Summit Hotel Properties reports Q3 adjusted AFFO 22c, consensus 20c

Reports Q revenue $, consensus $181.3M. Reports Q3 Same Store RevPAR up 0.2% to $120.28 compared to the Q3 quarter of 2023. Reports Q3 Pro forma RevPAR increased 0.1% to $120.02 compared to the Q3 of 2023. “We are pleased with our Q3 financial results highlighted by our third consecutive quarter of Adjusted FFO growth as our accretive capital recycling program strategy offset moderate top-line growth in the quarter, that was negatively affected by disruption from Hurricane Helene in September in several of our key markets. Year-to-date, Adjusted FFO per share has increased by nearly eight percent driven by a 4.5% increase in Adjusted EBITDA despite being a net seller of assets. Pro forma hotel EBITDA margins expanded by over 30 basis points during that period reflecting the efficiency of our hotels’ operating models and the strength of our operating platform,” said Jonathan P. Stanner, the Company’s President and CEO.