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Sep 30, 2021
Summit Hotel Properties Q3 2021 Earnings Report
Portfolio RevPAR accelerated and new highs were attained since onset of pandemic as Adjusted EBITDAre increased.
Key Takeaways
Summit Hotel Properties reported improved operating fundamentals during the third quarter, driving portfolio-wide occupancy to nearly 70% and RevPAR to nearly $100. Demand slowed as the summer travel season concluded, but a reacceleration of demand was seen in the latter part of the quarter, driven by improving average daily rates.
Portfolio wide occupancy reached nearly 70%.
RevPAR reached nearly $100, a 25% increase over the second quarter.
Average daily rates grew 19% from the second quarter to the third quarter.
October posted the strongest month since the onset of the pandemic with $106 RevPAR.
Forward Guidance
The transaction has been structured to preserve nearly all of our $450 million of existing liquidity and is expected to be immediately accretive to earnings, leverage neutral to our balance sheet and preserve ample investment capacity to continue to grow our portfolio.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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