#1Residence Inn - Portland Downtown Marriott Hyatt House-Orlando Universal Hyatt HYATT house kesilence four sanall Residence Inn - Boston Watertown Marriott SUMMIT AC HOTEL PROPERTIES HOTELA Courtyard - Pittsburgh Downtown Marriott LELPHITE SEB AC Hotel-Oklahoma City Bricktown. Marriott COURTYARD MARRIOTT Residence WARRING сопору Canopy by Hilton - Frisco Hilton 44 Residente Residence Inn-Steamboat Springs Marriott BRI INVESTOR PRESENTATION MAY 2023 AC Hotel-Houston Marriott#2Forward 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, 2022, 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 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. SUMMIT HOTEL PROPERTIES AC Hotel / Residence Inn Frisco Station#33 Summit Overview Summit Hotel Properties (NYSE: INN) is a leading publicly-traded REIT focused on owning premium-branded lodging assets with efficient operating models primarily in the upscale segment of the lodging industry 103 (5) (6) Lodging Assets (1) 86% Top 50 Markets (1,2) 45% GOP Margin (1,5) 15,334 Guestrooms (1) Marriott INTERNATIONAL 95% Hilton HOTELS & RESORTS HYAIT Franchisor Contribution (1,2) ~$975M Recent Acquisitions (1) Based on 103 lodging assets owned as of May 3, 2023. (2) Based on guestroom count for the 103 lodging assets owned as of May 3, 2023. (3) Based on 102 lodging assets (excluding Onera Fredericksburg) owned as of May 3, 2023. (4) Based on STR data for the twelve months ending March 31, 2023. Based on pro forma financials for the twelve months ended March 31, 2023. Based on full year 2023 guidance ranges for 103 lodging assets owned as of May 3, 2023. 43 Markets (1) 112 Portfolio RevPAR Index (3,4) +6% to 11% 2023E RevPAR Growth (6) AC Hotel Downtown Dallas SUMMIT HOTEL PROPERTIES#4品 SUMMIT INVESTMENT THESIS QUI AC Hotel Frisco Station#55 Proven Investment Strategy Efficient Operating Model and Best-in-Class Platform Drives Profitability Premier Portfolio with Broad Geographic Diversification and Concentration in High Growth Sun Belt Markets AC Hotel Frisco Station Targeted Capital Allocation Strategy with Proven Track Record of External Growth and Capital Recycling Strong Balance Sheet and Liquidity Support Future Growth Leading Environmental, Social, and Governance Program SUMMIT HOTEL PROPERTIES#66 Efficient Operating Model and Best-in-Class Platform Drives Profitability Summit's operating platform is built on its expertise and experience in revenue & asset management, design & construction, and capital allocation all underpinned by robust business intelligence and data analytics In-House Revenue Management Consistent on-site presence and collaboration with local management Industry benchmarking and data analysis Analyzing forward-looking data to proactively manage demand expectations rather than manage reactively In-House Design & Construction Continuous renovation planning and oversight to ensure minimum revenue displacement Cost savings achieved driven by fewer outsourcing needs for renovation activity In-house design leads to more customized renovations In-House Asset Management Intensive asset management process provides better oversight and accountability of management companies Exhaustive due diligence approach facilitates value creation Independent Management Companies Flexible and favorable management terms High degree of engagement with key management company personnel Use of independent platforms eliminates conflicts of interest Development & Acquisitions Deep network of industry relationships facilitates off market transactions Leverage in-house asset management and design & construction to optimize market positioning and capital investment Partnership with GIC facilitates expanded acquisition opportunities and enhanced underwriting rigor Investment & Business Intelligence Business intelligence tools facilitate real-time data analytics Data analytics used to implement revenue and asset management strategies designed to maximize hotel profitability SUMMIT HOTEL PROPERTIES#77 Efficient Operating Model and Best-in-Class Platform Drives Profitability An enhanced guest experience has facilitated a continuing shift in guest preference and driven outperformance in the Upscale segment compared to the Upper-Upscale segment STR Upscale RevPAR (1) STR Upper-Upscale RevPAR (1) $105 $90 $75 $60 $66 2009 +58% Homewood Suites Aliso Viejo $104 2022 $140 (1) Based on the Smith Travel Research Quarterly and Monthly Hotel Review for the applicable years. $120 $100 $80 SpringHill Suites Indianapolis Downtown $90 2009 +49% $134 2022 Hampton Inn & Suites Baltimore Downtown SUMMIT HOTEL PROPERTIES#88 Efficient Operating Model and Best-in-Class Platform Drives Profitability Cumulative RevPAR Growth (1) Summit has a track record of outperformance with cumulative RevPAR growth exceeding the STR Upscale chain scale benchmark by a 170-basis point CAGR over the eleven years since the Company's IPO 60% 40% 20% 0% -20% -40% -60% 2011 Cumulative Rev PAR Growth: Summit Pro Forma Portfolio vs. STR Upscale (1) 2012 2013 2014 Pre-pandemic 2015 Summit 2016 2017 Year End Based on the Smith Travel Research Lodging Review and Summit's full year reported pro forma RevPAR growth for the applicable years. 2018 48% 35% STR Upscale 2019 2020 2021 29% 7% 2022 SUMMIT HOTEL PROPERTIES#99 Efficient Operating Model and Best-in-Class Platform Drives Profitability 36% 34% 32% 30% 28% 26% 35.4% (1) Summit Summit Delivers Best-in-Class Operating Margins +120 bps FYE 2022 Hotel EBITDA Margin 34.2% Select-Service Peers (2) +350 bps 30.7% (2,3) All Peers +70 bps (1) Summit based on the pro forma 2022 financials for the 103 lodging assets owned as of May 3, 2023. (2) Select-service peer data based on the aggregate FY 2022 comparable portfolio revenue and hotel EBITDA reported for the following peers: APLE, CLDT, HT, and RLJ. (3) Full-service peer data based on the aggregate FY 2022 comparable portfolio revenue and hotel EBITDA reported for the following peers: AHT, BHR, DRH, HST, PK, PEB, RHP, SHO, and XHR. 30.0% (3) Full-Service Peers SUMMIT HOTEL PROPERTIES#10ANN 448 FOR W Efficient Operating Model and Best-in-Class Platform Drives Profitability 10 MEE Recen COURTYARD Courtyard Charlotte City Center INDI Through both asset management initiatives and a restructuring of the operating model during the pandemic, we believe there is potential for margin expansion as revenues return to stabilized levels 53% 50% 48% 45% 43% 40% Rooms evenue driven model results in high GOP and EBITDA marg Proprietary, in-house revenue management platform partners with management companies to more effectively yield manage the portfolio and drive profitability Complexing of management and sales teams across the portfolio, particularly with the addition of the Newcrestlmage portfolio, creates both revenue and expense synergies Utilization of best practices from our nine hotel management partners drives operational efficiencies Strong connectivity, representation and influence with all major brand partners through leadership roles on owner advisory councils Sequential Improvement in GOP Margins vs. 2019 (¹) Q4 2022 margins down 130 bps vs 2019 compared to 430 bps in Q1 2022 49.2% 430 bps 44.9% Q1 2022 (1) Based on pro forma GOP Margin for the applicable periods relating to the 103 lodging assets owned as of May 3, 2023. 1 49.9% 210 bps 47.8% Q2 2022 L2019 GOP Margin 1 I 46.9% 260 bps 44.3% Q3 2022 1 2022 GOP Margin 45.6% 130 bps 44.2% Q4 2022 1 SUMMIT HOTEL PROPERTIES#1111 Premier Portfolio with Broad Geographic Diversification and Concentration in High Growth Sun Belt Markets U.S. Markets Top 25 Top 50 Sun Belt Urban Total No single asset contributes more than 3% to our portfolio, and Dallas is the only market that contributes > 10%. Each individual Dallas submarket contributes < 5% Portland San Francisco % of Portfolio (2) 62% 86% 64% Southern California 48% 100% Number of Rooms 9,072 Phoenix 12,473 9,272 7,050 14,584 Rocky Mountains West Texas D (1) Based on guestroom count as a percent of the total MSA for 103 lodging assets owned as of May 3, 2023. (2) Based on 97 lodging assets owned as of May 3, 2023, after excluding the six pending dispositions. Note: guestroom count used to determine circle size. Minneapolis Oklahoma City Chicago Dallas-Fort Worth Houston Indianapolis Nashville New Orleans Current Lodging Assets Pending Dispositions Atlanta Orlando MSA Baltimore Atlanta Boston Chicago Kansas City Minneapolis Miami % of Total Portfolio Current (1) 4.9% 3.1% 0.8% 4.0% After Sales (2) 4.0% 1.4% 0.0% 2.9% SUMMIT HOTEL PROPERTIES#1212 Premier Portfolio with Broad Geographic Diversification and Concentration in High Growth Sun Belt Markets Summit Markets Dallas-Fort Worth New Orleans Miami-Fort Lauderdale Portland Atlanta Baltimore Houston San Francisco Phoenix Denver Summit's favorable market exposure is expected to drive portfolio RevPAR growth in its top 10 markets of 90 basis points more than industry averages annually through 2027 (1,2) Pro Forma Top 10 (²) Other (2) Pro Forma Portfolio (²) Total U.S. (1) (2) Rooms % Portfolio 2,225 1,178 688 640 584 569 567 563 552 509 8,075 6,509 14,584 15% 8% 5% 4% 4% 4% 4% 4% 4% 3% 55% 45% 100% 5YR CAGR (1) 4% 5% 3% 6% 5% 5% 5% 10% 4% 5% 5% 5% 5% 4% VS. Total U.S. 0 bps 130 bps -120 bps 200 bps 100 bps 60 bps 90 bps 600 bps -50 bps 70 bps 90 bps 90 bps 90 bps Market Indicator 30% 23% 15% 8% 0% 2022 Forecasted Cumulative RevPAR Growth (1,2) 2023 Summit 2024 2025 CBRE Total U.S. 2026 CBRE Upscale CBRE Hotel Horizons RevPAR growth data Q4 2022 Edition as of February 2023. Pro forma portfolio RevPAR growth is the CBRE All Hotels RevPAR growth for the applicable markets weighted by guestroom count for the 97 lodging assets owned as of May 3, 2023, after excluding the six pending dispositions. ‒‒‒ 2027 5YR CAGR 5.0% 4.4% 4.1% SUMMIT HOTEL PROPERTIES#1313 Premier Portfolio with Industry-Leading Brands Offering Diverse and Distinctive Accommodations and Experiences Summit believes in the value of brand loyalty and partners with leading global brands that provide access to millions of enrolled loyalty members. We believe guests value premium standards, exceptional service, diverse type of stay offerings, and ease of reservation that result in a positive guest experience and recurring stays. Legend 52% Marriott. Hilton HYAIT™ Other Franchisor (1) 5% 24% 19% COURTYARD" BY MARRIOTT Hilton Garden Inn Hampton by HILTON Legend 65% (1) Based on guestroom count for the 103 lodging assets owned as of May 3, 2023. Hotel Type Premium Select Service Extended Stay Lifestyle Compact Full Service (1) HOMEWOOD SUITES by Hilton 22% Residence INN EY MARRIOTT 10% HYATT PLACE 3% AC HOTELS MARRIOTT canopy by Hilton HEU AC Hotel Oklahoma City Bricktown SUMMIT HOTEL PROPERTIES#14SUMMIT OPERATIONAL UPDATE AMARRIOTT Marriott Boulder#1515 Urban and Weekday Demand Driving Next Phase of Lodging Recovery The greatest opportunity for further RevPAR acceleration is from weekday performance improvement, likely to be driven by urban location type and business transient segment. ● 150% 125% Strengthening corporate and group demand continue to drive improving fundamentals in key urban markets such as Chicago, Dallas, Houston, and Miami. 100% 75% 50% (1) (2) 25% For the first quarter 2023, weekday RevPAR improved significantly, growing 22% compared to the first quarter 2022 versus weekend RevPAR growth of 10%. Comparable weekday and weekend RevPAR in the first quarter 2023 recovered to 86% and 105% of pre-pa emic levels, respective ared to the first quarter 2022 weekday and weekend RevPAR recovery of 70% and 95%, respectively. +54% RevPAR YOY 57% 83% 66% FY 2021 92-Hotel Comparable Portfolio RevPAR Recapture vs 2019 (²) +77% RevPAR YOY 70% 95% 79% Q1 2022 +54% RevPAR YOY 85% 106% 93% Q2 2022 Weekday Based on guestroom count for the 103 lodging assets owned as of March 31, 2023. Based on pro forma financials for the 92 comparable lodging assets owned as of March 31, 2023. +21% RevPAR YOY 87% 103% 94% Q3 2022 Weekend +16% RevPAR YOY 86% 107% 95% Q4 2022 Comparable % of Portfolio by STR Location (¹) Airport 11% Suburban 29% +37% RevPAR YOY 82% 103% 90% FY 2022 Urban 47% Resort 10% +18% RevPAR YOY 86% 105% Other 4% 93% Q1 2023 SUMMIT HOTEL PROPERTIES#1616 Summit's RevPAR Premium Drives Outperformance vs. Peers As demand continues to broadly recover, Summit's RevPAR premium to its competitive set has increased to near pre-pandemic levels, resulting in $80 million of additional annualized revenue Increasing RevPAR Premium (1) $140 RevPAR $120 $100 (1) $80 $60 $40 $20 $14 Premium per Day $0 $11 $110 APR 2022 $11 $108 MAY 2022 X $11 $113 JUN 2022 365 Days per Year $10 $104 JUL 2022 $14 $94 AUG 2022 X Comp Set RevPAR $12 $107 SEP 2022 15,334 Guestrooms $13 $117 OCT 2022 $13 $95 NOV 2022 = DINN RevPAR Premium $80mm of Additional Revenue $10 $80 DEC 2022 $11 $86 JAN 2023 $12 $109 FEB 2023 $14 $123 MAR 2023 Based on pro forma RevPAR for the 103 lodging assets owned as of May 3, 2023. Comp set and RevPAR index is based on STR data for 102 lodging assets (excluding Onera Fredericksburg). MANDIA www WA Courtyard Pittsburgh Downtown SUMMIT HOTEL PROPERTIES#17SUMMIT CAPITAL ALLOCATION I LOWIN AC/ Element Miami Brickell#1818 Targeted Capital Allocation Strategy with Proven Track Record of Transaction Driven Value Creation Acquisitions ● Locations in "Markets that Matter" with favorable supply/demand dynamics and multiple demand generators Efficient operating models and value-add opportunities (i.e., property renovations, brand conversions, management changes) Dispositions ● Target product types that appeal to evolving guest preferences (i.e., initial glamping investment with the acquisition of Onera Fredericksburg in October 2022 and two new development projects currently underway) Under contract to sell six lodging assets and one vacant land parcel for $79.9 million. Combined with our previously completed sale of the Hilton Garden Inn San Francisco in 2022, we have signed or closed sales totaling $155 million at a blended capitalization rate of 2.3% based on trailing twelve-month net operating income and eliminated nearly $44 million of near-term required capital expenditures. Joint Venture with GIC ● Identify markets with unfavorable supply/demand dynamics and hotels with functional obsolescence or large capital needs that do not meet return thresholds Total assets of $1.2 billion with a well-respected global real estate investor further validates Summit's platform and operating model Facilitates external growth strategy and creates a pipeline for future growth Fee structure generates higher going-in yields and hold-period returns for the Company and is expected to cover ~15% of 2023 cash corporate G&A Opportunistic Development and Mezzanine Lending Activity Higher risk-adjusted returns and utilization of in-house development expertise Mezzanine lending program provides alternative pipeline for growth which typically earns current yields of 10%-14% and provides for the future option to acquire at a fixed price (i.e., initial mezz loan converted into 90% equity stake in the dual-branded AC Hotel / Element Miami Brickell) Flexible Balance Sheet Maintain liquidity and flexibility and a well-balanced maturity ladder spread across multiple years Precedent for creative structuring and accretive issuance of OP units to preserve liquidity while remaining transactional hotel&INDIGO hotel INDIGO Hotel Indigo Asheville SUMMIT HOTEL PROPERTIES#1919 Targeted Capital Allocation Strategy with Proven Track Record of Transaction Driven Value Creation $1,200 $900 $600 $300 48% 36% (1) (2) 24% 12% 0% $0 Over the past seven quarters, Summit has been highly acquisitive relative to the lodging peer set, setting the stage for outsized EBITDA growth over the next several years Gross Acquisition Value (¹) $1,079 HST 45% INN $975 INN 37% BHR $802 PEB 15% PEB $539 BHR 13% SHO $428 APLE 13% DRH $410 $403 SHO 13% DRH XHR 9% $329 Acquisitions as a % of TEV (2) CLDT XHR 9% $258 APLE RLJ 7% HST $102 CLDT 7% RLJ $0 RHP 0% RHP I $0 AHT 0% AHT Amounts in millions. Acquisition activity for the period beginning July 1, 2021, through March 31, 2023. Summit TEV based on market close price as of May 3, 2023. Summit acquisition value is pro rata. Peer data from SNL based on Q4 2022 reported data available and market close price as of May 3, 2023. $0 HT 0% HT $0 PK 0% PK SUMMIT HOTEL PROPERTIES#2020 Targeted Capital Allocation Strategy with Proven Track Record of External Growth and Capital Recycling Recent Acquisitions Highlight # of Assets # of Guestrooms Date of Acquisition Gross Purchase Price Price Per Key Est. Stabilized Yield (3) Summit Same Store (1) 71 11,120 2021 Acquisitions 2 230 2H 2021 $59M $254K 10-11% NCI Portfolio 27 3,709 Q1 2022 $822M $209K (2) 8-9% (1) Based on the 71 same store hotels owned as of December 31, 2022. (2) Based on the hotel purchase price exclusive of the parking structures and incentives. (3) Est. stabilized yields based on full year underwritten NOI in 2024. Onera est. based on year 1 stabilized yields. (4) Onera yield based on the initial investment amount of $5 million. AC / Element Miami 2 264 Q2 2022 $89M $337K 8-9% Onera Fredericksburg 1 11 Q4 2022 $5M $455K 15-17% (4) Summit Pro Forma 103 15,334 Key Highlights 45% Growth 38% Growth Active Early in Cycle ~$975M Invested Attractive Basis of $220K / Key (2) Strong Stabilized Yields SUMMIT HOTEL PROPERTIES#2121 Glamping Investment Rationale Strategic Rationale Glamping segment positions Summit to benefit from emerging guest preferences towards experiential travel and non-traditional accommodation types Highly compelling unit economics ● . Generate in place yields and unlevered IRR profiles that are 400-600 bps and 500 - 1,000 bps higher than traditional lodging investments, respectively Labor-light/highly efficient operating model is a natural extension of Summit's core business of owning high-quality hotels with a predominately rooms-based revenue model ● Cocoon . . Minimal services and amenities and labor-light model generates superior margin profile 1-2 on-site FTEs vs 80-100 on average for a typical full-service hotel and 30-35 for a typical select-service hotel Results in margins 20-30 percentage points above + EBITDA/unit 4-5x traditional hotels Lower capital requirements enhance overall returns Onera's high-end, differentiated product includes temperature-controlled units, private bathrooms, kitchens, patios, fire pits and hot tubs The asset class leverages the Company's asset management and design & construction expertise Shorter development timelines and stabilization within 12 months of opening Monarch Treehouse Sage Safari Tent SUMMIT HOTEL PROPERTIES#2222 ● Acquisition of Onera Fredericksburg, Texas Glamping Property Onera Fredericksburg Update RevPAR is comparable to a Luxury hotel High margins comparable to multi-family Yield profile is 2x traditional hotel investment and profitability per unit is 5x typical select-service hotel ● T12 Highlights (March 2023) RevPAR of $412 GOP margin of 72% Hotel EBITDA margin of 61% NOI yield of 16% $600 $450 $300 $150 $0 ● Onera Fredericksburg is forecasted to generate EBITDA margins exceeding the typical select-service and full-service hotel by over 20 and 30 full percentage points, respectively Stabilized EBITDA Margin ● ● $502 $375 $429 Jun-22 $421 Apr-22 May-22 (1) Based on STR Host Almanac 2019. Figures represent total U.S. averages. Jul-22 80% 60% 40% 20% 0% $396 27% Aug-22 Full Service (1) $431 38% Sep-22 Select Service Onera Fredericksburg T12 RevPAR by Month (1) $500 60% Oct-22 Onera $452 Nov-22 $100,000 $80,000 $60,000 $40,000 $20,000 $379 $- Dec-22 Stabilized EBITDA/Key $23,000 Full (1) Service $305 Jan-23 I $14,000 Select Service T12 RevPAR = $412 $373 (1) Feb-23 $90,000 $427 Onera Mar-23 SUMMIT HOTEL PROPERTIES#2323 Pending Disposition Highlights Transaction Highlights Guestrooms Gross Sales Price Foregone Capital Expenditures RevPAR Hotel EBITDA Margin Capitalization Rate (Pre-Capital) Capitalization Rate (All-In) Use of Proceeds Holiday Inn Express & Suites Minnetonka 750 $79.9 Million $33-38 Million $78 (30% discount to total portfolio) 18% (50% below total portfolio) 3.9% 2.6% Debt Repayment and general corporate purposes Residence Inn Atlanta Midtown Two-Pack Portfolio Sale The Company is under contract to sell two hotels totaling 283 guestrooms for a gross sales price of $50.5 million, representing a 3.9% capitalization rate based on the portfolio's net operating income after a 4% FF&E reserve for the full year 2022. 160-guestroom - Residence Atlanta Midtown/Peachtree at ● ● ● Four-Pack Portfolio Sale The Company is separately under contract to sell four hotels totaling 467 guestrooms for a gross sales price of $28.1 million, representing a 4.2% capitalization rate based on the portfolio's net operating income after a 4% FF&E reserve for the full year 2022. 151-guestroom - Hyatt Place Chicago/Lombard/Oak Brook 126-guestroom - Hyatt Place Chicago/Hoffman Estates 97-guestroom - Hilton Garden Inn Minneapolis/Eden Prairie 93-guestroom - Holiday Inn Express & Suites Eden Prairie - Minnetonka ● 17th ● 123-guestroom - Courtyard Kansas City Country Club Plaza Hyatt Place Chicago / Lombard SUMMIT HOTEL PROPERTIES#24Refresh Refill Repeat. SUMMIT BALANCE SHEET CAR Canopy New Orleans Downtown#2525 Strong Balance Sheet and Liquidity Support Future Growth $500 $400 $300 $200 $100 $0 Pro Forma Capital Structure (1,2) $0.3b or 14.4% $0.8b or 37.5% ☐JV MR1 $0 2023 Pro Rata Capitalization $2.1B No outstanding maturities until Q4 2024 $1.0b or 48.1% Credit Facility $15 $102 ■ Net Debt 2024 JV MR3 Term Loan ■ Common Equity ■ Preferred Equity Pro Forma Debt Maturity Schedule ($ in millions) (1) $42 $225 $200 2025 B of A Term Loan Liquidity (Undrawn Revolver Capacity + Cash): Pro Rata Net Debt Outstanding: Pro Rata Net Debt / Total Enterprise Value: Average Length to Maturity: Pro Forma Key Highlights (1,2) Pro Forma Weighted Avg. Cost of Debt: Consensus EBITDA / Fixed Charge Ratio (³) : $288 2026 KeyBank Term Loan $44 $209 2027 Convertible Debt $7 2028 Mortgage Debt JV (1) Based on financials and pro rata debt as of March 31, 2023. Assumes fully-extended maturity dates for all loans, the sale of six pending dispositions for $79.9 million in cash, and the two new JV interest- rate swaps are effective. (2) Summit's market close price as of May 3, 2023. Amounts are pro rata. (3) Based on 2023E Consensus EBITDA of $209.5 million and fixed charges of pro rata 2023E principal, interest expense, and preferred dividends on a pro forma basis. $0.5B $1.0B 48% ~3 years 4.6% 2.9x $3 2029+ Mortgage Debt SUMMIT HOTEL PROPERTIES#2626 Balance Sheet Well-Positioned for Current Environment Exceptional Liquidity Profile Among the Industry's Best (1,2,3) Nearly $500 million of total liquidity (61% of equity market cap) (1,2,3) 60% 45% 30% 15% 0% (1) (2) (3) 61% Summit Note: total liquidity represented above as a % of equity market cap 20% Limited Variable-Rate Debt Exposure (1) Only 20% of pro rata debt and preferred with variable interest rates Total Variable Debt Summit 32% Peer Avg 80% Total Fixed Debt + Preferred 60% 45% 30% 15% Minimal Near-Term Debt Maturities (1,3) Only 10% of pro rata debt matures by 2024 limiting interest rate refinancing risk 0% $160 $120 $80 $40 $0 10% 2023 Summit Extended Swap Maturities (¹) Blended swap rate of 2.74% with an average maturity of 3.4 years 2.86% $75 2024 2.92% $125 2025 3.35% $51 51 2026 Peer Avg 2.60% 38% $100 2027 Based on financials and pro rata debt as of March 31, 2023. Assumes fully-extended maturity dates for all loans, the sale of six pending dispositions for $79.9 million in cash, and the two new JV interest- rate swaps are effective. Summit's market close price as of May 3, 2023. Amounts are pro rata. Peer data from SNL based on the Q4 2022 reported data available. 2028 2.56% - $100 2029+ SUMMIT HOTEL PROPERTIES#27SUMMIT ESG PROGRAM & CORPORATE LeadershIP COURTYARD BY MARRIOTT 17010 Courtyard Scottsdale North#2828 Leading Environmental, Social, and Governance Program We established our ESG program in 2018 with the purpose of creating long-term value for our stakeholders by investing responsibly in our business, environment, people and communities. Our program goals align with ISS and GRI frameworks to better identify ESG indicators that are material to our business. In 2021, we set performance reduction targets in alignment with the Greenhouse Gas Protocol ("GHG Protocol"), which supplies the world's most widely used greenhouse gas standards. We also established a corporate-level ESG steering committee, including subcommittees to prioritize and guide ESG goals and initiatives. Our ESG program and reporting are overseen by our Board of Directors and senior management and a component of executive compensation is tied to the progress of our ESG program. n Environmental Stewardship Goals Set reduction targets for emissions and water in alignment with the Greenhouse Gas Protocol. Increase our number of green certified hotels through acquisition, renovation, construction and tenant engagement programs. Establish a Resource Management Program to improve our environmental performance and enhance asset value. Decrease construction waste through recycling and upcycling. Increase the recycling participation at our hotels. Continue to preserve and protect our historical buildings. Support and maintain the environmental programs and initiatives established by our brand partners. Social Responsibility Goals Provide increased career development opportunities for women and minorities to promote their growth and scope of responsibility. Require Summit employees to complete human rights training, including harassment and human trafficking awareness and prevention training. Further cultivate a culture of connectedness based on our primary values of passion, integrity, and excellence. Advance a supportive and inclusive work environment where all employees are empowered to succeed. Expand the activities of our charitable foundation to carry out our vision and mission. Contribute meaningfully to our local communities through volunteer service hours and donation. Note: Please see the Responsibility section of the Company's website for more information. Governance & Resilience Goals Maintain the highest standards of ethics and corporate governance. Support stakeholder rights. Maintain open and effective lines of communication with stakeholders. Ensure active risk management to incorporate evolving threats to our business and the integrity and availability of our systems and services. Maintain the integrity and security of our systems and data. Continue to strengthen out portfolio against environmental-related risk through active risk management, continuous property enhancements and preventative maintenance. SUMMIT HOTEL PROPERTIES#29Doo 2 RESPONSILBLE INVESTMENT of (42) 51% 38% Leading Environmental, Social, and Governance Program (¹) 29 Established a corporate-level ESG steering committee, including subcommittees. Joined the AHLA Sustainability Committee to advise on industry best practices related to environmental sustainability and resilience. Corporate Employees (4) Gender Evaluated our hotel management company's ESG programs for improved integration and collaboration with our ESG goals and initiatives. Male Female Hotel Employees (5)(6) Gender Workforce Composition Male Female 49% 80% 62% 18% Race & Ethnicity ● Caucasians Minorities 20% Race & Ethnicity O Caucasians Minorities Not Specified 25% 57% 25% 25% Age (1) Information is as of December 31, 2021. (2) Equivalent based on U.S. EPA's GHG Equivalencies Calculator: 30% Age 10% EMISSIONS INTENSITY (PER SQUARE FOOT) BY REDUCTION TARGET 2025 COMPARED TO OUR 2019 BASELINE YEAR 54% Under 30 years old -31% WATER INTENSITY REDUCTION TARGET 21% 30-50 years old Over 50 years old ENVIRONMENTAL 44% Under 30 years old 30-50 years old Over 50 years old 1 • ENERGY STAR (PER ROOM OCCUPIED) BY 2030 COMPARED TO OUR 2019 BASELINE YEAR Contracted Green RECS, equivalent to powering for 454 homes for one year(2). Conducted a portfolio-wide water risk assessment utilizing the WRI Aqueduct Tool. Achieved 2021 Energy Star Certifications for four additional hotel properties. We have 8 total green certified hotel properties in our portfolio. Installed electric vehicle charging stations at our Hampton Inn & Suites Silverthorne, as a pilot program for developing a portfolio-wide infrastructure implementation strategy. http://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator. #/ F P SOCIAL 38% of our Independent Board Members were female or minorities (3). (3) Information is as of January 13, 2022. (4) Information is as of 5.31.2022, and is for regular full-time employees of Summit Hotel Properties, Inc. (5) Information is as of 12.31.2021 and reflects employees at 66 of our 73 hotels. (6) Employees at our hotels are not employees of Summit Hotel Properties, Inc, but are employees of our third-party property managers that operate our hotels on our behalf. Extended our Paid Parental Leave to 8 weeks to support employee health and well-being. 6+ year average tenure for employees and 12+ year average tenure among senior management. Over 90% of corporate employees reported high levels of satisfaction regarding tools, technologies and resources, work-life balance and flexibility provided in our remote work environment. → Over the past year, we have increased the percentage of our workforce that is female from 45% to 49% Formalized a hybrid work model to promote employee work-life balance. * ... Conducted a company-wide educational session on the importance of ESG. Formed a community partnership with Partnerships for Children, a nonprofit organization that supports children and families in CPS. SUMMIT HOTEL PROPERTIES#3030 Experienced Leadership Driving Success AC Hotel Frisco Station Marriott JONATHAN STANNER PRESIDENT AND CHIEF EXECUTIVE OFFICER Mr. Stanner joined Summit Hotel Properties in April 2017 and most recently served as the company's Executive Vice President and Chief Financial Officer. Prior to joining Summit, Mr. Stanner was Chief Executive Officer at Strategic Hotels & Resorts, a former NYSE-listed company acquired by an affiliate of The Blackstone Group in 2015. During his tenure at Strategic Hotels & Resorts from 2005 to 2015, Mr. Stanner also held various other senior positions with the company, including Chief Financial Officer, Senior Vice President - Capital Markets, Acquisitions, and Treasurer and Director of Corporate Finance. Prior to his time at Strategic Hotels, Mr. Stanner was an investment banking analyst for Banc of America Securities. Mr. Stanner holds both a B.S. in Management and an MBA from the Krannert School of Management at Purdue University. WILLIAM ("TREY") CONKLING EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER Mr. Conkling joined Summit Hotel Properties in May 2021 as the Company's Executive Vice President & Chief Financial Officer. Prior to joining Summit, Mr. Conkling served as a Managing Director in the Real Estate, Gaming & Lodging Investment Banking group for Bank of America Merrill Lynch, where he oversaw the successful execution of transaction volume in excess of $190 billion including capital markets and mergers and acquisitions. Prior to his time at Bank of America Merrill Lynch, Mr. Conkling was with the investment banking unit of Bear, Stearns & Co. and previously worked in asset management for Host Hotels & Resorts. Mr. Conkling earned a B.S. in Hotel and Restaurant Administration from Cornell University, School of Hotel Administration and an MBA from Cornell University, Johnson Graduate School of Management. SUMMIT HOTEL PROPERTIES