Exhibit 99.1

	13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738
	Telephone: 512-538-2300   Fax: 512-538-2333
	www.shpreit.com

NEWS RELEASE

SUMMIT HOTEL PROPERTIES REPORTS SECOND QUARTER 2023 RESULTS

Pro Forma RevPAR Reaches New Post-Pandemic High

The Nordic Lodge Steamboat Springs Acquired Through GIC Joint Venture

Austin, Texas, August 2, 2023 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the three and six months ended June 30, 2023.

“Key operating fundamentals continued to improve during the second quarter as nominal quarterly RevPAR reached its highest level since the onset of the pandemic, highlighted by nearly 15% RevPAR growth in the NewcrestImage portfolio. Our revenue management efforts yielded significant market share gains during the quarter, as total portfolio RevPAR index increased over 250 basis points compared to last year, also driven by the NewcrestImage portfolio which grew index by nearly 750 basis points during the quarter,” said Jonathan P. Stanner, the Company’s President and Chief Executive Officer. “As the second quarter progressed, we saw industry demand trends normalize, particularly in leisure-oriented markets, but we are encouraged by the recovery of our urban portfolio during the quarter and the stability of our forward looking operating trends,” commented Mr. Stanner.

“We also continued to expand our partnership with GIC through the acquisition of The Nordic Lodge in downtown Steamboat Springs, which presents a unique opportunity to own a highly regarded independent hotel with a strong going-in yield, an extremely efficient operating model, and significant development or redevelopment optionality. Finally, we were extremely pleased with the execution of our corporate credit facility refinancing that closed in the second quarter. The credit facility transaction, along with the two previously announced interest rate swaps that are now effective, further enhance our well-positioned balance sheet by extending maturity dates, maintaining pricing, reducing interest rate risk, and preserving overall flexibility to execute on our strategic initiatives,” continued Mr. Stanner.

Second Quarter 2023 Summary

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The Company’s results for the three and six months ended June 30, 2023, are as follows (in thousands, except per share amounts):

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Year-to-Date 2023 Summary

Recent Transaction Activity

The Nordic Lodge Steamboat Springs Acquired for $13.7 Million

On June 23, 2023, the Company completed the acquisition of The Nordic Lodge Steamboat Springs (“The Nordic Lodge Hotel”), an independent 47-guestroom hotel, for $13.7 million through its joint venture with GIC.

Located in the heart of downtown Steamboat Springs and consistently ranked #1 on TripAdvisor’s Best Places to Stay in Steamboat Springs, the acquisition of The Nordic Lodge Hotel provides a unique opportunity to own an asset with an irreplaceable downtown location, strong going-in yield, and immediate value enhancement opportunities. The Nordic Lodge Hotel is located approximately two miles from the joint venture’s Residence Inn Steamboat Springs hotel, offering incremental complexing opportunities to an already highly efficient operating model, highlighted by a gross operating profit margin that exceeded 70% for the full year 2022.

Steamboat Springs is recognized as one of the top mountain resorts in the U.S., and in addition to the well-known ski resort, Steamboat Springs offers year-round activities such as hiking, biking, fishing, and rafting as well as events and festivals held throughout the city. The Company estimates The Nordic Lodge Hotel to yield between a 10.0 percent and 10.5 percent capitalization rate based on the full year estimated 2023 net operating income prior to any potential synergies related to common ownership with the Residence Inn Steamboat. The Company funded its 51% interest in the joint venture acquisition using a portion of the net proceeds generated from the recently completed four-hotel portfolio sale and cash on hand.

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Residence Inn Scottsdale North Acquired for $29.0 Million

On June 1, 2023, the Company completed the previously announced acquisition of the 120-guestroom Residence Inn Scottsdale North (“Residence Inn Scottsdale”) for $29.0 million through its joint venture with GIC. The Residence Inn Scottsdale is located directly across North Scottsdale Road from the joint venture’s Courtyard and Springhill Suites hotels, both of which are also owned by the GIC joint venture. The Company expects the addition of a third Marriott-branded hotel to the existing sales cluster will create revenue and operational synergies and the market-leading Residence Inn brand will allow the cluster to capture additional group and extended-stay opportunities.

The Company expects the Residence Inn Scottsdale to yield between an 8.0 percent and 8.5 percent capitalization rate on full year estimated 2023 net operating income prior to any synergies realized. The hotel was fully renovated in 2019 and requires minimal near-term capital expenditures. The Company funded its 51% interest in the joint venture acquisition using a portion of the net proceeds generated from the recently completed four-hotel portfolio sale.

Four-Hotel Portfolio Sale Completed For $28.1 Million

On May 19, 2023, the Company completed the previously announced disposition of four wholly-owned hotels totaling 467 guestrooms for a gross sales price of $28.1 million. The portfolio of sold hotels included:

The transaction represents a 4.2 percent capitalization rate based on the aggregate net operating income of the hotels after a 4% FF&E reserve for the twelve months ended December 31, 2022. The Company will also forego comprehensive renovations that were estimated to be $21 million as a result of the sale. The aggregate gross sales price of $28.1 million, plus estimated future capital improvements, represents a 2.4 percent capitalization rate for the trailing twelve months ended December 31, 2022.

Capital Markets & Balance Sheet

On June 21, 2023, the Company successfully completed the refinancing of its $600 million senior unsecured credit facility (the “Credit Facility”), which is comprised of a $400 million senior unsecured revolving credit facility (the “Revolver”) and $200 million senior unsecured term loan (the “Term Loan”). The amended and restated credit agreement provides for a maturity date of June 2028 for both the Revolver and Term Loan, including extension options. The pricing grid from the prior credit facility has been maintained at a range of 140 to 240 basis points for the Revolver and 135 to 235 basis points for the Term Loan, each over the applicable adjusted SOFR rate. As a result of this refinancing, the Company’s average length to maturity has been increased to over three years, including extension options, with no debt maturities until the fourth quarter of 2024.

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As of June 30, 2023, inclusive of its pro rata share of the GIC Joint Venture credit facility, the Company had the following:

Common and Preferred Dividend Declaration

On July 27, 2023, the Company declared a quarterly cash dividend of $0.06 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP. The quarterly dividend of $0.06 per share represents an annualized dividend yield of 3.8% based on the closing price of shares of the common stock on August 1, 2023.

In addition, the Board of Directors declared a quarterly cash dividend of:

The dividends are payable on August 31, 2023, to holders of record as of August 17, 2023.

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2023 Outlook

The Company is updating its previously provided outlook for the full year 2023 based on 101 lodging assets, 57 of which were wholly owned as of August 2, 2023. The updated outlook includes all transaction activity closed during the second quarter and the net disposition activity resulting in an estimated $2.0 million reduction in adjusted EBITDAre and $1.6 million reduction in adjusted FFO for the full year. There are no additional acquisitions, dispositions, or capital markets activities assumed in the Company’s full year 2023 outlook beyond the transactions already completed.

Second Quarter 2023 Earnings Conference Call

The Company will conduct its quarterly conference call on Thursday, August 3, 2023, at 10:00 AM ET.

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Supplemental Disclosures

In conjunction with this press release, the Company has furnished a financial supplement with additional disclosures on its website. Visit www.shpreit.com for more information. The Company has no obligation to update any of the information provided to conform to actual results or changes in portfolio, capital structure or future expectations.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of August 2, 2023, the Company's portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.

For additional information, please visit the Company's website, www.shpreit.com, and follow on Twitter at @SummitHotel_INN and on Facebook at facebook.com/SummitHotelProperties.

Contact:

Adam Wudel

SVP – Finance & Capital Markets

Summit Hotel Properties, Inc.

(512) 538-2325

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan,” “likely,” “would” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, or other forward-looking information. Examples of forward-looking statements include the following: the Company’s ability to realize growth from the deployment of renovation capital; projections of the Company’s revenues and expenses, capital expenditures or other financial items; descriptions of the Company’s plans or objectives for future operations, acquisitions, dispositions, financings, redemptions or services; forecasts of the Company’s future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, EBITDAre, Adjusted EBITDAre, FFO and AFFO; the Company’s outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth, AFFO, AFFO per diluted share and unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission (“SEC”). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company’s expectations.

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Summit Hotel Properties, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

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Summit Hotel Properties, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

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Summit Hotel Properties, Inc.
Reconciliation of Net Loss to Non-GAAP Measures – Funds From Operations

(Unaudited)

(In thousands, except per share and unit amounts)

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Summit Hotel Properties, Inc.

Reconciliation of Weighted Average Diluted Common Shares

(Unaudited)

(In thousands)

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Summit Hotel Properties, Inc.

Reconciliation of Net Loss to Non-GAAP Measures – EBITDAre

(Unaudited)

(In thousands)

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Summit Hotel Properties, Inc.

Pro Forma Hotel Operating Data

(Unaudited)

(In thousands)

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Summit Hotel Properties, Inc.

Pro Forma Hotel Operating Data

(Unaudited)

(In thousands, except operating statistics)

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Summit Hotel Properties, Inc.

Pro Forma and Same Store Data

(Unaudited)

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Summit Hotel Properties, Inc.
Reconciliation of Net (Loss) Income to Non-GAAP Measures – EBITDA for Financial Outlook

(in thousands)

(Unaudited)

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Summit Hotel Properties, Inc.
Reconciliation of Net (Loss) Income to Non-GAAP Measures – Funds From Operations for Financial Outlook

(In thousands except per share and unit)

(Unaudited)

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Non-GAAP Financial Measures

We disclose certain “non-GAAP financial measures,” which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations (“FFO”) and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre, and Hotel EBITDA (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss).

Funds From Operations (“FFO”) and Adjusted FFO (“AFFO”)

As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, transaction costs, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash interest income and non-cash income tax related adjustments to our deferred tax asset. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, and certain transaction costs related to lodging property acquisition activities and debt, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of depreciation and amortization expense on assets at our corporate offices, which is de minimus. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this release, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted.

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EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry’s supplemental measures such as FFO and net operating income (“NOI”) to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company’s capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs.

EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.

With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

We caution investors that amounts presented in accordance with our definitions of EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above, we include a quantitative reconciliation of EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss) and operating income (loss).

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