$INN
Summit Hotel Properties, Inc.

2022 Q4 Form 10-Q Financial Statement

#000149764522000012 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $172.3M $178.3M
YoY Change 61.26% 61.04%
Cost Of Revenue $100.4M $103.8M
YoY Change 60.96% 69.39%
Gross Profit $71.93M $74.48M
YoY Change 61.69% 50.69%
Gross Profit Margin 41.74% 41.78%
Selling, General & Admin $16.91M $19.91M
YoY Change -15.13% 18.64%
% of Gross Profit 23.5% 26.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.70M $38.13M
YoY Change 44.0% 47.26%
% of Gross Profit 52.41% 51.2%
Operating Expenses $54.61M $57.19M
YoY Change 18.45% 42.82%
Operating Profit $17.33M $17.23M
YoY Change -1175.67% 243.02%
Interest Expense -$19.38M $17.65M
YoY Change 79.42% 63.12%
% of Operating Profit -111.83% 102.41%
Other Income/Expense, Net -$472.0K -$18.06M
YoY Change -127.03% 110.82%
Pretax Income -$13.12M -$831.0K
YoY Change 24.85% -76.55%
Income Tax -$1.036M $200.0K
% Of Pretax Income
Net Earnings -$11.98M -$1.041M
YoY Change 8.75% -76.89%
Net Earnings / Revenue -6.95% -0.58%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$0.11 $0.00
COMMON SHARES
Basic Shares Outstanding 106.9M shares 106.9M shares
Diluted Shares Outstanding 105.2M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.26M $72.62M
YoY Change -20.52% 21.74%
Cash & Equivalents $51.26M $72.62M
Short-Term Investments
Other Short-Term Assets $8.378M $15.27M
YoY Change -65.8% 108.89%
Inventory
Prepaid Expenses
Receivables $21.02M $23.51M
Other Receivables $0.00 $0.00
Total Short-Term Assets $80.65M $111.4M
YoY Change -22.05% 37.24%
LONG-TERM ASSETS
Property, Plant & Equipment $2.828B $2.918B
YoY Change 33.44% 38.58%
Goodwill
YoY Change
Intangibles $34.84M $35.85M
YoY Change 221.62%
Long-Term Investments
YoY Change
Other Assets $96.20M $26.41M
YoY Change 158.39% -12.55%
Total Long-Term Assets $2.942B $2.964B
YoY Change 36.1% 36.79%
TOTAL ASSETS
Total Short-Term Assets $80.65M $111.4M
Total Long-Term Assets $2.942B $2.964B
Total Assets $3.022B $3.076B
YoY Change 33.44% 36.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.517M $5.901M
YoY Change 23.64% 36.28%
Accrued Expenses $106.8M $120.4M
YoY Change 27.96% 37.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $112.3M $126.3M
YoY Change 27.75% 37.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.452B $1.468B
YoY Change 35.71% 38.96%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.452B $1.468B
YoY Change 35.71% 38.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.3M $126.3M
Total Long-Term Liabilities $1.452B $1.468B
Total Liabilities $1.564B $1.595B
YoY Change 35.1% 38.81%
SHAREHOLDERS EQUITY
Retained Earnings -$288.2M -$272.0M
YoY Change 9.73% 9.94%
Common Stock $1.069M $1.069M
YoY Change 0.56% 0.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $959.8M $975.6M
YoY Change
Total Liabilities & Shareholders Equity $3.022B $3.076B
YoY Change 33.44% 36.81%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$11.98M -$1.041M
YoY Change 8.75% -76.89%
Depreciation, Depletion And Amortization $37.70M $38.13M
YoY Change 44.0% 47.26%
Cash From Operating Activities $33.93M $48.78M
YoY Change 115.29% 37.56%
INVESTING ACTIVITIES
Capital Expenditures $5.657M $0.00
YoY Change -121.87% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$27.45M -$22.64M
YoY Change -883.87% 267.07%
Cash From Investing Activities -$33.11M -$22.64M
YoY Change 48.04% -42.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.26M -80.95M
YoY Change -264.7% -844.18%
NET CHANGE
Cash From Operating Activities 33.93M 48.78M
Cash From Investing Activities -33.11M -22.64M
Cash From Financing Activities -30.26M -80.95M
Net Change In Cash -29.44M -54.81M
YoY Change -350.04% -883.18%
FREE CASH FLOW
Cash From Operating Activities $33.93M $48.78M
Capital Expenditures $5.657M $0.00
Free Cash Flow $28.28M $48.78M
YoY Change -32.07% -28.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity File Number
EntityFileNumber
001-35074
dei Entity Central Index Key
EntityCentralIndexKey
0001497645
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
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
2022-09-30
dei Document Transition Report
DocumentTransitionReport
false
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
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
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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:700;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 primarily focus on owning premium-branded hotel properties with efficient operating models primarily in the Upscale segment of the lodging industry. At September 30, 2022, our portfolio consisted of 102 hotel properties with a total of 15,323 guestrooms located in 24 states. As of September 30, 2022, we own 100% of the outstanding equity interests in 61 of our 102 hotel properties. We own a 51% controlling interest in 39 hotel properties through a joint venture that was formed in July 2019 with GIC (the “GIC Joint Venture”), Singapore’s sovereign wealth fund. We also own a 90% controlling interest in two hotel properties that we acquired in June 2022 through another joint venture (the "Brickell Joint Venture"). </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:112%">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 hotel properties. Accordingly, all of our hotel properties 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-weight:400;line-height:120%">In January and March 2022, the Operating Partnership and the GIC Joint Venture closed on a transaction with NewcrestImage Holdings, LLC, a Delaware limited liability company, and NewcrestImage Holdings II, LLC, a Delaware limited liability company (together, “NewcrestImage”), to purchase from NewcrestImage a portfolio of 27 hotel properties, containing an aggregate of 3,709 guestrooms, and two parking structures, containing 1,002 spaces and various financial incentives for an aggregate purchase price of $822.0 million (the "NCI Transaction"). In June 2022, the Operating Partnership exercised an option to acquire a 90% equity interest in the AC Hotel by Marriott and Element Miami Brickell Hotel in Miami, FL. (together the "AC/Element Hotel") based on a gross hotel option exercise price of $89.0 million (the "Brickell Transaction"). See </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">"Note 3 - Investment in Hotel Properties, net"</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further information.</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:700;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%">Beginning in March 2020, we experienced the negative effects of the novel coronavirus, designated as COVID-19</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“COVID-19”) and its variants (collectively, the "Pandemic"), which had a significant negative effect on the U.S. and global</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">economies, including a rapid and sharp decline in all forms of travel, both domestic and international, and a significant decline</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in hotel demand. As such, we experienced a substantial decline in our revenues, profitability and cash flows from operations during the years ended December 31, 2020 and 2021. Additionally, there has been a sharp increase in inflation and interest rates during the nine months ended September 30, 2022. The extended effects of the Pandemic and macroeconomic conditions may result in additional risks and uncertainties related to our business and our ability to recover to pre-Pandemic levels and beyond.</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%">During the three and nine months ended September 30, 2022, we experienced significant improvement in our business, driven primarily by leisure travel and to a lesser extent modest improvement in other demand segments, including corporate and group. We anticipate that continued improvement in operating trends will be dependent on continued strength in leisure travel and a recovery of business travel. More broadly, continued growth in operating results is dependent upon a continuation in the recovery of travel, further dissipation of concerns related to the Pandemic, geopolitical stability, moderating inflation, a normalized labor market, and maintaining a high-quality portfolio aligned with evolving guest preferences.</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%">For additional information related to the effects of the Pandemic on our business, please see our Annual Report on Form 10-K for the year ended December 31, 2021.</span></div>
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38896000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
91245000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
85171000 usd
CY2022Q3 inn Asset Acquisition Incentives And Other Intangibles
AssetAcquisitionIncentivesAndOtherIntangibles
25642000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000 usd
CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
100000 usd
CY2022Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
100000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
200000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
300000 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:700;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.
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</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%">Certain amounts at December 31, 2021 related to intangible assets totaling approximately $3.5 million and accumulated amortization of approximately $1.0 million have been reclassified within Investments in Hotel Properties, net to conform to the current period presentation.</span></div>
CY2022Q3 inn Real Estate Investment Property At Cost Excluding Undeveloped Land
RealEstateInvestmentPropertyAtCostExcludingUndevelopedLand
3572038000 usd
CY2021Q4 inn Real Estate Investment Property At Cost Excluding Undeveloped Land
RealEstateInvestmentPropertyAtCostExcludingUndevelopedLand
2675053000 usd
CY2022Q3 inn Real Estate Investment Property Excluding Undeveloped Land Accumulated Depreciation
RealEstateInvestmentPropertyExcludingUndevelopedLandAccumulatedDepreciation
689895000 usd
CY2021Q4 inn Real Estate Investment Property Excluding Undeveloped Land Accumulated Depreciation
RealEstateInvestmentPropertyExcludingUndevelopedLandAccumulatedDepreciation
583080000 usd
CY2022Q3 inn Real Estate Investment Property Net Excluding Undeveloped Land
RealEstateInvestmentPropertyNetExcludingUndevelopedLand
2882143000 usd
CY2021Q4 inn Real Estate Investment Property Net Excluding Undeveloped Land
RealEstateInvestmentPropertyNetExcludingUndevelopedLand
2091973000 usd
CY2022Q3 inn Asset Acquisition Land
AssetAcquisitionLand
67175000 usd
CY2022Q3 inn Asset Acquisition Hotel Buildings And Improvements
AssetAcquisitionHotelBuildingsAndImprovements
751720000 usd
CY2022Q3 inn Asset Acquisition Furniture Fixtures And Equipment
AssetAcquisitionFurnitureFixturesAndEquipment
82353000 usd
CY2022Q3 inn Asset Acquisition Other Assets
AssetAcquisitionOtherAssets
5318000 usd
CY2022Q3 inn Asset Acquisition Total Assets Acquired
AssetAcquisitionTotalAssetsAcquired
932208000 usd
CY2022Q3 inn Asset Acquisition Net Debt
AssetAcquisitionNetDebt
382205000 usd
CY2022Q3 inn Asset Acquisition Lease Liability Assumed
AssetAcquisitionLeaseLiabilityAssumed
5100000 usd
CY2022Q3 inn Asset Acquisition Other Liabilities
AssetAcquisitionOtherLiabilities
6233000 usd
CY2022Q3 inn Asset Acquisition Assets Acquired And Liabilities Assumed Net
AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet
538670000 usd
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
925800000 usd
CY2022Q3 inn Asset Acquisition Capitalized Transaction Costs
AssetAcquisitionCapitalizedTransactionCosts
3600000 usd
CY2022Q3 inn Asset Acquisition Deferred Financing Costs
AssetAcquisitionDeferredFinancingCosts
4600000 usd
inn Asset Acquisition Purchase Price
AssetAcquisitionPurchasePrice
917600000 usd
us-gaap Asset Acquisition Consideration Transferred Transaction Cost
AssetAcquisitionConsiderationTransferredTransactionCost
3600000 usd
us-gaap Asset Acquisition Consideration Transferred Other Assets
AssetAcquisitionConsiderationTransferredOtherAssets
11000000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10834000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2022Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
10834000 usd
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
10834000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
29120000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
0 usd
CY2022Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
39954000 usd
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
10834000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4104000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
0 usd
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
35850000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1083000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4331000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4296000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1625000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1625000 usd
CY2022Q3 inn Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
12056000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25016000 usd
CY2022Q3 inn Financing Receivable Number Of Loans Repaid
FinancingReceivableNumberOfLoansRepaid
1 loan
CY2022Q3 inn Financing Receivable Total Number Of Loans Receivable
FinancingReceivableTotalNumberOfLoansReceivable
2 loan
CY2022Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0454
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1481147000 usd
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1081315000 usd
CY2022Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
12806000 usd
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
11518000 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
1468341000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1069797000 usd
CY2022Q3 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
791389000 usd
CY2022Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.53
CY2021Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
842858000 usd
CY2021Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.78
CY2022Q3 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
689758000 usd
CY2022Q3 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.47
CY2021Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
238457000 usd
CY2021Q4 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.22
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1481147000 usd
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1081315000 usd
inn Debt Instrument Number Of Extensions
DebtInstrumentNumberOfExtensions
2 renewaloption
CY2021Q1 us-gaap Share Price
SharePrice
8.72
CY2022Q3 inn Debt Instrument Collateral Number Of Real Estate Properties Available To Be Contributed
DebtInstrumentCollateralNumberOfRealEstatePropertiesAvailableToBeContributed
11 hotel
CY2022Q3 inn Debt Instrument Collateral Number Of Real Estate Properties
DebtInstrumentCollateralNumberOfRealEstateProperties
11 hotel
CY2022Q3 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
2400000 usd
CY2021Q3 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
500000 usd
us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
6900000 usd
us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
1500000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0479
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1000000 usd
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
900000 usd
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1000000 usd
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
800000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
3000000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
2400000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2800000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2200000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y6M
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
549000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1942000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1904000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1925000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1959000 usd
CY2022Q3 inn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
39997000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
48276000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
22523000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
25753000 usd
CY2022Q3 inn Derivative Number Of Interest Rate Swap Positions In Asset Position
DerivativeNumberOfInterestRateSwapPositionsInAssetPosition
6 position
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
inn Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1 vote
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
106337724 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
105708787 shares
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
5000 shares
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
31945 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
735371 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
860910 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
8272 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
60823 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
260800 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
155605 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
106893912 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
106445760 shares
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q3 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
25
CY2022Q3 inn Redeemable Common Unit Conversion Ratio
RedeemableCommonUnitConversionRatio
1 rate
inn Number Of Joint Ventures Entered Into
NumberOfJointVenturesEnteredInto
2 room
CY2022Q3 inn Redeemable Common Unit Conversion Ratio
RedeemableCommonUnitConversionRatio
1 rate
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1100000 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
9600000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
9604000 usd
CY2022Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Remainder Of Fiscal Year
ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountRemainderOfFiscalYear
1376000 usd
CY2022Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year One
ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearOne
4874000 usd
CY2022Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Two
ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearTwo
2918000 usd
CY2022Q3 inn Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Three
ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearThree
436000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
us-gaap Interest Paid Net
InterestPaidNet
39901000 usd
us-gaap Interest Paid Net
InterestPaidNet
29384000 usd
inn Accrued Acquisitions Costs And Improvements To Hotel Properties
AccruedAcquisitionsCostsAndImprovementsToHotelProperties
7458000 usd
inn Accrued Acquisitions Costs And Improvements To Hotel Properties
AccruedAcquisitionsCostsAndImprovementsToHotelProperties
1777000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2627000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
526000 usd
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
382205000 usd
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 usd
us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
9206000 usd
us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
0 usd
inn Conversion Of A Mezzanine Loan To Complete Acquisition Of Hotel Properties
ConversionOfAMezzanineLoanToCompleteAcquisitionOfHotelProperties
29875000 usd
inn Conversion Of A Mezzanine Loan To Complete Acquisition Of Hotel Properties
ConversionOfAMezzanineLoanToCompleteAcquisitionOfHotelProperties
0 usd
inn Exercise Of Purchase Option To Complete Acquisition Of Hotel Properties
ExerciseOfPurchaseOptionToCompleteAcquisitionOfHotelProperties
2800000 usd
inn Exercise Of Purchase Option To Complete Acquisition Of Hotel Properties
ExerciseOfPurchaseOptionToCompleteAcquisitionOfHotelProperties
0 usd
inn Noncontrolling Interests Issued To Complete Acquisition Of Hotel Properties
NoncontrollingInterestsIssuedToCompleteAcquisitionOfHotelProperties
6922000 usd
inn Noncontrolling Interests Issued To Complete Acquisition Of Hotel Properties
NoncontrollingInterestsIssuedToCompleteAcquisitionOfHotelProperties
0 usd
inn Noncontrolling Interests Issued To Complete Acquisition Of Properties Portfolio
NoncontrollingInterestsIssuedToCompleteAcquisitionOfPropertiesPortfolio
157513000 usd
inn Noncontrolling Interests Issued To Complete Acquisition Of Properties Portfolio
NoncontrollingInterestsIssuedToCompleteAcquisitionOfPropertiesPortfolio
0 usd
inn Redeemable Noncontrolling Interests Issued To Complete Acquisition Of Hotel Properties
RedeemableNoncontrollingInterestsIssuedToCompleteAcquisitionOfHotelProperties
50000000 usd
inn Redeemable Noncontrolling Interests Issued To Complete Acquisition Of Hotel Properties
RedeemableNoncontrollingInterestsIssuedToCompleteAcquisitionOfHotelProperties
0 usd

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