Summit Hotel Properties, Inc. reported its financial results for the first quarter of 2026, revealing total revenues of $185.1 million, a slight increase from $184.5 million in the same period of 2025. The company experienced a net loss of $5.9 million, compared to a net income of $623,000 in the prior year. This resulted in a loss per share of $0.10, compared to a loss of $0.04 per share in the first quarter of 2025. The increase in revenues was primarily driven by a rise in food and beverage sales, which grew to $11.5 million from $11.0 million, and other revenues, which increased to $11.0 million from $9.8 million.
In terms of operational performance, the company reported a decrease in occupancy rates to 71.6% from 72.2% year-over-year, while the average daily rate (ADR) improved to $176.57, up from $173.06. Revenue per available room (RevPAR) also saw a modest increase to $126.37 from $124.99. The company attributed the decline in occupancy to various factors, including adverse weather conditions affecting leisure travel and temporary closures of convention centers in certain markets.
Strategically, Summit Hotel Properties has been active in managing its portfolio, which consisted of 94 lodging properties with a total of 14,226 guestrooms across 24 states as of March 31, 2026. The company sold the Hilton Garden Inn in Longview, Texas, for $12.3 million during the quarter and has entered into agreements to sell two additional properties in Dallas for a combined price of $19 million, expected to close in the third quarter of 2026. The company also repurchased 1.4 million shares of its common stock during the quarter under its share repurchase program, totaling approximately $6 million.
The company’s total assets decreased to $2.75 billion from $2.78 billion at the end of 2025, primarily due to the sale of properties and a slight reduction in investments in lodging properties. Total liabilities remained relatively stable at $1.50 billion, with a slight increase in debt to $1.40 billion, reflecting ongoing financing activities. The company continues to maintain compliance with its financial covenants and expects to have adequate liquidity to meet its obligations.
Looking ahead, Summit Hotel Properties remains optimistic about the lodging industry, anticipating continued demand growth and improvements in average daily rates. However, the company acknowledges ongoing macroeconomic uncertainties that could impact consumer and corporate spending. The management plans to focus on optimizing its portfolio and capitalizing on opportunities for growth while managing costs effectively.
About Summit Hotel Properties, Inc.
Summit Hotel Properties, Inc. is a self-managed real estate investment trust (REIT) focused on owning and operating upscale lodging properties across the U.S. through fee simple and joint ventures. It primarily leases properties to third-party management companies under franchise brands like Marriott and Hilton, emphasizing efficient operating models, stable cash flow, and strategic acquisitions to generate risk-adjusted returns in high-demand markets.
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