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  "documentTitle": "Summit Hotel Properties | Investor Presentation Deck | 32 slides",
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  "authorName": "Summit Hotel Properties",
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      "text": "Joint Venture Formed in 2019\n51% summit / 49%\nSummit as General Partner & Asset Manager",
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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": "2024 Opportunistic Dispositions\nHyatt Place Dallas / Plano Sold for $10MM\nHilton Garden Inn College Station Sold for $11MM\nSold at 5.9% blended cap rate on 2024E NOI including foregone capex",
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      "text": "Acquired two hotels for $59MM in 2021\nAcquired Residence Inn Steamboat Springs for $33MM\nAcquired Embassy Suites Tucson Paloma Village for $26MM",
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      "text": "Acquired two hotels for $43MM in 2023\nAcquired Residence Inn Scottsdale North for $29MM\nAcquired Nordic Lodge Steamboat Springs for $14MM",
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      "text": "Invested $275MM in Year 1\nAcquired Hampton Inn & Suites Silverthorne for $26MM\nAcquired 4-Hotel Portfolio for $249MM",
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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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      "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 2024",
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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$249MM 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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