Summit Hotel Properties is a self-managed REIT that owns a portfolio of 95 select-service and upscale hotels totaling roughly 14,350 guestrooms across 24 states, with 86% of guestrooms in top-50 MSAs. Over 99% of guestrooms operate under franchise agreements with Marriott, Hilton, Hyatt, or IHG — brands like Courtyard, Residence Inn, Hilton Garden Inn, and Hyatt Place. Because Summit is a REIT, it cannot directly manage hotels; properties are leased to taxable REIT subsidiaries and operated by third-party managers. Summit owns hotels outright or through joint ventures, including a 51%-owned JV with GIC, a Singapore sovereign wealth fund, covering 40 hotels, and a 90%-owned JV covering three properties including a luxury "glamping" hotel in Texas. Summit generates revenue primarily from room sales, with RevPAR as the key operating metric. The select-service model runs lean — typically fewer than 30 full-time employees per hotel — which keeps fixed costs low and creates favorable operating leverage when RevPAR grows. Summit's capital allocation focuses on recycling lower-quality assets into higher-RevPAR acquisitions, annual renovation spend of $60-90M, opportunistic share buybacks, and debt reduction. Growth drivers include constrained new hotel supply, recovering urban business travel, and a strong 2026 event calendar including the FIFA World Cup across six host cities where Summit has exposure.