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Dec 31, 2024
Summit Hotel Properties Q4 2024 Earnings Report
Summit Hotel Properties reported a decrease in total revenues and adjusted EBITDAre, but an increase in net income for the fourth quarter of 2024.
Key Takeaways
Summit Hotel Properties experienced a mixed fourth quarter in 2024, with total revenues decreasing to $172.9 million from $177.4 million in the prior year. However, the company significantly improved its net income, reporting $0.7 million compared to a net loss of $16.6 million in Q4 2023. Adjusted EBITDAre saw a decline, while pro forma RevPAR showed modest growth.
Net income attributable to common stockholders increased to $0.7 million in Q4 2024, up from a net loss of $16.6 million in Q4 2023.
Total revenues decreased to $172.9 million in Q4 2024 from $177.4 million in Q4 2023.
Adjusted EBITDAre decreased to $42.1 million in Q4 2024 from $46.4 million in Q4 2023.
Pro forma RevPAR increased by 1.4% to $117.21 in Q4 2024 compared to Q4 2023.
Revenue by Segment
Forward Guidance
Summit Hotel Properties anticipates stable demand trends and growth in urban markets for 2025, expecting continued revenue and profitability growth. The company projects pro forma RevPAR growth between 1.00% and 3.00% for FYE 2025.
Positive Outlook
- Stable demand trends and anticipated growth in urban markets are expected to drive portfolio performance.
- Expense pressures normalized throughout 2024, with confidence in effective operating cost management for 2025.
- Historically low industry supply growth and a stabilizing cost environment position the company for multi-year revenue and profitability growth.
- Pro forma RevPAR growth is projected between 1.00% and 3.00% for FYE 2025.
- Adjusted EBITDAre is expected to be between $184.0 million and $198.0 million for FYE 2025.
Challenges Ahead
- No additional acquisitions or dispositions are assumed in the full year 2025 outlook, potentially limiting growth from new assets.
- The outlook does not account for unforeseen capital markets activities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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