Summit Hotel Properties has reported a net income attributable to common stockholders of $30.84m for the second quarter (Q2) of 2024, compared with a net loss of $7.53m in the same period of the previous year.
Net income per diluted share was $0.23 for Q2 2024, versus a net loss per diluted share of $0.01 a year earlier.
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The company generated total revenues of $193.90m during the quarter ended 30 June 2024, a 0.3% fall from $194.49m in Q2 2023.
In the first quarter (Q1) of 2024, Summit Hotel Properties posted an attributable net loss of $2.1m and total revenue of $188.14m.
Total expenses amounted to $166.03m in the three months to June 2024, down from $170.73m in Q2 2023.
Adjusted earnings before interest, taxes, depreciation, and amortisation for real estate (EBITDAre) increased to $55.92m in Q2 2024, up from $52.89m in the prior year.
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By GlobalDataPro forma revenue per available room (RevPAR) rose 3.4% year-on-year to $132.41.
Pro forma occupancy improved 2.4%, reaching 77.7% in the quarter from 75.8% a year ago.
During the quarter, the company completed the sale of three hotels with 529 guestrooms for a gross sales price of $84m.
Net proceeds from this deal, which resulted in a net gain of nearly $28m, helped the company pay down debt and meet its general corporate requirements.
Summit Hotel Properties president and CEO Jonathan P Stanner said: “We are pleased with our strong second quarter financial results as year-over-year RevPAR growth of 3.4% in our pro forma portfolio exceeded the national average for the 13th consecutive quarter.
“Our top-line results were driven by strong group demand growth, the continued recovery of business transient travel and our outsized exposure to urban markets. Continued successful expense management drove pro forma hotel EBITDA margin expansion of 120 basis points and Adjusted EBITDAre and Adjusted FFO grew 6% and 10%, respectively year-over-year.”
For the full year of 2024, the company projects its adjusted EBITDAre to be between $188m and $196m.
