Summit Hotel Properties : Investor Presentation - March 2024

MARCH 2024

- Austin Downtown		- Miami Brickell

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, 2023, 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.

2

Lodging Assets (1)

Top 50 Markets (1,2)

Marriott, Hyatt Hilton (2)

(NYSE: INN)

Guestrooms (1)

Markets (1)

Recent Acquisitions

GOP Margin (1,3)

Portfolio RevPAR Index (4)

- Miami Brickell

1. Based on 99 lodging assets owned as of February 28, 2024.
2. Based on guestroom count for the 99 lodging assets owned as of February 28, 2024.
3. Based on pro forma financials for the twelve months ended December 31, 2023.

4. Based on STR data for the twelve months ending December 31, 2023. Assumes 97	3
hotels (excludes Onera Fredericksburg & Nordic Lodge Steamboat Springs)

• Dallas Frisco Station

SUMMIT

4

• Oklahoma City Bricktown

Efficient operating model & best-in- class platform drives profitability

Premier portfolio with broad geographic diversification and concentration in high growth sun belt markets

Targeted capital allocation strategy with proven track record of external growth and capital recycling

Well-positioned balance sheet and liquidity profile

Leading Environmental, Social, and Governance (ESG) program

5

Summit's operating platform is built on its expertise and experience in revenue and asset management, design and construction, and capital allocation all underpinned by robust business intelligence and data analytics

• Consistent on-site presence and	• Deep network of industry relationships	• Intensive asset management process
collaboration with local management	facilitates off market transactions	provides better oversight and
• Industry benchmarking and data analysis	• Leverage in-house asset management and	accountability of management
companies
• Analyzing forward-looking data to	design & construction to optimize market
positioning and capital investment	• Exhaustive due diligence approach
proactively manage demand patterns
	facilitates value creation
	• Partnership with GIC facilitates expanded
	acquisition opportunities and enhanced
	underwriting rigor
	• Selective mezzanine financing program with
	purchase options expands our shadow pipeline

• Continuous renovation planning and	•	Flexible and favorable management	•	Business intelligence tools facilitate real-
oversight to ensure minimum revenue		terms across ten different		time data analytics
displacement		management companies	•	Data analytics used to implement revenue
• Cost savings driven by fewer outsourcing	• High degree of engagement with key		and asset management strategies designed
needs for renovation activity		management company personnel		to maximize hotel profitability
• In-house design leads to more	•	Use of independent platforms
customized renovations which drives		eliminates conflicts of interest		6
higher ROIs on capital investments

• Rooms revenue driven model enhances GOP and EBITDA margins
• Restructuring of the operating model during the pandemic leads to lower FTE run rate going forward
• 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 NewcrestImage portfolio, creates both revenue and expense synergies
• Utilization of best practices from multiple hotel management partners drives operational efficiencies
• Strong connectivity, representation and influence with all major brand partners through leadership roles on owner advisory councils

7

• Atlanta Downtown

Summit has a track record of outperformance with cumulative RevPAR growth, exceeding the STR Upscale chain scale benchmark by a 150-basispoint CAGR over the 12 years since the Company's IPO.

• Fort Worth Downtown Blackstone

Cumulative RevPAR Growth: Summit

Pro Forma Portfolio vs. STR Upscale (1)

Summit		STR Upscale

60%

48%

	40%	37%
GrowthRevPAR		35%
20%	15%
Cumulative	0%
-20%

-40%

-60% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Year End

1. Based on the Smith Travel Research Lodging Review and Summit's full year reported	8
pro forma RevPAR growth for the applicable years.

Full Year 2023 Hotel EBITDA Margin

35.6%
33.8%
30.1%	29.4%

Summit(1)	Select-Service(2)	All Peers	Full-Service(3)
	Peers		Peers

- Atlanta Downtown

1.	Summit based on the pro forma twelve-month financials ending December 31, 2023, for the 99 lodging assets owned as of February 28, 2024.	9
2.	Select-service peer data based on the aggregate trailing twelve-month financials ending Q3 2023 for comparable portfolio revenue and hotel EBITDA reported for the following peers: APLE, CLDT, and RLJ.
3.	Full-service peer data based on the aggregate trailing twelve-month financials ending Q3 2023 for comparable portfolio revenue and hotel EBITDA reported for the following peers : AHT, BHR, DRH, HST, PK, PEB, RHP, SHO, and XHR.

No single asset contributes more than 4% to our portfolio, and Dallas is the only market that contributes >10%. Each individual Dallas submarket contributes <5%. (1)

U.S.	# of	% of
Markets	Rooms	Portfolio (2)
Top 25	9,103	62%
Top 50	12,627	85%
Sun Belt	9,426	64%
Urban	7,210	49%
Total	14,785	100%

Current lodging assets

Portland
	Minneapolis
San Francisco	Rocky
	Mountains
Southern
California
Phoenix	Oklahoma
City
	Dallas
	Houston

Boston

Chicago

Indianapolis Baltimore

Sun

Belt

Nashville

Atlanta

New Orleans

Orlando

Miami

1.	Based on December 31, 2023, trailing twelve-month EBITDA for 99 lodging assets owned as of February 28, 2024.
2.	Based on guestroom count as a percent of the total MSA for 99 lodging assets owned as of February 28, 2024.	10
	Note: Guestroom count used to determine circle size.