INN · Summit Hotel Properties
AI read · Good for INN
The AI's read
More guests and higher room rates lifted hotel results, and demand strengthened through July. Business travel and group meetings helped urban hotels, which account for about half of the company’s rooms and hotel EBITDA. The new $650 million credit facility extends debt maturity to 2031, but the borrowing still must be repaid. Selling 2 hotels fits the plan to improve the portfolio. Those facts do not outweigh the stronger results and higher company forecast.