1 Earnings Release Supplement First Quarter 2026 (UNAUDITED) April 30, 2026
2 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
3 Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature: • our ability to increase our dividend per share of common stock; • the state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular; • market trends in our industry, interest rates, real estate values and the capital markets; • our business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions; • our projected operating results; • actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies; • our ability to manage our relationships with our management companies and franchisors; • our ability to maintain our existing and future financing arrangements; • changes in the value of our properties; • the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; • our ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code; • our ability to repay or refinance our indebtedness as it matures or becomes callable by lenders; • the availability of qualified personnel; • our ability to make distributions to our stockholders in the future; • the general volatility of the market price of our securities; and • the degree and nature of our competition. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents we have filed with the Securities and Exchange Commission. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement is effective only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law we are not obligated to, and do not intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, this presentation contains certain unaudited historical and pro forma information and metrics which are based or calculated from historical data that is maintained or produced by Summit Hotel Properties, Inc. or third parties. This presentation contain statistics and other data that may have been obtained from, or compiled from, information made available by third-parties.
4 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 (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). FFO and 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 minimis. 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 Earnings Release Supplement, FFO is based on our computation of FFO and not the computation of Nareit- defined FFO unless otherwise noted.
5 Non-GAAP Financial Measures (cont.) EBITDAre and Adjusted EBITDAre 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 on-going 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 meet 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.
6 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
7 Summary Financial Results (Unaudited) (Amounts in thousands, except per share metrics and statistics) For the Three Months Ended March 31, 2026 2025 Net loss attributable to common stockholders $ (10,441) $ (4,684) Net loss per diluted share $ (0.10) $ (0.04) Total revenues $ 185,053 $ 184,478 EBITDAre (1) $ 55,766 $ 58,449 Adjusted EBITDAre (1) $ 44,192 $ 45,007 FFO (1) $ 20,590 $ 23,196 Adjusted FFO (1) $ 25,525 $ 27,359 FFO per diluted share and unit (1) $ 0.17 $ 0.19 Adjusted FFO per diluted share and unit (1) $ 0.21 $ 0.22 Pro Forma (2) and Same Store (3) RevPAR $ 126.57 $ 126.28 RevPAR Growth 0.2 % Hotel EBITDA $ 63,374 $ 65,105 Hotel EBITDA Margin 34.4 % 35.8 % Hotel EBITDA Margin Change (146) bps 1. See tables later in this presentation for a discussion and reconciliation of Net (loss) income to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDAre, adjusted EBITDAre, funds from operations (“FFO”), FFO per diluted share and unit, adjusted FFO (“AFFO”), and AFFO per diluted share and unit, as well as a reconciliation of Operating income to hotel EBITDA. See “Non-GAAP Financial Measures” at the end of this presentation. 2. Unless stated otherwise in this presentation, all pro forma information includes operating and financial results for 94 lodging properties owned as of March 31, 2026. 3. All same store information includes operating and financial results for 94 hotels owned as of January 1, 2025, and at all times during the three months ended March 31, 2026 and 2025.
8 Summary Pro Forma Operating Results (Unaudited) (Amounts in thousands, except operating statistics) 1. Unaudited pro forma information includes operating results for 94 hotels owned as of March 31, 2026. For any hotels sold by the Company after April 1, 2025, the Company excludes the financial results of each of those hotels from April 1, 2025 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. 2025 2026 Trailing Twelve Months Ended Pro Forma Operating Data: (1) Q2 Q3 Q4 Q1 March 31, 2026 Pro forma room revenue $ 167,436 $ 153,213 $ 151,612 $ 162,052 $ 634,313 Pro forma other hotel operations revenue 21,806 20,316 21,497 22,394 86,013 Pro forma total revenues 189,242 173,529 173,109 184,446 720,326 Pro forma total hotel operating expenses 121,988 120,465 118,069 121,072 481,594 Pro forma hotel EBITDA $ 67,254 $ 53,064 $ 55,040 $ 63,374 $ 238,732 Pro forma hotel EBITDA Margin 35.5 % 30.6 % 31.8 % 34.4 % 33.1 % Pro Forma Statistics: (1) Rooms sold 1,004,861 963,934 929,979 916,304 3,815,078 Rooms available 1,292,566 1,308,700 1,308,700 1,280,340 5,190,306 Occupancy 77.7 % 73.7 % 71.1 % 71.6 % 73.5 % ADR $ 166.63 $ 158.95 $ 163.03 $ 176.85 $ 166.26 RevPAR $ 129.54 $ 117.07 $ 115.85 $ 126.57 $ 122.21 Actual Statistics: Rooms sold 1,029,583 987,833 941,803 920,670 3,879,889 Rooms available 1,324,598 1,341,084 1,325,524 1,286,440 5,277,646 Occupancy 77.7 % 73.7 % 71.1 % 71.6 % 73.5 % ADR $ 165.70 $ 158.25 $ 162.60 $ 176.57 $ 165.63 RevPAR $ 128.79 $ 116.57 $ 115.53 $ 126.37 $ 121.76
9 Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended March 31, 2026 2025 Net (loss) income $ (5,913) $ 623 Depreciation and amortization 36,774 37,230 Interest expense 20,450 19,956 Interest income on cash deposits (118) (113) Income tax expense 892 754 EBITDA 52,085 58,450 Loss on write-down of assets 3,641 — Loss (gain) on disposal of assets and other dispositions, net 40 (1) EBITDAre 55,766 58,449 Amortization of key money liabilities (129) (129) Equity-based compensation 2,001 1,916 Non-cash lease expense, net 129 133 Casualty losses, net 328 294 Other 53 — Income related to non-controlling interests in consolidated joint ventures (1,168) (1,283) Adjustments related to non-controlling interests in consolidated joint ventures (12,788) (14,373) Adjusted EBITDAre $ 44,192 $ 45,007
10 Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended March 31, 2026 2025 Net (loss) income $ (5,913) $ 623 Preferred dividends (3,970) (3,970) Distributions to and accretion of redeemable non-controlling interests (657) (657) Income related to non-controlling interests in consolidated joint ventures (1,168) (1,283) Net loss applicable to common shares and Common Units (11,708) (5,287) Real estate-related depreciation 36,214 36,663 Loss on write-down of assets 3,641 — Loss (gain) on disposal of assets and other dispositions, net 40 (1) FFO adjustments related to non-controlling interests in consolidated joint ventures (7,597) (8,179) FFO applicable to common shares and Common Units 20,590 23,196 Amortization of deferred financing costs 1,997 1,673 Amortization of franchise fees 169 175 Amortization of intangible assets, net 262 262 Equity-based compensation 2,001 1,916 Non-cash lease expense, net 129 133 Casualty losses, net 328 294 Deferred tax expense 467 325 Other 53 — AFFO adjustments related to non-controlling interests in consolidated joint ventures (471) (615) AFFO applicable to common shares and Common Units $ 25,525 $ 27,359 FFO per share of common share/Common Unit $ 0.17 $ 0.19 AFFO per common share/Common Unit $ 0.21 $ 0.22 Weighted-average diluted common shares/Common Units 120,829 124,636
11 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended March 31, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Number Rooms Sold 533,618 539,639 363,518 383,987 23,534 22,479 920,670 946,105 Number of Rooms Available 758,160 769,050 501,370 516,060 26,910 24,840 1,286,440 1,309,950 Occupancy 70.4 % 70.2 % 72.5 % 74.4 % 87.5 % 90.5 % 71.6 % 72.2 % Average Daily Rate $ 170.31 $ 164.48 $ 177.35 $ 178.46 $ 306.53 $ 286.66 $ 176.57 $ 173.06 Room Revenue PAR $ 119.87 $ 115.42 $ 128.59 $ 132.79 $ 268.07 $ 259.41 $ 126.37 $ 124.99 Room Revenue $ 90,881 $ 88,761 $ 64,469 $ 68,526 $ 7,214 $ 6,444 $ 162,564 $ 163,731 Other revenue 11,456 9,669 8,047 7,992 2,986 3,086 22,489 20,747 Total Revenue $ 102,337 $ 98,430 $ 72,516 $ 76,518 $ 10,200 $ 9,530 $ 185,053 $ 184,478 Hotel EBITDA $ 30,573 $ 29,376 $ 28,484 $ 32,060 $ 4,374 $ 4,191 $ 63,431 $ 65,627 % margin 29.9 % 29.8 % 39.3 % 41.9 % 42.9 % 44.0 % 34.3 % 35.6 % Net (loss) income $ (10,133) $ (3,821) $ 1,842 $ 2,201 $ 2,378 $ 2,243 $ (5,913) $ 623 $ (930) $ (1,059) $ (238) $ (224) $ (7,081) $ (660) Depreciation and amortization 19,764 19,280 15,582 16,859 1,428 1,091 36,774 37,230 (7,635) (8,261) (143) (109) 28,996 28,860 Interest expense 9,760 7,655 10,113 11,446 577 855 20,450 19,956 (4,955) (5,609) (58) (86) 15,437 14,261 Interest income (95) (102) (23) (11) — — (118) (113) 11 5 — — (107) (108) Income tax expense 811 119 81 635 — — 892 754 (40) (311) — — 852 443 EBITDA 20,107 23,131 27,595 31,130 4,383 4,189 52,085 58,450 (13,549) (15,235) (439) (419) 38,097 42,796 Loss on write-down of assets 3,641 — — — — — 3,641 — — — — — 3,641 — Loss (gain) on disposal of assets and other dispositions, net 4 (23) 36 22 — — 40 (1) (18) (11) — — 22 (12) EBITDAre 23,752 23,108 27,631 31,152 4,383 4,189 55,766 58,449 (13,567) (15,246) (439) (419) 41,760 42,784 Amortization of key money liabilities (60) (60) (51) (51) (18) (18) (129) (129) 25 25 2 2 (102) (102) Equity-based compensation 2,001 1,916 — — — — 2,001 1,916 — — — — 2,001 1,916 Non-cash lease expense, net 123 127 6 6 — — 129 133 (3) (3) — — 126 130 Casualty losses, net 293 257 29 29 6 8 328 294 (14) (14) (1) (1) 313 279 Other 461 — — — (408) — 53 — — — 41 — 94 — Adjusted EBITDAre $ 26,570 $ 25,348 $ 27,615 $ 31,136 $ 3,963 $ 4,179 $ 58,148 $ 60,663 $ (13,559) $ (15,238) $ (397) $ (418) $ 44,192 $ 45,007
12 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) (Amounts in thousands, except per share metrics) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. 2. The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company’s operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company’s option, shares of the Company’s common stock on a one-for-one basis. Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended March 31, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net (loss) income $ (10,133) $ (3,821) $ 1,842 $ 2,201 $ 2,378 $ 2,243 $ (5,913) $ 623 $ (930) $ (1,059) $ (238) $ (224) $ (7,081) $ (660) Preferred dividends (3,970) (3,970) — — — — (3,970) (3,970) — — — — (3,970) (3,970) Distributions to and accretion of redeemable non- controlling interests (657) (657) — — — — (657) (657) — — — — (657) (657) Net (loss) income applicable to common shares and Common Units (14,760) (8,448) 1,842 2,201 2,378 2,243 (10,540) (4,004) (930) (1,059) (238) (224) (11,708) (5,287) Real estate-related depreciation 19,624 19,138 15,180 16,452 1,410 1,073 36,214 36,663 (7,438) (8,061) (141) (107) 28,635 28,495 Loss on write-down of assets 3,641 — — — — — 3,641 — — — — — 3,641 — Loss (gain) on disposal of assets and other dispositions, net 4 (23) 36 22 — — 40 (1) (18) (11) — — 22 (12) FFO applicable to common shares and Common Units 8,509 10,667 17,058 18,675 3,788 3,316 29,355 32,658 (8,386) (9,131) (379) (331) 20,590 23,196 Amortization of deferred financing costs 1,278 1,104 645 554 74 15 1,997 1,673 (316) (271) (7) (2) 1,674 1,400 Amortization of franchise fees 88 89 81 86 — — 169 175 (40) (42) — — 129 133 Amortization of intangible assets (8) (8) 270 270 — — 262 262 (132) (132) — — 130 130 Equity based compensation 2,001 1,916 — — — — 2,001 1,916 — — — — 2,001 1,916 Non-cash lease expense, net 124 127 5 6 — — 129 133 (2) (3) — — 127 130 Casualty losses, net 293 257 29 29 6 8 328 294 (14) (14) (1) (1) 313 279 Deferred tax expense 467 18 — 307 — — 467 325 — (150) — — 467 175 Other 461 — — — (408) — 53 — — — 41 — 94 — AFFO applicable to common shares and common units (2) $ 13,213 $ 14,170 $ 18,088 $ 19,927 $ 3,460 $ 3,339 $ 34,761 $ 37,436 $ (8,890) $ (9,743) $ (346) $ (334) $ 25,525 $ 27,359 FFO per common share/Common Unit $ 0.17 $ 0.19 AFFO per common share/Common Unit $ 0.21 $ 0.22 Weighted-average diluted common shares/Common Units (2) 120,829 124,636
13 Full Year 2026 Outlook (Unaudited) (Amounts in thousands, except per share metrics and statistics) 1. All pro forma information includes operating and financial results for 94 lodging assets owned as of March 31, 2026, and excludes the financial results of hotels sold by the Company after January 1, 2025 . Pro forma and non-GAAP financial measures are unaudited. FYE 2026 Outlook Low High Variance to Prior Midpoint % Change to Prior Midpoint Pro Forma RevPAR Growth (1) 0.50 % 3.00 % 0.25 % — % Adjusted EBITDAre $ 170,000 $ 181,000 $ 1,500 0.9 % Adjusted FFO $ 90,000 $ 102,000 $ (250) (0.3) % Adjusted FFO per share of Common Stock and Common Units $ 0.75 $ 0.85 $ 0.01 1.3 % Capital Expenditures, Pro Rata $ 55,000 $ 65,000 $ — — % The Company’s outlook for the full year 2026 is based on the 94 lodging assets owned as of March 31, 2026, including the Courtyard by Marriott and Residence Inn Dallas (Arlington South) for which we have entered into an agreement to sell the two hotels. The sale is expected to close in the third quarter and will result in approximately $500,000 of foregone Hotel EBITDA from the closing date through the end of the year, which is not reflected in the updated guidance ranges. Based on first quarter actual results and recent operating trends, the Company is increasing the low end and implied midpoint of its guidance ranges. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company’s full year 2026 outlook.
14 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
15 Pro Forma Operating Results - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) 1. Unaudited pro forma information includes operating results for 94 hotels owned as of March 31, 2026. For any hotels sold by the Company after January 1, 2025 (the “Disposed Hotels”), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2025 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. INN Wholly-Owned (52 Hotels) GIC Joint Venture (39 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (94 Hotels) For The Three Months Ended March 31, 2026 2025 2026 2025 2026 2025 2026 2025 Pro Forma Operating Data (1) Occupancy 70.4 % 70.5 % 72.5 % 74.7 % 87.5 % 90.5 % 71.6 % 72.5 % ADR $ 170.31 $ 164.94 $ 178.08 $ 180.73 $ 306.53 $ 286.66 $ 176.85 $ 174.20 RevPAR $ 119.87 $ 116.26 $ 129.14 $ 134.94 $ 268.07 $ 259.41 $ 126.57 $ 126.28 Occupancy change (0.1) % (2.9) % (3.4) % (1.3) % ADR change 3.3 % (1.5) % 6.9 % 1.5 % RevPAR change 3.1 % (4.3) % 3.3 % 0.2 % Pro forma total revenues $ 102,337 $ 97,716 $ 71,909 $ 74,525 $ 10,200 $ 9,530 $ 184,446 $ 181,771 Pro forma hotel EBITDA $ 30,587 $ 29,455 $ 28,412 $ 31,459 $ 4,375 $ 4,191 $ 63,374 $ 65,105 Pro forma hotel EBITDA Margin 29.9 % 30.1 % 39.5 % 42.2 % 42.9 % 44.0 % 34.4 % 35.8 %
16 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
17 Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Common Share Price & Dividends At quarter ended $ 4.42 $ 4.87 $ 5.49 $ 5.09 $ 5.41 High during quarter ended $ 4.97 $ 5.79 $ 6.00 $ 5.56 $ 6.96 Low during quarter ended $ 3.98 $ 4.73 $ 4.61 $ 3.57 $ 5.28 Common dividends per share $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 Common Shares & Units Common shares outstanding 108,414 108,799 108,803 108,812 112,222 Common units outstanding 13,009 13,009 13,009 13,009 13,009 Total common shares and units outstanding 121,423 121,808 121,812 121,821 125,231 Capitalization Market value of common equity at quarter end $ 536,690 $ 593,205 $ 668,748 $ 620,069 $ 677,500 Par value of preferred equity - 6.250% Series E 160,000 160,000 160,000 160,000 160,000 Par value of preferred equity - 5.875% Series F 100,000 100,000 100,000 100,000 100,000 Par value of preferred equity - 5.250% Series Z 50,000 50,000 50,000 50,000 50,000 Consolidated total debt 1,409,154 1,404,143 1,433,483 1,434,703 1,427,359 Less: Consolidated unrestricted cash (44,773) (36,110) (41,135) (39,490) (48,194) Consolidated total enterprise value 2,211,071 2,271,238 2,371,096 2,325,282 2,366,665 Noncontrolling interest in consolidated total debt - GIC JV (319,066) (322,735) (327,311) (325,460) (325,492) Noncontrolling interest in consolidated total debt - Other JVs (5,800) (5,800) (5,800) (5,800) (4,559) Noncontrolling interest in consolidated total cash - GIC JV 9,690 5,759 7,116 6,140 11,720 Noncontrolling interest in consolidated total cash - Other JVs 272 256 239 258 215 Pro rata total enterprise value $ 1,896,167 $ 1,948,718 $ 2,045,340 $ 2,000,420 $ 2,048,549
18 Base Interest Fixed/ Fully-Extended Number of Encumbered Principal Non- controlling Pro Rata Principal As of March 31, 2026 Spread Rate Rate Variable Maturity Date Properties Outstanding Interests Outstanding Senior Credit Facility $400 Million Revolver 2.15% 3.66% 5.81% Variable 06/21/2028 n/a $ 25,000 $ — $ 25,000 $200 Million Term Loan 2.10% 3.67% 5.77% Variable 06/21/2028 n/a 200,000 — 200,000 Total Senior Credit and Term Loan Facility 225,000 — 225,000 Term Loans Regions Bank 2024 Term Loan Facility 2.10% 3.57% 5.67% Variable 02/26/2029 n/a 200,000 — 200,000 2025 Delayed Draw Term Loan 2.10% 3.66% 5.76% Variable 03/27/2030 n/a 275,000 — 275,000 475,000 — 475,000 Total Operating Partnership Debt 700,000 — 700,000 Brickell Joint Venture Mortgage Loan Wells Fargo Bank, N.A. 2.60% 3.67% 6.27% Variable 05/15/2030 2 58,000 (5,800) 52,200 GIC Joint Venture Credit Facility and Term Loans $125 Million Revolver 2.15% 3.67% 5.82% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 $125 Million Term Loan 2.10% 3.67% 5.77% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 Bank of America, N.A. 2025 Term Loan 2.35% 3.67% 6.02% Variable 07/24/2030 n/a 383,430 (187,881) 195,549 Wells Fargo n/a n/a 4.99% Fixed 06/06/2028 1 12,180 (5,968) 6,212 PACE Loan n/a n/a 6.10% Fixed 07/31/2040 n/a 5,544 (2,717) 2,827 Total GIC Joint Venture Credit Facility and Term Loans 1 651,154 (319,066) 332,088 Total Joint Venture Debt 3 709,154 (324,866) 384,288 Total Debt 3 $ 1,409,154 $ (324,866) $ 1,084,288 Debt Schedule - Part I (Unaudited) (Amounts in thousands except for number of properties)
19 Debt Schedule - Part II (Unaudited) (Amounts in thousands) Principal Amount Fixed Debt Variable Debt Effective Interest As of March 31, 2026 Outstanding Outstanding Outstanding Rate Total Debt $ 1,409,154 $ 17,724 $ 1,391,430 5.84 % Non-controlling Interests in Joint Ventures (324,866) (8,685) (316,181) Pro Rata Debt $ 1,084,288 $ 9,039 $ 1,075,249 5.82 % % of Pro Rata Debt 100 % 1 % 99 % Pro Rata Adjustment for Swaps in Effect — 530,200 (530,200) Pro Rata Debt Including Swaps $ 1,084,288 $ 539,239 $ 545,049 5.53 % % of Pro Rata Debt Including Swaps 100 % 50 % 50 % Notional Effective Maturity Interest Rate Swaps Value Swap Rate Date Date Capital One - 2022 - $100mm $ 100,000 2.6000 % January 31, 2023 January 31, 2027 Regions - 2022 - $100mm 100,000 2.5625 % January 31, 2023 January 31, 2029 Wells Fargo - 2025 - $58mm 58,000 3.5740 % June 2, 2025 May 15, 2028 Bank of America - 2025 - $150mm 150,000 3.2605 % January 13, 2026 January 13, 2028 Fifth-Third Bank - 2025 - $150mm 150,000 3.2650 % January 13, 2026 January 13, 2028 U.S. Bank National Association - 2025 - $125mm 125,000 3.3135 % December 31, 2025 December 31, 2027 Total Swaps $ 683,000 3.0989 %
20 Debt Schedule - Part III (Unaudited) (1) Amounts are in millions ($) and assumes fully-extended maturities for all loans. Reflects pro rata debt totals. Pro Rata Debt Maturity Ladder at March 31, 2026 $25.0 $275.0$200.0 $127.5 $52.2 $200.0 $195.5 $6.2 $2.8 $400M Senior Revolver 2025 Delayed Draw Term Loan $200M Senior Term Loan GIC JV Credit Facility Brickell JV Mortgage Debt Regions Bank 2024 Term Loan Facility $400M GIC JV Term Loan Mortgage Debt 2026 2027 2028 2029 2030 2031 2032 + $0 $100 $200 $300 $400 $500 $600 (1)
21 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
22 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership) Hyatt Place - Denver South/Park Meadows 1 127 Upscale Suburban Hyatt Place - Denver Tech Center 1 126 Upscale Suburban Hyatt Place - Scottsdale/Old Town 1 126 Upscale Resort Holiday Inn Express & Suites - San Francisco/Fisherman's Wharf 1 252 Upper Midscale Urban Courtyard - Dallas/Arlington South 1 103 Upscale Suburban Residence Inn - Dallas/Arlington South 1 96 Upscale Suburban Hyatt Place - Orlando/Convention Center 1 151 Upscale Resort Hyatt Place - Orlando/Universal 1 150 Upscale Resort Hyatt Place - Minneapolis/Downtown 1 213 Upscale Urban Springhill Suites - Nashville MetroCenter 1 78 Upscale Urban Courtyard - New Orleans Downtown Near the French Quarter 1 140 Upscale Urban Hyatt Place - Portland Airport/Cascade Station 1 136 Upscale Airport Residence Inn - Portland Airport at Cascade Station 1 124 Upscale Airport Courtyard - New Orleans/Metairie 1 153 Upscale Suburban Staybridge Suites - Denver/Cherry Creek 1 121 Upscale Suburban Hyatt House - Denver Tech Center 1 135 Upscale Suburban Courtyard - Atlanta Downtown 1 150 Upscale Urban Hyatt Place - Garden City 1 122 Upscale Suburban Residence Inn - New Orleans/Metairie 1 120 Upscale Suburban Hilton Garden Inn - Greenville 1 120 Upscale Suburban Fairfield Inn & Suites - Louisville Downtown 1 140 Upper Midscale Urban
23 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) SpringHill Suites - Louisville Downtown 1 198 Upscale Urban SpringHill Suites - Indianapolis Downtown 1 156 Upscale Urban Courtyard - Indianapolis Downtown 1 297 Upscale Urban Hampton Inn & Suites - San Diego/Poway 1 108 Upper Midscale Suburban Hampton Inn & Suites - Camarillo 1 116 Upper Midscale Suburban Hilton Garden Inn - Houston/Galleria Area 1 182 Upscale Urban Doubletree by Hilton San Francisco Airport North Bayfront 1 210 Upscale Airport Hilton Garden Inn - Houston/Energy Corridor 1 190 Upscale Suburban Hampton Inn & Suites - Austin/Downtown/Convention Center 1 209 Upper Midscale Urban Hampton Inn & Suites - Minneapolis/Downtown 1 211 Upper Midscale Urban Residence Inn - Bridgewater/Branchburg 1 101 Upscale Suburban Hyatt House - Across From Universal Orlando Resort 1 168 Upscale Resort Residence Inn - Baltimore/Hunt Valley 1 141 Upscale Suburban Hotel Indigo - Asheville Downtown 1 117 Upper Upscale Urban Courtyard - Atlanta Decatur Downtown/Emory 1 179 Upscale Suburban Courtyard - Nashville Vanderbilt/West End 1 226 Upscale Urban Residence Inn - Atlanta Midtown/Peachtree at 17th 1 160 Upscale Urban Hyatt House - Miami Airport 1 163 Upscale Airport Marriott - Boulder 1 165 Upper Upscale Urban Hyatt Place - Chicago/Downtown-The Loop 1 206 Upscale Urban Hyatt Place - Phoenix/Mesa 1 152 Upscale Suburban Courtyard - Fort Lauderdale Beach 1 261 Upscale Resort
24 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) Courtyard - Charlotte City Center 1 182 Upscale Urban Hampton Inn & Suites - Baltimore Inner Harbor 1 116 Upper Midscale Urban Residence Inn - Baltimore Downtown/Inner Harbor 1 189 Upscale Urban Courtyard - Fort Worth Downtown/Blackstone 1 203 Upscale Urban AC Hotel - Atlanta Downtown 1 255 Upscale Urban Hilton Garden Inn - Waltham 1 148 Upscale Suburban Residence Inn - Cleveland Downtown 1 175 Upscale Urban Courtyard - New Haven at Yale 1 207 Upscale Urban Residence Inn - Boston/Watertown 1 150 Upscale Suburban INN Wholly-Owned (100% Ownership) 52 8,424 (2)
25 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) Courtyard - Scottsdale North 1 153 Upscale Resort Springhill Suites - Scottsdale North 1 121 Upscale Resort Hampton Inn & Suites - Tampa/Ybor City/Downtown 1 138 Upper Midscale Urban Homewood Suites - Aliso Viejo/Laguna Beach 1 129 Upscale Suburban Courtyard - Pittsburgh Downtown 1 183 Upscale Urban Homewood Suites - Tucson/St. Philip's Plaza University 1 122 Upscale Resort Hampton Inn & Suites - Silverthorne 1 88 Upper Midscale Resort Hilton Garden Inn - San Jose / Milpitas 1 161 Upscale Suburban Residence Inn - Portland Downtown / Riverplace 1 258 Upscale Urban Residence Inn - Portland / Hillsboro 1 122 Upscale Suburban Residence Inn - Steamboat Springs 1 110 Upscale Small Metro/Town Embassy Suites - Tucson / Paloma Village 1 120 Upper Upscale Resort Residence Inn - Scottsdale North 1 120 Upscale Resort AC Hotel - Dallas Downtown 1 128 Upscale Urban Residence Inn - Dallas Downtown 1 121 Upscale Urban Hampton Inn & Suites - Dallas Downtown 1 176 Upper Midscale Urban SpringHill Suites - Dallas Downtown 1 148 Upscale Urban Hilton Garden Inn - Grapevine at Silver Lake Crossing 1 152 Upscale Airport Holiday Inn Express & Suites - DFW / Grapevine 1 95 Upper Midscale Airport Courtyard - Dallas DFW Airport / North Grapevine 1 181 Upscale Airport TownePlace Suites - Dallas / Grapevine 1 120 Upper Midscale Airport Hyatt Place - Dallas / Grapevine 1 125 Upscale Airport
26 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) AC Hotel - Dallas / Frisco 1 150 Upscale Suburban Residence Inn - Dallas / Frisco 1 150 Upscale Suburban Canopy Hotel - Dallas / Frisco Station 1 150 Upper Upscale Suburban Residence Inn - Tyler 1 119 Upscale Small Metro/Town AC Hotel - Houston Downtown 1 195 Upscale Urban Homewood Suites - Midland 1 118 Upscale Suburban Hyatt Place - Lubbock 1 125 Upscale Urban Embassy Suites - Amarillo Downtown 1 226 Upper Upscale Urban AC Hotel - Oklahoma City / Bricktown 1 142 Upscale Urban Hyatt Place - Oklahoma City / Bricktown 1 134 Upscale Urban Holiday Inn Express & Suites - Oklahoma City Downtown / Bricktown 1 124 Upper Midscale Urban SpringHill Suites - New Orleans Downtown / Canal Street 1 74 Upscale Urban TownePlace Suites - New Orleans Downtown / Canal Street 1 105 Upper Midscale Urban Canopy Hotel - New Orleans Downtown 1 176 Upper Upscale Urban The Nordic Lodge - Steamboat Springs 1 45 Independent Small Metro/Town Hampton Inn Boston-Logan Airport 1 250 Upper Midscale Airport Hilton Garden Inn Tysons Corner 1 149 Upscale Urban GIC Joint Venture (51% Ownership) 39 5,503 (2)
27 Asset Listing (Unaudited) (1) Asset listing excludes two parking garages located in Dallas, TX and Frisco, TX. Hotels Rooms STR Chain Scale STR Location Other Joint Ventures (90% Ownership) AC Hotels by Marriott - Miami Brickell 1 156 Upscale Urban Element - Miami Brickell 1 108 Upscale Urban Onera - Fredericksburg 1 35 N/A Small Metro/Town Other Joint Ventures (90% Ownership) 3 299 Pro Forma (1) 94 14,226
28