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Sep 30, 2020
Summit Hotel Properties Q3 2020 Earnings Report
Reported significant improvement in demand during the third quarter, with portfolio RevPAR more than doubling from the second quarter, driven by improved short-term leisure demand and significant market share gains.
Key Takeaways
Summit Hotel Properties reported improved demand during the third quarter of 2020, with RevPAR more than doubling from the second quarter. The company's monthly corporate cash burn rate has been reduced by nearly 70%, extending its liquidity runway.
Portfolio RevPAR more than doubled from the second quarter.
Improvement driven by short-term leisure demand and market share gains.
Monthly corporate cash burn rate reduced by nearly 70%.
Liquidity runway significantly extended due to cost controls and operating model refinement.
Forward Guidance
The company anticipates investing a total of approximately $23 million to $25 million in capital improvements on a consolidated basis across its portfolio during 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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