Summit Hotel Properties

Summit Hotel Properties, Inc. is a real estate investment trust, which operates as a self-managed hotel investment company. It focuses on owning premium-branded select-service hotels. Its hotels are located in corporate offices, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. The company was founded on June 30, 2010 and is headquartered in Frisco, TX.

Earnings data Q1 2021

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Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Summit Hotel Properties excels in 2022 with strong financial growth

Summit Hotel Properties delivered a strong performance in 2022, marked by robust financial growth and strategic acquisitions. Despite challenges like labor shortages, the company remains well-positioned for success. Opportunities for further expansion and technological advancements bode well for future prospects.

Summit Hotel Properties reports stellar Q1 performance and optimistic outlook

Summit Hotel Properties (INN) showcased robust performance in Q1 2023, marked by significant RevPAR and EBITDA growth across its portfolios.
With a strong focus on operational efficiency and a positive outlook for the year, the company is well-positioned to capitalize on growth opportunities in the hospitality sector.
While challenges may arise in the competitive market environment, Summit Hotel Properties' strategic strengths and growth initiatives provide a solid foundation for future success.

Summit Hotel Properties (INN) reports strong Q2 performance and strategic growth focus

Summit Hotel Properties (INN) demonstrated resilience and strategic agility in Q2 2023, leveraging market trends and operational excellence to drive growth and enhance shareholder value.
While facing challenges in a slow transaction environment and evolving demand dynamics, the company's proactive approach to financial management and portfolio optimization positions it well for future opportunities.
By maintaining a strong balance sheet, revising guidance ranges, and focusing on capital allocation, Summit Hotel Properties is poised to navigate challenges and capitalize on growth prospects in the hospitality sector.

Summit Hotel Properties (INN) excels in Q3 amidst market challenges

Summit Hotel Properties (INN) reported strong Q3 results driven by robust demand trends and strategic acquisitions.
Despite challenges in the transaction market and cost pressures, the company remains optimistic about future opportunities.
INN's focus on balance sheet management, market positioning, and operational efficiency positions it well for future growth and resilience.

Summit Hotel Properties excels in Q4 2023, eyes strategic growth

Summit Hotel Properties delivered strong financial performance in Q4 2023, showcasing growth in revenue and operational efficiency.
The company's strategic actions to refinance debt, manage its portfolio, and focus on revenue diversification position it well for future growth.
Challenges lie in managing continued expense growth, asset sales, and evaluating new development opportunities in the hospitality sector.
Opportunities exist in capitalizing on stable demand, exploring new brand options, and pursuing acquisitions to drive future expansion and profitability.

Summit Hotel Properties excels in Q1, eyes urban market growth

Summit Hotel Properties' Q1 results showcase robust performance and strategic initiatives to drive growth. Despite challenges in certain markets, the company remains optimistic about industry recovery and is committed to enhancing shareholder value through prudent financial management.

Summit Hotel Properties reports Q3 growth amidst challenges and opportunities

Summit Hotel Properties (INN) delivered a resilient performance in Q3, with RevPAR increases and effective expense management. Despite challenges from recent hurricanes, the company remains focused on strengthening its financial position and pursuing growth opportunities. With a positive outlook and strategic initiatives in place, Summit Hotel Properties is poised for continued success.

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Summit Hotel Properties, Inc. is a real estate investment trust, which engages in both general and limited partnership interests in Summit Hotel OP, LP. It focuses on owning premium-branded select-service hotels. Its hotels are located in corporate offices, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. The company was founded on June 30, 2010 and is headquartered in Austin, TX.

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A Softish Landing

AUSTIN, Texas , Jan. 26, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the fourth quarter ended December 31, 2022, of $0.04 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Board of Directors has also authorized, and the Company has declared, a cash dividend of $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2023, and a cash dividend of $0.3671875 per share of the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2023.

SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2022 DIVIDENDS

AUSTIN, Texas , Jan. 10, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the fourth quarter and full year of 2022 on Monday, February 27, 2023, after the market closes. The Company will conduct its quarterly conference call on Tuesday, February 28, 2023, at 9:00 AM ET.

SUMMIT HOTEL PROPERTIES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 EARNINGS RELEASE DATE

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Summit Hotel Properties saw its FFO accelerate over the summer - as expected. The dividend was reinstated, but the full-year payout ratio will likely be just around 20% of the FFO.

Summit Hotel Properties: I'm Still Confident In The 8.5% Preferred Dividend Yield

AUSTIN, Texas--( BUSINESS WIRE )--Summit Hotel Properties (NYSE: INN) has announced a partnership with Onera Escapes starting with the acquisition of a 90 percent joint venture interest in Onera Fredericksburg, a premium landscape hotel (glamping) asset located in Texas wine country, as well as a 90 percent interest in an adjacent land parcel for future expansion.

Glamping Goes Institutional: Summit Hotel Properties and Onera Escapes Announce Partnership with First Ever Public REIT Dedicated Glamping Investment

AUSTIN, Texas , Nov. 7, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced the publication of its annual Corporate Responsibility Report for 2022, which presents the Company's ongoing commitment to create long-term value for our business and industry by investing responsibly to safeguard our environment and support our employees, communities, and other stakeholders. "We are very pleased to share the progress we have made to further develop our ESG program.

SUMMIT HOTEL PROPERTIES PUBLISHES 2022 CORPORATE RESPONSIBILITY REPORT

Summit Hotel Properties, Inc. (NYSE:INN ) Q3 2022 Results Conference Call November 2, 2022 9:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and CFO Conference Call Participants Neil Malkin - Capital One Michael Bellisario - Baird Austin Wurschmidt - KeyBanc Operator Good day, and thank you for standing by. Welcome to the Summit Hotel Properties Q3, 2022 Conference Call [Operator Instructions].

Summit Hotel Properties, Inc. (INN) Q3 2022 Earnings Call Transcript

Summit Hotel Properties (INN) delivered FFO and revenue surprises of 0% and 0.47%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?

Summit Hotel Properties (INN) Meets Q3 FFO Estimates

Same Store RevPAR Increases 24%; 2019 RevPAR Recapture Reaches New Quarterly High of 95% Acquisition of High-End Glamping Asset Onera Fredericksburg Completed AUSTIN, Texas , Nov. 2, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and nine months ended September 30, 2022. "We are pleased with the continued improvement of our operating results during the quarter as same store RevPAR recapture relative to 2019 reached a new quarterly high of 95% driven by strong pricing power and improving business transient, midweek, and urban market demand trends.

SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2022 RESULTS

AUSTIN, Texas , Oct. 28, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the third quarter ended September 30, 2022, of $0.04 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Board of Directors has also authorized, and the Company has declared, a cash dividend of $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on November 30, 2022, and a cash dividend of $0.3671875 per share of the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on November 30, 2022.

SUMMIT HOTEL PROPERTIES DECLARES THIRD QUARTER 2022 DIVIDENDS

AUSTIN, Texas , Sept. 20, 2022  /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the third quarter of 2022 on Wednesday, November 2, 2022, after the market closes.

SUMMIT HOTEL PROPERTIES ANNOUNCES THIRD QUARTER 2022 EARNINGS RELEASE DATE

Summit Hotel Properties, Inc. (NYSE:INN ) Q2 2022 Earnings Conference Call August 3, 2022 9:00 AM ET Company Participants Adam Wudel - SVP of Finance, Capital Markets and Treasurer Jon Stanner - President & CEO Trey Conkling - EVP & CFO Conference Call Participants Neil Malkin - Capital One Chris Woronka - Deutsche Bank Austin Wurschmidt - KeyBanc Capital Markets. Michael Bellisario - Baird Bill Crow - Raymond James Operator Thank you for standing by, and welcome to Summit Hotel Properties Second Quarter Fiscal Year 2022 Earnings Conference Call.

Summit Hotel Properties, Inc. (INN) CEO Jon Stanner on Q2 2022 Results - Earnings Call Transcript

Summit Hotel Properties (INN) delivered FFO and revenue surprises of -6.90% and 5.09%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?

Summit Hotel Properties (INN) Misses Q2 FFO Estimates

Same Store RevPAR Increases 63%; 2019 RevPAR Recapture Reaches New Quarterly High of 94% Accretive Transaction Activity Completed with Miami Brickell Acquisition and San Francisco Hilton Garden Inn Sale Reinstatement of Quarterly Common Dividend Announced AUSTIN, Texas , August 2, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and six months ended June 30, 2022. "Our operating results continued to improve meaningfully during the quarter driven by robust leisure demand and the accelerating recovery of corporate transient and group demand which has continued to shift growth in our portfolio midweek and to our urban assets.

SUMMIT HOTEL PROPERTIES REPORTS SECOND QUARTER 2022 RESULTS

The mean of analysts' price targets for Summit Hotel Properties (INN) points to a 69.6% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.

How Much Upside is Left in Summit Hotel Properties (INN)? Wall Street Analysts Think 70%

AUSTIN, Texas, July 7, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the second quarter of 2022 on Tuesday, August 2, 2022, after the market closes. The Company will conduct its quarterly conference call on Wednesday, August 3, 2022, at 9:00 AM ET.

SUMMIT HOTEL PROPERTIES ANNOUNCES SECOND QUARTER 2022 EARNINGS RELEASE DATE

Summit Hotel Properties (INN) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.

Summit Hotel Properties (INN) Moves 7.9% Higher: Will This Strength Last?

Summit Hotel Properties saw its performance continuously improve during Q1. The REIT is digesting a large acquisition and hopefully this will boost the Q2 and Q3 earnings.

Summit Hotel Properties: The Preferred Shares Are Now Yielding 7.8%

AUSTIN, Texas , June 13, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced acquisition of the dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell (the "Brickell Hotels"). The Company's initial purchase option was based on a gross hotel valuation of $89.0 million, or $337,000 per key, and the Company funded its 90% equity interest totaling $38 million with the conversion of the previously funded $30 million mezzanine construction loan, which earned 9% cash interest during the loan term, and $8 million in cash.

Summit Hotel Properties Completes Acquisition of AC Hotel by Marriott & Element Miami Brickell for $89 Million

Investors need to pay close attention to Summit Hotel Properties (INN) stock based on the movements in the options market lately.

Is the Options Market Predicting a Spike in Summit Hotel Properties (INN) Stock?

AUSTIN, Texas, May 12, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represents 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022.

Summit Hotel Properties Completes Sale of Hilton Garden Inn San Francisco Airport North for $75 Million

Summit Hotel Properties, Inc. (NYSE:INN ) Q1 2022 Earnings Conference Call May 4, 2022 9:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Michael Bellisario - Baird Daniel Tricarico - KeyBanc Bill Crow - Raymond James Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear.

News for Summit Hotel Properties Stock (INN)