Summit Hotel Properties, Inc. Files 2023 Annual Report on Form 10-K

Ticker: INN-PF · Form: 10-K · Filed: Feb 29, 2024 · CIK: 1497645

Summit Hotel Properties, Inc. 10-K Filing Summary
FieldDetail
CompanySummit Hotel Properties, Inc. (INN-PF)
Form Type10-K
Filed DateFeb 29, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $25, $400.0 million, $400 Million, $200.0 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Summit Hotel Properties, REIT, Annual Report, Financials

TL;DR

<b>Summit Hotel Properties, Inc. has filed its 2023 10-K annual report detailing its financial performance and condition.</b>

AI Summary

Summit Hotel Properties, Inc. (INN-PF) filed a Annual Report (10-K) with the SEC on February 29, 2024. Summit Hotel Properties, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing is a 10-K report, providing a comprehensive overview of the company's financial performance and condition. The company is incorporated in Maryland and operates under the Real Estate Investment Trusts industry. Key financial data for the fiscal year 2023 is included in the report. The report covers financial data from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking Summit Hotel Properties, Inc., this filing contains several important signals. This 10-K filing provides investors with crucial, up-to-date information on Summit Hotel Properties' financial health, operational performance, and strategic direction for the fiscal year 2023. As a REIT, the detailed financial disclosures in this report are essential for stakeholders to assess the company's asset portfolio, revenue streams, and overall market position within the real estate sector.

Risk Assessment

Risk Level: medium — Summit Hotel Properties, Inc. shows moderate risk based on this filing. The company operates in the real estate investment trusts sector, which is subject to market fluctuations and interest rate sensitivity, as indicated by the nature of its business and the typical risks associated with REITs.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Summit Hotel Properties' performance and outlook for the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-02-29 — Filing Date (As of date)
  • 6798 — SIC Code (Standard Industrial Classification)
  • MD — State of Incorporation (State of incorporation)

Key Players & Entities

  • Summit Hotel Properties, Inc. (company) — Filer name
  • 2023 (date) — Fiscal year end
  • 10-K (document) — Filing type
  • Maryland (location) — State of incorporation
  • Austin (location) — City
  • TX (location) — State
  • 512-538-2300 (phone) — Business phone
  • 2024-02-29 (date) — Filing date

FAQ

When did Summit Hotel Properties, Inc. file this 10-K?

Summit Hotel Properties, Inc. filed this Annual Report (10-K) with the SEC on February 29, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Summit Hotel Properties, Inc. (INN-PF).

Where can I read the original 10-K filing from Summit Hotel Properties, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Summit Hotel Properties, Inc..

What are the key takeaways from Summit Hotel Properties, Inc.'s 10-K?

Summit Hotel Properties, Inc. filed this 10-K on February 29, 2024. Key takeaways: Summit Hotel Properties, Inc. filed its annual report for the fiscal year ended December 31, 2023.. The filing is a 10-K report, providing a comprehensive overview of the company's financial performance and condition.. The company is incorporated in Maryland and operates under the Real Estate Investment Trusts industry..

Is Summit Hotel Properties, Inc. a risky investment based on this filing?

Based on this 10-K, Summit Hotel Properties, Inc. presents a moderate-risk profile. The company operates in the real estate investment trusts sector, which is subject to market fluctuations and interest rate sensitivity, as indicated by the nature of its business and the typical risks associated with REITs.

What should investors do after reading Summit Hotel Properties, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Summit Hotel Properties' performance and outlook for the upcoming fiscal year. The overall sentiment from this filing is neutral.

Risk Factors

  • Market Conditions [medium — market]: The company's financial performance is subject to the cyclical nature of the lodging industry and broader economic conditions.
  • Debt Obligations [medium — financial]: The company has significant debt obligations that could impact its financial flexibility and ability to meet future obligations.
  • Hotel Operations [medium — operational]: Operational risks include dependence on third-party hotel managers and the ability to maintain property standards.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
  • 2024-02-29: Filing Date — Date the 10-K report was officially filed with the SEC.

Filing Stats: 4,484 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-02-28 17:36:31

Key Financial Figures

  • $0.01 — ich registered Common Stock, par value $0.01 per share INN New York Stock Exchange
  • $25 — Preferred Units (Liquidation preference $25 per unit) of the Operating Partnership
  • $400.0 million — enior Credit Facility is comprised of a $400.0 million revolver (the "$400 Million Revolver")
  • $400 Million — ised of a $400.0 million revolver (the "$400 Million Revolver") and a $200.0 million term lo
  • $200.0 million — ver (the "$400 Million Revolver") and a $200.0 million term loan facility (the $200 Million Te
  • $200 Million — $200.0 million term loan facility (the $200 Million Term Loan"). We entered into the 2023 S
  • $200 million — he Company successfully completed a new $200 million senior unsecured term loan financing (t
  • $225 million — ere used to repay in full the Company's $225 million 2018 Term Loan (as defined under "Part
  • $125.0 million — nture Credit Facility is comprised of a $125.0 million revolving credit facility (the "$125 Mi
  • $125 Million — million revolving credit facility (the "$125 Million Revolver") and a $75.0 million term loa
  • $75.0 million — ity (the "$125 Million Revolver") and a $75.0 million term loan (the "$75 Million Term Loan")
  • $75 Million — r") and a $75.0 million term loan (the "$75 Million Term Loan"). In September 2023, we reca
  • $822.0 million — ives for an aggregate purchase price of $822.0 million (the "NCI Transaction"). In connection
  • $410.0 million — 2, our GIC Joint Venture entered into a $410.0 million senior secured term loan facility (the
  • $6.5 million — ed Clean Energy (" PACE") loan totaling $6.5 million. The GIC Joint Venture Term Loan has an

Filing Documents

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36

Properties

Item 2. Properties 37

Legal Proceedings

Item 3. Legal Proceedings 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42

[Reserved]

Item 6. [Reserved] 43

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 61

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 61

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 61

Controls and Procedures

Item 9A. Controls and Procedures 62

Other Information

Item 9B. Other Information 62

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 64

Executive Compensation

Item 11. Executive Compensation 64

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 64

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 64 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 65 Item 16. F orm 10-K Summary 70 INDEX TO FINANCIAL STATEMENTS AND SCHEDULES F- 1 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "forecast," "project," "potential," "continue," "likely," "will," "would" or similar expressions. Forward-looking statements in this report include, among others, statements about our business strategy, including acquisition and development strategies, industry trends, estimated revenues and expenses, ability to realize deferred tax assets and expected liquidity needs and sources (including capital expenditures and the ability to obtain financing or raise capital). You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: global, national, regional and local economic and geopolitical conditions and events, including wars or potential hostilities, such as future terrorist attacks, that may

Business

Item 1. Business. Unless the context otherwise requires, all references to "we," "us," "our," or the "Company" refer to Summit Hotel Properties, Inc. and its consolidated subsidiaries. Overview Summit Hotel Properties, Inc. is a self-managed lodging property investment company that was organized on June 30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the "Operating Partnership"), a Delaware limited partnership also organized on June 30, 2010. We focus on owning lodging properties with efficient operating models that generate strong margins and investment returns. At December 31, 2023, our portfolio consisted of 100 lodging properties with a total of 14,912 guestrooms located in 24 states. We own our properties fee simple, except for six hotel properties which are subject to ground leases. As of December 31, 2023, we own 100% of the outstanding equity interests in 56 of our lodging properties. We own a 51% controlling interest in 41 lodging properties through a joint venture with USFI G-Peak Pte. Ltd. ("GIC"), a private limited company incorporated in the Republic of Singapore (the "GIC Joint Venture"), and two 90% equity interests in separate joint ventures (the "Brickell Joint Venture" and the "Onera Joint Venture"). The Brickell Joint Venture owns two lodging properties, and the Onera Joint Venture owns one lodging property. The GIC Joint Venture was formed in July 2019 with GIC to acquire assets that align with the Company's current investment strategy and criteria. The Company serves as general partner and asset manager of the GIC Joint Venture and intends to invest 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49%. The GIC Joint Venture intends to finance assets with an anticipated 50% overall leverage target. The Company earns fees for providing services to the GIC Joint Venture and will have the potential to earn incentive fees

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