Q2 2024 Summit Hotel Properties Inc Earnings Call Transcript
Key Points
- Adjusted EBITDAre increased 6% to nearly $56 million, setting a new quarterly record.
- Adjusted FFO increased 10% year-over-year, marking the second consecutive quarter of double-digit growth.
- Pro forma RevPAR increased 3.4% year-over-year, outperforming the total US lodging industry and upscale chain scale.
- Hotel EBITDA growth of 6% with a margin expansion of 120 basis points.
- Strong group demand with second quarter group RevPAR increasing 7.5% year-over-year.
- Full year RevPAR growth guidance reduced to 1% to 2.5% due to softer demand and tempered outlook over peak summer leisure travel months.
- June experienced a RevPAR decline of 1%, with July showing similar patterns.
- San Francisco assets showed weakness with a year-over-year RevPAR decline.
- RevPAR for resort and small-town metro assets declined modestly year-over-year due to ongoing renovations.
- Increased volatility in booking pace, particularly around holiday weeks, affecting business travel.
Welcome to the Summit Hotel Properties 2024 second-quarter earnings conference call. I will now be passing the line to Adam Wudel, Senior Vice President of Finance, Capital Markets and Treasurer.
Thank you, Daniel, and good morning. I am joined today by Summit Hotel Properties' President and Chief Executive Officer, Jon Stanner; and Executive Vice President and Chief Financial Officer, Trey Conkling.
Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. These statements are subject to risks and uncertainties, both known and unknown as described in our SEC filings.
Forward-looking statements that we make today are effective only as of today, July 30, 2024, and we undertake no duty to update them later. You can find copies of our SEC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call on our website at
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