Second Quarter Operating Income of $22.7 Million; AFFO of $32.7 Million or $0.27 per Share
Repurchased 3.6 Million Shares for $15.4 Million, an Average of $4.30 per Share
Completed Two Significant Debt Financings to Extend Maturity Dates and Enhance Corporate Liquidity
AUSTIN, Texas, Aug. 5, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and six months ended June 30, 2025.
"Despite a challenging operating backdrop in the second quarter, we continued to successfully execute on a number of key strategic priorities. RevPAR index, our best measure of market share, increased nearly 150 basis points to 115% during the quarter and year-to-date operating expenses have increased a mere 1.5 percent as we continue to effectively manage expenses and benefit from the efficient operating model of our hotel portfolio. While RevPAR in our same store portfolio declined 3.6 percent during the second quarter, this was significantly influenced by difficult comparisons to robust special event driven demand that benefited the second quarter of last year. Overall demand across the Company's portfolio remains stable as absolute occupancy in the second quarter approached record highs. Our portfolio of high quality, well located hotels is in excellent physical condition and we believe remains well positioned for longer-term, outsized growth," said Jonathan P. Stanner, President and Chief Executive Officer.
"During the quarter, we also continued to strengthen our balance sheet with the closing of two additional financings, with improved pricing that will supplement our future free cash flow and earnings profiles. With these closings and the in-place delayed draw term loan to fund the repayment of our convertible notes early next year, we now effectively have no debt maturities until 2028 and over $310 million of corporate liquidity. Finally, in April, our Board of Directors approved a $50 million share repurchase program, of which we utilized $15.4 million in the second quarter to repurchase 3.6 million common shares at an average price of $4.30 per share. These well-executed repurchases represent an 15% discount to the current trading price," continued Mr. Stanner.
Second Quarter 2025 Summary
Year-to-Date 2025 Summary
The Company's results for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except per share amounts and metrics):
| | For the Three Months | | For the Six Months | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
| | | ||||||
| Net (loss) income attributable to common stockholders | $ (1,612) | | $ 30,849 | | $ (6,296) | | $ 28,733 |
| Net (loss) income per diluted share | $ (0.02) | | $ 0.23 | | $ (0.06) | | $ 0.21 |
| Total revenues | $ 192,917 | | $ 193,903 | | $ 377,395 | | $ 382,045 |
| EBITDAre (1) | $ 61,050 | | $ 69,755 | | $ 119,499 | | $ 130,954 |
| Adjusted EBITDAre (1) | $ 50,919 | | $ 55,920 | | $ 95,926 | | $ 104,721 |
| FFO (1) | $ 26,886 | | $ 34,934 | | $ 50,082 | | $ 60,422 |
| Adjusted FFO (1) | $ 32,707 | | $ 36,370 | | $ 60,066 | | $ 66,366 |
| FFO per diluted share and unit (1) | $ 0.22 | | $ 0.28 | | $ 0.40 | | $ 0.49 |
| Adjusted FFO per diluted share and unit (1) | $ 0.27 | | $ 0.29 | | $ 0.49 | | $ 0.54 |
| | | | | | | | |
| Pro Forma (2) | | | | | | | |
| RevPAR | $ 128.79 | | $ 133.94 | | $ 126.90 | | $ 128.89 |
| RevPAR Contraction | (3.8) % | | | | (1.5) % | | |
| Hotel EBITDA | $ 68,421 | | $ 75,664 | | $ 134,026 | | $ 142,164 |
| Hotel EBITDA Margin | 35.5 % | | 38.1 % | | 35.5 % | | 37.1 % |
| Hotel EBITDA Margin Change | (266) bps | | | | (161) bps | | |
| | | | | | | | |
| Same Store (3) | | | | | | | |
| RevPAR | $ 128.07 | | $ 132.89 | | $ 127.17 | | $ 128.65 |
| RevPAR Contraction | (3.6) % | | | | (1.1) % | | |
| Hotel EBITDA | $ 65,811 | | $ 73,087 | | $ 130,987 | | $ 138,821 |
| Hotel EBITDA Margin | 35.2 % | | 38.1 % | | 35.6 % | | 37.3 % |
| Hotel EBITDA Margin Change | (289) bps | | | | (172) bps | | |
| | |
| (1) | See tables later in this press release for a discussion and reconciliation of net (loss) income to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization ("EBITDA"), EBITDAre, adjusted EBITDAre, funds from operations ("FFO"), FFO per diluted share and unit, adjusted FFO ("AFFO"), and AFFO per diluted share and unit, as well as a reconciliation of operating income to hotel EBITDA. See "Non-GAAP Financial Measures" at the end of this release. |
| | |
| (2) | Unless stated otherwise in this release, all pro forma information includes operating and financial results for 97 hotels owned as of June 30, 2025, as if each hotel had been owned by the Company since January 1, 2024 and remained open for the entirety of the reporting period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2024, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. |
| | |
| (3) | All same store information includes operating and financial results for 95 hotels owned as of January 1, 2024 and at all times during the three and six months ended June 30, 2025, and 2024. |
Capital Markets and Balance Sheet
NCI Term Loan Refinancing
In July 2025, the Company, together with its joint venture partner, closed a $400.0 million senior unsecured term loan (the "2025 GIC Joint Venture Term Loan") to refinance the previous GIC joint venture term loan that was scheduled to mature in January 2026. The 2025 GIC Joint Venture Term Loan has an initial maturity date of July 2028 and can be extended for two 12-month periods at the Company's option, subject to certain conditions, for a fully extended maturity date of July 2030.
The 2025 GIC Joint Venture Term Loan provides for an interest rate equal to SOFR plus 235 basis points, which represents a 50 basis point reduction from the previous loan.
Brickell Mortgage Loan
In May 2025, the Company, together with its joint venture partner, closed on a $58.0 million mortgage loan (the "Brickell Mortgage Loan") secured by the dual-branded 264-guestroom AC Hotel by Marriott and Element Hotel Miami Brickell. The Brickell Mortgage Loan proceeds were used to repay the existing $45.4 million mortgage loan, that was scheduled to mature in June 2025, and for other general corporate purposes.
The Brickell Mortgage Loan provides for an interest rate equal to SOFR plus 260 basis points, which represents a 40 basis point reduction from the previous loan. Payments on the Brickell Mortgage Loan are interest-only for the life of the loan, subject to certain financial requirements. The Brickell Mortgage Loan will mature on May 2028 and can be extended for two 12-month periods at the Company's option, subject to certain conditions, for a fully extended maturity date of May 2030.
Subsequent to the closing of the Brickell Mortgage Loan, the Company entered into a $58.0 million interest rate swap to fix SOFR until May 2028. Pursuant to the interest rate swap, the Company will pay a fixed rate of 3.57 percent.
As a result of these refinancings, as well as the $275 million delayed draw term loan (the "Delayed Draw Term Loan") that closed in the first quarter that the Company intends to utilize to retire the outstanding $287.5 million 1.50 percent Convertible Senior Notes that mature in February 2026, the Company's average length to maturity will increase to nearly four years on a pro forma basis, including extension options, and the Company will have no debt maturities until 2028.
On a pro rata basis as of June 30, 2025, the Company had the following outstanding indebtedness and liquidity available:
Share Repurchase Program
During the second quarter, the Company repurchased 3.6 million common shares under its share repurchase program for an aggregate purchase price of $15.4 million, or an average of approximately $4.30 per share. As of August 5, 2025, approximately $34.6 million remained available for repurchase under this program.
Common and Preferred Dividend Declaration
On August 1, 2025, the Company declared a quarterly cash dividend of $0.08 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP. The quarterly dividend of $0.08 per share represents an annualized dividend yield of 6.3 percent, based on the closing price of shares of the common stock on August 4, 2025.
In addition, the Board of Directors declared a quarterly cash dividend of:
The dividends are payable on August 29, 2025 to holders of record as of August 15, 2025.
Onera Fredericksburg Expansion
During the quarter, the Company, together with its joint venture partner, completed the expansion of Onera Fredericksburg, its luxury landscape hotel located in the heart of Texas Hill Country. The project added 23 custom-built, hard-sided, and climate-controlled units, increasing the property's total unit count to 35. The expansion includes:
For the six months ending June 30, 2025, prior to the expansion, Onera Fredericksburg generated a RevPAR of nearly $360 and a hotel EBITDA margin of nearly 50%. The Company expects that with the expansion, Onera Fredericksburg will continue to generate an unlevered yield on cost in the low to mid-teens.
2025 Outlook
While we remain confident in the long-term fundamentals in our portfolio, near-term results are being negatively affected by increased price sensitivity and continued macroeconomic volatility. This has created a more uncertain operating environment and a wider range of potential results than we typically observe at the midpoint of the year. Based on actual results for the first half of the year and recent portfolio trends, our performance is currently tracking modestly below the lower end of the guidance ranges we provided as part of our year-end 2024 earnings report on February 24, 2025, for full year Adjusted EBITDAre, Adjusted FFO and Adjusted FFO per share. We expect capital expenditures for full year 2025 of $60 million to $65 million on a pro rata basis.
Second Quarter 2025 Earnings Conference Call
The Company will conduct its quarterly conference call on August 6, 2025 at 9:00 AM ET.
Supplemental Disclosures
In conjunction with this press release, the Company has furnished a financial supplement with additional disclosures on its website. Visit www.shpreit.com for more information. The Company has no obligation to update any of the information provided to conform to actual results or changes in portfolio, capital structure, or future expectations.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry. As of August 5, 2025, the Company's portfolio consisted of 97 assets, 53 of which are wholly owned, with a total of 14,577 guestrooms located in 25 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow on X at @SummitHotel_INN.
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, or other forward-looking information. Examples of forward-looking statements include the following: the Company's ability to realize growth from the deployment of renovation capital; projections of the Company's revenues and expenses, capital expenditures or other financial items; descriptions of the Company's plans or objectives for future operations, acquisitions, dispositions, financings, redemptions or services; forecasts of the Company's future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, EBITDAre, Adjusted EBITDAre, FFO and AFFO; the Company's outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth, AFFO, AFFO per diluted share and unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission ("SEC"). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
For information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations.
| Summit Hotel Properties, Inc. Consolidated Balance Sheets (In thousands) | ||||
| | | June 30, 2025 | | December 31, 2024 |
| | | (Unaudited) | | |
| ASSETS | | | | |
| Investments in lodging property, net | | $ 2,722,459 | | $ 2,746,765 |
| Investment in lodging property under development | | — | | 7,617 |
| Assets held for sale, net | | — | | 1,225 |
| Cash and cash equivalents | | 39,490 | | 40,637 |
| Restricted cash | | 8,734 | | 7,721 |
| Right-of-use assets, net | | 32,933 | | 33,309 |
| Trade receivables, net | | 22,554 | | 18,625 |
| Prepaid expenses and other | | 14,197 | | 9,580 |
| Deferred charges, net | | 10,468 | | 6,460 |
| Other assets | | 17,335 | | 24,291 |
| Total assets | | $ 2,868,170 | | $ 2,896,230 |
| | | | | |
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS | | | | |
| Liabilities: | | | | |
| Debt, net of debt issuance costs | | $ 1,425,799 | | $ 1,396,710 |
| Lease liabilities, net | | 24,763 | | 24,871 |
| Accounts payable | | 7,285 | | 7,450 |
| Accrued expenses and other | | 81,142 | | 82,153 |
| Total liabilities | | 1,538,989 | | 1,511,184 |
| | | | | |
| Redeemable non-controlling interests | | 50,219 | | 50,219 |
| | | | | |
| Total stockholders' equity | | 895,146 | | 909,545 |
| Non-controlling interests | | 383,816 | | 425,282 |
| Total equity | | 1,278,962 | | 1,334,827 |
| Total liabilities, redeemable non-controlling interests and equity | | $ 2,868,170 | | $ 2,896,230 |
| Summit Hotel Properties, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) | ||||||||
| | | For the Three Months | | For the Six Months | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| Revenues: | | | | | | | | |
| Room | | $ 170,599 | | $ 173,025 | | $ 334,330 | | $ 340,456 |
| Food and beverage | | 11,195 | | 10,069 | | 22,185 | | 20,902 |
| Other | | 11,123 | | 10,809 | | 20,880 | | 20,687 |
| Total revenues | | 192,917 | | 193,903 | | 377,395 | | 382,045 |
| | | | | | | | | |
| Expenses: | | | | | | | | |
| Room | | 39,166 | | 38,044 | | 75,298 | | 74,017 |
| Food and beverage | | 8,388 | | 7,639 | | 16,379 | | 15,841 |
| Other lodging property operating expenses | | 58,943 | | 57,470 | | 115,865 | | 113,731 |
| Property taxes, insurance and other | | 13,706 | | 13,287 | | 27,017 | | 27,572 |
| Management fees | | 4,411 | | 4,434 | | 8,906 | | 9,331 |
| Depreciation and amortization | | 37,259 | | 36,458 | | 74,489 | | 73,257 |
| Corporate general and administrative | | 8,280 | | 8,704 | | 16,851 | | 17,015 |
| Total expenses | | 170,153 | | 166,036 | | 334,805 | | 330,764 |
| (Loss) gain on disposal of assets, net | | (80) | | 28,342 | | (79) | | 28,417 |
| Operating income | | 22,684 | | 56,209 | | 42,511 | | 79,698 |
| Other income (expense): | | | | | | | | |
| Interest expense | | (20,628) | | (20,830) | | (40,584) | | (42,412) |
| Interest income | | 301 | | 565 | | 577 | | 1,023 |
| Gain on extinguishment of debt | | — | | 3,000 | | — | | 3,000 |
| Other income, net | | 858 | | 2,129 | | 2,088 | | 2,814 |
| Total other expense, net | | (19,469) | | (15,136) | | (37,919) | | (35,575) |
| Income from continuing operations before income taxes | | 3,215 | | 41,073 | | 4,592 | | 44,123 |
| Income tax expense | | (1,178) | | (2,375) | | (1,932) | | (2,592) |
| Net income | | 2,037 | | 38,698 | | 2,660 | | 41,531 |
| Less - (Loss) income attributable to non-controlling interests | | (976) | | 3,224 | | (296) | | 3,546 |
| Net income attributable to Summit Hotel Properties, Inc. before | | 3,013 | | 35,474 | | 2,956 | | 37,985 |
| Less - Distributions to and accretion of redeemable non-controlling | | (657) | | (657) | | (1,314) | | (1,314) |
| Less - Preferred dividends | | (3,968) | | (3,968) | | (7,938) | | (7,938) |
| Net (loss) income attributable to common stockholders | | $ (1,612) | | $ 30,849 | | $ (6,296) | | $ 28,733 |
| | | | | | | | | |
| (Loss) income per common share: | | | | | | | | |
| Basic | | $ (0.02) | | $ 0.29 | | $ (0.06) | | $ 0.27 |
| Diluted | | $ (0.02) | | $ 0.23 | | $ (0.06) | | $ 0.21 |
| Weighted-average common shares outstanding: | | | | | | | | |
| Basic | | 107,633 | | 105,918 | | 107,820 | | 105,819 |
| Diluted | | 107,633 | | 149,451 | | 107,820 | | 149,112 |
| Summit Hotel Properties, Inc. Reconciliation of Net Income to Non-GAAP Measures - Funds From Operations | ||||||||
| (Unaudited) | ||||||||
| (In thousands, except per share and unit amounts) | ||||||||
| | | For the Three Months | | For the Six Months | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| Net income | | $ 2,037 | | $ 38,698 | | $ 2,660 | | $ 41,531 |
| Preferred dividends | | (3,968) | | (3,968) | | (7,938) | | (7,938) |
| Distributions to and accretion of redeemable non-controlling | | (657) | | (657) | | (1,314) | | (1,314) |
| Loss (income) related to non-controlling interests in consolidated | | 769 | | 1,375 | | (514) | | 737 |
| Net (loss) income applicable to common shares and Common | | (1,819) | | 35,448 | | (7,106) | | 33,016 |
| Real estate-related depreciation | | 36,694 | | 35,266 | | 73,357 | | 70,869 |
| Loss (gain) on disposal of assets and other dispositions, net | | 80 | | (28,342) | | 79 | | (28,417) |
| FFO adjustments related to non-controlling interests in consolidated | | (8,069) | | (7,438) | | (16,248) | | (15,046) |
| FFO applicable to common shares and Common Units | | 26,886 | | 34,934 | | 50,082 | | 60,422 |
| Amortization of deferred financing costs | | 1,677 | | 1,621 | | 3,350 | | 3,240 |
| Amortization of franchise fees | | 175 | | 161 | | 350 | | 325 |
| Amortization of intangible assets, net | | 262 | | 911 | | 524 | | 1,822 |
| Equity-based compensation | | 2,789 | | 2,635 | | 4,705 | | 4,483 |
| Debt transaction costs | | 15 | | 17 | | 15 | | 581 |
| Gain on extinguishment of debt | | — | | (3,000) | | — | | (3,000) |
| Non-cash interest income (1) | | — | | (133) | | — | | (266) |
| Non-cash lease expense, net | | 133 | | 149 | | 266 | | 222 |
| Casualty losses (gains), net | | 430 | | (607) | | 724 | | (881) |
| Deferred tax expense (benefit) | | 843 | | — | | 1,168 | | (3) |
| Other | | — | | 50 | | — | | 362 |
| AFFO adjustments related to non-controlling interests in | | (503) | | (368) | | (1,118) | | (941) |
| AFFO applicable to common shares and Common Units | | $ 32,707 | | $ 36,370 | | $ 60,066 | | $ 66,366 |
| FFO per share of common share/Common Unit | | $ 0.22 | | $ 0.28 | | $ 0.40 | | $ 0.49 |
| AFFO per common share/Common Unit | | $ 0.27 | | $ 0.29 | | $ 0.49 | | $ 0.54 |
| | | | | | | | | |
| Weighted-average diluted common shares/Common Units | | 123,125 | | 123,834 | | 123,742 | | 123,664 |
| | |
| (1) | Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated value of the embedded purchase option in the note receivable. |
| Summit Hotel Properties, Inc. Reconciliation of Weighted Average Diluted Common Shares (Unaudited) (In thousands) | ||||||||
| | | For the Three Months | | For the Six Months | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| Weighted average common shares outstanding - diluted | | 107,633 | | 149,451 | | 107,820 | | 149,112 |
| Adjusted for: | | | | | | | | |
| Non-GAAP adjustment for restricted stock awards (1) | | 2,483 | | — | | 2,393 | | — |
| Non-GAAP adjustment for dilutive effects of Common Units (2) | | 13,009 | | — | | 13,529 | | — |
| Non-GAAP adjustment for dilutive effect of shares of common | | — | | (25,617) | | — | | (25,448) |
| Non-GAAP weighted diluted share of common stock and Common Units (3) | | 123,125 | | 123,834 | | 123,742 | | 123,664 |
| | |
| (1) | The weighted-average diluted shares of Common Stock and Common Units used to calculate FFO and AFFO per share of Common Stock and Common Units for the three months ended June 30, 2025 and 2024 includes the dilutive effect of our outstanding restricted stock awards. These shares were excluded from our weighted-average shares outstanding used to calculate net loss per share because they would have been antidilutive. |
| | |
| (2) | The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. |
| | |
| (3) | The weighted-average shares of Common Stock and Common Units used to calculate FFO and AFFO per share of Common Stock and Common Unit for the three and six months ended June 30, 2025 and 2024 exclude the potential dilution related to our Convertible Notes as we intend to settle the principal value of the Convertible Notes in cash. |
| Summit Hotel Properties, Inc. Reconciliation of Net Income to Non-GAAP Measures - EBITDAre | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| | | For the Three Months | | For the Six Months | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| Net income | | $ 2,037 | | $ 38,698 | | $ 2,660 | | $ 41,531 |
| Depreciation and amortization | | 37,259 | | 36,458 | | 74,489 | | 73,257 |
| Interest expense | | 20,628 | | 20,830 | | 40,584 | | 42,412 |
| Interest income on cash deposits | | (132) | | (264) | | (245) | | (421) |
| Income tax expense | | 1,178 | | 2,375 | | 1,932 | | 2,592 |
| EBITDA | | 60,970 | | 98,097 | | 119,420 | | 159,371 |
| Loss (gain) on disposal of assets and other dispositions, net | | 80 | | (28,342) | | 79 | | (28,417) |
| EBITDAre | | 61,050 | | 69,755 | | 119,499 | | 130,954 |
| Amortization of key money liabilities | | (129) | | (121) | | (258) | | (242) |
| Equity-based compensation | | 2,789 | | 2,635 | | 4,705 | | 4,483 |
| Debt transaction costs | | 15 | | 17 | | 15 | | 581 |
| Gain on extinguishment of debt | | — | | (3,000) | | — | | (3,000) |
| Non-cash interest income (1) | | — | | (133) | | — | | (266) |
| Non-cash lease expense, net | | 133 | | 149 | | 266 | | 222 |
| Casualty losses (gains), net | | 430 | | (607) | | 724 | | (881) |
| Other | | — | | 50 | | — | | 362 |
| Loss (income) related to non-controlling interests in consolidated | | 769 | | 1,375 | | (514) | | 737 |
| Adjustments related to non-controlling interests in consolidated joint | | (14,138) | | (14,200) | | (28,511) | | (28,229) |
| Adjusted EBITDAre | | $ 50,919 | | $ 55,920 | | $ 95,926 | | $ 104,721 |
| | |
| (1) | Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated fair value of the embedded purchase option in the note receivable. |
| Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (Dollars in thousands) | ||||||||
| | | For the Three Months | | For the Six Months | ||||
| Pro Forma Operating Data: (1) | | 2025 | | 2024 | | 2025 | | 2024 |
| Pro forma room revenue | | $ 170,599 | | $ 177,392 | | $ 334,330 | | $ 341,396 |
| Pro forma other hotel operations revenue | | 22,318 | | 21,047 | | 43,065 | | 41,535 |
| Pro forma total revenues | | 192,917 | | 198,439 | | 377,395 | | 382,931 |
| Pro forma total hotel operating expenses | | 124,496 | | 122,775 | | 243,369 | | 240,767 |
| Pro forma hotel EBITDA | | $ 68,421 | | $ 75,664 | | $ 134,026 | | $ 142,164 |
| Pro forma hotel EBITDA Margin | | 35.5 % | | 38.1 % | | 35.5 % | | 37.1 % |
| | | | | | | | | |
| Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures | | | | | ||||
| | | | | | | | | |
| Revenue: | | | | | | | | |
| Total revenues | | $ 192,917 | | $ 193,903 | | $ 377,395 | | $ 382,045 |
| Total revenues - acquisitions | | — | | 6,556 | | — | | 10,631 |
| Total revenues - dispositions | | — | | (2,020) | | — | | (9,745) |
| Pro forma total revenues (1) | | 192,917 | | 198,439 | | 377,395 | | 382,931 |
| | | | | | | | | |
| Hotel Operating Expenses: | | | | | | | | |
| Hotel operating expenses | | $ 124,614 | | $ 120,874 | | $ 243,465 | | $ 240,492 |
| Hotel operating expenses - acquisitions | | — | | 3,979 | | — | | 7,288 |
| Hotel operating expenses - dispositions | | (118) | | (2,078) | | (96) | | (7,013) |
| Pro forma hotel operating expense (1) | | 124,496 | | 122,775 | | 243,369 | | 240,767 |
| | | | | | | | | |
| Hotel EBITDA: | | | | | | | | |
| Operating income | | 22,684 | | 56,209 | | 42,511 | | 79,698 |
| Loss (gain) on disposal of assets and other dispositions, net | | 80 | | (28,342) | | 79 | | (28,417) |
| Corporate general and administrative | | 8,280 | | 8,704 | | 16,851 | | 17,015 |
| Depreciation and amortization | | 37,259 | | 36,458 | | 74,489 | | 73,257 |
| Hotel EBITDA | | 68,303 | | 73,029 | | 133,930 | | 141,553 |
| Hotel EBITDA - acquisitions (2) | | (2,610) | | — | | (3,039) | | — |
| Hotel EBITDA - dispositions (3) | | 118 | | 58 | | 96 | | (2,732) |
| Same Store hotel EBITDA | | 65,811 | | 73,087 | | 130,987 | | 138,821 |
| Hotel EBITDA - acquisitions | | 2,610 | | 2,577 | | 3,039 | | 3,343 |
| Pro forma hotel EBITDA (1) | | $ 68,421 | | $ 75,664 | | $ 134,026 | | $ 142,164 |
| | |
| (1) | Unaudited pro forma information includes operating results for 97 hotels owned as of June 30, 2025, as if all such hotels had been owned by the Company since January 1, 2024. For hotels acquired by the Company after January 1, 2024 (the "Acquired Hotels"), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2024, to June 30, 2025. The financial results for the Acquired Hotels include information provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2024 (the "Disposed Hotels"), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2024 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. |
| | |
| (2) | For any hotels acquired by the Company after January 1, 2024, the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to June 30, 2025 (the "Acquisition Period") in determining same-store hotel EBITDA. |
| | |
| (3) | For hotels sold by the Company between January 1, 2024, and June 30, 2025, the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on January 1, 2024, and ending on the date the Disposed Hotels were sold by the Company (the "Disposition Period") in determining same-store hotel EBITDA. |
| Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (In thousands, except operating statistics) | ||||||||||
| | | 2024 | | 2025 | | Trailing Twelve | ||||
| Pro Forma Operating Data: (1) | | Q3 | | Q4 | | Q1 | | Q2 | | June 30, 2025 |
| Pro forma room revenue | | $ 162,848 | | $ 156,955 | | $ 163,731 | | $ 170,599 | | $ 654,133 |
| Pro forma other hotel operations revenue | | 19,689 | | 20,299 | | 20,747 | | 22,318 | | 83,053 |
| Pro forma total revenues | | 182,537 | | 177,254 | | 184,478 | | 192,917 | | 737,186 |
| Pro forma total hotel operating expenses | | 120,357 | | 116,886 | | 118,873 | | 124,496 | | 480,612 |
| Pro forma hotel EBITDA | | $ 62,180 | | $ 60,368 | | $ 65,605 | | $ 68,421 | | $ 256,574 |
| Pro forma hotel EBITDA Margin | | 34.1 % | | 34.1 % | | 35.6 % | | 35.5 % | | 34.8 % |
| Pro Forma Statistics: (1) | | | | | | | | | | |
| Rooms sold | | 991,580 | | 957,027 | | 946,105 | | 1,029,583 | | 3,924,295 |
| Rooms available | | 1,338,979 | | 1,339,060 | | 1,309,950 | | 1,324,598 | | 5,312,587 |
| Occupancy | | 74.1 % | | 71.5 % | | 72.2 % | | 77.7 % | | 73.9 % |
| ADR | | $ 164.23 | | $ 164.00 | | $ 173.06 | | $ 165.70 | | $ 166.69 |
| RevPAR | | $ 121.62 | | $ 117.21 | | $ 124.99 | | $ 128.79 | | $ 123.13 |
| Actual Statistics: | | | | | | | | | | |
| Rooms sold | | 966,019 | | 935,012 | | 946,105 | | 1,029,583 | | 3,876,719 |
| Rooms available | | 1,311,563 | | 1,312,953 | | 1,309,950 | | 1,324,598 | | 5,259,064 |
| Occupancy | | 73.7 % | | 71.2 % | | 72.2 % | | 77.7 % | | 73.7 % |
| ADR | | $ 162.95 | | $ 163.47 | | $ 173.06 | | $ 165.70 | | $ 166.27 |
| RevPAR | | $ 120.02 | | $ 116.42 | | $ 124.99 | | $ 128.79 | | $ 122.57 |
| Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures | | | | | ||||||
| Revenue: | | | | | | | | | | |
| Total revenues | | $ 176,807 | | $ 172,931 | | $ 184,478 | | $ 192,917 | | $ 727,133 |
| Total revenues - acquisitions | | 6,626 | | 4,586 | | — | | — | | 11,212 |
| Total revenues - dispositions | | (896) | | (263) | | — | | — | | (1,159) |
| Pro forma total revenues (1) | | 182,537 | | 177,254 | | 184,478 | | 192,917 | | 737,186 |
| Hotel Operating Expenses: | | | | | | | | | | |
| Hotel operating expenses | | 116,883 | | 114,770 | | 118,851 | | 124,614 | | 475,118 |
| Hotel operating expenses - acquisitions | | 4,061 | | 2,261 | | — | | — | | 6,322 |
| Hotel operating expenses - dispositions | | (587) | | (145) | | 22 | | (118) | | (828) |
| Pro forma hotel operating expenses (1) | | 120,357 | | 116,886 | | 118,873 | | 124,496 | | 480,612 |
| Hotel EBITDA: | | | | | | | | | | |
| Operating income | | 15,755 | | 8,037 | | 19,827 | | 22,684 | | 66,303 |
| (Gain) loss on disposal of assets, net | | (22) | | (473) | | (1) | | 80 | | (416) |
| Loss on impairment and write-down of assets | | — | | 6,723 | | — | | — | | 6,723 |
| Hotel acquisition and transition costs | | 10 | | — Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||||||
