Summit Hotel Properties Inc
F:SDP
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Summit Hotel Properties Inc
F:SDP
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Earnings Calls
Last Earnings Call
Strong quarter: Summit said second-quarter results beat expectations, with pro forma RevPAR up 5% and hotel EBITDA up 7.8%, helped by strong rate growth and broad demand across segments and markets.
Guidance raised: Management lifted full-year guidance for RevPAR growth, adjusted EBITDAre, adjusted FFO, and adjusted FFO per share after the strong quarter and a better second-half outlook.
Demand improving: Business transient, group, and retail demand strengthened, especially in urban markets, while government demand also began to recover after being a headwind last year.
World Cup boost: World Cup-related demand helped June results, but management stressed that underlying demand was broad-based and not dependent on the event alone.
Balance sheet improved: The company refinanced its main credit facility, lowered borrowing costs, extended maturity to June 2031, and ended the quarter with no revolver borrowings and no debt maturities until 2028.
Capital recycling continues: Summit sold the Courtyard and Residence Inn Dallas Arlington South hotels for $19 million and said it remains a net seller of assets while buying back shares when stock price dislocations appear.