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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 News provided by Share this article Share this article 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 ge ....
Summit Hotel Properties Reports Fourth Quarter And Full Year 2020 Results Credit Facility Covenant Waivers Extended Through March 31, 2022; Over $400 Million of Current Liquidity Portfolio Achieves Second Consecutive Quarter of Hotel Profitability News provided by Share this article Share this article AUSTIN, Texas, Feb. 23, 2021 /PRNewswire/ Summit Hotel Properties, Inc. (NYSE: INN) (the Company ), today announced results for the fourth quarter and full year ended December 31, 2020. Hotel demand remained stable during the fourth quarter and combined with strong market share gains across our portfolio and the efficient operating model of our business, led to hotel-level profitability for the second consecutive quarter and positive Adjusted EBITDAre for the full year, said Jonathan P. Stanner, the Company s President and Chief Executive Officer. While 2020 was an extremely challenging year for our business, we took meaningful action in response w ....