Summit Hotel Properties, Inc.

Summit Hotel Properties, Inc. and its operating partnership entered into an equity distribution agreement to establish an At-The-Market (ATM) program. This program allows the company to offer and sell shares of its common stock with an aggregate gross sales price of up to $200,000,000. Sales will be conducted through various managers acting as sales agents or forward sellers, and can be made on the New York Stock Exchange or other trading venues.

Summit Hotel Properties reported a significant improvement in its second-quarter 2026 financial results, swinging to a net income of $3.87 million for common stockholders, or $0.04 per basic share, compared to a net loss in the prior year. Total revenues for the quarter increased by 3.16% to $199.02 million. The company also completed the sale of one property and has another pending, while managing its debt profile with significant repayments and new borrowings.

Summit Hotel Properties, Inc.'s operating partnership, Summit Hotel OP, LP, entered into a new $650 million senior unsecured credit facility. This facility, which refinances the prior credit facility, includes a $400 million revolving credit facility, a $200 million term loan, and a $50 million delayed draw term loan facility. The new agreement extends maturities and features an accordion option to increase total commitments to $900 million, enhancing the company's financial flexibility.

Summit Hotel Properties, Inc. announced that William Conkling, Executive Vice President and Chief Financial Officer, will resign effective June 15, 2026. Jonathan Stanner, President and CEO, will take over as principal financial officer without additional compensation. Mr. Conkling will provide consulting services for a transition period and his departure is not related to any disagreements with the company.

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%.