Summit Hotel Properties Q3 net loss $4.3M; Adjusted FFO up 4% to $27.6M

Summit Hotel Properties, Inc.

2024-Q3 EPS reported $0.21 revenue$558,852,000

Net loss attributable to common stockholders $4.3M ($0.04 per diluted share), improved from net loss $5.4M in Q3 2023.
Pro forma RevPAR flat at $120.02 (+0.1%); pro forma hotel EBITDA down 2.9% to $59.7M; margin contracted 99bps to 33.8%.
Adjusted FFO increased 4.0% to $27.6M ($0.22/share), same as prior year per share.
Sold 10 hotels over 18 months for ~$150M at <5% cap rate; post-quarter-end sold Four Points San Francisco Airport for $17.7M.
YTD Adjusted FFO per share up 8% to $0.76; Adjusted EBITDAre up 4.5% to $150.1M.

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