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Summit Hotel Properties Reports Second Quarter 2021 Results

Summit Hotel Properties Reports Second Quarter 2021 Results
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Summit Hotel Properties Reports Second Quarter 2021 Results

Summit Hotel Properties Reports Second Quarter 2021 Results
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.

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Summit Hotel Properties announces acquisition of two new hotels

• Completion of the previously announced acquisition of the 129-guestroom Homewood Suites by Hilton Aliso Viejo-Laguna Beach;
• Acquisition of the 152-guestroom Hyatt Place Phoenix-Mesa;
• Sale of the 150-guestroom Hyatt Place Atlanta Airport North; and
• Receipt of proceeds from Hospitality Investors Trust, Inc. for the repayment of a $27.5 million loan.
“We are thrilled with our ability to source unique acquisitions and the continued success of our capital recycling program,” said Chairman, President and Chief Executive Officer, Daniel P. Hansen.
“In addition to the increased earnings potential, the latest transactions continue to enhance our diverse portfolio of premium-branded hotels. Together, the two acquisitions represent a RevPAR premium of 33.4 percent over the sold hotel,” commented Mr. Hansen. ....

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Summit Hotel Properties Reports First Quarter 2021 Results

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 ge ....

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