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Mar 31, 2023
Summit Hotel Properties Q1 2023 Earnings Report
Summit Hotel Properties reported strong first quarter 2023 results driven by RevPAR growth and increased operating income.
Key Takeaways
Summit Hotel Properties announced positive results for the first quarter ended March 31, 2023, with pro forma RevPAR growing by 19.3%. The company's operating results were particularly strong in urban markets and recently acquired NewcrestImage hotels. The Board of Directors authorized a 50% increase in the common dividend, to $0.24 per share on an annualized basis.
Pro Forma RevPAR grew 19.3% in the first quarter of 2023.
Operating income increased, driving Adjusted EBITDAre growth of 35% to $44.4 million.
Common dividend increased by 50% to an annualized $0.24 per share.
Average daily rate in the pro forma portfolio reached the highest level in the Company’s history, increasing 11% year-over-year.
Forward Guidance
The Company is reiterating its previously provided outlook for the full year 2023 based on 103 lodging assets, 61 of which were wholly owned as of May 3, 2023. There are no pending acquisitions, dispositions, or additional capital markets activities assumed in the Company’s full year 2023 outlook.
Historical Earnings Impact
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