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Jun 30, 2020
Summit Hotel Properties Q2 2020 Earnings Report
Reported results for the second quarter ended June 30, 2020, amidst unprecedented decline in lodging industry demand due to COVID-19.
Key Takeaways
Summit Hotel Properties reported results for Q2 2020, a period marked by an unprecedented decline in lodging industry demand due to COVID-19. The company adapted quickly, maintained nearly all hotels open, and gained market share. RevPAR trends improved from April lows, reducing the monthly cash burn rate by nearly 40%.
The lodging industry experienced an unprecedented decline in demand during the second quarter due to COVID-19.
The company adapted quickly and kept nearly all hotels open, gaining considerable market share.
Occupancy and RevPAR levels improved sequentially throughout the quarter, driven by weekend leisure demand.
The monthly cash burn rate has been reduced by nearly 40% from trough levels in April.
Forward Guidance
The company did not provide specific forward guidance in this earnings report. However, they expressed optimism about their business prospects and believe their actions position them well for recovery.
Historical Earnings Impact
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