Summit Hotel Pptys Inc - INN STOCK NEWS

Summit Hotel Properties (NYSE: INN) has released its 2024 Corporate Responsibility Report, highlighting its ongoing commitment to ESG initiatives. The company has made significant progress towards its environmental goals, achieving 87% of its 2025 reduction target. Summit's community engagement efforts have resulted in nearly $1,000,000 in contributions and 1,400 volunteer hours supporting 55 charitable organizations. The report emphasizes Summit's dedication to creating long-term shareholder value through responsible investing, environmental safeguarding, and supporting employees and communities. CEO Jonathan P. Stanner expressed pride in the company's ESG advancements and its commitment to fostering a diverse, equitable, and inclusive work culture. The full report is available on Summit Hotel Properties' website.

Summit Hotel Properties (NYSE: INN) reported strong Q2 2024 results, with net income increasing to $30.8 million and Adjusted EBITDAre growing 6% to a record $55.9 million. The company's pro forma RevPAR rose 3.4% to $132.41, outperforming the national average for the 13th consecutive quarter. Adjusted FFO increased 10% to $0.29 per share. Key drivers included strong group demand, business travel recovery, and urban market exposure. Summit also sold three hotels for $84 million, continuing its deleveraging efforts. The company updated its 2024 outlook, slightly lowering Adjusted EBITDAre expectations due to moderating RevPAR growth, while maintaining Adjusted FFO projections.

Summit Hotel Properties (NYSE: INN) has declared dividends for Q2 2024. The company announced a cash dividend of $0.08 per share of common stock and per common unit of partnership interest in Summit Hotel OP, LP. This represents an annualized dividend yield of 5.4% based on the July 24, 2024 closing price.

Additionally, the company declared dividends for its preferred stocks: $0.390625 per share for the 6.25% Series E and $0.3671875 per share for the 5.875% Series F Cumulative Redeemable Preferred Stock. The operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units will receive a distribution of $0.328125 per unit.

All dividends are payable on August 30, 2024, to holders of record as of August 16, 2024.

Summit Hotel Properties (NYSE: INN) announced it will release its Q2 2024 financial results on July 29, 2024, after the market closes. A conference call to discuss these results will follow on July 30, 2024, at 9:00 AM ET. The company, a real estate investment trust, focuses on premium-branded lodging and operates 96 assets, including 54 wholly owned properties across 24 states, totaling 14,256 guestrooms. The conference call will be accessible live via webcast, with a replay available until October 31, 2024, on the company's website.

Summit Hotel Properties, Inc. reported strong financial results for the first quarter of 2024, with an Operating Income of $23.5 million, Adjusted EBITDAre growth of 10% to $48.8 million, and Adjusted FFO increase of 14% to $0.24 per share. The Company sold three hotels for $84.0 million to further deleverage the balance sheet. The common dividend was increased by 33% to an annualized $0.32 per share. Despite a net loss attributable to common stockholders of $2.1 million, the Company saw positive growth in key metrics such as RevPAR and EBITDA.

Summit Hotel Properties, Inc. (INN) will report Q1 2024 financial results on May 1, 2024, with a conference call on May 2, 2024. Pre-register for the call to access dial-in details and watch the webcast.

Summit Hotel Properties, Inc. (INN) reported an operating income of $58.8 million for full year 2023. Adjusted EBITDAre increased by 5.1% to $190.0 million, with Adjusted FFO per share at $0.92. The company achieved RevPAR growth of 6.6%, outperforming the industry by 170 basis points. With strategic asset sales, the company recycled proceeds into high-quality hotels in high-growth markets. A new $200 million term loan financing was completed, extending debt maturities until 2026. Despite a net loss, the company increased its common dividend by 50% in 2023.

Summit Hotel Properties, Inc. announces the date for its 2024 Annual Meeting of Stockholders. The meeting will take place on May 22, 2024, at 8:00 a.m. Central Time in Austin, Texas. Stockholders of record as of March 6, 2024, are invited to attend.

Summit Hotel Properties, Inc. (NYSE: INN) announced a cash dividend for the fourth quarter of 2023, with a 3.6% annualized dividend yield. The Board of Directors also declared cash dividends for the Company's preferred stock and operating partnership units. The dividends are payable on February 29, 2024, to holders of record as of February 15, 2024.