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.

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Earnings data Q3 2023

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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.

Summit Hotel Properties (INN) delivered FFO and revenue surprises of 41.67% and 17.42%, respectively, for the quarter ended March 2022. Do the numbers hold clues to what lies ahead for the stock?

Summit Hotel Properties (INN) Q1 FFO and Revenues Top Estimates

Pro Forma RevPAR Increases 78%; 2019 RevPAR Recapture Rate Reaches New Quarterly High Completed the Acquisition of $822 Million 27-Hotel NewcrestImage Portfolio Accretive Transaction Activity Continues with Pending Acquisition of AC Hotel by Marriott & Element Miami Brickell and Pending Sale of Hilton Garden Inn San Francisco Airport North AUSTIN, Texas , May 3, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the first quarter ended March 31, 2022. "Our operating results continue to improve as we have begun to see a more meaningful increase in demand segments beyond the robust leisure travel demand that has driven the industry's results in the early part of the recovery.

SUMMIT HOTEL PROPERTIES REPORTS FIRST QUARTER 2022 RESULTS

AUSTIN, Texas , April 29, 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 of $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 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 May 31, 2022. The Board of Directors has also authorized, and the Company has declared on behalf of the operating partnership, distributions pertaining to the operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units that were issued as part of the recently completed NewcrestImage portfolio acquisition.

SUMMIT HOTEL PROPERTIES DECLARES FIRST QUARTER 2022 PREFERRED DIVIDENDS

AUSTIN, Texas, March 30, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the first quarter of 2022 on Tuesday, May 3, 2022, after the market closes. The Company will conduct its quarterly conference call on Wednesday, May 4, 2022, at 9:00 AM ET.

SUMMIT HOTEL PROPERTIES ANNOUNCES FIRST QUARTER 2022 EARNINGS RELEASE DATE

AUSTIN, Texas , March 29, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced acquisition of the 176-guestroom Canopy by Hilton New Orleans Downtown for $56.0 million through its joint venture with GIC.  The closing of this transaction completes the $822 million portfolio acquisition from NewcrestImage which included 27 hotels containing 3,709 guestrooms, two parking structures, and various financial incentives.

SUMMIT HOTEL PROPERTIES COMPLETES ACQUISITION OF CANOPY BY HILTON NEW ORLEANS DOWNTOWN

Summit Hotel Properties, Inc. (INN) CEO Jonathan Stanner on Q4 2021 Results - Earnings Call Transcript

Summit Hotel Properties (INN) delivered FFO and revenue surprises of 7.69% and 1.84%, respectively, for the quarter ended December 2021. Do the numbers hold clues to what lies ahead for the stock?

Summit Hotel Properties (INN) Surpasses Q4 FFO and Revenue Estimates

AUSTIN, Texas, Feb. 23, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the fourth quarter and full year ended December 31, 2021. "We continued to be pleased with the improvement in operating fundamentals during the fourth quarter, which drove portfolio-wide RevPAR to its highest level relative to 2019 since the onset of the pandemic and more than double from a year ago.

SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Summit Hotel Properties likely has seen the worst of the COVID crisis: the Q3 2021 AFFO represented 90% of the 9M 2021 AFFO.

I'm Adding To My 6.5% Yielding Preferred Securities Of Summit Hotel Properties

AUSTIN, Texas, Feb. 18, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its 2022 Annual Meeting of Stockholders will be held Thursday, May 12, 2022, beginning at 8:00 a.m. Central Time.

Summit Hotel Properties Announces 2022 Annual Meeting of Stockholders

AUSTIN, Texas, Jan. 31, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) ("Summit" or the "Company") today announced that Craig J. Aniszewski, its Executive Vice President and Chief Operating Officer, plans to retire from the Company on March 1, 2022.

Summit Hotel Properties Announces Retirement of Craig Aniszewski as Chief Operating Officer

AUSTIN, Texas, Jan. 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 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, 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 February 28, 2022. The Board of Directors has also authorized, and the Company has declared on behalf of the operating partnership, a cash dividend of $0.171354 per share of the operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units that were issued on January 13, 2022, as part of the recently announced NewcrestImage portfolio acquisition.

SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2021 PREFERRED DIVIDENDS

AUSTIN, Texas, Jan. 18, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company" or "Summit") today announced that its President and Chief Executive Officer, Jonathan Stanner, has been named to the American Hotel & Lodging Association (AHLA) Board of Directors. The AHLA board represents leaders from all sectors of the lodging industry, including brands, owners and real estate investments trusts (REITs), management companies, independent hotels, and state associations.

Summit Hotel Properties' President & CEO Jonathan Stanner Named to American Hotel & Lodging Association Board of Directors

AUSTIN, Texas, Jan. 13, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company" or "Summit") today announced that it has completed an initial closing of the previously announced portfolio acquisition through its existing joint venture with GIC from affiliates of NewcrestImage.  The initial closing included 26 of the 27 hotels totaling 3,533 guestrooms, two parking structures, and various financial incentives.

Summit Hotel Properties Completes Acquisition of NewcrestImage Portfolio

AUSTIN, Texas, Jan. 5, 2022 /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 2021 on Wednesday, February 23, 2022, after the market closes. The Company will conduct its quarterly conference call on Thursday, February 24, 2022, at 9:00 AM ET.

SUMMIT HOTEL PROPERTIES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 EARNINGS RELEASE DATE

AUSTIN, Texas, Jan. 4, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it completed the acquisition of the 120-guestroom Embassy Suites by Hilton Tucson / Paloma Village for $25.5 million through its joint venture with GIC on December 21, 2021. The investment represents a high-quality, market-leading hotel in a rapidly growing market.

SUMMIT HOTEL PROPERTIES COMPLETES ACQUISITION OF EMBASSY SUITES BY HILTON TUCSON / PALOMA VILLAGE

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Summit Hotel Properties (INN) witnesses a hammer chart pattern, indicating support found by the stock after losing some value lately. This coupled with an upward trend in earnings estimate revisions could mean a trend reversal for the stock in the near term.

Here's Why Summit Hotel Properties (INN) Could be Great Choice for a Bottom Fisher

AUSTIN, Texas, Dec. 7, 2021 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that Dan Hansen will retire from his role as the Company's Executive Chairman effective December 31, 2021.  Mr. Hansen will continue to serve on the Company's Board of Directors for the remaining term of his current nomination through the 2022 annual meeting of stockholders.

Summit Hotel Properties Announces Board of Directors Transition

Summit Hotel Properties, Inc. (INN) CEO Jon Stanner on Q3 2021 Results - Earnings Call Transcript

Summit Hotel Properties (INN) delivered FFO and revenue surprises of 35.71% and 9.42%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?

Summit Hotel Properties (INN) Q3 FFO and Revenues Top Estimates

AUSTIN, Texas, Nov. 3, 2021 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company" or "Summit") today announced that it has entered into a definitive contribution and purchase agreement to acquire a 27-hotel portfolio totaling 3,709 guestrooms, two parking structures and various financial incentives through its existing joint venture with GIC for total consideration of $822 million (the "Transaction") from affiliates of NewcrestImage.  The total consideration for the Transaction is comprised of $776.5 million, or $209,000 per key, for the 27-hotel portfolio, $24.8 million for the two parking structures and $20.7 million for the various financial incentives.

Summit Hotel Properties Announces Acquisition of 27-Hotel Portfolio from NewcrestImage

AUSTIN, Texas, Nov. 3, 2021 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and nine months ended September 30, 2021. "We were pleased with the continued improvement in operating fundamentals during the third quarter which drove portfolio wide occupancy to nearly 70% and RevPAR to nearly $100, more than a 25% increase over the second quarter.

Summit Hotel Properties Reports Third Quarter 2021 Results

AUSTIN, Texas, Oct. 29, 2021 /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 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, 2021, and a cash dividend of $0.440625 per share of the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on November 30, 2021. The dividends are payable on November 30, 2021 to holders of record as of November 16, 2021.

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