Summit Hotel Pptys Inc Stock Price, News & Analysis

Summit Hotel Properties reported second quarter results for 2021, showcasing significant recovery as RevPAR surged 235.7% year-over-year to $77.88. Revenue for the quarter reached $86.5 million, a notable increase from $25.4 million in 2020. The net loss narrowed to $22.4 million, or $0.21 per diluted share, compared to $54.1 million in the prior year. Pro forma hotel EBITDA improved to $25.3 million, with a margin of 29.2%. The company continues to invest in growth opportunities, having completed a significant acquisition through its joint venture with GIC.

Summit Hotel Properties has declared a cash dividend of $0.403125 per share for its 6.45% Series D Preferred Stock and $0.390625 for its 6.25% Series E Preferred Stock. These dividends are payable on August 31, 2021, to shareholders on record as of August 16, 2021. The company owns and operates 73 hotels across 23 states, with a focus on the upscale lodging segment.

Summit Hotel Properties (NYSE: INN) has completed the acquisition of the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33 million. The company funded its 51% share of the joint venture acquisition with approximately $17 million in cash. Summit maintains strong liquidity with about $425 million available and over $150 million of current investment capacity for future opportunities. As of the acquisition date, Summit’s portfolio included 73 hotels and 11,398 guestrooms across 23 states.

Summit Hotel Properties, Inc. (NYSE: INN) will report its financial results for Q2 2021 on August 3, 2021, post-market closure. The quarterly conference call is scheduled for August 4, 2021, at 9:00 AM ET, allowing participants to dial in starting at 8:50 AM ET. The company operates a portfolio of 72 hotels across 23 states, focusing on premium-branded hotels in the upscale lodging sector. More information is available on their website, including a live webcast of the conference call.

Summit Hotel Properties (NYSE: INN) has announced a definitive agreement to acquire the new Residence Inn by Marriott Steamboat Springs for $33 million, through a joint venture with GIC. The property, opened in December 2020, is strategically located near major attractions, making it well-positioned for strong demand, particularly during winter and summer seasons. The acquisition is expected to be funded with $17 million of cash on hand, leaving the company with over $425 million in liquidity for future investments.

Summit Hotel Properties (NYSE: INN) reported a net loss of $35.1 million for Q1 2021, compared to a loss of $19 million in Q1 2020. Revenue per available room (RevPAR) fell 45.4% to $52.41. March RevPAR reached a pandemic high of over $65, supported by recovering leisure demand. The company completed the contribution of six hotels to a joint venture for $172 million, netting $83 million, enhancing investment capacity. Despite challenges, management expresses optimism as vaccination efforts and easing restrictions are expected to improve demand.

Summit Hotel Properties, Inc. (NYSE: INN) has declared a cash dividend of $0.403125 per share for its 6.45% Series D Preferred Stock and $0.390625 per share for its 6.25% Series E Preferred Stock, both payable on May 28, 2021. The record date for these dividends is May 17, 2021. This announcement reflects the company's commitment to returning income to shareholders while managing a portfolio of 72 hotels across 23 states, focusing on the upscale lodging segment.

Summit Hotel Properties (NYSE: INN) has appointed William "Trey" H. Conkling as Executive Vice President & Chief Financial Officer, effective May 17, 2021. Conkling, who has extensive experience in capital markets and transaction advisory, previously served as Managing Director at Bank of America Merrill Lynch. He oversaw transactions exceeding $190 billion. The company operates 72 hotels with a focus on premium-branded lodging, aiming to enhance its strategic leadership. The announcement comes amid a challenging hotel industry landscape as of April 2021.

Summit Hotel Properties announced the appointment of Ms. Amina Belouizdad to its Board of Directors, effective May 13, 2021. With this addition, the Board will have eight members, six of whom are independent. Ms. Belouizdad brings significant experience, having previously co-led a private equity-backed company that doubled its revenue. She also has a background in real estate transactions exceeding $1 billion. The management expressed confidence in her ability to help guide the company as it navigates a favorable post-pandemic environment.