Welcome to our dedicated page for Summit Hotel Pptys news (Ticker: INN), a resource for investors and traders seeking the latest updates and insights on Summit Hotel Pptys stock.
Summit Hotel Properties, Inc. reports news centered on its lodging real estate investment trust portfolio, operating results, dividends and capital structure. The company owns premium-branded hotel properties with efficient operating models, primarily in the upscale lodging segment, and holds substantially all assets through Summit Hotel OP, LP.
Recurring updates include quarterly earnings releases, RevPAR and demand commentary, common and preferred stock dividend declarations, operating partnership distributions, hotel sales and capital recycling, refinancing activity, credit facilities, annual meeting notices and governance matters. News also reflects portfolio activity across branded lodging assets associated with major hotel systems such as Marriott, Hilton, Hyatt and Holiday Inn.
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.
Summit Hotel Properties, Inc. (NYSE: INN) will report its third quarter 2020 financial results on November 3, 2020, post-market. A conference call is scheduled for November 4, 2020, at 9:00 AM ET. Participants can join by calling 877-930-8101 with the code 9188292. The company owns 72 hotels across 23 states, focusing on premium-branded hotels in the upscale lodging sector. Further details are available on their website.
Summit Hotel Properties reported a net loss of $54.1 million, or ($0.52) per share, for Q2 2020, significantly down from a net income of $45.2 million in Q2 2019. Revenues plummeted 82.1% to $25.4 million, driven by the impact of COVID-19 on the lodging industry. Pro forma RevPAR fell 83% to $23.20, with occupancy down 70.5% to 24.3%. However, the company had $270 million in liquidity, indicating 38 months of runway at current RevPAR levels. Despite challenges, management remains optimistic about the recovery prospects as leisure demand outside urban areas improves.
Summit Hotel Properties, Inc. (NYSE: INN) declared cash dividends for its preferred stock on July 29, 2020. Shareholders will receive $0.403125 per share for the Series D Cumulative Redeemable Preferred Stock and $0.390625 per share for the Series E Cumulative Redeemable Preferred Stock, both payable on August 31, 2020. Record date is August 17, 2020. The company operates 72 hotels, primarily in the Upscale segment, boasting over 11,000 guestrooms across 23 states, reflecting its focus on premium-branded properties.
Summit Hotel Properties, Inc. (NYSE: INN) will report its financial results for Q2 2020 on August 5, 2020, after market close. A quarterly conference call is scheduled for August 6, 2020, at 10:00 AM ET. Participants can join by dialing 877-930-8101 and using the conference ID 3577425. The company owns 72 hotels across 23 states, with a focus on the upscale lodging segment. A live webcast of the call will be accessible on their website and a replay will be available until October 31, 2020.