Summit Hotel Properties IncINN
▲ PositiveCapitalrelevance
Swings to profit, raises guidance, closes credit facility, and sells assets.
Impact on stocks 2
Real Estate
Summit Hotel Properties IncOthers
Summit Hotel Properties reported second-quarter 2026 results that flipped last year's loss into a $3.9 million profit, or $0.04 per diluted share, versus a $1.6 million loss a year earlier. Operating income jumped 27.3% to $28.9 million, powered by average daily rates that climbed 7.1% to $178.42. Pro forma RevPAR rose 5.0% to $136.06, with occupancy slipping to 76.3%, yet pro forma hotel EBITDA grew 7.8% to $72.5 million and adjusted FFO rose 6.7% to $34.9 million. The company also closed a $650 million senior credit facility extending maturities to 2031, sold two Dallas-area hotels for $19 million, and raised its full-year 2026 guidance for Adjusted EBITDAre to $175 million to $182 million and Adjusted FFO per share to $0.79 to $0.85. Despite the quarterly profit, year-to-date net loss stands at $6.6 million, and variable-rate debt of $525.0 million remains a concern.
Summit Hotel Properties IncSwings to profit, raises guidance, closes credit facility, and sells assets.
