INN

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738

Telephone: 512-538-2300   Fax: 512-538-2333

www.shpreit.com

NEWS RELEASE

SUMMIT HOTEL PROPERTIES REPORTS SECOND QUARTER

2023 RESULTS

Pro Forma RevPAR Reaches New Post-Pandemic High

The Nordic Lodge Steamboat Springs Acquired Through GIC Joint Venture

Austin, Texas, August 2, 2023 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the three and six months ended June 30, 2023.

“Key operating fundamentals continued to improve during the second quarter as nominal quarterly RevPAR reached its highest level since the onset of the pandemic, highlighted by nearly 15% RevPAR growth in the NewcrestImage portfolio. Our revenue management efforts yielded significant market share gains during the quarter, as total portfolio RevPAR index increased over 250 basis points compared to last year, also driven by the NewcrestImage portfolio which grew index by nearly 750 basis points during the quarter,” said Jonathan P. Stanner, the Company’s President and Chief Executive Officer. “As the second quarter progressed, we saw industry demand trends normalize, particularly in leisure-oriented markets, but we are encouraged by the recovery of our urban portfolio during the quarter and the stability of our forward looking operating trends,” commented Mr. Stanner.

“We also continued to expand our partnership with GIC through the acquisition of The Nordic Lodge in downtown Steamboat Springs, which presents a unique opportunity to own a highly regarded independent hotel with a strong going-in yield, an extremely efficient operating model, and significant development or redevelopment optionality. Finally, we were extremely pleased with the execution of our corporate credit facility refinancing that closed in the second quarter. The credit facility transaction, along with the two previously announced interest rate swaps that are now effective, further enhance our well-positioned balance sheet by extending maturity dates, maintaining pricing, reducing interest rate risk, and preserving overall flexibility to execute on our strategic initiatives,” continued Mr. Stanner.

Second Quarter 2023 Summary

·Net Loss: Net loss attributable to common stockholders was $0.8 million, or $0.01 per diluted share, compared to a net income of $7.9 million, or $0.07 per diluted share, for the second quarter of 2022.

·Pro forma RevPAR: Pro forma RevPAR increased 3.5 percent to $127.06 compared to the second quarter of 2022. Pro forma ADR increased 1.9 percent to $168.33 compared to the same period in 2022, and pro forma occupancy increased 1.6 percent to 75.5 percent.

·Same Store RevPAR: Same Store RevPAR increased 3.6 percent to $126.89 compared to the second quarter of 2022. Same store ADR increased 2.2 percent to $167.70 compared to the same period in 2022, and same store occupancy increased 1.3 percent to 75.7 percent.

·Pro Forma Hotel EBITDA (1): Pro forma hotel EBITDA increased 0.1 percent to $71.1 million from $71.0 million in the same period in 2022. Pro forma hotel EBITDA margin contracted to 36.6 percent from 38.2 percent in the same period of 2022.

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·Same Store Hotel EBITDA (1): Same store hotel EBITDA increased 0.6 percent to $68.2 million from $67.8 million in the same period in 2022. Same store hotel EBITDA margin contracted to 37.1 percent from 38.5 percent in the same period of 2022.

·Adjusted EBITDAre (1): Adjusted EBITDAre decreased 3.1 percent to $52.9 million from $54.6 million in the second quarter of 2022.

·Adjusted FFO (1): Adjusted FFO was $33.2 million, or $0.27 per diluted share and unit, compared to $32.6 million, or $0.27 per diluted share and unit, in the second quarter of 2022.

The Company’s results for the three and six months ended June 30, 2023, are as follows (in thousands, except per share amounts):

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

(unaudited)

Net (loss) income attributable to common stockholders $(753) $7,944 $(5,981) $(4,435)

Net (loss) income per diluted share $(0.01) $0.07 $(0.06) $(0.04)

Total revenues $194,493 $183,248 $376,876 $325,117

EBITDAre (1) $61,602 $62,438 $116,942 $101,176

Adjusted EBITDAre (1) $52,896 $54,592 $97,331 $87,513

FFO (1)

$27,847 $27,135 $49,923 $41,628

Adjusted FFO (1) $33,151 $32,624 $59,411 $52,765

FFO per diluted share and unit (1) $0.23 $0.22 $0.41 $0.35

Adjusted FFO per diluted share and unit (1) $0.27 $0.27 $0.49 $0.44

Pro Forma(2)

RevPAR $127.06 $122.71 $124.20 $112.25

RevPAR Growth 3.5%

10.6%

Hotel EBITDA $71,117 $71,024 $136,240 $122,562

Hotel EBITDA margin 36.6% 38.2% 36.1% 36.4%

Hotel EBITDA margin growth -155 bps

-29 bps

Same Store(3)

RevPAR $126.89 $122.49 $122.59 $110.85

RevPAR Growth 3.6%

10.6%

Hotel EBITDA $68,184 $67,794 $127,449 $115,062

Hotel EBITDA margin 37.1% 38.5% 36.1% 36.2%

Hotel EBITDA margin growth -138 bps

-1

EX-99.1

2 tm2314482d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738

Telephone: 512-538-2300 Fax: 512-538-2333

www.shpreit.com

NEWS RELEASE

SUMMIT HOTEL PROPERTIES REPORTS FIRST QUARTER

2023 RESULTS

First Quarter 2023 Pro Forma RevPAR Grows 19.3%

Operating Income Increase Drives Adjusted EBITDAre Growth of 35% to $44.4 Million

Common Dividend Increased 50% to an Annualized $0.24 Per Share

Austin, Texas, May 3, 2023 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the first quarter ended March 31, 2023.

“We are pleased with our first quarter operating results as average daily rate in our pro forma portfolio reached the highest level in the Company’s history, increasing 11% year-over-year and driving 19% RevPAR growth for the quarter. Our operating results were particularly strong in urban markets, where RevPAR increased 25% from the prior year and the recently acquired NewcrestImage hotels where RevPAR grew 22% year-over-year and exceeded 2019 levels for the first time in our ownership history.  The industry’s recovery is increasingly being driven by midweek, group and business-oriented demand which positions our high-quality portfolio – of which approximately half is located in urban markets – particularly well for this new phase of growth,” said Jonathan P. Stanner, the Company’s President and Chief Executive Officer.

“Given the continued recovery in operating fundamentals and strength of our balance sheet, our Board of Directors has authorized an increase of our common dividend by 50%, to $0.24 per share on an annualized basis. This increase reflects the confidence we have in the ongoing strength and durability of our business, supported by continued positive forward booking trends and pace data, while still maintaining a prudent payout ratio,” continued Mr. Stanner.

First Quarter 2023 Summary

· Net Loss: Net loss attributable to common stockholders narrowed to $5.2 million, or $0.05 per diluted share, compared to a net loss of $12.4 million, or $0.12 per diluted share, for the first quarter of 2022.

· Pro forma RevPAR: Pro forma RevPAR increased 19.3 percent to $118.18 compared to the first quarter of 2022. Pro forma ADR increased 11.2 percent to $171.63 compared to the same period in 2022, and pro forma occupancy increased 7.3 percent to 68.9 percent.

· Same Store RevPAR: Same Store RevPAR increased 19.3 percent to $116.28 compared to the first quarter of 2022. Same store ADR increased 11.2 percent to $169.33 compared to the same period in 2022, and same store occupancy increased 7.3 percent to 68.7 percent.

· Pro Forma Hotel EBITDA (1): Pro forma hotel EBITDA increased 26.8 percent to $62.9 million from $49.6 million in the same period in 2022. Pro forma hotel EBITDA margin expanded to 34.5 percent from 33.0 percent in the same period of 2022.

· Same Store Hotel EBITDA (1): Same store hotel EBITDA increased 25.8 percent to $59.0 million from $46.8 million in the same period in 2022. Same store hotel EBITDA margin expanded to 34.3 percent from 32.5 percent in the same period of 2022.

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· Adjusted EBITDAre (1): Adjusted EBITDAre increased 35.0 percent to $44.4 million from $32.9 million in the first quarter of 2022.

· Adjusted FFO (1): Adjusted FFO was $26.3 million, or $0.22 per diluted share, compared to $20.1 million, or $0.17 per diluted share, in the first quarter of 2022.

The Company’s results for the three months ended March 31, 2023, are as follows (in thousands, except per share amounts):

For the Three Months Ended March 31,

2023 2022

Net loss attributable to common stockholders $(5,228) $(12,379)

Net loss per diluted share $(0.05) $(0.12)

Total revenues $182,383 $141,869

EBITDAre (1) $55,340 $38,738

Adjusted EBITDAre (1) $44,428 $32,921

FFO (1) $22,076 $14,493

Adjusted

FFO (1)

$26,261 $20,141

FFO per diluted share and unit (1) $0.18 $0.12

Adjusted FFO per diluted share and unit (1) $0.22 $0.17

Pro Forma (2)

RevPAR $118.18 $99.08

RevPAR Growth 19.3%

Hotel EBITDA $62,865 $49,573

Hotel EBITDA margin 34.5% 33.0%

Hotel EBITDA margin growth 147 bps

Same Store (3)

RevPAR $116.28 $97.46

RevPAR Growth 19.3%

Hotel EBITDA $58,955 $46,848

Hotel EBITDA margin 34.3% 32.5%

Hotel EBITDA margin growth 173 bps

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

(2)Unless stated otherwise in this release, all pro forma information includes operating and financial results for 103 hotels owned as of March 31, 2023, as if each hotel had been owne

EX-99.1

2 tm237634d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

13215 Bee Cave Pkwy, Suite B-300, Austin,

TX 78738

Telephone: 512-538-2300 Fax: 512-538-2333

www.shpreit.com

NEWS RELEASE

SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER

AND FULL YEAR 2022 RESULTS

Fourth Quarter 2022 RevPAR Recapture Reaches New High

Operating Income Triples Driving Adjusted EBITDAre Growth of 100% to $180.8 Million in 2022

Nearly $1 Billion of Strategic Acquisitions Completed in 2022

Austin, Texas, February 27, 2023 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the fourth quarter and full year ended December 31, 2022.

“We are pleased with the continued improvement of our operating results during the fourth quarter which drove 2019 RevPAR recapture to a new quarterly high of 97% highlighted by December results that exceeded pre-pandemic levels for the first time in our pro forma portfolio. The strong fourth quarter capped off another active year for the Company as we completed nearly $1 billion of strategic transactions, reinstated our common dividend, and made our initial investment in the rapidly growing glamping segment of the hospitality space. Operating trends have remained stable across our portfolio in early 2023 as January results were in-line with expectations and pace for February and March is accelerating,” said Jonathan P. Stanner, the Company’s President and Chief Executive Officer. “Prudent capital allocation continues to be foundational to our investment strategy and subsequent to year-end we have entered into contracts to sell six hotels and a vacant land parcel for approximately $80 million. Combined with our previously completed asset sale 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. These sales will further enhance our balance sheet reducing net leverage, increasing our liquidity to nearly $500 million, and resulting in no maturities until the fourth quarter of 2024,” commented Mr. Stanner.

Fourth Quarter 2022 Summary

·Net Loss: Net loss attributable to common stockholders was $12.0 million, or $0.11 per diluted share, compared to a net loss of $15.3 million, or $0.15 per diluted share, for the fourth quarter of 2021.

·Pro forma RevPAR: Pro forma RevPAR increased 17.9 percent to $109.01 compared to the fourth quarter of 2021. Pro forma ADR increased 14.1 percent to $159.62 compared to the same period in 2021, and pro forma occupancy increased 3.3 percent to 68.3 percent.

·Pro Forma Hotel EBITDA: Pro forma hotel EBITDA increased 27.1 percent to $62.1 million from $48.9 million in the same period in 2021. Pro forma hotel EBITDA margin expanded 106 basis points to 36.0 percent from 35.0 percent in the same period of 2021.

·Adjusted EBITDAre: Adjusted EBITDAre increased 61.6 percent to $46.1 million from $28.5 million in the fourth quarter of 2021.

·Adjusted FFO: Adjusted FFO was $30.3 million, or $0.25 per diluted share, compared to $14.8 million, or $0.14 per diluted share, in the fourth quarter of 2021.

·Capital Improvements: The Company invested $27.7 million in capital improvements during the fourth quarter and $22.2 million on a pro rata basis after consideration of joint ventures.

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The Company’s results for the three months and years ended December 31, 2022, and 2021 are as follows (in thousands, except per share amounts):

For the Three Months Ended December 31, For the Years Ended December 31,

2022 2021 2022 2021

(unaudited)

Net loss attributable to common stockholders $(11,975) $(15,275) $(16,929) $(83,714)

Net loss per diluted share $(0.11) $(0.15) $(0.16) $(0.80)

Total revenues $172,326 $106,862 $675,695 $361,926

EBITDAre (1) $54,498 $26,312 $210,609 $86,325

Adjusted EBITDAre (1) $46,084 $28,513 $180,815 $90,495

FFO (1)

$25,542 $8,140 $95,253 $17,300

Adjusted FFO (1) $30,340 $14,801 $113,970 $36,782

FFO per diluted share and unit (1) $0.21 $0.08 $0.79 $0.16

Adjusted FFO per diluted share and unit (1) $0.25 $0.14 $0.94 $0.35

Pro Forma (103 Lodging Assets) (2)

RevPAR $109.01 $92.49 $110.91 $80.42

RevPAR Growth 17.9%

37.9%

Hotel EBITDA $62,142 $48,904 $243,940 $149,678

Hotel EBITDA margin 36.0% 35.0% 35.4% 31.4%

Hotel EBITDA margin growth 106 bps

401 bps

Same Store (71 Lodging Assets) (3)

RevPAR $110.74 $93.78 $114.61 $80.80

RevPAR Growth 18.1%

41.8%

Hotel EBITDA $42,817 $34,785 $179,563 $105,658

Hotel EBITDA margin 34.5% 33.5% 35.5% 29.8%

Hotel EBITDA margin growth 109 bps

576 bps

(1)See tables later in this press release for a discussion and reconciliation of net loss to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDAre, adjusted EBITDAre, funds from operations (“FFO”), FFO per diluted share and unit, adjusted FFO (“AFFO”), and AFFO per diluted sha