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Summit's RevPAR Increases 8% Year Over Year

AUSTIN-The hospitality REIT had a solid Q2, with same-store RevPAR at $75.76, average daily rate at $99.96 (a year-over-year increase of 4.9%) and occupancy up by 219 basis points to 75.8%.

By Amy Wolff Sorter | Updated on August 07, 2013

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.

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