SUMMIT HOTEL PROPERTIES PUBLISHES 2023 CORPORATE RESPONSIBILITY REPORT

Rhea-AI Summary

Summit Hotel Properties, Inc. publishes annual Corporate Responsibility Report, highlighting progress in environmental initiatives and diversity efforts.

Positive

• The company has developed a climate action plan to achieve a 30% emissions reduction by 2025.
• Emissions have already been reduced by 15% from the 2019 baseline year.
• The percentage of electricity sourced from clean energy has increased to 6%.
• The number of properties with ENERGY STAR certifications has increased by 60%.
• The corporate employee workforce has become more diversified, with individuals from underrepresented groups increasing from 48% to 56%.

Negative

• None.

AUSTIN, Texas, Sept. 12, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced the publication of its annual Corporate Responsibility Report for 2023, which presents the Company's ongoing commitment to creating long-term value for the business and industry by investing responsibly in safeguarding the environment and supporting its employees, communities, and other stakeholders. 

"We are pleased to publish an updated report detailing our significant progress regarding environmental, social, and governance initiatives.  Over the past year, we have developed a climate action plan to achieve our emissions reduction target of 30% by year-end 2025. Our climate plan includes active data and energy management programs and systems to enhance building and operational efficiencies and continued investments in clean energy. As of year-end 2022, we have reduced our emissions by 15% from our 2019 baseline year by reducing our energy consumption by 7% from our 2019 baseline year and increasing the percentage of our electricity sourced from clean energy to 6%. We have expanded our electric vehicle charging infrastructure by 15% and increased the number of properties with ENERGY STAR® certifications by 60% over the prior year," stated Jonathan P. Stanner, President and Chief Executive Officer.  "Our efforts relating to diversity, equity and inclusion have resulted in our corporate employee workforce becoming increasingly diversified over the past year with individuals from underrepresented groups employed with our company increasing from 48% at year-end 2021 to 56% at year-end 2022.  Through the Summit Foundation, we have continued our ongoing deep commitment to supporting our local communities with significant charitable giving and volunteer service hours," continued Mr. Stanner.

The Company has set performance reduction targets for greenhouse gas emissions and water using the Greenhouse Gas Protocol ("GHG Protocol") as a guideline and aligned its program with the Global Reporting Initiative ("GRI") and Task Force on Climate-Related Financial Disclosures ("TCFD") frameworks to identify sustainability issues that are material to our business. The Company has also developed new social programs to promote greater inclusion and connectivity between its employees and operating partners and continues to invest in human capital development through numerous employee training and education opportunities. The Corporate Responsibility Report is designed to help stakeholders better understand the Company's commitments to environmental stewardship, social responsibility and governance, and resilience. The report can be viewed in the "Responsibility" section of the Company's website at http://www.shpreit.com/responsibility/about.

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 September 12, 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 the Company on Twitter at @SummitHotel_INN.

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 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. These forward-looking statements relate to the payment of dividends. 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. 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, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2022. 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.

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SOURCE Summit Hotel Properties, Inc.