Summit Hotel Properties Inc · Q1 2021 earnings

Briefing

Hotel demand and RevPAR accelerated to new highs since the onset of the pandemic and the contribution to GIC joint venture was completed.

Summit Hotel Properties reported improved hotel demand, particularly leisure demand, during the latter part of the first quarter, driving March RevPAR to a new high since the onset of the pandemic. The company also completed the contribution of six hotels to their existing joint venture with GIC for $172 million, generating net proceeds of $83 million.

• Hotel demand improved significantly during the latter part of the first quarter.
• March RevPAR reached a new high of more than $65 since the onset of the pandemic.
• Contribution of six hotels to the GIC joint venture was completed for $172 million, generating net proceeds of $83 million.
• Senior debt repayment included $42.5 million on its term loan and the full repayment of the balance on its $400 million revolving line of credit.

Headline financials

Revenue & EPS history

The company is increasingly optimistic about the outlook for its business as progress on vaccine distribution, easing of travel restrictions and return-to-office plans all facilitate improved demand patterns.