Summit Hotel Properties, Inc. (INN) experienced an incline of 8.42% in the aftermarket. However, the last trading session concluded at $10.1 with an incline of 0.1%.
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Corporate Responsibility Report For 2020
INN announced the publication of its annual Corporate Responsibility Report for 2020 on 4th October 2021. The report contains details of the company’s continuous commitment to the environment, community, and stakeholders. The company has made significant progress towards its objectives of environment protection, community involvement, governance, and adaptability. While they are happy with the success they have achieved on the sustainability practices, they also know that these programs are an ever-evolving journey for which INN will continue to achieve greatness.
Their sustainably program’s goal is to provide long-term benefit to their stakeholders by making responsible investments in their company, environment, people, and society. Their Corporate Responsibility Report is intended to assist the stakeholders in greater understanding the commitments and initiatives in the areas of environmental stewardship, personal accountability, management, and resilience.
Top Accolade from CONNECT 2020 Marriott Awards
On 9th August 2021, INN reported that Marriott International has named the Residence Inn by Marriott Baltimore Downtown/Inner Harbor as the recipient of the Refurbishment Excellence CONNECT 2020 award for its revolutionary renovation. The Remodel Excellence Award recognizes businesses that completed a renovation to the highest quality standards and scope of work, resulting in a brand representation that is second to none.
Guestrooms, guest baths, public areas, and the fitness center all received enhancements as part of the restoration. In addition, the hotel’s unused conference area was transformed into an extra guestroom by the company. Lastly, the hotel now has a RevPAR index of 144 for the twelve months ending June 30, 2021, up from the following twelve-month RevPAR index just prior to the restoration.
Second Quarter 2021 Results
INN released second-quarter 2021 results on 3rd August 2021. The net loss was $22.4 million, compared to $54.1 million in the same quarter of 2020. However, revenue per available room (RevPAR) climbed to $77.88. In comparison to the same time in 2020, the average daily rate surged to 25.6 percent to $120.05, while occupancy rose 167.3 percent to 64.9 percent. Adjusted EBITDA climbed to $21.7 million in the first quarter of 2020. Moreover, the Adjusted FFO was $8.4 million, compared to $25.9 million in the same quarter last year. Lastly, the Company also spent $2.9 million on capital improvements during the second quarter.