Welcome to our dedicated page for Summit Hotel Pptys news (Ticker: INN), a resource for investors and traders seeking the latest updates and insights on Summit Hotel Pptys stock.
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.
Summit Hotel Properties announced a cash dividend of $0.04 per share for Q3 2022, payable on November 30, 2022. The Company also declared dividends of $0.390625 for Series E Preferred Stock and $0.3671875 for Series F Preferred Stock, along with $0.328125 for Series Z Preferred Units. All dividends are payable to holders of record as of November 16, 2022. As of September 30, 2022, Summit’s portfolio includes 102 hotels across 24 states, emphasizing its position in the upscale lodging segment.
Summit Hotel Properties, Inc. (NYSE: INN) will report its third quarter 2022 financial results on November 2, 2022, after market close. A conference call will follow on November 3, 2022, at 9:00 AM ET. Investors can register via a provided link for dial-in details, and a live webcast will also be available, with a replay accessible until January 31, 2023. As of September 20, 2022, Summit owns 102 hotels across 24 states, focusing on upscale lodging segments.
Summit Hotel Properties (NYSE: INN) announced strong Q2 2022 results, with Same Store RevPAR increasing 62.7% to $127.44 and a net income of $7.9 million compared to a loss of $22.4 million last year. The company has reinstated a quarterly common dividend of $0.04 per share, reflecting confidence in ongoing recovery and strong cash flow. Significant transactions included the acquisition of a 90% interest in AC Hotel by Marriott & Element Miami Brickell and the sale of Hilton Garden Inn San Francisco Airport North for $75 million. Liquidity stands at nearly $500 million.
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.