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      "text": "Higher risk-adjusted returns and utilization of in-house development expertise\nMezzanine lending program provides alternative pipeline for growth which typically earns current yields of 10%-14% and provides for the future option to acquire at a fixed price (i.e., initial mezz loan converted into 90% equity stake in the dual-branded AC Hotel / Element Miami Brickell)",
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      "text": "Own 41 hotels totaling 5,581 guestrooms with a well-respected global real estate investor further validates Summit's platform and operating model\nFacilitates external growth strategy and creates a pipeline for future growth\nFee structure generates higher going-in yields and hold-period returns for the Company and is expected to cover ~15% of 2023 cash corporate G&A",
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      "text": "Locations in \"Markets that Matter\" with favorable supply/demand dynamics and multiple demand generators\nEfficient operating models and value-add opportunities (i.e., property renovations, brand conversions, management changes)\nTarget product types that appeal to evolving guest preferences (i.e., initial glamping investment with the acquisition of Onera Fredericksburg in October 2022)",
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      "text": "Identify markets with unfavorable supply/demand dynamics and hotels with functional obsolescence or large capital needs that do not meet return thresholds\nRecently disposed of four hotels for $28.1 million. Combined with our previous sale of the Hilton Garden San Francisco in 2022, we have closed assets sales totaling $103 million at a blended capitalization rate of 2% and eliminated nearly $28 million of renovation capital expenditures since 2022.",
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      "text": "Maintain liquidity and flexibility and a well-balanced maturity ladder spread across multiple years\nPrecedent for creative structuring and accretive issuance of OP units to preserve liquidity while remaining transactional\nNearly 80% fixed rate debt and preferred equity capital structure",
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      "text": "Joint Venture with GIC",
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