Summit Hotel Properties, Inc.NYSE
Thu, Aug. 18, 4:43 PM
- The 157-room Marriott Boulder, CO was purchased for $61.4M. It has 157 rooms and a hotel EBITDA margin of nearly 41%.
- The purchase price represents a cap rate of 8.2% on 2017 estimated NOI, which includes tenant income from roughly 20K square feet or retail and restaurant space.
Tue, Aug. 2, 4:49 PM
Mon, Aug. 1, 5:35 PM
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Fri, Jul. 29, 5:15 PM
Fri, Jul. 15, 3:46 PM
- The 10-year Treasury yield has shot up another six basis points to 1.60% - its highest level since the Brexit vote - but equity REITs instead may be focusing on improving economic conditions as noted by perky retail sales and inflation reports this morning.
- With the major averages flat, a number of REIT sectors are on the move higher. In roughed-up lodging: Sunstone Hotel (SHO +4.2%), Pebblebrook (PEB +3.6%), Summit (INN +1.8%). Senior living: Omega Healthcare (OHI +2.6%), Ventas (VTR +1.5%). Industrial: Stag (STAG +2.6%), Gramercy Property (GPT +1.2%).
Wed, Jun. 15, 10:01 AM
- The San Francisco Board of Supervisors last week passed a bill requiring home-sharing services like Airbnb (Private:AIRB) to remove listings of units that have not been registered with the San Francisco Office of Short-Term Rentals.
- The team at Canaccord expects a near-term reduction of Airbnb listings of 80%, and nearly 50% on a stabilized basis. This should be a "marginal tailwind," and help San Francisco relative to other major hotel markets in coming months. Other cities are likely to follow suit.
- Buy rated stocks remain: Apple Hospitality (APLE +0.6%), DiamondRock (DRH +2%), Summit Hotel (INN +0.6%), Marriott (MAR +0.9%), and RLJ Lodging (RLJ +1.6%).
- Meanwhile, the lodging sector as a whole has its tail in the air as not only this news, but Airbnb's agreement to begin collecting occupancy tax in Pennsylvania filters through.
- Ashford (AHP +1.6%), (AHT +1.2%), Starwood (HOT +0.8%), Hospitality Properties (HPT +0.8%), Host Hotels (HST +1.5%), LaSalle (LHO +2.2%), Sunstone Hotel (SHO +1.1%), Pebblebrook (PEB +2.2%), Chesapeake (CHSP +1.3%), Chatham (CLDT +1.2%), Hersha (HT +1.4%)
Thu, Jun. 9, 11:52 AM
- The team hosted meetings with 29 companies over two days across six subsectors. Some highlights:
- Lodging: Business travel remains soft and most are operating defensively by grouping up and reducing leverage. NYC is flooded with hotels available for sale which should pressure pricing.
- Apartments: The slowdown in NoCal is concentrated in Soma and San Jose, but expected to be temporary. The NYC slowdown is expected to endure through 2017. Merchant builders in Houston with deliveries in 2017 are in trouble - an opportunity for Camden Property Trust (NYSE:CPT) to pick up assets on the cheap.
- Malls: Concerns over department stores are overblown. Simon Property (NYSE:SPG) expects spreads to top mid-teens in the next five years. Omni-channel retail strategy is growing increasingly important as the WSJ reports 80% of online sales touch brick and mortar in some way.
- CS's Ian Weissman is ranked #1,134 out of #3,990 analysts on TipRanks.com.
- Tickers of interest: HPT, SHO, LHO, PEB, CHSP, INN, RLJ, EQR, AVB, ESS, PPS, UDR, AIV, GGP, BRX, KIM, WRI, MAC
Tue, May 3, 5:03 PM
- Summit Hotel (NYSE:INN): Q1 FFO of $0.32 beats by $0.01.
- Revenue of $118.08M (+9.7% Y/Y) beats by $1.4M.
- Shares +0.6% AH.
Mon, May 2, 5:35 PM
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Fri, Apr. 29, 4:39 PM
- Summit Hotel (NYSE:INN) declares $0.1325/share quarterly dividend, 12.8% increase from prior dividend of $0.1175.
- Forward yield 4.65%
- Payable May 31; for shareholders of record May 16; ex-div May 12.
Thu, Feb. 25, 10:30 AM
- Q4 adjusted FFO of $23.7M or $0.27 per share vs. $17.5M and $0.20 one year ago. Full-year AFFO of $1.25 vs. $0.97 in 2014.
- RevPAR of $97.13 up 5.5% Y/Y. Hotel EBITDA of $37.1M vs. $33.6M a year ago. Hotel EBITDA margin of 33.9% up 81 basis points.
- Full-year 2016 AFFO outlook of $1.29-$1.37 per share vs. $1.25 earned in 2015. Q1 AFFO of $0.30-$0.32.
- Previously: Summit Hotel beats by $0.04, beats on revenue (Feb. 24)
- INN +5.2%
Wed, Feb. 24, 4:53 PM
- Summit Hotel (NYSE:INN): Q4 AFFO of $0.27 beats by $0.04.
- Revenue of $110.04M (+11.0% Y/Y) beats by $2.45M.
Tue, Feb. 23, 5:35 PM
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Tue, Feb. 16, 4:13 PM
- The six hotels total 707 rooms and were sold to American Realty Capital Hospitality Trust for $108.3M. They're branded either by Marriott or Hilton, and located in Bellevue and Spokane, Washington, and Denver and Fort Collins, Colorado.
- In addition to this deal, the two parties have reinstated a previously terminated agreement for Summit (NYSE:INN) to sell a portfolio of 10 hotels to ARC Hospitality. This sale should close late this year.
Fri, Jan. 29, 4:37 PM
- Summit Hotel (NYSE:INN) declares $0.1175/share quarterly dividend, in line with previous.
- Forward yield 4.63%
- Payable Feb. 29; for shareholders of record Feb. 16; ex-div Feb. 11.
Wed, Jan. 13, 3:30 PM
- LaSalle Hotel Properties (LHO -7.3%) earlier cut its Q4 guidance, saying the weak RevPAR trends for it and the industry continued into the end of the year. At the moment, 2016 isn't looking so promising either, says the company.
- The broad markets are selling off sharply today, but the REITs not so much, and there are even a couple of pockets of green. Not in the lodging sector though:
- Hospitality Properties (HPT -3.1%), Ashford Hospitality (AHT -6.1%), Sunstone Hotel (SHO -6.3%), Pebblebrook Hotel (PEB -4%), Chesapeake Lodging (CHSP -4.9%), Summit Hotel (INN -5.6%), RLJ Lodging (RLJ -6.3%), Chatham Lodging (CLDT -3.2%), FelCor Lodging (FCH -10.2%), Host Hotels (HST -5.5%), Hersha Hospitality (HT -5.1%), DiamondRock (DRH -7.4%), Apple (APLE -1.6%)