Summit Hotel Properties Investor Presentation Deck
November 2023, 32 slides
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a a investor presentation | Summit Hotel Properties
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 may be forward looking by their nature our ability to increase our dividend per share of common stock the state of the 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 government and changes to government policies and the execution and impact of such actions initiatives and policies our ability to manage our relationships with our management companies and 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 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 a risk factors in our annual report on form for the year ended 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 information and metrics which are based or calculated from historical data that is maintained or produced by summit 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 forward looking | Summit Hotel Properties
inn lodging assets markets top markets recent acquisitions growth margin portfolio index summit hotel properties is a leading publicly traded reit focused on owning with efficient operating models primarily in the upscale segment of the industry summit i | Summit Hotel Properties
summit | Summit Hotel Properties
efficient operating model best in class platform drives profitability premier portfolio with broad geographic diversification and concentration in high growth sun belt markets targeted capital allocation strategy with proven track record of external growth and capital recycling well positioned balance sheet and liquidity profile leading environmental social and governance program summit investment | Summit Hotel Properties
summit operating platform is built on its and experience in revenue and asset management design and construction and capital allocation all underpinned by robust business intelligence and data analytics consistent on site presence and collaboration with local management deep network of industry relationships facilitates off market transactions industry and data analysis analyzing forward looking data to manage demand patterns leverage in house asset management and design construction to optimize market positioning and capital investment partnership with facilitates expanded acquisition opportunities and enhanced underwriting rigor selective mezzanine financing program with purchase options expands our shadow pipeline intensive asset management process provides better oversight and accountability of management companies exhaustive due diligence approach facilitates value creation flexible and favorable management business intelligence tools facilitate real continuous renovation planning and oversight to ensure minimum revenue displacement terms across ten different management companies cost savings driven by needs for renovation activity high degree of engagement with key management company personnel in house design leads to more renovations which drives higher rois on capital investments use of independent platforms eliminates conflicts of interest time data analytics data analytics used to implement revenue and asset management strategies designed to maximize hotel profitability efficient model best in class | Summit Hotel Properties
rooms revenue driven model enhances and margins of the operating model during the pandemic leads to lower run rate going forward proprietary in house revenue management platform partners with management companies to more effectively yield manage the portfolio and drive profitability of management and sales teams across the portfolio particularly with the addition of the portfolio creates both revenue and expense synergies utilization of best practices from multiple hotel management partners drives operational efficiencies strong connectivity representation and influence with all major brand partners through leadership roles on owner advisory councils efficient best in class summit | Summit Hotel Properties
summit has a track record of with cumulative growth exceeding the upscale chain scale by a basis point over the years since the company cumulative growth summit pro portfolio upscale summit upscale efficient operating model and best in class platform drives profitability | Summit Hotel Properties
hotel margin summit efficient operating model and best in class platform drives profitability | Summit Hotel Properties
no single asset contributes more than to our portfolio and is the only market that contributes each individual contributes markets of rooms of portfolio top top sun belt urban total current lodging assets premier with broad geographic diversification concentration in high growth summit | Summit Hotel Properties
summit portfolio chain scale breakdown upscale upper other lodging industry set up for favorable supply demand dynamics for the foreseeable future may growth growth valance growth growth | Summit Hotel Properties
summit believes in the value of brand loyalty and partners with leading global brands that provide access to millions of enrolled loyalty members we believe guests value premium standards exceptional service diverse types of stay offerings and ease of reservation that result in a positive guest experience and recurring stays hotel type premier portfolio industry leading offering distinctive accommodations experiences i | Summit Hotel Properties
summit at a a ule | Summit Hotel Properties
locations in markets that matter with favorable supply demand dynamics and multiple demand generators efficient operating models and value add opportunities i property renovations brand conversions management changes target product types that appeal to evolving guest preferences i initial investment with the acquisition of in identify markets with unfavorable supply demand dynamics and hotels with functional obsolescence or large capital needs that do not meet return thresholds recently closed on or announced the sale of five hotels for million combined with our previous sale of the garden san in we have closed assets sales totaling million at a blended capitalization rate of less than and eliminated nearly million of renovation capital expenditures since own hotels totaling with a well respected global real estate investor further validates summit platform and operating model facilitates external growth strategy and creates a pipeline for future growth fee structure enhances yields and hold period returns for the company and is expected to cover of cash corporate a higher risk adjusted returns and utilization of in house development mezzanine lending program provides alternative pipeline for growth which typically earns current yields of and provides for the future option to acquire assets at a fixed price i initial loan converted into equity stake in the dual branded hotel element maintain liquidity flexibility and a well balanced maturity ladder spread across multiple years precedent for creative structuring and accretive issuance of units to preserve liquidity while remaining transactional nearly fixed rate debt and preferred equity capital structure targeted allocation proven track record transaction driven value creation | Summit Hotel Properties
over the past two years summit has been highly acquisitive relative to the lodging peer set setting the stage for outsized growth over the next several years gross acquisition value acquisitions as a of targeted capital allocation strategy with proven track record transaction driven creation | Summit Hotel Properties
summit summit as general partner asset manager acquired inn suites for acquired hotel portfolio for further validates summit investment thesis and operating platform gross transaction value summit sold interest to the joint venture no defined investment size parameters eliminates forced buying or selling allows for opportunistic deployment and recycling of capital fee stream effectively reduces summit overall cost of capital acquire deep asset and market knowledge base which facilitates seamless integration if summit acquires unowned interest asset management fee project management fee promoted interest potential equal to cash corp a in newly opened in discount to estimated replacement cost opportunity with suites market leading hotel situated on six acres in high barrier to entry hotels parking garages and financial incentives attractive basis and increased exposure to high growth markets discount to estimated replacement cost resulted in gain on sale during the year hold period sold at cap rate on opportunity with the courtyard and suites fully renovated in opportunity with residence inn steamboat springs immediate value enhancement opportunities optionality with an independent hotel overview highlights | Summit Hotel Properties
recent acquisition highlights of assets of date of acquisition gross purchase price price per key stabilized yield growth summit same store acquisitions portfolio element acquisitions summit pro key highlights growth growth invested attractive basis of key strong stabilized yields exceptional growth profile targeted capital allocation strategy with proven track record external and capital recycling folio prose | Summit Hotel Properties
summit in house design construction asset management teams deliver comprehensive renovations while ensuring minimal revenue displacement in order to gain meaningful market share and grow invested over the last years on a pro rata basis renovate of the portfolio on average in any given year typically displace revenues in any given year team of engineers architects project managers designers and buyers that collectively have decades of experience offers continuous planning and oversight to optimize project timing and minimize revenue displacement in house design and purchasing provides for more cost efficient renovations while achieving better finished product recently completed renovations ongoing upcoming renovations strategic investment | Summit Hotel Properties
case study the courtyard underwent an extensive renovation in that repositioned the hotel and yielded a roi based on a stabilized index that increased from renovation levels courtyard stabilized index index downtown | Summit Hotel Properties
recent renovations summit | Summit Hotel Properties
summit | Summit Hotel Properties
pro capital structure pro rata capitalization pro debt maturity schedule pro key highlights liquidity undrawn revolver capacity cash pro rata net debt outstanding pro rata net debt total enterprise value length to maturity pro weighted cost of debt fixed charge ratio well positioned balance sheet profile summit | Summit Hotel Properties
limited variable rate debt exposure only of pro rata debt and preferred with variable interest rates extended swap maturities blended swap rate of with an average maturity of years exceptional liquidity profile among the industry best of total liquidity of equity market cap minimal near term debt maturities only of pro rata debt matures by year end limiting interest rate refinancing risk summit peer summit peer balance sheet well positioned for current environment | Summit Hotel Properties
summit | Summit Hotel Properties
achieved a market based intensity reduction in emissions from equivalent to removing over passenger vehicles from the road for one year produced a intensity reduction in energy consumption from contracted for approximately green equivalent to powering over homes for one year increased the number of properties with electric vehicle supply equipment in our portfolio from in to in achieved an intensity reduction in water consumption from increased the number of energy star certified properties in our portfolio by over the prior year completed a portfolio wide transition to bulk shower amenities to reduce waste endorsed the responsible stay initiative to demonstrate our commitment to and to align ourselves with industry initiatives summit | Summit Hotel Properties
continue to improve our building efficiencies by increasing the number of properties in our portfolio with systems by over the prior year increase our number of green certified lodging properties by over evaluate additional investments in clean energy including on site solar continue the transition to clean energy by further increasing the number of properties in our portfolio with electric vehicle supply equipment by over the prior year pilot a decommissioning project for recycling and hard and soft goods during renovations develop a standard operating procedure for recycling and waste during renovations transition newly acquired properties to keyless entry and provide employee safety devices to each property within a year contribute over and hours of volunteer service to support our local communities in continued compliance with all ethics and corporate governance requirements in support our community partner meet common industry stakeholders partnerships for children by building custom storage for their king mentoring program musical instruments in host a holistic health wellness week to promote employee health well being including social physical nutrition financial and mental wellness segments in complete and inclusive design upgrades to our corporate offices including a wellness room in provide at least hours of increased development opportunities for groups to promote their growth and scope of responsibility in complete over hours of human rights training including harassment and human trafficking awareness and prevention training in rights in further enhance policies to meet new sec guidelines in conduct property risk assessments annually to ensure proper maintenance and safety evaluate additional investments in on site battery storage systems for lodging properties located in areas with high environmental risk for increased resiliency in program year leading summit | Summit Hotel Properties
president chief executive officer executive vice president chief financial officer experienced leadership driving success summit wan | Summit Hotel Properties
summit | Summit Hotel Properties
occupancy growth was led by at recently acquired portfolio continues to produce strong results growth hotel market share reached new highs with growth of nearly basis points operating expense growth on a basis positive pro hotel growth total liquidity of nearly if summit pro rata debt is fixed rate fixed through completed credit facility refinance fully extended maturity dates to pricing maintained and overall flexibility preserved entered a contract to sell place owings mills for million represents a cap rate on with all in cap rate of when including near term required capital expenditures earnest money is non and the transaction is expected to close in highlights | Summit Hotel Properties
the company increased the of its full year adjusted and adjusted guidance based on strong third quarter results and encouraging operating trends that have continued into the fourth quarter full year low high pro pro growth adjusted adjusted adjusted per diluted unit capital expenditures pro rata summit exceeds total forecast by volt | Summit Hotel Properties
of portfolio by location urban suburban airport resort other the opportunity for further acceleration is from weekday performance improvement likely to be driven by the urban location type through the business transient and corporate group segments weekday weekend growth recapture strengthening corporate and group demand continue to drive improving fundamentals in key urban markets such as and hotel comparable portfolio recapture driving next phase lodging recovery summit | Summit Hotel Properties
summit | Summit Hotel Properties
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