$6.060
+0.154 (+2.54%)At close
INN News
INN Events
Company Reports Q2 Revenue of $199.02M, Beating Expectations
Reports Q2 revenue $199.02M, consensus $198.41M. "We were pleased with our strong Q2 results and are increasingly optimistic about the outlook for our business. Operating fundamentals accelerated in the quarter and exceeded our expectations as pro forma RevPAR increased 5.0% year-over-year driven by a 7.1% increase in average rates. Demand strength was broad based across segments and markets reflecting the quality of our portfolio, and our team did a terrific job capitalizing on a more favorable environment driving hotel EBITDA growth of 7.8% compared to the second quarter of last year. Our outlook for the remainder of the year continues to improve as the positive inflection of industry fundamentals proves durable, and we have increased our full year 2026 guidance ranges to reflect this more positive outlook," said CEO Jonathan Stanner. "We also continue to make progress strengthening our balance sheet. During the quarter, we refinanced our primary corporate credit facility, extending its maturity date and lowering borrowing costs, and separately negotiated a reduction in the interest rate spread on our Miami Brickell mortgage loan. We have no debt maturities until 2028 and significant liquidity. Subsequent to quarter end, we closed on the previously announced sale of two wholly-owned hotels as we continue to successfully recycle capital to reduce leverage, build capacity for future growth, and enhance the quality of our portfolio".
S&P Futures Rise as Oil Prices Drop, Boosting Market
S&P futures are pointing higher to end the week, building on Thursday's rally. The market is being driven by a combination of easing geopolitical fears, a sharp decline in oil prices, and continued enthusiasm around AI-related stocks and the highly anticipated SpaceX IPO.President Trump indicated that an Iran peace agreement could be signed as soon as this weekend, causing crude oil to tumble below $90 per barrel. Lower oil prices are helping calm inflation fears after this week's hotter-than-expected CPI and PPI reports. Markets are betting that if energy prices continue falling, some of the inflation pressure could ease in coming months.Thursday saw a rebound in semiconductor names after two difficult sessions. Investors are also watching the debut of SpaceX, whose massive IPO is expected to be one of the largest market events of the year and could further fuel enthusiasm for AI, aerospace and growth stocks.In pre-market trading, S&P 500 futures rose 0.20%, Nasdaq futures were flat and Dow futures rose 0.44%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -United Community Banksup 2% after executing a definitive agreement to sell its equipment finance business for $1.9B in cashUP AHEAD OF SPACEX IPO:EchoStarup 5%Rocket Labup 3%AST SpaceMobileup 1%DOWN AFTER EARNINGS -Adobedown 8%RHdown 2%51Talk Online Educationdown 7%Laser Photonicsdown 7%Lennardown 1%LOWER -Jazz Pharmaceuticalsdown 1% after announcing its LAGOON trial did not meet its primary endpoint of overall survival evaluating Zepzelca as monotherapy or in combination with irinotecan compared to investigators' choice of topotecan or irinotecanSummit Hotel Propertiesdown 1% after reporting that CFO William Conkling will depart the company effective June 15 for personal reasonsShelldown 1% after pausing its $3B share buyback program
Summit Hotel CFO William Conkling to Depart on June 15
Summit Hotel Properties announced that CFO William Conkling will depart the company effective June 15 for personal reasons. Conkling will remain available to the company in an advisory capacity through September 30. The company has engaged a search firm to identify Conkling's successor. In the interim, Stanner will assume the role of principal financial officer of the company, in addition to continuing as president and CEO.
Company Sees FY26 Pro Forma RevPAR Growth of 0.50%-3.00%
Sees FY26 Pro Forma RevPAR Growth 0.50%-3.00%. The company said, "The Company's updated outlook for the FY26 is based on the 94 lodging assets owned as of March 31, 2026, including the Courtyard by Marriott and Residence Inn Dallas for which we have entered into an agreement to sell the two hotels. The sale is expected to close in the third quarter and will result in approximately $500,000 of foregone Hotel EBITDA from the closing date through the end of the year, which is not reflected in the updated guidance ranges. Based on Q1 actual results and recent operating trends, the Company is increasing the low end and implied midpoint of its guidance ranges. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company's FY26 outlook."
Q1 Revenue of $185.05M Exceeds Expectations
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."
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.