SUMMIT HOTEL PROPERTIES, INC / SUMMIT HOTEL OP, LP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2013

(in thousands)

			Initial Cost				Cost Capitalized			Total Cost									Total Cost Net of
Location	Franchise	Year Acquired/ Constructed	Land		Building & Improvements		Subsequent to Acquisition			Land		Building & Improvements		Total		Accumulated Depreciation			Accumulated Depreciation		Mortgage Debt
Arlington, TX	Hyatt Place	2012	$	650	$	8,405	$	379		$	650	$	8,784	$	9,434	$	(835	)	$	8,599	$	—	(2)
Arlington, TX	Courtyard by Marriott	2012	1,497		13,503		25			1,497		13,528		15,025		(736		)	14,289		—
Arlington, TX	Residence Inn by Marriott	2012	1,646		13,854		30			1,646		13,884		15,530		(799		)	14,731		—
Atlanta, GA	Hyatt Place	2006	1,154		9,605		4,335			1,154		13,940		15,094		(4,494		)	10,600		7,348		(7)
Atlanta, GA	Courtyard by Marriott	2012	2,050		26,850		479			2,050		27,329		29,379		(1,912		)	27,467		—
Baltimore, MD	Hyatt Place	2012	2,100		8,135		976			2,100		9,111		11,211		(667		)	10,544		—		(2)
Baton Rouge, LA	DoubleTree	2008	1,100		14,063		1,012			1,100		15,075		16,175		(4,627		)	11,548		10,108		(4)
Baton Rouge, LA	Fairfield Inn and Suites by Marriott	2004	345		3,057		2,761			345		5,818		6,163		(1,870		)	4,293		—
Baton Rouge, LA	SpringHill Suites by Marriott	2004	448		3,729		2,828			448		6,557		7,005		(2,161		)	4,844		—
Baton Rouge, LA	TownePlace Suites	2004	259		3,743		2,846			259		6,589		6,848		(2,280		)	4,568		—
Bellevue, WA	Fairfield Inn and Suites by Marriott	2004	2,705		12,944		3,299			2,705		16,243		18,948		(4,889		)	14,059		—
Birmingham, AL	Hilton Garden Inn	2012	1,400		7,225		1,672			1,400		8,897		10,297		(1,051		)	9,246		5,371		(4)
Birmingham, AL	Hilton Garden Inn	2012	1,400		10,100		217			1,400		10,317		11,717		(916		)	10,801		6,290		(4)
Bloomington, MN	SpringHill Suites by Marriott	2007	1,658		14,071		997			1,658		15,068		16,726		(4,301		)	12,425		2,114		(1)
Bloomington, MN	Hampton Inn and Suites	2007	1,658		14,596		2,054			1,658		16,650		18,308		(4,287		)	14,021		11,976		(1)
Charleston, WV	Country Inn & Suites	2004	1,042		3,489		2,080			1,042		5,569		6,611		(1,672		)	4,939		—		(6)
Charleston, WV	Holiday Inn Express	2004	907		2,903		2,248			907		5,151		6,058		(1,527		)	4,531		—		(6)
Denver, CO	Hyatt Place	2012	1,300		9,230		483			1,300		9,713		11,013		(853		)	10,160		—		(2)
Denver, CO	Fairfield Inn and Suites by Marriott	2004	1,566		6,783		3,534			1,566		10,317		11,883		(3,096		)	8,787		—
Denver, CO	SpringHill Suites by Marriott	2007	1,076		11,079		114			1,076		11,193		12,269		(3,402		)	8,867		7,612		(4)
Denver, CO	Hyatt Place	2012	2,000		9,515		453			2,000		9,968		11,968		(870		)	11,098		—		(2)
Denver, CO	Hyatt House	2012	2,700		10,780		2,544			2,700		13,324		16,024		(1,070		)	14,954		—		(2)
Duluth, GA	Holiday Inn	2011	—		7,000		217			—		7,217		7,217		(872		)	6,345		—
Duluth, GA	Hilton Garden Inn	2011	2,200		11,150		1,282			2,200		12,432		14,632		(1,415		)	13,217		—
Eden Prairie, MN	Hilton Garden Inn	2013	1,800		8,400		1,144			1,800		9,544		11,344		(238		)	11,106		6,261		(8)
El Paso, TX	Hampton Inn and Suites	2005	2,055		10,745		3,600			2,055		14,345		16,400		(4,247		)	12,153		—		(6)
El Paso, TX	Courtyard by Marriott	2011	1,640		10,710		840			1,640		11,550		13,190		(1,159		)	12,031		—
Flagstaff, AZ	Courtyard by Marriott	2009	2,361		20,785		93			2,361		20,878		23,239		(4,615		)	18,624		13,325		(9)
Flagstaff, AZ	SpringHill Suites by Marriott	2008	1,398		9,352		4,981			1,398		14,333		15,731		(4,458		)	11,273		—		(6)
Ft. Collins, CO	Hampton Inn	2004	738		4,363		2,009			738		6,372		7,110		(1,913		)	5,197		—
Ft. Collins, CO	Hilton Garden Inn	2007	1,300		11,804		496			1,300		12,300		13,600		(4,446		)	9,154		—		(6)
Ft. Myers, FL	Hyatt Place	2009	1,878		16,583		43			1,878		16,626		18,504		(4,835		)	13,669		—
Ft. Smith, AR	AmericInn Hotel and Suites	2004	—		3,718		(979		)	—		2,739		2,739		(1,536		)	1,203		—
Ft. Smith, AR	Aspen Hotel and Suites	2004	223		3,189		(322		)	223		2,867		3,090		(1,790		)	1,300		—
Ft. Smith, AR	Hampton Inn	2005	—		12,401		730			—		13,131		13,131		(4,370		)	8,761		—
Ft. Wayne, IN	Hampton Inn and Suites	2006	786		6,564		2,011			786		8,575		9,361		(2,424		)	6,937		—		(6)
Ft. Wayne, IN	Residence Inn by Marriott	2006	914		6,736		1,923			914		8,659		9,573		(2,394		)	7,179		—
Ft. Worth, TX	Hampton Inn	2007	1,500		8,184		1,902			1,500		10,086		11,586		(2,898		)	8,688		—
Ft. Worth, TX	SpringHill Suites by Marriott	2004	553		2,698		3,077			553		5,775		6,328		(1,539		)	4,789		—
Ft. Worth, TX	Hilton Garden Inn	2012	974		6,226		3,092			974		9,318		10,292		(595		)	9,697		—
Garden City, NY	Hyatt Place	2012	4,200		26,800		31			4,200		26,831		31,031		(892		)	30,139		—
Germantown, TN	Courtyard by Marriott	2005	1,860		5,448		1,961			1,860		7,409		9,269		(2,685		)	6,584		—
Germantown, TN	Fairfield Inn and Suites by Marriott	2005	767		2,700		2,416			767		5,116		5,883		(1,259		)	4,624		—
Germantown, TN	Residence Inn by Marriott	2005	1,083		5,200		1,617			1,083		6,817		7,900		(2,072		)	5,828		—
Glendale, CO	Staybridge Suites	2011	2,100		7,900		1,638			2,100		9,538		11,638		(1,120		)	10,518		—
Greenville, SC	Hilton Garden Inn	2013	1,200		14,050		56			1,200		14,106		15,306		(364		)	14,942		—
Hoffman Estates, IL	Hyatt Place	2013	1,900		7,330		19			1,900		7,349		9,249		(478		)	8,771		—		(2)
Indianapolis, IN	SpringHill Suites by Marriott	2013	4,012		26,193		—			4,012		26,193		30,205		(564		)	29,641		—
Indianapolis, IN	Courtyard by Marriott	2013	7,788		50,846		—			7,788		50,846		58,634		(1,096		)	57,538		—
Jackson, MS	Courtyard by Marriott	2005	1,301		7,322		2,510			1,301		9,832		11,133		(3,070		)	8,063		—		(6)
Jackson, MS	Staybridge Suites	2007	698		8,454		2,232			698		10,686		11,384		(2,309		)	9,075		—		(6)
Jacksonville, FL	Aloft	2009	1,700		15,775		100			1,700		15,875		17,575		(4,278		)	13,297		—

Las Colinas, TX	Hyatt Place	2007	781		5,729		1,867		781		7,596		8,377		(3,434		)	4,943		—
Las Colinas, TX	Holiday Inn Express and Suites	2007	898		6,689		1,729		898		8,418		9,316		(3,386		)	5,930		—
Lombard, IL	Hyatt Place	2012	1,550		15,475		1,408		1,550		16,883		18,433		(1,122		)	17,311		—		(2)
Louisville, KY	Fairfield Inn and Suites by Marriott	2013	3,120		21,903		23		3,120		21,926		25,046		(511		)	24,535		—		(2)
Louisville, KY	SpringHill Suites by Marriott	2013	4,880		34,258		37		4,880		34,295		39,175		(800		)	38,375		—		(2)
Medford, OR	Hampton Inn	2004	1,230		4,788		2,265		1,230		7,053		8,283		(2,046		)	6,237		—
Minneapolis, MN	Hyatt Place	2013	—		32,506		—		—		32,506		32,506		—			32,506		—
Minnetonka, MN	Holiday Inn Express and Suites	2013	1,000		5,900		1,095		1,000		6,995		7,995		(198		)	7,797		3,652		(8)
Nashville, TN	SpringHill Suites by Marriott	2004	777		3,576		2,512		777		6,088		6,865		(2,118		)	4,747		—
New Orleans, LA	Courtyard by Marriott	2013	1,944		23,739		596		1,944		24,335		26,279		(996		)	25,283		—
New Orleans, LA	Courtyard by Marriott	2013	1,860		21,679		2,570		1,860		24,249		26,109		(844		)	25,265		—		(6)
New Orleans, LA	Courtyard by Marriott	2013	2,490		28,337		2,394		2,490		30,731		33,221		(1,111		)	32,110		—
New Orleans, LA	Residence Inn by Marriott	2013	1,791		18,099		186		1,791		18,285		20,076		(660		)	19,416		—		(6)
New Orleans, LA	SpringHill Suites by Marriott	2013	2,046		31,050		26		2,046		31,076		33,122		(1,032		)	32,090		—
Orlando, FL	Hyatt Place	2013	3,100		9,152		1,870		3,100		11,022		14,122		(879		)	13,243		—		(2)
Orlando, FL	Hyatt Place	2013	2,800		9,043		1,908		2,800		10,951		13,751		(871		)	12,880		—		(2)
Phoenix, AZ	Hyatt Place	2012	582		4,438		66		582		4,504		5,086		(390		)	4,696		—
Portland, OR	Hyatt Place	2009	—		16,713		43		—		16,756		16,756		(4,514		)	12,242		—
Portland, OR	Residence Inn by Marriott	2009	—		16,409		44		—		16,453		16,453		(4,045		)	12,408		11,986		(10)
Provo, UT	Hampton Inn	2004	909		2,862		2,243		909		5,105		6,014		(1,513		)	4,501		—
Ridgeland, MS	Residence Inn by Marriott	2007	1,050		10,040		486		1,050		10,526		11,576		(3,605		)	7,971		—		(6)
Ridgeland, MS	Homewood Suites	2011	1,314		6,036		1,450		1,314		7,486		8,800		(945		)	7,855		—
Salt Lake City, UT	Residence Inn by Marriott	2012	2,392		17,567		4,040		2,392		21,607		23,999		(1,042		)	22,957		13,516		(3)
San Antonio, TX	Country Inn & Suites	2008	2,497		12,833		448		2,497		13,281		15,778		(4,383		)	11,395		—
San Diego, CA	Hampton Inn and Suites	2013	2,300		12,850		—		2,300		12,850		15,150		(156		)	14,994		—
San Francisco, CA	Holiday Inn Express and Suites	2013	15,545		44,955		2,045		$	15,545	47,000		62,545		(1,622		)	60,923		23,107		(5)
Sandy, UT	Holiday Inn Express and Suites	2004	720		1,768		1,745		720		3,513		4,233		(1,255		)	2,978		—		(6)
Scottsdale, AZ	Hyatt Place	2012	1,500		9,030		901		1,500		9,931		11,431		(870		)	10,561		—		(2)
Scottsdale, AZ	Courtyard by Marriott	2004	3,225		10,152		3,215		3,225		13,367		16,592		(4,368		)	12,224		9,476		(13)
Scottsdale, AZ	SpringHill Suites by Marriott	2004	2,195		7,120		2,950		2,195		10,070		12,265		(3,282		)	8,983		5,103		(13)
Smyrna, TN	Hampton Inn and Suites	2012	1,145		6,855		433		1,145		7,288		8,433		(450		)	7,983		5,249		(11)
Smyrna, TN	Hilton Garden Inn	2012	1,188		10,312		366		1,188		10,678		11,866		(684		)	11,182		8,382		(12)
Spokane, WA	Fairfield Inn and Suites by Marriott	2004	1,637		3,669		2,597		1,637		6,266		7,903		(2,236		)	5,667		—
Ventura, CA	Hampton Inn and Suites	2013	2,200		13,550		7		2,200		13,557		15,757		(137		)	15,620		—
Vernon Hills, IL	Holiday Inn Express	2005	1,198		6,099		1,242		1,198		7,341		8,539		(2,652		)	5,887		—		(6)
Ybor City, FL	Hampton Inn and Suites	2012	3,600		17,244		1,117		3,600		18,361		21,961		(669		)	21,292		—		(6)
Austin, TX	Corporate Office	2012	—		210		397		—		607		607		(77		)	530		—
Land Parcels			14,708		—		—		$	14,708	—		14,708		—			14,708		—
			$	169,762	$	1,058,920	$	120,406	$	169,762	$	1,179,326	$	1,349,088	$	(173,149	)	$	1,175,939	$	150,876

(1) Property is collateral for the Goldman Sachs loan.

(2) Property is collateral for the KeyBank National Association loans.

(3) Property is collateral for the AIG loan.

(4) Property is collateral for the General Electric Capital Corporation loans.

(5) Property is collateral for the Greenwich Capital Financial Products, Inc. loan.

(6) Property is collateral for ING Life Insurance and Annuity loan.

(7) Property is collateral for MetaBank loan.

(8) Property is collateral for Wells Fargo Bank, National Association loan.

(9) Property is collateral for Compass Bank loan.

(10) Property is collateral for Bank of Cascades loan.

(11) Property is collateral for the Merrill Lynch Mortgage Lending Inc. loan.

(12) Property is collateral for the Bank of America Commercial Mortgage loan.

(13) Property is collateral for the GE Capital Financial Inc. loan.

SUMMIT HOTEL PROPERTIES, INC. / SUMMIT HOTEL OP, LP

Notes to Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2013

(in thousands)

	ASSET BASIS
(a)	Balance at December 31, 2010	$	570,807
	Additions to land, buildings and improvements	79,901
	Disposition of land, buildings and improvements	(5,369		)
	Balance at December 31, 2011	$	645,339
	Additions to land, buildings and improvements	294,310
	Disposition of land, buildings and improvements	(35,477		)
	Impairment loss	(2,965		)
	Balance at December 31, 2012	$	901,207
	Additions to land, buildings and improvements	531,207
	Disposition of land, buildings and improvements	(74,282		)
	Impairment loss	(9,044		)
	Balance at December 31, 2013	1,349,088

	ACCUMULATED DEPRECIATION
(b)	Balance at December 31, 2010	$	104,797
	Depreciation for the period ended December 31, 2011	26,740
	Depreciation on assets sold or disposed	(5,369		)
	Balance at December 31, 2011	$	126,168
	Depreciation for the period ended December 31, 2012	31,732
	Depreciation on assets sold or disposed	(11,693		)
	Balance at December 31, 2012	$	146,207
	Depreciation for the period ended December 31, 2013	50,445
	Depreciation on assets sold or disposed	(23,503		)
	Balance at December 31, 2013	$	173,149

(c)	The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $1,317 million.

(d)	Depreciation is computed based upon the following useful lives:
	Buildings and improvements 25-40 years
	Furniture and equipment 2-15 years

(e)	We have mortgages payable on the properties as noted. Additional mortgage information can be found in Note 11 to the consolidated financial statements.

(f)	The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, disposal of assets, and impairment loss that was recorded.