Summit Hotel Properties | March 29, 2022

AUSTIN, TX – March 29, 2022 – Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has completed the previously announced acquisition of the 176-guestroom Canopy by Hilton New Orleans Downtown for $56.0 million through its joint venture with GIC.  The closing of this transaction completes the $822 million portfolio acquisition from NewcrestImage which included 27 hotels containing 3,709 guestrooms, two parking structures, and various financial incentives.  Additionally, the Company has over $425 million of total liquidity after completion of the transaction.