This Day On The Street
Continue to site
ADVERTISEMENT
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

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

The Company continues its process in rebranding the eleven hotels that had their franchise licenses terminated in the first quarter of 2011. During the year 2011, ten hotels were rebranded. For the year-ended December 31, 2011, revenues of $15.7 million were generated as compared to $19.2 million generated in year-ended December 31, 2010. RevPAR was $41.95, down 18.1 percent when compared to the same period in 2010. RevPAR consisted of occupancy of 53.9 percent, down 18.0 percent, and ADR of $77.88, a decrease of .2 percent in comparison to full year 2010. Income from hotel operations of $2.6 million and hotel operating margins of 16.4 percent were realized in the year as compared to $5.0 million and 16.4 percent, respectively, in the comparable period of 2010. Hotel operating margins contracted by 721 bps when $0.4 million of additional public company costs were applied to income from hotel operations for the full year 2010 on a pro forma basis.

Acquired Hotels

The Company experienced positive results from the five hotels acquired during the second and third quarter of 2011. For the quarter, $3.7 million of revenue was realized on RevPAR of $53.22. RevPAR was generated on occupancy of 57.1 percent and an ADR of $93.20. Income from hotel operations was $1.0 million, equating to 28.0 percent hotel operating margin.

BALANCE SHEET

The company had total outstanding debt of $217.1 million as of December 31, 2011. The weighted average interest rate was 5.38% percent for the fourth quarter. Of the total debt, $11.4 million was outstanding borrowings under the company’s $125 million revolving credit facility. During the fourth quarter the company allocated $11.4 million toward capital investments. Cash and cash equivalents as of December 31, 2011 were $10.5 million. As of fiscal year end, the company had $80.9 million of available borrowing capacity on its $125 million revolving credit facility.

6 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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs