Summit Hotel Properties Announces Update On Fourth Quarter 2013 Earnings Release; Reaffirms 2013 Guidance

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it will report financial results for the fourth quarter and full year 2013 on Monday, March 17, 2014, before the market opens. The Company rescheduled the release of its earnings in order to provide additional time to complete its annual report on Form 10-K. The Company has rescheduled its quarterly conference call, which will now be held 30 minutes earlier than previously announced and will begin at 8:30 AM ET on Monday, March 17, 2014.

The Company also reaffirmed its previously announced fourth quarter and full year 2013 guidance today.
      2013
Fourth Quarter   Full Year
Low-end   High-end Low-end   High-end
Pro forma RevPAR $ 75.00   $ 76.50 $ 82.00   $ 84.00
Pro Forma RevPAR Growth 2.5% 4.5% 4.0% 6.0%
Same-store RevPAR $ 64.50 $ 66.00 $ 72.50 $ 74.00
Same-store RevPAR Growth 1.5% 3.5% 5.5% 7.5%
Adjusted FFO $ 10,300 $ 12,100 $ 57,900 $ 59,300
Adjusted FFO per diluted share $ 0.12 $ 0.14 $ 0.79 $ 0.81
 

The Company will conduct its quarterly conference call on Monday, March 17, 2014, at 8:30 AM ET. To participate in the conference call please follow the steps below.

1. On March 17, 2014, dial 866-318-8611 approximately ten minutes before the call begins (8:20 AM ET).2. Enter participant passcode 25870971.3. Please state your full name and company affiliation and you will be connected to the call.

A live webcast of the quarterly conference call will be available through the Company’s website, www.shpreit.com. A replay of the quarterly conference call webcast will be available until 11:59 PM EST Monday, March 31, 2014 by dialing 888-286-8010; participant passcode 51957720. A replay will also be available in the Investor Relations section of the Company’s website, www.shpreit.com, until Wednesday, May 07, 2014.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments of the lodging industry. As of March 14, 2014, the Company’s portfolio consisted of 90 hotels with a total of 11,353 guestrooms located in 22 states.

For additional information, please visit the Company’s website, www.shpreit.com and follow on Twitter at @SummitHotel_INN.

Copyright Business Wire 2010

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