Summit Hotel Properties reports Q3 AFFO 17c, consensus 14c

Reports Q3 revenue $177.12M, consensus $176.6M. Same store RevPAR decreased 3.7% to $115.77 compared to Q3 of 2024. Same store ADR decreased 3.4% to $157.62, and same store occupancy decreased 0.3% to 73.5%. “Operating fundamentals in the Q3 remained relatively stable compared to the trends we observed in the second quarter, as reduced government demand and slower international inbound travel continued to pressure average daily rates. Despite this challenging backdrop, we continued to grow market share, with our RevPAR index increasing 140 basis points to ~116% in the Q3. Our disciplined approach to cost management also resulted in pro forma operating expenses increasing less than 2% during the quarter and just over 1.5% year-to-date. Encouragingly, our outlook for the remainder of the year reflects expectations for sequential improvement in operating trends in the Q4, and our longer-term outlook for better operating fundamentals is positive as the industry will benefit from a lack of new supply growth,” said Jonathan P. Stanner, President and CEO.