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. (NYSE: INN), a real estate investment trust specializing in premium-branded upscale hotels, provides investors and industry observers with critical updates through this centralized news hub. This page aggregates official press releases, financial disclosures, and market analyses related to the company’s portfolio management and lodging sector activities.
Users gain streamlined access to essential updates including quarterly earnings reports, asset acquisition announcements, and operational strategy shifts. The curated collection serves analysts tracking REIT performance metrics and hospitality professionals monitoring industry consolidation trends.
Content spans capital recycling initiatives, brand partnership developments, and geographic expansion updates, reflecting Summit’s focus on high-quality urban lodging assets. Bookmark this resource for efficient tracking of the company’s evolving position within the competitive hotel REIT landscape.
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.
FAQ
What is the current stock price of Summit Hotel Pptys (INN)?
What is the market cap of Summit Hotel Pptys (INN)?
