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Jun 30, 2022
Summit Hotel Properties Q2 2022 Earnings Report
Operating results improved driven by leisure demand and recovery of corporate transient and group demand. Achieved pandemic era highs in nominal RevPAR, 2019 RevPAR recapture, and operating profit margin as average daily rates exceeded 2019 levels.
Key Takeaways
Summit Hotel Properties reported improved operating results for Q2 2022, driven by robust leisure demand and the recovery of corporate transient and group demand. The company achieved pandemic era highs in nominal RevPAR, 2019 RevPAR recapture, and operating profit margin. A quarterly common dividend was reinstated.
Same Store RevPAR Increased 63%.
2019 RevPAR Recapture Reached New Quarterly High of 94%.
Accretive Transaction Activity Completed with Miami Brickell Acquisition and San Francisco Hilton Garden Inn Sale.
Reinstatement of Quarterly Common Dividend Announced.
Forward Guidance
Given the 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 102 hotels owned as of June 30, 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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