SUMMIT HOTEL PROPERTIES AWARDED BEST RENOVATION AT HYATT'S 2023 AMERICAS OWNERS CONFERENCE

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May 17, 2023, 16:30 ET

AUSTIN, Texas, May 17, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") is proud to announce that it has been recognized as the Best Renovation award winner from Hyatt Hotels Corporation for its transformational renovation of the 150-guestroom Hyatt Place Across From Universal Orlando Resort™. During the ownership conference, Hyatt leadership celebrated organizations for excellence in hotel design, development, and operational excellence over the last 1.5 years.

"Recognition from our brand partners is a powerful affirmation of our commitment to excellence. Our in-house team of talented construction, design and procurement experts flawlessly executed a thorough plan to deliver a completely upgraded product offering that will significantly enhance the guest experience for many years to come. Since 2017, we have invested nearly $300 million into our portfolio of well-located, high-quality hotels with efficient operating models which demonstrates our ongoing commitment to capital reinvestment to maintain our competitive advantage that exists today," said Jonathan P. Stanner, the Company's President and Chief Executive Officer.

The comprehensive renovation included upgrades to guestrooms, guest bathrooms and public space. Additionally, the Company identified underutilized meeting space within the hotel that was converted into an expanded state of the art fitness center. The hotel's exterior was also reimaged to include modern design elements which now offer a renewed sense of arrival.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the Upscale segment of the lodging industry. As of March 31, 2023, the Company's portfolio consisted of 103 assets, 61 of which are wholly owned, with a total of 15,334 guestrooms located in 24 states.

For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on Twitter at @SummitHotel_INN.

Forward-Looking Statements

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Examples of forward-looking statements include the following: the Company's ability to realize financial and operational synergies; projections of revenues and expenses or other financial items; descriptions of the Company's plans or objectives for future operations; forecasts of EBITDAre; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission ("SEC"). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations.

SOURCE Summit Hotel Properties, Inc.