AUSTIN-Summit Hotel Properties Inc. reported some positive numbers on its recent earnings release (for Q4 2012), pointing to a pro forma RevPAR (for 2012) of $69.22 (a 9.7% increase over 2011) and a pro forma average deaily rate of $97.90 (a 3.9% increase over 2011). Also on the upswing was occupancy, which improved 380 basis points to 70.7%.

Other 2012 highlights included

Pro Forma hotel EBITDA of $73.9 million, an increase of 19.2% over 2011.
Adjusted EBITDA of $52.1 million, an increase of 40% over 2011.
Adjusted FFO: of $33.6 million or $0.82 per diluted unit.
An acquisition of 19 hotels, 2,348 guestrooms for a total purchase price of $265.4 million.

“We had a terrific year,” says Dan Hansen, Summit Properties president and CEO in a press release. “We acquired 19 hotels, sold 5 hotels, raised both common and preferred equity, and renovated 13 hotels. Through this tremendous amount of activity, our asset management team performed brilliantly by minimizing disruption and maximizing both rate and occupancy. They further showed their strength by continuing to implement revenue and cost management strategies that benefitted the entire portfolio. We continue to remain focused on realizing our embedded growth and balancing that with new acquisitions in markets that are accretive to our portfolio. We anticipate opportunities to be just as plentiful in 2013.”

Instant Insights /

Summit RevPAR, ADR, Occupancy Increase

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