summit
Summit Hotel Properties Completes Acquisition of AC Hotel by Marriott & Element Miami Brickell for $89 Million
Summit Hotel Properties | June 14, 2022
AUSTIN, Texas, June 14, 2022-- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced acquisition of the dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell (the "Brickell Hotels"). The Company's initial purchase option was based on a gross hotel valuation of $89.0 million, or $337,000 per key, and the Company funded its 90% equity interest totaling $38 million with the conversion of the previously funded $30 million mezzanine construction loan, which earned 9% cash interest during the loan term, and $8 million in cash. The transaction was finance...
Summit Hotel Properties Completes Sale of Hilton Garden Inn San Francisco Airport North for $75 Million
Summit Hotel Properties | May 13, 2022
AUSTIN, Texas, May 13, 2022 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represents 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022. The joint venture will also forego a comprehensive renovation that was scheduled for late 2022 estimated to be $7.1 million, or $42,000 per key, as a re...
Summit Hotel Properties Reports Third Quarter 2020 Results
Summit Hotel Properties | November 4, 2020
AUSTIN, Texas, Nov. 4, 2020 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the third quarter ended September 30, 2020. "We were encouraged by the significant improvement in demand during the third quarter as our portfolio RevPAR more than doubled from the second quarter driven by improved short-term leisure demand and significant market share gains. Our monthly corporate cash burn rate has been reduced by nearly 70% which has significantly extended our liquidity runway as our disciplined focus on cost controls and refining of an already efficient operating model lead to improved hotel-level pr...
The Truth About Social Media Marketing for Hotels
GCommerce | October 23, 2020
Scott van Hartesvelt | Founder | GCommerce Solutions Every once in a while, a well-intentioned article comes to our attention, providing hoteliers digital marketing advice that flies in the face of our current thinking. It challenges us to re-evaluate our thought processes to determine if our hotel marketing best practices rise to meet the moment. Today, just such an article came to our attention. It suggested that hoteliers should eschew social media marketing in favor of more reliable and profitable channels. The argument goes that in these challenging times, hotels have limited budgets (true) and that hoteliers are paying parti...
GCommerce Releases Summit, a 24/7 Digital Marketing Reporting Suite
GCommerce | June 8, 2020
Hospitality companies will now have a turn-key reporting suite bringing digital marketing data together. Park City, UT (June 8th, 2020) – GCommerce, a leading, hospitality digital marketing agency, announced its release of Summit, a 24/7 cloud-based digital marketing reporting suite, which will give hoteliers the ability to access their marketing data at any time. For the last 18 months, GCommerce’s hotel clients have had access to the company’s online portal where they have been able to access their individual marketing reports built on the same technology as Summit. GCommerce has taken this technology and made it available to al...
Summit Hotel Properties to Acquire West Coast Portfolio for $249 Million
Summit Hotel Properties | October 8, 2019
AUSTIN, Texas, Oct. 8, 2019 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has entered into a definitive agreement to acquire four hotels located on the west coast for $249 million through its recently formed joint venture with GIC. The high-quality portfolio is located in three high-growth markets and includes the 258-guestroom Residence Inn by Marriott Portland Downtown/RiverPlace, the 169-guestroom Hilton Garden Inn San Francisco Airport North, the 161-guestroom Hilton Garden Inn San Jose/Milpitas, and the 122-guestroom Residence Inn by Marriott Portland Hillsboro. The total purchase price of $249 m...
Summit Hotel Properties EVP & CFO Greg Dowell to Retire in 2018; Jonathan Stanner, Current EVP and Chief Investment Officer, to Succeed
Summit Hotel Properties | November 14, 2017
AUSTIN, Texas, Nov. 14, 2017 -- Summit Hotel Properties, Inc. (NYSE: INN) ("Summit" or the "Company") today announced that Gregory A. Dowell, its EVP and Chief Financial Officer, plans to retire from the Company on March 31, 2018. Mr. Dowell has been with Summit for over three years and has led the Company's finance and accounting functions through periods of substantial growth and improvement. He has played a key role in the long-term succession planning for the Company and will continue to work closely with his successor during the upcoming transition period. Mr. Dowell said, "The past three years have bee...
Q2 2017 Financial Reports Round Up – Part 4: Hyatt, Wyndham, Summit
August 3, 2017
Hyatt Reports Second Quarter 2017 Results Second quarter of 2017 financial highlights as compared to the second quarter of 2016 are as follows: Net income increased 30.5% to $87 million. Adjusted EBITDA increased 0.6% to $229 million, up 1.3% in constant currency. Comparable systemwide RevPAR increased 2.9%, including a decrease of 1.2% at comparable owned and leased hotels. Comparable U.S. hotel RevPAR increased 1.4%; full service and select service hotel RevPAR increased 1.3% and 1.5%, respectively. Comparable owned and leased hotels operating margins decreased 120 basis points to 26.2%. Adjusted EBITDA margin decreased 140 bas...
