Summit Hotel Properties (INN) News
Market Cap: $593.37M
Avg Volume: 751.13K
Industry: REIT - Hotel & Motel
Sector: Real Estate
SUMMIT HOTEL PROPERTIES COMPLETES $275 MILLION DELAYED DRAW TERM LOAN FINANCING
AUSTIN, Texas , March 31, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully closed on a new $275 million senior unsecured term loan (the "Term Loan"). The Company expects to utilize future proceeds from the Term Loan to repay the majority of the Company's outstanding $287.5 million 1.50% Convertible Senior Notes maturing in February 2026.
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SUMMIT HOTEL PROPERTIES ANNOUNCES FIRST QUARTER 2025 EARNINGS RELEASE DATE
AUSTIN, Texas , March 26, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the first quarter of 2025 on Wednesday, April 30, 2025, after the market closes. The Company will conduct its quarterly conference call on Thursday, May 1, 2025, at 9:00 AM ET.
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INN or NHI: Which Is the Better Value Stock Right Now?
Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Summit Hotel Properties (INN) and National Health Investors (NHI). But which of these two stocks offers value investors a better bang for their buck right now?
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Are Investors Undervaluing Summit Hotel Properties (INN) Right Now?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
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INN vs. GLPI: Which Stock Is the Better Value Option?
Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Summit Hotel Properties (INN) and Gaming and Leisure Properties (GLPI). But which of these two stocks presents investors with the better value opportunity right now?
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Should Value Investors Buy Summit Hotel Properties (INN) Stock?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
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Summit Hotel Properties, Inc. (INN) Q4 2024 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q4 2024 Earnings Call Transcript February 25, 2025 9:00 AM ET Company Participants Jon Stanner - President, CEO & Director Trey Conkling - Executive VP & CFO Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Dany Assad - Bank of America Michael Bellisario - Baird Chris Woronka - Deutsche Bank RJ Milligan - Raymond James Operator Welcome to the Summit Hotel Properties 2024 Fourth Quarter and Full Year Earnings Conference Call. I will now be passing the line to Kevin Malota, Senior Vice President of Corporate Finance.
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Summit Hotel Properties (INN) Q4 FFO and Revenues Beat Estimates
Summit Hotel Properties (INN) came out with quarterly funds from operations (FFO) of $0.20 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to FFO of $0.22 per share a year ago.
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SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Full Year Operating Income Increases to $103.5 million Full Year Adjusted EBITDAre Grows to $192.2 million; AFFO increases 5.6% to $0.96 per share Completed Over $200 Million of Accretive Transaction Activity in 2024 AUSTIN, Texas , Feb. 24, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and twelve months ended December 31, 2024. "We are pleased with our fourth quarter and full-year 2024 financial results, driven by pro forma RevPAR growth that exceeded industry average growth for the third consecutive year, effective expense management, and the continued success of our accretive capital recycling program.
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Summit Hotel Properties Announces 2025 Annual Meeting of Stockholders
AUSTIN, Texas , Feb. 20, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its 2025 Annual Meeting of Stockholders will be held Wednesday, May 21, 2025, beginning at 8:00 a.m. Eastern Time.
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SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2024 DIVIDENDS
AUSTIN, Texas , Jan. 23, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the fourth quarter ended December 31, 2024, of $0.08 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's fourth quarter common dividend represents an annualized dividend yield of 4.8 percent based on the closing price of shares of the common stock on January 22, 2025.
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Summit Hotel Properties: 7.6% Preferred Dividend Yield Offers Nice Diversification
I focus on preferred shares of Summit Hotel Properties, which offer a senior position in the capital stack and cumulative dividends, despite market volatility. Summit Hotel Properties reported strong FFO and AFFO, comfortably covering its preferred dividend commitments, with only 12% of AFFO needed for preferred dividends. The REIT's balance sheet is robust, with $2.84B in assets and $1.32B in equity, although the preferred equity ratio is lower than ideal.
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3 REITs With Big Dividend Growth and Sustainable Payouts
When it comes to earning investment income, one of the most relevant investment vehicles is Real Estate Investment Trusts (REITs). REITs must distribute at least 90% of their taxable earnings out as dividends.
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SUMMIT HOTEL PROPERTIES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 EARNINGS RELEASE DATE
AUSTIN, Texas , Jan. 9, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the fourth quarter and full year of 2024 on Monday, February 24, 2025, after the market closes. The Company will conduct its quarterly conference call on Tuesday, February 25, 2025, at 9:00 AM ET.
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Summit Hotel Properties Announces Pending Acquisition of Two-Hotel Portfolio for $96 Million Through GIC Joint Venture
AUSTIN, Texas , Dec. 10, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), through its joint venture with GIC, today announced that it is under contract to acquire the 250-guestroom Hampton Inn Boston - Logan Airport and the 149-guestroom Hilton Garden Inn Tysons Corner for a combined purchase price of $96.0 million, or $241,000 per key. The purchase price represents an 8.8% capitalization rate based on forecasted 2024 net operating income and no meaningful capital expenditures are planned prior to the fourth quarter of 2026.
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Summit Hotel Properties, Inc. (INN) Q3 2024 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q3 2024 Earnings Conference Call November 5, 2024 9:00 AM ET Company Participants Adam Wudel - EVP of Corporate Development Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Baird Chris Woronka - Deutsche Bank Operator Good day, and thank you for standing by. Welcome to the Summit Hotel Properties Q3 2024 Earnings Conference Call.
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Summit Hotel Properties (INN) Q3 FFO and Revenues Beat Estimates
Summit Hotel Properties (INN) came out with quarterly funds from operations (FFO) of $0.22 per share, beating the Zacks Consensus Estimate of $0.20 per share. This compares to FFO of $0.22 per share a year ago.
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SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2024 RESULTS
Four Points San Francisco Airport Hotel Sold for $17.7 Million Subsequent to Quarter-End AUSTIN, Texas , Nov. 4, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and nine months ended September 30, 2024. "We are pleased with our third quarter financial results highlighted by our third consecutive quarter of Adjusted FFO growth as our accretive capital recycling program strategy offset moderate top-line growth in the quarter, that was negatively affected by disruption from Hurricane Helene in September in several of our key markets.
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Summit Hotel Properties: Swapping A 6.96% Yield For A 7.44% Yield
I find Summit Hotel Properties' preferred shares attractive due to their strong dividend coverage and relatively stable risk profile despite the hospitality sector's volatility. The REIT's AFFO of $66M in H1 comfortably covers its capex and preferred dividends, indicating a safe dividend coverage ratio. Summit Hotel Properties' balance sheet is solid, with $2.87B in assets and a net debt position of $1.3B, ensuring preferred equity safety.
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SUMMIT HOTEL PROPERTIES DECLARES THIRD QUARTER 2024 DIVIDENDS
AUSTIN, Texas , Oct. 24, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the third quarter ended September 30, 2024, of $0.08 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's third quarter common dividend represents an annualized dividend yield of 5.2 percent based on the closing price of shares of the common stock on October 23, 2024.
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Summit Hotel Properties (INN) Shows Fast-paced Momentum But Is Still a Bargain Stock
Summit Hotel Properties (INN) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.
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Summit Hotel Properties, Inc. (INN) Hit a 52 Week High, Can the Run Continue?
Summit Hotel Properties (INN) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
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SUMMIT HOTEL PROPERTIES ANNOUNCES THIRD QUARTER 2024 EARNINGS RELEASE DATE
AUSTIN, Texas , Sept. 23, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the third quarter of 2024 on Monday, November 4, 2024, after the market closes.
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SUMMIT HOTEL PROPERTIES PUBLISHES 2024 CORPORATE RESPONSIBILITY REPORT
AUSTIN, Texas , Sept. 11, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced the publication of its annual Corporate Responsibility Report, which presents the Company's ongoing commitment to creating long-term shareholder value by investing responsibly, safeguarding the environment, and supporting its employees, communities, and other stakeholders.
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Here Is Why Bargain Hunters Would Love Fast-paced Mover Summit Hotel Properties (INN)
If you are looking for stocks that have gained strong momentum recently but are still trading at reasonable prices, Summit Hotel Properties (INN) could be a great choice. It is one of the several stocks that passed through our 'Fast-Paced Momentum at a Bargain' screen.
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Summit Hotel Properties, Inc. (INN) Q2 2024 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q2 2024 Earnings Call July 30, 2024 9:00 AM ET Company Participants Adam Wudel - Senior Vice President, Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Dany Asad - Bank of America Michael Bellisario - Baird Chris Woronka - Deutsche Bank Operator Welcome to the Summit Hotel Properties 2024 Second Quarter Earnings Conference Call. I will now be passing the line to Adam Wudel, Senior Vice President of Finance, Capital Markets and Treasurer.
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Summit Hotel Properties (INN) Q2 FFO and Revenues Top Estimates
Summit Hotel Properties (INN) came out with quarterly funds from operations (FFO) of $0.29 per share, beating the Zacks Consensus Estimate of $0.26 per share. This compares to FFO of $0.27 per share a year ago.
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SUMMIT HOTEL PROPERTIES REPORTS SECOND QUARTER 2024 RESULTS
Net Income Increases to $30.8 Million for Second Quarter 2024 Adjusted EBITDAre Grows 6% to Reach All-Time Quarterly Record High of $55.9 Million Adjusted FFO Increases 10% to $0.29 per Share AUSTIN, Texas , July 29, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and six months ended June 30, 2024. "We are pleased with our strong second quarter financial results as year-over-year RevPAR growth of 3.4% in our pro forma portfolio exceeded the national average for the thirteenth consecutive quarter.
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All You Need to Know About Summit Hotel Properties (INN) Rating Upgrade to Strong Buy
Summit Hotel Properties (INN) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
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SUMMIT HOTEL PROPERTIES DECLARES SECOND QUARTER 2024 DIVIDENDS
AUSTIN, Texas , July 25, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the second quarter ended June 30, 2024, of $0.08 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's second quarter common dividend represents an annualized dividend yield of 5.4 percent based on the closing price of shares of the common stock on July 24, 2024.
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Is Summit Hotel Properties (INN) Stock Undervalued Right Now?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
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Best Value Stocks to Buy for July 17th
INN, PK and KBH made it to the Zacks Rank #1 (Strong Buy) value stocks list on July 17, 2024.
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Best Income Stocks to Buy for July 17th
PK, INN and JHG made it to the Zacks Rank #1 (Strong Buy) income stocks list on July 17, 2024.
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Is Summit Hotel Properties (INN) a Great Value Stock Right Now?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
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SUMMIT HOTEL PROPERTIES ANNOUNCES SECOND QUARTER 2024 EARNINGS RELEASE DATE
AUSTIN, Texas , June 24, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the second quarter of 2024 on Monday, July 29, 2024, after the market closes. The Company will conduct its quarterly conference call on Tuesday, July 30, 2024, at 9:00 AM ET.
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The State Of REITs: June 2024 Edition
After a rough start to the year, REITs partially bounced back in May with a +2.51% average total return. Small-cap REITs (-0.48%) averaged a negative return in May, but micro caps (+5.09%), large caps (+4.28%) and mid caps (+3.35%) were solidly in the black. 74.03% of REIT securities had a positive total return in May.
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Summit Hotel Properties: I Am Still Long The 7.4% Preferred Shares
Summit Hotel Properties had a decent start to 2024 with decently strong FFO and AFFO results. The AFFO adjusted for capital expenditures was approximately $12M, with a payout ratio of approximately 25% for the preferred dividends. The LTV ratio is approximately 48.2% based on book value, but drops to just over 40% when considering acquisition value.
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SHAREHOLDER ALERT: Purcell & Lefkowitz LLP Announces Shareholder Investigation of Summit Hotel Properties, Inc. (NYSE: INN)
NEW YORK , May 20, 2024 /PRNewswire/ -- Purcell & Lefkowitz LLP announces that it is investigating Summit Hotel Properties, Inc. (NYSE: INN) on behalf of the company's shareholders. The investigation seeks to determine whether Summit Hotel Properties's directors breached their fiduciary duties in connection with recent corporate actions.
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The State Of REITs: May 2024 Edition
With a -4.27% average total return in April, REITs have now seen declines in 3 of the first 4 months of 2024. Micro caps (-2.71%) and small caps (-2.87%) averaged low single digit declines in April, while mid-caps (-5.36%) and large caps (-5.99%) performed even worse. 78.71% of REIT securities had a negative total return in April.
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Summit Hotel Properties, Inc. (INN) Q1 2024 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q1 2024 Earnings Call Transcript May 2, 2024 9:00 AM ET Company Participants Adam Wudel - SVP, Finance, Capital Market and Treasurer Jon Stanner - President & Chief Executive Officer Trey Conkling - Executive Vice President & Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Bill Crow - Raymond James Chris Woronka - Deutsche Bank Michael Bellisario - Baird Operator Welcome to the Summit Hotel Properties' 2024 First Quarter Earnings Conference Call. I will now be passing the line to Adam Wudel, Senior Vice President of Finance, Capital Markets and Treasurer.
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SUMMIT HOTEL PROPERTIES REPORTS FIRST QUARTER 2024 RESULTS
Operating Income of $23.5 million for First Quarter 2024 Adjusted EBITDAre Grows 10% to $48.8 million; Adjusted FFO Increases 14% to $0.24 per Share Sale of Three Hotels for $84.0 Million Further Deleverages Balance Sheet Subsequent to Quarter End Common Dividend Increased 33% to Annualized $0.32 per Share AUSTIN, Texas , May 1, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three months ended March 31, 2024. "We are pleased with our strong first quarter financial results, highlighted by 10 percent Adjusted EBITDAre growth and 14 percent Adjusted FFO growth.
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SUMMIT HOTEL PROPERTIES ANNOUNCES FIRST QUARTER 2024 EARNINGS RELEASE DATE
AUSTIN, Texas , March 26, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the first quarter of 2024 on Wednesday, May 1, 2024, after the market closes. The Company will conduct its quarterly conference call on Thursday, May 2, 2024, at 9:00 AM ET.
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Summit Hotel Properties Offers 7.4% On Its Preferred Shares
Summit Hotel Properties' full-year results show decent performance and well-covered preferred dividends. INN's outlook for 2024 is encouraging, with expected higher AFFO and lower capex. The asset coverage ratio is okay, but there is in excess of $650M in common equity junior to the preferred shares.
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Picking A Winner In Hotel REITs
Hotel REITs experienced a significant drop in share value during the COVID-19 pandemic but have since recovered and outperformed the Vanguard Real Estate ETF. Consumer spending is shifting towards services like travel and leisure, which bodes well for Hotel REITs. Hotel REITs have posted the fourth-best total returns among REIT sectors in 2024, indicating their potential for future growth.
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Summit Hotel Properties, Inc. (INN) Q4 2023 Earnings Call Transcript
Summit Hotel Properties, Inc. (INN) Q4 2023 Earnings Call Transcript
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Summit Hotel Properties (INN) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates
The headline numbers for Summit Hotel Properties (INN) give insight into how the company performed in the quarter ended December 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS
Operating Income of $58.8 Million for Full Year 2023 Adjusted EBITDAre Climbs 5.1 Percent to $190.0 Million; Adjusted FFO Per Share of $0.92 for Full Year 2023 Accretive Dispositions Continue with Sale of Two Additional Hotels New $200 Million Term Loan Financing Completed; No Significant Debt Maturities Until 2026 AUSTIN, Texas , Feb. 28, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the fourth quarter and full year ended December 31, 2023. "We are proud of the Company's many successes in 2023, led by RevPAR growth of 6.6 percent which outpaced the overall industry by approximately 170 basis points and was primarily driven by the strong performance of our urban hotels.
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Gear Up for Summit Hotel Properties (INN) Q4 Earnings: Wall Street Estimates for Key Metrics
Evaluate the expected performance of Summit Hotel Properties (INN) for the quarter ended December 2023, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
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Summit Hotel Properties Announces 2024 Annual Meeting of Stockholders
AUSTIN, Texas , Feb. 23, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its 2024 Annual Meeting of Stockholders will be held Wednesday, May 22, 2024, beginning at 8:00 a.m. Central Time.
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Pick These 5 Bargain Stocks With Enticing EV-to-EBITDA Ratios
We have screened bargain stocks FRBA, CX, CMRE, ASX and INN based on the EV-to-EBITDA ratio, which offers a clearer picture of valuation and earnings potential.
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SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2023 DIVIDENDS
AUSTIN, Texas , Jan. 25, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the fourth quarter ended December 31, 2023, of $0.06 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's fourth quarter common dividend represents an annualized dividend yield of 3.6 percent based on the closing price of shares of the common stock on January 24, 2024.
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SUMMIT HOTEL PROPERTIES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 EARNINGS RELEASE DATE
AUSTIN, Texas , Jan. 4, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the fourth quarter and full year of 2023 on Wednesday, February 28, 2024, after the market closes. The Company will conduct its quarterly conference call on Thursday, February 29, 2024, at 9:00 AM ET.
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Summit Hotel: Collect 8.4% Yield On The Preferred Stock
Summit Hotel Properties stock currently trades well below its normal valuation and provides a well-covered dividend. Its efficient operating model has enabled it to achieve a faster growth ramp than the industry average. Income investors seeking a higher yield may want to consider the preferred stock, which trades at a discount to par value and yields over 8%.
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Summit Hotel Properties: A Lot Of Debt
Summit Hotel Properties has a lot of debt and is stretching its limits with interest expenses pushing net income into negative territory. The post-pandemic recovery has supported revenue growth, but there are concerns about the impact of a worsening recession on discretionary markets. The company's debt load has increased significantly due to major acquisitions, interacting unfortunately with the higher interest rate environment.
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Summit Hotel Properties, Inc. (INN) Q3 2023 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q3 2023 Earnings Conference Call November 2, 2023 1:00 PM ET Company Participants Adam Wudel - Senior Vice President, Finance, Capital Market and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Baird Chris Woronka - Deutsche Bank Bill Crow - Raymond James Operator Good day and thank you for standing by. Welcome to the Summit Hotel Properties Q3 2023 Earnings Conference Call.
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Here's What Key Metrics Tell Us About Summit Hotel Properties (INN) Q3 Earnings
The headline numbers for Summit Hotel Properties (INN) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2023 RESULTS
Operating Income of $16.5 Million Adjusted EBITDAre Reaches $46.3 Million; Adjusted FFO Per Share of $0.22 Full Year 2023 Adjusted EBITDAre and Adjusted FFO Guidance Midpoint Increased AUSTIN, Texas , Nov. 1, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and nine months ended September 30, 2023. "We are pleased with our financial results for the third quarter as stable top-line trends accelerated in September driven by strong urban and midweek demand.
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SUMMIT HOTEL PROPERTIES DECLARES THIRD QUARTER 2023 DIVIDENDS
AUSTIN, Texas , Oct. 26, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the third quarter ended September 30, 2023, of $0.06 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's third quarter common dividend represents an annualized dividend yield of 4.3 percent based on the closing price of shares of the common stock on October 25, 2023.
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SUMMIT HOTEL PROPERTIES ANNOUNCES THIRD QUARTER 2023 EARNINGS RELEASE DATE
AUSTIN, Texas , Sept. 26, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the third quarter of 2023 on Wednesday, November 1, 2023, after the market closes.
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SUMMIT HOTEL PROPERTIES COMPLETES $200 MILLION JOINT VENTURE CREDIT FACILITY REFINANCING
AUSTIN, Texas , Sept. 20, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its joint venture with GIC, Singapore's sovereign wealth fund, has successfully completed the refinancing of its $200 million senior credit facility (the "Credit Facility"), which is comprised of a $125 million revolving credit facility (the "$125 Million Revolver") and a $75 million term loan (the "$75 Million Term Loan").
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SUMMIT HOTEL PROPERTIES PUBLISHES 2023 CORPORATE RESPONSIBILITY REPORT
AUSTIN, Texas , Sept. 12, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced the publication of its annual Corporate Responsibility Report for 2023, which presents the Company's ongoing commitment to creating long-term value for the business and industry by investing responsibly in safeguarding the environment and supporting its employees, communities, and other stakeholders.
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Dislocation In The Equity REIT Fixed-Rate Preferred Market
Market is ignoring factors such as interest rate sensitivity, upside to par, call date, and risk shifting in pricing preferred stocks. Mispricing is evident in the relative pricing of hotel REIT preferred stocks with similar risk factors. Investors should consider total expected annual return, interest rate sensitivity, and upside potential when evaluating preferred stocks.
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These 3 Real Estate Stocks With Over 4% Dividend Yields Are Recommended By Wall Street's Most Accurate Analysts - Summit Hotel Properties (NYSE:INN), CubeSmart (NYSE:CUBE)
During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.
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Losers Of REIT Earnings Season
After covering the Winners of REIT Earnings Season last week, Part 2 of our Earnings Recap focuses on the worst-performing property sectors and common threads shared by these laggards. While there were upside standouts and some solid reports within these lagging property sectors, the losers of REIT earnings season included: Self-Storage, Hotel, Healthcare, and Specialty REITs. Many of the "misses" emanated from the direct and secondary effects of the higher interest rate environment, underscoring the continued challenges facing more-highly-levered private real estate portfolios.
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Summit Hotel Properties: Well-Covered Dividends; Attractive Valuation
Summit Hotel Properties is a select-service hospitality REIT with a portfolio of 100 hotels and 15,000 rooms. The company has a conservative dividend payout ratio, with the potential for further increases. The company's stock is also undervalued compared to its peers, making for an attractive investment.
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Summit Hotel Properties, Inc. (INN) Q2 2023 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Adam Wudel - Investor Relations Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Bellisario - Baird Bill Crow - Raymond James Dany Asad - Bank of America Operator Good day and thank you for standing by. Welcome to the Summit Hotel Properties Q2 2023 Earnings Conference Call.
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Summit Hotel Properties (INN) Reports Q2 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for Summit Hotel Properties (INN) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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SUMMIT HOTEL PROPERTIES REPORTS SECOND QUARTER 2023 RESULTS
Pro Forma RevPAR Reaches New Post-Pandemic High The Nordic Lodge Steamboat Springs Acquired Through GIC Joint Venture AUSTIN, Texas , Aug. 2, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and six months ended June 30, 2023. "Key operating fundamentals continued to improve during the second quarter as nominal quarterly RevPAR reached its highest level since the onset of the pandemic, highlighted by nearly 15% RevPAR growth in the NewcrestImage portfolio.
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SUMMIT HOTEL PROPERTIES DECLARES SECOND QUARTER 2023 DIVIDENDS
AUSTIN, Texas , July 27, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the second quarter ended June 30, 2023, of $0.06 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's second quarter common dividend represents an annualized dividend yield of 3.9 percent based on the closing price of shares of the common stock on July 26, 2023.
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SUMMIT HOTEL PROPERTIES COMPLETES $600 MILLION CREDIT FACILITY REFINANCING
AUSTIN, Texas , June 22, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has successfully completed the refinancing of its $600 million senior unsecured credit facility (the "Credit Facility"), which is comprised of a $400 million senior unsecured revolving credit facility (the "Revolver") and $200 million senior unsecured term loan (the "Term Loan"). "We greatly appreciate the ongoing support of our lending partners and are extremely pleased with the execution of this credit facility refinancing.
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SUMMIT HOTEL PROPERTIES ANNOUNCES SECOND QUARTER 2023 EARNINGS RELEASE DATE
AUSTIN, Texas , June 21, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the second quarter of 2023 on Wednesday, August 2, 2023, after the market closes. The Company will conduct its quarterly conference call on Thursday, August 3, 2023, at 10:00 AM ET.
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SUMMIT HOTEL PROPERTIES PROVIDES TRANSACTION UPDATE
Joint Venture with GIC Completes Acquisition of Residence Inn Scottsdale North Four-Hotel Portfolio Sale Completed for $28.1 Million AUSTIN, Texas , June 5, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the acquisition of the 120-guestroom Residence Inn Scottsdale North for $29.0 million through its joint venture with GIC. Additionally, the Company is providing an update on previously announced disposition activity.
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Summit Hotel Properties Offers An Attractive Preferred Dividend Of 8.7%
Summit Hotel Properties is a hotel REIT. About half of its properties are leased to Marriott. The first quarter was pretty good for Summit, and the full-year AFFO guidance looks promising.
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SUMMIT HOTEL PROPERTIES AWARDED BEST RENOVATION AT HYATT'S 2023 AMERICAS OWNERS CONFERENCE
AUSTIN, Texas , May 17, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") is proud to announce that it has been recognized as the Best Renovation award winner from Hyatt Hotels Corporation for its transformational renovation of the 150-guestroom Hyatt Place Across From Universal Orlando Resort™. During the ownership conference, Hyatt leadership celebrated organizations for excellence in hotel design, development, and operational excellence over the last 1.5 years.
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Summit Hotel Properties, Inc. (INN) Q1 2023 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q1 2023 Results Conference Call May 4, 2023 9:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Chris Woronka - Deutsche Bank Operator Good day, and thank you for standing by. Welcome to the Summit Hotel Properties, Inc. Q1 2023 Earnings Conference Call.
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SUMMIT HOTEL PROPERTIES REPORTS FIRST QUARTER 2023 RESULTS
First Quarter 2023 Pro Forma RevPAR Grows 19.3% Operating Income Increase Drives Adjusted EBITDAre Growth of 35% to $44.4 Million Common Dividend Increased 50% to an Annualized $0.24 Per Share AUSTIN, Texas , May 3, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the first quarter ended March 31, 2023. "We are pleased with our first quarter operating results as average daily rate in our pro forma portfolio reached the highest level in the Company's history, increasing 11% year-over-year and driving 19% RevPAR growth for the quarter.
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Tale Of 2 Cities
U.S. equity markets extended their rebound this week as a strong slate of earnings reports clashed with renewed concerns over financial instability and economic data that provided fodder for both bulls and bears. Closing at its highest levels since early February, the S&P 500 advanced 0.9%, but gains were skewed towards larger companies. The Mid-Cap 400 slipped 0.3%, and the Small-Cap 600 declined 1.0%.
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SUMMIT HOTEL PROPERTIES INCREASES COMMON DIVIDEND BY 50% AND DECLARES FIRST QUARTER 2023 DIVIDENDS
AUSTIN, Texas , April 27, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the first quarter ended March 31, 2023, of $0.06 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's first quarter common dividend represents an increase of $0.02 per share, or 50 percent, over the prior quarter's common dividend and an annualized dividend yield of 3.9 percent based on the closing price of shares of the common stock on April 26, 2023.
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Summit Hotel Properties: (Slowly) Climbing To The Summit
Summit Hotel Properties reported its FY 2022 earnings, reporting an operating profit for the first time since the pandemic. The company is still recovering from the effects of the pandemic, and demand is picking up.
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Summit Hotel Properties: Swap The Commons For The 7% Yield Preferreds
Summit is paying out a 7.7% yield to owners of its preferreds who also stand to realize a 14.4% yield to call. Dividend pay-outs to common shareholders remain at a fraction of their pre-pandemic average.
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Summit Hotel Properties (INN) Q4 FFO and Revenues Surpass Estimates
Summit Hotel Properties (INN) delivered FFO and revenue surprises of 25% and 0.86%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
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SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS
Fourth Quarter 2022 RevPAR Recapture Reaches New High Operating Income Triples Driving Adjusted EBITDAre Growth of 100% to $180.8 Million in 2022 Nearly $1 Billion of Strategic Acquisitions Completed in 2022 AUSTIN, Texas , Feb. 27, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the fourth quarter and full year ended December 31, 2022. "We are pleased with the continued improvement of our operating results during the fourth quarter which drove 2019 RevPAR recapture to a new quarterly high of 97% highlighted by December results that exceeded pre-pandemic levels for the first time in our pro forma portfolio.
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Summit Hotel Properties Announces 2023 Annual Meeting of Stockholders
AUSTIN, Texas , Feb. 23, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that its 2023 Annual Meeting of Stockholders will be held Wednesday, May 24, 2023, beginning at 8:00 a.m. Central Time.
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Who's Checking Into Lodging REITs?
Although Lodging REITs have not rebounded to pre-Covid levels, we thought it would be valuable to provide investors with an update. Keep in mind, we are underweight Lodging, which means that investors should maintain responsible diversification.
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Fed Blinks, Finally
U.S. equity markets extended their rebound this week after the Federal Reserve slowed its pace of interest rate hikes while strong employment data alongside cooling wage pressures supported "soft landing" prospects. Gaining for the fourth week in the past five, the S&P 500 advanced 1.6% while the tech-heavy Nasdaq 100 rallied 3.3% - its fourth-straight week of gains. Small caps soared 5%.
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A Softish Landing
U.S. equity markets resumed their rebound this past week as investors parsed a busy slate of corporate earnings results and economic data ahead of the Federal Reserve's rate hike decision. Gaining for the third week in the past four, the S&P 500 advanced 2.5% on the week while the tech-heavy Nasdaq rallied nearly 5% - its fourth-straight week of gains.
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SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2022 DIVIDENDS
AUSTIN, Texas , Jan. 26, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the fourth quarter ended December 31, 2022, of $0.04 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Board of Directors has also authorized, and the Company has declared, a cash dividend of $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2023, and a cash dividend of $0.3671875 per share of the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2023.
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SUMMIT HOTEL PROPERTIES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 EARNINGS RELEASE DATE
AUSTIN, Texas , Jan. 10, 2023 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the fourth quarter and full year of 2022 on Monday, February 27, 2023, after the market closes. The Company will conduct its quarterly conference call on Tuesday, February 28, 2023, at 9:00 AM ET.
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Summit Hotel Properties: I'm Still Confident In The 8.5% Preferred Dividend Yield
Summit Hotel Properties saw its FFO accelerate over the summer - as expected. The dividend was reinstated, but the full-year payout ratio will likely be just around 20% of the FFO.
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Glamping Goes Institutional: Summit Hotel Properties and Onera Escapes Announce Partnership with First Ever Public REIT Dedicated Glamping Investment
AUSTIN, Texas--( BUSINESS WIRE )--Summit Hotel Properties (NYSE: INN) has announced a partnership with Onera Escapes starting with the acquisition of a 90 percent joint venture interest in Onera Fredericksburg, a premium landscape hotel (glamping) asset located in Texas wine country, as well as a 90 percent interest in an adjacent land parcel for future expansion.
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SUMMIT HOTEL PROPERTIES PUBLISHES 2022 CORPORATE RESPONSIBILITY REPORT
AUSTIN, Texas , Nov. 7, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced the publication of its annual Corporate Responsibility Report for 2022, which presents the Company's ongoing commitment to create long-term value for our business and industry by investing responsibly to safeguard our environment and support our employees, communities, and other stakeholders. "We are very pleased to share the progress we have made to further develop our ESG program.
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Summit Hotel Properties, Inc. (INN) Q3 2022 Earnings Call Transcript
Summit Hotel Properties, Inc. (NYSE:INN ) Q3 2022 Results Conference Call November 2, 2022 9:00 AM ET Company Participants Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and CFO Conference Call Participants Neil Malkin - Capital One Michael Bellisario - Baird Austin Wurschmidt - KeyBanc Operator Good day, and thank you for standing by. Welcome to the Summit Hotel Properties Q3, 2022 Conference Call [Operator Instructions].
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Summit Hotel Properties (INN) Meets Q3 FFO Estimates
Summit Hotel Properties (INN) delivered FFO and revenue surprises of 0% and 0.47%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
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SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2022 RESULTS
Same Store RevPAR Increases 24%; 2019 RevPAR Recapture Reaches New Quarterly High of 95% Acquisition of High-End Glamping Asset Onera Fredericksburg Completed AUSTIN, Texas , Nov. 2, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and nine months ended September 30, 2022. "We are pleased with the continued improvement of our operating results during the quarter as same store RevPAR recapture relative to 2019 reached a new quarterly high of 95% driven by strong pricing power and improving business transient, midweek, and urban market demand trends.
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