This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Summit Hotel Properties, Inc. Reports Fourth Quarter And Full Year 2011 Results

Total revenue of $123.3 million in the full year 2011 was generated by the company’s same-stores. For the year, same-store revenue was up $6.8 million over the full year 2010. RevPAR of $59.98 was up 5.9 percent over the same period in 2010. Full year RevPAR consisted of 65.9 percent occupancy, up 4.0 percent over full year 2010, and ADR of $91.07 up 1.9 percent over full year 2010. Same-store income from hotel operations, which, as explained above, represents same-store total revenue less same-store hotel operating expenses, were $36.8 million, up 4.3 percent over full year 2010. Hotel operating margins were 29.5 percent, contracting 38 bps when compared to the same period in 2010. Hotel operating margins expanded by 224 basis points when $3.1 million of additional public company costs were applied to income from hotel operations for the full year of 2010 on a pro forma basis. As explained above, these costs were not incurred by the company’s private company predecessor in the fourth quarter of 2010.

Rebranded Hotels

The Company continues its process in rebranding the eleven hotels that had their franchise licenses terminated in the first quarter of 2011. During the fourth quarter 2011, two additional hotels were rebranded. As of year-end, a total of 10 hotels have been rebranded. For the quarter ended December 31, 2011, revenues of $3.5 million were generated as compared to $4.4 million generated in fourth quarter 2010. RevPAR was $37.80, down 18.2 percent when compared to the same period in 2010. RevPAR consisted of occupancy of 49.2 percent, down 18.7 percent, and ADR of $76.84, an increase of 0.6 percent in comparison to fourth quarter 2010. Income from hotel operations of $0.3 million and hotel operating margins of 9.8 percent were realized in the quarter as compared to $0.8 million and 18.8 percent, respectively, in the comparable quarter of 2010. Hotel operating margins contracted by 606 bps when $0.3 million of additional public company costs were applied to income from hotel operations for the fourth quarter 2010 on a pro forma basis.

5 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs