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  "documentTitle": "Summit Hotel Properties | Investor Presentation Deck | 35 slides",
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  "authorName": "Summit Hotel Properties",
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  "presentationDate": "2023-06-01 00:00:00",
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      "text": "NewcrestImage Portfolio Acquired for $822MM\n27 Hotels, 2 Parking Garages, and Financial Incentives\nAttractive basis and increased exposure to high-growth markets\nDiscount to estimated replacement cost",
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      "text": "Six-Hotel Portfolio Contributed to the Joint Venture\n$0.2B Gross Transaction Value\nSummit sold 49% interest to the Joint Venture",
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      "text": "Hilton Garden Inn San Francisco Airport Sold for $75MM\nResulted in $21MM gain on sale during the 2.5-year hold period\nSold at 1.0% cap rate on T12 financials",
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      "text": "Invested $0.3B in Year 1\nAcquired Hampton Inn & Suites Silverthorne for $26MM\nAcquired 4-Hotel Portfolio for $249MM",
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      "text": "Embassy Suites Tucson Paloma Village Acquired for $26MM\nComplexing opportunity with Homewood Suites Tucson\nHigh barrier to entry submarket\nMarket-leading hotel situated on six acres",
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      "text": "Facilitates external growth & creates pipeline for future growth\nFee stream effectively reduces Summit's overall cost of capital\nAcquire deep asset and market knowledge base which facilitates seamless integration if Summit acquires unowned interest",
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      "text": "Opportunistic investment approach\nNo pre-defined investment size targets\nEliminates forced buying or selling\nAllows for opportunistic deployment and recycling of capital",
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      "text": "Residence Inn Steamboat Springs Acquired for $33MM\nNewly opened in December 2020\nDiscount to estimated replacement cost",
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      "text": "Joint Venture Formed in 2019\n51% summit / 49%\nSummit as General Partner & Asset Manager",
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      "text": "Joint venture fee structure provides enhanced investment returns\nAsset management fee\nProject management fee\nPromoted interest potential\nEqual to ~15% Cash Corp G&A in 2023",
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      "text": "Residence Inn Scottsdale North Acquired for $29MM\nComplexing opportunity with the Courtyard and SpringHill Suites Scottsdale\nFully renovated in 2019\nEstimated 8.0% to 8.5% cap rate for the full year 2023",
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      "text": "Joint venture with highly-respected global real estate investor\nFurther validates Summit's investment thesis and operating platform",
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