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      "text": "(1) Based on the 71 same store hotels owned as of December 31, 2022.\n(2) Based on the hotel purchase price exclusive of the parking structures and incentives.\n(3) Est. stabilized yields based on full year underwritten NOI in 2023/2024. Onera est. based on year 1 stabilized yields.",
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      "text": "Recent Acquisitions Highlight\nSummit Same Store (1)\n2021 Acquisitions\nNCI Portfolio\nAC / Element Miami\nOnera Fredericksburg\nSummit Pro Forma\nKey Highlights\n# of Assets 71 2 27 2 1 103 45% Growth\n# of Guestrooms 11,120 230 3,709 264 11 15,334 38% Growth\nDate of Acquisition - 2H 2021 Q1 2022 Q2 2022 Q4 2022 Active Early in Cycle\nGross Purchase Price - $59M $822M $89M $5M - ~$975M Invested\nPrice Per Key - $254K $209K (2) $337K $455K - Attractive Basis of $220K / Key (2)\nAverage Effective Age (years) 6.0 3.4 4.8 0.8 0.9 5.5 Younger Effective Age\nEst. Stabilized Yield (3) - 8-9% 8-9% 8-9% 15-17% - Strong Stabilized Yields",
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