Summit Hotel Pptys Inc Stock Price, News & Analysis

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.

Summit Hotel Properties reported a significant improvement in Q1 2022, with pro forma RevPAR rising 78% to $97.09 and same-store RevPAR increasing 87.6%. The company completed an $822 million portfolio acquisition of 27 hotels, with a pending acquisition of the AC Hotel by Marriott & Element Miami Brickell. Despite a net loss of $12.4 million, total revenues surged to $141.9 million, reflecting a strong recovery in hotel-level profitability. The company anticipates ongoing growth and capitalizes on favorable market conditions.

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.