Summit Hotel Properties, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 02, 2023 at 04:34 pm EDT
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Summit Hotel Properties, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 174.18 million compared to USD 166.8 million a year ago. Revenue was USD 194.49 million compared to USD 183.25 million a year ago. Net income was USD 3.87 million compared to USD 12.57 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to basic earnings per share from continuing operations of USD 0.08 a year ago. Diluted loss per share from continuing operations was USD 0.01 compared to diluted earnings per share from continuing operations of USD 0.07 a year ago.
For the six months, sales was USD 337.27 million compared to USD 295.61 million a year ago. Revenue was USD 376.88 million compared to USD 325.12 million a year ago. Net income was USD 3.27 million compared to USD 4.71 million a year ago. Basic loss per share from continuing operations was USD 0.06 compared to USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.06 compared to USD 0.04 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. 
