Summit Hotel Pptys Inc Stock Price, News & Analysis

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.

Summit Hotel Properties (NYSE: INN) will report its first quarter 2021 financial results on May 4, 2021, after market closure. A conference call is scheduled for May 5, 2021, at 9:00 AM ET, allowing participants to dial in ten minutes prior. As of March 22, 2021, the company owns 72 hotels, with 67 wholly owned, totaling 11,288 guestrooms across 23 states, indicating a robust portfolio in the upscale lodging segment. Investors can access a live webcast through the company’s website.

Summit Hotel Properties reported its Q4 and full-year 2020 results, revealing a net loss of $158.2 million, or ($1.52) per diluted share, compared to a profit of $67.8 million in 2019. Pro forma RevPAR dropped 59.2% to $52.16, reflecting a challenging year. Despite this, the company achieved hotel-level profitability for two consecutive quarters and positive Adjusted EBITDAre of $14.4 million for the year. Recent financial maneuvers include a $287.5 million convertible notes offering and credit facility amendments, enhancing liquidity and flexibility for future capital opportunities.

Summit Hotel Properties (NYSE: INN) announced its 2021 Annual Meeting of Stockholders will take place on May 13, 2021, at 9:00 a.m. Central Time, at its corporate office in Austin, Texas. Shareholders of record as of March 5, 2021, are invited to attend. As of December 31, 2020, the company owned a portfolio of 72 hotels across 23 states, primarily in the Upscale segment of the lodging industry, totaling 11,288 guestrooms.

Summit Hotel Properties (NYSE: INN) announced amendments to its $400 million revolving credit facility and three senior term loans totaling $550 million, extending the financial covenant waiver period through March 31, 2022. The amendments include a waiver of key financial covenants and improved terms that enhance liquidity and operational flexibility. The company currently possesses over $400 million in total liquidity, enabling it to fund new investments and maintain capital improvement projects. This strategic move aims to stabilize operations amid economic challenges.

Summit Hotel Properties 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, covering the period ending February 28, 2021. These dividends will be payable on February 26, 2021 to shareholders on record as of February 12, 2021. The company owns 72 hotels, primarily in the Upscale segment, with a total of 11,288 guestrooms across 23 states.

Summit Hotel Properties (NYSE: INN) announced it will report its fourth quarter and full year 2020 financial results on February 23, 2021, after market close. The quarterly conference call will take place on February 24, 2021, at 11:00 AM ET. Investors can participate by calling 877-930-8101. The Company operates 72 hotels across 23 states, focusing on premium-branded hotels in the upscale sector. Further details can be found on their website.

Summit Hotel Properties announced the closing of its underwritten public offering of $287.5 million in 1.50% Convertible Senior Notes due February 15, 2026. The offering includes $37.5 million from the exercise of the underwriters' over-allotment option. The Notes, paying interest semiannually, have an initial conversion price of approximately $11.99 per share and are subject to adjustments. Proceeds will be used to cover capped call transaction costs and reduce debt under the senior revolving credit facility and term loans.