Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

SUMMIT HOTEL PROPERTIES, INC

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2015

(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	$	1,535		$	650	$	9,940	$	10,590	$	(2,165	)	$	8,425	$	27,991	(1)
Arlington, TX	Courtyard by Marriott	2012	1,497		13,503		1,451			1,497		14,954		16,451		(1,688		)	14,763		—
Arlington, TX	Residence Inn by Marriott	2012	1,646		13,854		908			1,646		14,762		16,408		(1,845		)	14,563		—
Asheville, NC	Hotel Indigo	2015	2,100		32,783		89			2,100		32,872		34,972		(1,195		)	33,777		—
Atlanta, GA	Hyatt Place	2006	1,154		9,605		2,555			1,154		12,160		13,314		(3,228		)	10,086		6,852
Atlanta, GA	Courtyard by Marriott	2012	2,050		26,850		594			2,050		27,444		29,494		(3,904		)	25,590		—
Atlanta, GA	Courtyard by Marriott	2015	4,046		33,795		23			4,046		33,818		37,864		(254		)	37,610		—
Austin, TX	Hampton Inn and Suites	2014	—		53,760		2,072			—		55,832		55,832		(1,998		)	53,834		—
Baltimore, MD	Hyatt Place	2012	2,100		8,135		1,581			2,100		9,716		11,816		(1,756		)	10,060		21,683		(4)
Baltimore, MD	Residence Inn by Marriott	2015	—		34,350		233			—		34,583		34,583		(1,153		)	33,430		—
Bellevue, WA	Fairfield Inn and Suites by Marriott	2004	2,705		12,944		3,174			2,705		16,118		18,823		(5,915		)	12,908		—
Birmingham, AL	Hilton Garden Inn	2012	1,400		7,225		1,818			1,400		9,043		10,443		(2,009		)	8,434		5,160
Birmingham, AL	Hilton Garden Inn	2012	1,400		10,100		1,836			1,400		11,936		13,336		(1,511		)	11,825		6,041
Bloomington, MN	SpringHill Suites by Marriott	2007	1,658		14,071		731			1,658		14,802		16,460		(3,505		)	12,955		13,467		(2)
Bloomington, MN	Hampton Inn and Suites	2007	1,658		14,596		654			1,658		15,250		16,908		(3,671		)	13,237		—		(2)
Boston, MA	Hampton Inn	2015	2,000		22,000		48			2,000		22,048		24,048		(1,049		)	22,999		—
Branchburg, NJ	Residence Inn by Marriott	2015	2,374		23,326		244			2,374		23,570		25,944		(869		)	25,075		—
Charleston, WV	Country Inn & Suites	2004	1,042		3,489		1,594			1,042		5,083		6,125		(1,822		)	4,303		—
Charleston, WV	Holiday Inn Express	2004	907		2,903		2,149			907		5,052		5,959		(2,058		)	3,901		—
Denver, CO	Hyatt Place	2012	1,300		9,230		2,453			1,300		11,683		12,983		(2,350		)	10,633		—		(1)
Denver, CO	Fairfield Inn and Suites by Marriott	2004	1,566		6,783		3,607			1,566		10,390		11,956		(3,766		)	8,190		—
Denver, CO	SpringHill Suites by Marriott	2007	1,076		11,079		(1,482		)	1,076		9,597		10,673		(1,918		)	8,755		5,852
Denver, CO	Hyatt Place	2012	2,000		9,515		2,417			2,000		11,932		13,932		(2,289		)	11,643		—		(1)
Denver, CO	Hyatt House	2012	2,700		10,780		5,250			2,700		16,030		18,730		(2,269		)	16,461		—		(4)
Duluth, GA	Holiday Inn	2011	—		7,000		437			—		7,437		7,437		(1,614		)	5,823		—
Duluth, GA	Hilton Garden Inn	2011	2,200		11,150		1,307			2,200		12,457		14,657		(2,502		)	12,155		122,825		(3)
Eden Prairie, MN	Hilton Garden Inn	2013	1,800		8,400		2,628			1,800		11,028		12,828		(1,364		)	11,464		—
El Paso, TX	Courtyard by Marriott	2011	1,640		10,710		897			1,640		11,607		13,247		(1,911		)	11,336		—
Ft. Collins, CO	Hampton Inn	2004	738		4,363		1,725			738		6,088		6,826		(1,985		)	4,841		—
Ft. Collins, CO	Hilton Garden Inn	2007	1,300		11,804		(560		)	1,300		11,244		12,544		(1,932		)	10,612		—
Ft. Myers, FL	Hyatt Place	2009	1,878		16,583		(3,830		)	1,878		12,753		14,631		(2,174		)	12,457		—
Ft. Worth, TX	Hampton Inn	2007	1,500		8,184		1,356			1,500		9,540		11,040		(3,093		)	7,947		24,015		(6)
Ft. Worth, TX	SpringHill Suites by Marriott	2004	553		2,698		2,849			553		5,547		6,100		(2,123		)	3,977		—
Ft. Worth, TX	Hilton Garden Inn	2012	903		6,226		3,340			903		9,566		10,469		(1,612		)	8,857		—		(3)
Garden City, NY	Hyatt Place	2012	4,200		26,800		997			4,200		27,797		31,997		(2,704		)	29,293		—
Germantown, TN	Courtyard by Marriott	2005	1,860		5,448		2,490			1,860		7,938		9,798		(2,822		)	6,976		—
Germantown, TN	Fairfield Inn and Suites by Marriott	2005	767		2,700		2,188			767		4,888		5,655		(1,221		)	4,434		—
Germantown, TN	Residence Inn by Marriott	2005	1,083		5,200		2,337			1,083		7,537		8,620		(2,107		)	6,513		—
Glendale, CO	Staybridge Suites	2011	2,100		7,900		1,693			2,100		9,593		11,693		(2,193		)	9,500		—
Goleta, CA	Hampton Inn	2014	4,100		23,800		628			4,100		24,428		28,528		(1,683		)	26,845		11,567
Greenville, SC	Hilton Garden Inn	2013	1,200		14,050		217			1,200		14,267		15,467		(1,490		)	13,977		—		(3)
Hoffman Estates, IL	Hyatt Place	2013	1,900		7,330		1,533			1,900		8,863		10,763		(1,587		)	9,176		21,022		(5)
Houston, TX	Hilton Garden Inn	2014	—		38,492		3,221			—		41,713		41,713		(3,179		)	38,534		17,179
Houston, TX	Hilton Garden Inn	2014	2,800		33,200		111			2,800		33,311		36,111		(1,327		)	34,784		—		(3)
Indianapolis, IN	SpringHill Suites by Marriott	2013	4,012		26,193		62			4,012		26,255		30,267		(2,513		)	27,754		—		(3)
Indianapolis, IN	Courtyard by Marriott	2013	7,788		50,846		186			7,788		51,032		58,820		(4,886		)	53,934		—		(3)
Jackson, MS	Courtyard by Marriott	2005	1,301		7,322		2,456			1,301		9,778		11,079		(3,737		)	7,342		—
Jackson, MS	Staybridge Suites	2007	698		8,454		2,333			698		10,787		11,485		(3,050		)	8,435		—
Jacksonville, FL	Aloft	2009	1,700		15,775		338			1,700		16,113		17,813		(5,322		)	12,491		—
Las Colinas, TX	Hyatt Place	2007	781		5,729		3,053			781		8,782		9,563		(3,278		)	6,285		—
Las Colinas, TX	Holiday Inn Express and Suites	2007	898		6,689		1,423			898		8,112		9,010		(3,416		)	5,594		—
Lombard, IL	Hyatt Place	2012	1,550		15,475		1,846			1,550		17,321		18,871		(2,991		)	15,880		—		(1)
Louisville, KY	Fairfield Inn and Suites by Marriott	2013	3,120		21,903		2,129			3,120		24,032		27,152		(2,498		)	24,654		37,352		(7)
Louisville, KY	SpringHill Suites by Marriott	2013	4,880		34,258		2,964			4,880		37,222		42,102		(4,081		)	38,021		—		(7)
Miami, FL	Hyatt House	2015	4,926		34,074		21			4,926		34,095		39,021		(487		)	38,534		—
Minneapolis, MN	Hyatt Place	2013	—		32,506		834			—		33,340		33,340		(2,624		)	30,716		—
Minneapolis, MN	Hampton Inn and Suites	2015	3,500		35,339		71			3,500		35,410		38,910		(1,223		)	37,687		—
Minnetonka, MN	Holiday Inn Express and Suites	2013	1,000		5,900		1,729			1,000		7,629		8,629		(1,124		)	7,505		—

SUMMIT HOTEL PROPERTIES, INC.

Notes to Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2015

(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
Nashville, TN	SpringHill Suites by Marriott	2004	777		3,576		1,907			777		5,483		6,260		(2,237		)	4,023		—
New Orleans, LA	Courtyard by Marriott	2013	1,944		23,739		974			1,944		24,713		26,657		(3,446		)	23,211		—
New Orleans, LA	Courtyard by Marriott	2013	1,860		21,679		3,310			1,860		24,989		26,849		(3,180		)	23,669		—		(3)
New Orleans, LA	Courtyard by Marriott	2013	2,490		28,337		5,772			2,490		34,109		36,599		(3,925		)	32,674		—
New Orleans, LA	Residence Inn by Marriott	2013	1,790		18,099		1,484			1,790		19,583		21,373		(2,436		)	18,937		—		(3)
New Orleans, LA	SpringHill Suites by Marriott	2013	2,046		31,049		1,073			2,046		32,122		34,168		(3,629		)	30,539		—
Orlando, FL	Hyatt Place	2013	3,100		9,152		2,131			3,100		11,283		14,383		(2,664		)	11,719		—		(5)
Orlando, FL	Hyatt Place	2013	5,516		9,043		2,108			5,516		11,151		16,667		(2,630		)	14,037		—		(5)
Phoenix, AZ	Hyatt Place	2012	582		4,438		195			582		4,633		5,215		(868		)	4,347		—
Portland, OR	Hyatt Place	2009	—		16,713		(2,506		)	—		14,207		14,207		(2,263		)	11,944		—
Portland, OR	Residence Inn by Marriott	2009	—		16,409		1,356			—		17,765		17,765		(4,627		)	13,138		19,112
Provo, UT	Hampton Inn	2004	909		2,862		2,146			909		5,008		5,917		(2,150		)	3,767		—
Ridgeland, MS	Residence Inn by Marriott	2007	1,050		10,040		(304		)	1,050		9,736		10,786		(1,965		)	8,821		—
Ridgeland, MS	Homewood Suites	2011	1,314		6,036		1,737			1,314		7,773		9,087		(1,615		)	7,472		—
Salt Lake City, UT	Residence Inn by Marriott	2012	2,392		17,567		7,006			2,392		24,573		26,965		(3,561		)	23,404		—
San Diego, CA	Hampton Inn and Suites	2013	2,300		12,850		230			2,300		13,080		15,380		(1,263		)	14,117		—		(6)
San Francisco, CA	Holiday Inn Express and Suites	2013	15,545		44,955		4,619			15,545		49,574		65,119		(6,247		)	58,872		—
San Francisco, CA	DoubleTree	2014	3,300		35,760		3,485			3,300		39,245		42,545		(3,082		)	39,463		—
San Francisco, CA	Four Points by Sheraton	2014	1,200		20,050		1,281			1,200		21,331		22,531		(1,827		)	20,704		—
Sandy, UT	Holiday Inn Express and Suites	2004	720		1,768		1,379			720		3,147		3,867		(1,212		)	2,655		—		(3)
Scottsdale, AZ	Hyatt Place	2012	1,500		9,030		1,100			1,500		10,130		11,630		(1,998		)	9,632		—		(4)
Scottsdale, AZ	Courtyard by Marriott	2004	3,225		10,152		2,316			3,225		12,468		15,693		(4,738		)	10,955		9,110
Scottsdale, AZ	SpringHill Suites by Marriott	2004	2,195		7,120		2,350			2,195		9,470		11,665		(3,864		)	7,801		4,905
Smyrna, TN	Hampton Inn and Suites	2012	1,145		6,855		2,406			1,145		9,261		10,406		(1,132		)	9,274		5,047
Smyrna, TN	Hilton Garden Inn	2012	1,188		10,312		2,037			1,188		12,349		13,537		(1,528		)	12,009		7,916
Spokane, WA	Fairfield Inn and Suites by Marriott	2004	1,637		3,669		2,295			1,637		5,964		7,601		(2,531		)	5,070		—
Ventura, CA	Hampton Inn and Suites	2013	2,200		13,550		3,599			2,200		17,149		19,349		(1,228		)	18,121		—		(6)
Vernon Hills, IL	Holiday Inn Express	2005	1,198		6,099		257			1,198		6,356		7,554		(1,920		)	5,634		—
Ybor City, FL	Hampton Inn and Suites	2012	3,600		17,244		2,053			3,600		19,297		22,897		(2,095		)	20,802		—		(3)
Austin, TX	Corporate Office	2012	—		210		1,531			—		1,741		1,741		(306		)	1,435		—
Land Parcels			6,675		—		(1,115		)	5,560		—		5,560		—			5,560		—
			$	181,103	$	1,363,945	$	138,755		$	179,988	$	1,503,815	$	1,683,803	$	(212,207	)	$	1,471,596	$	367,096

(1) Properties cross-collateralize the related loan.

(2) Properties cross-collateralize the related loan.

(3) Properties cross-collateralize the related loan.

(4) Properties cross-collateralize the related loan.

(5) Properties cross-collateralize the related loan.

(6) Properties cross-collateralize the related loan.

(7) Properties cross-collateralize the related loan.

SUMMIT HOTEL PROPERTIES, INC.

Notes to Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2015

(in thousands)

(a) ASSET BASIS

	Total
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
Additions to land, buildings and improvements	263,182
Disposition of land, buildings and improvements	(75,454		)
Impairment loss	(9,247		)
Balance at December 31, 2014	$	1,527,569
Additions to land, buildings and improvements	273,902
Disposition of land, buildings and improvements	(116,553		)
Impairment loss	(1,115		)
Balance at December 31, 2015	$	1,683,803

(b) ACCUMULATED DEPRECIATION

	Total
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
Depreciation for the period ended December 31, 2014	63,669
Depreciation on assets sold or disposed	(57,363		)
Balance at December 31, 2014	$	179,455
Depreciation for the period ended December 31, 2015	63,675
Depreciation on assets sold or disposed	(30,923		)
Balance at December 31, 2015	$	212,207

(c) The aggregrate cost of land, buildings, furniture and equipment for Federal income tax purposes is aproximately $1,342 million.

(d) Depreciation is computed based upon the following useful lives:

Buildings and improvements 6-40 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 5 to the consoldiated 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.

(g) The amounts presented in Schedule III exclude capitalized franchise costs that are included in Assets Held for Sale.