$INN
Summit Hotel Properties, Inc.

2013 Q4 Form 10-K Financial Statement

#000110465914022527 Filed on March 25, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue $77.96M $299.0M $45.11M
YoY Change 72.82% 84.88% 34.38%
Cost Of Revenue $54.10M $198.3M $32.50M
YoY Change 66.46% 79.59% 18.61%
Gross Profit $23.80M $100.6M $12.60M
YoY Change 88.89% 96.29% 75.0%
Gross Profit Margin 30.53% 33.66% 27.93%
Selling, General & Admin $2.900M $12.90M $2.500M
YoY Change 16.0% 34.38% 150.0%
% of Gross Profit 12.18% 12.82% 19.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.90M $48.90M $9.800M
YoY Change 41.84% 40.23% 27.27%
% of Gross Profit 58.4% 48.6% 77.78%
Operating Expenses $16.90M $64.10M $11.90M
YoY Change 42.02% 59.06% 20.2%
Operating Profit $6.900M $33.25M $700.0K
YoY Change 885.71% 353.59% -125.93%
Interest Expense -$5.300M $20.14M -$3.700M
YoY Change 43.24% 35.07% 15.63%
% of Operating Profit -76.81% 60.57% -528.57%
Other Income/Expense, Net -$1.700M -$21.73M $200.0K
YoY Change -950.0% 44.81%
Pretax Income -$200.0K $11.52M -$4.900M
YoY Change -95.92% -250.08% -18.33%
Income Tax $3.600M $4.894M -$500.0K
% Of Pretax Income 42.49%
Net Earnings -$1.859M $5.878M -$821.0K
YoY Change 126.43% -646.28% -62.68%
Net Earnings / Revenue -2.38% 1.97% -1.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$22.38K $83.93K -$17.51K
COMMON SHARES
Basic Shares Outstanding 70.33M shares 46.16M shares
Diluted Shares Outstanding 70.74M shares

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.70M $46.70M $14.00M
YoY Change 233.57% 233.57% 33.33%
Cash & Equivalents $46.71M $46.70M $13.98M
Short-Term Investments
Other Short-Term Assets $8.900M $8.900M $5.300M
YoY Change 67.92% 1171.43% 23.26%
Inventory
Prepaid Expenses
Receivables $7.200M $7.200M $5.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $62.80M $62.80M $24.80M
YoY Change 153.23% 210.89% 36.26%
LONG-TERM ASSETS
Property, Plant & Equipment $1.150B $1.150B $734.4M
YoY Change 56.59% 56.59% 47.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $10.30M
YoY Change -100.0% -100.0%
Other Assets $61.00M $64.50M $21.40M
YoY Change 185.05% 160.08% 69.84%
Total Long-Term Assets $1.232B $1.232B $786.0M
YoY Change 56.7% 55.79% 46.69%
TOTAL ASSETS
Total Short-Term Assets $62.80M $62.80M $24.80M
Total Long-Term Assets $1.232B $1.232B $786.0M
Total Assets $1.294B $1.295B $810.8M
YoY Change 59.66% 59.66% 46.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.600M $7.600M $5.000M
YoY Change 52.0% 52.0% 194.12%
Accrued Expenses $27.20M $27.20M $19.00M
YoY Change 43.16% 43.16% 20.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.80M $34.80M $24.00M
YoY Change 45.0% 45.0% 37.14%
LONG-TERM LIABILITIES
Long-Term Debt $435.6M $435.6M $312.6M
YoY Change 39.35% 39.35% 43.99%
Other Long-Term Liabilities $1.800M $1.800M $600.0K
YoY Change 200.0% 200.0%
Total Long-Term Liabilities $437.4M $437.4M $313.2M
YoY Change 39.66% 39.66% 44.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.80M $34.80M $24.00M
Total Long-Term Liabilities $437.4M $437.4M $313.2M
Total Liabilities $472.1M $484.6M $337.3M
YoY Change 39.98% 29.57% 43.78%
SHAREHOLDERS EQUITY
Retained Earnings -$72.58M -$31.99M
YoY Change 126.91% 190.25%
Common Stock $854.0K $462.0K
YoY Change 84.85% 69.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $809.8M $809.8M $436.8M
YoY Change
Total Liabilities & Shareholders Equity $1.294B $1.295B $810.8M
YoY Change 59.66% 59.66% 46.35%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income -$1.859M $5.878M -$821.0K
YoY Change 126.43% -646.28% -62.68%
Depreciation, Depletion And Amortization $13.90M $48.90M $9.800M
YoY Change 41.84% 40.23% 27.27%
Cash From Operating Activities $26.20M $72.40M $10.10M
YoY Change 159.41% 108.63% 140.48%
INVESTING ACTIVITIES
Capital Expenditures -$52.90M -$444.8M -$133.2M
YoY Change -60.29% 104.88% -725.35%
Acquisitions
YoY Change
Other Investing Activities $7.500M -$22.70M -$31.80M
YoY Change -123.58% 42.77% -7.83%
Cash From Investing Activities -$45.40M -$467.4M -$164.9M
YoY Change -72.47% 100.6% 1139.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.40M 427.7M 158.5M
YoY Change -87.13% 112.0% 6504.17%
NET CHANGE
Cash From Operating Activities 26.20M 72.40M 10.10M
Cash From Investing Activities -45.40M -467.4M -164.9M
Cash From Financing Activities 20.40M 427.7M 158.5M
Net Change In Cash 1.200M 32.70M 3.700M
YoY Change -67.57% 849.75% -155.22%
FREE CASH FLOW
Cash From Operating Activities $26.20M $72.40M $10.10M
Capital Expenditures -$52.90M -$444.8M -$133.2M
Free Cash Flow $79.10M $517.2M $143.3M
YoY Change -44.8% 105.4% -938.01%

Facts In Submission

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CY2011 us-gaap Amortization Of Deferred Charges
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CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2011 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2013Q4 us-gaap Liabilities
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CY2011 us-gaap Income Taxes Paid Net
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<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">NOTE 1 - DESCRIPTION OF BUSINESS</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Summit Hotel Properties,&#160;Inc. (the &#8220;Company&#8221;) is a self-managed hotel investment company that was organized on June&#160;30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the &#8220;Operating Partnership&#8221;), a Delaware limited partnership also organized on June&#160;30, 2010. On February&#160;14, 2011, the Company closed on its initial public offering (&#8220;IPO&#8221;) of 26,000,000 shares of common stock and a concurrent private placement of 1,274,000 shares of common stock. Effective February&#160;14, 2011, the Operating Partnership and Summit Hotel Properties, LLC (the &#8220;Predecessor&#8221;) completed the merger of the Predecessor with and into the Operating Partnership (the &#8220;Merger&#8221;). Unless the context otherwise requires, &#8220;we&#8221; and &#8220;our&#8221; refer to the Company and its subsidiaries.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">While the Operating Partnership was the survivor of and the legal acquirer of the Predecessor in the Merger, for accounting and financial reporting purposes, the Predecessor is considered the accounting acquirer in the Merger. As a result, the historical consolidated financial statements of the Predecessor are presented as the historical consolidated financial statements of the Company after completion of the Merger and the related transactions (collectively, the &#8220;Reorganization Transaction&#8221;).</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Summit Hotel OP, LP, the Operating Partnership subsidiary of the Company, filed a Form&#160;15 on December&#160;12, 2013 to voluntarily suspend its duty to file periodic and other reports with the Securities and Exchange Commission (the &#8220;SEC&#8221;) and voluntarily deregister its common units of limited partnership interest the Securities and Exchange Act of 1934 (the &#8220;Exchange Act&#8221;).&#160; As a result of filing the Form&#160;15 with the SEC, the Operating Partnership is no longer required to file annual, quarterly or periodic reports with the SEC.&#160; The filing of the Form&#160;15 by the Operating Partnership does not impact the registration of the Company&#8217;s common stock under the Exchange Act or the Company&#8217;s obligations as a reporting issuer under the Exchange Act.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">At December&#160;31, 2013, our portfolio consists of 88 upscale, upper midscale and midscale hotels with a total of 10,908 guestrooms located in 22 states. The hotels are leased to subsidiaries (&#8220;TRS Lessees&#8221;) of our taxable REIT subsidiaries (&#8220;TRSs&#8221;). We indirectly own 100% of the outstanding equity interests in all but one of our TRS Lessees. We indirectly own an 80% controlling interest in the TRS Lessee associated with the Holiday Inn Express&#160;&amp; Suites in San Francisco, CA which we acquired in early 2013 through a joint venture.</font></p></div>
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CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2013 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2013 us-gaap Payments Of Financing Costs
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CY2013 us-gaap Payments For Capital Improvements
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CY2013 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2013 us-gaap Proceeds From Sale Of Productive Assets
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CY2013 us-gaap Increase Decrease In Restricted Cash
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CY2013 us-gaap Interest Paid
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CY2013 us-gaap Interest Paid Capitalized
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CY2013 us-gaap Income Taxes Paid Net
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681000 USD
CY2013 us-gaap Dividends Cash
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CY2012Q1 us-gaap Profit Loss
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-2806000 USD
CY2013Q4 us-gaap Deposits Assets
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CY2012Q4 us-gaap Deposits Assets
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OtherPrepaidExpenseCurrentAndNoncurrent
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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2837000 USD
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1 item
CY2013 us-gaap Depreciation
Depreciation
48900000 USD
CY2012 us-gaap Depreciation
Depreciation
28000000 USD
CY2011 us-gaap Depreciation
Depreciation
22500000 USD
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113000 USD
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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0 USD
CY2013Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0 USD
CY2013Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0 USD
CY2013Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0 USD
CY2013Q1 us-gaap Profit Loss
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1874000 USD
CY2013Q4 us-gaap Long Term Debt
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435589000 USD
CY2013Q4 us-gaap Sec Schedule Iii Real Estate Investment Property Net
SECScheduleIIIRealEstateInvestmentPropertyNet
1175939000 USD
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
173149000 USD
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
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1349088000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
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1179326000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
169762000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
120406000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
1058920000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
169762000 USD
CY2013Q1 us-gaap Revenues
Revenues
59723000 USD
CY2013Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1517000 USD
CY2013Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
357000 USD
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.03
CY2013Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.01
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2013Q2 us-gaap Revenues
Revenues
79105000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
6126000 USD
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
545000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.03
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.01
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-3410000 USD
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.02
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2013Q4 us-gaap Revenues
Revenues
77956000 USD
CY2013Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-3855000 USD
CY2012Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-1245000 USD
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.02
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2012Q1 us-gaap Revenues
Revenues
33942000 USD
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RealEstateAccumulatedDepreciation
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CY2012Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.07
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
-0.04
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2012Q2 us-gaap Revenues
Revenues
39580000 USD
CY2012Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-939000 USD
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
583000 USD
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.06
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.02
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2012Q3 us-gaap Revenues
Revenues
43069000 USD
CY2012Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-411000 USD
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
2052000 USD
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.04
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
CY2012Q4 us-gaap Revenues
Revenues
45109000 USD
CY2012Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-4352000 USD
CY2013 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
77392000 USD
CY2013 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
744000 USD
CY2013 us-gaap Labor And Related Expense
LaborAndRelatedExpense
8218000 USD
CY2013 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
4711000 USD
CY2013 inn Acquisition Related Expenses Net
AcquisitionRelatedExpensesNet
1886000 USD
CY2013 us-gaap Investment Income Interest
InvestmentIncomeInterest
83000 USD
CY2013 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
-343000 USD
CY2013 us-gaap Interest Expense
InterestExpense
20137000 USD
CY2013 us-gaap Debt Issuance Costs
DebtIssuanceCosts
1697000 USD
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
363000 USD
CY2013 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4894000 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-728000 USD
CY2013 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
-297000 USD
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-881000 USD
CY2013Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1149967000 USD
CY2013Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
12224000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
8876000 USD
CY2013Q2 dei Entity Public Float
EntityPublicFloat
623345975 USD
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
85528563 shares
CY2012Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
901207000 USD
CY2010Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
570807000 USD
CY2011Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
645339000 USD
CY2013Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0503 pure
CY2012Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0515 pure
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46706000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
319449000 USD
CY2013 us-gaap Occupancy Revenue
OccupancyRevenue
283279000 USD
CY2013 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
15679000 USD
CY2013 us-gaap Occupancy Costs
OccupancyCosts
80391000 USD
CY2013 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
39815000 USD
CY2013Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
358590000 USD
CY2012Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
229587000 USD
CY2013Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
76999000 USD
CY2012Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
83026000 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9164000 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
13036000 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
67013000 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
39211000 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
103128000 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
204037000 USD
CY2013 dei Entity Registrant Name
EntityRegistrantName
Summit Hotel Properties, Inc.
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001497645
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
146207000 USD
CY2011Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
126168000 USD
CY2012Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
3997000 USD
CY2013Q4 inn Mortgage Loans On Real Estate Number Of Real Estate Properties Encumbered
MortgageLoansOnRealEstateNumberOfRealEstatePropertiesEncumbered
43 hotelproperty
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
253000 USD
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1772000 USD
CY2012Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
641000 USD
CY2011Q4 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
0 instrument
CY2013Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
700000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
6671000 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
1940000 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
6459000 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-1859000 USD
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-1736000 USD
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-662000 USD
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
1562000 USD
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-81000 USD
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-821000 USD

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