Summit Hotel Properties (NYSE: INN) has evolved over the past few years. While the hotel real estate investment trust (REIT) owns a similarly sized portfolio (it had 79 hotels and 11,590 guest rooms in mid-2017 versus 72 hotels and 11,288 guest rooms currently), it has sold several smaller hotels and recycled that capital into acquiring larger properties that boast higher earnings metrics. This portfolio refresh has enabled Summit to grow its RevPAR at a faster rate than its peers.
While Summit is currently facing some major headwinds due to COVID-19, the company believes it has a bright future. Here’s a look at where the hotel REIT might be in three years.
Where Summit Hotel Properties is today
As noted, Summit Hotel Properties currently has interests in 72 hotels spread across 23 states. Premium hotel brands like Marriott (NYSE: MAR), Hilton (NYSE: HLT), Hyatt (NYSE: H), and InterContinental (NYSE: IHG) operate