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, Inc. (NYSE: INN) has announced its 2023 Annual Meeting of Stockholders to take place on May 24, 2023, at 8:00 a.m. Central Time in Austin, Texas. Stockholders of record as of March 7, 2023 are invited to attend. As of December 31, 2022, the company owned 103 lodging properties, with 61 wholly-owned, encompassing 15,334 guestrooms across 24 states. This meeting serves as an essential platform for stockholders to engage with company leadership regarding its operations and strategic direction.
Summit Hotel Properties (NYSE: INN) announced a cash dividend of $0.04 per share for Q4 2022, payable on February 28, 2023. Additionally, the Company declared a $0.390625 dividend for Series E Preferred Stock and $0.3671875 for Series F Preferred Stock for the same payment date. A cash distribution of $0.328125 per unit for Series Z Preferred Units was also declared. The dividends are for shareholders on record as of February 14, 2023. As of January 26, Summit's portfolio included 103 assets, with 61 wholly-owned properties and 15,334 guestrooms across 24 states.
Summit Hotel Properties (NYSE: INN) will report its fourth quarter and full year 2022 financial results on February 27, 2023, after market close. A conference call is scheduled for February 28, 2023, at 9:00 AM ET. As of January 10, 2023, the Company owns 103 hotels, with a total of 15,334 guestrooms across 24 states. Investors can access the conference call via a pre-registration link and listen to a live webcast on the Company's website.
Summit Hotel Properties (NYSE: INN) has entered a joint venture with Onera Escapes, acquiring a 90% interest in Onera Fredericksburg, a premium glamping hotel in Texas, and adjacent land for expansion. This transaction marks the first standalone glamping investment by a public REIT, poised to capitalize on a 14% projected annual revenue growth in the alternative accommodation sector from 2022 to 2030. The partnership aims to institutionalize glamping as a viable asset class, enhancing real estate investments in unique hospitality experiences.
Summit Hotel Properties (NYSE: INN) announced the release of its 2022 Corporate Responsibility Report, showcasing its commitment to sustainability and stakeholder investment. Key highlights include the establishment of performance indicators for greenhouse gas emissions and water usage, along with formal reduction targets. The report emphasizes the company's ongoing efforts in environmental stewardship and social responsibility.
As of November 7, 2022, Summit's portfolio comprises 103 assets and 15,334 guestrooms across 24 states, reflecting its focus on premium-branded hotels in the upscale lodging segment.
Summit Hotel Properties, Inc. (NYSE: INN) reported a net loss of $0.5 million for Q3 2022, improving from a loss of $11 million in Q3 2021. Same Store RevPAR surged 24.1% to $121.21, while pro forma RevPAR rose 20% to $113.59. The company completed the acquisition of the Onera Fredericksburg, a glamping asset, for $4.5 million, expected to yield 15-17% net operating income. EBITDAre increased to $47.2 million, up from $34 million in Q3 2021. The company also enhanced its balance sheet, maintaining $450 million liquidity.
Summit Hotel Properties announced a cash dividend of $0.04 per share for Q3 2022, payable on November 30, 2022. The Company also declared dividends of $0.390625 for Series E Preferred Stock and $0.3671875 for Series F Preferred Stock, along with $0.328125 for Series Z Preferred Units. All dividends are payable to holders of record as of November 16, 2022. As of September 30, 2022, Summit’s portfolio includes 102 hotels across 24 states, emphasizing its position in the upscale lodging segment.
Summit Hotel Properties, Inc. (NYSE: INN) will report its third quarter 2022 financial results on November 2, 2022, after market close. A conference call will follow on November 3, 2022, at 9:00 AM ET. Investors can register via a provided link for dial-in details, and a live webcast will also be available, with a replay accessible until January 31, 2023. As of September 20, 2022, Summit owns 102 hotels across 24 states, focusing on upscale lodging segments.
Summit Hotel Properties (NYSE: INN) announced strong Q2 2022 results, with Same Store RevPAR increasing 62.7% to $127.44 and a net income of $7.9 million compared to a loss of $22.4 million last year. The company has reinstated a quarterly common dividend of $0.04 per share, reflecting confidence in ongoing recovery and strong cash flow. Significant transactions included the acquisition of a 90% interest in AC Hotel by Marriott & Element Miami Brickell and the sale of Hilton Garden Inn San Francisco Airport North for $75 million. Liquidity stands at nearly $500 million.
Summit Hotel Properties (NYSE: INN) has announced its schedule for reporting financial results for Q2 2022 on August 2, 2022, after market close. A conference call will follow on August 3, 2022, at 9:00 AM ET. The company, which focuses on owning premium-branded hotels, operates a portfolio of 102 hotels with about 15,323 guestrooms across 24 states. Investors can access the conference call via a pre-registration link or a live webcast. The replay will be available until October 31, 2022.
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