secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2024-11-04T23:59:59+00:00
Accession:  0001497645-24-000079
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000149764524000079/0001497645-24-000079-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000149764524000079/inn-20241104.htm
  HTML page:      https://secwatch.observer/filing/0001497645-24-000079

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