Summit Hotel Pptys Inc Stock Price, News & Analysis

Summit Hotel Properties (NYSE: INN) will announce its first quarter 2023 financial results on May 3, 2023, post-market close. A quarterly conference call will follow on May 4, 2023, at 9:00 AM ET. Interested parties can access the call through a pre-registration link provided in the release. As of March 28, 2023, the company holds a portfolio of 103 assets, with 15,334 guestrooms spread across 24 states, focusing on premium-branded hotels. Details are available on the company's website.

Summit Hotel Properties (NYSE: INN) reported strong performance in Q4 and FY 2022, achieving a new high in RevPAR recapture at 97%. Operating income tripled, driving adjusted EBITDAre growth of 100% to $180.8 million for the year. The company completed nearly $1 billion in strategic acquisitions and reinstated its common dividend. Fourth quarter results showed a pro forma RevPAR increase of 17.9% to $109.01, with a net loss of $12.0 million. Looking forward, the company anticipates 2023 pro forma RevPAR growth of 6-11% and adjusted FFO between $112 million and $128 million. Total liquidity increased to nearly $500 million.

Summit Hotel Properties, Inc. (NYSE: INN) has announced its 2023 Annual Meeting of Stockholders to take place on May 24, 2023, at 8:00 a.m. Central Time in Austin, Texas. Stockholders of record as of March 7, 2023 are invited to attend. As of December 31, 2022, the company owned 103 lodging properties, with 61 wholly-owned, encompassing 15,334 guestrooms across 24 states. This meeting serves as an essential platform for stockholders to engage with company leadership regarding its operations and strategic direction.

Summit Hotel Properties (NYSE: INN) announced a cash dividend of $0.04 per share for Q4 2022, payable on February 28, 2023. Additionally, the Company declared a $0.390625 dividend for Series E Preferred Stock and $0.3671875 for Series F Preferred Stock for the same payment date. A cash distribution of $0.328125 per unit for Series Z Preferred Units was also declared. The dividends are for shareholders on record as of February 14, 2023. As of January 26, Summit's portfolio included 103 assets, with 61 wholly-owned properties and 15,334 guestrooms across 24 states.

Summit Hotel Properties (NYSE: INN) will report its fourth quarter and full year 2022 financial results on February 27, 2023, after market close. A conference call is scheduled for February 28, 2023, at 9:00 AM ET. As of January 10, 2023, the Company owns 103 hotels, with a total of 15,334 guestrooms across 24 states. Investors can access the conference call via a pre-registration link and listen to a live webcast on the Company's website.

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.