Document:

exv10w25

Exhibit 10.25

EXECUTION VERSION

SUMMIT HOTEL PROPERTIES, INC.

STOCK PURCHASE AGREEMENT

          STOCK
PURCHASE AGREEMENT (this “Agreement”) made as of
this 2nd day of December, 2010, by and
among Summit Hotel Properties, Inc., a Maryland corporation (the “Company”), Summit Hotel OP, LP, a
Delaware limited partnership (the “Operating Partnership”), and Six Continents Limited, a United
Kingdom corporation (“Purchaser”).

          WHEREAS, the Company has filed a registration statement on Form S-11 (No. 333-168686) (as
amended, the “Registration Statement”) under the Securities Act of 1933, as amended (the
“Securities Act”), with the Securities and Exchange Commission (the “Commission”) in connection
with a proposed initial public offering (the “IPO”) of shares of the Company’s common stock, par
value $0.01 per share (the “Common Stock”); and

          WHEREAS, concurrent with the completion of the IPO, the Company desires to issue and sell to
Purchaser, and Purchaser desires to purchase from the Company, upon the terms and conditions set
forth in this Agreement, shares of Common Stock as provided in this Agreement.

          NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this
Agreement, the Company, the Operating Partnership and Purchaser agree as follows:

          1. Sale and Purchase of Common Shares.

               1.1. Agreement to Sell and Purchase. Subject to and concurrent with the completion of the IPO
and subject to the terms and conditions of this Agreement, the Company hereby agrees to issue and
sell to Purchaser, and Purchaser hereby agrees to purchase from the Company, at the Price Per Share
(as defined below) such whole number of shares of Common Stock (the “Shares”) equivalent to the
quotient of (a) $12,500,000 (the “Purchase Price”) divided by (b) the price per share of Common
Stock to be sold in the IPO, less any underwriting discount (the “Price Per Share”); provided, that
Purchaser shall not be obligated to purchase Shares in an amount exceeding 4.9% of the total number
of shares of Common Stock to be sold by the Company in the IPO, excluding any shares of Common
Stock sold by the Company pursuant to the underwriters’ over-allotment option, and shall be
entitled to a reduction of the Purchase Price based on the number of Shares actually purchased by
Purchaser hereunder.

               1.2. Closing. The closing of the purchase and sale of the Shares hereunder, including
Purchaser’s payment for and delivery of the Shares, will take place at the offices of Hunton &
Williams LLP, Riverfront Plaza, East Tower, 951 East Byrd Street, Richmond, Virginia 23219
concurrently with, and shall be subject to, completion of the IPO (the “Closing”).

               1.3. Payment and Delivery of the Shares. At the Closing, the Company shall deliver the Shares
to the account of Purchaser, against the contemporaneous payment by Purchaser of the Purchase Price
(or applicable portion thereof) in immediately available funds by wire transfer to a bank account
designated by the Company to Purchaser in writing at least three business days prior to such
Closing. Unless Purchaser requests in writing at least three business days prior to the Closing
delivery of one or more physical stock certificates evidencing the

 

 

Shares and registered in the name of Purchaser, the entry of the Shares to be delivered
pursuant to this Section 1.3 into the account of Purchaser on the books and records of the
Company’s transfer agent and registrar in accordance with such transfer agent and registrar’s book
entry procedures shall be deemed delivery of the Shares for purposes of this Agreement.

          2. Representations and Warranties of the Company and the Operating Partnership. In
connection with the issuance and sale of the Shares, each of the Company and the Operating
Partnership, jointly and severally, represents and warrants to Purchaser as of the date of this
Agreement and as of the Closing the following:

               2.1. Organization, Good Standing, Power and Qualification. The Company has been duly
organized and is validly existing as a corporation in good standing under the laws of the State of
Maryland and has the corporate power and authority to own or lease and operate its property and
conduct its business as described in the Registration Statement. The Company is duly qualified to
transact business as a foreign corporation and is in good standing in each jurisdiction in which
the conduct of its business or its ownership or leasing of property requires such qualification,
except to the extent that the failure to be so qualified or be in good standing would not (a) have
a material adverse effect on the assets, business, condition (financial or otherwise), earnings,
properties, management, results of operations or prospects of the Company, the Operating
Partnership and their subsidiaries, taken as a whole, or (b) prevent or materially interfere with
consummation of the transactions contemplated hereby or the formation transactions as described in
the Registration Statement (the occurrence of any such effect, prevention, interference or result
described in the foregoing clauses (a) or (b) being herein referred to as a “Material Adverse
Effect”). The Operating Partnership has been duly organized and is validly existing as a limited
partnership under the laws of the State of Delaware and has the partnership power and authority to
own or lease its property and conduct its business as described in the Registration Statement. The
Operating Partnership is duly qualified to transact business as a foreign limited partnership and
is in good standing in each jurisdiction in which the conduct of its business or its ownership or
leasing of property requires such qualification, except to the extent that the failure to be so
qualified or be in good standing would not have a Material Adverse Effect.

               2.2. Capitalization. As of the Closing, the authorized capitalization of the Company will be
as set forth under the caption “Capitalization” in the Registration Statement.

               2.3. Authorization, Execution, Delivery and Enforceability. The Company has the corporate
power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
The Operating Partnership has the partnership power and authority to execute and deliver this
Agreement and to perform its obligations hereunder. This Agreement has been duly executed and
delivered by the Company and the Operating Partnership. This Agreement constitutes the valid,
binding and enforceable obligation of the Company and the Operating Partnership, enforceable in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by
general principles of equity and except as rights to indemnification and contribution may be
limited by applicable law or policies underlying such law.

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               2.4. Non-contravention; No Lien Creation. The issuance and sale by the Company of the Shares
does not: (a) conflict with, or result in a default under, the Company’s Articles of Amendment and
Restatement (the “Charter”) or Amended and Restated Bylaws, the Operating Partnership’s Certificate
of Limited Partnership or First Amended and Restated Agreement of Limited Partnership (the
“Partnership Agreement”), any material contract by which the Company’s, the Operating Partnership’s
or any of their subsidiaries’ respective property is bound, or any federal or state laws or
regulations or decree, ruling or judgment of any United States or state court applicable to the
Company, the Operating Partnership or their respective property; or (b) result in the imposition of
any claim, lien, pledge, deed of trust, option, charge, encumbrance or other restriction or
limitation (each, a “Lien”), or any obligation to create any Lien, under any material contract by
which the Company’s, the Operating Partnership’s or any of their subsidiaries’ respective property
is bound.

               2.5. Valid Issuance of Shares. The issuance of the Shares has been duly authorized, and when
issued and delivered against payment therefor in accordance with the terms of this Agreement, will
be validly issued, fully paid and non-assessable, and the issuance of such Shares will not be
subject to any preemptive rights, rights of first refusal or similar rights. Upon payment of the
Purchase Price (or the applicable portion thereof) and issuance and delivery of the Shares to be
sold by the Company to Purchaser in accordance with this Agreement, Purchaser will have good title
to such Shares free and clear of all Liens, other than transfer restrictions hereunder, under other
agreements contemplated hereby and in the Company’s Charter.

               2.6. Governmental Consents and Filings. Assuming the accuracy of the representations and
warranties of Purchaser in Section 3 of this Agreement, no consent, approval, authorization
or order of, or registration, qualification or filing with, any federal, state or local
governmental or regulatory commission, board, body, authority or agency is required to be obtained
or made by the Company in connection with the execution, delivery and performance by the Company of
this Agreement, or the consummation by the Company of the transactions contemplated hereby and
thereby, except such as have been obtained or made or as may be required (and will be obtained or
made) under the Securities Act and the rules and regulations promulgated by the Commission
thereunder, state securities or blue sky laws, or as may be required by the New York Stock Exchange
(the “Exchange”) and the Financial Industry Regulatory Authority.

               2.7. No Registration Required. Assuming the accuracy of the representations and warranties of
Purchaser in Section 3 of this Agreement, it is not necessary in connection with the offer,
sale and delivery of the Shares to Purchaser in the manner contemplated by this Agreement to
register the Shares under the Securities Act.

               2.8. Integration. Neither the Company nor any affiliate of the Company (as defined in Rule
501(b) under the Securities Act) has, directly or indirectly, (a) sold, offered for sale, solicited
offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities
Act) which is or will be integrated with the sale of the Shares in a manner that would require the
registration of the Shares under the Securities Act or (b) except for the shares of Common Stock to
be sold in the IPO, offered, solicited offers to buy or sold the Shares by any form of general
solicitation or general advertising (as those terms are used in Rule 502(c) under

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the Securities Act) or in any manner involving a public offering within the meaning of Section
4(2) of the Securities Act.

               2.9. Litigation. Except as set forth in the Registration Statement, the Company is not a
party to any, and there are no pending, or to the knowledge of the Company, threatened, legal,
administrative, arbitral or other proceedings, claims, actions or governmental investigations of
any nature against the Company, the Operating Partnership or any of their respective subsidiaries
or to which any of their respective assets are subject relating to or challenging the validity or
propriety of the transactions contemplated by this Agreement.

               2.10. Certain Tax Matters. The Company’s proposed method of operation will enable it to meet
the requirements for taxation as a real estate investment trust under the Internal Revenue Code of
1986, as amended (the “Code”) for its taxable year ending December 31st following the
Closing and for its future taxable years. The consolidated subsidiaries of the Company that are
partnerships or limited liability companies have been and will continue to be treated as
partnerships or as “disregarded entities” for U.S. federal income tax purposes and not as
corporations, associations taxable as corporations or as publicly traded partnerships that are
taxable as corporations.

               2.11. No Commitment for Additional Financing. The Company acknowledges and agrees that
Purchaser has not made any representation, undertaking, commitment or agreement to provide or
assist the Company in obtaining any financing, investment or other assistance, other than the
purchase of the Shares as set forth herein and subject to the conditions set forth herein.
Purchaser shall have the right, in it sole and absolute discretion, to refuse or decline to
participate in any other financing of or investment in the Company (to the extent made available to
Purchaser), and shall have no obligation to assist or cooperate with the Company in obtaining any
financing, investment or other assistance.

               2.12. Representations and Warranties in Underwriting Agreement. The Company covenants and
agrees with Purchaser that Purchaser may rely on the representations and warranties made by the
Company and the Operating Partnership that shall be set forth in the underwriting agreement to be
entered into between the Company and the representatives of the several underwriters of the IPO
named therein (the “Underwriting Agreement”) as if such representations and warranties were made by
the Company and the Operating Partnership to Purchaser and fully set forth herein.

          3. Representations and Warranties of Purchaser. Purchaser hereby represents and
warrants to the Company and the Operating Partnership as of the date of this Agreement and as of
the Closing the following:

               3.1. Accredited Investor Status. Purchaser is an “accredited investor” as that term is
defined in Rule 501(a) under the Securities Act.

               3.2. Investment Intent. The Shares are being acquired for Purchaser’s own account, not as
nominee or agent, only for investment purposes and not with a view to, or for resale in connection
with, any distribution thereof not in compliance with the Securities Act and

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applicable state securities or blue sky laws, and Purchaser has no present intention of
selling, granting any participating in or otherwise distributing the Shares.

               3.3. Organization and Corporate Power. Purchaser has been duly incorporated and is validly
existing and in good standing under the laws of the United Kingdom and has all necessary power and
authority to enter into this Agreement and to consummate the transactions contemplated hereby.

               3.4. Authorization, Execution, Delivery and Enforceability. All corporate action necessary to
be taken by Purchaser to authorize the execution, delivery and performance of this Agreement and
all other agreements and instruments delivered by Purchaser in connection with the transactions
contemplated hereby has been duly and validly taken. This Agreement has been duly executed and
delivered by Purchaser, and constitutes the valid, binding and enforceable obligation of Purchaser,
enforceable in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights
generally and by general principles of equity.

               3.5. Non-contravention. The purchase by Purchaser of the Shares does not conflict with the
organizational documents of Purchaser or with any material contract under which Purchaser or its
property is bound, or any laws or regulations or decree, ruling or judgment of any court applicable
to Purchaser or its property.

               3.6. Private Placement Acknowledgment. Purchaser understands and acknowledges that the offer
and sale of the Shares pursuant to this Agreement will not be registered under the Securities Act
on the grounds that such offer and sale are exempt from registration under the Securities Act
pursuant to Section 4(2) thereof and exempt from registration pursuant to applicable state
securities or blue sky laws, and that the Company’s reliance upon such exemptions is predicated on
the accuracy of Purchaser’s representations and warranties as set forth in this Agreement,
including the bona fide nature of Purchaser’s investment intent. Purchaser understands and
acknowledges that the Shares will be characterized as “restricted securities” under the Securities
Act and applicable state securities or blue sky laws and may not be offered, sold, pledged or
otherwise transferred unless the Shares are subsequently registered under the Securities Act and
qualified under applicable state securities or blue sky laws or unless an exemption from such
registration and such qualification is available.

               3.7. Sophistication. Purchaser (a) is sufficiently experienced in financial and business
matters to be capable of evaluating the merits and risks involved in purchasing the Shares and to
make an informed decision relating thereto, (b) has the ability to bear the economic risk of
Purchaser’s prospective investment in the Shares and (c) has not been offered the Shares by any
form of advertisement, article, notice or other communication published in any newspaper, magazine,
or similar medium, or broadcast over television or radio, or any seminar or meeting whose attendees
have been invited by any such medium. Purchaser has been furnished with materials relating to the
business, operations, financial condition, assets and liabilities of the Company and other matters
relevant to Purchaser’s investment in the Shares, which have been requested by Purchaser.
Purchaser has had adequate opportunity to ask questions of, and receive answers from, the officers,
employees, agents, accountants and representatives of the

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Company concerning the business, operations, financial condition, assets and liabilities of
the Company and all other matters relevant to Purchaser’s investment in the Shares.

               3.8. Pre-existing Relationship. Purchaser has a substantive, pre-existing relationship with
Summit Hotel Properties, LLC, which is the predecessor of the Company, and Purchaser was directly
contacted by the Company or its agents outside the IPO effort. Purchaser was not identified or
contacted through the marketing of the IPO and did not independently contact the Company as a
result of the general solicitation by means of the Registration Statement.

               3.9. No Brokers. Purchaser has not incurred any liability for any finder’s fees or similar
payments in connection with the transactions herein contemplated.

               3.10. Sufficient Funds. Purchaser will have available at the Closing sufficient funds to
acquire the Shares to be purchased by Purchaser pursuant to this Agreement.

               4. Covenants of the Company and the Operating Partnership. Each of the Company and
the Operating Partnership, jointly and severally, covenants and agrees with Purchaser that the
Company and the Operating Partnership will comply in all material respects with their respective
covenants contained in the Underwriting Agreement. The Company further covenants and agrees that
it will use commercially reasonable efforts to:

               4.1. Timely file with the Exchange all documents and notices required by the Exchange of
listed issuers with securities that are traded on the Exchange.

               4.2. Meet the requirements for qualification and taxation as a real estate investment trust
under the Code for its taxable year ending December 31st following the Closing and for
its future taxable years, unless the Company’s Board of Directors determines that it is no longer
in the best interests of the Company to be so qualified.

               4.3. Promptly notify Purchaser if the Company has actual knowledge that it does not qualify
for treatment as a “domestically controlled qualified investment entity” within the meaning of
Section 897(h) of the Code.

          5. Public Announcements. Except as may be required by applicable law, no party hereto
shall make any public announcements or otherwise communicate with any news media with respect to
this Agreement or any of the transactions contemplated hereby, without prior consultation with the
other parties as to the timing and contents of any such announcement or communications; provided,
however, that nothing contained herein shall prevent any party from promptly making all filings
with any governmental entity or disclosures with the stock exchange, if any, on which such party’s
capital stock is listed, as may, in its judgment, be required in connection with the execution and
delivery of this Agreement or the consummation of the transactions contemplated hereby. If any
party decides that it must make any such required filing it will advise the other parties prior to
making such filing. Notwithstanding the foregoing, the parties hereto acknowledge that the
transactions contemplated hereby have been or will be disclosed in the Registration Statement and
that this Agreement will be filed as an exhibit to the Registration Statement.

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          6. Conditions of Closing of Purchaser. The respective obligations of Purchaser to
acquire the Shares from the Company at the Closing are subject to the fulfillment to Purchaser’s
reasonable satisfaction on or prior to the Closing of each of the following conditions:

               6.1. Each representation and warranty made by the Company and the Operating Partnership in
Section 2 above, including those incorporated by reference in Section 2.12 from the
Underwriting Agreement, shall be true and correct as of the Closing as though made as of the
Closing.

               6.2. All covenants, agreements and conditions contained in this Agreement to be performed or
complied with by the Company and the Operating Partnership on or prior to the Closing shall have
been performed or complied with by it in all respects.

               6.3. At the Closing, Purchaser shall have received: (a) the favorable opinion of Hunton &
Williams LLP, counsel for the Company and the Operating Partnership, dated the date of the Closing,
substantially in the form of Exhibit A attached hereto; (b) the favorable opinion of Hunton
& Williams LLP, tax counsel for the Company and the Operating Partnership, substantially in the
form of Exhibit B attached hereto; and (c) the favorable opinion of Venable LLP, Maryland
counsel for the Company, dated the date of the Closing, substantially in the form of Exhibit
C attached hereto.

               6.4. Simultaneously with the Closing, the Company shall have completed the IPO. The material
terms of the IPO shall not have changed in any material respect from those described in the
Registration Statement, other than changes approved by the Board of Directors of the Company.

          7. Legends. Each certificate, if any, representing the Shares shall be endorsed with
the following legend or a substantially similar legend:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE ACT, OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT.

At the request of Purchaser, the Company shall remove from each certificate evidencing the Shares,
if any, the foregoing legend or instruct the Company’s transfer agent and registrar to remove any
stop transfer instructions substantially similar to the foregoing legend if the Company is
reasonably satisfied, based upon an opinion of counsel (unless such requirement is waived by the
Company), that the Shares may be publicly sold without registration under the Securities Act,
including in reliance on Rule 144(b)(1) under the Securities Act.

          8. Miscellaneous.

               8.1. Further Assurances. Each party hereto shall execute and deliver such instruments and
take such other actions prior to or after each Closing as any other party may

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reasonably request in order to carry out the intent of this Agreement, including without
limitation obtaining any required consents or approvals from third parties.

               8.2. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and
agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and
inure to the benefit of the respective successors of the parties hereto whether so expressed or
not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign
this Agreement or their obligations hereunder.

               8.3. Amendments. This Agreement may not be amended, modified or waived, in whole or in part,
except by an agreement in writing signed by each of the parties hereto.

               8.4. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same instrument. This Agreement or any counterpart may be executed
via facsimile transmission, and any such executed facsimile copy shall be treated as an original.

               8.5. Governing Law. This Agreement shall be governed by and construed in accordance with the
substantive laws (without regard to choice of law principles except as provided in Section 5-1401
of the New York General Obligations Law) of the State of New York, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such laws.

               8.6. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, RELEASES AND RELINQUISHES
ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTIONS ARISING DIRECTLY OR
INDIRECTLY AS A RESULT OR IN CONSEQUENCE OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATIONS, ANY
CLAIM OR ACTION TO REMEDY ANY BREACH OR ALLEGED BREACH HEREOF, TO ENFORCE ANY TERM HEREOF, OR IN
CONNECTION WITH ANY RIGHT, BENEFIT OR OBLIGATION ACCORDED OR IMPOSED BY THIS AGREEMENT.

               8.7. Third Party Beneficiaries. Except as described in the following sentence, this Agreement
is intended for the benefit of the parties hereto and their respective permitted successors and
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other
person. The parties hereto agree that the underwriters of the Company’s IPO shall be third party
beneficiaries to the agreement made in Section 11 hereof and shall have the right, acting
through the representative(s) of the underwriters, to enforce such agreement directly to the extent
the underwriters, acting through the representative(s), deem such enforcement necessary or
advisable.

               8.8. Severability. In case any provision of this Agreement shall be found by a court of law
to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the
remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

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               8.9. Survival. The representations and warranties of Section 2 hereof shall survive
for a period of three years from and including the date of the Closing and shall in no way be
affected by any investigation or knowledge of the subject matter thereof made by or on behalf of
Purchaser.

               8.10. Remedies and Waivers. No delay or omission on the part of any party to this Agreement
in exercising any right, power or remedy provided by law or under this Agreement shall (a) impair
such right power or remedy or (b) operate as a waiver thereof. The single or partial exercise of
any right, power or remedy provided by law or under this Agreement shall not preclude any other or
further exercise of any other right, power or remedy. The rights, powers and remedies provided in
this Agreement are cumulative and not exclusive of any rights, power and remedies provided by law.

               8.11. Entire Agreement. This Agreement and the other documents delivered pursuant hereto,
including the Exhibits, constitute the full and entire understanding and agreement among the
parties with regard to the subject matter hereof and thereof and they supersede, merge, and render
void every other prior written and/or oral understanding or agreement among or between the parties
hereto.

               8.12. Notices. Any notice or other communication required or permitted hereunder shall be in
writing and shall be delivered personally (by courier or otherwise), telegraphed, telexed, emailed,
sent by facsimile transmission or sent by certified or registered mail, postage prepaid and return
receipt requested, or by express mail. Any such notice shall be deemed given when so delivered
personally, telegraphed, telexed, emailed or sent by facsimile transmission or, if mailed, three
(3) days after the date of deposit in the United States mails, or if sent by express mail, the next
business day, as follows:

If to the Company or the Operating Partnership:

Summit Hotel Properties, Inc.

2701 South Minnesota Avenue, Suite 6

Sioux Falls, South Dakota 57105

Facsimile:    (605) 362-9388

Attention:    Daniel P. Hansen, President and Chief Executive Officer

With a concurrent copy (which shall not constitute notice) to:

Hunton & Williams LLP

Riverfront Plaza, East Tower

951 East Byrd Street

Richmond, VA 23219

Facsimile:    (804) 788-8218

Attention:    Edward W. Elmore, Jr.

If to Purchaser:

Six Continents Limited

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c/o InterContinental Hotels Group

Three Ravinia Drive, Suite 100

Atlanta, GA 30346

Facsimile:    (770) 604-8551

Attention:    General Counsel

With a concurrent copy (which shall not constitute notice) to:

DLA Piper LLP (US)

One Atlantic Center

1201 West Peachtree Street, Suite 2800

Atlanta, GA 30309-3450

Facsimile:    (404) 682-7800

Attention:    Brian K. Fielden

Any party may, by notice given in accordance with this Section 8.12 to the other party,
designate another address, facsimile or person for receipt of notices hereunder; provided, that
notice of such a change shall be effective upon receipt.

               8.13. Expenses. Whether or not the transactions contemplated by this Agreement are
consummated, the Company and the Operating Partnership, on one hand, and Purchaser, on the other
hand, shall, except as otherwise expressly provided herein, pay the costs, fees and expenses
incident to its negotiation, preparation, execution, delivery and performance hereof, including the
fees and expenses of its counsel, accountants, advisors and other representatives.

               8.14. Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement.

          9. Indemnification; Contribution.

               9.1. Each of the Company and the Operating Partnership, jointly and severally, agrees to
indemnify and hold harmless Purchaser and each person, if any, who controls Purchaser within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or is controlled by
or is under common control with Purchaser from and against any and all losses, claims, liabilities,
expenses and damages (including, but not limited to, any and all reasonable investigative, legal
and other expenses incurred in connection with, and any and all amounts paid in settlement (in
accordance with this paragraph) that arise out of, or are based upon: (a) the Company’s use of a
registered trademark that is the exclusive property of Purchaser’s affiliates or disclosure by the
Company of the transaction contemplated by this Agreement and the Sourcing Agreement to be executed
and delivered by the Company and Purchaser’s affiliate, in either case as used or disclosed in the
Registration Statement, the Time of Sale Prospectus or the Prospectus (each as defined in the
Underwriting Agreement); (b) any breach by the Company and the Operating Partnership of any of
their respective representations, warranties and agreements made to Purchaser in this Agreement;
(c) any untrue statement or alleged untrue statement of a material fact contained in the Resale
Shelf Registration Statement

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(as defined in Section 12.1 below) or any amendment thereof, or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as such losses, claims, damages,
liabilities or expenses are caused by any untrue statement, alleged untrue statement, omission or
alleged omission based upon information furnished to the Company by Purchaser for use therein; or
(d) any untrue statement or alleged untrue statement of a material fact contained in any
preliminary prospectus or prospectus forming a part of the Resale Shelf Registration Statement or
any amendment or supplement thereto, or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances in which they were made, not misleading, except insofar as such losses,
claims, damages, liabilities or expenses are caused by any untrue statement, alleged untrue
statement, omission or alleged omission based upon information furnished to the Company by
Purchaser for use therein; provided, in no case shall the Company and the Operating Partnership be
liable to the indemnified parties pursuant to clause (b) of this Section 9 for an amount
that in the aggregate exceeds the Purchase Price for the Shares issued and sold hereunder;
provided, further, that this indemnity agreement will be in addition to any liability that the
Company and the Operating Partnership might otherwise have.

               9.2. Purchaser agrees to indemnify and hold harmless the Company, the Operating Partnership
and each person, if any, who controls the Company or the Operating Partnership within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act or is controlled by or is
under common control with the Company from and against any and all losses, claims, liabilities,
expenses and damages (including, but not limited to, any and all reasonable investigative, legal
and other expenses incurred in connection with, and any and all amounts paid in settlement (in
accordance with this paragraph) that arise out of, or are based upon any untrue statement, or
alleged untrue statement, omission or alleged omission based upon information furnished to the
Company by Purchaser for use in the Resale Shelf Registration Statement or any amendment thereto or
any preliminary prospectus or prospectus forming a part of such Resale Shelf Registration Statement
or any amendment or supplement thereto; provided, this indemnity agreement will be in addition to
any liability that Purchaser might otherwise have.

               9.3. If for any reason the foregoing indemnification is either unavailable or insufficient to
hold harmless an indemnified party in respect to any loss, claim, liability, expense or damage
referred to herein, then the indemnifying party shall contribute to the amount paid or payable by
the indemnified party as a result of such loss, claim, liability, expense or damage in such
proportion as is appropriate to reflect the relative fault of the indemnifying party and the
indemnified party, as well as any other relevant equitable considerations. The relative fault of
the indemnifying party and indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact related to information supplied by the indemnifying party or
indemnified party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. No person or entity determined to
have committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person or entity who was not guilty of
such fraudulent misrepresentation.

11

 

               9.4. Any party that proposes to assert the right to be indemnified under this Section
9 in connection with a claim by a third party will, promptly after receipt of notice of
commencement of any action against such party in respect of which a claim is to be made against an
indemnifying party or parties under this Section 9, notify each such indemnifying party of
the commencement of such action. An indemnifying party will not, in any event, be liable for any
settlement of any action or claim effected without its prior written consent, such consent not to
be unreasonably withheld or delayed. No indemnifying party shall, without the prior written
consent of each indemnified party, settle or compromise or consent to the entry of any judgment in
any pending or threatened claim, action or proceeding relating to the matters contemplated by this
Section 9 (whether or not any indemnified party is a party thereto), unless such
settlement, compromise or consent includes an unconditional release of each indemnified party from
all liability arising or that may arise out of such claim, action or proceeding and does not
obligate the indemnified party to take any action, or refrain from taking any action that it would
otherwise be legally entitled to take.

          10. Termination. This Agreement shall be terminated prior to the consummation of the
transactions contemplated hereby if prior to the closing of the IPO, the Underwriting Agreement is
terminated pursuant to its terms. Purchaser may also terminate this Agreement prior to the
consummation of the transactions contemplated hereby (a) if the Closing has not occurred within 180
days following the date hereof unless otherwise agreed to by the parties hereto or (b) upon a
material breach of the representations and warranties or covenants of the Company and the Operating
Partnership contained herein. In the event of any termination of this Agreement, this Agreement
shall become null and void and have no effect, without any liability to any person in respect
hereof on the part of any party hereto, except for such liability resulting from such party’s
breach of this Agreement prior to such termination.

          11. Lock-Up Agreement.

               11.1. Purchaser agrees that, during a period of one year from the date of the Closing (the
“Lock Up Period”), Purchaser will not, without the prior written consent of the Company, directly
or indirectly, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant for the sale of, or
otherwise dispose of or transfer any shares of Common Stock, including the Shares, or any
securities convertible into or exchangeable or exercisable for Common Stock, whether now owned or
hereafter acquired by Purchaser or with respect to which Purchaser has or hereafter acquires the
power of disposition, or file, or cause to be filed, any registration statement under the
Securities Act with respect to any of the foregoing (collectively, the “Lock Up Securities”) or
(ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in
part, directly or indirectly, the economic consequence of ownership of the Lock Up Securities,
whether any such swap or transaction is to be settled by delivery of Common Stock, including the
Shares, or other securities, in cash or otherwise. The foregoing restrictions shall not apply to
transfers of Lock Up Securities by Purchaser to any affiliate (as defined in Rule 501(b) under the
Securities Act) of Purchaser, provided such affiliate agrees in writing with the Company to be
bound by the terms of this Section 11 for the remainder of the Lock Up Period (as the same
may be extended in accordance with Section 11.2 below.

12

 

               11.2. Notwithstanding the foregoing, if (a) during the last 17 days of the Lock Up Period, the
Company issues an earnings release or material news or a material event relating to the Company
occurs, or (b) prior to the expiration of the Lock Up Period, the Company announces that it will
release earnings results or becomes aware that material news or a material event will occur during
the 16 day period beginning on the last day of the Lock Up Period, the restrictions imposed by this
Section 11 shall continue to apply until the expiration of the 18 day period beginning on
the issuance of the earnings release or the occurrence of the material news or material event, as
applicable, unless the Company waives such extension. Purchaser hereby acknowledges and agrees
that the Company has agreed to provide a written notice of any such extension of the Lock Up Period
pursuant to Section 8.12 above. Purchaser further agrees that, prior to engaging in any
transaction or taking any other action that is subject to the terms of this Section 11
during the period from the date of the Closing to and including the 34th day following the
expiration of the initial Lock Up Period, Purchaser will give notice thereof to the Company and
will not consummate such transaction or take any such action unless it has received written
confirmation from the Company that the Lock Up Period (as may have been extended) has expired.
Purchaser agrees and consents to the entry of stop transfer instructions with the Company’s
transfer agent and registrar against the transfer of the Lock Up Securities except in compliance
with the foregoing restrictions.

          12. Registration Rights.

               12.1. Resale Shelf Registration. The Company agrees to register the resale of the Shares
under the Securities Act by including the Shares in the first registration statement filed by the
Company with the Securities and Exchange Commission (the “Commission”) covering the resale of the
“Redemption Shares” (as defined in the Partnership Agreement) (such registration statement is
referred to herein as the “Resale Shelf Registration Statement”). In connection therewith, the
Company shall: (a) use commercially reasonable efforts to have the Resale Shelf Registration
Statement be declared effective under the Securities Act; (b) register or qualify the Shares under
the securities or blue sky laws of such jurisdictions within the United States as required by law,
and do such other reasonable acts and things as may be required of it to enable Purchaser to
consummate the sale or other disposition in such jurisdictions of Shares, provided, however, that
the Company shall not be required to (i) qualify as a foreign corporation or consent to a general
or unlimited service or process in any jurisdictions in which it would not otherwise be required to
be qualified or so consent or (ii) qualify as a dealer in securities; and (c) otherwise use its
commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission in connection with the Resale Shelf Registration Statement, including supplementing or
amending the Resale Shelf Registration Statement, if required by the rules, regulations or
instructions applicable to the registration form utilized by the Company or by the Securities Act
or rules and regulations thereunder for the Resale Shelf Registration Statement. In connection with
and as a condition to the Company’s obligations with respect to the filing of the Resale Shelf
Registration Statement, Purchaser agrees with the Company that: (x) it will provide in a timely
manner to the Company such information with respect to Purchaser as reasonably required to complete
such Registration Statement or as otherwise required to comply with applicable securities laws and
regulations; and (y) it will not offer or sell the Shares pursuant to such Registration Statement
until the Shares have been included in such Registration Statement and Purchaser has received
notice that such Registration Statement, or any post-effective amendment thereto, has been declared
effective by the Commission, such notice to

13

 

have been satisfied by the posting by the Commission on www.sec.gov of a notice of
effectiveness.

               12.2. Listing of the Shares. The Company shall, at its expense and as necessary to permit the
registration and resale of the Shares pursuant to the Resale Shelf Registration Statement, list the
Shares on the Exchange or any other national securities exchange on which the shares of Common
Stock are then listed.

               12.3. Registration Not Required. Notwithstanding the foregoing, the Company shall not be
required to file or maintain the effectiveness of the Resale Shelf Registration Statement after the
first date upon which, in the opinion of counsel to the Company, all of the shares of Common Stock
covered by the Resale Shelf Registration Statement, including the Shares, could be sold by the
holders thereof either: (a) pursuant to Rule 144 under the Securities Act, or any successor rule
thereto (“Rule 144”) without limitation as to amount or manner of sale; or (b) pursuant to Rule 144
in one transaction in accordance with the volume limitations contained in Rule 144(e).

               12.4. Allocation of Expenses. The Company and the Operating Partnership shall pay all
expenses in connection with the registration of the Shares pursuant to the Resale Shelf
Registration Statement; provided, however, neither the Company nor the Operating Partnership shall
be liable for (i) any discounts or commissions to any underwriter or broker attributable to the
resale of the Shares, or (ii) any fees or expenses incurred by Purchaser in connection with such
registration that, according to the written instructions of any regulatory authority, neither the
Company nor the Operating Partnership is permitted to pay.

[Remainder of page intentionally left blank. Signature page follows.]

14

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 	 	 

	 	 	SUMMIT HOTEL PROPERTIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel P. Hansen	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Daniel P. Hansen	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SUMMIT HOTEL OP, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	SUMMIT HOTEL GP, LLC,

its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	SUMMIT HOTEL PROPERTIES, INC.,

its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel P. Hansen	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Daniel P. Hansen	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SIX CONTINENTS LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Travis D. Ray, attorney-in-fact	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Travis D. Ray	 	 
	 

	 	Title:
	 	Attorney-in-Fact	 	 

[Signature Page to Stock Purchase Agreement between

Summit Hotel Properties, Inc. and Six Continents Limited]exv10w26

Exhibit 10.26

EXECUTION VERSION

SOURCING AGREEMENT

     THIS
SOURCING AGREEMENT (this “Agreement”) is entered
into as of this 2nd day of December,
2010 (the “Effective Date”), by and between Six Continents Hotels, Inc., a Delaware corporation,
d/b/a InterContinental Hotels Group (“IHG”), and Summit Hotel Properties, Inc., a Maryland
corporation (the “Owner”).

RECITALS:

     A. IHG and certain of its affiliates franchise, and in certain cases manage, hotel properties,
currently under the following brands or brand groups: “Holiday Inn,” “Holiday Inn Express,” “Crowne
Plaza,” “InterContinental Hotels and Resorts,” “Staybridge Suites,” “Candlewood Suites” and “Hotel
Indigo” (each, together with any future brand, an “IHG Brand”).

     B. Owner and its predecessor entities currently own, and Owner is in the process of raising
capital for the purpose of acquiring and investing in, upscale and midscale with and without food
and beverage hotel properties located in major business, convention and airport markets in the
United States.

     C. Owner desires to establish a relationship with IHG whereby hotel properties acquired by
Owner or its affiliates, whether or not described in Recital B above, may be franchised or managed
by IHG or one of its affiliates under one of the IHG Brands.

     D. IHG (i) desires to franchise or manage additional hotels under the IHG Brands and (ii) may,
in its sole discretion, refer certain hotel property acquisition opportunities to Owner in
furtherance of IHG’s franchise and management objectives.

     E. Each of IHG and Owner believe that (i) a relationship between them will further the goals
and interests of each of them and (ii) it is in the best interests of each of them that the terms
of the relationship between them remain flexible in nature.

AGREEMENT:

     In consideration of the foregoing, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and in order to promote their mutual and joint
interests, Owner and IHG hereby agree as follows:

     1. Agreement. Commencing on the closing date of Owner’s initial public offering of its common
stock and for a period of five (5) years thereafter (the “Term”), Owner will provide IHG with
notice of (a “Notice”), and an exclusive right of first offer to, franchise or manage each hotel
property in which Owner acquires or proposes to acquire a fee simple or leasehold interest, but
only to the extent (i) such property is, or during the Term becomes, free of franchise or
management arrangements with third parties, and (ii) Owner determines, in its sole discretion, to
brand such property, whether with an IHG Brand or any other brand (each, a “Target Asset”);
provided, however, such right of first offer to franchise or manage shall not extend to the hotel
properties identified on Schedule I attached hereto. Subject to any confidentiality
agreement between Owner and a third party, each Notice shall provide detailed

 

 

information regarding the Target Asset and all due diligence information reasonably necessary
and in Owner’s possession (or to which Owner has access) to afford IHG the opportunity to assess
whether IHG wants to pursue a franchise or management arrangement with respect to the relevant
Target Asset (each, an “Opportunity”). IHG will have ten (10) business days from the date it
receives a Notice with respect to an Opportunity to advise Owner if IHG elects to pursue such
Opportunity. If IHG fails to respond within such ten (10) business day period, IHG will be deemed
to have rejected the Opportunity. The parties acknowledge that, in certain circumstances where IHG
determines, in its sole discretion, to be in its interests to do so, IHG may refer acquisition
opportunities in respect of Target Assets to Owner and Owner will have ten (10) business days from
the date of such notice to respond. If IHG notifies Owner that it is interested in pursuing any
Opportunity pursuant to this Section 1 within such ten (10) business day period (which notification
may be delivered by e-mail and shall be effective upon transmission to any officer or employee of
Owner set forth on Exhibit A attached hereto), then IHG and Owner will work together in good faith
to complete customary due diligence and negotiate and execute a franchise license or management
agreement, as the case may be, under an IHG Brand, for the relevant Target Asset, and such
franchise license or management agreement, as the case may be, will be effective upon the
acquisition of the relevant Target Asset, or such other date as may be agreed upon by IHG and
Owner. Substantially all of the customary commercial terms with respect to the (a) franchise of a
Target Asset will be set forth as soon as practicable in a definitive form of franchise license
reasonably satisfactory to the parties (the “Form License”) and (b) management of a Target Asset
will be set forth as soon as practicable in a definitive form of management agreement reasonably
satisfactory to the parties (the “Form HMA”). IHG and Owner will work together in good faith to
finalize the portions of the Form License or Form HMA, as the case may be, that are unique to each
Target Asset, including, as applicable and without limitation, a property improvement plan, area of
protection, and competitive set for performance test criteria; provided, however, if after a 90
calendar day period commencing on the date of the email notice from IHG to Owner referred to above,
IHG and Owner are unable to reach agreement on a definitive franchise license (based on the Form
License to be agreed to) or a definitive management agreement (based on the Form HMA to be agreed
to), as the case may be, with respect to a Target Asset, Owner will be free to pursue alternative
franchise or management arrangements for such Target Asset.

     2. Representations and Warranties of Owner. Owner represents and warrants to IHG as follows
as of the Effective Date:

          (a) Owner has been duly formed, is validly existing and is in good standing in the State of
Maryland and has been duly qualified to transact business and is in good standing in each
jurisdiction in which the nature of its business so requires. Owner has all the requisite power
and authority to enter into and comply with its obligations under this Agreement.

          (b) The execution, delivery and performance of this Agreement and all of the documents and
instruments required hereby are within the corporate power of Owner and have been duly authorized
by all necessary corporate action of Owner. This Agreement is, and the other documents and
instruments required hereby will be, when executed and delivered by Owner, the valid and binding
obligations of Owner, enforceable against Owner in accordance with their respective terms, except
as may be limited by bankruptcy, insolvency or other laws affecting enforcement of creditors’
rights generally, and by general principles of equity.

2

 

          (c) The execution, delivery and performance of this Agreement by Owner (and any other document
and instrument required hereby to which Owner is a party) does not and will not conflict with or
violate or result in a breach of the terms, conditions or provisions of any material contract to
which Owner is a party or by which Owner is bound.

          (d) There is no suit, action, investigation or proceeding pending or, to the knowledge of
Owner, threatened against or affecting Owner, which, if adversely determined, would have an adverse
effect on Owner’s ability to comply with the terms or provisions of this Agreement or any of the
other documents and instruments required hereby to which Owner is a party.

     3. Representations and Warranties of IHG. IHG represents and warrants to Owner as follows as
of the Effective Date:

          (a) IHG has been duly incorporated, is validly existing and is in good standing in the State
of Delaware and has been duly qualified to transact business and is in good standing in each
jurisdiction in which the nature of its business so requires. IHG has all the requisite power and
authority to enter into and comply with its obligations under this Agreement.

          (b) The execution, delivery and performance of this Agreement and all of the documents and
instruments required hereby are within the power of IHG and have been duly authorized by all
necessary action of IHG. This Agreement is, and the other documents and instruments required
hereby will be, when executed and delivered by IHG, the valid and binding obligations of IHG,
enforceable against IHG in accordance with their respective terms, except as may be limited by
bankruptcy, insolvency or other laws affecting enforcement of creditors’ rights generally, and by
general principles of equity.

          (c) The execution, delivery and performance of this Agreement by IHG (and any other document
and instrument required hereby to which IHG is a party) does not and will not conflict with or
violate or result in a breach of the terms, conditions or provisions of any agreement, document or
instrument to which IHG is a party or by which IHG is bound.

          (d) There is no suit, action, investigation or proceeding pending or, to the knowledge of IHG,
threatened against or affecting IHG, which, if adversely determined, would have an adverse effect
on IHG’s ability to comply with the terms or provisions of this Agreement or any of the other
documents and instruments required hereby to which IHG is a party.

     4. Default. If either party breaches this Agreement, the non-breaching party’s sole remedies
are to (a) seek injunctive relief or specific performance or (b) terminate this Agreement. In the
event a non-breaching party seeks injunctive relief or specific performance, (i) the party alleged
to be in breach of this Agreement will not resist the application for injunctive relief or specific
performance made by the non-breaching party on the grounds that the non-breaching party has an
adequate remedy at law and (ii) each party agrees to waive any requirement for the securing or
posting of any bond in connection with any proceeding brought by the non-breaching party to seek
such relief.

     5. Relationship. Neither this Agreement nor any agreements, instruments, documents or
transactions contemplated hereby shall in any respect be interpreted, deemed or

3

 

construed as making IHG an agent, partner, sponsor, or joint venturer with Owner or as
creating any similar relationship. IHG and Owner agree that notwithstanding any informal
relationship, current intentions regarding business opportunities, or subsequent course of
dealings, no legal relationship or obligation shall arise between IHG and Owner, other than the
respective obligations described in Section 1 above, unless specified in an explicit written
agreement between the two parties. Both Owner and IHG covenant and agree that they will not make
any contrary assertion, contention, claim or counterclaim in any action, suit, arbitration or other
legal proceedings involving IHG and Owner.

     6. No Representation. In entering into this Agreement, IHG and Owner acknowledge that neither
IHG nor Owner has made any representation to the other regarding projected earnings, the
possibility of future success or any other similar matter with respect to the subject matter of
this Agreement and that IHG and Owner understand that no guarantee is made to the other as to any
specific amount of income to be received by IHG or Owner or as to the future financial success of
any hotel.

     7. Miscellaneous Provisions.

          (a) Further Assurances. Owner and IHG shall execute and deliver all other appropriate
supplemental agreements and other instruments, and take any other action necessary to make this
Agreement fully and legally effective, binding and enforceable as between them and as against third
parties.

          (b) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of Owner, its permitted successors and assigns, and shall be binding upon and inure to the
benefit of IHG, its successors and assigns. Neither party may assign any rights under this
Agreement to any person except to a wholly-owned subsidiary which will be bound by each and every
term and condition of this Agreement, and no such assignment shall relieve either party of any duty
or obligation hereunder.

          (c) Governing Law. This Agreement is executed pursuant to, and shall be construed
under and governed exclusively by, the internal laws of the State of Georgia.

          (d) Jurisdiction. Each party hereby expressly and irrevocably submits itself to the
non-exclusive jurisdiction of the federal or the state courts of the State of Georgia.

          (e) Amendments. This Agreement may not be modified, amended, surrendered or changed,
except by a written instrument executed by Owner and IHG.

          (f) Partial Invalidity. In case any provision of this Agreement shall be found by a
court of law to be invalid, illegal, or unenforceable, the validity, legality, and enforceability
of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

          (g) Interpretation. No provisions of this Agreement shall be construed against or
interpreted to the disadvantage of any party hereto by any court or other governmental or judicial
authority by reason of such party having or being deemed to have structured or dictated such
provision.

4

 

          (h) Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and need not be signed by more than one of the parties
hereto and all of which shall constitute one and the same agreement.

          (i) Notices. Except as expressly set forth in Section 1 above with respect to
notification from IHG, any notice, statement or demand required to be given under this Agreement
shall be in writing and be, and at the option of the party giving notice, (i) personally delivered
(including delivery by a recognized overnight courier service), (ii) transmitted by postage prepaid
certified mail addressed or (iii) transmitted by facsimile, as follows:

To Owner:

Summit Hotel Properties, Inc.

2701 South Minnesota Avenue, Suite 6

Sioux Falls, South Dakota 57105

Facsimile: (605) 362-9388

Attention: Chief Financial Officer

To IHG:

InterContinental Hotels Group

Three Ravinia Drive, Suite 100

Atlanta, Georgia 30346

Facsimile: (770) 604-2373

Attention: Senior Vice-President, Capital Investment and Transactions,

Americas

With a concurrent copy (which shall not constitute notice) to:

InterContinental Hotels Group

Three Ravinia Drive, Suite 100

Atlanta, Georgia 30346

Facsimile: (770) 604-8551

Attention: General Counsel

or to such other addresses as IHG or Owner shall designate in the manner herein provided. Any such
notice shall be deemed to have been given on (x) the date of receipt by the party to which such
notice is addressed at the designated address if delivered personally to the party to which such
notice was addressed, or (y) the day three (3) days after it shall have been posted if transmitted
by certified mail, whichever shall first occur, but the time period for any response thereto or
action in connection therewith shall not commence to run until actual receipt by any employee of
the recipient at the designated address or rejection or inability to deliver such notice. Owner and
IHG each agree that upon giving of any notice, it shall use its best efforts to advise the other by
telephone that a notice has been sent hereunder. Such telephonic advice shall not, however, be a
condition to the effectiveness of notice hereunder.

          (j) Entire Agreement. This Agreement and the other documents delivered pursuant
hereto constitute the full and entire understanding and agreement among the parties

5

 

with regard to the subject matter hereof and thereof and they supersede, merge, and render
void every other prior written and/or oral understanding or agreement among or between the parties
hereto.

          (k) Third Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns, and is not for the benefit
of, nor may any provision hereof be enforced by, any other person.

          (l) Expenses. Whether or not the transactions contemplated by this Agreement are
consummated, Owner, on one hand, and IHG, on the other hand, shall pay the costs, fees and expenses
incident to its negotiation, preparation, execution, delivery and performance hereof, including the
fees and expenses of its counsel, accountants, advisors and other representatives.

[Signatures begin on next page.]

6

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written.

	 	 	 	 	 	 	 

	 	 	SUMMIT HOTEL PROPERTIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel P. Hansen	 	 
	 

	 	Name:
	 	 

Daniel P. Hansen
	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SIX CONTINENTS HOTELS, INC.	 	 
	 	 	(d/b/a InterContinental Hotels Group)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Travis D. Ray	 	 
	 

	 	Name:
	 	 

Travis D. Ray
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page to Sourcing Agreement between

Summit Hotel Properties, Inc. and InterContinental Hotels Group]

 

 

SCHEDULE I

EXCLUDED HOTEL PROPERTIES

	1.	 	Cambria Suites, Bloomington, MN
	 
	2.	 	Comfort Suites, Minneapolis, MN

 

 

EXHIBIT A

DESIGNATED OFFICERS AND EMPLOYEES OF OWNER FOR THE GIVING OF E-MAIL

NOTICE PURSUANT TO SECTION 1 OF SOURCING AGREEMENT

	 	 	 	 	 
	Name	 	Office	 	Email Address

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