Accounts payable
    
    
    6,421,680
    
    
    
    1,303,471Related party accounts payable
    
    
    2,015,843
    
    
    
    2,825,398Accrued expenses
    
    
    8,462,854
    
    
    
    8,044,929Total current liabilities
    
    
    129,554,722
    
    
    
    39,109,063LONG-TERM DEBT, NET OF CURRENT PORTION
    
    
    194,989,453
    
    
    
    210,139,609COMMITMENTS AND CONTINGENCIESMINORITY INTERESTS
    
    
    (1,468,912
    )
    
    
    (1,511,494
    )MEMBERS EQUITYClass A, 1,166.62 units issued and outstanding
    
    
    88,289,999
    
    
    
    88,253,669Class A-1, 133.25 units and 0 units issued
and outstanding, respectively
    
    
    10,427,955
    
    
    
    11,035,274Class B, 81.36 units issued and outstanding
    
    
    4,810,371
    
    
    
    4,972,353Class C, 173.60 units issued and outstanding
    
    
    3,275,501
    
    
    
    3,961,011Total members equity
    
    
    106,803,826
    
    
    
    108,222,307TOTAL LIABILITIES AND
MEMBERS EQUITY
    
    $
    429,879,089
    
    
    $
    355,959,485
  3




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SUMMIT HOTEL PROPERTIES, LLC
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2007 AND 2006


Three Months Ended
    
    
    Six Months EndedJune 30, 2007
    
    
    June 30, 2006
    
    
    June 30, 2007
    
    
    June 30, 2006REVENUESRoom revenues
    
    $
    34,070,829
    
    
    $
    30,622,742
    
    
    $
    64,123,877
    
    
    $
    58,039,452Other hotel operations revenues
    
    
    568,282
    
    
    
    480,817
    
    
    
    1,141,565
    
    
    
    985,86534,639,111
    
    
    
    31,103,559
    
    
    
    65,265,442
    
    
    
    59,025,317COSTS AND EXPENSESDirect hotel operations
    
    
    10,443,997
    
    
    
    9,775,317
    
    
    
    19,761,961
    
    
    
    18,232,618Other hotel operating expenses
    
    
    3,467,406
    
    
    
    3,217,639
    
    
    
    6,754,237
    
    
    
    6,400,828General, selling and administrative
    
    
    7,255,335
    
    
    
    5,584,384
    
    
    
    12,537,032
    
    
    
    10,552,738Repairs and maintenance
    
    
    3,829,778
    
    
    
    2,756,280
    
    
    
    6,565,310
    
    
    
    4,977,429Depreciation and amortization
    
    
    4,409,755
    
    
    
    4,235,083
    
    
    
    8,427,103
    
    
    
    8,090,01029,406,271
    
    
    
    25,568,703
    
    
    
    54,045,643
    
    
    
    48,253,623INCOME FROM OPERATIONS
    
    
    5,232,840
    
    
    
    5,534,856
    
    
    
    11,219,799
    
    
    
    10,771,694OTHER INCOME (EXPENSE)Interest income
    
    
    104,017
    
    
    
    104,132
    
    
    
    184,926
    
    
    
    208,861Interest (expense)
    
    
    (3,818,916
    )
    
    
    (3,320,716
    )
    
    
    (7,199,534
    )
    
    
    (6,350,985
    )Gain (loss) on disposal of assets
    
    
    (101,154
    )
    
    
    2,119
    
    
    
    (147,264
    )
    
    
    (16,673
    )(3,816,053
    )
    
    
    (3,214,465
    )
    
    
    (7,161,872
    )
    
    
    (6,158,797
    )INCOME BEFORE
MINORITY INTERESTS
    
    
    1,416,787
    
    
    
    2,320,391
    
    
    
    4,057,927
    
    
    
    4,612,897MINORITY INTERESTS IN
OPERATIONS OF CONSOLIDATED
PARTNERSHIPS
    
    
    219,351
    
    
    
    234,037
    
    
    
    552,582
    
    
    
    455,028INCOME FROM CONTINUING
OPERATIONS
    
    
    1,197,436
    
    
    
    2,086,354
    
    
    
    3,505,345
    
    
    
    4,157,869INCOME (LOSS) FROM
DISCONTINUED OPERATIONS
    
    
    3,013,286
    
    
    
    2,208,893
    
    
    
    2,997,925
    
    
    
    2,363,411NET INCOME BEFORE INCOME TAXES
    
    
    4,210,722
    
    
    
    4,295,247
    
    
    
    6,503,270
    
    
    
    6,521,280STATE INCOME TAX (EXPENSE)
    
    
    (404,234
    )
    
    
    (204,126
    )
    
    
    (471,748
    )
    
    
    (315,864
    )NET INCOME
    
    $
    3,806,488
    
    
    $
    4,091,121
    
    
    $
    6,031,522
    
    
    $
    6,205,416BASIC AND DILUTED EARNINGSPER CAPITAL UNIT
    
    $
    2,448.17
    
    
    $
    2,631.23
    
    
    $
    3,879.22
    
    
    $
    4,049.45WEIGHTED AVERAGE NUMBER OF
UNITS OUTSTANDING FOR
CALCULATION OF BASIC AND
DILUTED EARNINGS PER
CAPITAL UNIT
    
    
    1,554.83
    
    
    
    1,554.83
    
    
    
    1,554.83
    
    
    
    1,532.41




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SUMMIT HOTEL PROPERTIES, LLC
 
 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS EQUITY
(UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2007


# of CapitalUnits
    
    
    Class A
    
    
    Class A-1
    
    
    Class B
    
    
    Class C
    
    
    TotalBALANCES, JANUARY 1, 2007
    
    
    1,554.83
    
    
    $
    88,253,669
    
    
    $
    11,035,274
    
    
    $
    4,972,353
    
    
    $
    3,961,011
    
    
    $
    108,222,307Net Income
    
    
    
    
    
    
    6,031,522
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,031,522Distributions to members
    
    
    
    
    
    
    (5,995,192
    )
    
    
    (607,319
    )
    
    
    (161,982
    )
    
    
    (685,510
    )
    
    
    (7,450,003
    )BALANCES, JUNE 30, 2007
    
    
    1,554.83
    
    
    $
    88,289,999
    
    
    $
    10,427,955
    
    
    $
    4,810,371
    
    
    $
    3,275,501
    
    
    $
    106,803,826




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SUMMIT HOTEL PROPERTIES, LLC
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006


2007
    
    
    2006OPERATING ACTIVITIESNet income
    
    $
    6,031,522
    
    
    $
    6,205,416Adjustments to reconcile net income to
net cash from operating activities:Depreciation and amortization
    
    
    8,656,435
    
    
    
    8,444,453Minority interests in operations of consolidated partnership
    
    
    552,582
    
    
    
    455,028(Gain) loss on disposal of assets
    
    
    (3,037,474
    )
    
    
    (2,117,768
    )Changes in current assets and liabilities:Trade receivables
    
    
    (2,067,659
    )
    
    
    (968,425
    )Prepaid expenses and other
    
    
    754,105
    
    
    
    202,666Accounts payable
    
    
    4,308,654
    
    
    
    (1,134,732
    )Accrued expenses
    
    
    417,925
    
    
    
    (764,482
    )NET CASH FROM OPERATING ACTIVITIES
    
    
    15,616,090
    
    
    
    10,322,156INVESTING ACTIVITIESAcquisitions and construction in progress
    
    
    (79,050,943
    )
    
    
    (37,835,304
    )Purchases of other property & equipment
    
    
    (6,819,766
    )
    
    
    (5,104,195
    )Proceeds from asset dispositions
    
    
    9,373,053
    
    
    
    8,502,709Restricted cash fundings
    
    
    818,768
    
    
    
    3,305,643NET CASH (USED FOR) INVESTING ACTIVITIES
    
    
    (75,678,888
    )
    
    
    (31,131,147
    )FINANCING ACTIVITIESProceeds from issuance of long-term debt
    
    
    6,340,000
    
    
    
    55,960,800Principal payments on long-term debt
    
    
    (11,454,156
    )
    
    
    (16,285,670
    )Financing fees on long-term debt
    
    
    (411,990
    )
    
    
    (627,800
    )Net change in notes payable
    
    
    75,683,080
    
    
    
    (4,674,118
    )Proceeds from equity contributions
    
    
    
    
    
    
    12,457,500Distributions to members
    
    
    (7,450,003
    )
    
    
    (8,258,700
    )Distributions to minority interest
    
    
    (510,000
    )
    
    
    (510,000
    )NET CASH FROM FINANCING ACTIVITIES
    
    
    62,196,931
    
    
    
    38,062,012NET CHANGE IN CASH AND CASH EQUIVALENTS
    
    
    2,134,133
    
    
    
    17,253,021CASH AND CASH EQUIVALENTS
BEGINNING OF PERIOD
    
    
    7,999,443
    
    
    
    7,339,976CASH AND CASH EQUIVALENTS AT END OF PERIOD
    
    $
    10,133,576
    
    
    $
    24,592,997SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:Cash payments for interest
    
    $
    7,337,870
    
    
    $
    6,447,638Cash payments for state income taxes
    
    $
    262,210
    
    
    $
    1,125,839




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SUMMIT HOTEL PROPERTIES, LLC
 
 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 2007
  NOTE 1  SELECTED SUPPLEMENTARY INFORMATION
 Basis of Presentation
   Use of Estimates
  Recent Accounting Pronouncements
 Fair Value
Measurement"
 The Fair
Value Option for Financial Assets and Financial Liabilities
  7




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SUMMIT HOTEL PROPERTIES, LLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 2007
 Assets Held for Sale
    2007
    
    
    2006Land
    
    $
    
    
    
    $
    1,048,864Building
    
    
    
    
    
    
    2,048,055Furniture, fixtures and equipment
    
    
    
    
    
    
    322,834
    
    
    
    3,419,753Less accumulated depreciation
    
    
    
    
    
    
    309,194$
    
    
    
    $
    3,110,559
 Discontinued Operations
   8




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SUMMIT HOTEL PROPERTIES, LLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 2007
  Three Months Ended
    
    
    Six Months EndedJune 30, 2007
    
    
    June 30, 2006
    
    
    June 30, 2007
    
    
    June 30, 2006REVENUES
    
    $
    365,180
    
    
    $
    1,429,903
    
    
    $
    959,099
    
    
    $
    2,882,751COSTS AND EXPENSESDirect hotel operations
    
    
    161,623
    
    
    
    563,634
    
    
    
    411,204
    
    
    
    1,065,412Other hotel operating expenses
    
    
    60,884
    
    
    
    177,425
    
    
    
    138,473
    
    
    
    410,480General, selling and administrative
    
    
    85,186
    
    
    
    256,049
    
    
    
    191,738
    
    
    
    515,493Repairs and maintenance
    
    
    14,812
    
    
    
    80,201
    
    
    
    28,295
    
    
    
    148,705Depreciation and amortization
    
    
    159,974
    
    
    
    153,795
    
    
    
    229,332
    
    
    
    354,443482,479
    
    
    
    1,231,104
    
    
    
    999,042
    
    
    
    2,494,533INCOME FROM OPERATIONS
    
    
    (117,299
    )
    
    
    198,799
    
    
    
    (39,943
    )
    
    
    388,218OTHER INCOME (EXPENSE)Interest income
    
    
    570
    
    
    
    9,197
    
    
    
    2,348
    
    
    
    17,380Interest (expense)
    
    
    (48,753
    )
    
    
    (53,569
    )
    
    
    (138,336
    )
    
    
    (96,653
    )State income tax (expense)
    
    
    (5,970
    )
    
    
    (79,975
    )
    
    
    (10,882
    )
    
    
    (79,975
    )Gain (loss) on disposal of assets
    
    
    3,184,738
    
    
    
    2,134,441
    
    
    
    3,184,738
    
    
    
    2,134,4413,130,585
    
    
    
    2,010,094
    
    
    
    3,037,868
    
    
    
    1,975,193INCOME (LOSS) FROM
DISCONTINUED OPERATIONS
    
    $
    3,013,286
    
    
    $
    2,208,893
    
    
    $
    2,997,925
    
    
    $
    2,363,411
 Acquisitions
 Business Combinations
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SUMMIT HOTEL PROPERTIES, LLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 2007
      5/2/07
    
    
    6/5/07Current assets
    
    $
    
    
    
    $
    Property and equipment
    
    
    14,110,000
    
    
    
    9,150,000Intangible assets
    
    
    
    
    
    
    Total assets acquired
    
    
    14,110,000
    
    
    
    9,150,000Current liabilities
    
    
    
    
    
    
    Long-term debt
    
    
    
    
    
    
    Total liabilities assumed
    
    
    
    
    
    
    Net assets acquired
    
    $
    14,110,000
    
    
    $
    9,150,000
 Accrued Expenses
  2007
    
    
    2006Accrued taxes
    
    $
    4,712,004
    
    
    $
    3,810,350Accrued salaries and benefits
    
    
    892,429
    
    
    
    1,517,101Accrued interest
    
    
    920,121
    
    
    
    901,438Other accrued expenses
    
    
    1,938,300
    
    
    
    1,816,040$
    8,462,854
    
    
    $
    8,044,929
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SUMMIT HOTEL PROPERTIES, LLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 2007
  Note Obligations
   Subsequent Events
    11




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Forward-Looking Statements
  Overview
   12




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Critical Accounting Policies
 Property and Equipment
  Impairment of Long-Lived Assets
    Consolidation Policy
  13




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Revenue Recognition
  Results of Operations
     14




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Three Months Ended June 30, 2007 Compared with Three Months Ended June 30, 2006
 Revenues
   Three Months Ended
    
    Three Months EndedJune 30,
    
    June 30,2007
    
    2006
    
    Increase/(Decrease)All Company HotelsRevPAR
    
    $
    67.29
    
    
    $
    63.97
    
    
    $
    3.32Average Daily Rate
    
    $
    94.97
    
    
    $
    87.61
    
    
    $
    7.36Occupancy Rate
    
    
    70.86
    %
    
    
    73.02
    %
    
    
    (2.16
    )%
  Hotel Operating Expenses
  15




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Depreciation
  Management Expense
  Repairs and Maintenance
  Net Income
  16




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Six Months Ended June 30, 2007 Compared with Six Months Ended June 30, 2006
 Revenues
   Six Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2007
    
    2006
    
    Increase/(Decrease)All Company HotelsRevPAR
    
    $
    65.32
    
    
    $
    61.78
    
    
    $
    3.54Average Daily Rate
    
    $
    96.02
    
    
    $
    88.04
    
    
    $
    7.98Occupancy Rate
    
    
    68.03
    %
    
    
    70.17
    %
    
    
    (2.14
    )%
  Hotel Operating Expenses
  Depreciation
  17




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Management Expense
  Repairs and Maintenance
  Net Income
  Seasonality and Diversification
  18




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Liquidity and Capital Resources
 Cash From Operating Activities
   Cash From Investing Activities
   Cash From Financing Activities
   19




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1 2 3 4
    20




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Uses of Cash
   21




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Additional Information Concerning Sources and Uses of Cash
     22




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23




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Location
    
    # Rooms
    
    Franchise
    
    Status
    
    Opening Date (1)Jackson, MS (2)
    
    100
    
    Residence Inn
    
    Under Construction
    
    10/07Ft. Collins, CO (2)
    
    120
    
    Hilton Garden Inn
    
    Under Construction
    
    08/07Flagstaff, AZ (2)
    
    150
    
    Courtyard by Marriott
    
    Future Construction
    
    06/09Ft. Worth, TX (2)
    
    105
    
    Hampton Inn & Suites
    
    Under Construction
    
    11/07Denver, CO (2)
    
    124
    
    SpringHill Suites
    
    Under Construction
    
    11/07Bloomington, MN (2)
    
    113
    
    Cambria Suites
    
    Under Construction
    
    11/07Bloomington, MN (2)
    
    146
    
    Hampton Inn & Suites
    
    Under Construction
    
    11/07Boise, ID (2)
    
    119
    
    Cambria Suites
    
    Construction Completed
    
    04/07Baton Rogue, LA (2)
    
    127
    
    Cambria Suites
    
    Under Construction
    
    07/08Jacksonville, FL(2)
    
    136
    
    Aloft
    
    Future Construction
    
    TBDJacksonville, FL(2)
    
    119
    
    TBA
    
    Future Construction
    
    TBDSan Antonio, TX (2)
    
    126
    
    Cambria Suites
    
    Future Construction
    
    TBDSan Antonio, TX (2)
    
    123
    
    TBA
    
    Future Construction
    
    TBDSan Antonio, TX (2)
    
    136
    
    Aloft
    
    Future Construction
    
    TBDSan Antonio, TX (2)
    
    119
    
    Cambria Suites
    
    Future Construction
    
    TBDHouston, TX (2)
    
    118
    
    Cambria Suites
    
    Future Construction
    
    TBDPortland, OR (2)
    
    120
    
    Residence Inn
    
    Future Construction
    
    TBDPortland, OR (2)
    
    127
    
    Hyatt Place
    
    Future Construction
    
    TBD
 
 (1)
    
    The opening date is estimated and is subject to change.(2)
    
    Number of units and franchise indicate our plans as of June 30, 2007, which are subject
to change.  Recent Developments
 Recent Loan Transactions
  24




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##### Table of Contents



Acquisitions and Dispositions
  Location
    
    # Rooms
    
    Franchise
    
    Property Purchased
    
    Status
    
    Closing Date (1)Coeur dAlene, ID
    
    69
    
    Fairfield Inn
    
    Hotel
    
    Sold
    
    4/24/07San Antonio, TX(2)
    
    126
    
    Cambria Suites
    
    Land
    
    Purchased
    
    1/12/07San Antonio, TX(2)
    
    123
    
    TBA
    
    Land
    
    Purchased
    
    1/12/07San Antonio, TX(2)
    
    136
    
    Aloft
    
    Land
    
    Purchased
    
    1/22/07San Antonio, TX(2)
    
    119
    
    Cambria Suites
    
    Land
    
    Purchased
    
    1/22/07Houston, TX(2)
    
    118
    
    Cambria Suites
    
    Land
    
    Purchased
    
    2/15/07Irving, TX(2)
    
    124
    
    AmeriSuites
    
    Hotel
    
    Purchased
    
    5/2/07Irving, TX(2)
    
    128
    
    AmeriSuites
    
    Hotel
    
    Purchased
    
    5/2/07El Paso, TX
    
    100
    
    Hampton Inn
    
    Land
    
    Purchased
    
    7/16/07El Paso, TX
    
    120
    
    Courtyard
    
    Land
    
    Purchased
    
    7/16/07Portland, OR
    
    120
    
    Residence
    
    Land
    
    Purchased
    
    6/13/07Portland, OR
    
    127
    
    Hyatt Place
    
    Land
    
    Purchased
    
    6/13/07Ridgeland, MS
    
    92
    
    Staybridge Suites
    
    Hotel
    
    Purchased
    
    6/5/07Boise, ID
    
    N/A
    
    N/A
    
    Land
    
    Under Contract to Sell
    
    11/1/07Lincoln, NE
    
    83
    
    Quality Suites
    
    Hotel
    
    Sold
    
    7/27/07Ft. Myers, FL
    
    150
    
    Hyatt Place
    
    Land
    
    Under Contract
    
    8/30/07
 
 (1)
    
    For properties under contract, the closing date is estimated.(2)
    
    Number of units and franchise indicate our plans as of June 30, 2007, which are subject
to change.  Wholly-Owned Subsidiary
  25




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##### Table of Contents



Commitments and Contingencies
   Off-Balance Sheet Arrangements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
   26




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##### Table of Contents



Item 4. Controls and Procedures
  
 PART II
 OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3. Defaults Upon Senior Securities
  27




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##### Table of Contents



Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6. Exhibits
  ExhibitNumber
    
    Description of Exhibit10.1
    
    Seventh Amendment of Loan Agreement between Summit Hotel Properties, LLC and First
National Bank of Omaha, N.A. dated April 30, 200710.2
    
    Eighth Amendment of Loan Agreement between Summit Hotel Properties, LLC and First
National Bank of Omaha, N.A. dated May 30, 200731.1
    
    Certification pursuant to Rule 13a-14 under the Securities Exchange Act of 1934  Chief
Executive Officer.31.2
    
    Certification pursuant to Rule 13a-14 under the Securities Exchange Act of 1934  Chief
Financial Officer.32.1
    
    Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States
Code  Chief Executive Officer.32.2
    
    Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States
Code  Chief Financial Officer.99.1
    
    Audit Committee Charter, as adopted July 30, 2007
 
 28




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##### Table of Contents



SIGNATURES
  SUMMIT HOTEL PROPERTIES, LLCDate: August 14, 2007
    By:
    /s/ Kerry W. BoekelheideKerry W. BoekelheideChief Executive Officer and ManagerDate: August 14, 2007
    By:
    /s/ Christopher D. BillsChristopher D. BillsChief Financial Officer and Manager 29




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##### Table of Contents



EXHIBIT INDEX
 10.1
    
    Seventh Amendment of Loan Agreement between Summit Hotel Properties, LLC and First
National Bank of Omaha, N.A. dated April 30, 200710.2
    
    Eighth Amendment of Loan Agreement between Summit Hotel Properties, LLC and First
National Bank of Omaha, N.A. dated May 30, 200731.1
    
    Certification pursuant to Rule 13a-14 under the Securities Exchange Act of 1934  Chief
Executive Officer.31.2
    
    Certification pursuant to Rule 13a-14 under the Securities Exchange Act of 1934  Chief
Financial Officer.32.1
    
    Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States
Code  Chief Executive Officer.32.2
    
    Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States
Code  Chief Financial Officer.99.1
    
    Audit Committee Charter, as adopted July 30, 2007
 30