Summit Hotel Properties

Summit Hotel Properties, Inc. is a real estate investment trust, which operates as a self-managed hotel investment company. It focuses on owning premium-branded select-service hotels. Its hotels are located in corporate offices, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. The company was founded on June 30, 2010 and is headquartered in Frisco, TX.

Earnings data Q1 2021

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Earnings data Q3 2023

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Earnings data Q1 2024

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Earnings data Q4 2024

Summit Hotel Properties excels in 2022 with strong financial growth

Summit Hotel Properties delivered a strong performance in 2022, marked by robust financial growth and strategic acquisitions. Despite challenges like labor shortages, the company remains well-positioned for success. Opportunities for further expansion and technological advancements bode well for future prospects.

Summit Hotel Properties reports stellar Q1 performance and optimistic outlook

Summit Hotel Properties (INN) showcased robust performance in Q1 2023, marked by significant RevPAR and EBITDA growth across its portfolios.
With a strong focus on operational efficiency and a positive outlook for the year, the company is well-positioned to capitalize on growth opportunities in the hospitality sector.
While challenges may arise in the competitive market environment, Summit Hotel Properties' strategic strengths and growth initiatives provide a solid foundation for future success.

Summit Hotel Properties (INN) reports strong Q2 performance and strategic growth focus

Summit Hotel Properties (INN) demonstrated resilience and strategic agility in Q2 2023, leveraging market trends and operational excellence to drive growth and enhance shareholder value.
While facing challenges in a slow transaction environment and evolving demand dynamics, the company's proactive approach to financial management and portfolio optimization positions it well for future opportunities.
By maintaining a strong balance sheet, revising guidance ranges, and focusing on capital allocation, Summit Hotel Properties is poised to navigate challenges and capitalize on growth prospects in the hospitality sector.

Summit Hotel Properties (INN) excels in Q3 amidst market challenges

Summit Hotel Properties (INN) reported strong Q3 results driven by robust demand trends and strategic acquisitions.
Despite challenges in the transaction market and cost pressures, the company remains optimistic about future opportunities.
INN's focus on balance sheet management, market positioning, and operational efficiency positions it well for future growth and resilience.

Summit Hotel Properties excels in Q4 2023, eyes strategic growth

Summit Hotel Properties delivered strong financial performance in Q4 2023, showcasing growth in revenue and operational efficiency.
The company's strategic actions to refinance debt, manage its portfolio, and focus on revenue diversification position it well for future growth.
Challenges lie in managing continued expense growth, asset sales, and evaluating new development opportunities in the hospitality sector.
Opportunities exist in capitalizing on stable demand, exploring new brand options, and pursuing acquisitions to drive future expansion and profitability.

Summit Hotel Properties excels in Q1, eyes urban market growth

Summit Hotel Properties' Q1 results showcase robust performance and strategic initiatives to drive growth. Despite challenges in certain markets, the company remains optimistic about industry recovery and is committed to enhancing shareholder value through prudent financial management.

Summit Hotel Properties reports Q3 growth amidst challenges and opportunities

Summit Hotel Properties (INN) delivered a resilient performance in Q3, with RevPAR increases and effective expense management. Despite challenges from recent hurricanes, the company remains focused on strengthening its financial position and pursuing growth opportunities. With a positive outlook and strategic initiatives in place, Summit Hotel Properties is poised for continued success.

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Summit Hotel Properties, Inc. is a real estate investment trust, which engages in both general and limited partnership interests in Summit Hotel OP, LP. It focuses on owning premium-branded select-service hotels. Its hotels are located in corporate offices, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. The company was founded on June 30, 2010 and is headquartered in Austin, TX.

Summit Hotel Properties had a decent start to 2024 with decently strong FFO and AFFO results. The AFFO adjusted for capital expenditures was approximately $12M, with a payout ratio of approximately 25% for the preferred dividends. The LTV ratio is approximately 48.2% based on book value, but drops to just over 40% when considering acquisition value.

Summit Hotel Properties: I Am Still Long The 7.4% Preferred Shares

NEW YORK , May 20, 2024 /PRNewswire/ -- Purcell & Lefkowitz LLP announces that it is investigating Summit Hotel Properties, Inc. (NYSE: INN) on behalf of the company's shareholders.  The investigation seeks to determine whether Summit Hotel Properties's directors breached their fiduciary duties in connection with recent corporate actions.

SHAREHOLDER ALERT: Purcell & Lefkowitz LLP Announces Shareholder Investigation of Summit Hotel Properties, Inc. (NYSE: INN)

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The State Of REITs: May 2024 Edition

Summit Hotel Properties, Inc. (NYSE:INN ) Q1 2024 Earnings Call Transcript May 2, 2024 9:00 AM ET Company Participants Adam Wudel - SVP, Finance, Capital Market and Treasurer Jon Stanner - President & Chief Executive Officer Trey Conkling - Executive Vice President & Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Bill Crow - Raymond James Chris Woronka - Deutsche Bank Michael Bellisario - Baird Operator Welcome to the Summit Hotel Properties' 2024 First Quarter Earnings Conference Call. I will now be passing the line to Adam Wudel, Senior Vice President of Finance, Capital Markets and Treasurer.

Summit Hotel Properties, Inc. (INN) Q1 2024 Earnings Call Transcript

Operating Income of $23.5 million for First Quarter 2024 Adjusted EBITDAre Grows 10% to $48.8 million; Adjusted FFO Increases 14% to $0.24 per Share Sale of Three Hotels for $84.0 Million Further Deleverages Balance Sheet Subsequent to Quarter End Common Dividend Increased 33% to Annualized $0.32 per Share AUSTIN, Texas , May 1, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three months ended March 31, 2024. "We are pleased with our strong first quarter financial results, highlighted by 10 percent Adjusted EBITDAre growth and 14 percent Adjusted FFO growth.

SUMMIT HOTEL PROPERTIES REPORTS FIRST QUARTER 2024 RESULTS

AUSTIN, Texas , March 26, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the first quarter of 2024 on Wednesday, May 1, 2024, after the market closes. The Company will conduct its quarterly conference call on Thursday, May 2, 2024, at 9:00 AM ET.

SUMMIT HOTEL PROPERTIES ANNOUNCES FIRST QUARTER 2024 EARNINGS RELEASE DATE

Summit Hotel Properties' full-year results show decent performance and well-covered preferred dividends. INN's outlook for 2024 is encouraging, with expected higher AFFO and lower capex. The asset coverage ratio is okay, but there is in excess of $650M in common equity junior to the preferred shares.

Summit Hotel Properties Offers 7.4% On Its Preferred Shares

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Hotel REITs experienced a significant drop in share value during the COVID-19 pandemic but have since recovered and outperformed the Vanguard Real Estate ETF. Consumer spending is shifting towards services like travel and leisure, which bodes well for Hotel REITs. Hotel REITs have posted the fourth-best total returns among REIT sectors in 2024, indicating their potential for future growth.

Picking A Winner In Hotel REITs

Summit Hotel Properties, Inc. (INN) Q4 2023 Earnings Call Transcript

The headline numbers for Summit Hotel Properties (INN) give insight into how the company performed in the quarter ended December 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Summit Hotel Properties (INN) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Operating Income of $58.8 Million for Full Year 2023 Adjusted EBITDAre Climbs 5.1 Percent to $190.0 Million; Adjusted FFO Per Share of $0.92 for Full Year 2023 Accretive Dispositions Continue with Sale of Two Additional Hotels New $200 Million Term Loan Financing Completed; No Significant Debt Maturities Until 2026 AUSTIN, Texas , Feb. 28, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the fourth quarter and full year ended December 31, 2023. "We are proud of the Company's many successes in 2023, led by RevPAR growth of 6.6 percent which outpaced the overall industry by approximately 170 basis points and was primarily driven by the strong performance of our urban hotels.

SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Evaluate the expected performance of Summit Hotel Properties (INN) for the quarter ended December 2023, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.

Gear Up for Summit Hotel Properties (INN) Q4 Earnings: Wall Street Estimates for Key Metrics

AUSTIN, Texas , Feb. 23, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its 2024 Annual Meeting of Stockholders will be held Wednesday, May 22, 2024, beginning at 8:00 a.m. Central Time.

Summit Hotel Properties Announces 2024 Annual Meeting of Stockholders

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AUSTIN, Texas , Jan. 25, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the fourth quarter ended December 31, 2023, of $0.06 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's fourth quarter common dividend represents an annualized dividend yield of 3.6 percent based on the closing price of shares of the common stock on January 24, 2024.

SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2023 DIVIDENDS

AUSTIN, Texas , Jan. 4, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the fourth quarter and full year of 2023 on Wednesday, February 28, 2024, after the market closes. The Company will conduct its quarterly conference call on Thursday, February 29, 2024, at 9:00 AM ET.

SUMMIT HOTEL PROPERTIES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 EARNINGS RELEASE DATE

Summit Hotel Properties stock currently trades well below its normal valuation and provides a well-covered dividend. Its efficient operating model has enabled it to achieve a faster growth ramp than the industry average. Income investors seeking a higher yield may want to consider the preferred stock, which trades at a discount to par value and yields over 8%.

Summit Hotel: Collect 8.4% Yield On The Preferred Stock

Summit Hotel Properties has a lot of debt and is stretching its limits with interest expenses pushing net income into negative territory. The post-pandemic recovery has supported revenue growth, but there are concerns about the impact of a worsening recession on discretionary markets. The company's debt load has increased significantly due to major acquisitions, interacting unfortunately with the higher interest rate environment.

Summit Hotel Properties: A Lot Of Debt

Summit Hotel Properties, Inc. (NYSE:INN ) Q3 2023 Earnings Conference Call November 2, 2023 1:00 PM ET Company Participants Adam Wudel - Senior Vice President, Finance, Capital Market and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Baird Chris Woronka - Deutsche Bank Bill Crow - Raymond James Operator Good day and thank you for standing by. Welcome to the Summit Hotel Properties Q3 2023 Earnings Conference Call.

Summit Hotel Properties, Inc. (INN) Q3 2023 Earnings Call Transcript

The headline numbers for Summit Hotel Properties (INN) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Here's What Key Metrics Tell Us About Summit Hotel Properties (INN) Q3 Earnings

Operating Income of $16.5 Million Adjusted EBITDAre Reaches $46.3 Million; Adjusted FFO Per Share of $0.22 Full Year 2023 Adjusted EBITDAre and Adjusted FFO Guidance Midpoint Increased AUSTIN, Texas , Nov. 1, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and nine months ended September 30, 2023. "We are pleased with our financial results for the third quarter as stable top-line trends accelerated in September driven by strong urban and midweek demand.

SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2023 RESULTS

AUSTIN, Texas , Oct. 26, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the third quarter ended September 30, 2023, of $0.06 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's third quarter common dividend represents an annualized dividend yield of 4.3 percent based on the closing price of shares of the common stock on October 25, 2023.

SUMMIT HOTEL PROPERTIES DECLARES THIRD QUARTER 2023 DIVIDENDS

AUSTIN, Texas , Sept. 26, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the third quarter of 2023 on Wednesday, November 1, 2023, after the market closes.

SUMMIT HOTEL PROPERTIES ANNOUNCES THIRD QUARTER 2023 EARNINGS RELEASE DATE

AUSTIN, Texas , Sept. 20, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its joint venture with GIC, Singapore's sovereign wealth fund, has successfully completed the refinancing of its $200 million senior credit facility (the "Credit Facility"), which is comprised of a $125 million revolving credit facility (the "$125 Million Revolver") and a $75 million term loan (the "$75 Million Term Loan").

SUMMIT HOTEL PROPERTIES COMPLETES $200 MILLION JOINT VENTURE CREDIT FACILITY REFINANCING

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.

SUMMIT HOTEL PROPERTIES PUBLISHES 2023 CORPORATE RESPONSIBILITY REPORT

News for Summit Hotel Properties Stock (INN)