Summit Hotel Pptys Inc Stock Price, News & Analysis

Summit Hotel Properties has declared a cash dividend of $0.403125 per share for its 6.45% Series D Preferred Stock and $0.390625 per share for its 6.25% Series E Preferred Stock, covering the period ending February 28, 2021. These dividends will be payable on February 26, 2021 to shareholders on record as of February 12, 2021. The company owns 72 hotels, primarily in the Upscale segment, with a total of 11,288 guestrooms across 23 states.

Summit Hotel Properties (NYSE: INN) announced it will report its fourth quarter and full year 2020 financial results on February 23, 2021, after market close. The quarterly conference call will take place on February 24, 2021, at 11:00 AM ET. Investors can participate by calling 877-930-8101. The Company operates 72 hotels across 23 states, focusing on premium-branded hotels in the upscale sector. Further details can be found on their website.

Summit Hotel Properties announced the closing of its underwritten public offering of $287.5 million in 1.50% Convertible Senior Notes due February 15, 2026. The offering includes $37.5 million from the exercise of the underwriters' over-allotment option. The Notes, paying interest semiannually, have an initial conversion price of approximately $11.99 per share and are subject to adjustments. Proceeds will be used to cover capped call transaction costs and reduce debt under the senior revolving credit facility and term loans.

Summit Hotel Properties, Inc. (NYSE: INN) announced the pricing of a public offering of $250 million in 1.50% Convertible Senior Notes due 2026. The offering, set to close on January 12, 2021, may include an additional $37.5 million through an over-allotment option. The Notes will pay interest semiannually and feature an initial conversion price of approximately $11.99 per share, with a conversion premium of 37.5%. The proceeds will be used to cover the cost of capped call transactions and reduce existing debt.

Summit Hotel Properties (NYSE: INN) announced a public offering of $200 million in Convertible Senior Notes due 2026, with an option to purchase an additional $30 million. The notes will be convertible under specific circumstances, and upon conversion, holders may receive cash, common stock, or a combination of both. Proceeds will be used for capped call transactions and to reduce outstanding debt. The offering is expected to impact shareholder dilutions depending on the conversion of the notes.

Summit Hotel Properties (NYSE: INN) announced a leadership transition effective January 15, 2021. Dan Hansen will become Executive Chairman, while Jonathan Stanner, the current CFO, will take over as President and CEO. Hansen expressed confidence in Stanner's capabilities, noting his integral role in shaping the company’s strategy since joining in 2017. The company is also searching for a new CFO with the help of an executive recruiting firm. As of December 17, 2020, Summit owned 72 hotels across 23 states, with a focus on the Upscale lodging segment.

Summit Hotel Properties (NYSE: INN) announced the release of its 2019 Corporate Responsibility Report, highlighting its dedication to environmental, social, and governance initiatives. The report aligns with the United Nations Sustainable Development Goals and showcases the Company's metrics on sustainability efforts, including energy and waste management. As of November 17, 2020, Summit owned 72 hotels with 11,288 guestrooms across 23 states. The Company emphasizes the progress made since the 2017 establishment of its Corporate Responsibility program.

On November 3, 2020, Summit Hotel Properties (NYSE: INN) reported a significant net loss of $38.3 million for Q3 2020, a stark contrast to a net income of $7.8 million in Q3 2019. Pro forma RevPAR fell by 63.5% to $46.83 due to the ongoing impacts of the COVID-19 pandemic. Despite a reduction in monthly cash burn by nearly 70%, the company's liquidity stood at $262.5 million at quarter-end. They invested $3.3 million in capital improvements, with an expected total of $23-25 million for the year. The firm remains optimistic about future demand recovery.

Summit Hotel Properties, Inc. (NYSE: INN) announced a cash dividend of $0.403125 per share for its 6.45% Series D Preferred Stock and $0.390625 per share for its 6.25% Series E Preferred Stock, both payable on November 30, 2020. The dividends benefit shareholders of record as of November 16, 2020. As of October 30, 2020, the company operates a portfolio of 72 hotels across 23 states, comprising a total of 11,288 guestrooms, primarily in the upscale segment of the lodging industry.