Summit Hotel Properties ( (INN) ) has released its Q4 earnings. Here is a breakdown of the information Summit Hotel Properties presented to its investors.
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust specializing in owning premium-branded lodging facilities, primarily in the upscale segment of the lodging industry, with a portfolio of 97 assets across 25 states.
The company recently reported its financial results for the fourth quarter and full year 2024, highlighting a significant increase in operating income and adjusted EBITDAre, alongside strategic acquisitions and dispositions that have enhanced its portfolio quality and growth potential.
Key financial metrics for the full year 2024 include an increase in operating income to $103.5 million and adjusted EBITDAre growth to $192.2 million. The company also reported a 5.6% increase in AFFO to $0.96 per share. During the fourth quarter, Summit Hotel Properties completed the acquisition of two hotels for $96 million, financed through asset sales and a term loan, which contributed to a reduction in balance sheet leverage.
Despite a challenging RevPAR growth environment, the company maintained stable hotel EBITDA margins, underscoring the strength of its operating platform. The company’s strategic focus on urban markets and effective expense management positions it well for future growth.
Looking ahead to 2025, Summit Hotel Properties remains optimistic, anticipating stable demand trends and growth in urban markets. The company is confident in its ability to manage operating costs effectively, supported by a high-quality portfolio and a strong operating platform, setting the stage for a multi-year revenue and profitability growth cycle.
Trending Articles:
Questions or Comments about the article? Write to editor@tipranks.com