First Quarter 2023 Pro Forma RevPAR Grows 19.3% - Operating Income Increase Drives Adjusted EBITDAre Growth of 35% to $44.4 Million - Common Dividend Increased 50% to an Annualized $0.24 Per Share
Operating Income Triples Driving Adjusted EBITDAre Growth of 100% to $180.8 Million in 2022
Summit Hotel Properties (NYSE: INN) has announced a partnership with Onera Escapes starting with the acquisition of a 90 percent joint venture interest in Onera Fredericksburg, a premium landscape hotel (glamping) asset located in Texas wine country, as well as a 90 percent interest in an adjacent land parcel for future expansion.
Same Store RevPAR Increases 63%; 2019 RevPAR Recapture Reaches New Quarterly High of 94%
The Company's initial purchase option was based on a gross hotel valuation of $89.0 million, or $337,000 per key, and the Company funded its 90% equity interest totaling $38 million with the conversion of the previously funded $30 million mezzanine construction loan, which earned 9% cash interest during the loan term, and $8 million in cash
Summit Hotel Properties, Inc. (NYSE: INN) today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC.
Pro Forma RevPAR Increases 78%; 2019 RevPAR Recapture Rate Reaches New Quarterly High
The closing of this transaction completes the $822 million portfolio acquisition from NewcrestImage which included 27 hotels containing 3,709 guestrooms, two parking structures, and various financial incentives.
2021 Pro Forma RevPAR Grows 55%; Fourth Quarter 2021 RevPAR Recapture Reaches New High
Summit Hotel Properties, Inc. (NYSE: INN) today announced that Craig J. Aniszewski, its Executive Vice President and Chief Operating Officer, plans to retire from the Company on March 1, 2022.