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.
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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.
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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.