Summit Hotel Properties | July 12, 2021

AUSTIN, Texas – July 12, 2021 – Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has completed the previously announced acquisition of the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33.0 million through its joint venture with GIC.  The Company funded its 51% interest in the joint venture acquisition using approximately $17 million of cash on-hand.  Additionally, the Company still has nearly $425 million of total liquidity and over $150 million of current investment capacity permitted under credit facility amendments to pursue future investment opportunities.