Summit Hotel Properties, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:36 pm EDT
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Summit Hotel Properties, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 161.71 million compared to USD 160.13 million a year ago. Revenue was USD 181.82 million compared to USD 178.25 million a year ago. Net loss was USD 0.814 million compared to net income of USD 4.11 million a year ago. Basic loss per share from continuing operations was USD 0.05. Diluted loss per share from continuing operations was USD 0.05.
For the nine months, sales was USD 498.98 million compared to USD 455.75 million a year ago. Revenue was USD 558.69 million compared to USD 503.37 million a year ago. Net income was USD 2.46 million compared to USD 8.82 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to USD 0.05 a year ago. Diluted loss per share from continuing operations was USD 0.11 compared to USD 0.05 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. 
