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  Title	SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
  ID	7255724
  External ID	7576919167
  Author	Unknown
  Published Date	Feb. 24, 2025, 3:41 p.m.
  Summary	Full Year Operating Income Increases to $103.5 million Full Year Adjusted EBITDAre Grows to $192.2 million; AFFO increases 5.6% to $0.96 per share Completed Over $200 Million of Accretive Transactio
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  URL	https://stockhouse.com/news/press-releases/2025/02/24/summit-hotel-properties-reports-fourth-quarter-and-full-year-2024-results
  Sentiment	Negative: 0.02041    Neutral: 0.02067    Positive: 0.95892
  Relevance	0.05179

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  Content ID	4560970
  Key	cbd0a750-a00b-4a46-b1c6-029ce686722b
  Content	Full Year Operating Income Increases to $103.5 million Full Year Adjusted EBITDAre Grows to $192.2 million; AFFO increases 5.6% to $0.96 per share Completed Over $200 Million of Accretive Transaction Activity in 2024 AUSTIN, Texas, Feb. 24, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and twelve months ended December 31, 2024. "We are pleased with our fourth quarter and full-year 2024 financial results, driven by pro forma RevPAR growth that exceeded industry average growth for the third consecutive year, effective expense management, and the continued success of our accretive capital recycling program. These efforts drove nearly six percent growth in Adjusted FFO in 2024. Despite a low RevPAR growth environment, pro forma hotel EBITDA margins remained essentially unchanged year-over-year, underscoring the strength of our best-in-class operating platform. During the fourth quarter, we closed on the acquisition of the Hampton Inn Boston-Logan Airport and the Hilton Garden Inn Tysons Corner for $96 million, which represents an 8.8 percent net capitalization rate on 2024 net operating income for the two hotels. This acquisition was facilitated by nearly $150 million of asset sales completed over the past 18 months for hotels with lower nominal RevPAR levels and meaningful upcoming capital requirements. Combined, our recent transaction activity has been accretive to our financial results, reduced our balance sheet leverage, and enhanced both the quality and growth profile of our portfolio," said Jonathan P. Stanner, the Company's President and Chief Executive Officer. "Our outlook for 2025 remains positive, supported by stable demand trends and anticipated growth in urban markets, which we expect to continue to drive our portfolio performance. Expense pressures normalized throughout 2024, and we are confident in our ability to continue managing operating costs effectively this year. Finally, with historically low industry supply growth and a stabilizing cost environment, our high-quality portfolio and strong operating platform position us well for a multi-year revenue and profitability growth cycle as demand strengthens," continued Mr. Stanner. Fourth Quarter 2024 Summary Net Income: Net income attributable to common stockholders was $0.7 million , or $0.01 per diluted share, compared to a net loss of $16.6 million , or $0.16 per diluted share, for the fourth quarter of 2023. Net income attributable to common stockholders was , or per diluted share, compared to a net loss of , or per diluted share, for the fourth quarter of 2023. Pro forma RevPAR: Pro forma RevPAR increased 1.4 percent to $117.21 compared to the fourth quarter of 2023. Pro forma ADR increased 0.9 percent to $164.00 compared to the same period in 2023, and pro forma occupancy increased 0.5 percent to 71.5 percent. Pro forma RevPAR increased 1.4 percent to compared to the fourth quarter of 2023. Pro forma ADR increased 0.9 percent to compared to the same period in 2023, and pro forma occupancy increased 0.5 percent to 71.5 percent. Same Store RevPAR: Same store RevPAR increased 1.3 percent to $116.52 compared to the fourth quarter of 2023. Same store ADR increased 0.8 percent to $163.55 , and same store occupancy increased 0.4 percent to 71.2 percent. Same store RevPAR increased 1.3 percent to compared to the fourth quarter of 2023. Same store ADR increased 0.8 percent to , and same store occupancy increased 0.4 percent to 71.2 percent. Pro Forma Hotel EBITDA (1) : Pro forma hotel EBITDA decreased 2.8 percent to $60.4 million from $62.1 million in the same period in 2023. Pro forma hotel EBITDA margin contracted approximately 140 basis points to 34.1 percent. When adjusting for property tax increases year-over-year, which were primarily related to refunds received in 2023, pro forma hotel EBITDA margin contracted approximately 85 basis points. Pro forma hotel EBITDA decreased 2.8 percent to from in the same period in 2023. Pro forma hotel EBITDA margin contracted approximately 140 basis points to 34.1 percent. When adjusting for property tax increases year-over-year, which were primarily related to refunds received in 2023, pro forma hotel EBITDA margin contracted approximately 85 basis points. Same Store Hotel EBITDA (1) : Same store hotel EBITDA decreased 4.1 percent to $57.1 million from $59.5 million in the same period in 2023. Same store hotel EBITDA margin contracted approximately 187 basis points to 33.6 percent. When adjusting for property tax increases year-over-year, which were primarily related to refunds received in 2023, same store hotel EBITDA margin contracted approximately 125 basis points. Same store hotel EBITDA decreased 4.1 percent to from in the same period in 2023. Same store hotel EBITDA margin contracted approximately 187 basis points to 33.6 percent. When adjusting for property tax increases year-over-year, which were primarily related to refunds received in 2023, same store hotel EBITDA margin contracted approximately 125 basis points. Adjusted EBITDA re (1) : Adjusted EBITDA re decreased to $42.1 million from $46.4 million in the fourth quarter of 2023. Adjusted EBITDA decreased to from in the fourth quarter of 2023. Adjusted FFO (1) : Adjusted FFO decreased to $25.2 million , or $0.20 per diluted share, compared to $26.9 million , or $0.22 per diluted share, in the fourth quarter of 2023. Full Year 2024 Summary Net Income: Net income attributable to common stockholders was $25.1 million , or $0.22 per diluted share, compared to a net loss of $28.0 million , or $0.27 per diluted share, in the same period of 2023. Net income attributable to common stockholders was , or per diluted share, compared to a net loss of , or per diluted share, in the same period of 2023. Pro forma RevPAR: Pro forma RevPAR increased 1.8 percent to $124.13 compared to the same period of 2023. Pro forma ADR increased 0.6 percent to $167.84 , and pro forma occupancy increased 1.2 percent to 74.0 percent. Pro forma RevPAR increased 1.8 percent to compared to the same period of 2023. Pro forma ADR increased 0.6 percent to , and pro forma occupancy increased 1.2 percent to 74.0 percent. Same Store RevPAR: Same store RevPAR increased 1.7 percent to $123.34 compared to the same period of 2023. Same store ADR increased 0.4 percent to $167.30 , and same store occupancy increased 1.2 percent to 73.7 percent. Same store RevPAR increased 1.7 percent to compared to the same period of 2023. Same store ADR increased 0.4 percent to , and same store occupancy increased 1.2 percent to 73.7 percent. Pro Forma Hotel EBITDA (1) : Pro forma hotel EBITDA increased 2.0 percent to $264.7 million from $259.5 million , and pro forma hotel EBITDA margin contracted 7 basis points to 35.6 percent. Pro forma hotel EBITDA increased 2.0 percent to from , and pro forma hotel EBITDA margin contracted 7 basis points to 35.6 percent. Same Store Hotel EBITDA (1) : Same store hotel EBITDA increased 1.6 percent to $252.5 million from $248.6 million , and same store hotel EBITDA margin contracted 18 basis points to 35.5 percent. Same store hotel EBITDA increased 1.6 percent to from , and same store hotel EBITDA margin contracted 18 basis points to 35.5 percent. Adjusted EBITDA re (1) : Adjusted EBITDA re increased 1.1 percent to $192.2 million from $190.0 million in the same period of 2023. Adjusted EBITDA increased 1.1 percent to from in the same period of 2023. Adjusted FFO (1) : Adjusted FFO increased 5.6 percent to $119.2 million , or $0.96 per diluted share, compared to $112.9 million , or $0.92 per diluted share, in the same period of 2023. The Company's results for the three and twelve months ended December 31, 2024 and 2023 are as follows (in thousands, except per share amounts and metrics): For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders $ 680 $ (16,571) $ 25,141 $ (27,990) Net income (loss) per diluted share $ 0.01 $ (0.16) $ 0.22 $ (0.27) Total revenues $ 172,931 $ 177,435 $ 731,783 $ 736,127 EBITDAre (1) $ 51,499 $ 56,581 $ 236,198 $ 228,882 Adjusted EBITDAre (1) $ 42,131 $ 46,384 $ 192,192 $ 190,022 FFO (1) $ 31,603 $ 24,186 $ 115,160 $ 96,778 Adjusted FFO (1) $ 25,230 $ 26,935 $ 119,206 $ 112,892 FFO per diluted share and unit (1) (2) $ 0.25 $ 0.20 $ 0.93 $ 0.79 Adjusted FFO per diluted share and unit (1) (2) $ 0.20 $ 0.22 $ 0.96 $ 0.92 Pro Forma(2) RevPAR $ 117.21 $ 115.62 $ 124.13 $ 121.93 RevPAR Growth 1.4 % 1.8 % Hotel EBITDA $ 60,368 $ 62,076 $ 264,712 $ 259,539 Hotel EBITDA Margin 34.1 % 35.5 % 35.6 % 35.7 % Hotel EBITDA Margin Change (140) bps (7) bps Same Store(3) RevPAR $ 116.52 $ 115.07 $ 123.34 $ 121.31 RevPAR Growth 1.3 % 1.7 % Hotel EBITDA $ 57,067 $ 59,529 $ 252,456 $ 248,559 Hotel EBITDA Margin 33.6 % 35.5 % 35.5 % 35.7 % Hotel EBITDA Margin Change (187) bps (18) bps (1) See tables later in this press release for a discussion and reconciliation of net income (loss) to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization ("EBITDA"), EBITDAre, adjusted EBITDAre, funds from operations ("FFO"), FFO per diluted share and unit, adjusted FFO ("AFFO"), and AFFO per diluted share and unit, as well as a reconciliation of operating income to hotel EBITDA. See "Non-GAAP Financial Measures" at the end of this release. (2) Unless stated otherwise in this release, all pro forma information includes operating and financial results for 97 hotels owned as of December 31, 2024, as if each hotel had been owned by the Company since January 1, 2023 and remained open for the entirety of the reporting period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2023, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. (3) All same store information includes operating and financial results for 93 hotels owned as of December 31, 2024, and at all times during the three and twelve months ended December 31, 2024, and 2023. Acquisition Activity During the fourth quarter 2024, the Company, through its joint venture with GIC, completed the acquisition of the 250-guestroom Hampton Inn Boston - Logan Airport and the 149-guestroom Hilton Garden Inn Tysons Corner for a combined purchase price of $96.0 million, or $241,000 per key. The purchase price represents an 8.8% capitalization rate based on 2024 net operating income and no meaningful capital expenditures are planned prior to the fourth quarter of 2026. The two premium-branded hotels are located in high barrier-to-entry, gateway city submarkets and generate RevPAR, EBITDA margin and EBITDA per key metrics that are accretive to our existing portfolio. The purchase price represents an attractive going-in yield and a significant discount to replacement cost. The transaction was financed with a mix of cash on hand and a $50.0 million term loan raised in conjunction with exercising a portion of the accordion option on the GIC joint venture's existing $200.0 million credit facility. The term loan has an interest rate of SOFR + 210 basis points, and a fully extended maturity date of September 2028. The Company's $24.0 million of required equity for its 51% share of the transaction was funded primarily from the net sale proceeds from sale of the Four Points by Sheraton San Francisco Airport, which was completed in October 2024, as well as cash on hand. Acquired Hotels (2023 & 2024) Count Keys Date Price (1) Year 1 Capex (1) Year 1 RevPAR (1) Cap Rate (4) Residence Inn Scottsdale North 1 120 June 2023 $ 29,000 $ 1,800 $ 141 8.4 % Nordic Lodge Steamboat Springs 1 46 June 2023 13,700 300 127 7.1 % Hampton Inn Boston-Logan Airport & Hilton Garden Inn Tysons Corner 2 399 Dec 2024 96,000 N/A 145 8.8 % Total 4 565 $ 138,700 $ 2,100 $ 143 8.5 % Since 2023, the Company has acquired four hotels for $138.7 million through its joint venture with GIC at a blended capitalization rate of nearly nine percent, including near-term capital needs. Disposition Activity In 2024, the Company and its affiliates sold five hotels for a combined sales price of nearly $112 million. Since 2023, the Company and its affiliates have sold a total of 10 hotels for a combined sales price of nearly $150 million at a blended capitalization rate of less than 5%, inclusive of an estimated $47 million of foregone capital needs, based on the trailing twelve-month net operating income at the time of each sale. The combined RevPAR for the sold hotels was $85 which is an approximate 30% discount to the current pro forma portfolio. The Company's disposition activity has facilitated nearly a full turn reduction in its Net Debt to Adjusted EBITDAre leverage ratio, enhanced the quality and growth profile of the portfolio, significantly reduced near-term capital requirements, and enabled the acquisition of two high quality hotels. Sold Hotels (2023 & 2024) Count Keys Date Price (1) Capex (1)(2) RevPAR (3) Cap Rate (5) Hyatt Place Chicago/Lombard 1 151 May 2023 $ 10,500 $ 5,700 $ 76 4.7 % Hyatt Place Chicago/Hoffman Estates 1 126 May 2023 3,000 7,200 68 0.4 % Hilton Garden Inn Minneapolis/Eden Prairie 1 97 May 2023 8,200 4,300 81 3.1 % Holiday Inn Express & Suites Minnetonka 1 93 May 2023 6,400 3,300 74 0.5 % Hyatt Place Baltimore/Owings Mills 1 123 Dec 2023 8,250 5,200 69 2.7 % Hyatt Place Dallas/Plano 1 127 Feb 2024 10,250 5,200 69 2.9 % New Orleans (2) Convention Center 2 410 Apr 2024 73,000 10,250 111 7.1 % Hilton Garden Inn College Station 1 119 Apr 2024 11,000 2,975 86 8.4 % Four Points San Francisco Airport 1 101 Oct 2024 17,700 3,000 65 N/M (6) Total 10 1,347 $ 148,300 $ 47,125 $ 85 4.6 % (1) In thousands. (2) Reflects estimated near-term foregone capital expenditures for dispositions. (3) Reflects RevPAR for the twelve-month period immediately prior to sale. (4) Based on 2024 Net Operating Income. (5) Based on trailing twelve month Net Operating Income through the date of disposition. (6) The hotel's Net Operating Income at the time of sale was de minimis. Capital Markets and Balance Sheet On a pro rata basis as of December 31, 2024, the Company had the following outstanding indebtedness and liquidity available: Outstanding debt of $1.1 billion with a weighted average interest rate of 4.55 percent. After giving effect to interest rate derivative agreements, $774.9 million , or 72 percent, of our outstanding debt had a fixed interest rate, and $302.9 million , or 28 percent, had a variable interest rate. with a weighted average interest rate of 4.55 percent. After giving effect to interest rate derivative agreements, , or 72 percent, of our outstanding debt had a fixed interest rate, and , or 28 percent, had a variable interest rate. Unrestricted cash and cash equivalents of $32.5 million . . Total liquidity of approximately $350 million , including unrestricted cash and cash equivalents and revolving credit facility availability, which reflects a liquidity enhancement option available for the Company to exercise at its sole discretion. Common and Preferred Dividend Declaration On January 23, 2025, the Company declared a quarterly cash dividend of $0.08 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP. The quarterly dividend of $0.08 per share represents an annualized dividend yield of 5.1 percent, based on the closing price of shares of the common stock on February 21, 2025. In addition, the Board of Directors declared a quarterly cash dividend of: $0.390625 per share on its 6.25% Series E Cumulative Redeemable Preferred Stock per share on its 6.25% Series E Cumulative Redeemable Preferred Stock $0.3671875 per share on its 5.875% Series F Cumulative Redeemable Preferred Stock per share on its 5.875% Series F Cumulative Redeemable Preferred Stock $0.328125 per unit on its 5.25% Series Z Cumulative Perpetual Preferred Units The dividends are payable on February 28, 2025 to holders of record as of February 14, 2025. 2025 Outlook The Company is providing its outlook for the full-year 2025 based on 97 lodging assets owned as of year-end 2024. There are no additional acquisitions, dispositions, or capital markets activities assumed in the Company's full year 2025 outlook. FYE 2025 Outlook Low High Pro Forma RevPAR Growth (1) 1.00 % 3.00 % Adjusted EBITDAre $ 184,000 $ 198,000 Adjusted FFO $ 111,900 $ 125,600 Adjusted FFO per share of Common Stock and Common Units $ 0.90 $ 1.00 Capital Expenditures, Pro Rata $ 65,000 $ 85,000 (1) All pro forma information includes operating and financial results for 97 lodging assets owned as of December 31, 2024, as if each property had been owned by the Company since January 1, 2024 and will continue to be owned through the entire year ending December 31, 2025. As a result, the pro forma information includes operating and financial results for lodging assets acquired since January 1, 2024, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. Fourth Quarter 2024 Earnings Conference Call The Company will conduct its quarterly conference call on February 25, 2025 at 9:00 AM ET. To access the conference call, please pre-register using this link A live webcast of the conference call can be accessed using this link www.shpreit.com April 30, 2025 . Supplemental Disclosures In conjunction with this press release, the Company has furnished a financial supplement with additional disclosures on its website. Visit www.shpreit.com for more information. The Company has no obligation to update any of the information provided to conform to actual results or changes in portfolio, capital structure, or future expectations. About Summit Hotel Properties Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry. As of February 24, 2025, the Company's portfolio consisted of 97 assets, 53 of which are wholly owned, with a total of 14,553 guestrooms located in 25 states. For additional information, please visit the Company's website, www.shpreit.com, and follow on X at @SummitHotel_INN. Forward-Looking Statements This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, or other forward-looking information. Examples of forward-looking statements include the following: the Company's ability to realize growth from the deployment of renovation capital; projections of the Company's revenues and expenses, capital expenditures or other financial items; descriptions of the Company's plans or objectives for future operations, acquisitions, dispositions, financings, redemptions or services; forecasts of the Company's future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, EBITDAre, Adjusted EBITDAre, FFO and AFFO; the Company's outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth, AFFO, AFFO per diluted share and unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission ("SEC"). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. For information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations. Summit Hotel Properties, Inc. Consolidated Balance Sheets (In thousands) December 31, 2024 December 31, 2023 ASSETS Investments in lodging property, net $ 2,746,340 $ 2,736,975 Investment in lodging property under development 7,617 1,451 Assets held for sale, net 1,650 65,736 Cash and cash equivalents 40,637 37,837 Restricted cash 7,721 9,931 Right-of-use assets, net 33,309 34,814 Trade receivables, net 18,625 21,348 Prepaid expenses and other 9,580 8,865 Deferred charges, net 6,460 6,659 Other assets 24,291 15,632 Total assets $ 2,896,230 $ 2,939,248 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY Liabilities: Debt, net of debt issuance costs $ 1,396,710 $ 1,430,668 Lease liabilities, net 24,871 25,842 Accounts payable 7,450 4,827 Accrued expenses and other 82,153 81,215 Total liabilities 1,511,184 1,542,552 Redeemable non-controlling interests 50,219 50,219 Total stockholders' equity 909,545 911,195 Non-controlling interests 425,282 435,282 Total equity 1,334,827 1,346,477 Total liabilities, redeemable non-controlling interests and equity $ 2,896,230 $ 2,939,248 Summit Hotel Properties, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 (Unaudited) Revenues: Room $ 152,849 $ 157,081 $ 650,713 $ 656,063 Food and beverage 10,691 10,665 40,865 41,513 Other 9,391 9,689 40,205 38,551 Total revenues 172,931 177,435 731,783 736,127 Expenses: Room 35,487 35,798 146,790 148,005 Food and beverage 7,834 7,901 30,964 31,580 Other lodging property operating expenses 54,348 55,121 224,409 224,901 Property taxes, insurance and other 13,294 11,859 54,116 55,167 Management fees 3,807 4,478 15,866 18,452 Depreciation and amortization 36,471 38,624 146,436 150,924 Corporate general and administrative 7,403 7,305 31,891 32,530 Transaction costs — (11) 10 13 Loss on impairment and write-down of assets 6,723 16,661 6,723 16,661 Recovery of credit losses — (730) — (1,230) Total expenses 165,367 177,006 657,205 677,003 Gain (loss) on disposal of assets, net 473 (1) 28,912 (337) Operating income 8,037 428 103,490 58,787 Other income (expense): Interest expense (19,792) (21,621) (82,632) (86,798) Interest income 433 498 1,906 1,688 Gain on extinguishment of debt — — 3,000 — Other income, net 571 547 4,384 1,005 Total other expense, net (18,788) (20,576) (73,342) (84,105) (Loss) income from continuing operations before income taxes (10,751) (20,148) 30,148 (25,318) Income tax benefit (expense) 11,667 (1,119) 8,743 (2,798) Net income (loss) 916 (21,267) 38,891 (28,116) Less - Loss attributable to non-controlling interests (4,389) (9,321) (4,751) (18,627) Net income (loss) attributable to Summit Hotel Properties, Inc. before preferred dividends 5,305 (11,946) 43,642 (9,489) Less - Distributions to and accretion of redeemable non-controlling interests (656) (656) (2,626) (2,626) Less - Preferred dividends (3,969) (3,969) (15,875) (15,875) Net income (loss) attributable to common stockholders $ 680 $ (16,571) $ 25,141 $ (27,990) Income (loss) per common share: Basic $ 0.01 $ (0.16) $ 0.23 $ (0.27) Diluted $ 0.01 $ (0.16) $ 0.22 $ (0.27) Weighted-average common shares outstanding: Basic 106,033 105,666 105,927 105,548 Diluted 107,027 105,666 132,365 105,548 Summit Hotel Properties, Inc. Reconciliation of Net Income (Loss) to Non-GAAP Measures - Funds From Operations (Unaudited) (In thousands, except per share and unit amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Net income (loss) $ 916 $ (21,267) $ 38,891 $ (28,116) Preferred dividends (3,969) (3,969) (15,875) (15,875) Distributions to and accretion of redeemable non-controlling interests (656) (656) (2,626) (2,626) Loss related to non-controlling interests in consolidated joint ventures 4,488 6,731 8,499 14,824 Net income (loss) applicable to common shares and Common Units 779 (19,161) 28,889 (31,793) Real estate-related depreciation 35,903 37,436 142,493 146,187 Loss on impairment and write-down of assets 6,723 16,661 6,723 16,661 (Gain) loss on disposal of assets and other dispositions, net (473) 1 (28,912) 385 FFO adjustments related to non-controlling interests in consolidated joint ventures (11,329) (10,751) (34,033) (34,662) FFO applicable to common shares and Common Units 31,603 24,186 115,160 96,778 Recoveries of credit losses — (730) — (1,230) Amortization of deferred financing costs 1,702 1,531 6,582 5,910 Amortization of franchise fees 177 156 671 595 Amortization of intangible assets, net 266 909 2,786 3,642 Equity-based compensation 1,795 1,829 8,132 7,742 Transaction costs — (11) 10 13 Debt transaction costs — 43 647 461 Gain on extinguishment of debt — — (3,000) — Non-cash interest income — (134) (400) (531) Non-cash lease expense, net 132 113 464 481 Casualty losses, net 814 261 177 2,112 Deferred tax expense 765 21 762 84 Reversal of valuation allowance on deferred tax assets (12,061) — (12,061) — AFFO adjustments related to non-controlling interests in consolidated joint ventures 259 (981) (1,468) (3,612) Non-cash state taxes and other, net (222) (258) 744 447 AFFO applicable to common shares and Common Units $ 25,230 $ 26,935 $ 119,206 $ 112,892 FFO per share of common share/Common Unit $ 0.25 $ 0.20 $ 0.93 $ 0.79 AFFO per common share/Common Unit $ 0.20 $ 0.22 $ 0.96 $ 0.92 Weighted-average diluted common shares/Common Units: FFO and AFFO (2) 124,502 122,486 124,313 122,355 (1) Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated value of the embedded purchase option in the note receivable. (2) The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. Summit Hotel Properties, Inc. Reconciliation of Weighted Average Diluted Common Shares (Unaudited) (In thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Weighted average common shares outstanding - diluted 107,027 105,666 132,365 105,548 Adjusted for: Non-GAAP adjustment for restricted stock awards (1) 1,532 862 1,780 837 Non-GAAP adjustment for dilutive effects of Common Units 15,943 15,958 15,946 15,970 Non-GAAP adjustment for dilutive effect of shares of common stock issuable upon conversion of convertible debt (2) — — (25,778) — Non-GAAP weighted diluted share of common stock and Common Units 124,502 122,486 124,313 122,355 (1) Adjustment reflects the difference between the total weighted-average unvested restricted time-based shares outstanding as of the reporting date and the weighted-average restricted time-based shares computed for diluted earnings per share under the treasury stock method in accordance with GAAP, plus the difference between the estimated total weighted average unvested restricted performance-based shares expected to vest based on achievement of the performance measures as if the vesting date were the reporting date and the estimated weighted-average unvested restricted performance-based shares computed for diluted earnings per share under the treasury stock method in accordance with GAAP. (2) The weighted-average shares of Common Stock and Common Units used to calculate FFO and AFFO per share of Common Stock and Common Unit for the three and twelve months ended December 31, 2024 and 2023 exclude the potential dilution related to our Convertible Notes as we intend to settle the principal value of the Convertible Notes in cash. Summit Hotel Properties, Inc. Reconciliation of Net Income (Loss) to Non-GAAP Measures - EBITDAre (Unaudited) (In thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Net income (loss) $ 916 $ (21,267) $ 38,891 $ (28,116) Depreciation and amortization 36,471 38,624 146,436 150,924 Interest expense 19,792 21,621 82,632 86,798 Interest income on cash deposits (263) (178) (829) (568) Income tax (benefit) expense (11,667) 1,119 (8,743) 2,798 EBITDA 45,249 39,919 258,387 211,836 Loss on impairment and write-down of assets 6,723 16,661 6,723 16,661 (Gain) loss on disposal of assets and other dispositions, net (473) 1 (28,912) 385 EBITDAre 51,499 56,581 236,198 228,882 Recoveries of credit losses — (730) — (1,230) Amortization of key money liabilities (124) (120) (486) (498) Equity-based compensation 1,795 1,829 8,132 7,742 Transaction costs — (11) 10 13 Debt transaction costs — 43 647 461 Gain on extinguishment of debt — — (3,000) — Non-cash interest income — (134) (400) (531) Non-cash lease expense, net 132 113 464 481 Casualty losses, net 814 261 177 2,112 Loss related to non-controlling interests in consolidated joint ventures 4,488 6,731 8,499 14,824 Adjustments related to non-controlling interests in consolidated joint ventures (16,251) (17,921) (58,793) (62,681) Non-cash state taxes and other, net (222) (258) 744 447 Adjusted EBITDAre $ 42,131 $ 46,384 $ 192,192 $ 190,022 (1) Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated fair value of the embedded purchase option in the note receivable. Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, Pro Forma Operating Data: (1) 2024 2023 2024 2023 Pro forma room revenue $ 156,955 $ 154,808 $ 661,199 $ 647,679 Pro forma other hotel operations revenue 20,299 20,246 81,523 79,193 Pro forma total revenues 177,254 175,054 742,722 726,872 Pro forma total hotel operating expenses 116,886 112,978 478,010 467,333 Pro forma hotel EBITDA $ 60,368 $ 62,076 $ 264,712 $ 259,539 Pro forma hotel EBITDA Margin 34.1 % 35.5 % 35.6 % 35.7 % Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures Revenue: Total revenues $ 172,931 $ 177,435 $ 731,783 $ 736,127 Total revenues - acquisitions 4,586 5,330 21,843 26,152 Total revenues - dispositions (263) (7,711) (10,904) (35,407) Pro forma total revenues (1) 177,254 175,054 742,722 726,872 Hotel Operating Expenses: Hotel operating expenses $ 114,770 $ 115,157 $ 472,145 $ 478,105 Hotel operating expenses - acquisitions 2,261 3,659 13,609 16,622 Hotel operating expenses - dispositions (145) (5,838) (7,744) (27,394) Pro forma hotel operating expense (1) 116,886 112,978 478,010 467,333 Hotel EBITDA: Operating income 8,037 428 103,490 58,787 (Gain) loss on disposal of assets and other dispositions, net (473) 1 (28,912) 337 Loss on impairment and write-down of assets 6,723 16,661 6,723 16,661 Recoveries of credit losses — (730) — (1,230) Transaction costs — (11) 10 13 Corporate general and administrative 7,403 7,305 31,891 32,530 Depreciation and amortization 36,471 38,624 146,436 150,924 Hotel EBITDA 58,161 62,278 259,638 258,022 Hotel EBITDA - acquisitions (2) (976) (876) (4,022) (1,450) Hotel EBITDA - dispositions (3) (118) (1,873) (3,160) (8,013) Same Store hotel EBITDA 57,067 59,529 252,456 248,559 Hotel EBITDA - acquisitions 3,301 2,547 12,256 10,980 Pro forma hotel EBITDA (1) $ 60,368 $ 62,076 $ 264,712 $ 259,539 (1) Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if all such hotels had been owned by the Company since January 1, 2023. For hotels acquired by the Company after January 1, 2023 (the "Acquired Hotels"), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to December 31, 2024. The financial results for the Acquired Hotels include information provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2023 (the "Disposed Hotels"), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2023 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. (2) For any hotels acquired by the Company after January 1, 2023 (the "Acquired Hotels"), the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to December 31, 2024 (the "Acquisition Period") in determining same-store hotel EBITDA. (3) For hotels sold by the Company between January 1, 2023, and December 31, 2024 (the "Disposed Hotels"), the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on January 1, 2023, and ending on the date the Disposed Hotels were sold by the Company (the "Disposition Period") in determining same-store hotel EBITDA. Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (In thousands, except operating statistics) 2024 Year Ended Pro Forma Operating Data: (1) Q1 Q2 Q3 Q4 December 31, 2024 Pro forma room revenue $ 164,004 $ 177,392 $ 162,848 $ 156,955 $ 661,199 Pro forma other hotel operations revenue 20,488 21,047 19,689 20,299 81,523 Pro forma total revenues 184,492 198,439 182,537 177,254 742,722 Pro forma total hotel operating expenses 117,992 122,775 120,357 116,886 478,010 Pro forma hotel EBITDA $ 66,500 $ 75,664 $ 62,180 $ 60,368 $ 264,712 Pro forma hotel EBITDA Margin 36.0 % 38.1 % 34.1 % 34.1 % 35.6 % Pro Forma Statistics: (1) Rooms sold 955,533 1,035,292 991,580 957,027 3,939,432 Rooms available 1,324,414 1,324,414 1,338,979 1,339,060 5,326,867 Occupancy 72.1 % 78.2 % 74.1 % 71.5 % 74.0 % ADR $ 171.64 $ 171.34 $ 164.23 $ 164.00 $ 167.84 RevPAR $ 123.83 $ 133.94 $ 121.62 $ 117.21 $ 124.13 Actual Statistics: Rooms sold 969,479 1,014,864 966,019 935,012 3,885,374 Rooms available 1,351,150 1,306,712 1,311,563 1,312,953 5,282,378 Occupancy 71.8 % 77.7 % 73.7 % 71.2 % 73.6 % ADR $ 172.70 $ 170.49 $ 162.95 $ 163.47 $ 167.48 RevPAR $ 123.92 $ 132.41 $ 120.02 $ 116.42 $ 123.19 Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures Revenue: Total revenues $ 188,142 $ 193,903 $ 176,807 $ 172,931 $ 731,783 Total revenues - acquisitions 4,075 6,556 6,626 4,586 21,843 Total revenues - dispositions (7,725) (2,020) (896) (263) (10,904) Pro forma total revenues (1) 184,492 198,439 182,537 177,254 742,722 Hotel Operating Expenses: Hotel operating expenses 119,618 120,874 116,883 114,770 472,145 Hotel operating expenses - acquisitions 3,309 3,979 4,060 2,261 13,609 Hotel operating expenses - dispositions (4,935) (2,078) (586) (145) (7,744) Pro forma hotel operating expenses (1) 117,992 122,775 120,357 116,886 478,010 Hotel EBITDA: Operating income 23,489 56,209 15,755 8,037 103,490 Gain on disposal of assets, net (75) (28,342) (22) (473) (28,912) Loss on impairment and write-down of assets — — — 6,723 6,723 Hotel acquisition and transition costs — — 10 — 10 Corporate general and administrative 8,311 8,704 7,473 7,403 31,891 Depreciation and amortization 36,799 36,458 36,708 36,471 146,436 Hotel EBITDA 68,524 73,029 59,924 58,161 259,638 Hotel EBITDA - acquisitions (2) (1,838) (709) (499) (976) (4,022) Hotel EBITDA - dispositions (3) (2,790) 58 (310) (118) (3,160) Same store hotel EBITDA 63,896 72,378 59,115 57,067 252,456 Hotel EBITDA - acquisitions 2,604 3,286 3,065 3,301 12,256 Pro forma hotel EBITDA (1) $ 66,500 $ 75,664 $ 62,180 $ 60,368 $ 264,712 (1) Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if all such hotels had been owned by the Company since January 1, 2024. For hotels acquired by the Company after January 1, 2024, the Company has included in the pro forma information the financial results of each of the hotels acquired for the period from January 1, 2024, to December 31, 2024. The financial results for the hotels acquired include information provided by the third-party owner of such hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any hotels sold by the Company after January 1, 2024, the Company excludes the financial results of each of those hotels from January 1, 2024 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. (2) For any hotels acquired by the Company after January 1, 2023 (the "Acquired Hotels"), the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to December 31, 2024 (the "Acquisition Period") in determining same-store hotel EBITDA. (3) For hotels sold by the Company between January 1, 2024, and December 31, 2024, the Company has excluded the financial results of each of the hotels for the period beginning on January 1, 2024, and ending on the date the hotels were sold by the Company in determining same-store hotel EBITDA. Summit Hotel Properties, Inc. Pro Forma and Same Store Data (Unaudited) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Pro Forma (1) Rooms sold 957,027 952,458 3,939,432 3,880,938 Rooms available 1,339,060 1,338,968 5,326,867 5,311,998 Occupancy 71.5 % 71.1 % 74.0 % 73.1 % ADR $ 164.00 $ 162.54 $ 167.84 $ 166.89 RevPAR $ 117.21 $ 115.62 $ 124.13 $ 121.93 Occupancy change 0.5 % 1.2 % ADR change 0.9 % 0.6 % RevPAR change 1.4 % 1.8 % For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Same-Store (2) Rooms sold 916,844 912,811 3,774,328 3,717,805 Rooms available 1,286,988 1,286,896 5,119,711 5,105,408 Occupancy 71.2 % 70.9 % 73.7 % 72.8 % ADR $ 163.55 $ 162.23 $ 167.30 $ 166.59 RevPAR $ 116.52 $ 115.07 $ 123.34 $ 121.31 Occupancy change 0.4 % 1.2 % ADR change 0.8 % 0.4 % RevPAR change 1.3 % 1.7 % (1) Unaudited pro forma information includes operating results for 97 hotels owned as of December 31, 2024, as if each hotel had been owned by the Company since January 1, 2023. As a result, these pro forma operating and financial measures include operating results for certain hotels for periods prior to the Company's ownership. (2) Same-store information includes operating results for 93 hotels owned by the Company as of January 1, 2023, and at all times during the three and twelve months ended December 31, 2024, and 2023. Summit Hotel Properties, Inc. Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDA for Financial Outlook (In thousands) (Unaudited) FYE 2025 Outlook Low High Net (loss) income $ (3,400) $ 13,400 Depreciation and amortization 148,600 148,600 Interest expense 79,800 79,000 Interest income (500) (500) Income tax expense 3,000 3,000 EBITDA and EBITDAre 227,500 243,500 Equity-based compensation 8,800 8,800 Debt transaction costs 100 100 Other non-cash items, net 2,800 2,800 Loss (income) related to non-controlling interests in consolidated joint ventures 1,200 (1,900) Adjustments related to non-controlling interests in consolidated joint ventures (56,400) (55,300) Adjusted EBITDAre $ 184,000 $ 198,000 Summit Hotel Properties, Inc. Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations for Financial Outlook (In thousands except per share and unit) (Unaudited) FYE 2025 Outlook Low High Net (loss) income $ (3,400) $ 13,400 Preferred dividends (15,900) (15,900) Distributions to and accretion of redeemable non-controlling interests (2,600) (2,600) Loss (income) related to non-controlling interests in consolidated joint ventures 1,200 (1,900) Net loss applicable to common shares and Common Units (20,700) (7,000) Real estate-related depreciation 147,900 147,900 Adjustments related to non-controlling interests in consolidated joint ventures (31,700) (31,700) FFO applicable to common shares and Common Units 95,500 109,200 Amortization of deferred financing costs 6,500 6,500 Amortization of franchise fees 700 700 Equity-based compensation 8,800 8,800 Debt transaction costs 100 100 Other non-cash items, net 2,800 2,800 Adjustments related to non-controlling interests in consolidated joint ventures (2,500) (2,500) AFFO applicable to common shares and Common Units $ 111,900 $ 125,600 Weighted average diluted common shares/Common Units for FFO and AFFO 125,000 125,000 FFO per common share and Common Unit $ 0.76 $ 0.87 AFFO per common share/Common Unit $ 0.90 $ 1.00 Non-GAAP Financial Measures We disclose certain "non-GAAP financial measures," which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations ("FFO") and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"), Adjusted EBITDAre, and hotel EBITDA (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss). Funds From Operations ("FFO") and Adjusted FFO ("AFFO") As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash lease expense, non-cash interest income and non-cash income tax related adjustments to our deferred tax assets. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of corporate depreciation and amortization expense. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this release, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted. EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry's supplemental measures such as FFO and net operating income ("NOI") to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company's capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs. EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. We caution investors that amounts presented in accordance with our definitions of EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above, we include a quantitative reconciliation of EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss) and operating income (loss). View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-hotel-properties-reports-fourth-quarter-and-full-year-2024-results-302383874.html SOURCE Summit Hotel Properties, Inc.
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