secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0001497645-24-000009
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Summit Hotel Properties: FY2023 net loss $0.27/share; RevPAR up 6.6%; adjusted FFO $0.92/share
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- Full year 2023 net loss attributable to common stockholders $28.0M ($0.27/diluted share) vs $16.9M ($0.16) in 2022.
- Pro forma RevPAR +6.6% to $120.12; ADR +3.1% to $166.27; occupancy +3.4% to 72.2%.
- Adjusted EBITDAre up 5.1% to $190.0M from $180.8M; Adjusted FFO per diluted share $0.92 vs $0.94.
- Completed new $200M term loan financing; no significant debt maturities until 2026; weighted avg cost of debt ~4.75%.
- Sold six hotels in 2023 for ~$50M at 2.6% cap rate; increased common dividend 50% during year.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000149764524000009/0001497645-24-000009-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000149764524000009/inn-20240228.htm
  HTML page:      https://secwatch.observer/filing/0001497645-24-000009

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