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, 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.
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.