Quarterly ResultApr 30, 2026, 04:43 PM
INN Q1 Net Loss $(10.4M), EPS $(0.10); Asset Write-Down & Debt Refinancing
AI Summary
Summit Hotel Properties, Inc. reported a net loss attributable to common stockholders of $(10.4) million, or $(0.10) per share, for Q1 2026, a significant increase from the $(4.7) million loss, or $(0.04) per share, in Q1 2025. Total revenues saw a slight increase to $185.1 million, but operating income declined by 28.7%. The quarter included a $3.6 million write-down on assets held for sale and the refinancing of $287.5 million in convertible notes, leading to a higher weighted-average interest rate of 5.57%.
Key Highlights
- Net loss attributable to common stockholders was $(10.4)M, up from $(4.7)M YoY.
- Basic and diluted loss per share was $(0.10), up from $(0.04) YoY.
- Total revenues slightly increased to $185.1M from $184.5M YoY.
- Operating income decreased to $14.1M from $19.8M YoY.
- Recorded a $3.6M loss on write-down of assets held for sale.
- Sold Hilton Garden Inn - Longview, TX for $12.3M.
- Refinanced $287.5M convertible notes with a new term loan.
- Weighted-average interest rate increased to 5.57% from 4.83% YoY.