Summit Hotel Pptys Inc Stock Price, News & Analysis

Summit Hotel Properties (NYSE: INN) has successfully acquired the Embassy Suites by Hilton Tucson / Paloma Village for $25.5 million via a joint venture with GIC, finalized on December 21, 2021. This acquisition enhances their portfolio with a hotel recognized for its superior performance, boasting a RevPAR Index of nearly 150% over the past five years. Positioned in Tucson’s upscale market, the property is expected to generate a 2022 net operating income yield of 7.0% to 7.5%. The Company retains $450 million in liquidity and $150 million in investment capacity.

Summit Hotel Properties (NYSE: INN) announced the retirement of Executive Chairman Dan Hansen effective December 31, 2021. Hansen will remain on the Board until the 2022 annual meeting. Jeff Jones, the Lead Independent Director, will take over as Non-Executive Chairman from January 1, 2022. The company is focusing on growth, highlighted by a recent $822 million acquisition of a 27-hotel portfolio from NewcrestImage. CEO Jonathan P. Stanner expressed gratitude for Hansen's leadership, emphasizing a strong transition plan is in place.

Summit Hotel Properties (NYSE: INN) has entered a definitive agreement to acquire a 27-hotel portfolio consisting of 3,709 guestrooms from NewcrestImage for $822 million. The deal includes $776.5 million for the hotels, $24.8 million for two parking structures, and $20.7 million in financial incentives. This acquisition aims to enhance Summit's presence in high-growth Sun Belt markets, reduce near-term capital expenditures due to the modern age of the hotels, and is expected to be immediately accretive to earnings while preserving approximately $450 million in liquidity.

Summit Hotel Properties reported a third quarter net loss of $11 million, improving from a loss of $38.3 million in 2020. Pro forma RevPAR surged 109% year-over-year to $97.89, with a 52.5% occupancy growth. The company announced plans to acquire a 27-hotel portfolio for $822 million, expected to enhance growth. Adjusted EBITDAre rose to $34 million from $2.5 million in 2020. Despite challenges after the summer season, demand showed signs of recovery, with RevPAR reaching $106 in October, marking the best month since the pandemic began.

Summit Hotel Properties (NYSE: INN) declared cash dividends of $0.390625 for its 6.25% Series E Cumulative Redeemable Preferred Stock and $0.440625 for its 5.875% Series F Cumulative Redeemable Preferred Stock, both for the period ending November 30, 2021. The dividends are payable on November 30, 2021 to shareholders of record as of November 16, 2021. As of October 29, 2021, the Company owned 73 hotels with a total of 11,398 guestrooms across 23 states.

Summit Hotel Properties (NYSE: INN) announced the release of its 2020 Corporate Responsibility Report, highlighting its commitment to environmental, social, and governance (ESG) practices. CEO Jonathan Stanner emphasized ongoing progress in sustainability initiatives aimed at creating long-term stakeholder value. The report outlines the company's efforts in environmental stewardship and social responsibility, available on their website. As of October 4, 2021, Summit's portfolio comprised 73 hotels across 23 states, with a focus on the upscale lodging segment.

Summit Hotel Properties (NYSE: INN) announced it will release its third-quarter financial results on November 3, 2021, after market close. A conference call is scheduled for November 4, 2021, at 9:00 AM ET. The company operates 73 premium-branded hotels across 23 states, with 61 wholly owned properties totaling 11,398 guestrooms as of September 28, 2021. Interested parties can join the call by dialing in or accessing a live webcast on the company's website.

Summit Hotel Properties (NYSE: INN) announced it won the Renovation Excellence CONNECT 2020 award from Marriott International for its renovation of the Residence Inn by Marriott Baltimore Downtown/Inner Harbor. The company has invested nearly $250 million over five years to upgrade its hotel portfolio, which includes 73 properties with 11,398 guestrooms. The renovation led to a RevPAR index increase of over 40%, reaching 144 for the 12 months ending June 30, 2021. This recognition reflects the company's commitment to high-quality standards and enhanced guest experience.

Summit Hotel Properties announced the planned redemption of its 6.45% Series D Cumulative Redeemable Preferred Stock, totaling 3,000,000 shares, at a cash value of $25.00 per share plus accrued dividends. The redemption date is set for September 4, 2021. This action is contingent upon the successful completion of the 5.875% Series F Cumulative Redeemable Preferred Stock offering. Holders of the Series D stock will cease to receive dividends post-redemption date, with payments made upon surrender of shares to Broadridge Financial Solutions.