The company’s performance was anchored by a 7.1% rise in average daily rates, signaling sustained demand across its 94-hotel portfolio. Jonathan Stanner, President and CEO, noted that operational fundamentals exceeded expectations, allowing the firm to increase its full-year guidance for Adjusted EBITDAre and FFO. This positive momentum is supported by a 7.8% uptick in hotel EBITDA, which reached $72.5 million for the quarter.
Beyond operating metrics, Summit focused on balance sheet durability. The company successfully refinanced a $650 million senior credit facility, extending its maturity to 2031 and securing more favorable borrowing terms. Concurrent with these capital market activities, the REIT continued its strategy of capital recycling, closing the sale of two properties in Arlington, Texas, for $19 million. These moves reflect a broader trend; since 2023, the company has offloaded 15 hotels to reduce leverage and shift focus toward higher-quality assets. With no debt maturities until 2028, the firm maintains a stable liquidity position to navigate the remainder of the year.
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