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TheStreet Open House

Summit Hotel Properties Reports Second Quarter 2013 Results

Stocks in this article: INN

2013 Year-to-Date Highlights

  • Same-Store RevPAR: Same-store RevPAR in the first six months of 2013 grew to $71.24, an increase of 7.4 percent over the same period in 2012. Same-store ADR grew to $99.25, an increase of 4.5 percent from the first six months of 2012. Same-store occupancy grew by 190 basis points to 71.8 percent.
  • Pro Forma RevPAR: Pro forma RevPAR in the first six months of 2013 grew to $81.66, an increase of 6.1 percent over the same period in 2012. Pro forma ADR grew to $110.79, an increase of 3.7 percent from the first six months of 2012. Pro forma occupancy grew by 160 basis points to 73.7 percent.
  • Pro Forma Hotel EBITDA: Pro forma hotel EBITDA for the first six months of 2013 was $60.8 million, an increase of 8.6 percent over the same period of 2012.
  • Pro Forma Hotel EBITDA Margin: Pro forma hotel EBITDA margin grew 90 basis points compared with the same period in 2012. When adjusted to exclude the New Orleans portfolio, pro forma hotel EBITDA margin expansion was 113 basis points for the first six months of 2013.
  • Adjusted EBITDA: The Company’s adjusted EBITDA increased to $45.6 million from $25.4 million in the same period in 2012, an increase of $20.1 million or 79.1 percent. Adjusted EBITDA for the first six months of 2013 includes $0.3 million of charges associated with the consolidation of the Company’s corporate offices to Austin, TX.
  • Adjusted FFO: The Company’s Adjusted FFO for the first six months of 2013 was $29.4 million or $0.44 per diluted unit.

  • Acquisitions: During the first six months of 2013, the Company acquired 16 hotels with 2,597 guestrooms, for a total purchase price of $414.2 million.

Acquisitions

During the second quarter of 2013, the Company acquired seven hotels in the upscale and upper midscale segments, totaling 1,096 guestrooms for a total purchase price of $185.4 million. Year to date, the Company has acquired sixteen hotels in the upscale and upper midscale segments totaling 2,597 guestrooms for a total purchase price of $414.2 million. Acquisitions in the last twelve months, net of hotel dispositions, increased the Company’s guestroom count by 48.6 percent over the number of guestrooms owned at June 30, 2012.

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