Summit Hotel Properties (INN) Tops Q3 FFO by 4c; Guides FY14 FFO Above Consensus

Summit Hotel Properties (NYSE: INN) reported Q3 FFO of $0.30, $0.04 better than the analyst estimate of $0.26. Revenue for the quarter came in at $109.26 million versus the consensus estimate of $102.63 million.

Pro forma revenue per available room (“RevPAR”) in the third quarter of 2014 grew to $99.22, an increase of 15.1 percent over the same period in 2013. Pro forma average daily rate (“ADR”) grew to $124.99, an increase of 7.4 percent from 2013. Pro forma occupancy grew by 7.2 percent to 79.4 percent.

Summit Hotel Properties sees FY2014 FFO of $0.93-$0.95, versus the consensus of $0.91.

Summit Hotel Properties sees Q4 2014 FFO of $0.16-$0.18, versus the consensus of $0.18.

For earnings history and earnings-related data on Summit Hotel Properties (INN) click here.

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