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  "documentTitle": "Summit Hotel Properties | Investor Presentation Deck | 32 slides",
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      "text": "SUMMIT\nHOTEL PROPERTIES",
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      "text": "Transaction Activity\nYear-to-date, the Company has sold four hotels for $94M at a blended cap rate of 6.5% on 2024E NOI after consideration of foregone capital expenditures.",
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      "text": "Ongoing Improvement in Business Travel Driving Top Line Growth\nOccupancy: 77.7% (+2.4%); ADR: $170 (+0.9%); RevPAR: $132 (+3.4%)\nSelect recovering markets achieved 11% RevPAR growth and 37% hotel EBITDA growth (New Orleans, Baltimore, Minneapolis, and Louisville)\nThe NewcrestImage portfolio continues to produce strong results:\nRevPAR growth +3%; hotel EBITDA +7%\nMarket share grew over 400 basis points to a RevPAR index of 114 for the twelve months ending June 30, 2024",
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      "text": "Common Dividend\nDeclared a quarterly cash dividend rate of $0.08 per share representing a 5.1% annualized dividend yield on the Company's share price as of September 9, 2024",
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      "text": "Balance Sheet\nFurther deleveraged the balance sheet by repaying over $105 million of pro rata indebtedness with proceeds from asset sales and available cash on hand\nSold nine hotels over the last year for $130M at a ~5% cap rate resulting in approximately ~1x of deleveraging",
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      "text": "Hyatt House - Orlando Universal",
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      "text": "Second Quarter 2024 Highlights",
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