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Mar 31, 2022
Summit Hotel Properties Q1 2022 Earnings Report
Reported improved operating results driven by increasing demand and strategic acquisitions.
Key Takeaways
Summit Hotel Properties reported improved first-quarter results, driven by growing demand beyond leisure travel and strategic acquisitions, including the NewcrestImage portfolio. The company saw sequential monthly improvements across operating and financial metrics, with hotel-level profitability more than three times higher than the previous year. March RevPAR reached $120, representing an 87% recapture of 2019 levels, and hotel EBITDA margin hit 40%, the highest since the pandemic's onset.
Pro Forma RevPAR increased by 78%.
2019 RevPAR recapture rate reached a new quarterly high.
Completed the acquisition of the $822 million 27-hotel NewcrestImage portfolio.
Accretive transaction activity continues with pending acquisition of AC Hotel by Marriott & Element Miami Brickell and pending sale of Hilton Garden Inn San Francisco Airport North.
Forward Guidance
Due to continued uncertainty and volatility of the operating environment, the Company is not providing operational or earnings guidance at this time. However, the Company is providing its expectations for certain non-operational items based on 101 hotels owned as of March 31, 2022 and pending transaction activity including the acquisition of the 264-guestroom dual-branded AC Hotel by Marriott & Element Miami Brickell and the disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North currently owned by the Company’s joint venture with GIC, both of which are expected to be completed during the second quarter of 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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