Here are 1-3 brief analogies for Summit Hotel Properties (INN):

• It's like **Prologis**, but for hotels instead of warehouses.
• Think of it like **Public Storage**, but for hotels instead of self-storage facilities.
• Similar to **Simon Property Group**, but they own a portfolio of hotels rather than shopping malls.

• Lodging Services: Providing temporary accommodation in guest rooms and suites for business and leisure travelers across its hotel portfolio.
• Food and Beverage Services: Offering a variety of dining options, including restaurants, bars, and room service, to guests within its hotel properties.
• Meeting and Event Facilities: Supplying dedicated spaces, such as conference rooms and ballrooms, for corporate meetings, conferences, and social events at its hotels.

Summit Hotel Properties (symbol: INN) sells primarily to individuals.

The company serves the following categories of customers:

• Business Travelers: Individuals traveling for work-related purposes, including corporate meetings, conferences, and individual business trips. They often seek convenient locations, reliable Wi-Fi, and business amenities.
• Leisure Travelers: Individuals, couples, and families traveling for vacation, tourism, personal events (e.g., weddings, family visits), or weekend getaways. They typically look for comfort, value, and proximity to attractions or events.
• Group Travelers: Organized groups such as sports teams, school groups, tour groups, or attendees of large conventions and events where multiple rooms are booked together. These groups often require blocks of rooms and may utilize meeting spaces.

• Marriott International, Inc. (MAR)
• Hilton Worldwide Holdings Inc. (HLT)
• Hyatt Hotels Corporation (H)
• InterContinental Hotels Group PLC (IHG)
• LBA Hospitality
• Concord Hospitality Enterprises Company
• Island Hospitality Management
• McKibbon Hospitality
• Aimbridge Hospitality

Jonathan P. Stanner, President and Chief Executive Officer

Mr. Stanner is the President and Chief Executive Officer of Summit Hotel Properties and a member of the Company's Board of Directors, a position he assumed in January 2021. He joined Summit Hotel Properties in April 2017 as Executive Vice President and Chief Investment Officer, and later served as Executive Vice President and Chief Financial Officer from March 2018 to January 2021. Prior to joining Summit, Mr. Stanner was the Chief Executive Officer at Strategic Hotels & Resorts, a NYSE-listed company that was acquired by an affiliate of The Blackstone Group in 2015. During his tenure at Strategic Hotels & Resorts from 2005 to 2015, he held various other senior positions, including Chief Financial Officer, Senior Vice President of Capital Markets and Acquisitions, Treasurer, and Director of Corporate Finance. Earlier in his career, he worked as an investment banking analyst for Banc of America Securities.

William H. Conkling, Executive Vice President and Chief Financial Officer

Mr. Conkling serves as the Executive Vice President and Chief Financial Officer of Summit Hotel Properties, having joined the company in May 2021. Before his role at Summit, Mr. Conkling was a Managing Director in the Real Estate, Gaming & Lodging Investment Banking group for Bank of America Merrill Lynch. In this capacity, he oversaw the successful execution of over $190 billion in transactions, including capital markets and mergers and acquisitions. He also previously worked with the investment banking unit of Bear, Stearns & Co. and in asset management for Host Hotels & Resorts.

Christopher R. Eng, Executive Vice President, General Counsel, Chief Risk Officer and Secretary

Mr. Eng holds the titles of Executive Vice President, General Counsel, Chief Risk Officer, and Secretary at Summit Hotel Properties. In his role, he is responsible for managing the Company's legal affairs and providing daily legal support for its operations. Previously, Mr. Eng served as Vice President, General Counsel, and Secretary for the Company's predecessor organizations, where he focused on corporate compliance, real estate acquisitions and dispositions, franchise licensing, corporate insurance coverage, corporate governance, and securities industry regulatory compliance.

Paul Ruiz, Senior Vice President and Chief Accounting Officer

Mr. Ruiz joined Summit Hotel Properties in April 2014 and is currently the Senior Vice President and Chief Accounting Officer. He also served as the Company's interim Chief Financial Officer from May 2014 to October 2014. Mr. Ruiz brings over 25 years of expertise in finance and accounting, business strategy, organizational operations, manufacturing and logistics, information systems and technology, private and public debt and equity transactions, mergers and acquisitions, international expansion and operations, management of hyper-growth, divestitures and restructuring activities, and business transformations. His prior experience includes senior executive financial, accounting, and operational roles, such as Chief Financial Officer, Chief Operating Officer, and Chief Accounting Officer for companies in various industries, including real estate and technology. Before joining Summit, Mr. Ruiz was the Senior Director of Global Corporate Accounting for Freescale Semiconductor, Inc. He began his career as an audit manager at PricewaterhouseCoopers.

The key risks to Summit Hotel Properties (INN) primarily revolve around macroeconomic factors impacting its operational performance, its debt structure and interest rate exposure, and market-specific challenges such as new supply and geographic concentration.

1. Macroeconomic Volatility and Declining Operational Performance (RevPAR)

Summit Hotel Properties is significantly exposed to macroeconomic volatility, which has directly impacted its operational performance. The company has experienced declining Revenue Per Available Room (RevPAR), with a 4.2% year-over-year drop in Q3 2025, and further declines projected for Q4 2025 (2.0% to 2.5%) and for the full year 2025 (2.25% to 2.5%). This deterioration is largely attributed to increased price sensitivity in the market, a reduction in government and international travel demand, and a shift towards a lower-rated business mix. The result has been a widening net loss attributable to common stockholders in Q3 2025 and stagnating or negative profit margins. Despite efforts in expense management, operating expense growth continues to pressure profitability.

2. Interest Rate Exposure and Significant Debt Load

The company faces substantial risk from its exposure to interest rate fluctuations and a significant debt load. Summit Hotel Properties utilizes floating-rate debt, making it vulnerable to rising interest rates. Approximately 31% of its variable-rate debt remains exposed to potential rate hikes, even with some hedging strategies in place. While the company has managed to push out some near-term debt maturities, with effectively no debt maturities until 2028 after a planned Q1 2026 note retirement, the overall outstanding debt, which was around $1.1 billion as of Q3 2025, still represents a considerable financial risk. The risk of debt refinancing by late 2026 is also identified as a significant threat.

3. New Hotel Supply and Market Concentration

Summit Hotel Properties is also exposed to the risk of new hotel supply entering its key markets and the concentration of its portfolio in high-cost, high-volatility urban areas. New supply in specific submarkets could dilute RevPAR gains by over 3%. Although the company expresses confidence in limited new hotel supply overall, the emergence of modern hotels in its operating markets could disproportionately affect existing properties. Furthermore, the company's exposure to certain high-cost and high-volatility urban markets, such as Chicago, San Francisco, and Orlando, creates a concentration risk where even a small number of properties can significantly impact operating expenses and margins due to factors like higher labor costs.

The persistent structural shift towards remote and hybrid work models, leading to a long-term reduction in traditional business travel demand.

Expected Drivers of Future Revenue Growth for Summit Hotel Properties (INN) over the Next 2-3 Years:

1. Growth in Non-Rooms Revenue: Summit Hotel Properties is focused on increasing revenue generated from sources beyond room bookings, such as food and beverage sales, resort and amenity fees, and parking charges. This strategy has already shown success with non-rooms revenue increasing in Q3 2025 and year-to-date.
2. Strategic Capital Investments and Renovations: The company is undertaking ongoing renovations and making strategic capital investments across its portfolio. These efforts are aimed at enhancing future operating performance and specifically boosting non-room revenue growth.
3. Event-Driven Demand in Key Markets: An optimistic outlook for 2026 is largely attributed to anticipated robust demand from major special events, including the World Cup and the Super Bowl. These events are expected to significantly benefit markets where Summit Hotel Properties has a strong presence.
4. Favorable Supply-Demand Dynamics: The lodging industry is expected to benefit from a lack of new hotel supply growth, particularly in 2026. This limited new supply, coupled with stable demand, should create favorable market dynamics, potentially leading to increased occupancy and average daily rates for existing properties.
5. Improvement in Government Travel: Following a period of reduced government and international travel that impacted recent operating results, Summit Hotel Properties anticipates an improvement in government travel comparisons starting post-March 2026, which should contribute to demand recovery.

Share Repurchases

• Summit Hotel Properties authorized a $50 million share repurchase program in April 2025.
• Between April 29, 2025, and June 30, 2025, the company utilized $15.4 million to repurchase 3.6 million common shares at an average price of $4.30 per share.
• As of August 5, 2025, approximately $34.6 million remained available for repurchase under this program.

Share Issuance

• In November 2021, as part of the $822 million acquisition of a 27-hotel portfolio, Summit Hotel Properties issued 15.865 million common operating partnership units valued at $160 million.
• Concurrently, $50 million worth of newly designated 5.25% Series Z Preferred Units were also issued.

Inbound Investments

• In November 2021, Summit Hotel Properties, through its joint venture with GIC, entered into an agreement to acquire a 27-hotel portfolio for a total consideration of $822 million from affiliates of NewcrestImage. The initial closing for 26 of these hotels occurred in January 2022.

Outbound Investments

• In October 2025, Summit Hotel Properties completed the sale of two hotels for a combined sales price of $39.0 million at a blended 4.3% capitalization rate.
• Since 2023, the company and its affiliates have sold a total of 12 hotels for approximately $187 million, at a blended capitalization rate of 4.5%, including foregone capital expenditures.
• Over the past three years (since 2023), the company has acquired four hotels for approximately $140 million through its joint venture with GIC.

Capital Expenditures

• Over the past three years, Summit Hotel Properties has invested over $260 million in capital expenditures on a consolidated basis.
• The company expects capital expenditures for the full year 2025 to be between $60 million and $65 million on a pro rata basis.
• These expenditures are primarily focused on comprehensive renovations to maintain a best-in-class portfolio and drive future operating performance, such as the renovation of the Courtyard Fort Lauderdale Beach.