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) announced the pricing of a public offering of $250 million in 1.50% Convertible Senior Notes due 2026. The offering, set to close on January 12, 2021, may include an additional $37.5 million through an over-allotment option. The Notes will pay interest semiannually and feature an initial conversion price of approximately $11.99 per share, with a conversion premium of 37.5%. The proceeds will be used to cover the cost of capped call transactions and reduce existing debt.
Summit Hotel Properties (NYSE: INN) announced a public offering of $200 million in Convertible Senior Notes due 2026, with an option to purchase an additional $30 million. The notes will be convertible under specific circumstances, and upon conversion, holders may receive cash, common stock, or a combination of both. Proceeds will be used for capped call transactions and to reduce outstanding debt. The offering is expected to impact shareholder dilutions depending on the conversion of the notes.
Summit Hotel Properties (NYSE: INN) announced a leadership transition effective January 15, 2021. Dan Hansen will become Executive Chairman, while Jonathan Stanner, the current CFO, will take over as President and CEO. Hansen expressed confidence in Stanner's capabilities, noting his integral role in shaping the company’s strategy since joining in 2017. The company is also searching for a new CFO with the help of an executive recruiting firm. As of December 17, 2020, Summit owned 72 hotels across 23 states, with a focus on the Upscale lodging segment.
Summit Hotel Properties (NYSE: INN) announced the release of its 2019 Corporate Responsibility Report, highlighting its dedication to environmental, social, and governance initiatives. The report aligns with the United Nations Sustainable Development Goals and showcases the Company's metrics on sustainability efforts, including energy and waste management. As of November 17, 2020, Summit owned 72 hotels with 11,288 guestrooms across 23 states. The Company emphasizes the progress made since the 2017 establishment of its Corporate Responsibility program.
On November 3, 2020, Summit Hotel Properties (NYSE: INN) reported a significant net loss of $38.3 million for Q3 2020, a stark contrast to a net income of $7.8 million in Q3 2019. Pro forma RevPAR fell by 63.5% to $46.83 due to the ongoing impacts of the COVID-19 pandemic. Despite a reduction in monthly cash burn by nearly 70%, the company's liquidity stood at $262.5 million at quarter-end. They invested $3.3 million in capital improvements, with an expected total of $23-25 million for the year. The firm remains optimistic about future demand recovery.
Summit Hotel Properties, Inc. (NYSE: INN) announced a cash dividend of $0.403125 per share for its 6.45% Series D Preferred Stock and $0.390625 per share for its 6.25% Series E Preferred Stock, both payable on November 30, 2020. The dividends benefit shareholders of record as of November 16, 2020. As of October 30, 2020, the company operates a portfolio of 72 hotels across 23 states, comprising a total of 11,288 guestrooms, primarily in the upscale segment of the lodging industry.
Summit Hotel Properties, Inc. (NYSE: INN) will report its third quarter 2020 financial results on November 3, 2020, post-market. A conference call is scheduled for November 4, 2020, at 9:00 AM ET. Participants can join by calling 877-930-8101 with the code 9188292. The company owns 72 hotels across 23 states, focusing on premium-branded hotels in the upscale lodging sector. Further details are available on their website.
Summit Hotel Properties reported a net loss of $54.1 million, or ($0.52) per share, for Q2 2020, significantly down from a net income of $45.2 million in Q2 2019. Revenues plummeted 82.1% to $25.4 million, driven by the impact of COVID-19 on the lodging industry. Pro forma RevPAR fell 83% to $23.20, with occupancy down 70.5% to 24.3%. However, the company had $270 million in liquidity, indicating 38 months of runway at current RevPAR levels. Despite challenges, management remains optimistic about the recovery prospects as leisure demand outside urban areas improves.
Summit Hotel Properties, Inc. (NYSE: INN) declared cash dividends for its preferred stock on July 29, 2020. Shareholders will receive $0.403125 per share for the Series D Cumulative Redeemable Preferred Stock and $0.390625 per share for the Series E Cumulative Redeemable Preferred Stock, both payable on August 31, 2020. Record date is August 17, 2020. The company operates 72 hotels, primarily in the Upscale segment, boasting over 11,000 guestrooms across 23 states, reflecting its focus on premium-branded properties.
Summit Hotel Properties, Inc. (NYSE: INN) will report its financial results for Q2 2020 on August 5, 2020, after market close. A quarterly conference call is scheduled for August 6, 2020, at 10:00 AM ET. Participants can join by dialing 877-930-8101 and using the conference ID 3577425. The company owns 72 hotels across 23 states, with a focus on the upscale lodging segment. A live webcast of the call will be accessible on their website and a replay will be available until October 31, 2020.
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