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Summit Hotel Properties Reports First Quarter 2023 Results

Summit Hotel Properties, Inc. (NYSE: INN), yesterday announced results for the first quarter ended March 31, 2023.

“We are pleased with our first quarter operating results as average daily rate in our pro forma portfolio reached the highest level in the Company’s history, increasing 11% year-over-year and driving 19% RevPAR growth for the quarter. Our operating results were particularly strong in urban markets, where RevPAR increased 25% from the prior year and the recently acquired NewcrestImage hotels where RevPAR grew 22% year-over-year and exceeded 2019 levels for the first time in our ownership history. The industry’s recovery is increasingly being driven by midweek, group and business-oriented demand which positions our high-quality portfolio – of which approximately half is located in urban markets – particularly well for this new phase of growth,” said Jonathan P. Stanner, the Company’s President and Chief Executive Officer.

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