AUSTIN, Texas, August 9, 2021 / PRNewswire / – Summit Hotel Properties, Inc. (NYSE: INN) (the âCompanyâ) is proud to announce that it has been recognized as the recipient of the Renovation Excellence CONNECT Award 2020 from Marriott International for its transformational renovation of 189 – Residence Inn by Marriott Baltimore Downtown / Inner Harbor room. The Renovation Excellence Award recognizes companies that have completed a renovation with the highest quality standards and scope of work that have resulted in exemplary brand representation.
âThe recognition of our brand partners is a powerful affirmation of our commitment to excellence. Our in-house team of talented construction and design experts perfectly executed a comprehensive plan to deliver a fully improved product offering that enhanced l ‘customer experience’, commented Craig aniszewski, executive vice president and chief operating officer of the company. âOver the past five years, we have invested nearly $ 250 million in our portfolio of high-quality, well-located hotels with an average effective age of less than five years, demonstrating our commitment to reinvesting capital to maintain our competitive advantage, âcommented Aniszewski.
The complete renovation included upgrades to rooms, bathrooms, public areas and the fitness center. Additionally, the company has identified an underutilized meeting space within the hotel that has been converted into an additional bedroom. The hotel currently has a RevPAR index of 144 for the twelve months ended June 30, 2021, which rose more than 40% against the hotel’s last twelve-month RevPAR index just before renovations began.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust that focuses on owning high-end branded hotels with efficient operating models primarily in the high-end segment of the industry. accommodation. From August 9, 2021, the Company’s portfolio consisted of 73 hotels, 61 of which are wholly owned, with a total of 11,398 rooms located in 23 states.
For more information, please visit the company’s website, www.shpreit.com, and follow us on Twitter at @SummitHotel_INN.
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in accordance with the provisions of safe harbor of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may”, “will”, “should”, “possible”, “the intention “,” expect “,” “seek”, “anticipate”, “estimate”, “approximately”, “believe”, “could”, “plan”, “predict”, “foresee”, “continue”, “plan”, “probably”, “would” or other similar words or expressions. Forward-looking statements are based on certain assumptions and may include future expectations, future plans and strategies, financial and operational projections or other forward-looking information The following are examples of ‘forward-looking statements: the Company’s ability to achieve financial and operational synergies; projections of income and expenditure or other financial items; descriptions of the Company’s plans or objectives for future operations; EBITDAre forecasts; and descriptions of any assumptions underlying or related to any of the preceding expectations about when they will occur. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the control of the Company, which could cause actual results to differ materially from these statements. These risks and uncertainties include, without limitation, the state of the US economy, supply and demand in the hospitality industry, and other factors described in more detail in the documents filed by the Company with the of the Securities and Exchange Commission (âSECâ). Except as required by law, the Company disclaims any obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
For more information on the Company’s business and financial results, please refer to the âManagement’s Discussion and Analysis of Financial Condition and Results of Operationsâ and âRisk Factorsâ sections of the Company’s annual report on Form 10-K for the closed fiscal year. December 31, 2020, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company assumes no obligation to update the statements in this press release to conform with the statements to actual results or to changes in the expectations of the Company.
SOURCE Summit Hotel Properties, Inc.