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. 1. To access the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details. 2. A live webcast of the conference call ca ...

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. One company value investors might notice is Summit Hotel Properties (INN) . INN is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 6.38, which co ...

Introduction I like preferred shares as a portion of my fixed income portfolio and I am keeping my fingers on the pulse of a lot of different issuers and preferred shares to make sure there are no unexpected surprises. I own both series of preferred shares issued by Summit Hotel Properties (NYSE:INN) and as the hotel sector isn't always the most reliable sector I am following the preferred shares I own in this sector a bit closer than other issues to ensure there are no coverage issues and/or balance sheet ...

Purcell & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit https://pjlfirm.com. Attorney advertising. Prior results do not guarantee a similar outcome. SOURCE Purcell & Lefkowitz LLP NEW YORK , May 20, 2024 /PRNewswire/ -- Purcell & Lefkowitz LLP announces that it is investigating Summit Hotel Pro ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35074 SUMMIT HOTEL PROPERTIES, INC. (Exact name of registrant as specified in its charter) of incorporation or organization) Maryland 27-296251 ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35074 SUMMIT HOTEL PROPERTIES, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EX ...

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 Proper ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive ...

Financial Data and Key Metrics Changes - The company reported a pro forma RevPAR increase of 19.3% compared to Q1 2022, exceeding the high-end of the growth expectations of 17% to 19% for the quarter [20] - Adjusted EBITDA for the quarter was $44.4 million, a 35% increase compared to Q1 2022, and adjusted FFO was $26.3 million or $0.22 per share, a 30% increase from last year [44] - Pro forma hotel EBITDA for Q1 was $62.9 million, a 27% increase from the previous year, with hotel EBITDA margins in the same-store portfolio increasing nearly 175 basis points [12][44] Business Line Data and Key Metrics Changes - RevPAR in the urban portfolio grew 25% year-over-year, translating to an 89% recapture to 2019 levels, indicating strong potential for continued growth [42] - The suburban portfolio also saw significant growth, with RevPAR increasing by 21% in Q1 2023 [11] - The resort portfolio, comprising approximately 10% of the pro forma portfolio, produced Q1 RevPAR growth of 12%, reaching 111% of 2019 levels [43] Market Data and Key Metrics Changes - RevPAR in the NCI portfolio grew 22% compared to Q1 2022, with Texas markets like Houston and Dallas showing RevPAR growth of 77% and 29%, respectively [6][7] - The company experienced a 5% year-over-year slowdown in preliminary April RevPAR growth, attributed to seasonal patterns and the Easter holiday [5] - The revenue pace for May and June is trending up in the high single digits compared to last year, driven by strong rate and occupancy growth [23] Company Strategy and Development Direction - The company is focused on operational initiatives to drive better performance and expects continued outsized RevPAR and EBITDA growth throughout 2023 [8] - The company is working towards closing the sale of six hotels and a vacant land parcel, expected to generate nearly $80 million in gross proceeds, which will help defer near-term capital needs [9] - The company is prioritizing a balance between returning capital to shareholders, reducing corporate leverage, and maintaining liquidity for future growth opportunities [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's outlook, expecting continued strong performance driven by business transient and group demand [21][8] - The company reiterated its full-year guidance for 2023, projecting RevPAR growth of 6% to 11% and adjusted EBITDA between $190.4 million to $205.9 million [47] - Management noted that while the transaction market has been quiet, they anticipate more activity in the back half of the year due to potential distressed sales [37] Other Important Information - The company declared a quarterly common dividend of $0.06 per share, representing a 50% increase from the previous quarter, reflecting strong performance and ongoing recovery [32][41] - The company invested approximately $24.1 million in capital expenditures during Q1, driven by transformative renovations across several properties [30] - The balance sheet remains robust with nearly $500 million in liquidity, and the company has no debt maturities until Q4 2024 [45][46] Q&A Session Summary Question: What factors are influencing hotel level margins potentially getting to flat? - Management indicated that margins were up close to 200 basis points in Q1, driven by the ability to push rates and RevPAR growth primarily from rate increases [49][50] Question: How does the company prioritize different types of opportunities in the transaction market? - Management stated they evaluate all opportunities through a risk-adjusted return lens, considering various types of assets including core select service and turnaround stories [51]