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INN

Summit Hotel Properties

$11.64

0.01 (0.09%)

07:00
04/18/19
04/18
07:00
04/18/19
07:00

Summit Hotel Properties sells 6 hotels for $135M

Summit Hotel Properties reported that it has completed the disposition of six hotels totaling 815 guestrooms for an aggregate gross sales price of $135M which resulted in an estimated net gain of $36.6M. The aggregate gross sales price of $135M, plus estimated future capital improvements, represented a 12.8x EBITDA multiple and 6.9 percent capitalization rate for the trailing twelve months ended March 31, 2019. The company estimates that the hotels would have contributed approximately $9.5M of EBITDAre through the remainder of 2019. Net proceeds from the sale were used to reduce the outstanding balance of the company's unsecured revolving credit facility, which now has $395M available to borrow.

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INN Summit Hotel Properties
$11.64

0.01 (0.09%)

10/23/18
BOFA
10/23/18
DOWNGRADE
Target $13
BOFA
Neutral
Summit Hotel downgraded to Neutral on tepid low-end trends at BofA/Merrill
As previously reported, BofA/Merrill downgraded Summit Hotel Properties to Neutral from Buy and cut its price target to $13 from $15. Analyst Shaun Kelley said low-end hotel trends are underperforming, rising labor costs are pressuring margins, and new builds and renovations are likely to accelerate 2019 capex.
10/23/18
10/23/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. eBay (EBAY) downgraded to Sector Perform from Outperform at RBC Capital with analyst Mark Mahaney citing the disclosures by PayPal (PYPL) on its Q3 earnings call last week that its eBay Marketplaces Total Payment Volume growth decelerated to 3.4% from 5.7% in Q2 and from 8% in FY17. 2. Dish (DISH) downgraded to Underperform from Neutral at Macquarie with analyst Amy Young saying the path to monetization is less compelling and questions the Dish's next steps as 2020 nears. 3. Summit Hotel Properties (INN) and Extended Stay America (STAY) were downgraded to Neutral from Buy at BofA/Merrill. 4. Liberty Oilfield Services (LBRT) downgraded to Neutral from Buy at Citi. 5. Melco Resorts & Entertainment (MLCO) downgraded to Outperform from Buy at CLSA. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/07/19
BOFA
01/07/19
DOWNGRADE
BOFA
Underperform
Summit Hotel Properties downgraded to Underperform from Neutral at BofA/Merrill
01/07/19
01/07/19
DOWNGRADE
Target $10

Underperform
Summit Hotel Properties downgraded to Underperform at BofA/Merrill
As previously reported, BofA/Merrill downgraded Summit Hotel Properties to Underperform from Neutral and lowered its price target to $10 from $12. Analyst Shaun Kelley expects select service hotels to continue to be impacted by rising labor/fixed costs and to have greater margin pressure than full service peers due given their more efficient operation structure. Kelley notes Summit's net leverage is above peers which increases risk in a period of decelerating RevPAR growth.

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