AUSTIN-Summit Hotel Properties Inc. showed a solid Q2 2013, with same-store RevPAR, average daily rate and occupancies all showing year-over-year increases. Specifically, RevPAR increased 8% to $75.76; ADR was $99.96 (an increase of 4.9%) and occupancy jumped 219 basis points to 75.8%.
The pro forma numbers also increased, with pro forma RevPAR at $85.43 (an increase of 5.8% from the same period in 2012); pro forma ADR at $110.58 (an increase of 3.9% year over year) and pro forma occupancy increasing by 140 basis points to 77.3%. The pro forma EBITDA for @q was $32.8 million, an increase of 7.2% from Q2 2012. Furthermore, during the previous quarter, Summit added 1,096 rooms to its portfolio for a total purchase price of $185.4 million.
Based on these figures and expectations, the company's Q3 guidance is as follows:
Low-end High-end
Pro forma RevPAR $82.50 $84.00
Pro forma RevPAR Growth 5.0% 7.0%
RevPAR (same-store 57) $75.50 $77.00
RevPAR Growth (same-store 57) 5.5% 7.5%
Adjusted FFO $16,500 $17,900
Adjusted FFO per diluted unit $0.24 $0.26
Renovation capital deployed $15,000 $18,000
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