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  "documentTitle": "Summit Hotel Properties | Investor Presentation Deck | 46 slides",
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  "authorName": "Summit Hotel Properties",
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      "text": "Embassy Suites Amarillo Hilton",
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      "text": "SpringHill Suites / TownePlace Suites New Orleans Marriott",
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      "text": "Capital Structure\nAcquired in January of 2022 in GIC JV (26 of 27 hotels) and final hotel closed in March of 2022\nCapitalization included a combination of common OP units, preferred OP units, cash and term loan.\nSummit to issue 15.865 million common OP units valued at $160 million and 5.25% preferred OP units valued at $50 million\nGIC contributed approximately $208 million in cash for 49% interest\nPrimary financing included $410 million interest-only term loan with initial 4-year term, variable interest rate of SOFR + 2.86%",
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      "text": "Transaction Overview\nA portfolio of 27 premium-branded hotels totaling 3,709 guestrooms all of which are located in high-growth Sun Belt markets\nHotel purchase price of $776.5 million ($209,000/key) and with an average effective age of three years, the portfolio requires limited near-term capital expenditures.\n$24.8 million is allocated to two parking garages, and $20.7 million is allocated to various incentives for a total portfolio valuation of $822.0 million\nOne-third of the total portfolio valuation has opened in 2019 or later providing significant organic growth opportunities and limiting near-term capital needs.\nOperational upside through clustering sales opportunities and providing a sophisticated level of revenue strategy. Estimated 2022 Hotel EBITDA Yield of 6.0-6.5%.",
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      "text": "Note: Summit and GIC have a 51% and 49% economic interest in the joint venture, respectively.",
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