Acquisitions, Renovations Drives Summit's Q1

AUSTIN–Summit Hotel Properties Inc. saw continued solidification of its key operating and strategic objectives, according to company executives. The locally-based company released its first quarter results on Monday.

“In the first quarter, we continued to make solid progress on all of our key operating and strategic objectives,” said Dan Hansen, Summit’s president and CEO, in the report. “Our portfolio recorded strong gains in RevPAR, driven by growth in both average daily rates and occupancy. As a result, we generated a healthy increase in our hotel EBITDA margins, excluding the hotels under renovation, and our New Orleans hotels, which had benefited from the Super Bowl in the prior year.”