INN - Earnings call transcript Q1 2018 | Summit Hotel Properties, Inc.

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Operator

Good day, ladies and gentleman, and welcome to the Summit Hotel Properties, Inc. Q1 2018 Earnings 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] As a reminder, this conference is being recorded. introduce President for of to Wudel, conference, like Vice Senior Finance. would your today's host Adam I

You may begin.

Adam Wudel

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

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

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

Daniel P. Hansen

us XXXX Thanks, for all our joining Adam, for call. quarter thank and conference today first you earnings

the leisure of pleased line continued are earnings drove businesses. high and natural including positive to top factors first and to range. number and contributed pickup our quarter demand demand strong past quarter of end strong corporate that the A We continued portfolio results our bottom this and our guidance group both very by of encouraging results, performance in related disaster

of quarter an increase million, compared first adjusted of $XX.X the of XXXX. For FFO the recorded quarter, first as to we X.X%

by growth in out reported and increase largest $X.XX of points of of X.X% end rate a $X.XX a RevPAR for On occupancy adjusted RevPAR and our to outperformers quarter. evident guestrooms Indianapolis Minneapolis, Our per across and per $X.XX four a our the of we displacement was in CapEx hotels X.X% quarter, few came in which the X.X% Miami. service with forma the FFO of to growth portfolio, approximately Strength basis, markets for increase renovation in had driven the pro of the at a share was guidance range in numerous that XXX high during of related includes being basis share.

benefiting Our demand the from exceptionally Minneapolis Super extremely performed Bowl. to hotels related well, strong

Our Minneapolis blocks for quarter, of that U.S. our produced Bank Hyatt the only by led RevPAR post located XX.X% did growth Place hotels from of growth impressive six combined three Stadium XX.X%. RevPAR

Miami, set from of Our during Airport Indianapolis implementation Courtyard set. of Fort X.X%. group demand again XX.X%, strategies, two the following once RevPAR was calendar. within market hotel combined renovations, an broader leisure hotels RevPAR growth these during demand share competitive and the XX.X% Lauderdale Indianapolis and Hyatt both RevPAR their improving continued respective the upside to our hotels quarter. hurricane-related House and reported growth that hotels two In quarter at successful and first two ramp Combined, had each a a convention gaining some of with the outperformed and ongoing market Miami our new saw Beach strong competitive decline

closely We pleased the trends. and recent of monitor some continue are more to demand with corporate

has room guest disposal a true or rates tracking a room, nights at to of Given corporate the challenging his more channels multitude ever. is her than and book

Expanding specifically, weekday Underlying we a be where consider very of increase in higher Marriott, in Inn, Hilton give Courtyard, the from historically brands specific to growth but to business and Hampton what saw first quarter. in we continues the core X% nearly nights, with optimism segmentation which in our the includes the year-over-year has including quarter points business nearly retail investment Inn, increase that However, corner, pattern our RevPAR X% corporate negotiated a us weekday be of to significantly a started include a our indicator increased portfolio booking data room nearly which X% travel. the few for quarter. travel included healthier would that spending, weekday reliable grew been a turn to short-term the for inevitably nature. a Garden number first segment, X.X% RevPAR quarter corporate negotiated business was In RevPAR in business GDP hotels, X.X% has leading albeit

storm-related Of markets year course, that of should a our continue benefit quarter in the for demand. the to some of is slowest be proper first marginal our and data taken from context, acknowledging the portfolio incremental the

hotels sell sales year, four Although made first any we the $XX.X to of quarter an opportunistically into or great contracts we assets in of recycling aggregate price by entering did not the for progress sell acquire capital million.

ending For an for our which the EBITDA hotels $XXX, than period. of the of XX.X%, was was the which portfolio points RevPAR average portfolio average XX% RevPAR XX, March $XX, lower basis lower hotel four XXX average same had months than and XX of our margin

we Our capital cap at initial capital line with the rates, disposition recycling growth strategy activity. greater hotels to into that believe redeploy have allowed recent has us portfolio refine trajectories in and

the acquisition RevPAR XX selling, Lauderdale the hotels hotels RevPAR as led the by Courtyard quarter, posted growth to are Atlanta classified Our for currently the Beach, very premium Downtown, which a AC absolute XX% to had which demonstrates execute a upscale Fort we hotels, acquisitions of healthy XX.X% many Courtyard quality identify and the full Pittsburgh Their and boutique hotels, service in validates and both on Downtown. and with success quality experience and premium hotels. ability compete today's our high

the improve Center, eight for on we full completed capitalize into into common renovations guestrooms experience. Francisco, a XXXX. is completion of our the guestroom scheduled additional expected items includes which Express the portfolio will and San renovation space to $XX guest million Inn space of new at & the to now improvements of are During December nearing Notably, Marriott quarter, timely ranging in the XXXX. renovation to meeting reopening Boulder, guestroom we renovation mid- and complete comprehensive dynamic reconfiguration Holiday Moscone hotel be and in underutilized areas of are bar In Wharf Fisherman's conversion online. that the our in at This the position to well Suites first currently as centers from as our invested fitness

we are addition investing Hyatt I'd take provide to our a development on the to moment In our existing in to like portfolio, House Orlando, an in update capital Florida.

will the Hyatt you adjacent at If Universal the XXX-guestroom to market located last our recall, Studios. existing be hotel incredibly years. Orlando Place over strong been couple has of The

House Irma XXX prior the #X average market growth posting ranks market national growth ending in markets the at are the for points, the success experienced high our by XX of was XXXX, X.X% Hurricane The made Stanner. CFO, great quarter the market elevated Hyatt in we've had of expected opportunity that, is call turn landfall extended-stay demand basis Jon product and over second to in excited September the eight Specifically, the open to to in. in With growth among quality, that the a XXXX. top about RevPAR the on end RevPAR nearly which rate months we exceeded and that August I'll after

Jonathan P. Stanner

everyone. and Dan, good Thanks, morning

the increase occupied margins contained points of approximately wages. expenses the Expenses When pro was EBITDA over hotel in same a period a basis, $XX.X were by forma XX% hotel X% in EBITDA basis property hotel EBITDA salaries operating as from during excluding decrease basis and quarter, XX.X% room a contracted our quarter, contracted well million, XXX XX%. the just including in forma X% margin pro hotel to only an effect For slight XXXX, increased increase and from per taxes, XX points. on the

metric our defined begin in last EBITDAre. of see reporting newly XX-Q night, will and adopted and You release on earnings the will press filed we have

During the first increased million. quarter, our XX.X% EBITDAre to $XX.X adjusted

presentation of two Our presentation of previous adjusted going metrics simply use our with we adjusted EBITDAre will forward. and EBITDA, is consistent interchangeably the

Our to over balance an four liquidity years. length be with of well-positioned, maturity average current of sheet of $XXX continues and million over

total of of a had March million weighted of average $XXX outstanding rate As with XX, we X.X%. interest debt

our capital mentioned, to four we sale EBITDA of As a the combined program, debt $XX.X approximately will for recycling net which pending pro progress hotels reduce to have X.Xx of basis. our great price adjusted with on made sale Dan forma a million, on

new AFFO bank XXXX April an were to our the our or was validation XXXX fund in lodging in We loan which redeem We XX% the for repaid opening of which X.XX%. the March of $XXX the scheduled share. revised XX% Based of respectively. term that our the is We X%, we and Series to midpoint of close dividend quarter updated and four FFO of raised second basis able X% the loans had previous four non-core million unencumbered XX, at to continued Studios capital our a quarter hotels of efforts assumes additional LIBOR, X.XXX% our as share, We on range late see unsecured a the $X.XX leverage first hotels are $XXX outlook. include February without The flexible Proceeds common positive in the for to depending and ratio. press an on revolver. previously assumptions full to second well negative quarterly a loan pay loan results, our preferred the guidance loans sales closing the Over dividends accrued per our repayment $XX.X our of $XX that mature repaid over commitments million May paid first replace to of to new unsecured is the remaining now X.X% these dividend forma a mortgage a payout and that secured declared C $X.XX of we prudent in of transactions, a highly previous to and our and term On the draw as term We of Hyatt allows share. of on an guidance our The on on XXX quarter. X.X% year rate quarter, in used first to stock points the annualized During million. $XXX loan to X. advance intend several the commitment we REIT. quarter a per down balance lender to outstandings up that for XXXX loan pro adjusted quarter AFFO to guidance we to today, the XX, on million ratio loans the were ever largest to of further million per $X.XX to in $XX.X interest the to now the pricing the our Orlando/Universal The executed House same-store On million and low assemble penalty were $X.XX totaling to annualized average will second drew XXX EBITDA improve of seven-year of scheduled yesterday, year including you the April XX, for release four end facility unsecured sheet. million seven-year unencumbered. initial full markets RevPAR term XXXX. $XXX seven-year an for mentioned on unpaid of aggregate

Our estimate capital year million of full $XX for unchanged. million remains improvements to $XX

per quarter XXX ongoing to debt basis at year in renovation call transactions I'll dispositions, X.X% or of second guidance. to growth RevPAR assumed in primarily hotel. quarter points, acquisitions, back over Fisherman's beyond are $X.XX XXXX, is the of our to Wharf the Included of RevPAR previously equity X.X%, For provided the to Dan. quarter full With that, share, CapEx X.X%. those growth displacement San the pro or No X.X% forma second AFFO guidance Francisco XXXX our to same-store turn we approximately related mentioned raises, additional guidance second $X.XX and of

Daniel P. Hansen

summary, Thanks, as producing pleased In our first continued the with quarter we portfolio quite results. solid Jon. were well-diversified

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

Operator

from comes [Operator first from Instructions] Crow Bill line Our Raymond of James. question the

line Your open. now is

Bill Crow

the as to think severe I service it just at helpful. Dan, beginning that of at be for back business a that transient kind might for it that of transient, we recovery as kind maybe, wasn't select the about outperformance about not reasonable in it? of and years, whether the reduction in business are X.X Is assuring as XXXX, last uptick we corporate therefore saw look your way the curious

Daniel P. Hansen

guess, it see I that Bill, don't way. I

the if business, than Courtyards As comments, certain type about our Hampton to Inns, in we business the of Hilton hotels, in our Marriot our much extent diversified we mean, Inns, about transient I think of more mid-weak. a and kind the prepared talked are you portfolio, the strength and Garden many typical peers.

markets in concentration effect. the several have of more can a So, material

very competes type So, upscale a at business if I look of of just for hotels, segment, are typically of which quality think the you well the the hotel, guests. offering our those

recovers. So, the beneficiary as demand argument better that a I other think of take corporate be I side and we'll

Bill Crow

right, their Dan, Marriott you the construction this think sensitive a pressures rolled inflationary cost new some I'm is point out Hilton curious, just the helpful. in week cycle? Inn for out Inn going All on I their lanes, And are then that amenity and this my own prototype, or given follow-up, or era earlier rolled be to that's Hampton to the Hampton new in trying the and of entering brands swim keep are brands at these we owners creep, to of

Daniel P. Hansen

of consistent and the That's a every generations is you does experience look there a sheer get with guest than different versions. of the year challenging becomes difficult great supply because more in within It when to brands. There number different out new question, more a complicated Bill. at the have hotels and little become, effort

XX have them one of only Courtyard. actually Courtyards is and prototypical We a

at that may just not able required a changes do. may to prototype, you be So, be

at hotel quite that representative So, you core and important. of maybe what are as the are start to which look each things not specific brand are and things the

so and the demand the want brand. can more brand, see but more the franchise that as the and to to You loyalty more through best driving system try occupancy we you define much than

So, compete great a it great hotel, may some Courtyard with full-service where our experience, in a bar has fitness new markets centers. a of

a $XXX down whether it. bit can making So, markets, market better. justify I owner think the rates, to spending many the we experience individual comes little of it our can the with In justify and

So, sure would to development be your rate for are and rising but version if the answers costs completely sense, not the faster I be, short sure. challenging because more it's question, going I'm than that to guess more for new make

Bill Crow

Thank Yes, that's helpful. for me That's it you. today.

Operator

Baird. question comes line Bellisario from the Michael from next Our of

is line Your open. now

Michael Bellisario

that kind guys the the Just and maybe much little operate buying really you how leverage outs bit, forward-looking of end the timing higher touch just wanted and closer just view of versus selling more a your on at end of mismatches to of just range, is to high and of reflective running as target your there? positive ins

Daniel P. Hansen

Dan, is Mike. This

consistent think has relatively over to the X.Xx that two. X.Xx last range been I the or year

wouldn't I the high any the being So, industry. at end positive or less positive about more read

anything more will kind We of than ebb else. flow and opportunistically

traveller, positioned incremental feel of absolute that optimistic portfolio about the is read outlook absolute revenue like but anything the do wouldn't I are We amount of into our capture leverage. and or uniquely to corporate business amount

Michael Bellisario

that XQ Got it, that's renovation and disruption helpful. you the any And big are greater two then just how from compare did the thinking for and projects how working expected disruption XXX bps XXX on? were renovation what days you than seen you guidance, have XQ the XX of mentioned to or that ago just you in delays then does

Jonathan P. Stanner

Yes, Mike, this is Jon.

point Most above XX quarter. quarter in basis displacement our that we guidance. additional quarter. think That's it's of first first probably I in that slightly probably expectations was the first gave an when the

points at the XXX look second, in loaded. year, front-end that quarter, for the basis is first you our XXX in displacement very the If

large So, displacement half becomes first we are less renovations doing obviously in the The half metrics of in year. meaningful of much several the back the the year.

Michael Bellisario

things you and are for XXXX the Got then update high into what XXXX maybe just one last it. on well? an give convention there progressing, on you the from how And can calendar on just ground Orleans, seeing then as on me are side especially New level and us

Daniel P. Hansen

Orleans calendar. positive and Yes, quarter convention I a third think the in New particularly has second very

first Last and to year big stable of last fairly it is quarter. strong one year That tend convention and in This markets ups flip-flopped stronger the first Orleans and quarter quarters. those the from have year, downs said, within being second we calendar New Orleans. did can but quarter. year. It's the for was in a is third again quarter fourth New fine have that be

I good about feel think market. we that

Operator

Capital Austin Our Markets. from next Wurschmidt line comes of the KeyBanc from question

Your line is open. now

Austin Wurschmidt

talk on the those to that debt. repay go wanted you've sales, Just assumed to asset

expect mentioned, or near some that leverage pop should to But curious, to you're some As investment you the in term? took term do the start just near you a more out, we of off kind that the attractive are that you as opportunities here we see and think continue look edge up in bit. could selling likely there the

Daniel P. Hansen

I'd we Dan. company. is that say this Austin, a somewhat are transaction-focused of

So, we range. debt-to-EBITDA stated EBITDA, are acquisitions. always is more ability of kind the a or in The the market function of to for do net less

of market. buyer's one we that a is the of think So, governors market have. Opportunistically, seller's clearly that certainly it's more a than I

components outlook time So, more that challenging as the give get finding value-add acquiring. look more constructive us we're opportunities, those on having we would at that us

So, recycling, expect as things we to point the still at the is up. to telegraphed think a shape this I about way best in balanced past, capital

Austin Wurschmidt

particular, just are It soft give following on the likelihood idea can on view the and acquisition or up you curious I'm moving the maybe independent in And a you of appetite? then maybe kicking what's there? brand the or a that in thoughts around side potential just of thoughts on seems of that that you Any your direction. if kind

Daniel P. Hansen

Sure.

hotels that we've to been, for think look as a create in at shareholders. very clear the to way value past tried I be we

we are little is where in environments don't a We harder left times acquisition buy to we've add around that build there, not a and a that's transacted below that we be We like we looking a a edges, feel of the times little maybe ourselves. trying to there low might bit certainly of than higher find, maybe real may forever as the a not growth had to monument RevPAR price and past key middle and in maybe ramp feel in a a it more but typical sell, a is view the to like to to that because be we hold. per delivered. past there story there's story, the and to slightly are still things the the mean today value more RevPAR There and fairway has

convert that creativity we be around brand opportunities independent soft might that brand. think I to something or us a So, that flexibility a could soft that an gives at look to

lot the drives of IHG, relationship We are a loyalty big and We believers a and think got great brands. Hilton, opportunities. guest We've explore behavior. with Marriott, in Hyatt,

there's say have So, a of at I that would looking hotels. we that are optionality as we lot

Austin Wurschmidt

then you there. back margins the the being to you the first side, that decrease I maybe had about expense for just on appreciate kind claw of of And slightly thoughts the breakeven kind down. year, I for on What's you the expectation think the quarter? talked full in

Jonathan P. Stanner

mean think I I right. that's Yes,

or would Obviously, slightly in to we implied when midpoint guidance that that it year our expectations rate, for that rate. RevPAR margins margin stress on be I mostly breakeven continued is perspective. said kind still X% we to that takes of a range, think what about of rate-driven come full from growth we would the growth midpoint down. that the mostly feel be that needs our from guidance to We've flat to gave

margin If about quarter, in first the you our came of occupancy RevPAR growth. at growth from look our performance half

expected. being think headwind I year than cost decline occupied have said, what We bit has as of maybe a maintained. our but acquisitions growth as do cost basis So perspective a to to a a we a on discussed, that perspective room saw from from I changed. overcome, margin expectations be property prepared think per you as more continue a X% we've is in from remarks, that full don't taxes, margins our a That have need we well result said mostly signal would little been

Austin Wurschmidt

type – taxes growth property the to year taxes half or abate a expect in back continue bit to expect property you in double-digit kind of to we low at of all the Do the should that increase?

Jonathan P. Stanner

them No, expect in back of the half the abate to I'd year.

Operator

from line Markets. Capital comes from Wes the question of RBC next Golladay Our

is line open. Your now

Wes Golladay

have development Can help we it stabilize does when to for that adjacent an you it? asset your it will your expectations comes it how soon talk about are what and online,

Daniel P. Hansen

Orlando us. Dan. has a been Wes. Sure, This great market is for

those House, new two Place marketing the properties, are the and We Hyatt Hyatt together.

we've on team So, a great ground. got the

it So, while than be XX type development. typical faster XX in fully the I of that normal stabilized, I we'll don't months see anticipate know you'd a stabilizing when to

and So, it's pretty along it excited we're coming terrific getting about open.

Wes Golladay

at have Is have leverage? how when do of upper it end look your leverage do assets loans down that but then do the we you you a non-income-producing at at can retired discussed metric and and pay that and your Okay. be all? we've leverage, eventually obviously that at, context And the mezzanine secondary in you that look range, view you

Jonathan P. Stanner

Sure.

is said want consider and there of the add we a many or how to we we'd think own. company, governor to a of pipeline in of markets become as think shadow great kind build our a allocation, around about I that what I times, think we value to mezz-lending leverage, periphery think some we opportunities kind like assets and we development company don't is high-quality capital while of

So, coming they that to still planning overall of X.Xx net I our those do fit debt. theme on are of X.Xx need kind think to into online, as

Wes Golladay

I to, eventually you non-income-producing your assets I upper reduce do your and pay comfortable online they down Maybe would question have right use end that these you hotel your way? all you feel naturally Hyatt debt you you the now which mature, forward? then pieces higher do the willing So at when end to have run mezzanine be down will then guess, leverage leverage of the have you guess, if could I the incorrectly. at bring your that that going phrased being and coming debt these leverage

Daniel P. Hansen

We do, yes.

amount at next very the of feel debt have of as lowest in past, the of I in the of we've question, end due the years. if that comfortable your We, We about Sorry talked coming range. high couple misunderstood Wes. one

flexibility of lot a our got we've balance So, around sheet.

the great on. loans unencumbered As base we've talked and we've swaps with term about, and progress putting made the

X.Xx that So, to we very range of X.Xx. in feel comfortable

Jonathan P. Stanner

I'd net a it's We debt-to-EBITDA. to of Jon. as just kind that thing add is that do one capital governor. use not This is, allocation The

coverage stress also a from coverage we We to declines balance and at a in good cash look the kind like withstand results our we feel fixed-charge perspective. and operating of still we sheet test where sense ratio flows get can have of

we're as from debt. ratio So, where we leverage I at a said, to at Dan think feel good

Wes Golladay

Okay. the And move of are lastly it helped and benefit this on abate we year, probably expect quarter that effort starting you year storm-relief then that and the much last to through first do see you early as going forward?

Daniel P. Hansen

Yes, I think incredibly to about a got people doesn't type of you quickly that bit. feel in and with work managers the that that's did that and business there our good should up clearly, naturally hotels little running back great there, we got on the and expect ground blessed forever. combinative abate and been but the We've last been team,

Jonathan P. Stanner

year, thing of other like add market last saw a in just we is most creates particularly the that one more benefit The Houston. I'd a the in it quarter difficult when the comp fourth

Wes Golladay

Yes.

comp So, occupancy that, from just year sticking normalize pretty then and adjust with the last it back the should for would gains them, much we issue? dial just

Jonathan P. Stanner

fourth the fourth year. that clearly last market think quarter lift that's a quarter, first I to the do in market. makes was that continues quarter But was the comparison [indiscernible]. The a XX% the more a good Bowl ran It quarter closer had comp historically challenging. market I is XX% occupancy to Super a Yes, in quarter, to difficult fourth Houston Obviously, this in XX% there a specifically market well. perform think in the that occupancy in market

Wes Golladay

lot. a thanks Okay,

Operator

Kelley next Our comes question the of line of Bank from Shaun from America.

line is now Your open.

Unidentified Analyst

displacement XQ comments, somewhat in XX question of or This clearly conservative basis the implied around XQ, increase, pretty last guide half second less materially outperformance RevPAR guide appear your carries in of we But points point the XXX conservative. the little if basis through it year, with your the in of basis in roughly is quarter. Kind and in take [indiscernible] on the XQ, XXX point the for bit, the XXX sticking Shaun. guide, would a in factoring the displacement then,

puts should about events as guidance and we of? be So, half aware material second and that the consider of what are thinking the you're the takes in any year we Thanks.

Daniel P. Hansen

for This best truly our based We'll Thanks we take the that today. information Dan. question. is would the say is I guide that. on have

always I and think when together. few a guide we takes puts our there's put

I away, obviously really and to but the It group in think overarching want of it is scene unique days take not to but this didn't the wasn't unique $XXX,XXX just was Summit out book We of we five nature the industry, – which had short-term nights, forecast. that is we to a people business. XX piece bookings. a

we So, great business, were many too. of fortunate because our lose earn that freshly to locations, business renovated could [indiscernible] portfolio with we but

challenging than booking ever be to And a bit So, channel prepared little it's the continues booking the around talked around been. as more volatility also, wide. we about our in transparency is comments, the

a the typical corporate and a booking rate. things You guests rate be not like They local are have that. do may that booking negotiated retail

we So, while don't that data points overly we optimistic to have good more trends. be without aggressive and feel confidence, some do give us solid want

Unidentified Analyst

Great, Thanks. that's me. for it

Operator

of Chris Woronka line the Bank. from comes question Deutsche next from Our

now is line Your open.

Chris Woronka

you are portfolio, to a lot ask this want you, transient-centric of short-term you of corporate any Are just any terms I new Dan, are guys business, guys pretty cancellation. yet? rolled Hilton cancellation since changes with I revenue in positive you semi-flex especially policy seeing know management impacts post tweaks? seeing out the

Daniel P. Hansen

definitely step in stopped wouldn't changed direction. anything, just we've adding right it's somehow a that or the but evidence got policy quantifiable say cancellation the I

positive for evidence quantifiable the I the change. have So, anecdotally, it's we that on positive think any know our effects positive industry, of for portfolio, don't but I that

Chris Woronka

on chasing some market, the that, kind interested some some of assets that we've of what type call become then REITs resort the know I semi-urban straight urban select-service the is following that on up full the maybe out I you seen the as in other more part select-service of is And side going resort lot enough. markets stuff, guys where maybe fair would there Okay, after more resort and assets, of and something have you just in as full-service or of service, market? much now a

Daniel P. Hansen

that. Chris, that's activities wouldn't say say at I all. our it's I directing wouldn't Dan. acquisition

I similar the Lauderdale, to resort find resort opportunistic, purely focus to extent an is that are has the always because in it, of we we in that to wouldn't necessarily we Courtyard and make Fort think a a acquisition maybe market market. that the component

think of weigh where I factors we can a we add lot and value.

components would So, look but not the we it's investment clearly, our say all when driving I at we behavior, a hotel. underwrite

Chris Woronka

good. very Thanks Dan. Okay,

Operator

concludes the for that session call I'd like to back for our today. over remarks. And Hansen closing to question-and-answer you. Dan Thank turn

Daniel P. Hansen

Thank today. joining for all you us

to value continue shareholders upscale see for which thoughtful to create in today's love. hotels, guests allocation continued capital We through opportunities

continue renovated Our strong properties to operational and expertise results. deliver

day have hope forward quarter. a next and So, talking you again look to you to terrific

Operator

thank and and have program participation a your Ladies you may gentlemen, This in concludes conference. you today's great now Everyone day. for the disconnect.

Summit Hotel Properties (INN) 5 May 182018 Q1 Earnings call transcript