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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 16,493.37 -69.93 -0.42%
S&P 500 1,925.15 -5.52 -0.29%
NASDAQ 4,352.6390 -17.1340 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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