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 (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.
Summit Hotel Properties announced the planned redemption of its 6.45% Series D Cumulative Redeemable Preferred Stock, totaling 3,000,000 shares, at a cash value of $25.00 per share plus accrued dividends. The redemption date is set for September 4, 2021. This action is contingent upon the successful completion of the 5.875% Series F Cumulative Redeemable Preferred Stock offering. Holders of the Series D stock will cease to receive dividends post-redemption date, with payments made upon surrender of shares to Broadridge Financial Solutions.
Summit Hotel Properties, Inc. (NYSE: INN) announced the pricing of an underwritten public offering of 4,000,000 shares of its 5.875% Series F Cumulative Redeemable Preferred Stock at $25.00 per share, totaling $100 million. The underwriters have a 30-day option to purchase an additional 600,000 shares. The offering is expected to close on August 12, 2021. Proceeds will be used to redeem the 6.45% Series D Cumulative Redeemable Preferred Stock, with $75 million liquidation preference, and to reduce debt and for general corporate purposes.
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.