Summit Hotel Properties has reported a total revenue of $177.43m for the fourth quarter (Q4) of 2023, marking an increase of 2.96% from $172.32m in the same period of 2022.
For the quarter ending 31 December 2023, the company experienced a net loss of $21.26m, up by 76.02% from $12.08m in Q4 2022.
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Net loss attributable to common stockholders was $16.57m compared with $11.97m in the previous year’s corresponding quarter.
Net loss per basic and diluted share was $0.16 for Q4 2023, up from $0.11 in Q4 2022.
Total expenses for the quarter were recorded at $177m, marking an increase from $165.42m in the fourth quarter of the previous year.
Adjusted earnings before interest, taxes, depreciation, and amortisation for real estate (EBITDAre) for the quarter also rose to $46.38m from $46.08m in Q4 2022.
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By GlobalDataThe Pro Forma RevPAR for the recorded fourth quarter was $114.05, up from $110.85 in the same quarter of the previous year.
For the full year of 2023, Summit Hotel Properties recorded a net loss of $28.11m, as against a net income of $1.21m in 2022.
The net loss attributable to common stockholders was $27.99m in 2023 as against $16.92m in 2022.
Total revenue for 2023 stood at $736.12m, compared with $675.69m in 2022.
Total expenses for the year increased to $677m, up from $628.22m in the prior year.
Adjusted EBITDAre for the full year saw an increase to $189.96m from $180.81m in 2022.
The net loss per basic and diluted share for the entire year was $0.27, compared to $0.16 in 2022.
The company’s Pro Forma RevPAR for the full year 2023 was $120.12, compared with $112.67 in the previous year.
Since the start of last year, the company has divested six hotels for a total of $46.6m, achieving a blended capitalisation rate of 2.6%.
Summit Hotel Properties president and CEO Jonathan P Stanner said: “Most recently, our new $200m term loan financing replaced our last remaining meaningful tranche of debt scheduled to mature in 2025.
“As a result, we have no significant debt maturities until 2026, nearly $400m of liquidity, a weighted average cost of debt of approximately 4.75% and, inclusive of attractively priced interest rate swaps and preferred equity, approximately 80% of our balance sheet has fixed interest rates.”
For the full year 2024, Summit Hotel Properties anticipates its adjusted EBITDAre to be between $188m and $200m.
