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Summit Hotel Properties, Inc. entered an equity distribution agreement allowing offers and sales of its common stock with an aggregate gross sales price of up to $200,000,000. Shares may be sold from time to time through multiple financial institutions as sales agents, principals and/or forward sellers in transactions deemed “at-the-market offerings” under Rule 415.
Each manager may receive a commission of up to 2.0% of the gross sales price on shares sold as agent, with a similar cap for forward sales via reductions to the forward price. Forward purchasers are expected to borrow and sell shares to hedge their exposure; all net proceeds from those borrowed shares go to the forward purchasers, not the company. The company intends to contribute net proceeds it does receive to its operating partnership to fund general business and working capital needs, including hotel acquisitions, repayment of indebtedness, capital improvements to hotels and other general corporate purposes.
Summit Hotel Properties, Inc. is establishing an “at the market offering” program to issue up to $200,000,000 of common stock on the NYSE through multiple sales agents and related forward purchasers. Sales may be made from time to time in ordinary broker transactions, negotiated trades, or block trades.
The company may also enter into forward sale agreements under which forward purchasers borrow and sell shares now, with Summit generally expecting to physically settle later and receive cash equal to the forward price times the number of shares. Summit will not receive proceeds from the initial borrowed-share sales but will receive cash upon physical settlement; cash or net share settlement is also permitted, which could require cash or share payments to the forward purchasers.
Net proceeds contributed to the operating partnership are intended for general business and working capital, including hotel acquisitions, capital improvements, and repayment of borrowings under its $600 million senior credit facility and other term loans. As of June 30, 2026, Summit owned 94 hotels with 14,226 guestrooms across 24 states and held approximately 89% of its operating partnership’s common units.
Summit Hotel Properties, Inc. reported a return to profit in second-quarter 2026 and raised its full-year outlook. Net income attributable to common stockholders was $3.9 million, or $0.04 per diluted share, versus a net loss of $1.6 million, or $0.02 per share, a year earlier. Total revenues rose to $199.0 million from $192.9 million, and operating income increased 27.3% to $28.9 million.
On a pro forma basis, second-quarter RevPAR increased 5.0% to $136.06, driven by a 7.1% rise in ADR to $178.42, while occupancy eased to 76.3%. Pro forma hotel EBITDA grew 7.8% to $72.5 million, with margins expanding 88 basis points to 36.4%. Adjusted EBITDAre increased 7.7% to $54.8 million, and Adjusted FFO rose to $34.9 million, or $0.29 per diluted share and unit.
The company refinanced a $650 million senior credit facility, extending its fully extended maturity to June 2031 and improving pricing by 20 basis points, and reduced the spread on its $58 million Brickell mortgage loan. It sold two Dallas hotels for $19.0 million and, since 2023, has sold or contracted to sell 15 hotels for approximately $219 million at a blended 4.7% capitalization rate. During the first half of 2026 it repurchased 1.5 million shares for $6.2 million, declared a quarterly common dividend of $0.08 per share, and now forecasts 2026 Adjusted EBITDAre of $175–182 million, Adjusted FFO of $95.5–103.0 million, and pro forma RevPAR growth of 1.75–3.25%.
Summit Hotel Properties, Inc. generated total revenues of $199.0 million for the quarter ended June 30, 2026, up from $192.9 million a year earlier. Operating income rose to $28.9 million from $22.7 million, and net income was $9.7 million versus $2.0 million.
Net income attributable to common stockholders turned to a profit of $3.9 million, or $0.04 per diluted share, compared with a loss of $1.6 million, or $(0.02) per share, in the prior-year quarter. For the first six months, common stockholders recorded a net loss of $6.6 million.
Total assets were $2.73 billion and debt, net of issuance costs, was $1.37 billion at June 30, 2026. Operating cash flow for the first half of 2026 increased to $83.4 million. During 2026 the company refinanced its senior credit facility and repaid $287.5 million of convertible notes at maturity. It also repurchased 1.5 million common shares for $6.2 million under its $50 million buyback program and maintained 94 hotels with 14,226 guestrooms across 24 states.
Summit Hotel Properties, Inc. is reported to have a significant shareholder, UBS Group AG and certain wholly owned subsidiaries, which collectively report beneficial ownership of 8,757,861 shares of common stock. This represents 8.08% of the company’s common stock.
UBS Group reports no sole voting or dispositive power over these shares. Instead, it reports shared voting power over 8,753,313 shares and shared dispositive power over 8,757,861 shares, reflecting holdings spread across entities including UBS Financial Services Inc., UBS Securities LLC, UBS AG London Branch and UBS Switzerland AG.
Prudential Financial, Inc. amended its Schedule 13G to report ownership of 11,681,640 shares of Summit Hotel Properties, Inc. common stock, representing 10.8% of the class. The filing attributes most beneficial ownership to subsidiaries Jennison Associates LLC (11,653,415 shares) and PGIM Quantitative Solutions LLC (28,225 shares).
The amendment is signed by a Prudential officer and dated 07/08/2026.
Summit Hotel Properties Inc disclosed an amended Schedule 13G showing Jennison Associates LLC beneficially owns 11,653,415 shares, representing 10.8% of the class as of 06/30/2026. The filing states Jennison has sole voting power over 11,653,415 shares and shared dispositive power over 11,653,415 shares.
This amendment restates ownership and voting/dispositive allocations for the reporting person; timing and cash-flow treatment are not part of the excerpt.
Summit Hotel Properties, Inc. entered into a new $650 million senior unsecured credit facility through its operating partnership, replacing its prior agreement. The facility includes a $400 million revolving credit line, a $200 million term loan, and a $50 million delayed draw term loan.
The revolver matures on June 29, 2030 and can be extended to June 29, 2031, while the term loans mature on June 29, 2031. The agreement has an accordion feature that can increase total commitments to $900 million, subject to lender consent and customary conditions. Pricing is based on SOFR or a base rate plus leverage-based margins and includes quarterly fees on unused commitments.
The facility is unsecured and supported by guarantees from the company and subsidiaries that own or lease qualifying unencumbered hotel assets. As of signing, 52 hotel properties were in the unencumbered pool, and the company must maintain at least 20. The agreement includes leverage, net worth, coverage, and secured debt covenants, plus customary default provisions.
Summit Hotel Properties, Inc. announced that Executive Vice President and Chief Financial Officer William “Trey” Conkling will leave the company effective June 15, 2026 for personal reasons. The company states his departure is not due to any disagreement over operations, policies, accounting, or financial reporting.
Under a Separation and Consulting Agreement, Mr. Conkling will provide consulting and transition services from June 16, 2026 through September 30, 2026, receiving a consulting fee of $25,000 per month. He will not receive severance beyond accrued obligations and this consulting fee, and any unvested equity awards as of the effective date will be forfeited.
The agreement requires a general release of claims and shortens his noncompete restriction from twelve to six months after employment ends, while other restrictive covenants remain in place. President and Chief Executive Officer Jonathan Stanner will also serve as principal financial officer starting June 15, 2026, without additional compensation, while a search firm is engaged to find a new CFO.
Hanson Bjorn R.L. reported acquisition or exercise transactions in this Form 4 filing.
Summit Hotel Properties, Inc. director Bjorn R.L. Hanson received a grant of 22,293 shares of Common Stock on May 20, 2026. The award carried no cash purchase price and increased his directly held position to 180,263 shares, reflecting a routine equity compensation grant rather than an open-market buy.