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 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.
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.