{ "docId": "019de518-3010-72e4-89ca-2bdd2671c18b", "docSlug": "c1fb1cc777b30f03f1a13e6d55ea9e20", "documentTitle": "Summit Hotel Properties | Investor Presentation Deck | 31 slides", "authorId": "summit-hotel-properties", "authorName": "Summit Hotel Properties", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 14, "pageCount": 31, "prevPage": 13, "nextPage": 15, "slideType": "business_model", "function": "present_framework", "density": "overcrowded", "nDataPoints": 10, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-3010-72e4-89ca-2bdd2671c18b/14", "deckHref": "/decks/019de518-3010-72e4-89ca-2bdd2671c18b", "deckJsonHref": "/decks/019de518-3010-72e4-89ca-2bdd2671c18b.json", "deckAnchorHref": "/decks/019de518-3010-72e4-89ca-2bdd2671c18b#slide-14", "components": [ { "bbox": { "h": 0.035, "w": 0.075, "x": 0.875, "y": 0.05 }, "kind": "image", "text": "SUMMIT HOTEL PROPERTIES", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e553719c-e8cc-4066-bf96-3f896827c52e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.19, "w": 0.279, "x": 0.203, "y": 0.273 }, "kind": "list", "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)", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f8bea8d-026d-4f35-bcbe-8e8bd7d4514c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.19, "w": 0.279, "x": 0.675, "y": 0.54 }, "kind": "list", "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 assets at a fixed price (i.e., initial mezz loan converted into 90% equity stake in the dual-branded AC Hotel / Element Miami Brickell)", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2e41c9ba-9a24-4418-9450-70a1194f2925", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.279, "x": 0.203, "y": 0.54 }, "kind": "list", "text": "Identify markets with unfavorable supply/demand dynamics and hotels with functional obsolescence or large capital needs that do not meet return thresholds\nIn 2023, sold five hotels for $36.4 million at a blended capitalization rate of 2.5% after consideration of foregone capital expenditures.\nSubsequent to year-end, the Joint Venture with GIC completed the sale of one hotel for $10.3 million at a 2.9% capitalization rate after consideration of foregone capital expenditures.", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4d6edf6f-feae-4fcb-9426-9769589051e9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.19, "w": 0.279, "x": 0.675, "y": 0.273 }, "kind": "list", "text": "Own 40 hotels totaling 5,454 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 enhances yields and hold-period returns for the Company and is expected to cover ~15% of 2024 cash corporate G&A", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a2f7b7f1-554e-4252-85b1-6ee0b3e16b67", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.279, "x": 0.675, "y": 0.763 }, "kind": "list", "text": "Maintain liquidity, 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\n~80% fixed rate debt and preferred equity capital structure", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bc3f7e42-c756-4067-a04e-021e36f41bb7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.047, "y": 0.54 }, "kind": "paragraph", "text": "Dispositions", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6b40d6c9-fc82-4edf-bde7-03a4d42780c3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 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