Summit Hotel Properties Q1 2022: Net loss improves to $0.12/share; RevPAR up 78% YoY; Acquires $822M portfolio

Summit Hotel Properties, Inc.

2022-Q1 EPS reported -$0.12 revenue$141,869,000

Net loss attributable to common stockholders was $12.4M ($0.12/diluted share), vs $35.1M ($0.34) in Q1 2021.
Pro forma RevPAR increased 77.9% to $97.09; hotel EBITDA margin expanded to 32.6% from 19.7% YoY.
Closed acquisition of 27 hotels from NewcrestImage for $822M, the largest transaction in company history.
Announced pending acquisition of AC Hotel by Marriott & Element Miami Brickell and sale of Hilton Garden Inn San Francisco Airport North for $75M.
Adjusted FFO was $20.1M ($0.17/diluted share) compared to ($6.9M) ($0.07 loss) in Q1 2021.

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