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.
News about Summit Hotel Properties, Inc. (NYSE: INN) centers on its activities as a lodging-focused real estate investment trust that owns premium-branded, upscale hotel properties. Company press releases regularly provide detailed updates on quarterly and annual operating results, portfolio performance, and capital allocation decisions across its hotel portfolio.
Investors following INN news will see recurring coverage of earnings announcements, where the company reports metrics such as same-store and pro forma RevPAR, hotel EBITDA, EBITDAre, FFO, and adjusted FFO. These releases often include commentary on operating fundamentals, demand trends across the portfolio, and changes in hotel-level margins and expenses.
Summit Hotel Properties also issues news related to capital markets and balance sheet activity. Recent disclosures describe term loan refinancings, new credit facilities, delayed draw term loans, interest rate swaps, and other financing arrangements that affect the company’s debt maturities, interest costs, and liquidity. Press releases may also cover share repurchase authorizations, execution under repurchase programs, and the declaration of dividends on common and preferred equity.
Another recurring theme in INN news is portfolio and asset activity, including the sale of selected hotels, the associated sales prices and capitalization rates, and how proceeds are used. The company has also highlighted property-level projects, such as renovations or expansions at specific hotels, and has reported on the performance of unique assets within its portfolio.
Summit Hotel Properties additionally publishes updates on its corporate responsibility and sustainability efforts, including the release of its Corporate Responsibility Report. These items describe its commitments to environmental stewardship, social responsibility, governance, and community engagement. For investors and observers seeking a comprehensive view of INN, the news flow offers insight into both financial performance and broader corporate priorities.
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.
Summit Hotel Properties, Inc. (NYSE: INN) will announce its financial results for Q4 and the full year of 2021 on February 23, 2022, post-market. The quarterly conference call is scheduled for February 24, 2022, at 9:00 AM ET. Interested participants can join by calling 877-930-8101 and entering code 9455418. The Company operates 74 hotels across 23 states, with a focus on premium-branded hotels in the upscale lodging sector. More details can be found on their website.
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.