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

CAPITAL EXPENDITURES

The company continued its strategy of upgrading hotels with capital renovations to capture additional RevPAR as industry outlook improves and completing conversion of the formerly Choice hotels. During the fourth quarter, the company capitalized $11.4 million of improvements. The company completed renovations, varying in scope, on two hotels, completed renovation of an additional three hotels post third quarter and continued work on an additional five hotels during the quarter.

DIVIDENDS

On February 7, 2012 the Board of Directors authorized, and the company declared, a cash dividend for the fourth quarter ended December 31, 2011 of $0.1125 per share of common stock of the company and per common unit of limited partnership in Summit Hotel OP, LP, the company’s operating partnership. The Board of Directors also authorized, and the company declared, a cash dividend for the fourth quarter ended December 31, 2011 of $0.5781 per share of the company’s 9.25% Series A Cumulative Redeemable Preferred Stock.
Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Total Portfolio (70 hotels FYE 2011, 65 hotels FYE 2010)
Schedule of Property Level Results
(unaudited)
       
For the Three Months ended For the Twelve Months ended
December 31, December 31,
2011 2010 2011 2010
 
Room Revenue $ 33,883,406 $ 30,195,084 $ 145,906,174 $ 133,069,346
Other Hotel Operations Revenue   673,522   627,042   2,976,465   2,565,722
Total Revenue $ 34,556,928 $ 30,822,125 $ 148,882,639 $ 135,635,069
Rooms 11,205,539 10,451,666 45,098,727 41,128,699
Other Direct 4,975,378 4,624,172 20,329,980 17,692,322
Property Taxes 1,825,838 1,936,766 7,296,485 7,459,356
Insurance 516,234 481,938 1,789,582 1,661,751
Management Expenses 2,001,934 947,929 5,295,737 3,348,065
Other Indirect Expenses   6,828,684   5,976,990   26,948,243   24,612,383
Total Hotel Operating Expenses $ 27,353,607 $ 24,419,461 $ 106,758,755 $ 95,902,575
Income from Hotel Operations $ 7,203,322 $ 6,402,664 $ 42,123,884 $ 39,732,493
 
Occupancy 58.5% 58.0% 64.4% 63.7%
Average Daily Rate $ 88.68 $ 86.63 $ 90.03 $ 87.59
RevPAR $ 51.89 $ 50.24 $ 58.02 $ 55.80
 

Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Same-Store Hotels (54 Hotels)
Schedule of Property Level Results
(unaudited)
       
For the Three Months ended For the Twelve Months ended
December 31, December 31,
2011 2010 2011 2010
 
Room Revenue

$
26,880,955 $ 25,958,376 $ 121,201,738 $ 114,442,814
Other Hotel Operations Revenue   419,335   493,356   2,068,203   2,041,717
Total Revenue $ 27,300,290 $ 26,451,732 $ 123,269,941 $ 116,484,530
Rooms 8,588,434 8,825,473 35,916,030 34,737,631
Other Direct 3,860,028 3,930,253 16,310,351 14,968,998
Property Taxes 1,386,059 1,614,866 5,755,252 6,181,932
Insurance 395,623 413,125 1,425,627 1,421,161
Management Expenses 1,692,289 815,109 4,416,971 2,879,609
Other Indirect Expenses   5,562,141   5,271,488   23,134,408   21,543,776
Total Hotel Operating Expenses $ 21,484,574 $ 20,870,313 $ 86,958,640 $ 81,733,108
Income from Hotel Operations $ 5,815,716 $ 5,581,419 $ 36,311,301 $ 34,751,423
 
Occupancy 59.2% 57.5% 65.9% 63.4%
Average Daily Rate $ 89.22 $ 88.57 $ 91.07 $ 89.38
RevPAR $ 52.79 $ 50.96 $ 59.98 $ 56.63
 
Seasoned
Occupancy 58.0% 57.4% 64.7% 64.2%
Average Daily Rate $ 87.84 $ 88.36 $ 89.94 $ 89.01
RevPAR $ 50.94 $ 50.75 $ 58.23 $ 57.17
 
Unseasoned
Occupancy 61.5% 57.7% 68.0% 61.7%
Average Daily Rate $ 91.77 $ 88.98 $ 93.17 $ 90.13
RevPAR $ 56.40 $ 51.36 $ 63.39 $ 55.57
 

Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Rebranded Hotels (11 Hotels)
Schedule of Property Level Results
(unaudited)
       
For the Three Months ended For the Twelve Months ended
December, 31 December 31,
2011 2010 2011 2010
 
Room Revenue 3,461,451 4,236,707 15,246,315 18,626,533
Other Hotel Operations Revenue   83,007   133,686   431,963   524,005
Total Revenue $ 3,544,458 $ 4,370,394 $ 15,678,278 $ 19,150,538
Rooms 1,465,441 1,626,193 6,232,030 6,391,068
Other Direct 665,410 693,919 2,834,114 2,723,324
Property Taxes 293,211 321,900 1,208,200 1,277,424
Insurance 51,899 68,813 231,048 240,590
Management Expenses 184,376 132,821 557,450 468,456
Other Indirect Expenses   538,141   705,502   2,039,341   3,068,607
Total Hotel Operating Expenses $ 3,198,478 $ 3,549,148 $ 13,102,183 $ 14,169,468
Income from Hotel Operations $ 345,980 $ 821,245 $ 2,576,095 $ 4,981,070
 
Occupancy 49.2% 60.5% 53.9% 65.7%
Average Daily Rate $ 76.84 $ 76.38 $ 77.88 $ 77.99
RevPAR $ 37.80 $ 46.24 $ 41.95 $ 51.24
 

Summit Hotel Properties, Inc and Summit Hotel Properties, LLC (Predecessor)
Acquisitions (5 Hotels)
Schedule of Property Level Results
(unaudited)
       
For the Three Months ended For the Twelve Months ended
December 31, December 31,
2011 2010 2011 2010
 
Room Revenue $ 3,541,000 $ - $ 9,458,121 $ -
Other Hotel Operations Revenue   171,181   0   476,299   0
Total Revenue $ 3,712,181 $ - $ 9,934,420 $ -
Rooms 1,151,667 0 2,950,667 0
Other Direct 449,939 0 1,185,514 0
Property Taxes 146,568 0 333,033 0
Insurance 68,712 0 132,907 0
Management Expenses 125,269 0 321,315 0
Other Indirect Expenses   728,402   0   1,774,494   0
Total Hotel Operating Expenses $ 2,670,558 $ - $ 6,697,931 $ -
Income from Hotel Operations $ 1,041,623 $ - $ 3,236,489 $ -
 
Occupancy 57.1% 0.0% 72.0% 0.0%
Average Daily Rate $ 93.20 $ 0.00 $ 100.55 $ 0.00
RevPAR $ 53.22 $ 0.00 $ 72.43 $ 0.00
 

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