Summit Hotel Properties Q2 net income $30.8M; Adjusted EBITDAre record $55.9M, up 6% YoY

Summit Hotel Properties, Inc.

2024-Q2 EPS reported $0.21 revenue$382,045,000

Net income attributable to common stockholders $30.8M ($0.23/diluted share) vs net loss $0.8M in Q2 2023.
Adjusted EBITDAre $55.9M, all-time quarterly record, up 5.7% YoY; Adjusted FFO $0.29/share, up 10%.
Pro forma RevPAR grew 3.4% to $132.41; pro forma hotel EBITDA margin expanded 120 bps to 38.0%.
Sold three hotels for $84M during Q2 as part of deleveraging and portfolio improvement.

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