Summit Hotel Properties affiliate sells Texas Courtyard
An affiliate of Summit Hotel Properties, Inc. sold the historic 107-key Courtyard Amarillo Downtown to an affiliate of Amarillo-based KAMP Hotels. Hunter Hotel Advisors facilitated the off-market sale and secured financing for the buyer. The transaction highlights the value of local market insight and the emerging market's growth trajectory in Amarillo, Texas.
SUMMIT HOTEL PROPERTIES DECLARES THIRD QUARTER 2025 DIVIDENDS
Summit Hotel Properties, Inc. (NYSE: INN) announced dividend declarations for the third quarter of 2025. This includes a $0.08 per share cash dividend for common stock, $0.390625 per share for 6.25% Series E Cumulative Redeemable Preferred Stock, and $0.3671875 per share for 5.875% Series F Cumulative Redeemable Preferred Stock, all payable on November 28, 2025. The company also declared distributions for its operating partnership's 5.25% Series Z Cumulative Perpetual Preferred Units.
Bear of the Day: Summit Hotel Properties (INN)
Summit Hotel Properties (INN) has been designated as the "Bear of the Day" by Zacks Investment Research due to its declining bottom-line outlook, a result of a shifting business landscape and competition from vacation rental companies. The company's stock has performed poorly, dropping over 50% in the last decade and 17% year-to-date. Despite a 5.9% dividend yield, analysts recommend avoiding INN stock, which holds a Zacks Rank #5 (Strong Sell), as its adjusted FFO estimates continue to fall significantly.
News | Summit's demand outlook stabilizes after weaker second quarter
Summit Hotel Properties experienced a weaker second quarter in 2025, with same-store revenue per available room (RevPAR) declining by 3.6% due to a narrowing booking window and heightened price sensitivity. Despite this, overall demand remained stable, with occupancy reaching 78%, and the company expects incremental improvements in RevPAR for August and September, with the third-quarter outlook ahead of previous expectations. Summit also reported financial results including a net loss of $1.6 million and refinanced several loans, contributing to a longer average length to maturity for its debt.
Summit acquires two hotels for $96M through JV
Summit Hotel Properties, a REIT based in Austin, Texas, has acquired two hotels in Boston and suburban Washington, D.C. for $96 million through a joint venture with GIC. The acquisition includes the 250-key Hampton Inn Boston - Logan Airport and the 149-key Hilton Garden Inn Tysons Corner, representing an 8.8% capitalization rate based on forecasted 2024 net operating income. This strategic purchase is funded partly by recent asset sales, which generated nearly $150 million, and is expected to close in the last quarter of 2024.
Summit Hotel Properties’ Recent Asset Sales Pave the Way for Further Growth
Jonathan Stanner, CEO of Summit Hotel Properties, discussed the company's recent strategy of selling 10 hotels for $150 million to reduce deferred capital expenditures and deleverage its balance sheet, creating capacity for future growth. The company focused on divesting properties with lower revenue per available room, higher capital expenditure needs, and lower margins, while urban markets like Silicon Valley, Minneapolis, and New Orleans show strong RevPAR and EBITDA growth. Summit anticipates continued low single-digit RevPAR growth and expects its well-positioned portfolio, particularly in urban and suburban markets, to drive performance in 2025.
Four Points by Sheraton hotel in South San Francisco sold at discount
The Four Points by Sheraton hotel in South San Francisco, serving San Francisco International Airport, has been sold by Summit Hotel Properties to Piramco, Inc. for $17.7 million. This sale represents a discount from its previous sale price in 2014. Despite this sale, Summit Hotel Properties continues to own three other hotels in the Bay Area.
News | Hotel Stock Index Gains, but at a Slower Pace
The Baird Hotel Stock Index continues to grow, but at a slower pace in March compared to previous months, with a 1.9% gain. Hotel brands are outperforming REITs within the index, though both subindexes underperformed their relative benchmarks for the month. Despite the slowed monthly growth, the hotel stock index is up 11.9% year to date, surpassing the S&P 500's performance.
Glamping Goes Institutional: Summit Hotel Properties and Onera Escapes Announce Partnership with First Ever Public REIT Dedicated Glamping Investment
Summit Hotel Properties and Onera Escapes have formed a partnership, marking the first time a public REIT has invested in a standalone glamping asset. This collaboration begins with the acquisition of a 90% joint venture interest in Onera Fredericksburg, a premium glamping property in Texas wine country, and an adjacent land parcel for expansion. The move signifies a major step in institutionalizing the alternative accommodation market, with the glamping segment showing a forecasted revenue CAGR of 14% from 2022-2030.
Summit Hotel Properties Completes Acquisition of AC Hotel by Marriott & Element Miami Brickell for $89 Million
Summit Hotel Properties, Inc. announced the completion of its acquisition of the dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell for a gross hotel valuation of $89.0 million. The company funded its 90% equity interest of $38 million and assumed a $47 million mortgage loan. Summit Hotel Properties projects an EBITDA yield between 8.0% and 9.0% for the full year 2022 from the Brickell Hotels.
SFO-adjacent Hilton hotel sells for 30% higher key price than 2019 - San Francisco Business Times
The Hilton Garden Inn San Francisco Airport North was sold for $75 million, representing a 30% increase in price per key compared to its 2019 acquisition. This sale indicates an encouraging long-term outlook for San Francisco's corporate travel market despite current sluggishness. The property was sold by a joint venture between Summit Hotel Properties Inc. and GIC.
NewcrestImage portfolio sale completed; Aimbridge to manage
Summit Hotel Properties Inc. has completed the initial closing of its portfolio acquisition from NewcrestImage affiliates, with NewcrestImage transferring hotel management rights to Aimbridge Hospitality and gaining a minority stake in Aimbridge. This collaboration aims for growth, with NewcrestImage developing new hotels and Aimbridge expanding its operator services. The transaction involved 26 hotels initially, totaling $776.5 million for the portfolio, and is expected to be immediately accretive to adjusted FFO per share for Summit.
Summit Hotel Properties Completes Acquisition of NewcrestImage Portfolio
Summit Hotel Properties, Inc. announced the completion of an initial closing for the acquisition of 26 out of 27 hotels from NewcrestImage through its joint venture with GIC. The total transaction value for the 27-hotel portfolio, including two parking structures and financial incentives, is $822 million. The acquisition is expected to be immediately accretive to adjusted FFO per share and leverage neutral to the company's balance sheet.
GIC Buys 27 US Hotels, 328 of Exeter's Logistics Assets
Singapore's sovereign wealth fund GIC is significantly expanding its U.S. real estate portfolio through two major deals. GIC is partnering with Summit Hotel Properties to acquire 27 hotels in the US for $822 million and has reportedly acquired 328 industrial properties from EQT Exeter for $6.8 billion. These acquisitions underscore GIC's continued investment in the US hospitality and industrial logistics sectors.
News | Summit Hotel Properties Joint Venture To Purchase NewcrestImage Portfolio for $822 Million
Summit Hotel Properties, through a joint venture with GIC, announced an $822 million deal to acquire a 27-hotel portfolio, two parking structures, and financial investments from NewcrestImage. This acquisition is expected to be immediately accretive to earnings and leverage-neutral, leveraging Summit's focus on high-growth Sun Belt markets, particularly Texas. The deal structure maintains Summit's liquidity and makes NewcrestImage a significant shareholder, signaling a long-term partnership.
Jonathan P. Stanner named President and Chief Executive Officer and a member of the Board of Directors at Summit Hotel Properties, Inc.
Jonathan P. Stanner has been appointed President and Chief Executive Officer and a member of the Board of Directors at Summit Hotel Properties, Inc., effective January 15, 2021. Stanner, who joined the company in 2017, previously served as Executive Vice President, Chief Financial Officer, and Treasurer. He held various roles at Strategic Hotels & Resorts, Inc. prior to joining Summit Hotel Properties.
Daniel Hansen named Executive Chairman of the Board of Directors at Summit Hotel Properties, Inc.
Summit Hotel Properties, Inc. announced that Dan Hansen, current Chairman, President, and CEO, will transition to Executive Chairman of the Board of Directors effective January 15, 2021. In this new role, Mr. Hansen will collaborate with the Board and executive team on strategic plans, and work closely with Mr. Stanner during his transition to Chief Executive Officer.
Onyx on First Trades for $96M
The article reports that Onyx on First has been traded for $96 million. This news, published on January 30, 2018, falls under the Multifamily and Washington, DC sectors within the commercial real estate market. The content focuses solely on this specific transaction.
Sale price on Residence Inn Cleveland Downtown: $39.6 million
The Residence Inn Cleveland Downtown sold for nearly $39.6 million to publicly traded Summit Hotel Properties Inc. (NYSE: INN), more than double its last trade price. The investment fund associated with Atlanta-based Noble Investment Group, NF II Cleveland LLC, sold the 175-suite hotel, which it had acquired in 2014 for $15.4 million. Hospitality insiders note that the valuation of this transaction, part of a larger multi-property deal, could be influenced by factors like portfolio pricing strategies, tax considerations, and property improvements made by the seller.
Jonathan Stanner has been appointed EVP & CFO at Summit Hotel Properties, Inc.
Jonathan Stanner has been appointed EVP & CFO at Summit Hotel Properties, Inc., effective March 31, 2018. Mr. Stanner, who joined the company in April 2017 as EVP and Chief Investment Officer, will succeed Mr. Dowell and continue to oversee investment activities. He previously held various positions, including CFO, at Strategic Hotels and Resorts.
El Paso's Marriott Courtyard hotel bought for $11.2 million
TVO North America, through its investment arm TVO Capital Management and partner ASI Capital, has acquired the Courtyard by Marriott hotel in East Central El Paso for $11.2 million. The acquisition includes plans for a $2.3 million upgrade to the 90-room property, which was purchased due to its airport area location and need for renovation. This sale was the last of 26 hotels sold by Summit Hotel Properties Inc. as part of a divestment plan announced in 2015.
Courtyard by Marriott near Country Club Plaza is sold
Summit Hotel Properties Inc. acquired five hotels, including the Courtyard Hotel near Country Club Plaza in Kansas City, from Xenia Hotels & Resorts Inc. for $163 million. The acquisition involves an 812-room portfolio, with the Kansas City property having 123 rooms and built in 1925 before being converted to a Marriott in 2006. Summit plans further capital improvements across the five properties.
Summit Hotels Lands $53M Courtyard by Marriott in Charlotte
Summit Hotel Properties Inc. acquired the 181-key Courtyard by Marriott Charlotte City Center for $56.3 million, marking its first purchase in Charlotte, N.C. The company also entered into a management agreement with OTO Development LLC for the hotel. Summit Hotel Properties plans to invest an additional $800,000 into redesigning the hotel's bar and bistro area.
Downtown Asheville's Hotel Indigo sells for more than $30M
Hotel Indigo Asheville Downtown has been sold for approximately $33 million to Summit Hotel Properties, Inc., an Austin, Texas-based company. The transaction occurred on June 29, with Buncombe County Register of Deeds documents confirming the sale price. Summit Hotel Properties plans to invest about $400,000 in capital improvements to the hotel over the next year.
Mortenson sells new downtown Minneapolis hotel for $39 M
Mortenson Development has finalized the sale of a new Hampton Inn & Suites in downtown Minneapolis for $39 million to Summit Hotel Properties. The 211-room hotel is significant as it is the first new hotel to open in downtown Minneapolis since 2009.
