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Jun 30, 2023
Summit Hotel Properties Q2 2023 Earnings Report
Reported highest quarterly RevPAR since the pandemic's start, driven by growth in the NewcrestImage portfolio and overall market share gains.
Key Takeaways
Summit Hotel Properties reported improved operating fundamentals in Q2 2023, with nominal quarterly RevPAR reaching its highest level since the pandemic. The company also expanded its partnership with GIC through the acquisition of The Nordic Lodge in Steamboat Springs and completed a corporate credit facility refinancing.
Nominal quarterly RevPAR reached its highest level since the onset of the pandemic.
Total portfolio RevPAR index increased over 250 basis points compared to last year.
Acquired The Nordic Lodge in downtown Steamboat Springs through a joint venture with GIC.
Successfully completed the refinancing of its $600 million senior unsecured credit facility.
Forward Guidance
The Company is updating its previously provided outlook for the full year 2023 based on 101 lodging assets, 57 of which were wholly owned as of August 2, 2023. The updated outlook includes all transaction activity closed during the second quarter and the net disposition activity resulting in an estimated $2.0 million reduction in adjusted EBITDAre and $1.6 million reduction in adjusted FFO for the full year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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