Summit's RevPAR Increases 8% Year Over Year

AUSTIN-Summit Hotel Properties Inc. showed a solid Q2 2013, with same-store RevPAR, average daily rate and occupancies all showing year-over-year increases. Specifically, RevPAR increased 8% to $75.76; ADR was $99.96 (an increase of 4.9%) and occupancy jumped 219 basis points to 75.8%.

The pro forma numbers also increased, with pro forma RevPAR at $85.43 (an increase of 5.8% from the same period in 2012); pro forma ADR at $110.58 (an increase of 3.9% year over year) and pro forma occupancy increasing by 140 basis points to 77.3%. The pro forma EBITDA for @q was $32.8 million, an increase of 7.2% from Q2 2012. Furthermore, during the previous quarter, Summit added 1,096 rooms to its portfolio for a total purchase price of $185.4 million.

Based on these figures and expectations, the company's Q3 guidance is as follows:

                                                         Low-end           High-end

    Pro forma RevPAR                        $82.50                $84.00

    Pro forma RevPAR Growth            5.0%                     7.0%

    RevPAR (same-store 57)              $75.50                $77.00

    RevPAR Growth (same-store 57)  5.5%                     7.5%

    Adjusted FFO                                $16,500             $17,900

    Adjusted FFO per diluted unit       $0.24                 $0.26

    Renovation capital deployed        $15,000              $18,000