Summit Hotel Properties To Acquire Residence Inn By Marriott Steamboat Springs For $33 Million
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Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has entered into a definitive agreement to acquire the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33.0 million through its joint venture with GIC. Opened in December 2020, the newly built Residence Inn by Marriott Steamboat Springs is ideally located in close proximity to the base of Mount Werner and Gondola Square, biking and hiking trails, downtown Steamboat Springs, restaurants, shopping, and numerous other attractions. Advertisements
The hotel is well-positioned to capture strong winter ski demand and summer leisure demand in what has been an extremely high barrier-to-entry market as only six other hotels have opened in the last 20 years, and there are none in any stage of development. In addition to robust peak winter and summer demand, the
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Operator
Thank you for standing by. And welcome to the Summit Hotel Properties Q1 2021 Earnings Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. Adam Wudel, Senior Vice President of Finance Capital Markets and Treasure. Thank you, please. Go ahead, sir.
Neil Malkin
Analyst
Thank you, Justin, and good morning. I am joined today by Summit Hotel Properties President and Chief Executive Officer Jon Stanner. Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. These statements are subject to risks and uncertainties, both known and unknown as described in our FCC filings. Forward-looking statements that we make today are effective only as of today, May 5, 2021, and we undertake no duty to update them later. You can find copies of our FCC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call, on our
Summit Hotel Properties Reports First Quarter 2021 Results
Portfolio Demand and RevPAR Accelerate to New Highs Since Onset of Pandemic
Six-Hotel Portfolio Contribution to GIC Joint Venture Completed for $172 Million
Current Liquidity Bolstered to Nearly $450 Million
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AUSTIN, Texas, May 4, 2021 /PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (the Company ), today announced results for the first quarter ended March 31, 2021. Hotel demand, particularly leisure demand, improved significantly during the latter part of the first quarter driving March RevPAR to a new high of more than $65 since the onset of the pandemic, which exceeded February s previous high by nearly 30%, said Jonathan P. Stanner, the Company s President and Chief Executive Officer. We also completed the contribution of six hotels to our existing joint venture with GIC for $172 million subsequent to quarter end which generated net proceeds of $83
Summit Hotel Properties Declares First Quarter 2021 Preferred Dividends
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AUSTIN, Texas, April 30, 2021 /PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (the Company ), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend of $0.403125 per share of the Company s 6.45% Series D Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2021, and a cash dividend of $0.390625 per share of the Company s 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2021.
The dividends are payable on May 28, 2021 to holders of record as of May 17, 2021.