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      "text": "SUMMIT HOTEL PROPERTIES",
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      "text": "(3) Est. stabilized yields based on full year underwritten NOI in 2024. Onera est. based on year 1 stabilized yields.",
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      "text": "(2) Based on the hotel purchase price exclusive of the parking structures and incentives.",
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      "text": "(4) Onera yield based on the initial investment amount of $5 million.",
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      "text": "(1) Based on the 71 same store hotels owned as of December 31, 2022.",
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      "text": "Recent Acquisitions Highlight Summit Same Store (1) 2021 Acquisitions NCI Portfolio AC / Element Miami Onera Fredericksburg Summit Pro Forma Key Highlights # of Assets 71 2 27 2 1 103 45% Growth # of Guestrooms 11,120 230 3,709 264 11 15,334 38% Growth Date of Acquisition - 2H 2021 Q1 2022 Q2 2022 Q4 2022 Active Early in Cycle Gross Purchase Price - $59M $822M $89M $5M - ~$975M Invested Price Per Key - $254K $209K (2) $337K $455K - Attractive Basis of $220K / Key (2) Average Effective Age (years) 6.0 3.7 5.2 1.1 1.2 5.6 Younger Effective Age Est. Stabilized Yield (3) - 10-11% 8-9% 8-9% 15-17% (4) - Strong Stabilized Yields",
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      "text": "Targeted Capital Allocation Strategy with Proven Track Record of External Growth and Capital Recycling",
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