Summit Hotel Properties reports Q1 AFFO 21c, consensus 19c

Reports Q1 revenue $185.05M, consensus $181.39M. Reports Q1 Pro forma RevPAR up 0.2% to $126.57 vs. last year; Pro forma ADR up 1.5% to $176.85 vs. last year, and pro forma occupancy down 1.3% to 71.6 %. “Operating fundamentals improved meaningfully in the Q1 as positive RevPAR growth in the quarter exceeded our expectations by over 200 basis points. Encouragingly, we experienced sequential improvements in demand within the quarter culminating with March RevPAR growth of over 4%. These positive trends have continued into the second quarter as rate-driven revenue growth has been broad based across markets and segments of our portfolio. Our outlook for the remainder of the year is increasingly positive as we approach what is expected to be a robust summer of travel demand, highlighted by a record setting special events calendar and current operating trends that support an increase to our full year 2026 guidance ranges,” said Jonathan Stanner, President and CEO.”