| Market Capitalization (Millions $) |
591 |
| Shares
Outstanding (Millions) |
106 |
| Employees |
78 |
| Revenues (TTM) (Millions $) |
736 |
| Net Income (TTM) (Millions $) |
-5 |
| Cash Flow (TTM) (Millions $) |
2 |
| Capital Exp. (TTM) (Millions $) |
66 |
Business Description
Summit Hotel Properties Inc. is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership, and operation of premium-branded upscale and upper-upscale hotels in the United States. It was founded in 2010 and is headquartered in Austin, Texas.
Summit's portfolio consists of 72 hotels with a total of 11,288 guestrooms located in 24 states across the country. The company's properties are primarily franchised by Marriott, Hilton, and Hyatt, as well as other select-service brands. The company's hotels are mostly located in urban and resort destinations, including major markets such as New York, Boston, and San Francisco, as well as popular leisure destinations such as Hawaii and Orlando.
The company's growth strategy is focused on acquiring high-quality, premium-branded upper-upscale and upscale hotels in attractive markets with high barriers to entry. It also prides itself on maintaining strong relationships with its franchisors and management companies, while also partnering with local communities to enhance the guest experience.
Summit's financial performance has been solid in recent years, with strong revenue growth and consistent profitability. Its net income for 2020 was $18.5 million, which represents a 34.2% increase from the prior year. Additionally, the company has a strong liquidity position, with a cash balance of $155.1 million as of December 31, 2020, providing flexibility for future investments.
Overall, Summit Hotel Properties Inc. is a well-capitalized REIT that offers investors exposure to the premium-branded upscale and upper-upscale hotel market in the United States. Its strong relationships with franchisors and management companies, coupled with its strategic focus on attractive markets, make it an attractive investment option for those looking to gain exposure to the lodging industry.
Company Address: 13215 Bee Cave Parkway Austin 78738 TX
Company Phone Number: 538-2300 Stock Exchange / Ticker: NYSE INN
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170.19 %