Summit Hotel Properties Q1 net loss narrows to $2.1M; dividend raised 33% to $0.32

Summit Hotel Properties, Inc.

2024-Q1 EPS reported -$0.02 revenue$188,142,000

RevPAR up 1.5% to $124.18; Hotel EBITDA margin expanded 81 bps to 36.5%.
Adjusted FFO per share up 14% to $0.24; Adjusted EBITDAre up 9.8% to $48.8M.
Sold three hotels for $84.0M at 6.8% cap rate; proceeds to deleverage balance sheet.
Common dividend increased 33% to annualized $0.32 per share.
Updated 2024 guidance: Adjusted EBITDAre and Adjusted FFO raised.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Summit Hotel Properties, Inc. reported financial results for three months ended March 31, 2024.

Period: three months ended March 31, 2024
Result: reported results

Exact text from the filing

On May 1, 2024, Summit Hotel Properties, Inc. (the “Company”) issued a press release announcing the operating results of the Company and its subsidiaries for the three months ended March 31, 2024.

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Source: SEC EDGAR

accession 0001497645-24-000044

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