INN - Earnings call transcript Q4 2017 | Summit Hotel Properties, Inc.

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Operator

Good day, ladies and gentlemen and welcome to the Summit Hotel Properties Incorporated Q4, 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer-session and instructions will follow at that time. [Operator Instructions]. I would now like to introduce your host for today's conference Mr. Wudel. Adam begin. may you Sir,

Adam Wudel

Financial and by you, Kevin, in by Executive am today Investment and morning. Dan Vice risks of These and President statements laws. and and Hotel Properties good XXXX many Chief Chief President that Summit Vice are Chief Jon and and note I and filings. Greg securities Chairman, Dowell Hansen, Executive both Stanner. joined Officer, comments Executive Thank today Officer, President, other Officer, described considered subject federal to unknown, forward-looking Form XX-K Please our statements our uncertainties, known as as defined SEC are and

update that XX, them of make we effective are today, statements XXXX, only undertake February we as to later. Forward-looking and today duty no

You Summit and our of President Properties' reconciliations on can which contain measures filings welcome non-GAAP on and this Executive call Dan our Please release, Hotel SEC to www.shpreit.com. Hansen. earnings financial referenced Officer, Chairman, Chief at copies website find

Daniel Hansen

thank quarter and Thanks Adam XXXX fourth for year call. you today us and conference earnings full our joining for all

of high an the million past that above XXXX drove preferred and quarter us, XX you our quality debt closed very for pleased and performance this portfolio sold line by as of Overall, results raised million million financing $XXX we're of extremely nearly and guidance expected was both transactions. our the stronger active of high than acquisitions, end bottom range. year know, hotels million, top $XXX we of As common completed $XXX for $XXX nearly equity,

an we great growth models portfolio benefit models. fourth quarter. economic RevPAR hotels daily increase the our that operating reported quality average the optimistic strong a encouraged in tax outsized our remain pro in improvement to garner demand, the hotels results was X.X%, and X.X% basis, by trends occupancy are operating share to which by efficient that will increase efficient with forma demand operating On that of great XX.X%, growth financial in driven locations of We X.X% We continue our industry's will reform, locations and of continued high drove fourth rate. believe portfolio and of a with in quarter

portfolio X.X% the total share U.S. lodging a most fourth forma importantly with both chain of the to its market outperformed market scale, pro quarter gain. upscale Our competitive XXX.X, and share the continued in sets industry RevPAR represents gain among a which index and

markets disaster quarter occupancy gains excluding areas, partially driven these have still were increased healthy a affected near by While RevPAR in recent our the would natural hotels located X.X%.

For the compared increase high AFFO of the XX.X% range of to guidance XXXX, of quarter as share. an $X.XX share of to we FFO exceeded million, XXXX. of And of period $X.XX our $X.XX fourth of diluted same per the our reported per $XX.X

full by decline increase rate. exceeded gain of guidance partially the in and X.XX% RevPAR offset pro X.X% occupancy to RevPAR in a range For year, our The driven by a forma increased was daily X.X%, average X.X% X.XX%. which

once again we our for our portfolio. set X.X% strategies Our competitive increased by as revenue overall index to continued management RevPAR effective be versus the

included $X.XX guidance For range an demand high represents as compared our a adjusted which as $XXX.X to the year, supply of from a X.X% and the increase FFO recent XXXX RevPAR adjusted few of our Portland, our of full A in end our increased to performing favorable share. reported per $X.XX XXXX FFO renovations still X.X% where dynamic. million, hotels benefit of continue and two better share we of markets and a per to $X.XX exceeded

market growth recent RevPAR compares successful RevPAR of strategies. the of favorably group to X.X%. comp of X.X%, This outsized Our Indianapolis renovations two the the following Indianapolis set growth new and implementation RevPAR X.X%, growth delivered and hotels of

Our two and and related Bowl RevPAR and fourth part the due X.X% the the Super to quarter. growth third demand first of year in posted hotels the Houston large to quarter Hurricane combined for Harvey in

Tucson delivered XX.X% Courtyard respectively. Homewood we RevPAR all X% in future aggregate acquisition lead same-store the a that by portfolio. increase at X.X and XX.X% portfolio purchase acquired RevPAR ability we growth rooms million, XXXX acquisition expect for XXXX. price % XX Yale as are and higher hotels, markets. of to of University in In acquired Marriott guest well-positioned our for gains recently In Highlighting find nearly outperformed totaling $XXX to Suites, to portfolio general, compared growth our Our opportunities our grew through XXXX, which

proceeds to well-positioned XXXX, net during hotels We redeployed have all the hotels we an completed of recycling high continue of differentiate sale sale for $XXX.X are to quality aggregate dispositions To-date, from been branded ourselves as believe proceeds that with million. value. long-term into sale premium shareholder we XX capital create

Turning to capital expenditures.

room eight The on $X.X room goods, is expected improvements ranging guest common the to items complete invested Notably, project million guest space of is including Boulder areas, includes XXXX, bars. underutilized completed be additional comprehensive million portfolio quarter guest our currently furniture the renovations the XXXX. During from to and $XX.X Marriott we meeting rooms. renovation conversion undergoing soft fitness of by into that a space second into

to anticipation will in room & Fisherman's in Suites We Moscone Inn is The the renovation well in Center. Convention also the completed comprehensive of position at expected the reopening guest project our hotel of mid-XXXX Express be began our Wharf. Holiday and

approximately to effective Dowell. CFO, we stay. of proof where that, With high-quality an years into want guest $XXX the age six today to invested over portfolio our call million turn of over last portfolio I'll well commitment maintaining that further a our hotels our the and years, XX have Over own three to have average we Greg

Greg Dowell

and Thanks Dan, morning good everyone.

RevPAR year. on and basis prior The EBITDA the expenses was XX higher. variable For hotel to contraction margin drove EBITDA of occupancy million from we've the $XXX.X growth XX.X%. pro But contraction and XX.X% result XX% that XX.X% EBITDA as a points margin basis, excluding points forma margin forma pro taxes, year in a of basis the property elevated property the XXXX, increase in primarily full of hotel contracted driven reported taxes hotel XXX by to

Our adjusted million, XXXX. to X.X% the an period increase over $XXX.X in EBITDA of same grew

pro in pro expected XXXX. contracted basis excluding the hotel period XXXX. quarter For hotel points to to taxes, XX% to million, X% increase property to Pro EBITDA our increased basis forma as same XX the an XX.X% in Again, by from same XXXX. forma fourth the as margin margin forma EBITDA expanded compared XX.X% of period the $XX.X XXXX, increase points hotel of EBITDA over by XX

XX% $XXX.X to portfolio proof forma our to month, a last with XX-month which of EBITDA portfolio flow to we increased Officer million, Earlier cash With by of approximately quarters Investment a XX% demonstrates flexible X.X% and our dividend X.X times and XXXX that, debt high X.XX%. which quality payout sheet continue of continued a we well is will the to balance XXXX guidance strengthen of Chief year-end. continues our positioned more annualized of trailing common balance adjusted diversified well balance make share, to XX, December Jon? over AFFO XXXX, ratio and weighted sheet dividend outstanding stated and than capital ended with our net sheet, average our we At $X.XX of X.X debt midpoint our Today, the of consistency to million a outlook. have no be maturities to assembling on debt balance announced in laddering sheet. and Jon X.X $XXX to be in financing. our XXXX. to had of rate pro with Stanner We this range which progress increase be in in Officer markets Throughout our EBITDA for announced now is yielding of through with our debt Financial than Chief our we highly within of to the strength well soon discuss I of turn generated this more as activity Moving eight and prudent our call cost of cash the at fourth by the of our XXXX X.X% we Commensurate is times. an total maturities increase flow, unencumbered per to is liquidity and XXXX, results the hotels. reducing interest continues

Jonathan Stanner

Greg. Thanks,

lodging coupon, issuance, $XXX increased on X%, very the million preferred announced Series low with in capital. debt interest we requirement previously In both the were industry. which rates, our redemption X% scheduled of X% and a bringing gave is market preferred million, favorable mentioned, B Including common we per throughout more of in this we to of overall $XX and annual fixed accretion payment recent conjunction dividend $XXX cost preferred by equity active an transactions a al-time and resulting transactions able exposure rate borrowing X% to execute March. a in Series preferred million recently to couple of in $X timely preferred were lower rate which the XXXX the million approximately nearly our redeemed initially nearly for As and X.XX% and our for dividend equity for us C and share. perpetual of $XX of reduced Dan our increases capital. Prior capital $XXX million These $X.XX nearly of million

at less to starting forward $XXX now well than interest Including XX% increases for five the rate and executed indexed LIBOR swaps years. to approximately also X% total interest withstand We further swaps in in of rates. these lock million debt is our next positioned

pricing unsecured group, includes years and announced ratio. seven-year largest additional XXX replace We of feature a delay preferred. loan and loan an points of term to LIBOR is million the and aggregate of drew remaining $XXX to we fund our to fund new existing for advance the March bank C of the were in redemption million range the Just term matures cost the of the were that to to term or on a support our to depending with Proceeds in repayment XXX of a ever an draw commitment in $XX seven yesterday, initial we of that Series basis levered a on This plus of loan facilities for unsecured million leverage lodging, to the intend $XXX seven-year commitments new was million previous our the and able loan draw bank $XXX no loan, $XXX additional XXXX. closing XXXX. improve up scheduled used unsecured a XX-day to The the million. of mature term to allows

positive to in our RevPAR change forma release for of to adjusted negative RevPAR for store full see Turning X%. $X.XX and guidance a we of to a you will X% FFO guidance change pro same of XXXX $X.XX X% to provided year share, XXXX that per X%

acquired increased XXXX. recently basis AFFO $XX Pro RevPAR points carryover first capital a an the as to capital displacement forma is $X.XX X% from growth expenditures. of of renovation to the store to spend same Much the in result RevPAR growth negative quarter, We’ve points capital for both return and activity X% For to million hotels per related incorporated we of first basis XX improvements as and provided full of share. of guidance X%. expenditure of capital which quarter XX in RevPAR million, at well This the includes X% year $XX to is $X.XX XXXX. some forecasted to and projects approximately

third the I’ll for XXXX approximately Orlando in our Hotel previously assumed year are stock guidance. assumes and of E first transaction dispositions Universal quarter, $XX those over redemption in quarter the full room Studios acquisition first that, to Our X% the High equity turn for XXX beyond of debt quarter. the House additional also the X% guidance No back in opening in call preferred mentioned million the With raises or Dan. the Series

Daniel Hansen

pleased were our XXXX Jon. our the portfolio Thanks second despite as results in the diversified results half In quite operating environment. quarter produced with fourth summary, well of we solid challenging

future about we’ll for the of call And and your the the outlook XXXX We continue with for be to that to Summit. open questions. optimistic

Operator

Bank with Kelley Shaun from America. comes question of first Our Instructions] [Operator

Unidentified Analyst

Dave for questions. couple guys. [ph] quick Hi Shaun. is This of A

move impact you markets also, exposure through your characterize how do the from Hurricane-affected First, think the we you about XXXX? quarter? can in as the And to impact

Daniel Hansen

Tampa, Clearly, we also Myers, areas, Miami can This markets up hurricanes, fourth if you strongest look strength was ex up derive so I our you wide the so strength X.X%, affected was I as at Miami, almost quarter last the numbers were XX%, some those itself XX, Dan. in portfolio some well. markets, think still but were Myers our think disaster for is our Fort up natural Fort quarter

Unidentified Analyst

then get your And expansion? markets, some do guys you and exposure the to cost tough are side, increases expense to for what reach need expecting on XXXX to looking XXXX, great to, Thanks. given commentary cost profile secondary on for RevPAR LA but you what margin showed

Jonathan Stanner

can we Yeah, need or it’s Jon. or of on mostly pretty margins, the driven I been property obviously margin growth just our at guidance about probably the rate kind that’s consistent to in RevPAR us from growth characterize year, RevPAR that midpoint saying slightly pressures range X% salaries take I that would expect breakeven taxes whether else, cost be We’ve I'll that wages we’re this is forma of so think pro perspective level you one. seeing some X.X% there’s of think a whatever given and below. breakeven to or it’s we

Unidentified Analyst

that supply growth, a share terms services a been of you select you of characterize hearing would time markets how entering growth, more last some in thanks. one we’ve your growth markets of seeing is urban suburban, And see in or potentially for greater supply service competitive sort supply from and of select balance Thanks. me, do greater

Jonathan Stanner

It’s jump Jon, I’ll in.

the supply our growth at I’d we supply X% for this look year. say about growth, industry we think I expect

you major at, in clearly and more a the look that’s little If concentrated markets.

growth Nashville expecting If skewed you to markets, is in is expect about above year. XX say that. supply be our points larger which I’d top XX with heavily XX generally the our markets, is, look the this line we top portfolio and in basis at portfolio particular by that , it

scales far characterization in exclude change that you growth say there’s average think do expect our in service year. points to fair numbers, demand also supply national below from we’re the XX actually and the in more supply this there’s what well. or basis we those to as Nashville If select would so growth that grow chain it’s say I more a

that’s we an So, do there. think offset

Unidentified Analyst

a guys. Thanks lot

Operator

Our Capital Markets. KeyBanc next question Wurschmidt with comes from Austin

Austin Wurschmidt

questions. Thanks for hi. taking Yeah, the

came of what expectations curious it improving? by any have take but XQ, to your for pricing will all you RevPAR a clearly it growth in return, perspective, you occupancy, XXXX So, early in power from and just seen predominantly well at was of power driven signs is ahead so think pricing

Daniel Hansen

Austin, very this to Dan, think but that much markets ability markets I specific. an is are we’ve and price, seen sub-markets it’s hold there our increased

optimistic, increased a are grow its the absorbed of I we’ll stubborn very to for the thing But and gets hopeful supply has these a going don’t We tax moderates and we’re lot have of I is and cuts that But very you gains, some for that the think do that markets. natural rate. noted, sure. the we’re in the expectation and as start see XXXX. and economic disasters, backdrop been broad-based more were result our in occupancy to think we'll result travel expect to that opportunities strength it

Austin Wurschmidt

you last acquiring XXX nearly work over year to million, lot those you growth, the opportunities XXXX million, did identify which upscale palate the I going And two gives forward, so plus think closer RevPAR for fresh the the continue of getting Thanks last chain hotels, for But kind the to the you is the on kind creation what XXX that. back there you and gives zero kind a upscale, been for and to team to year. outperform projected for X% of it’s then, the to of scale. years, of portfolio, overall this growth three for below value pause

Daniel Hansen

year-off are point get so may we you change, use a and the be it’s off, linear. there of guide, truthfully value. a have, linear, to lot could a isn't hotel, performance to we to need got Renovation a are be when maybe information as think Austin, strategy that, and the use forecast. a at this things drive is That's staffing, time a or great never There’s six-weeks XX-months best which a so, we performance or factors there said two-week to sometimes we shift-in, I is we I that change whether in question, buy

parts. So, there’s are moving of lot a still

of some Francisco, some in erosion some effects New which have San rate our weather, markets. we of also in and Orleans are some shorter-term had two We bigger softness

have So, to renovation quantify. Francisco, a a which we is challenge San specifically, underway and also

garner in the think feel as opportunity. it in the being I the apply, will seen, share do in and very as and the market well part come recovers they’ll that, continued good past. in to And risk anyway like you’ve think, we’ve we there feels We we’ve compete gain we sense. the about share So, competitive the We want sub-markets and to is economy have we’ve bracketed that hotels to guide, enthusiasm adequately growth don’t available rate, and as in of bought dampered great our markets. a we is in fair the our strength expect our about

Austin Wurschmidt

be to It’s willing as with to industry fair. some of the and is the point? top because of in a from February data, strength kind there some at portfolio challenges seems markets five offer the this you be timeframe, you though detail the many could Any Would you it offer you for detail market as of trended mid-to-late is how the noted lot Super clearly a Bowl.

Daniel Hansen

winter general a Minneapolis in a was little maybe clearly for bit Sure, January.

you commenting of of on some the related not of would And other renovations to based some expect some the some from on tend But broader disruption I national hotel. markets focus and any weather markets softness averages. to our are think be and one than

last last couple call indicative New the I some think whether whether And has look just conference on Orleans every year, risk if added of in almost it. anyway of factor seen but earnings. with is years, how back that to we've the will year the storms it's portfolio I the perform for number not the but of So, every fires almost an of that volatility wouldn’t REIT we great from over in monthly quarterly have lodging

So, that couple would there I things of anything that don't know say markets we our outlined. in some than specific a of I that is other larger

Austin Wurschmidt

does how versus expect you XX year? compare of that then, And first have basis you quarter points any displacement last displacement the in

Jonathan Stanner

year. little I very last think displacement with

full basis XX quoted points. the For year, we

brought quarter it that the we XX-XX year. think I year, points. I similar last XX first XX to bps to in XX last a first of quarter I basis around XX the we think be collect so believe it's had in has and we quarter

Austin Wurschmidt

Great. Thanks guys.

Daniel Hansen

Austin. Thanks,

Operator

Our from comes next Baird. with question Michael Bellisario

Michael Bellisario

Good morning guys.

Daniel Hansen

Good morning.

Michael Bellisario

about does that and leverage year, over thinking you the think driver biggest for As for about how that are the how value you that play out creation X,XX,XX what's this guys. and kind can next you you pull you the and months

Daniel Hansen

unfortunately bigger little harder the there Like are find. drivers to are

some been space. past we've anybody than active will capital think at in think in the to of be we've done very I difficult I in But more the else probably and better the that, replicate scale. good at margin recycling this

So, identify the in it's there market asset our team shifts plenty helping revenue small our sure become all hotels I think remain to but operationally. being competitive. team and Whether drivers is and full management management or making are occupancy

new to of bars we've capital drive is which some done renovating quantify. done bit past little continue some of the over the the that projects think I and centers to harder fitness and behavior, projects we've investment

drive REIT where expect to proud we very very is things this have operationally lot that focused performance. I little the a is been of a year So, of think a

Michael Bellisario

a asset reduce it, and for the bit little your midpoint target? would terms more then pipeline? acquisition the potential in the just you then of How to leverage And capital characterize to closer of sales Got recycling.

Jonathan Stanner

Yeah, this is Jon.

debt is particularly bit about, type a we've around the were shadow was recovered in for difficult year That financing. much acquiring assets. we competitor. successful that finance the think say and market acquisition to enable sellers LTV CMBS it particular And have quite last as look that of continue creates markets than is talked I XX% as we'll the last wouldn't in challenging market I a market properties. little year. the acquisition It that more

is and try he that find us I diamonds profiles bit to So, fix of to we'll and I the assets to and opportunity broken buy that can little kind that value sale the create good as think rock, us do expect continue we give think to a well. potentially it. it market you are think and in an

that funded program think more recycling the creates buying as Sort does us I you through year. of be any competition larger capital our to benefit our accrue seller. and the extent growth asset external it to this to can And expect would

Michael Bellisario

Got a at to get play the zero are one then just And X%? you low What to think RevPAR that about last the range or top-down scenarios to when that high-end end guidance. the for it. kind out to need on me X at flat

Daniel Hansen

Well, I Dan. think this is

a demand function of the I think it's a from corporate just sector.

the corporate slow. I travel has think been

with corporate and the think expectations there our a that leisure been has as if up board, and shown fickle, confidence that but and the confidence of corporate the board industry. reform the with would travel I think so level been occupancy the has active as company a across and high CEOs and tax travel success picks of driver the travel has an in biggest across up be I corporate

Michael Bellisario

That's That's Thank me. guys. you, for helpful. all

Operator

Deutsche from Our Chris Bank. comes Woronko next question with

Chris Woronko

is you remind do first, sales then the that the seeing to integration in your this guys. merger us to or kind between and expect could you year guidance see any related second right is that you now any transient anything I morning corporate, changes is or kind part leisure. related result mix and changes of that? of Starwood of of good guess a And Hey, Marriott kind of maybe to anything as the implied are

Daniel Hansen

Thanks, Chris. Dan. is This

probably a to-date but fairly of bit probably bit a we in today. we government, of bit little kind rate, group mix say negotiated of is have a leisure, stand between operating corporate we mix think its balanced I where transient, general think little our a is would of predominantly both I of XX-XX guests little

I have merger, on and we're cost Marriott it’s a delivering that has much his and at hard truly and is a appreciated. Starwood us benefit topic not and been savings and do strongly that partnership say using feel numbers immediately popular the scale quantify, Ernie little forward seeing As in their deliver think of to to going to but size I this team their we promise it’s far as and the been point will very

Chris Woronko

Okay, very good. And then a as follow-up.

does or becomes three make XXXX change starts or after available view. something kind to like aggressive I hunting I look like that any? out right extent to you in your to are supply portfolio even your So the transaction off and bit the your guys more Do bit now bit think a But of know for given that? get quickly level know how kind want little you change or select if and two things to of markets acquisitions little a are maybe find. look rates thinking at and longer little the service I that you tough a you say probably think your, that that increasingly hard just you

Jonathan Stanner

Yes, its Jon.

our supply year that view I early or this late next supply year. think of probably peaks

assets I supply the as dynamics underwriting the markets. the buying think last in supply those in we year, very are acquiring think that we market and cognizant are what even of I we're demand and specific are

going we now. be to next than location ever assets this I owned we year, think means five relevant, for time we have, years continue, we'll we So, value more more that that making are sure it from in year, probably the right spend location us

what pipeline start of see as the of of the am end very of light So, view how own want have we what supply in the assets to that of thinking along in. our to and sure, supply of locations, perspective the about on kind it terms end tunnel try from we not be we changes we to I all acquisitions, think markets pipeline forward

Daniel Hansen

Dan. this Chris, is

up to comments. Just of a couple add

as any it portfolio in and change strategy. pertains As to

we that scale size difficult have think consistent intensive portfolio due process. our of and are been I very for because us diligence great of

times the where greatest that small so will we the in range to in have as are and that one on we been us opportunity have governor always value for X.X that or of the continued of debt guide important would I growth EBITDA to very outsize discussed kind continue to capital and is say believe greatest So, us improvements capital. found through, to stewards focused X.X the itself the portfolio keep of investor operational of create net investment. we awesome help

in sure a want where to didn't went through whether very us three people small its So, take a we sure capital precious raise are capital also much understand pride we to and individual portfolio. so, and for years, or making we is strong to very that those period acquisitions that portfolio, make add the

Chris Woronko

very Thanks good. guys. Okay,

Operator

Our next Capital RBC Golladay Markets. with Wes from question comes

Wesley Golladay

us for that development, are you on progressing? project cost development Hey, labor the seeing to incremental good any how morning is an front guys. that once is Can – seeing Are you give then opportunity completed? you any update And shortages, any over runs?

Daniel Hansen

We’ve flexi pretty is built-in This schedule. billion, Wes. good Thanks this some Dan.

this which challenge, middle that construction haven’t does one in getting the challenging, and broad-based at target it but more been of a overcome. not challenging. we’ve Labor So, opening able we the is more market, to point But, seen on has create of for still the we’re more that’s, year. something is been

the I’m that So, we’re that, started projects today. of years the not sure and environment, many of ago underwrote were two in type three

any to that us. be less focus for I greater say, going So, would that’s it’s likely

over next We in side, new higher there'd we the us, opportunities, more supply years, or continue is to the level do moderates, for cards be developments, X, that and some be of think, of targets, be the the in but very several get good the as we the development interest. opportunistic, probably definitely X would

Wesley Golladay

Thanks.

year, headwinds basis much it margin of just on be to be slightly points last for of, in down How the will of it looks comparable the like in forma? detriment the to and how be assume, overall context for the the it tap I flat pro largely Will years, headwind that’s be guidance it on Okay. context going the pro year? And margins. to then, think XX we this going to like should looks forma a the it's

Jonathan Stanner

Yeah, Jon. this is

than I it but be a year. less headwind, last much think, it significant still will was that

assume, saw can XXXX. slight won’t that you think, a we impact on be I nearly but the that will headwind, be there it

Wesley Golladay

Okay. Thank you, guys.

Operator

Our next question comes Raymond from Bill James. with Crow,

William Crow

Good you’re morning interest rates market given the seeing cap in in guys. shift Jon, rates? or Dan any moving the that

Jonathan Stanner

so, it’s seen But we’ve Obviously, been yet, trade is say, what say another a of lot a fair – Jon. move, the in phenomenon, seen there’s of still yesterday. big again, that I I’d Hey haven’t recent can’t relatively in it’s terms a rate trade. a space Bill, moving obviously with been at, not up. recent we’re significant I looking

William Crow

then, cost and going difficult we are it about know, labor hotel how to days? a is stamp availability, What labor these Okay, up. all

Daniel Hansen

it’s Bill, harder. hard It’s and Hey getting Dan.

environment the in I be the but is in employees, to think, going we’re it’s we’re going for just Summit, one And and I challenges challenge, to retain not got think across try place, strategies we've Board. a of the to be to to faced it.

only So, I think if going fortunately, we've think hotel. union I away, don’t it’s but one

to management is a be abilities. have some going our flexibility hard and to employees contract the of their labor good forward. actual from operating working and managing But it model we companies going with of to it some do challenge best of So, shift to

William Crow

the right. before, I hand? Orlando, land I then from have the put you’ve you development don’t And price finally at it today’s cost, is but if the me, that All think, detailed off – what and

Daniel Hansen

it, in if still land of think we’re $XXX,XXX. we and factor cost, inside I Yeah,

William Crow

Great. me. my earlier, so questions it. All have it appreciate I that’s else got from right, everybody

Daniel Hansen

Bill. Thanks,

Operator

question And time. to at I back turn am showing our call further over host. this to the I’d not any like

Daniel Hansen

minute, for us that to company. Summit. contributions make with feel blessed, to Greg thank help wanted mission at take Dowell, truly I a everybody. Thanks, a publicly Greg team, I joined best-in-class our a to just his a

thoughtful me create entire and for see love. So, our the and thank continue we've for It’s a our Greg. analyst today's pleasure. which shareholders, us is believe opportunities Board, today. value Team, thanks truly all there hotels guests through to always for allocation. And shareholders do very capital joining you In We to been

XXXX and beyond. properties continue to strong we're Our results to expertise looking renovated deliver operational and and forward

again quarter. you next and day terrific a have to talk So, we'll

Operator

presentation. and conclude gentlemen does this Ladies today's

You day. And may now disconnect. a have wonderful

Adam Wudel	VP of Finance
Daniel Hansen	CEO, President, and Chairman of the Board
Greg Dowell	CFO, Executive VP & Treasurer
Jonathan Stanner	CIO and EVP
Austin Wurschmidt	KeyBanc Capital Markets
Michael Bellisario	Robert W. Baird & Co.
Chris Woronka	Deutsche Bank AG
Wesley Golladay	RBC Capital Markets
William Crow	Raymond James & Associates

Summit Hotel Properties (INN) 22 Feb 182017 Q4 Earnings call transcript