Summit Hotel Properties Q2: net income $7.9M (EPS $0.07); RevPAR up 63% YoY; dividend reinstated

Summit Hotel Properties, Inc.

2022-Q2 EPS reported -$0.04 revenue$325,117,000

Net income attributable to common stockholders was $7.9M ($0.07 diluted EPS) vs ($22.4M) ($0.21) in Q2 2021.
Same Store RevPAR up 62.7% to $127.44; ADR exceeded 2019 levels by 2% in Q2, 5% in June.
Pro forma Hotel EBITDA $70.7M (37.8% margin) vs $36.5M (31.4%); Adjusted FFO $0.27/share vs $0.08.
Company reinstated quarterly common dividend; total liquidity ~$500M, debt maturity profile favorable.
Completed nearly $1B in YTD transactions, including Miami Brickell acquisition and SF Hilton Garden Inn sale.

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