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 successfully completed the sale of the Hilton Garden Inn San Francisco Airport North for $75 million, approximately $444,000 per key. The sale, through a joint venture with GIC, results in an estimated $20.5 million net gain. The hotel was previously acquired for $58 million in October 2019. Net proceeds of around $73 million will aid in repaying $62 million in maturing debt. This transaction represents a 1% capitalization rate based on net operating income with a 4% FF&E reserve.
Summit Hotel Properties reported a significant improvement in Q1 2022, with pro forma RevPAR rising 78% to $97.09 and same-store RevPAR increasing 87.6%. The company completed an $822 million portfolio acquisition of 27 hotels, with a pending acquisition of the AC Hotel by Marriott & Element Miami Brickell. Despite a net loss of $12.4 million, total revenues surged to $141.9 million, reflecting a strong recovery in hotel-level profitability. The company anticipates ongoing growth and capitalizes on favorable market conditions.
Summit Hotel Properties (NYSE: INN) has declared cash dividends for Q1 2022. Shareholders will receive $0.390625 for Series E Preferred Stock and $0.3671875 for Series F, both payable on May 31, 2022, to record holders as of May 17, 2022. Additionally, distributions of $0.328125 and $0.249660 will be made for 5.25% Series Z Preferred Units issued in January and March 2022, respectively. The firm owns 101 hotels with 15,228 guestrooms across 24 states, focusing on the upscale lodging segment.
Summit Hotel Properties (NYSE: INN) announced it will report its first-quarter 2022 financial results on May 3, 2022, after market close. A conference call to discuss these results will be held on May 4, 2022, at 9:00 AM ET. Interested participants can join by calling 877-930-8101 and entering the code 3183004. As of March 30, 2022, Summit operates 101 hotels, providing over 15,000 guestrooms across 24 states. For additional details, the earnings call webcast will be accessible via the company's website.
Summit Hotel Properties has completed its acquisition of the Canopy by Hilton New Orleans Downtown for $56.0 million through a joint venture with GIC. This acquisition is part of a larger portfolio deal worth $822 million, which includes 27 hotels and 3,709 guestrooms. After this transaction, the company holds over $425 million in total liquidity. As of March 28, 2022, Summit's portfolio consists of 101 hotels with a total of 15,227 guestrooms across 24 states.
Summit Hotel Properties reported fourth-quarter and full-year 2021 results, highlighting a notable recovery in operating fundamentals. Pro forma RevPAR rose to $94.22, marking a 118.1% increase year-over-year, while total revenues reached $106.9 million. The company announced nearly $900 million in acquisitions over the past eight months, positioning its portfolio for future growth. Despite a net loss of $15.3 million for Q4, improvements in average daily rates and occupancy reflect a strong rebound from the pandemic. Strategic capital raising initiatives further enhance the balance sheet for future endeavors.
Summit Hotel Properties, Inc. (NYSE: INN) announced its 2022 Annual Meeting of Stockholders to be held on May 12, 2022, at 8:00 a.m. Central Time in Austin, Texas. The meeting is open to all stockholders of record as of March 11, 2022. The Company focuses on owning premium-branded hotels, with a portfolio of 74 hotels and 11,518 guestrooms across 23 states as of December 31, 2021.
Summit Hotel Properties (NYSE: INN) announced the retirement of Craig J. Aniszewski, Executive VP and COO, effective March 1, 2022. Aniszewski has been a key leader for 25 years, enhancing operations and construction. The company promotes Larry Trowbridge and Greg James to ensure a smooth transition. Both have extensive industry experience, with Trowbridge leading design and James focusing on asset management. As of January 31, 2022, Summit operates 100 hotels across 24 states, indicating a robust portfolio in the upscale lodging sector.
Summit Hotel Properties has declared cash dividends for its preferred stocks. The dividend for the 6.25% Series E Cumulative Redeemable Preferred Stock is $0.390625 per share, and for the 5.875% Series F Cumulative Redeemable Preferred Stock, it is $0.3671875 per share. Additionally, a $0.171354 cash dividend was announced for the unregistered 5.25% Series Z Cumulative Perpetual Preferred Units. All dividends are payable on February 28, 2022, to holders of record as of February 14, 2022.
Summit Hotel Properties, with ticker INN, announced that its President and CEO, Jonathan Stanner, has joined the Board of Directors of the American Hotel & Lodging Association (AHLA). This appointment comes as the AHLA implements a strategic plan following significant member engagement during the COVID-19 pandemic recovery. Stanner's role will focus on crucial industry topics, enhancing the collective voice of the lodging sector. As of January 2022, Summit manages a portfolio of 100 hotels across 24 states, which positions it favorably for future growth.
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