# EDGAR Filing Document

**Accession Number:** 0001497645
**File Stem:** 0001497645-25-000103
**Filing Date:** 2025-11
**Character Count:** 115478
**Document Hash:** 53581bb1ad08fe191a0b846916516024
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001497645-25-000103.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001497645-25-000103

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Summit Hotel Properties, Inc.
- **CENTRAL INDEX KEY:** 0001497645
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 272962512
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35074
- **FILM NUMBER:** 251450120

**BUSINESS ADDRESS:**
- **STREET 1:** 13215 BEE CAVE PARKWAY
- **STREET 2:** SUITE B-300
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78738
- **BUSINESS PHONE:** 512-538-2300

**MAIL ADDRESS:**
- **STREET 1:** 13215 BEE CAVE PARKWAY
- **STREET 2:** SUITE B-300
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78738

?xml version='1.0' encoding='ASCII'? inn-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934** 

Date of Report (Date of earliest event reported): November 4, 2025

**SUMMIT HOTEL PROPERTIES, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-35074** | **27-2962512** |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) |
| of incorporation or organization) | | |

---

**13215 Bee Cave Parkway, Suite B-300** 

**Austin, TX 78738** 

(Address of Principal Executive Offices) (Zip Code)

**(512) 538-2300** 

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | INN | New York Stock Exchange |
| 6.25% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share | INN-PE | New York Stock Exchange |
| 5.875% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share | INN-PF | New York Stock Exchange |

---

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

☐&nbsp;&nbsp;&nbsp;&nbsp;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. ☐

    

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On November 4, 2025, Summit Hotel Properties, Inc. (the "Company") issued a press release announcing the consolidated operating results of the Company and its subsidiaries for the three and nine months ended September 30, 2025. The press release referred to supplemental financial information for the third quarter 2025 that is available on the Company's website at <u>www.shpreit.com</u>. A copy of the press release and the supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.

The information in this Item, including the exhibits, is provided under Item 2.02 of Form 8-K and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section. Furthermore, the information in this Item, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| *(d)* | *Exhibits* |
| <u>[99.1](exhibit99109-30x2025.htm)</u> | <u>[Press release issued](exhibit99109-30x2025.htm)[November 4](exhibit99109-30x2025.htm)[, 2025, providing consolidated operating results for the three and](exhibit99109-30x2025.htm)[nine](exhibit99109-30x2025.htm)[months ended](exhibit99109-30x2025.htm)[September](exhibit99109-30x2025.htm)[30, 2025.](exhibit99109-30x2025.htm)</u> |
| <u>[99.2](earningsreleasesupplemen.htm)</u> | <u>[Third Quarter 2025 Supplemental Data](earningsreleasesupplemen.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **SUMMIT HOTEL PROPERTIES, INC.** | **SUMMIT HOTEL PROPERTIES, INC.** |
| Date: November 4, 2025 | By: | /s/ Christopher R. Eng |
|  |  | Christopher R. Eng<br>Executive Vice President, General Counsel,<br>Chief Risk Officer and Secretary |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![picture1a.jpg](picture1a.jpg) | |
| ![picture1a.jpg](picture1a.jpg) | |
| ![picture1a.jpg](picture1a.jpg) | *13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738* |
| ![picture1a.jpg](picture1a.jpg) | *Telephone: 512-538-2300 Fax: 512-538-2333* |
| ![picture1a.jpg](picture1a.jpg) | *<u>www.shpreit.com</u>* |

---

**NEWS RELEASE**

**SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2025 RESULTS**

*Completed Sale of Two Assets for $39.0 million at Blended Cap Rate of 4.3 percent Subsequent to Quarter End*

*Completed Refinancing of $400 Million NCI Term Loan at Accretive Pricing to Further Strengthen Balance Sheet*

**Austin, Texas, November 4, 2025** - - - Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and nine months ended September 30, 2025.

"Operating fundamentals in the third quarter remained relatively stable compared to the trends we observed in the second quarter, as reduced government demand and slower international inbound travel continued to pressure average daily rates. Despite this challenging backdrop, we continued to grow market share, with our RevPAR index increasing 140 basis points to ~116% in the third quarter. Our disciplined approach to cost management also resulted in pro forma operating expenses increasing less than 2% during the quarter and just over 1.5% year-to-date. Encouragingly, our outlook for the remainder of the year reflects expectations for sequential improvement in operating trends in the fourth quarter, and our longer-term outlook for better operating fundamentals is positive as the industry will benefit from a lack of new supply growth," said Jonathan P. Stanner, President and Chief Executive Officer.

"We also continued to strengthen our balance sheet through the sale of two hotels for gross proceeds of $39.0 million subsequent to quarter end. The combined sales price reflects a blended trailing twelve-month net operating income capitalization rate of 4.3%. These transactions extend our successful capital recycling strategy, as we have sold 12 hotels since 2023, generating approximately $187 million of gross proceeds at a blended capitalization rate of 4.5%, inclusive of foregone capital expenditures. The strength of our balance sheet, which effectively has no debt maturities until 2028, together with our high-quality portfolio of well-located hotels, positions the Company favorably for long-term growth," continued Mr. Stanner.

**<u>Third Quarter 2025 Summary</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Loss:** Net loss attributable to common stockholders was $11.3 million, or $0.11 per diluted share, compared to net loss of $4.3 million, or $0.04 per diluted share, for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Same Store RevPAR:** Same store RevPAR decreased 3.7 percent to $115.77 compared to the third quarter of 2024. Same store ADR decreased 3.4 percent to $157.62, and same store occupancy decreased 0.3 percent to 73.5 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Pro forma RevPAR:** Pro forma RevPAR decreased 4.2 percent to $116.57 compared to the third quarter of 2024. Pro forma ADR decreased 3.6 percent to $158.25 compared to the same period in 2024, and pro forma occupancy decreased 0.5 percent to 73.7 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Same Store Hotel EBITDA**<sup>(1)</sup>**:** Same store hotel EBITDA decreased to $52.0 million from $59.6 million in the same period in 2024. Same store hotel EBITDA margin contracted approximately 356 basis points to 30.3 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Pro Forma Hotel EBITDA**<sup>(1)</sup>**:** Pro forma hotel EBITDA decreased to $54.1 million from $62.2 million in the same period in 2024. Pro forma hotel EBITDA margin contracted approximately 351 basis points to 30.6 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA*re***<sup>(1)</sup>**:** Adjusted EBITDA*re* decreased to $39.3 million from $45.3 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted FFO**<sup>(1)</sup>**:** Adjusted FFO decreased to $21.3 million, or $0.17 per diluted share, compared to $27.6 million, or $0.22 per diluted share, in the third quarter of 2024.

  

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**<u>Year-to-Date 2025 Summary</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Loss:** Net loss attributable to common stockholders was $17.6 million, or $0.17 per diluted share, compared to net income of $24.5 million, or $0.21 per diluted share, in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Same Store RevPAR:** Same store RevPAR decreased 2.0 percent to $123.32 compared to the same period of 2024. Same store ADR decreased 2.0 percent to $165.46, and same store occupancy remained unchanged at 74.5 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Pro forma RevPAR:** Pro forma RevPAR decreased 2.4 percent to $123.42 compared to the same period of 2024. Pro forma ADR decreased 2.1 percent to $165.56, and pro forma occupancy decreased 0.3 percent to 74.5 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Same Store Hotel EBITDA**<sup>(1)</sup>**:** Same store hotel EBITDA decreased to $183.0 million from $198.4 million, and same store hotel EBITDA margin contracted 229 basis points to 33.9 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Pro Forma Hotel EBITDA**<sup>(1)</sup>**:** Pro forma hotel EBITDA decreased to $188.1 million from $204.3 million, and pro forma hotel EBITDA margin contracted 221 basis points to 33.9 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA*re***<sup>(1)</sup>**:** Adjusted EBITDA*re* decreased to $135.2 million from $150.1 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted FFO**<sup>(1)</sup>**:** Adjusted FFO decreased to $81.3 million, or $0.66 per diluted share, compared to $94.0 million, or $0.76 per diluted share, in the same period of 2024.

  

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The Company's results for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands, except per share amounts and metrics):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to common stockholders | $(11301) | $(4272) | $(17597) | $24461 |
| Net (loss) income per diluted share | $(0.11) | $(0.04) | $(0.17) | $0.21 |
| Total revenues | $177117 | $176807 | $554512 | $558852 |
| EBITDAre <sup>(1)</sup> | $46166 | $53745 | $165665 | $184699 |
| Adjusted EBITDAre <sup>(1)</sup> | $39263 | $45340 | $135189 | $150061 |
| FFO <sup>(1)</sup> | $16289 | $23135 | $66371 | $83557 |
| Adjusted FFO <sup>(1)</sup> | $21253 | $27610 | $81319 | $93976 |
| FFO per diluted share and unit <sup>(1)</sup> | $0.13 | $0.19 | $0.54 | $0.67 |
| Adjusted FFO per diluted share and unit <sup>(1)</sup> | $0.17 | $0.22 | $0.66 | $0.76 |
| <u>Pro Forma</u> <sup>(2)</sup> |  |  |  |  |
| RevPAR | $116.57 | $121.62 | $123.42 | $126.45 |
| RevPAR Growth | (4.2)% |  | (2.4)% |  |
| Hotel EBITDA | $54118 | $62180 | $188144 | $204344 |
| Hotel EBITDA Margin | 30.6% | 34.1% | 33.9% | 36.1% |
| Hotel EBITDA Margin Change | (351) bps |  | (221) bps |  |
| <u>Same Store</u> <sup>(3)</sup> |  |  |  |  |
| RevPAR | $115.77 | $120.23 | $123.32 | $125.82 |
| RevPAR Growth | (3.7)% |  | (2.0)% |  |
| Hotel EBITDA | $51993 | $59615 | $182980 | $198436 |
| Hotel EBITDA Margin | 30.3% | 33.9% | 33.9% | 36.2% |
| Hotel EBITDA Margin Change | (356) bps |  | (229) bps |  |

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*(1)&nbsp;&nbsp;&nbsp;&nbsp;See tables later in this press release for a discussion and reconciliation of net (loss) income to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization ("EBITDA"), EBITDAre, adjusted EBITDAre, funds from operations ("FFO"), FFO per diluted share and unit, adjusted FFO ("AFFO"), and AFFO per diluted share and unit, as well as a reconciliation of operating income to hotel EBITDA. See "Non-GAAP Financial Measures" at the end of this release.*

*(2)&nbsp;&nbsp;&nbsp;&nbsp;Unless stated otherwise in this release, all pro forma information includes operating and financial results for 97 hotels owned as of September 30, 2025, as if each hotel had been owned by the Company since January 1, 2024 and remained open for the entirety of the reporting period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2024, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited.*

*(3)&nbsp;&nbsp;&nbsp;&nbsp;All same store information includes operating and financial results for 95 hotels owned as of January 1, 2024 and at all times during the three and nine months ended September 30, 2025, and 2024.*

  

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**<u>Transaction Activity</u>**

In October 2025, the Company completed the sale of two hotels for a combined sales price of $39.0 million, including the Courtyard Kansas City Country Club Plaza for $19.0 million and the Courtyard Amarillo Downtown, which was owned in the Company's joint venture with GIC, for $20.0 million. The aggregate sales price for the transaction represented a blended 4.3 percent capitalization rate based on the estimated net operating income for the trailing twelve months ended September 2025 and after consideration of approximately $10.2 million of foregone near-term required capital expenditures. Net proceeds from the transaction of $24.0 million (pro-rata), which will generate a net gain on sale of approximately $6.7 million, were used to repay debt, enhance liquidity and for other general corporate purposes. The combined RevPAR for the sold hotels was $89 which is a nearly 27% discount to the current pro forma portfolio.

Since 2023, the Company and its affiliates have sold 12 hotels for a combined sales price of $187.3 million at a blended capitalization rate of approximately 4.5%, inclusive of an estimated $57.4 million of foregone capital needs, based on the trailing twelve-month net operating income at the time of each sale. The combined RevPAR for the sold hotels was $85 which is a nearly 30% discount to the current pro forma portfolio.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sold Hotels** | **Keys** | **Date** | **Price** <sup>(1)</sup> | **Forgone**<br>**Capex** <sup>(1)(2)</sup> | **RevPAR** <sup>(3)</sup> | **T-12 NOI Cap Rate Including Capex** | | **Summit Ownership Percentage** |
| Courtyard - Kansas City Country Club Plaza | 123 | Oct 2025 | $19000 | $5500 | $81 | 1.4% |  | 100% |
| Courtyard - Amarillo Downtown | 107 | Oct 2025 | 20000 | 4700 | 97 | 7.3% |  | 51% |
| **Total** | **230** |  | $**39000** | $**10200** | $**89** | **4.3%** | (4) |  |

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*(1)&nbsp;&nbsp;&nbsp;&nbsp;In thousands.* 

*(2)&nbsp;&nbsp;&nbsp;&nbsp;Reflects estimated near-term foregone capital expenditures for dispositions.*

*(3)&nbsp;&nbsp;&nbsp;&nbsp;Reflects RevPAR for the twelve-month period immediately prior to sale.*

*(4)&nbsp;&nbsp;&nbsp;&nbsp;Blended*

**<u>Capital Markets Activity</u>**

*<u>NCI Term Loan Refinancing</u>*

In July 2025, the Company, together with its joint venture partner, GIC, closed a $400.0 million senior unsecured term loan (the "2025 GIC Joint Venture Term Loan") to refinance the previous GIC joint venture term loan that was scheduled to mature in January 2026.

The 2025 GIC Joint Venture Term Loan provides for an interest rate equal to SOFR plus 235 basis points, which represents a 50 basis point reduction from the previous loan, and has a fully extended maturity date of July 2030, subject to extensions and certain other conditions.

*<u>GIC Joint Venture Interest Rate Swaps</u>*

In August 2025, the GIC joint venture entered into two $150 million forward starting interest rate swaps to fix one-month term SOFR until January 2028. The interest rate swaps have an effective date of January 13, 2026 and a termination date of January 13, 2028. The two $150 million interest rate swaps with an average SOFR rate of 3.26% will replace $300 million of existing GIC Joint Venture interest rate swaps with an average SOFR rate of 3.49% scheduled to mature in January 2026.

**<u>Balance Sheet Summary</u>**

On a pro rata basis as of September 30, 2025, the Company had the following outstanding indebtedness and liquidity available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outstanding debt of $1.1 billion with a weighted average interest rate of 4.52 percent. After giving effect to interest rate derivative agreements, $826.9 million, or 75 percent, of our outstanding debt had a fixed interest rate, and $273.5 million, or 25 percent, had a variable interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrestricted cash and cash equivalents of $33.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity of over $280 million, including unrestricted cash and cash equivalents and revolving credit facility availability.

  

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**<u>Common and Preferred Dividend Declaration</u>**

On October 31, 2025, the Company declared a quarterly cash dividend of $0.08 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP. The quarterly dividend of $0.08 per share represents an annualized dividend yield of 6.1 percent, based on the closing price of shares of the common stock on November 3, 2025.

In addition, the Board of Directors declared a quarterly cash dividend of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;$0.390625 per share on its 6.25% Series E Cumulative Redeemable Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;$0.3671875 per share on its 5.875% Series F Cumulative Redeemable Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;$0.328125 per unit on its 5.25% Series Z Cumulative Perpetual Preferred Units

The dividends are payable on November 28, 2025 to holders of record as of November 14, 2025.

**<u>2025 Outlook</u>**

While we remain confident in the long-term fundamentals in our portfolio, near-term results are being negatively affected by increased price sensitivity and continued macroeconomic volatility. We currently expect fourth quarter 2025 RevPAR growth to range from -2.0% to -2.5% as operating trends reflect sequential improvement from the second and third quarters of this year. We expect capital expenditures for full year 2025 of $60 million to $65 million on a pro rata basis.

**<u>Third Quarter 2025 Earnings Conference Call</u>**

The Company will conduct its quarterly conference call on November 5, 2025 at 9:00 AM ET.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.To access the conference call, please pre-register using this <u>link</u>. Registrants will receive a confirmation with dial-in details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A live webcast of the conference call can be accessed using this <u>link</u>. A replay of the webcast will be available in the Investors section of the Company's website, <u>www.shpreit.com</u>, until February 2, 2026.

**<u>Supplemental Disclosures</u>**

In conjunction with this press release, the Company has furnished a financial supplement with additional disclosures on its website. Visit <u>www.shpreit.com</u> for more information. The Company has no obligation to update any of the information provided to conform to actual results or changes in portfolio, capital structure, or future expectations.

**<u>About Summit Hotel Properties</u>**

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry. As of November 4, 2025, the Company's portfolio consisted of 95 assets, 52 of which are wholly owned, with a total of 14,347 guestrooms located in 24 states.

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

**Contact:**

Kevin Milota

SVP - Corporate Finance

Summit Hotel Properties, Inc.

(737) 205-5787

  

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**<u>Forward-Looking Statements</u>**

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

*For information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations.*

  

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| | | |
|:---|:---|:---|
| **Summit Hotel Properties, Inc.**<br>**Consolidated Balance Sheets**<br>*(In thousands)* | **Summit Hotel Properties, Inc.**<br>**Consolidated Balance Sheets**<br>*(In thousands)* | **Summit Hotel Properties, Inc.**<br>**Consolidated Balance Sheets**<br>*(In thousands)* |
| | **September 30, 2025** | **December 31, 2024** |
|  | *(Unaudited)* |  |
| **ASSETS** |  |  |
| Investments in lodging property, net | $2677174 | $2746765 |
| Investment in lodging property under development |  | 7617 |
| Assets held for sale, net | 31548 | 1225 |
| Cash and cash equivalents | 41135 | 40637 |
| Restricted cash | 6270 | 7721 |
| Right-of-use assets, net | 32482 | 33309 |
| Trade receivables, net | 19022 | 18625 |
| Prepaid expenses and other | 14319 | 9580 |
| Deferred charges, net | 10335 | 6460 |
| Other assets | 16195 | 24291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2848480 | $2896230 |
| **LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Debt, net of debt issuance costs | $1421777 | $1396710 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, net | 24421 | 24871 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 9859 | 7450 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other | 92907 | 82153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1548964 | 1511184 |
| Redeemable non-controlling interests | 50219 | 50219 |
| &nbsp;&nbsp;Total stockholders' equity | 875794 | 909545 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 373503 | 425282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1249297 | 1334827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable non-controlling interests and equity | $2848480 | $2896230 |

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| ![picture1a.jpg](picture1a.jpg) | 7 \| P a g e |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Summit Hotel Properties, Inc.**<br>**Consolidated Statements of Operations**<br>*(In thousands, except per share amounts)*<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Consolidated Statements of Operations**<br>*(In thousands, except per share amounts)*<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Consolidated Statements of Operations**<br>*(In thousands, except per share amounts)*<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Consolidated Statements of Operations**<br>*(In thousands, except per share amounts)*<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Consolidated Statements of Operations**<br>*(In thousands, except per share amounts)*<br>*(Unaudited)* |
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Room | $156323 | $157408 | $490653 | $497864 |
| &nbsp;&nbsp;&nbsp;Food and beverage | 10017 | 9272 | 32202 | 30174 |
| &nbsp;&nbsp;&nbsp;Other | 10777 | 10127 | 31657 | 30814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 177117 | 176807 | 554512 | 558852 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Room | 38958 | 37286 | 114256 | 111303 |
| &nbsp;&nbsp;Food and beverage | 8217 | 7289 | 24596 | 23130 |
| &nbsp;&nbsp;Other lodging property operating expenses | 58575 | 56330 | 174440 | 170061 |
| &nbsp;&nbsp;Property taxes, insurance and other | 14106 | 13250 | 41123 | 40822 |
| &nbsp;&nbsp;Management fees | 3142 | 2728 | 12048 | 12059 |
| &nbsp;&nbsp;Depreciation and amortization | 37634 | 36708 | 112123 | 109965 |
| &nbsp;&nbsp;Corporate general and administrative | 7845 | 7473 | 24696 | 24488 |
| &nbsp;&nbsp;Transaction costs |  | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 168477 | 161074 | 503282 | 491838 |
| &nbsp;&nbsp;&nbsp;(Loss) gain on disposal of assets, net | (57) | 22 | (136) | 28439 |
| &nbsp;&nbsp;&nbsp;Operating income | 8583 | 15755 | 51094 | 95453 |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (20676) | (20428) | (61260) | (62840) |
| &nbsp;&nbsp;&nbsp;Interest income | 259 | 450 | 836 | 1473 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  | 3000 |
| &nbsp;&nbsp;&nbsp;Other (expense) income, net | (278) | 999 | 1810 | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (20695) | (18979) | (58614) | (54554) |
| &nbsp;&nbsp;&nbsp;(Loss) income from continuing operations before income taxes | (12112) | (3224) | (7520) | 40899 |
| Income tax benefit (expense) | 352 | (332) | (1580) | (2924) |
| &nbsp;&nbsp;&nbsp;**Net (loss) income** | (11760) | (3556) | (9100) | 37975 |
| Less - Loss attributable to non-controlling interests | (5083) | (3908) | (5379) | (362) |
| &nbsp;&nbsp;&nbsp;Net (loss) income attributable to Summit Hotel Properties, Inc. before preferred dividends | (6677) | 352 | (3721) | 38337 |
| Less - Distributions to and accretion of redeemable non-controlling interests | (656) | (656) | (1970) | (1970) |
| Less - Preferred dividends | (3968) | (3968) | (11906) | (11906) |
| &nbsp;&nbsp;&nbsp;**Net (loss) income attributable to common stockholders** | $(11301) | $(4272) | $(17597) | $24461 |
| **(Loss) income per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.11) | $(0.04) | $(0.17) | $0.23 |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.11) | $(0.04) | $(0.17) | $0.21 |
| **Weighted-average common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 105889 | 106033 | 107169 | 105891 |
| &nbsp;&nbsp;&nbsp;Diluted | 105889 | 106033 | 107169 | 150003 |

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| ![picture1a.jpg](picture1a.jpg) | 8 \| P a g e |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations** |
| *(Unaudited)* | *(Unaudited)* | *(Unaudited)* | *(Unaudited)* | *(Unaudited)* |
| *(In thousands, except per share and unit amounts)* | *(In thousands, except per share and unit amounts)* | *(In thousands, except per share and unit amounts)* | *(In thousands, except per share and unit amounts)* | *(In thousands, except per share and unit amounts)* |
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(11760) | $(3556) | $(9100) | $37975 |
| Preferred dividends | (3968) | (3968) | (11906) | (11906) |
| Distributions to and accretion of redeemable non-controlling interests | (656) | (656) | (1970) | (1970) |
| Loss related to non-controlling interests in consolidated joint ventures | 3565 | 3274 | 3051 | 4011 |
| &nbsp;&nbsp;&nbsp;**Net (loss) income applicable to common shares and Common Units** | **(12819)** | **(4906)** | **(19925)** | **28110** |
| Real estate-related depreciation | 37064 | 35721 | 110421 | 106590 |
| Loss (gain) on disposal of assets and other dispositions, net | 57 | (22) | 136 | (28439) |
| FFO adjustments related to non-controlling interests in consolidated joint ventures | (8013) | (7658) | (24261) | (22704) |
| &nbsp;&nbsp;&nbsp;**FFO applicable to common shares and Common Units** | **16289** | **23135** | **66371** | **83557** |
| Amortization of deferred financing costs | 1929 | 1640 | 5279 | 4880 |
| Amortization of franchise fees | 180 | 169 | 530 | 494 |
| Amortization of intangible assets, net | 263 | 698 | 787 | 2520 |
| Equity-based compensation | 2049 | 1854 | 6754 | 6337 |
| Transaction costs |  | 10 |  | 10 |
| Debt transaction costs | 323 | 66 | 338 | 647 |
| Gain on extinguishment of debt |  |  |  | (3000) |
| Non-cash interest income <sup>(1)</sup> |  | (134) |  | (400) |
| Non-cash lease expense, net | 108 | 110 | 374 | 332 |
| Casualty losses (gains), net | 470 | 244 | 1194 | (637) |
| Deferred tax (benefit) expense | (532) |  | 636 | (3) |
| Other | 885 | 604 | 885 | 966 |
| AFFO adjustments related to non-controlling interests in consolidated joint ventures | (711) | (786) | (1829) | (1727) |
| &nbsp;&nbsp;&nbsp;**AFFO applicable to common shares and Common Units** | $**21253** | $**27610** | $**81319** | $**93976** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO per share of common share/Common Unit | $0.13 | $0.19 | $0.54 | $0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFFO per common share/Common Unit | $0.17 | $0.22 | $0.66 | $0.76 |
| &nbsp;&nbsp;Weighted-average diluted common shares/Common Units | 121635 | 124580 | 123211 | 124389 |

---

*(1)&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated value of the embedded purchase option in the note receivable.*

  

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| ![picture1a.jpg](picture1a.jpg) | 9 \| P a g e |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Summit Hotel Properties, Inc.**<br>**Reconciliation of Weighted Average Diluted Common Shares**<br>*(Unaudited)*<br>*(In thousands)* | **Summit Hotel Properties, Inc.**<br>**Reconciliation of Weighted Average Diluted Common Shares**<br>*(Unaudited)*<br>*(In thousands)* | **Summit Hotel Properties, Inc.**<br>**Reconciliation of Weighted Average Diluted Common Shares**<br>*(Unaudited)*<br>*(In thousands)* | **Summit Hotel Properties, Inc.**<br>**Reconciliation of Weighted Average Diluted Common Shares**<br>*(Unaudited)*<br>*(In thousands)* | **Summit Hotel Properties, Inc.**<br>**Reconciliation of Weighted Average Diluted Common Shares**<br>*(Unaudited)*<br>*(In thousands)* |
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Weighted average common shares outstanding - diluted | 105889 | 106033 | 107169 | 150003 |
| Adjusted for: |  |  |  |  |
| &nbsp;&nbsp;Non-GAAP adjustment for restricted stock awards <sup>(1)</sup> | 2737 | 2604 | 2688 |  |
| &nbsp;&nbsp;Non-GAAP adjustment for dilutive effects of Common Units <sup>(2)</sup> | 13009 | 15943 | 13354 |  |
| &nbsp;&nbsp;Non-GAAP adjustment for dilutive effect of shares of common stock issuable upon conversion of convertible debt <sup>(3)</sup> |  |  |  | (25614) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP weighted diluted share of common stock and Common Units <sup>(3)</sup> | 121635 | 124580 | 123211 | 124389 |

---

*(1)&nbsp;&nbsp;&nbsp;&nbsp;The weighted-average diluted shares of Common Stock and Common Units used to calculate FFO and AFFO per share of Common Stock and Common Units for the three months ended September 30, 2025 and 2024 and the nine months ended September 30, 2025 includes the dilutive effect of our outstanding restricted stock awards. These shares were excluded from our weighted-average shares outstanding used to calculate net loss per share because they would have been antidilutive.*

*(2)&nbsp;&nbsp;&nbsp;&nbsp;The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis.*

*(3)&nbsp;&nbsp;&nbsp;&nbsp;The weighted-average shares of Common Stock and Common Units used to calculate FFO and AFFO per share of Common Stock and Common Unit for the three and nine months ended September 30, 2025 and 2024 exclude the potential dilution related to our Convertible Notes as we intend to settle the principal value of the Convertible Notes in cash.* 

  

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| ![picture1a.jpg](picture1a.jpg) | 10 \| P a g e |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDAre** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDAre** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDAre** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDAre** | **Summit Hotel Properties, Inc.<br>Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDAre** |
| *(Unaudited)* | *(Unaudited)* | *(Unaudited)* | *(Unaudited)* | *(Unaudited)* |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(11760) | $(3556) | $(9100) | $37975 |
| Depreciation and amortization | 37634 | 36708 | 112123 | 109965 |
| Interest expense | 20676 | 20428 | 61260 | 62840 |
| Interest income on cash deposits | (89) | (145) | (334) | (566) |
| Income tax (benefit) expense | (352) | 332 | 1580 | 2924 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | **46109** | **53767** | **165529** | **213138** |
| Loss (gain) on disposal of assets and other dispositions, net | 57 | (22) | 136 | (28439) |
| &nbsp;&nbsp;**EBITDA*re*** | **46166** | **53745** | **165665** | **184699** |
| Amortization of key money liabilities | (129) | (120) | (387) | (362) |
| Equity-based compensation | 2049 | 1854 | 6754 | 6337 |
| Transaction costs |  | 10 |  | 10 |
| Debt transaction costs | 323 | 66 | 338 | 647 |
| Gain on extinguishment of debt |  |  |  | (3000) |
| Non-cash interest income <sup>(1)</sup> |  | (134) |  | (400) |
| Non-cash lease expense, net | 108 | 110 | 374 | 332 |
| Casualty losses (gains), net | 470 | 244 | 1194 | (637) |
| Other | 885 | 604 | 885 | 966 |
| Loss related to non-controlling interests in consolidated joint ventures | 3565 | 3274 | 3051 | 4011 |
| Adjustments related to non-controlling interests in consolidated joint ventures | (14174) | (14313) | (42685) | (42542) |
| &nbsp;&nbsp;**Adjusted EBITDA*re*** | $**39263** | $**45340** | $**135189** | $**150061** |

---

*(1)&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated fair value of the embedded purchase option in the note receivable.*

  

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| ![picture1a.jpg](picture1a.jpg) | 11 \| P a g e |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(Dollars in thousands)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(Dollars in thousands)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(Dollars in thousands)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(Dollars in thousands)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(Dollars in thousands)* |
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **Pro Forma Operating Data:** <sup>(1)</sup> | **2025** | **2024** | **2025** | **2024** |
| Pro forma room revenue | $156323 | $162848 | $490653 | $504244 |
| Pro forma other hotel operations revenue | 20794 | 19689 | 63859 | 61224 |
| &nbsp;&nbsp;**Pro forma total revenues** | **177117** | **182537** | **554512** | **565468** |
| Pro forma total hotel operating expenses | 122999 | 120357 | 366368 | 361124 |
| &nbsp;&nbsp;**Pro forma hotel EBITDA** | $**54118** | $**62180** | $**188144** | $**204344** |
| Pro forma hotel EBITDA Margin | *30.6 %* | *34.1 %* | *33.9 %* | *36.1 %* |
| **Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures** | **Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures** | **Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures** |  |  |
| **Revenue:** |  |  |  |  |
| Total revenues | $177117 | $176807 | $554512 | $558852 |
| Total revenues - acquisitions |  | 6626 |  | 17257 |
| Total revenues - dispositions |  | (896) |  | (10641) |
| &nbsp;&nbsp;**Pro forma total revenues** <sup>(1)</sup> | **177117** | **182537** | **554512** | **565468** |
| **Hotel Operating Expenses:** |  |  |  |  |
| Hotel operating expenses | $122998 | $116883 | $366463 | $357375 |
| Hotel operating expenses - acquisitions |  | 4061 |  | 11349 |
| Hotel operating expenses - dispositions | 1 | (587) | (95) | (7600) |
| &nbsp;&nbsp;**Pro forma hotel operating expense** <sup>(1)</sup> | **122999** | **120357** | **366368** | **361124** |
| **Hotel EBITDA:** |  |  |  |  |
| Operating income | 8583 | 15755 | 51094 | 95453 |
| Loss (gain) on disposal of assets and other dispositions, net | 57 | (22) | 136 | (28439) |
| Transaction costs |  | 10 |  | 10 |
| Corporate general and administrative | 7845 | 7473 | 24696 | 24488 |
| Depreciation and amortization | 37634 | 36708 | 112123 | 109965 |
| &nbsp;&nbsp;**Hotel EBITDA** | **54119** | **59924** | **188049** | **201477** |
| Hotel EBITDA - acquisitions <sup>(2)</sup> | (2125) |  | (5164) |  |
| Hotel EBITDA - dispositions <sup>(3)</sup> | (1) | (309) | 95 | (3041) |
| &nbsp;&nbsp;**Same Store hotel EBITDA** | **51993** | **59615** | **182980** | **198436** |
| Hotel EBITDA - acquisitions | 2125 | 2565 | 5164 | 5908 |
| &nbsp;&nbsp;**Pro forma hotel EBITDA** <sup>(1)</sup> | $**54118** | $**62180** | $**188144** | $**204344** |

---

*(1)&nbsp;&nbsp;&nbsp;&nbsp;Unaudited pro forma information includes operating results for 97 hotels owned as of September 30, 2025, as if all such hotels had been owned by the Company since January 1, 2024. For hotels acquired by the Company after January 1, 2024 (the "Acquired Hotels"), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2024, to September 30, 2025. The financial results for the Acquired Hotels include information provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2024 (the "Disposed Hotels"), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2024 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results.*

*(2)&nbsp;&nbsp;&nbsp;&nbsp;For any hotels acquired by the Company after January 1, 2024, the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to September 30, 2025 (the "Acquisition Period") in determining same-store hotel EBITDA.* 

*(3)&nbsp;&nbsp;&nbsp;&nbsp;For hotels sold by the Company between January 1, 2024, and September 30, 2025, the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on January 1, 2024, and ending on the date the Disposed Hotels were sold by the Company (the "Disposition Period") in determining same-store hotel EBITDA.*

  

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| ![picture1a.jpg](picture1a.jpg) | 12 \| P a g e |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(In thousands, except operating statistics)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(In thousands, except operating statistics)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(In thousands, except operating statistics)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(In thousands, except operating statistics)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(In thousands, except operating statistics)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma Hotel Operating Data**<br>*(Unaudited)*<br>*(In thousands, except operating statistics)* |
|  | **2024** | **2025** | **2025** | **2025** | **Trailing Twelve Months Ended September 30, 2025** |
| **Pro Forma Operating Data:** <sup>(1)</sup> | **Q4** | **Q1** | **Q2** | **Q3** | **Trailing Twelve Months Ended September 30, 2025** |
| Pro forma room revenue | $156955 | $163731 | $170599 | $156323 | $647608 |
| Pro forma other hotel operations revenue | 20299 | 20747 | 22318 | 20794 | 84158 |
| &nbsp;&nbsp;**Pro forma total revenues** | **177254** | **184478** | **192917** | **177117** | **731766** |
| Pro forma total hotel operating expenses | 116886 | 118873 | 124496 | 122999 | 483254 |
| &nbsp;&nbsp;**Pro forma hotel EBITDA** | $**60368** | $**65605** | $**68421** | $**54118** | $**248512** |
| Pro forma hotel EBITDA Margin | *34.1 %* | *35.6 %* | *35.5 %* | *30.6 %* | *34.0 %* |
| **Pro Forma Statistics:** <sup>(1)</sup> |  |  |  |  |  |
| Rooms sold | 957027 | 946105 | 1029583 | 987833 | 3920548 |
| Rooms available | 1339060 | 1309950 | 1324598 | 1341084 | 5314692 |
| Occupancy | *71.5 %* | *72.2 %* | *77.7 %* | *73.7 %* | *73.8 %* |
| ADR | $164.00 | $173.06 | $165.70 | $158.25 | $165.18 |
| RevPAR | $117.21 | $124.99 | $128.79 | $116.57 | $121.85 |
| **Actual Statistics:** |  |  |  |  |  |
| Rooms sold | 935012 | 946105 | 1029583 | 987833 | 3898533 |
| Rooms available | 1312953 | 1309950 | 1324598 | 1341084 | 5288585 |
| Occupancy | *71.2 %* | *72.2 %* | *77.7 %* | *73.7 %* | *73.7 %* |
| ADR | $163.47 | $173.06 | $165.70 | $158.25 | $165.06 |
| RevPAR | $116.42 | $124.99 | $128.79 | $116.57 | $121.68 |
| **Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures** | **Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures** | **Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures** | **Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures** |  |  |
| **Revenue:** |  |  |  |  |  |
| Total revenues | $172931 | $184478 | $192917 | $177117 | $727443 |
| Total revenues - acquisitions | 4586 |  |  |  | 4586 |
| Total revenues - dispositions | (263) |  |  |  | (263) |
| &nbsp;&nbsp;**Pro forma total revenues** <sup>(1)</sup> | **177254** | **184478** | **192917** | **177117** | **731766** |
| **Hotel Operating Expenses:** |  |  |  |  |  |
| Hotel operating expenses | 114770 | 118851 | 124614 | 122998 | 481233 |
| Hotel operating expenses - acquisitions | 2261 |  |  |  | 2261 |
| Hotel operating expenses - dispositions | (145) | 22 | (118) | 1 | (240) |
| &nbsp;&nbsp;**Pro forma hotel operating expenses** <sup>(1)</sup> | **116886** | **118873** | **124496** | **122999** | **483254** |
| **Hotel EBITDA:** |  |  |  |  |  |
| Operating income | 8037 | 19827 | 22684 | 8583 | 59131 |
| (Gain) loss on disposal of assets, net | (473) | (1) | 80 | 57 | (337) |
| Loss on impairment and write-down of assets | 6723 |  |  |  | 6723 |
| Corporate general and administrative | 7403 | 8571 | 8280 | 7845 | 32099 |
| Depreciation and amortization | 36471 | 37230 | 37259 | 37634 | 148594 |
| &nbsp;&nbsp;**Hotel EBITDA** | **58161** | **65627** | **68303** | **54119** | **246210** |
| Hotel EBITDA - acquisitions <sup>(2)</sup> | (89) | (429) | (2610) | (2125) | (5253) |
| Hotel EBITDA - dispositions <sup>(3)</sup> | (118) | (22) | 118 | (1) | (23) |
| &nbsp;&nbsp;**Same store hotel EBITDA** | **57954** | **65176** | **65811** | **51993** | **240934** |
| Hotel EBITDA - acquisitions | 2414 | 429 | 2610 | 2125 | 7578 |
| &nbsp;&nbsp;**Pro forma hotel EBITDA** <sup>(1)</sup> | $**60368** | $**65605** | $**68421** | $**54118** | $**248512** |

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*(1)&nbsp;&nbsp;&nbsp;&nbsp;Unaudited pro forma information includes operating results for 97 hotels owned as of September 30, 2025 as if all such hotels had been owned by the Company since October 1, 2024. For Acquired Hotels, the Company has included in the pro forma information the financial results of each of the hotels acquired for the period from October 1, 2024, to September 30, 2025. The financial results for the hotels acquired include information provided by the third-party owner of such hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after October 1, 2024, the Company excludes the financial results of each of those hotels from October 1, 2024 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results.*

*(2)&nbsp;&nbsp;&nbsp;&nbsp;For any hotels acquired by the Company after October 1, 2024, the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to September 30, 2025 in determining same-store hotel EBITDA.* 

*(3)&nbsp;&nbsp;&nbsp;&nbsp;For hotels sold by the Company between October 1, 2024, and September 30, 2025, the Company has excluded the financial results of each of the hotels for the period beginning on October 1, 2024, and ending on the date the hotels were sold by the Company in determining same-store hotel EBITDA.*

  

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| **Summit Hotel Properties, Inc.**<br>**Pro Forma and Same Store Data**<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma and Same Store Data**<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma and Same Store Data**<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma and Same Store Data**<br>*(Unaudited)* | **Summit Hotel Properties, Inc.**<br>**Pro Forma and Same Store Data**<br>*(Unaudited)* |
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Pro Forma** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Rooms sold | 987833 | 991580 | 2963521 | 2982405 |
| &nbsp;&nbsp;Rooms available | 1341084 | 1338979 | 3975632 | 3987807 |
| &nbsp;&nbsp;Occupancy | 73.7% | 74.1% | 74.5% | 74.8% |
| &nbsp;&nbsp;ADR | $158.25 | $164.23 | $165.56 | $169.07 |
| &nbsp;&nbsp;RevPAR | $116.57 | $121.62 | $123.42 | $126.45 |
| &nbsp;&nbsp;*Occupancy change* | *(0.5) %* |  | *(0.3) %* |  |
| &nbsp;&nbsp;*ADR change* | *(3.6) %* |  | *(2.1) %* |  |
| &nbsp;&nbsp;*RevPAR change* | *(4.2) %* |  | *(2.4) %* |  |
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Same-Store** <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Rooms sold | 958077 | 959772 | 2882081 | 2890624 |
| &nbsp;&nbsp;Rooms available | 1304376 | 1302271 | 3866705 | 3878481 |
| &nbsp;&nbsp;Occupancy | 73.5% | 73.7% | 74.5% | 74.5% |
| &nbsp;&nbsp;ADR | $157.62 | $163.14 | $165.46 | $168.82 |
| &nbsp;&nbsp;RevPAR | $115.77 | $120.23 | $123.32 | $125.82 |
| &nbsp;&nbsp;*Occupancy change* | *(0.3) %* |  | *— %* |  |
| &nbsp;&nbsp;*ADR change* | *(3.4) %* |  | *(2.0) %* |  |
| &nbsp;&nbsp;*RevPAR change* | *(3.7) %* |  | *(2.0) %* |  |

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*(1)&nbsp;&nbsp;&nbsp;&nbsp;Unaudited pro forma information includes operating results for 97 hotels owned as of September 30, 2025, as if each hotel had been owned by the Company since January 1, 2024. As a result, these pro forma operating and financial measures include operating results for certain hotels for periods prior to the Company's ownership.*

*(2) &nbsp;&nbsp;&nbsp;&nbsp;Same-store information includes operating results for 95 hotels owned by the Company as of January 1, 2024, and at all times during the three and nine months ended September 30, 2025, and 2024.*

  

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***<u>Non-GAAP Financial Measures</u>***

We disclose certain "non-GAAP financial measures," which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations ("FFO") and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDA*re*"), Adjusted EBITDA*re*, and hotel EBITDA (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss).

***Funds From Operations ("FFO") and Adjusted FFO ("AFFO")***

As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash lease expense, non-cash interest income and non-cash income tax related adjustments to our deferred tax assets. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of corporate depreciation and amortization expense. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this release, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted.

  

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***EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA***

In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry's supplemental measures such as FFO and net operating income ("NOI") to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company's capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs.

EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our on-going operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.

With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the on-going operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

We caution investors that amounts presented in accordance with our definitions of EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above, we include a quantitative reconciliation of EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss) and operating income (loss).

  

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## Exhibit 99.2

![](earningsreleasesupplemen001.jpg)

1 Earnings Release Supplement Third Quarter 2025 (UNAUDITED) November 4, 2025

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![](earningsreleasesupplemen002.jpg)

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

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![](earningsreleasesupplemen003.jpg)

3 Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature: • our ability to increase our dividend per share of common stock; • the state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular; • market trends in our industry, interest rates, real estate values and the capital markets; • our business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions; • our projected operating results; • actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies; • our ability to manage our relationships with our management companies and franchisors; • our ability to maintain our existing and future financing arrangements; • changes in the value of our properties; • the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; • our ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code; • our ability to repay or refinance our indebtedness as it matures or becomes callable by lenders; • the availability of qualified personnel; • our ability to make distributions to our stockholders in the future; • the general volatility of the market price of our securities; and • the degree and nature of our competition. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other documents we have filed with the Securities and Exchange Commission. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement is effective only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law we are not obligated to, and do not intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, this presentation contains certain unaudited historical and pro forma information and metrics which are based or calculated from historical data that is maintained or produced by Summit Hotel Properties, Inc. or third parties. This presentation contain statistics and other data that may have been obtained from, or compiled from, information made available by third-parties.

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![](earningsreleasesupplemen004.jpg)

4 Non-GAAP Financial Measures We disclose certain "non-GAAP financial measures," which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations ("FFO") and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non- GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss). FFO and AFFO As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, transaction costs, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash interest income and non-cash income tax related adjustments to our deferred tax asset. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, and certain transaction costs related to lodging property acquisition activities and debt, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of depreciation and amortization expense on assets at our corporate offices, which is de minimis. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this Earnings Release Supplement, FFO is based on our computation of FFO and not the computation of Nareit- defined FFO unless otherwise noted.

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![](earningsreleasesupplemen005.jpg)

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

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![](earningsreleasesupplemen006.jpg)

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

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![](earningsreleasesupplemen007.jpg)

7 Summary Financial Results (Unaudited) (Amounts in thousands, except per share metrics and statistics) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net (loss) income attributable to common stockholders $(11,301) $(4,272) $(17,597) $24,461 Net (loss) income per diluted share $(0.11) $(0.04) $(0.17) $0.21 Total revenues $177,117 $176,807 $554,512 $558,852 EBITDAre (1) $46,166 $53,745 $165,665 $184,699 Adjusted EBITDAre (1) $39,263 $45,340 $135,189 $150,061 FFO (1) $16,289 $23,135 $66,371 $83,557 Adjusted FFO (1) $21,253 $27,610 $81,319 $93,976 FFO per diluted share and unit (1) $0.13 $0.19 $0.54 $0.67 Adjusted FFO per diluted share and unit (1) $0.17 $0.22 $0.66 $0.76 Pro Forma (2) RevPAR $116.57 $121.62 $123.42 $126.45 RevPAR Growth (4.2) % (2.4) % Hotel EBITDA $54,118 $62,180 $188,144 $204,344 Hotel EBITDA Margin 30.6 % 34.1 % 33.9 % 36.1 % Hotel EBITDA Margin Change (351) bps (221) bps Same Store (3) RevPAR $115.77 $120.23 $123.32 $125.82 RevPAR Growth (3.7) % (2.0) % Hotel EBITDA $51,993 $59,615 $182,980 $198,436 Hotel EBITDA Margin 30.3 % 33.9 % 33.9 % 36.2 % Hotel EBITDA Margin Change (356) bps (229) bps 1. See tables later in this presentation for a discussion and reconciliation of Net (loss) income to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization ("EBITDA"), EBITDAre, adjusted EBITDAre, funds from operations ("FFO"), FFO per diluted share and unit, adjusted FFO ("AFFO"), and AFFO per diluted share and unit, as well as a reconciliation of Operating income to hotel EBITDA. See "Non-GAAP Financial Measures" at the end of this presentation. 2. Unless stated otherwise in this presentation, all pro forma information includes operating and financial results for 97 lodging properties owned as of September 30, 2025, as if each hotel had been owned by the Company since January 1, 2024 and remained open for the entirety of the measurement period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2024, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. 3. All same store information includes operating and financial results for 95 hotels owned as of January 1, 2024, and at all times during the three and nine months ended September 30, 2025 and 2024.

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![](earningsreleasesupplemen008.jpg)

8 Summary Pro Forma Operating Results (Unaudited) (Amounts in thousands, except operating statistics) 1. Unaudited pro forma information includes operating results for 97 hotels owned as of September 30, 2025, as if all such hotels had been owned by the Company since October 1, 2024. For hotels acquired by the Company after October 1, 2024, the Company has included in the pro forma information the financial results of each of the hotels for the period from October 1, 2024, to September 30, 2025. The financial results for the hotels include information provided by the third-party owner of such hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after October 1, 2024, the Company excludes the financial results of each of those hotels from October 1, 2024 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. 2024 2025 Trailing Twelve Months Ended Pro Forma Operating Data: (1) Q4 Q1 Q2 Q3 September 30, 2025 Pro forma room revenue $156,955 $163,731 $170,599 $156,323 $647,608 Pro forma other hotel operations revenue 20,299 20,747 22,318 20,794 84,158 Pro forma total revenues 177,254 184,478 192,917 177,117 731,766 Pro forma total hotel operating expenses 116,886 118,873 124,496 122,999 483,254 Pro forma hotel EBITDA $60,368 $65,605 $68,421 $54,118 $248,512 Pro forma hotel EBITDA Margin 34.1 % 35.6 % 35.5 % 30.6 % 34.0 % Pro Forma Statistics: (1) Rooms sold 957,027 946,105 1,029,583 987,833 3,920,548 Rooms available 1,339,060 1,309,950 1,324,598 1,341,084 5,314,692 Occupancy 71.5 % 72.2 % 77.7 % 73.7 % 73.8 % ADR $164.00 $173.06 $165.70 $158.25 $165.18 RevPAR $117.21 $124.99 $128.79 $116.57 $121.85 Actual Statistics: Rooms sold 935,012 946,105 1,029,583 987,833 3,898,533 Rooms available 1,312,953 1,309,950 1,324,598 1,341,084 5,288,585 Occupancy 71.2 % 72.2 % 77.7 % 73.7 % 73.7 % ADR $163.47 $173.06 $165.70 $158.25 $165.06 RevPAR $116.42 $124.99 $128.79 $116.57 $121.68

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![](earningsreleasesupplemen009.jpg)

9 Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net (loss) income $(11,760) $(3,556) $(9,100) $37,975 Depreciation and amortization 37,634 36,708 112,123 109,965 Interest expense 20,676 20,428 61,260 62,840 Interest income on cash deposits (89) (145) (334) (566) Income tax (benefit) expense (352) 332 1,580 2,924 EBITDA 46,109 53,767 165,529 213,138 Loss (gain) on disposal of assets and other dispositions, net 57 (22) 136 (28,439) EBITDAre 46,166 53,745 165,665 184,699 Amortization of key money liabilities (129) (120) (387) (362) Equity-based compensation 2,049 1,854 6,754 6,337 Transaction costs — 10 — 10 Debt transaction costs 323 66 338 647 Gain on extinguishment of debt — — — (3,000) Non-cash interest income — (134) — (400) Non-cash lease expense, net 108 110 374 332 Casualty losses (gains), net 470 244 1,194 (637) Other 885 604 885 966 Loss related to non-controlling interests in consolidated joint ventures 3,565 3,274 3,051 4,011 Adjustments related to non-controlling interests in consolidated joint ventures (14,174) (14,313) (42,685) (42,542) Adjusted EBITDAre $39,263 $45,340 $135,189 $150,061

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![](earningsreleasesupplemen010.jpg)

10 Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net (loss) income $(11,760) $(3,556) $(9,100) $37,975 Preferred dividends (3,968) (3,968) (11,906) (11,906) Distributions to and accretion of redeemable non-controlling interests (656) (656) (1,970) (1,970) Loss related to non-controlling interests in consolidated joint ventures 3,565 3,274 3,051 4,011 Net (loss) income applicable to common shares and Common Units (12,819) (4,906) (19,925) 28,110 Real estate-related depreciation 37,064 35,721 110,421 106,590 Loss (gain) on disposal of assets and other dispositions, net 57 (22) 136 (28,439) FFO adjustments related to non-controlling interests in consolidated joint ventures (8,013) (7,658) (24,261) (22,704) FFO applicable to common shares and Common Units 16,289 23,135 66,371 83,557 Amortization of deferred financing costs 1,929 1,640 5,279 4,880 Amortization of franchise fees 180 169 530 494 Amortization of intangible assets, net 263 698 787 2,520 Equity-based compensation 2,049 1,854 6,754 6,337 Transaction costs — 10 — 10 Debt transaction costs 323 66 338 647 Gain on extinguishment of debt — — — (3,000) Non-cash interest income — (134) — (400) Non-cash lease expense, net 108 110 374 332 Casualty losses (gains), net 470 244 1,194 (637) Deferred tax (benefit) expense (532) — 636 (3) Other 885 604 885 966 AFFO adjustments related to non-controlling interests in consolidated joint ventures (711) (786) (1,829) (1,727) AFFO applicable to common shares and Common Units $21,253 $27,610 $81,319 $93,976 FFO per share of common share/Common Unit $0.13 $0.19 $0.54 $0.67 AFFO per common share/Common Unit $0.17 $0.22 $0.66 $0.76 Weighted-average diluted common shares/Common Units 121,635 124,580 123,211 124,389

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11 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 2. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Number Rooms Sold 582,374 590,969 384,152 355,463 21,307 19,587 987,833 966,019 Number of Rooms Available 786,232 795,432 527,344 490,820 27,508 25,311 1,341,084 1,311,563 Occupancy 74.1 % 74.3 % 72.8 % 72.4 % 77.5 % 77.4 % 73.7 % 73.7 % Average Daily Rate $162.80 $168.49 $151.35 $154.21 $158.15 $154.13 $158.25 $162.95 Room Revenue PAR $120.59 $125.18 $110.26 $111.68 $122.50 $119.28 $116.57 $120.02 Room Revenue $94,810 $99,572 $58,143 $54,817 $3,370 $3,019 $156,323 $157,408 Other revenue 11,055 10,311 7,215 6,514 2,524 2,574 20,794 19,399 Total Revenue $105,865 $109,883 $65,358 $61,331 $5,894 $5,593 $177,117 $176,807 Hotel EBITDA $31,598 $36,814 $21,784 $22,293 $737 $817 $54,119 $59,924 % margin 29.8 % 33.5 % 33.3 % 36.3 % 12.5 % 14.6 % 30.6 % 33.9 % Net (loss) income $(3,053) $4,234 $(7,007) $(6,497) $(1,700) $(1,293) $(11,760) $(3,556) $3,395 $3,145 $170 $129 $(8,195) $(282) Depreciation and amortization 19,809 19,327 16,419 16,296 1,406 1,085 37,634 36,708 (8,045) (7,985) (141) (109) 29,448 28,614 Interest expense 8,059 7,534 11,588 11,891 1,029 1,003 20,676 20,428 (5,678) (5,827) (103) (100) 14,895 14,501 Interest income (73) (139) (16) (6) — — (89) (145) 8 3 — — (81) (142) Income tax (benefit) expense (351) (19) (1) 351 — — (352) 332 — (172) — — (352) 160 EBITDA 24,391 30,937 20,983 22,035 735 795 46,109 53,767 (10,320) (10,836) (74) (80) 35,715 42,851 Gain on disposal of assets and other dispositions, net — 19 57 (60) — 19 57 (22) (28) 29 — (2) 29 5 EBITDAre 24,391 30,956 21,040 21,975 735 814 46,166 53,745 (10,348) (10,807) (74) (82) 35,744 42,856 Amortization of key money liabilities (60) (51) (51) (51) (18) (18) (129) (120) 25 25 2 2 (102) (93) Equity-based compensation 2,049 1,854 — — — — 2,049 1,854 — — — — 2,049 1,854 Transaction costs — 10 — — — — — 10 — — — — — 10 Debt transaction costs 1 60 323 6 (1) — 323 66 (158) (3) — — 165 63 Non-cash interest income (1) — (134) — — — — — (134) — — — — — (134) Non-cash lease expense, net 101 104 7 6 — — 108 110 (3) (3) — — 105 107 Casualty losses (gains), net 340 357 121 (121) 9 8 470 244 (59) 61 (1) (1) 410 304 Other 956 134 — 470 (71) — 885 604 (3) (231) 10 — 892 373 Adjusted EBITDAre $27,778 $33,290 $21,440 $22,285 $654 $804 $49,872 $56,379 $(10,546) $(10,958) $(63) $(81) $39,263 $45,340

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12 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 2. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Nine Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Number Rooms Sold 1,728,852 1,770,585 1,168,670 1,118,300 65,999 61,477 2,963,521 2,950,362 Number of Rooms Available 2,332,938 2,412,874 1,565,138 1,481,190 77,556 75,361 3,975,632 3,969,425 Occupancy 74.1 % 73.4 % 74.7 % 75.5 % 85.1 % 81.6 % 74.5 % 74.3 % Average Daily Rate $164.98 $171.63 $163.46 $161.80 $218.14 $211.97 $165.56 $168.75 Room Revenue PAR $122.26 $125.95 $122.05 $122.16 $185.63 $172.91 $123.42 $125.42 Room Revenue $285,228 $303,892 $191,028 $180,941 $14,397 $13,031 $490,653 $497,864 Other revenue 31,984 30,860 23,168 21,782 8,707 8,346 63,859 60,988 Total Revenue $317,212 $334,752 $214,196 $202,723 $23,104 $21,377 $554,512 $558,852 Hotel EBITDA $99,038 $115,409 $81,535 $79,784 $7,476 $6,284 $188,049 $201,477 % margin 31.2 % 34.5 % 38.1 % 39.4 % 32.4 % 29.4 % 33.9 % 36.1 % Net (loss) income $(3,217) $45,996 $(6,462) $(8,426) $579 $405 $(9,100) $37,975 $3,109 $4,052 $(58) $(41) $(6,049) $41,986 Depreciation and amortization 58,545 57,932 49,895 48,773 3,683 3,260 112,123 109,965 (24,449) (23,899) (368) (326) 87,306 85,740 Interest expense 23,528 24,190 34,540 35,637 3,192 3,013 61,260 62,840 (16,925) (17,462) (319) (301) 44,016 45,077 Interest income (294) (541) (40) (25) — — (334) (566) 20 12 — — (314) (554) Income tax expense 888 832 692 2,092 — — 1,580 2,924 (339) (1,025) — — 1,241 1,899 EBITDA 79,450 128,409 78,625 78,051 7,454 6,678 165,529 213,138 (38,584) (38,322) (745) (668) 126,200 174,148 Loss (gain) on disposal of assets and other dispositions, net 38 (28,271) 98 (187) — 19 136 (28,439) (48) 92 — (2) 88 (28,349) EBITDAre 79,488 100,138 78,723 77,864 7,454 6,697 165,665 184,699 (38,632) (38,230) (745) (670) 126,288 145,799 Amortization of key money liabilities (179) (154) (154) (154) (54) (54) (387) (362) 75 75 5 5 (307) (282) Equity-based compensation 6,754 6,337 — — — — 6,754 6,337 — — — — 6,754 6,337 Transaction costs — 10 — — — — — 10 — — — — — 10 Debt transaction costs 1 627 323 20 14 — 338 647 (158) (10) (1) — 179 637 Gain on extinguishment of debt — (3,000) — — — — — (3,000) — — — — — (3,000) Non-cash interest income (1) — (400) — — — — — (400) — — — — — (400) Non-cash lease expense, net 354 348 20 (16) — — 374 332 (10) 8 — — 364 340 Casualty losses (gains), net 880 743 291 (984) 23 (396) 1,194 (637) (143) 482 (2) 40 1,049 (115) Other 640 496 — 470 245 — 885 966 2 (231) (25) — 862 735 Adjusted EBITDAre $87,938 $105,145 $79,203 $77,200 $7,682 $6,247 $174,823 $188,592 $(38,866) $(37,906) $(768) $(625) $135,189 $150,061

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13 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) (Amounts in thousands, except per share metrics) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. 2. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 3. The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net (loss) income $(3,053) $4,234 $(7,007) $(6,497) $(1,700) $(1,293) $(11,760) $(3,556) $3,395 $3,145 $170 $129 $(8,195) $(282) Preferred dividends (3,968) (3,968) — — — — (3,968) (3,968) — — — — (3,968) (3,968) Distributions to and accretion of redeemable non-controlling interests (656) (656) — — — — (656) (656) — — — — (656) (656) Net loss applicable to common shares and Common Units (7,677) (390) (7,007) (6,497) (1,700) (1,293) (16,384) (8,180) 3,395 3,145 170 129 (12,819) (4,906) Real estate-related depreciation 19,664 19,186 16,012 15,468 1,388 1,067 37,064 35,721 (7,846) (7,579) (139) (107) 29,079 28,035 Gain on disposal of assets and other dispositions, net — 19 57 (60) — 19 57 (22) (28) 30 — (2) 29 6 FFO applicable to common shares and Common Units 11,987 18,815 9,062 8,911 (312) (207) 20,737 27,519 (4,479) (4,404) 31 20 16,289 23,135 Amortization of deferred financing costs 1,064 1,161 792 464 73 15 1,929 1,640 (388) (227) (7) (2) 1,534 1,411 Amortization of franchise fees 94 90 86 79 — — 180 169 (42) (39) — — 138 130 Amortization of intangible assets (8) 1 271 697 — — 263 698 (133) (342) — — 130 356 Equity based compensation 2,049 1,854 — — — — 2,049 1,854 — — — — 2,049 1,854 Transaction costs — 10 — — — — — 10 — — — — — 10 Debt transaction costs 1 60 323 6 (1) — 323 66 (158) (3) — — 165 63 Gain on extinguishment of debt — — — — — — — — — — — — — — Non-cash interest income (2) — (134) — — — — — (134) — — — — — (134) Non-cash lease expense, net 102 104 6 6 — — 108 110 (3) (3) — — 105 107 Casualty losses (gains), net 340 357 121 (121) 9 8 470 244 (59) 61 (1) (1) 410 304 Deferred tax benefit (386) — (146) — — — (532) — 72 — — — (460) — Other 956 134 — 470 (71) — 885 604 1 (230) 7 — 893 374 AFFO applicable to common shares and common units (3) $16,199 $22,452 $10,515 $10,512 $(302) $(184) $26,412 $32,780 $(5,189) $(5,187) $30 $17 $21,253 $27,610 FFO per common share/Common Unit $0.13 $0.19 AFFO per common share/Common Unit $0.17 $0.22 Weighted-average diluted common shares/Common Units (3) 121,635 124,580

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14 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) (Amounts in thousands, except per share metrics) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. 2. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 3. The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Nine Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net (loss) income $(3,217) $45,996 $(6,462) $(8,426) $579 $405 $(9,100) $37,975 $3,109 $4,052 $(58) $(41) $(6,049) $41,986 Preferred dividends (11,906) (11,906) — — — — (11,906) (11,906) — — — — (11,906) (11,906) Distributions to and accretion of redeemable non-controlling interests (1,970) (1,970) — — — — (1,970) (1,970) — — — — (1,970) (1,970) Net (loss) income applicable to common shares and Common Units (17,093) 32,120 (6,462) (8,426) 579 405 (22,976) 24,099 3,109 4,052 (58) (41) (19,925) 28,110 Real estate-related depreciation 58,118 57,520 48,674 45,864 3,629 3,206 110,421 106,590 (23,850) (22,473) (362) (321) 86,209 83,796 Loss (gain) on disposal of assets and other dispositions, net 38 (28,271) 98 (187) — 19 136 (28,439) (49) 92 — (2) 87 (28,349) FFO applicable to common shares and Common Units 41,063 61,369 42,310 37,251 4,208 3,630 87,581 102,250 (20,790) (18,329) (420) (364) 66,371 83,557 Amortization of deferred financing costs 3,231 3,481 1,899 1,354 149 45 5,279 4,880 (931) (663) (15) (5) 4,333 4,212 Amortization of franchise fees 273 258 257 236 — — 530 494 (126) (116) — — 404 378 Amortization of intangible assets (24) 1 811 2,519 — — 787 2,520 (397) (1,234) — — 390 1,286 Equity based compensation 6,754 6,337 — — — — 6,754 6,337 — — — — 6,754 6,337 Transaction costs — 10 — — — — — 10 — — — — — 10 Debt transaction costs 1 627 323 20 14 — 338 647 (158) (10) (1) — 179 637 Gain on extinguishment of debt — (3,000) — — — — — (3,000) — — — — — (3,000) Non-Cash Interest Income (2) — (400) — — — — — (400) — — — — — (400) Non-cash lease expense, net 354 348 20 (16) — — 374 332 (10) 8 — — 364 340 Casualty losses (gains), net 880 743 291 (984) 23 (396) 1,194 (637) (143) 482 (2) 40 1,049 (115) Deferred tax expense (benefit) 588 — 48 (3) — — 636 (3) (24) 1 — — 612 (2) Other 640 493 — 473 245 — 885 966 3 (230) (25) — 863 736 AFFO applicable to common shares and common units (3) $53,760 $70,267 $45,959 $40,850 $4,639 $3,279 $104,358 $114,396 $(22,576) $(20,091) $(463) $(329) $81,319 $93,976 FFO per common share/Common Unit $0.54 $0.67 AFFO per common share/Common Unit $0.66 $0.76 Weighted-average diluted common shares/Common Units (3) 123,211 124,389

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

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16 Pro Forma Operating Results - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. Unaudited pro forma information includes operating results for 97 hotels owned as of September 30, 2025, as if all such hotels had been owned by the Company since January 1, 2024. For any hotels acquired by the Company after January 1, 2024 (the "Acquired Hotels"), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2024, to the date the Acquired Hotels were purchased by the Company (the "Pre- acquisition Period"). The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2024 (the "Disposed Hotels"), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2024 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. INN Wholly-Owned (53 Hotels) GIC Joint Venture (41 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (97 Hotels) For The Three Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 Pro Forma Operating Data (1) Occupancy 74.1 % 74.4 % 72.8 % 73.4 % 77.5 % 77.4 % 73.7 % 74.1 % ADR $162.80 $168.87 $151.35 $157.74 $158.15 $154.15 $158.25 $164.23 RevPAR $120.59 $125.60 $110.26 $115.80 $122.50 $119.29 $116.57 $121.62 Occupancy change (0.4) % (0.8) % 0.1 % (0.5) % ADR change (3.6) % (4.1) % 2.6 % (3.6) % RevPAR change (4.0) % (4.8) % 2.7 % (4.2) % Pro forma total revenues $105,864 $108,988 $65,358 $67,956 $5,895 $5,593 $177,117 $182,537 Pro forma hotel EBITDA $31,597 $36,562 $21,784 $24,801 $737 $817 $54,118 $62,180 Pro forma hotel EBITDA Margin 29.8 % 33.5 % 33.3 % 36.5 % 12.5 % 14.6 % 30.6 % 34.1 %

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17 Pro Forma Operating Results - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. Unaudited pro forma information includes operating results for 97 hotels owned as of September 30, 2025, as if all such hotels had been owned by the Company since January 1, 2024. For any Acquired Hotels, the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the Pre-acquisition Period. The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any Disposed Hotels, the Company excludes the financial results of each of the Disposed Hotels from January 1, 2024 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. INN Wholly-Owned (53 Hotels) GIC Joint Venture (41 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (97 Hotels) For The Nine Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 Pro Forma Operating Data (1) Occupancy 74.1 % 73.7 % 74.7 % 76.1 % 85.1 % 81.6 % 74.5 % 74.8 % ADR $164.98 $171.38 $163.46 $163.55 $218.14 $211.97 $165.56 $169.07 RevPAR $122.26 $126.24 $122.05 $124.53 $185.63 $172.91 $123.42 $126.45 Occupancy change 0.6 % (1.9) % 4.3 % (0.3) % ADR change (3.7) % (0.1) % 2.9 % (2.1) % RevPAR change (3.2) % (2.0) % 7.4 % (2.4) % Pro forma total revenues $317,212 $325,829 $214,196 $218,262 $23,104 $21,377 $554,512 $565,468 Pro forma hotel EBITDA $99,133 $112,601 $81,535 $85,459 $7,476 $6,284 $188,144 $204,344 Pro forma hotel EBITDA Margin 31.3 % 34.6 % 38.1 % 39.2 % 32.4 % 29.4 % 33.9 % 36.1 %

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

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19 Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Common Share Price & Dividends At quarter ended $5.49 $5.09 $5.41 $6.85 $6.86 High during quarter ended $6.00 $5.56 $6.96 $7.22 $7.08 Low during quarter ended $4.61 $3.57 $5.28 $5.94 $5.66 Common dividends per share $0.08 $0.08 $0.08 $0.08 $0.08 Common Shares & Units Common shares outstanding 108,803 108,812 112,222 108,436 108,453 Common units outstanding 13,009 13,009 13,009 15,933 15,943 Total common shares and units outstanding 121,812 121,821 125,231 124,369 124,396 Capitalization Market value of common equity at quarter end $668,748 $620,069 $677,500 $851,928 $853,357 Par value of preferred equity - 6.250% Series E 160,000 160,000 160,000 160,000 160,000 Par value of preferred equity - 5.875% Series F 100,000 100,000 100,000 100,000 100,000 Par value of preferred equity - 5.250% Series Z 50,000 50,000 50,000 50,000 50,000 Consolidated total debt 1,433,483 1,434,703 1,427,359 1,408,007 1,348,544 Less: Consolidated unrestricted cash (41,135) (39,490) (48,194) (40,637) (51,698) Consolidated total enterprise value 2,371,096 2,325,282 2,366,665 2,529,298 2,460,203 Noncontrolling interest in consolidated total debt - GIC JV (327,311) (325,460) (325,492) (325,579) (301,112) Noncontrolling interest in consolidated total debt - Other JVs (5,800) (5,800) (4,559) (4,606) (4,653) Noncontrolling interest in consolidated total cash - GIC JV 7,116 6,140 11,720 7,956 10,044 Noncontrolling interest in consolidated total cash - Other JVs 239 258 215 218 283 Pro rata total enterprise value $2,045,340 $2,000,420 $2,048,549 $2,207,287 $2,164,765

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20 Number of Pro Rata Base Interest Fixed/ Fully-Extended Encumbered Principal Non-controlling Principal As of September 30, 2025 Spread Rate Rate Variable Maturity Date Properties Outstanding Interests Outstanding Senior Credit Facility $400 Million Revolver 1.95% 4.42% 6.37% Variable 06/21/2028 n/a $20,000 $— $20,000 $200 Million Term Loan 1.90% 4.42% 6.32% Variable 06/21/2028 n/a 200,000 — 200,000 Total Senior Credit and Term Loan Facility 220,000 — 220,000 Convertible Notes n/a n/a 1.50% Fixed 02/15/2026 n/a 287,500 — 287,500 Term Loans Regions Bank 2024 Term Loan Facility 1.90% 4.42% 6.32% Variable 02/26/2029 n/a 200,000 — 200,000 $275 Million 2025 Delayed Draw Term Loan 1.90% 4.23% 6.13% Variable 03/27/2030 n/a — — — 200,000 — 200,000 707,500 — 707,500 Brickell Joint Venture Mortgage Loan Wells Fargo Bank, N.A. 2.60% 4.28% 6.88% Variable 05/15/2030 2 58,000 (5,800) 52,200 GIC Joint Venture Credit Facility and Term Loans $125 Million Revolver 2.15% 4.42% 6.57% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 $125 Million Term Loan 2.10% 4.42% 6.52% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 Bank of America, N.A. 2025 Term Loan 2.35% 4.32% 6.67% Variable 07/24/2030 n/a 400,000 (196,000) 204,000 Wells Fargo n/a n/a 4.99% Fixed 06/06/2028 1 12,323 (6,038) 6,285 PACE Loan n/a n/a 6.10% Fixed 07/31/2040 n/a 5,660 (2,773) 2,887 Total GIC Joint Venture Credit Facility and Term Loans 1 667,983 (327,311) 340,672 Total Joint Venture Debt 3 725,983 (333,111) 392,872 Total Debt 3 $1,433,483 $(333,111) $1,100,372 Debt Schedule - Part I (Unaudited) (Amounts in thousands except for number of properties)

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21 Debt Schedule - Part II (Unaudited) (Amounts in thousands) Principal Amount Fixed Debt Variable Debt Effective Interest As of September 30, 2025 Outstanding Outstanding Outstanding Rate Total Debt $1,433,483 $305,483 $1,128,000 5.50 % Non-controlling Interests in Joint Ventures (333,111) (8,811) (324,300) Pro Rata Debt $1,100,372 $296,672 $803,700 5.17 % % of Pro Rata Debt 100 % 27 % 73 % Pro Rata Adjustment for Swaps in Effect — 530,200 (530,200) Pro Rata Debt Including Swaps $1,100,372 $826,872 $273,500 4.52 % % of Pro Rata Debt Including Swaps 100 % 75 % 25 % Notional Effective Maturity Interest Rate Swaps Value Swap Rate Date Date Regions - 2018 - $125mm $125,000 2.9170 % December 31, 2018 December 31, 2025 Capital One - 2022 - $100mm 100,000 2.6000 % January 31, 2023 January 31, 2027 Regions - 2022 - $100mm 100,000 2.5625 % January 31, 2023 January 31, 2029 Capital One - 2023 - $100mm 100,000 3.3540 % July 1, 2023 January 13, 2026 Wells Fargo - 2023 - $100mm 100,000 3.3540 % July 1, 2023 January 13, 2026 Wells Fargo - 2024 - $100mm 100,000 3.7650 % October 1, 2024 January 13, 2026 Wells Fargo - 2025 - $58mm 58,000 3.5740 % June 2, 2025 May 15, 2028 Bank of America - 2025 - $150mm 150,000 3.2605 % January 13, 2026 January 13, 2028 Fifth-Third Bank - 2025 - $150mm 150,000 3.2650 % January 13, 2026 January 13, 2028 Total Swaps $983,000 3.1682 %

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22 Debt Schedule - Part III (Unaudited) (1) Amounts are in millions ($) and assumes fully-extended maturities for all loans. Reflects pro rata debt totals. (2) Represents the pro-rata maturity of the $400 million GIC Term Loan that was refinanced in July 2025. Pro Rata Debt Maturity Ladder at September 30, 2025 $20.0 $287.5 $200.0 $127.5 $0.0 $52.2 $200.0 $204.0 $6.3 $2.9 $400M Senior Revolver Convertible Senior Notes $200M Senior Term Loan $200M GIC JV Credit Facility Brickell JV Mortgage Debt $200M Senior Term Loan $400M GIC JV Term Loan Mortgage Debt 2025 2026 2027 2028 2029 2030 2031 + 0 100 200 300 400 500 600 $275 Million Delayed Draw Term Loan in place to refinance Convertible Senior Notes in February 2026 $275.0 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ \| \| \| \| \| \| \| \| \| \| \| (1) (2)

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

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24 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership) Hyatt Place - Denver South/Park Meadows 1 127 Upscale Suburban Hyatt Place - Denver Tech Center 1 126 Upscale Suburban Hyatt Place - Scottsdale/Old Town 1 126 Upscale Resort Holiday Inn Express & Suites - San Francisco/Fisherman's Wharf 1 252 Upper Midscale Urban Courtyard - Dallas/Arlington South 1 103 Upscale Suburban Residence Inn - Dallas/Arlington South 1 96 Upscale Suburban Hyatt Place - Orlando/Convention Center 1 151 Upscale Resort Hyatt Place - Orlando/Universal 1 150 Upscale Resort Hyatt Place - Minneapolis/Downtown 1 213 Upscale Urban Springhill Suites - Nashville MetroCenter 1 78 Upscale Urban Courtyard - New Orleans Downtown Near the French Quarter 1 140 Upscale Urban Hyatt Place - Portland Airport/Cascade Station 1 136 Upscale Airport Residence Inn - Portland Airport at Cascade Station 1 124 Upscale Airport Courtyard - New Orleans/Metairie 1 153 Upscale Suburban Staybridge Suites - Denver/Cherry Creek 1 121 Upscale Suburban Hyatt House - Denver Tech Center 1 135 Upscale Suburban Courtyard - Atlanta Downtown 1 150 Upscale Urban Hyatt Place - Garden City 1 122 Upscale Suburban Residence Inn - New Orleans/Metairie 1 120 Upscale Suburban Hilton Garden Inn - Greenville 1 120 Upscale Suburban Fairfield Inn & Suites - Louisville Downtown 1 140 Upper Midscale Urban

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25 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) SpringHill Suites - Louisville Downtown 1 198 Upscale Urban SpringHill Suites - Indianapolis Downtown 1 156 Upscale Urban Courtyard - Indianapolis Downtown 1 297 Upscale Urban Hampton Inn & Suites - San Diego/Poway 1 108 Upper Midscale Suburban Hampton Inn & Suites - Camarillo 1 116 Upper Midscale Suburban Hilton Garden Inn - Houston/Galleria Area 1 182 Upscale Urban Doubletree by Hilton San Francisco Airport North Bayfront 1 210 Upscale Airport Hilton Garden Inn - Houston/Energy Corridor 1 190 Upscale Suburban Hampton Inn & Suites - Austin/Downtown/Convention Center 1 209 Upper Midscale Urban Hampton Inn & Suites - Minneapolis/Downtown 1 211 Upper Midscale Urban Residence Inn - Bridgewater/Branchburg 1 101 Upscale Suburban Hyatt House - Across From Universal Orlando Resort 1 168 Upscale Resort Residence Inn - Baltimore/Hunt Valley 1 141 Upscale Suburban Hotel Indigo - Asheville Downtown 1 116 Upper Upscale Urban Courtyard - Atlanta Decatur Downtown/Emory 1 179 Upscale Suburban Courtyard - Nashville Vanderbilt/West End 1 226 Upscale Urban Residence Inn - Atlanta Midtown/Peachtree at 17th 1 160 Upscale Urban Hyatt House - Miami Airport 1 163 Upscale Airport Marriott - Boulder 1 165 Upper Upscale Urban Hyatt Place - Chicago/Downtown-The Loop 1 206 Upscale Urban Hyatt Place - Phoenix/Mesa 1 152 Upscale Suburban Courtyard - Fort Lauderdale Beach 1 261 Upscale Resort

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26 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) Courtyard - Charlotte City Center 1 182 Upscale Urban Hampton Inn & Suites - Baltimore Inner Harbor 1 116 Upper Midscale Urban Residence Inn - Baltimore Downtown/Inner Harbor 1 189 Upscale Urban Courtyard - Kansas City Country Club Plaza 1 123 Upscale Urban Courtyard - Fort Worth Downtown/Blackstone 1 203 Upscale Urban AC Hotel - Atlanta Downtown 1 255 Upscale Urban Hilton Garden Inn - Waltham 1 148 Upscale Suburban Residence Inn - Cleveland Downtown 1 175 Upscale Urban Courtyard - New Haven at Yale 1 207 Upscale Urban Residence Inn - Boston/Watertown 1 150 Upscale Suburban INN Wholly-Owned (100% Ownership) 53 8,546 (2)

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27 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) Courtyard - Scottsdale North 1 153 Upscale Resort Springhill Suites - Scottsdale North 1 121 Upscale Resort Hampton Inn & Suites - Tampa/Ybor City/Downtown 1 138 Upper Midscale Urban Homewood Suites - Aliso Viejo/Laguna Beach 1 129 Upscale Suburban Courtyard - Pittsburgh Downtown 1 183 Upscale Urban Homewood Suites - Tucson/St. Philip's Plaza University 1 122 Upscale Resort Hampton Inn & Suites - Silverthorne 1 88 Upper Midscale Resort Hilton Garden Inn - San Jose / Milpitas 1 161 Upscale Suburban Residence Inn - Portland Downtown / Riverplace 1 258 Upscale Urban Residence Inn - Portland / Hillsboro 1 122 Upscale Suburban Residence Inn - Steamboat Springs 1 110 Upscale Small Metro/Town Embassy Suites - Tucson / Paloma Village 1 120 Upper Upscale Resort Residence Inn - Scottsdale North 1 120 Upscale Resort AC Hotel - Dallas Downtown 1 128 Upscale Urban Residence Inn - Dallas Downtown 1 121 Upscale Urban Hampton Inn & Suites - Dallas Downtown 1 176 Upper Midscale Urban SpringHill Suites - Dallas Downtown 1 148 Upscale Urban Hilton Garden Inn - Grapevine at Silver Lake Crossing 1 152 Upscale Airport Holiday Inn Express & Suites - DFW / Grapevine 1 95 Upper Midscale Airport Courtyard - Dallas DFW Airport / North Grapevine 1 181 Upscale Airport TownePlace Suites - Dallas / Grapevine 1 120 Upper Midscale Airport Hyatt Place - Dallas / Grapevine 1 125 Upscale Airport

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28 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) AC Hotel - Dallas / Frisco 1 150 Upscale Suburban Residence Inn - Dallas / Frisco 1 150 Upscale Suburban Canopy Hotel - Dallas / Frisco Station 1 150 Upper Upscale Suburban Residence Inn - Tyler 1 119 Upscale Small Metro/Town Hilton Garden Inn - Longview 1 122 Upscale Small Metro/Town AC Hotel - Houston Downtown 1 195 Upscale Urban Homewood Suites - Midland 1 118 Upscale Suburban Hyatt Place - Lubbock 1 125 Upscale Urban Courtyard - Amarillo Downtown 1 107 Upscale Urban Embassy Suites - Amarillo Downtown 1 226 Upper Upscale Urban AC Hotel - Oklahoma City / Bricktown 1 142 Upscale Urban Hyatt Place - Oklahoma City / Bricktown 1 134 Upscale Urban Holiday Inn Express & Suites - Oklahoma City Downtown / Bricktown 1 124 Upper Midscale Urban SpringHill Suites - New Orleans Downtown / Canal Street 1 74 Upscale Urban TownePlace Suites - New Orleans Downtown / Canal Street 1 105 Upper Midscale Urban Canopy Hotel - New Orleans Downtown 1 176 Upper Upscale Urban The Nordic Lodge - Steamboat Springs 1 45 Independent Small Metro/Town Hampton Inn Boston-Logan Airport 1 250 Upper Midscale Airport Hilton Garden Inn Tysons Corner 1 149 Upscale Urban GIC Joint Venture (51% Ownership) 41 5,732 (2)

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29 Asset Listing (Unaudited) (1) Asset listing excludes two parking garages located in Dallas, TX and Frisco, TX. (2) Asset was sold during October 2025. Hotels Rooms STR Chain Scale STR Location Other Joint Ventures (90% Ownership) AC Hotels by Marriott - Miami Brickell 1 156 Upscale Urban Element - Miami Brickell 1 108 Upscale Urban Onera - Fredericksburg 1 35 N/A Small Metro/Town Other Joint Ventures (90% Ownership) 3 299 Pro Forma 97 14,577

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