Summit Hotel Pptys Inc Stock Price, News & Analysis

Summit Hotel Properties (NYSE: INN) has declared cash dividends for Q1 2022. Shareholders will receive $0.390625 for Series E Preferred Stock and $0.3671875 for Series F, both payable on May 31, 2022, to record holders as of May 17, 2022. Additionally, distributions of $0.328125 and $0.249660 will be made for 5.25% Series Z Preferred Units issued in January and March 2022, respectively. The firm owns 101 hotels with 15,228 guestrooms across 24 states, focusing on the upscale lodging segment.

Summit Hotel Properties (NYSE: INN) announced it will report its first-quarter 2022 financial results on May 3, 2022, after market close. A conference call to discuss these results will be held on May 4, 2022, at 9:00 AM ET. Interested participants can join by calling 877-930-8101 and entering the code 3183004. As of March 30, 2022, Summit operates 101 hotels, providing over 15,000 guestrooms across 24 states. For additional details, the earnings call webcast will be accessible via the company's website.

Summit Hotel Properties has completed its acquisition of the Canopy by Hilton New Orleans Downtown for $56.0 million through a joint venture with GIC. This acquisition is part of a larger portfolio deal worth $822 million, which includes 27 hotels and 3,709 guestrooms. After this transaction, the company holds over $425 million in total liquidity. As of March 28, 2022, Summit's portfolio consists of 101 hotels with a total of 15,227 guestrooms across 24 states.

Summit Hotel Properties reported fourth-quarter and full-year 2021 results, highlighting a notable recovery in operating fundamentals. Pro forma RevPAR rose to $94.22, marking a 118.1% increase year-over-year, while total revenues reached $106.9 million. The company announced nearly $900 million in acquisitions over the past eight months, positioning its portfolio for future growth. Despite a net loss of $15.3 million for Q4, improvements in average daily rates and occupancy reflect a strong rebound from the pandemic. Strategic capital raising initiatives further enhance the balance sheet for future endeavors.

Summit Hotel Properties, Inc. (NYSE: INN) announced its 2022 Annual Meeting of Stockholders to be held on May 12, 2022, at 8:00 a.m. Central Time in Austin, Texas. The meeting is open to all stockholders of record as of March 11, 2022. The Company focuses on owning premium-branded hotels, with a portfolio of 74 hotels and 11,518 guestrooms across 23 states as of December 31, 2021.

Summit Hotel Properties (NYSE: INN) announced the retirement of Craig J. Aniszewski, Executive VP and COO, effective March 1, 2022. Aniszewski has been a key leader for 25 years, enhancing operations and construction. The company promotes Larry Trowbridge and Greg James to ensure a smooth transition. Both have extensive industry experience, with Trowbridge leading design and James focusing on asset management. As of January 31, 2022, Summit operates 100 hotels across 24 states, indicating a robust portfolio in the upscale lodging sector.

Summit Hotel Properties has declared cash dividends for its preferred stocks. The dividend for the 6.25% Series E Cumulative Redeemable Preferred Stock is $0.390625 per share, and for the 5.875% Series F Cumulative Redeemable Preferred Stock, it is $0.3671875 per share. Additionally, a $0.171354 cash dividend was announced for the unregistered 5.25% Series Z Cumulative Perpetual Preferred Units. All dividends are payable on February 28, 2022, to holders of record as of February 14, 2022.

Summit Hotel Properties, with ticker INN, announced that its President and CEO, Jonathan Stanner, has joined the Board of Directors of the American Hotel & Lodging Association (AHLA). This appointment comes as the AHLA implements a strategic plan following significant member engagement during the COVID-19 pandemic recovery. Stanner's role will focus on crucial industry topics, enhancing the collective voice of the lodging sector. As of January 2022, Summit manages a portfolio of 100 hotels across 24 states, which positions it favorably for future growth.

Summit Hotel Properties (NYSE: INN) announced the completion of an initial closing for the acquisition of a portfolio of 27 hotels from NewcrestImage, valued at $776.5 million. This includes 3,533 guestrooms, two parking structures, and financial incentives totaling $20.7 million. The transaction is expected to yield an immediate 8.0% to 8.5% net operating income yield and be leverage neutral while preserving $450 million in liquidity. The joint venture's remaining acquisition includes the Canopy by Hilton New Orleans, anticipated to close in Q1 2022.