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) announced the completion of an initial closing for the acquisition of a portfolio of 27 hotels from NewcrestImage, valued at $776.5 million. This includes 3,533 guestrooms, two parking structures, and financial incentives totaling $20.7 million. The transaction is expected to yield an immediate 8.0% to 8.5% net operating income yield and be leverage neutral while preserving $450 million in liquidity. The joint venture's remaining acquisition includes the Canopy by Hilton New Orleans, anticipated to close in Q1 2022.
Summit Hotel Properties, Inc. (NYSE: INN) will announce its financial results for Q4 and the full year of 2021 on February 23, 2022, post-market. The quarterly conference call is scheduled for February 24, 2022, at 9:00 AM ET. Interested participants can join by calling 877-930-8101 and entering code 9455418. The Company operates 74 hotels across 23 states, with a focus on premium-branded hotels in the upscale lodging sector. More details can be found on their website.
Summit Hotel Properties (NYSE: INN) has successfully acquired the Embassy Suites by Hilton Tucson / Paloma Village for $25.5 million via a joint venture with GIC, finalized on December 21, 2021. This acquisition enhances their portfolio with a hotel recognized for its superior performance, boasting a RevPAR Index of nearly 150% over the past five years. Positioned in Tucson’s upscale market, the property is expected to generate a 2022 net operating income yield of 7.0% to 7.5%. The Company retains $450 million in liquidity and $150 million in investment capacity.
Summit Hotel Properties (NYSE: INN) announced the retirement of Executive Chairman Dan Hansen effective December 31, 2021. Hansen will remain on the Board until the 2022 annual meeting. Jeff Jones, the Lead Independent Director, will take over as Non-Executive Chairman from January 1, 2022. The company is focusing on growth, highlighted by a recent $822 million acquisition of a 27-hotel portfolio from NewcrestImage. CEO Jonathan P. Stanner expressed gratitude for Hansen's leadership, emphasizing a strong transition plan is in place.
Summit Hotel Properties (NYSE: INN) has entered a definitive agreement to acquire a 27-hotel portfolio consisting of 3,709 guestrooms from NewcrestImage for $822 million. The deal includes $776.5 million for the hotels, $24.8 million for two parking structures, and $20.7 million in financial incentives. This acquisition aims to enhance Summit's presence in high-growth Sun Belt markets, reduce near-term capital expenditures due to the modern age of the hotels, and is expected to be immediately accretive to earnings while preserving approximately $450 million in liquidity.
Summit Hotel Properties reported a third quarter net loss of $11 million, improving from a loss of $38.3 million in 2020. Pro forma RevPAR surged 109% year-over-year to $97.89, with a 52.5% occupancy growth. The company announced plans to acquire a 27-hotel portfolio for $822 million, expected to enhance growth. Adjusted EBITDAre rose to $34 million from $2.5 million in 2020. Despite challenges after the summer season, demand showed signs of recovery, with RevPAR reaching $106 in October, marking the best month since the pandemic began.
Summit Hotel Properties (NYSE: INN) declared cash dividends of $0.390625 for its 6.25% Series E Cumulative Redeemable Preferred Stock and $0.440625 for its 5.875% Series F Cumulative Redeemable Preferred Stock, both for the period ending November 30, 2021. The dividends are payable on November 30, 2021 to shareholders of record as of November 16, 2021. As of October 29, 2021, the Company owned 73 hotels with a total of 11,398 guestrooms across 23 states.
Summit Hotel Properties (NYSE: INN) announced the release of its 2020 Corporate Responsibility Report, highlighting its commitment to environmental, social, and governance (ESG) practices. CEO Jonathan Stanner emphasized ongoing progress in sustainability initiatives aimed at creating long-term stakeholder value. The report outlines the company's efforts in environmental stewardship and social responsibility, available on their website. As of October 4, 2021, Summit's portfolio comprised 73 hotels across 23 states, with a focus on the upscale lodging segment.
Summit Hotel Properties (NYSE: INN) announced it will release its third-quarter financial results on November 3, 2021, after market close. A conference call is scheduled for November 4, 2021, at 9:00 AM ET. The company operates 73 premium-branded hotels across 23 states, with 61 wholly owned properties totaling 11,398 guestrooms as of September 28, 2021. Interested parties can join the call by dialing in or accessing a live webcast on the company's website.
Summit Hotel Properties (NYSE: INN) announced it won the Renovation Excellence CONNECT 2020 award from Marriott International for its renovation of the Residence Inn by Marriott Baltimore Downtown/Inner Harbor. The company has invested nearly $250 million over five years to upgrade its hotel portfolio, which includes 73 properties with 11,398 guestrooms. The renovation led to a RevPAR index increase of over 40%, reaching 144 for the 12 months ending June 30, 2021. This recognition reflects the company's commitment to high-quality standards and enhanced guest experience.
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