Welcome to our dedicated page for Summit Hotel Properties news (Ticker: INN), a resource for investors and traders seeking the latest updates and insights on Summit Hotel Properties stock.
Summit Hotel Properties, Inc. (NYSE: INN) is a leading publicly traded real estate investment trust (REIT) that focuses on owning premium-branded hotels within the upscale segment of the lodging industry. The company employs efficient operating models to maximize profitability and guest satisfaction. As of May 1, 2024, Summit Hotel Properties' portfolio includes 96 assets, with 54 wholly-owned properties, encompassing a total of 14,256 guestrooms across 24 states.
The company's properties operate under globally recognized brands such as Marriott, Hilton, Hyatt, and Holiday Inn. These hotels are strategically located in urban areas near corporate offices, retail centers, airports, state capitals, convention centers, and leisure attractions, ensuring a steady flow of business and leisure travelers.
Summit Hotel Properties generates revenue primarily through room rentals, with additional income from other hotel operations such as food and beverage services, meeting space rentals, and other guest services. The company's Operating Partnership, Summit Hotel OP, LP, manages the day-to-day operations of these assets, with Summit holding both general and limited partnership interests.
Recently, the company has been active in enhancing its portfolio and balance sheet. In 2023, Summit completed the sale of six hotels for nearly $50 million and reinvested part of the proceeds into two high-quality hotels in high-growth markets, achieving a blended capitalization rate of over 9 percent. Additionally, Summit has successfully undertaken approximately $1 billion in financing activities, extending debt maturity dates and maintaining attractive pricing, resulting in no significant debt maturities until 2026.
Financial Performance: Summit's financial results for the first quarter of 2024 showed a 10 percent growth in Adjusted EBITDAre and a 14 percent increase in Adjusted FFO. The company also reported a 1.5 percent RevPAR increase in its pro forma portfolio, outperforming industry benchmarks. Summit's focus on cost controls allowed for an 80 basis point expansion in hotel EBITDA margins year-over-year.
Dividends and Shareholder Returns: On May 1, 2024, the Board of Directors authorized a 33 percent increase in the quarterly cash dividend to $0.08 per share, reflecting confidence in the company's operating results and cash flow durability. This represents an annualized dividend yield of 5.3 percent based on April 30, 2024, closing prices.
Future Outlook: Summit's outlook for 2024 remains positive, supported by stable demand trends and the expectation of continued growth in urban markets. The company aims to leverage its well-positioned portfolio to outperform the broader industry once again.
For additional information, visit the company's website at www.shpreit.com or follow them on X (formerly Twitter) at @SummitHotel_INN and on Facebook at facebook.com/SummitHotelProperties.
Summit Hotel Properties (NYSE: INN) has announced, through its joint venture with GIC, the pending acquisition of two hotels for $96.0 million: the 250-room Hampton Inn Boston - Logan Airport and the 149-room Hilton Garden Inn Tysons Corner. The purchase price of $241,000 per key represents an 8.8% capitalization rate based on forecasted 2024 net operating income.
The transaction will be financed through a mix of cash and a $50 million term loan with an interest rate of SOFR + 210 basis points. The Company's 51% share ($24 million) will be funded primarily from the recent Four Points by Sheraton San Francisco Airport sale proceeds. The acquisition is expected to close in Q4 2024, with no significant capital expenditures planned before Q4 2026.
Summit Hotel Properties (NYSE: INN) reported Q3 2024 results with a net loss of $4.3 million ($0.04 per share). Key metrics include: Pro forma RevPAR increased 0.1% to $120.02, Adjusted FFO grew 4.0% to $27.6 million ($0.22 per share), and Pro forma hotel EBITDA decreased 2.9% to $59.7 million. The company sold Four Points San Francisco Airport for $17.7 million post-quarter. Year-to-date, Adjusted FFO per share increased by 8%, driven by 4.5% growth in Adjusted EBITDA. The company revised its 2024 outlook, maintaining Adjusted FFO guidance while slightly lowering Adjusted EBITDAre expectations due to hurricane disruptions.
Summit Hotel Properties (NYSE: INN) has declared its third quarter 2024 dividends. The company announced a cash dividend of $0.08 per share of common stock and per common unit, representing an annualized dividend yield of 5.2%. Additionally, the company declared dividends for its preferred stocks: $0.390625 per share for Series E (6.25%), $0.3671875 per share for Series F (5.875%), and $0.328125 per unit for Series Z (5.25%) preferred units. All dividends will be paid on November 29, 2024, to shareholders of record as of November 15, 2024.
Summit Hotel Properties (NYSE: INN) has announced the date for its third quarter 2024 earnings release. The company will report financial results on Monday, November 4, 2024, after market close. A conference call will be held on Tuesday, November 5, 2024, at 9:00 AM ET to discuss the results.
Interested parties can pre-register for the conference call using a provided link, which will supply dial-in details. A live webcast of the call will also be available, with a replay accessible in the Investors section of the company's website until January 31, 2025.
Summit Hotel Properties is a publicly traded real estate investment trust focusing on premium-branded lodging facilities in the upscale segment. As of September 23, 2024, the company's portfolio included 96 assets, with 54 wholly owned, totaling 14,256 guestrooms across 24 states.
Summit Hotel Properties (NYSE: INN) has released its 2024 Corporate Responsibility Report, highlighting its ongoing commitment to ESG initiatives. The company has made significant progress towards its environmental goals, achieving 87% of its 2025 reduction target. Summit's community engagement efforts have resulted in nearly $1,000,000 in contributions and 1,400 volunteer hours supporting 55 charitable organizations. The report emphasizes Summit's dedication to creating long-term shareholder value through responsible investing, environmental safeguarding, and supporting employees and communities. CEO Jonathan P. Stanner expressed pride in the company's ESG advancements and its commitment to fostering a diverse, equitable, and inclusive work culture. The full report is available on Summit Hotel Properties' website.
Summit Hotel Properties (NYSE: INN) reported strong Q2 2024 results, with net income increasing to $30.8 million and Adjusted EBITDAre growing 6% to a record $55.9 million. The company's pro forma RevPAR rose 3.4% to $132.41, outperforming the national average for the 13th consecutive quarter. Adjusted FFO increased 10% to $0.29 per share. Key drivers included strong group demand, business travel recovery, and urban market exposure. Summit also sold three hotels for $84 million, continuing its deleveraging efforts. The company updated its 2024 outlook, slightly lowering Adjusted EBITDAre expectations due to moderating RevPAR growth, while maintaining Adjusted FFO projections.
Summit Hotel Properties (NYSE: INN) has declared dividends for Q2 2024. The company announced a cash dividend of $0.08 per share of common stock and per common unit of partnership interest in Summit Hotel OP, LP. This represents an annualized dividend yield of 5.4% based on the July 24, 2024 closing price.
Additionally, the company declared dividends for its preferred stocks: $0.390625 per share for the 6.25% Series E and $0.3671875 per share for the 5.875% Series F Cumulative Redeemable Preferred Stock. The operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units will receive a distribution of $0.328125 per unit.
All dividends are payable on August 30, 2024, to holders of record as of August 16, 2024.
Summit Hotel Properties (NYSE: INN) announced it will release its Q2 2024 financial results on July 29, 2024, after the market closes. A conference call to discuss these results will follow on July 30, 2024, at 9:00 AM ET. The company, a real estate investment trust, focuses on premium-branded lodging and operates 96 assets, including 54 wholly owned properties across 24 states, totaling 14,256 guestrooms. The conference call will be accessible live via webcast, with a replay available until October 31, 2024, on the company's website.
Summit Hotel Properties, Inc. reported strong financial results for the first quarter of 2024, with an Operating Income of $23.5 million, Adjusted EBITDAre growth of 10% to $48.8 million, and Adjusted FFO increase of 14% to $0.24 per share. The Company sold three hotels for $84.0 million to further deleverage the balance sheet. The common dividend was increased by 33% to an annualized $0.32 per share. Despite a net loss attributable to common stockholders of $2.1 million, the Company saw positive growth in key metrics such as RevPAR and EBITDA.
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