secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2023-08-02T23:59:59+00:00
Accession:  0001104659-23-086829
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Summit Hotel Properties Q2 net loss $0.8M; pro forma RevPAR up 3.5% to $127.06
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- Net loss attributable to common stockholders of $0.8M ($0.01 per share) vs net income of $7.9M in Q2 2022.
- Pro forma RevPAR increased 3.5% to $127.06; ADR up 1.9% to $168.33; occupancy up 1.6% to 75.5%.
- Adjusted FFO was $33.2M ($0.27 per share), flat compared to $0.27 in Q2 2022.
- Acquired The Nordic Lodge in Steamboat Springs through GIC joint venture; no deal value disclosed.
- Same Store Hotel EBITDA margin contracted 138 bps to 37.1%, and Adjusted EBITDAre fell 3.1% to $52.9M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000110465923086829/0001104659-23-086829-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000110465923086829/tm2322642d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-086829

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