Summit Hotel Pptys Inc Stock Price, News & Analysis

Summit Hotel Properties (NYSE: INN) has entered a joint venture with Onera Escapes, acquiring a 90% interest in Onera Fredericksburg, a premium glamping hotel in Texas, and adjacent land for expansion. This transaction marks the first standalone glamping investment by a public REIT, poised to capitalize on a 14% projected annual revenue growth in the alternative accommodation sector from 2022 to 2030. The partnership aims to institutionalize glamping as a viable asset class, enhancing real estate investments in unique hospitality experiences.

Summit Hotel Properties (NYSE: INN) announced the release of its 2022 Corporate Responsibility Report, showcasing its commitment to sustainability and stakeholder investment. Key highlights include the establishment of performance indicators for greenhouse gas emissions and water usage, along with formal reduction targets. The report emphasizes the company's ongoing efforts in environmental stewardship and social responsibility.

As of November 7, 2022, Summit's portfolio comprises 103 assets and 15,334 guestrooms across 24 states, reflecting its focus on premium-branded hotels in the upscale lodging segment.

Summit Hotel Properties, Inc. (NYSE: INN) reported a net loss of $0.5 million for Q3 2022, improving from a loss of $11 million in Q3 2021. Same Store RevPAR surged 24.1% to $121.21, while pro forma RevPAR rose 20% to $113.59. The company completed the acquisition of the Onera Fredericksburg, a glamping asset, for $4.5 million, expected to yield 15-17% net operating income. EBITDAre increased to $47.2 million, up from $34 million in Q3 2021. The company also enhanced its balance sheet, maintaining $450 million liquidity.

Summit Hotel Properties announced a cash dividend of $0.04 per share for Q3 2022, payable on November 30, 2022. The Company also declared dividends of $0.390625 for Series E Preferred Stock and $0.3671875 for Series F Preferred Stock, along with $0.328125 for Series Z Preferred Units. All dividends are payable to holders of record as of November 16, 2022. As of September 30, 2022, Summit’s portfolio includes 102 hotels across 24 states, emphasizing its position in the upscale lodging segment.

Summit Hotel Properties, Inc. (NYSE: INN) will report its third quarter 2022 financial results on November 2, 2022, after market close. A conference call will follow on November 3, 2022, at 9:00 AM ET. Investors can register via a provided link for dial-in details, and a live webcast will also be available, with a replay accessible until January 31, 2023. As of September 20, 2022, Summit owns 102 hotels across 24 states, focusing on upscale lodging segments.

Summit Hotel Properties (NYSE: INN) announced strong Q2 2022 results, with Same Store RevPAR increasing 62.7% to $127.44 and a net income of $7.9 million compared to a loss of $22.4 million last year. The company has reinstated a quarterly common dividend of $0.04 per share, reflecting confidence in ongoing recovery and strong cash flow. Significant transactions included the acquisition of a 90% interest in AC Hotel by Marriott & Element Miami Brickell and the sale of Hilton Garden Inn San Francisco Airport North for $75 million. Liquidity stands at nearly $500 million.

Summit Hotel Properties (NYSE: INN) has announced its schedule for reporting financial results for Q2 2022 on August 2, 2022, after market close. A conference call will follow on August 3, 2022, at 9:00 AM ET. The company, which focuses on owning premium-branded hotels, operates a portfolio of 102 hotels with about 15,323 guestrooms across 24 states. Investors can access the conference call via a pre-registration link or a live webcast. The replay will be available until October 31, 2022.

Summit Hotel Properties (NYSE: INN) has finalized its acquisition of the dual-branded AC Hotel by Marriott & Element Miami Brickell for a gross valuation of $89 million, which translates to $337,000 per room. The company funded its 90% ownership with $38 million, primarily from a previously secured $30 million mezzanine loan and $8 million in cash. The Brickell Hotels are projected to yield an 8.0% to 9.0% combined EBITDA for 2022. The deal also includes a $47 million mortgage loan with a maturity of June 30, 2025.

Summit Hotel Properties (NYSE: INN) has successfully completed the sale of the Hilton Garden Inn San Francisco Airport North for $75 million, approximately $444,000 per key. The sale, through a joint venture with GIC, results in an estimated $20.5 million net gain. The hotel was previously acquired for $58 million in October 2019. Net proceeds of around $73 million will aid in repaying $62 million in maturing debt. This transaction represents a 1% capitalization rate based on net operating income with a 4% FF&E reserve.