Summit Hotel Properties Reports Second Quarter 2011 Results
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Summit Hotel Properties Reports Second Quarter 2011 Results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-08-16
Summit Hotel Properties, Inc. (NYSE:INN), a publicly traded real estate investment trust specializing in acquiring and owning premium-branded upscale and upper-midscale hotels, today announced results for the company and Summit Hotel OP, LP, the company’s operating partnership, for the three months ended June 30, 2011.
Second Quarter Highlights
Increased revenue to $38.6 million, up 7.6 percent over the same period last year.
Achieved FFO of $0.20 per share.
Generated EBITDA of $10.8 million.
Increased revenue per available room (“RevPAR”) 6.4 percent for the initial portfolio at the time of IPO (“initial portfolio”) compared to the same quarter in 2010. The initial portfolio excludes four hotels acquired during the quarter and 11 former Choice Hotel-branded properties that recently were rebranded (“the rebranded hotels”).
Achieved RevPAR growth for 15 of our unseasoned hotels (excluding four of the rebranded hotels categorized as unseasoned at the time of the IPO) of 15.1 percent over the same 2010 period.
Acquired four hotels during the second quarter plus one additional hotel following the close of the quarter.
Expanded the company’s line of credit from $100 million to $125 million.
Declared first full-quarter dividend of $0.1125 per share.
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