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      "text": "Acquisitions\nLocations in \"Markets that Matter\" with favorable supply/demand dynamics and multiple demand generators\nEfficient operating models\nValue-add opportunities (i.e., property renovations, brand conversions, management changes)\nDispositions\nIdentify markets with unfavorable supply/demand dynamics\nIdentify hotels with functional obsolescence or large capital needs that do not meet return thresholds\nOpportunistic in response to unsolicited offers\nJoint Venture with GIC\nTotal assets of $1.3 billion with a well-respected global real estate investor further validates Summit's platform and operating model\nFee structure generates higher going-in yields and hold-period returns for the Company\nFacilitates external growth strategy and creates a pipeline for future growth\nOpportunistic Development and Mezzanine Lending Activity\nHigher risk-adjusted returns and utilization of in-house development expertise\nMezzanine lending program provides alternative pipeline for growth\nEarns current yield of typically 10%-14%\nProvides for future option to acquire at a fixed price\nFlexible Balance Sheet\nMaintain liquidity and flexibility\nWell-balanced maturity ladder spread across multiple years\nPrecedent for creative structuring and accretive issuance of OP units to preserve liquidity while remaining transactional early in new lodging cycle",
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      "text": "Targeted Capital Allocation Strategy with Proven Track Record of Transaction Driven Value Creation",
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