Summit Hotel Properties : Investor Presentation - June 2021

I N V E S T O R P R E S E N T A T I O N

J U N E 2 0 2 1 | N Y S E : I N N

Forward-Looking Statements

We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature:

• our ability to increase our dividend per share of common stock;
• the state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular;
• market trends in our industry, interest rates, real estate values and the capital markets;
• our business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions;
• our projected operating results;
• actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies;
• our ability to manage our relationships with our management companies and franchisors;
• our ability to maintain our existing and future financing arrangements;
• changes in the value of our properties;
• the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters;
• our ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code;
• our ability to repay or refinance our indebtedness as it matures or becomes callable by lenders;
• the availability of qualified personnel;
• our ability to make distributions to our stockholders in the future;
• the general volatility of the market price of our securities; and
• the degree and nature of our competition.

Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, 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 the Company or third parties. This presentation contain statistics and other data that may have been obtained from, or compiled from, information made available by third-parties.

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Investment Thesis

Focused and efficient operating model

Best-in-class operators and a unique

revenue management platform

Targeted capital allocation through external growth and capital recycling

Conservative and

prudently-crafted balance sheet

Broad geographic diversification

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Company Overview

Leading publicly-traded REIT focused on owning

premium-branded hotels with efficient operating models

Corporate Overview

Headquarters	Austin, Texas
Ticker Symbol	NYSE: INN

Portfolio Overview (1)

Hotels	72 hotels
Guestrooms	11,288 keys
States	23 states
Markets	34 MSAs
Avg. Effective Age (2)	4.6 years

Guest Segmentation (3)

Retail	33 %
Discount	26 %
Negotiated	13 %
Group	12 %
Qualified	8 %
Other	5 %
Wholesale	3 %

Premium Franchisors (1)

Marriott International	51.6 %
Hilton Worldwide	22.3 %
Hyatt Hotel Corp.	21.0 %
IHG	5.1 %

Top Markets (1)

New Orleans, LA	7.3 %
Atlanta, GA	6.6 %
San Francisco, CA	6.5 %
Portland, OR	5.7 %
Minneapolis, MN	5.4 %
Baltimore, MD	5.0 %
Phoenix, AZ	4.9 %
Denver, CO	4.5 %
Chicago, IL	4.3 %
Orlando, FL	4.1 %

(1)	Based on hotels and guestrooms owned as of May 31, 2021.
(2)	Based on the most recent renovation date weighted by guestroom count as of May 31, 2021.	4
(3)	Based on occupied rooms for the trailing twelve months ended March 31, 2021.

Residence Inn Steamboat Springs Acquisition

Transaction Highlights

• Recently built (Dec-2020)110-guestroomextended-stay hotel
• Purchase price of $33 million ($300,000/key) represents a discount to estimated replacement cost
• Premium brand and ideal location has allowed the hotel to quickly establish itself as a rate leader in the market and achieve an average RevPAR index of more than 130% since opening
• Located with minutes of the mountain base, downtown, numerous shops and restaurants and hiking and biking trails
• High barrier-to-entry market with no hotels in any phase of development and only six other hotels opened since 2000

Steamboat Base Renovation & Mountain Expansion

• Alterra Mountain Company ("Alterra") acquired the mountain in 2017 with a goal of growing the Steamboat market by increasing airlift, enhancing summer demand, and building out the mountain base
• In April 2021, Alterra announced a multi-phase plan to spend $135 million to improve the mountain
• • Phase 1 (complete for 2021/2022 ski season): gondola upgrades to improve circulation and reduce ski lift wait times
  • Phase 2 (complete for 2022/2023 ski season): enhancement of base area amenities
  • The plan also includes a 650-acre expansion of the ski terrain that will make Steamboat the second largest ski resort in Colorado

Transaction Capitalization & Timing

• To be acquired in the GIC joint venture
• Summit's 51% interest of approximately $17 million to be funded from existing cash. Pro forma total liquidity of approximately $425 million.
• Transaction expected to close in late second quarter or early third quarter

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