Summit Hotel Properties, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023
May 03, 2023 at 04:42 pm EDT
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Summit Hotel Properties, Inc. reported earnings results for the first quarter ended March 31, 2023. For the first quarter, the company reported sales was USD 163.09 million compared to USD 128.81 million a year ago. Revenue was USD 182.38 million compared to USD 141.87 million a year ago.
Net loss was USD 0.601 million compared to USD 7.85 million a year ago. Basic loss per share from continuing operations was USD 0.05 compared to USD 0.12 a year ago.
Summit Hotel Properties, Inc. is a real estate investment trust. The Company is focused on owning premium-branded lodging properties with operating models primarily in the upscale segment of the lodging industry. Its portfolio consists of approximately 99 assets, 56 of which are wholly owned, with a total of 14,785 guestrooms located in 24 states. Its properties are located in markets with multiple demand generators, such as corporate offices and headquarters, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. Its guestrooms operate under franchise brands owned by Marriott International, Inc. (Marriott), Hilton Worldwide (Hilton), Hyatt Hotels Corporation (Hyatt), and InterContinental Hotels Group (IHG). It holds both general and limited partnership interests in Summit Hotel OP, LP (the Operating Partnership). Substantially, all of its assets are held by, and all of its operations are conducted through, the Operating Partnership.
SUMMIT HOTEL PROPERTIES, INC. 
