$INN
Summit Hotel Properties, Inc.

2021 Q4 Form 10-Q Financial Statement

#000149764521000014 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $106.9M $110.7M $52.41M
YoY Change 121.57% 111.18% -60.79%
Cost Of Revenue $62.37M $61.26M $35.70M
YoY Change 76.69% 71.61% -52.4%
Gross Profit $44.49M $49.42M $16.70M
YoY Change 244.88% 195.95% -71.55%
Gross Profit Margin 41.63% 44.65% 31.86%
Selling, General & Admin $19.92M $16.78M $15.70M
YoY Change 17.88% 6.87% -3.09%
% of Gross Profit 44.78% 33.95% 94.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.18M $25.89M $27.50M
YoY Change -4.8% -5.84% 18.53%
% of Gross Profit 58.84% 52.39% 164.67%
Operating Expenses $46.10M $40.04M $43.20M
YoY Change -1.07% -7.32% 9.64%
Operating Profit -$1.611M $5.023M -$26.28M
YoY Change -95.22% -119.11% -236.57%
Interest Expense -$10.80M $10.82M $10.90M
YoY Change 1.9% -0.8% 15.39%
% of Operating Profit 215.35%
Other Income/Expense, Net $1.746M -$8.567M -$9.626M
YoY Change 191.0% -11.0% 25.96%
Pretax Income -$10.51M -$3.544M -$35.91M
YoY Change -76.6% -90.13% -409.49%
Income Tax $398.0K $700.0K -$100.0K
% Of Pretax Income
Net Earnings -$11.01M -$4.504M -$34.55M
YoY Change -74.42% -86.96% -399.51%
Net Earnings / Revenue -10.3% -4.07% -65.91%
Basic Earnings Per Share -$0.15 -$0.10 -$0.37
Diluted Earnings Per Share -$0.15 -$0.10 -$0.37
COMMON SHARES
Basic Shares Outstanding 106.5M shares 104.5M shares 104.2M shares
Diluted Shares Outstanding 104.5M shares 104.2M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.49M $59.65M $39.10M
YoY Change 211.52% 52.56% -18.71%
Cash & Equivalents $64.49M $59.65M $39.08M
Short-Term Investments
Other Short-Term Assets $24.50M $7.308M $6.700M
YoY Change 149.96% 9.07% -36.19%
Inventory
Prepaid Expenses
Receivables $14.48M $14.21M $12.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $103.5M $81.17M $58.30M
YoY Change 144.58% 39.22% -24.38%
LONG-TERM ASSETS
Property, Plant & Equipment $2.119B $2.105B $2.154B
YoY Change -0.73% -2.27% 8.91%
Goodwill
YoY Change
Intangibles $10.83M
YoY Change -0.8%
Long-Term Investments $0.00 $26.37M $29.70M
YoY Change -100.0% -11.22% -4.19%
Other Assets $37.23M $30.20M $22.30M
YoY Change 61.87% 35.4% -54.77%
Total Long-Term Assets $2.161B $2.167B $2.217B
YoY Change -1.34% -2.24% 6.98%
TOTAL ASSETS
Total Short-Term Assets $103.5M $81.17M $58.30M
Total Long-Term Assets $2.161B $2.167B $2.217B
Total Assets $2.265B $2.248B $2.275B
YoY Change 1.43% -1.18% 5.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.462M $4.330M $3.600M
YoY Change 65.26% 20.28% -32.08%
Accrued Expenses $83.45M $87.82M $91.10M
YoY Change -0.06% -3.6% -11.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.900M
YoY Change 5.41%
Total Short-Term Liabilities $87.91M $92.15M $98.60M
YoY Change -2.43% -6.55% -12.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.070B $1.057B $1.080B
YoY Change -1.93% -2.18% 28.63%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.070B $1.057B $1.080B
YoY Change -1.93% -2.18% 28.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.91M $92.15M $98.60M
Total Long-Term Liabilities $1.070B $1.057B $1.080B
Total Liabilities $1.158B $1.149B $1.179B
YoY Change -1.97% -2.54% 23.78%
SHAREHOLDERS EQUITY
Retained Earnings -$262.6M -$247.4M -$132.3M
YoY Change 46.72% 87.04% -1291.12%
Common Stock $1.063M $1.064M $1.057M
YoY Change 0.57% 0.66% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $948.1M $954.3M $1.031B
YoY Change
Total Liabilities & Shareholders Equity $2.265B $2.248B $2.275B
YoY Change 1.43% -1.18% 5.85%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$11.01M -$4.504M -$34.55M
YoY Change -74.42% -86.96% -399.51%
Depreciation, Depletion And Amortization $26.18M $25.89M $27.50M
YoY Change -4.8% -5.84% 18.53%
Cash From Operating Activities $15.76M $35.46M -$600.0K
YoY Change -176.14% -6009.83% -101.35%
INVESTING ACTIVITIES
Capital Expenditures -$25.87M -$33.17M $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $3.502M -$6.168M -$6.400M
YoY Change -206.12% -3.62% -70.23%
Cash From Investing Activities -$22.36M -$39.34M -$6.400M
YoY Change 577.7% 514.66% -87.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.38M 10.88M -79.70M
YoY Change 191.67% -113.65% -1603.77%
NET CHANGE
Cash From Operating Activities 15.76M 35.46M -600.0K
Cash From Investing Activities -22.36M -39.34M -6.400M
Cash From Financing Activities 18.38M 10.88M -79.70M
Net Change In Cash 11.77M 6.999M -86.70M
YoY Change -166.51% -108.07% -2327335403520000000.0%
FREE CASH FLOW
Cash From Operating Activities $15.76M $35.46M -$600.0K
Capital Expenditures -$25.87M -$33.17M $0.00
Free Cash Flow $41.63M $68.63M -$600.0K
YoY Change -301.1% -11538.17% -100.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001497645
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2021-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-35074
dei Entity Registrant Name
EntityRegistrantName
SUMMIT HOTEL PROPERTIES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MD
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
27-2962512
dei Entity Address Address Line1
EntityAddressAddressLine1
13215 Bee Cave Parkway, Suite B-300
dei Entity Address City Or Town
EntityAddressCityOrTown
Austin
dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
78738
dei City Area Code
CityAreaCode
512
dei Local Phone Number
LocalPhoneNumber
538-2300
dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Entity Interactive Data Current
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dei Entity Filer Category
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-1.07
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104548000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104548000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104200000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104441000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104441000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104117000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104117000 shares
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-4239000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-35775000 USD
us-gaap Profit Loss
ProfitLoss
-57679000 USD
us-gaap Profit Loss
ProfitLoss
-104537000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
2265000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
2834000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
9830000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-17233000 USD
CY2021Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-1974000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-32941000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-47849000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-121770000 USD
CY2021Q3 inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Operating Partnership
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestOperatingPartnership
-8000 USD
CY2020Q3 inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Operating Partnership
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestOperatingPartnership
-63000 USD
inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Operating Partnership
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestOperatingPartnership
-84000 USD
inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Operating Partnership
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestOperatingPartnership
-233000 USD
CY2021Q3 inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Joint Venture
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestJointVenture
275000 USD
CY2020Q3 inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Joint Venture
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestJointVenture
-1159000 USD
inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Joint Venture
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestJointVenture
-3020000 USD
inn Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interest Joint Venture
ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestJointVenture
-4049000 USD
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2241000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-31719000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-44745000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-117488000 USD
CY2021Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3750000 USD
CY2020Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3710000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
11168000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
11128000 USD
CY2021Q3 us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
2710000 USD
CY2020Q3 us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
0 USD
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
2710000 USD
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
0 USD
CY2021Q3 inn Comprehensive Income Loss Available To Common Stockholders
ComprehensiveIncomeLossAvailableToCommonStockholders
-8701000 USD
CY2020Q3 inn Comprehensive Income Loss Available To Common Stockholders
ComprehensiveIncomeLossAvailableToCommonStockholders
-35429000 USD
inn Comprehensive Income Loss Available To Common Stockholders
ComprehensiveIncomeLossAvailableToCommonStockholders
-58623000 USD
inn Comprehensive Income Loss Available To Common Stockholders
ComprehensiveIncomeLossAvailableToCommonStockholders
-128616000 USD
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1065722000 USD
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
96617000 USD
CY2021Q3 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
75000000 USD
CY2021Q3 inn Noncontrolling Interest Increase From Cash Contribution
NoncontrollingInterestIncreaseFromCashContribution
16000000 USD
CY2021Q3 us-gaap Dividends Cash
DividendsCash
3750000 USD
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-4239000 USD
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1099507000 USD
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1892000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2265000 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000 USD
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1131536000 USD
CY2020Q3 us-gaap Dividends Cash
DividendsCash
3710000 USD
CY2020Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1517000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2834000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-35775000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1096402000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1052063000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
96617000 USD
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
75000000 USD
inn Noncontrolling Interest Increase From Cash Contribution
NoncontrollingInterestIncreaseFromCashContribution
101673000 USD
inn Capped Calls Purchased During Period In Connection With Convertible Senior Notes
CappedCallsPurchasedDuringPeriodInConnectionWithConvertibleSeniorNotes
21131000 USD
us-gaap Dividends Cash
DividendsCash
11125000 USD
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1602000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9830000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5861000 USD
us-gaap Profit Loss
ProfitLoss
-57679000 USD
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1099507000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1243390000 USD
inn Noncontrolling Interest Increase From Cash Contribution
NoncontrollingInterestIncreaseFromCashContribution
577000 USD
us-gaap Dividends Cash
DividendsCash
30254000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4958000 USD
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
469000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
30000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-17233000 USD
us-gaap Profit Loss
ProfitLoss
-104537000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1096402000 USD
us-gaap Profit Loss
ProfitLoss
-57679000 USD
us-gaap Profit Loss
ProfitLoss
-104537000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
79776000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
82147000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3239000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1655000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
4361000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
782000 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-2632000 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
2530000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5861000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4958000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2058000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
81000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
176000 USD
inn Noncash Interest Income
NoncashInterestIncome
779000 USD
inn Noncash Interest Income
NoncashInterestIncome
2297000 USD
inn Debt Transaction Costs
DebtTransactionCosts
160000 USD
inn Debt Transaction Costs
DebtTransactionCosts
336000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-326000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-303000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2434000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-732000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3130000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2043000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2051000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-311000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
14990000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-11614000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
50289000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21391000 USD
inn Payment To Acquire Hotel Properties
PaymentToAcquireHotelProperties
33170000 USD
inn Payment To Acquire Hotel Properties
PaymentToAcquireHotelProperties
0 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
10659000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
19234000 USD
inn Contract Termination Payment For Asset Disposition
ContractTerminationPaymentForAssetDisposition
0 USD
inn Contract Termination Payment For Asset Disposition
ContractTerminationPaymentForAssetDisposition
2200000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
7416000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
6171000 USD
us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
0 USD
us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
250000 USD
inn Increase Decrease In Escrow Deposits For Acquisition
IncreaseDecreaseInEscrowDepositsForAcquisition
-635000 USD
inn Increase Decrease In Escrow Deposits For Acquisition
IncreaseDecreaseInEscrowDepositsForAcquisition
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-51880000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-27355000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
318500000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
191500000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
350916000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
122789000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
96617000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
-75000000 USD
us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
0 USD
inn Payment For Purchases Of Capped Call Options
PaymentForPurchasesOfCappedCallOptions
21131000 USD
inn Payment For Purchases Of Capped Call Options
PaymentForPurchasesOfCappedCallOptions
0 USD
inn Payments Of Dividends And Distributions
PaymentsOfDividendsAndDistributions
11213000 USD
inn Payments Of Dividends And Distributions
PaymentsOfDividendsAndDistributions
30495000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
101673000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
577000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
9062000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2804000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1602000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-469000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
47866000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
35520000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
46275000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13226000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38896000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69833000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
85171000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56607000 USD
us-gaap Interest Paid Net
InterestPaidNet
29384000 USD
us-gaap Interest Paid Net
InterestPaidNet
30927000 USD
inn Accrued Acquisitions Costs And Improvements To Hotel Properties
AccruedAcquisitionsCostsAndImprovementsToHotelProperties
1777000 USD
inn Accrued Acquisitions Costs And Improvements To Hotel Properties
AccruedAcquisitionsCostsAndImprovementsToHotelProperties
1668000 USD
inn Payment Net Of Refunds Received
PaymentNetOfRefundsReceived
526000 USD
inn Payment Net Of Refunds Received
PaymentNetOfRefundsReceived
-516000 USD
us-gaap Nature Of Operations
NatureOfOperations
DESCRIPTION OF BUSINESS<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">General</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Summit Hotel Properties, Inc. (the “Company”) is a self-managed hotel 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. Unless the context otherwise requires, “we,” “us,” and “our” refer to the Company and its consolidated subsidiaries.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We focus on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. At September 30, 2021, our portfolio consisted of 73 hotels with a total of 11,398 guestrooms located in 23 states. As of September 30, 2021, we own 100% of the outstanding equity interests in 61 of our 73 hotels. We own a 51% controlling interest in 12 hotels through a joint venture. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. To qualify as a REIT, we cannot operate or manage our hotels. Accordingly, all of our hotels are leased to our taxable REIT subsidiaries (“TRS Lessees”). </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Risks and Uncertainties</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties as a result of the effects of the novel coronavirus, designated as COVID-19 (“COVID-19”) and its variants, for at least the near future. The pandemic has had a significant negative effect on the U.S. and global economies, including a rapid and sharp decline in all forms of travel, both domestic and international, and a significant decline in hotel demand. These conditions resulted in a substantial decline in our revenues, profitability and cash flows from operations beginning in March, 2020.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">During the first three quarters of 2021, we experienced sequential improvement in our business driven primarily by leisure travel. The improvement was the result of a steady decline in COVID-19 cases following the administration of vaccines and the easing of government restrictions and guidance in many jurisdictions. A recovery in business travel and group business has been slower to date. We anticipate that continued improvement in operating trends will be dependent on continued growth in leisure travel and a recovery of business travel. More broadly, a return to normalized levels of operations is dependent upon the dissipation of concerns related to COVID-19 and its variants, continued easing of government restrictions and guidance, restoration of consumer confidence, and a recovery in corporate and overall travel-related demand.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beginning in March 2020, the Company took several actions to reduce costs and increase liquidity to mitigate the effects of the COVID-19 pandemic on the Company. We continue to engage in certain steps to reduce costs while taking appropriate actions to maintain guest safety and satisfaction. For additional information concerning such actions taken in response to the effects of the COVID-19 pandemic on our business, please see our Annual Report on Form 10-K for the year ended December 31, 2020.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">It is currently extremely difficult to predict the length of time it will take for us to return to pre-pandemic operational and financial performance. Despite the uncertainty, based on the actions we have taken, we believe we have sufficient cash and access to liquidity to meet our obligations for the foreseeable future and to continue to pursue selective growth opportunities.</span></div>
CY2021Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
23 State
CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
100000 USD
CY2020Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
100000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
300000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
600000 USD
CY2020Q4 inn Real Estate Investment Property Net Excluding Undeveloped Land
RealEstateInvestmentPropertyNetExcludingUndevelopedLand
2105946000 USD
CY2021Q3 inn Real Estate Investment Property Net Excluding Undeveloped Land
RealEstateInvestmentPropertyNetExcludingUndevelopedLand
2078014000 USD
CY2021Q2 inn Consideration For Hotel Property Portfolio Activity
ConsiderationForHotelPropertyPortfolioActivity
172000000 USD
CY2021Q2 inn Adjustment To Additional Paid In Capital Contribution By Non Controlling Interest In Joint Venture
AdjustmentToAdditionalPaidInCapitalContributionByNonControllingInterestInJointVenture
16400000 USD
inn Investment In Hotel Properties Transfer Taxes
InvestmentInHotelPropertiesTransferTaxes
1800000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>Our Condensed Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Condensed Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations, which could materially affect our expectations for our consolidated financial position and results of operations. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic.
CY2021Q3 inn Real Estate Investment Property At Cost Excluding Undeveloped Land
RealEstateInvestmentPropertyAtCostExcludingUndevelopedLand
2635428000 USD
CY2020Q4 inn Real Estate Investment Property At Cost Excluding Undeveloped Land
RealEstateInvestmentPropertyAtCostExcludingUndevelopedLand
2596582000 USD
CY2021Q3 inn Real Estate Investment Property Excluding Undeveloped Land Accumulated Depreciation
RealEstateInvestmentPropertyExcludingUndevelopedLandAccumulatedDepreciation
557414000 USD
CY2020Q4 inn Real Estate Investment Property Excluding Undeveloped Land Accumulated Depreciation
RealEstateInvestmentPropertyExcludingUndevelopedLandAccumulatedDepreciation
490636000 USD
inn Investment In Hotel Properties Legal Costs
InvestmentInHotelPropertiesLegalCosts
300000 USD
inn Investment In Hotel Properties Transfer Taxes
InvestmentInHotelPropertiesTransferTaxes
1800000 USD
CY2021Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4400000 USD
CY2021Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0334
CY2020Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0343
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1069064000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
1094745000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1101478000 USD
CY2021Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
12397000 USD
CY2020Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
6733000 USD
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
1056667000 USD
CY2021Q3 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
830540000 USD
CY2021Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.78
CY2020Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
545754000 USD
CY2020Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.50
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us-gaap Rental Income Nonoperating
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700000 USD
us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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2300000 USD
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900000 USD
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1007000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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910000 USD
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LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
27763000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33143000 USD
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15616000 USD
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17527000 USD
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500000000 shares
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0.01
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1 Vote
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200000000 USD
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SharesPaidForTaxWithholdingForShareBasedCompensation
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CommonStockSharesOutstanding
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CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
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PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockRedemptionPricePerShare
25
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AssetImpairmentCharges
4400000 USD
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RestrictedCashReleasedBorrowedReserveNumberOfPaymentInstallments
10 installment
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AssetImpairmentCharges
4400000 USD
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RestrictedCashReleased
1600000 USD
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7 hotel
CY2020Q2 inn Restricted Cash Released Borrowed Reserve
RestrictedCashReleasedBorrowedReserve
8900000 USD
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P12M
CY2020Q2 inn Restricted Cash Released Borrowed Reserve Lump Sum Payment Period Prior To Renovation Date
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P60D
CY2021Q3 inn Restricted Cash Released Borrowed Reserve Not Obligated
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500000 USD
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235000 shares
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ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountRemainderOfFiscalYear
1892000 USD
CY2021Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year One
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5799000 USD
CY2021Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Two
ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearTwo
3798000 USD
CY2021Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Three
ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearThree
661000 USD
CY2021Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Four
ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearFour
21000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000 USD
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1600000 USD
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DiscreteNonCashDeferredIncomeTaxExpense
2100000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
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EstimatedEmployeeRetentionTaxCreditCARESAct
1300000 USD
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ProfitLoss
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3750000 USD
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PreferredStockDividendsIncomeStatementImpact
3710000 USD
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PreferredStockDividendsIncomeStatementImpact
11168000 USD
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PreferredStockDividendsIncomeStatementImpact
11128000 USD
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PreferredStockRedemptionPremium
2710000 USD
CY2020Q3 us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
0 USD
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
2710000 USD
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
0 USD
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0 USD
CY2020Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
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UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
81000 USD
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us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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-98000 USD
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-70000 USD
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NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
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CY2021Q3 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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275000 USD
CY2020Q3 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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-3020000 USD
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NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable
-4049000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10964000 USD
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NetIncomeLossAvailableToCommonStockholdersDiluted
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NetIncomeLossAvailableToCommonStockholdersDiluted
-68439000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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-111494000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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104548000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104548000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104200000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104441000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104441000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104117000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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104117000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.07

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