INN - Earnings call transcript Q2 2018 | Summit Hotel Properties, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Summit Hotel Properties Q2 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Following management's prepared remarks, we will host a question-and-answer session and our instructions will be given at that time. [Operator Instructions] As a reminder, this conference call may be for replay purposes. It is now my pleasure to hand the call over to Mr. President and Vice Markets. Senior Wudel, of Financial Capital Adam

You may begin.

Adam Wudel

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

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

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

Dan Hansen

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

pleased an We of million, for reported $XX.X of with portfolio as quarter to adjusted XXXX. FFO the quarter. delivered performance the compared second second our of We are XX.X% increase strong bottom-line the

matched in grew X.X% guidance per FFO X.X% by occupancy. the per $X.XX X.X% adjusted reported growth year of we a driven RevPAR pro compared On and quarter, was increase range of share. for high-end share increase Our last to and of of $X.XX $X.XX which the our XX% rate to in forma basis,

more base When the Minneapolis related the our RevPAR and efforts Tampa, business share competitive A against Tampa in has City. pro at market revenue grew index RevPAR which period, strategies during in Minneapolis, quarter, in the resulted Suites February. increased renovation Bowl to by of the included the In of market continuing market which lower XXX. the Super displacement of increased continue beyond & a increased stronger gains hosting realized the management X.X% excluding a of to during relentless set. the quarter as Hampton benefits to strength our quarter markets result Lake to compression by of few layer XX.X% Salt in well during forma Our RevPAR Inn in RevPAR X.X% an in quarter X.X%. continued effect in result than share

downtown achieved points Our the growth drove Hyatt collectively for strong Improved performers Suites of Place of XX.X% RevPAR hotels new overall X.X% X.X% Minneapolis of substantially demand outpaced & growth XX.X% CBD our gains in six posting were and growth respectively. RevPAR In submarket expansion EBITDA of X.X% Inn Hampton quarter. and the XXX our which of particularly transient in supply basis demand in margin market X.X%. and the and

last points. the by difficult challenged basis which City, retail to to nights room has year a X.X% X.X% limit Lake a expansion that by experienced Inn simultaneously pick-up market demand of to Lake a increase recall, the allowed while comparison supply in at grew EBITDA new and the the our As of absorption particularly year-over-year mix increasing in and discounted XXX outpaced than Minneapolis, Like in margin let growth ADR Salt of us more City significantly business. started we RevPAR abate. Residence Salt downtown was a quarter faced you and this as supply driven growth In

NOI hotels City per Nashville Subsequent including guestrooms hotels for a for estimated $XX.X totaling of the one combined on June during combined capital or of located price of quarter rate also the the brand price sales and $XXX,XXX average trailing the of we in located of The Combined suburb north $XX.X cap the million XXX We totaling on in we the bps. to RevPAR Salt the of hotels the than Lake EBITDA Atlanta guestrooms quarter-end, points XXX and key. in XX.X% expenditures period hotel sale XX% make closed resulted of same mandated for Smyrna million on the portfolio in pro closed weighted sales Phoenix two a to X.X% announced XXX the lower was RevPAR for sold than capital XX-month period. sale progress cycling on on portfolio hotel suburban combined forma the same and was efforts seven basis as margin lower continue average XX. our our previously four

Our period sold buying, returns. execute was hotels a seven of to the demonstrating attractive renovating an ability strategy and XX.X% hold selling unlevered hotels blended on our at IRR impressive on further

the We ended XXX of also for our expenditures future price Fort is High to Place Florida, entered a into third sell $XX.X in expected quarter. months June X.X% close estimated sale plus capital rate a guestroom XX million the contract The represents Myers, capitalization trailing which to XX.

have Our growth or line in recent greater us higher capital initial add strategy redeploy recycling has capital that dispositions. to potential believe hotels into we yields than allowed

and XX sold and higher. hotels we absolute AC XXX XXXX Fort hotels in execute the demonstrates success basis the These acquired RevPAR recently on the as upscale and identify high hotels have growth XX% quarter the led Courtyard with Residence service by have validates in Lauderdale premium New and Courtyard and of compared hotels downtown, classified on and which Their for hotels. many and Our The acquisitions average boutique acquisition compete in quality hotels to Atlanta points of full today's premium to X% currently our Inn, posted a margin quality ability Cleveland, strong Haven. Beach experience RevPAR EBITDA

During we in Moscone documented Wharf. capture is are hotels the Marriott the San the of increasing both a particularly convention our demand Center Inn Francisco and citywide Suites well & our and in where calendar Boulder as XXXX. Express completed markets well $XX.X in robust positioned reopening Convention to the The portfolio in into our facilitating in at we renovations is product Fisherman's Holiday million terrific second major finished invested quarter,

displacement annual displacement the half for related Looking second substantially XX% less first ahead, behind we to estimated our half be than the than more XXXX renovations XXXX revenue to is as of us. of the in than expect effective

In market June Orlando, are our The opened RevPAR month. been past exist did Since to we officially in growth impressive doors two which start. existing has X years share set with Florida our RevPAR the having investing Gaston's located Hotel produced strong incredibly one brands not hotels market portfolio, adjacent Studios Place will in few synergies a addition for its fair to Orlando July, outperformed. on open over XX, one more against hotel. we XXX% the off Hyatt believe our that to capital to and Hyatt is guestroom quite just competitive the its Universal than only achieved at the provide numerous XXX is and the has The consistently House

XXX annual in Specifically average in U.S. top by RevPAR of the in total markets growth the market points XXX has XX since respectively basis an Orlando points and basis outpaced XXXX. year each

increase to I'll our we call to ongoing the thrilled to turn market Orlando Jon in forward success With with stay high the are over look the as Stanner. our addition hotel. CFO, that, in footprint quality this We extended of

Jon Stanner

everyone. Thanks Dan good morning and

the EBITDA in increase an same quarter, margins XX the increased Hotel taxes, XX% EBITDA margins contract $XX.X property of points room driven increase pro period expenses XXXX occupied operating basis contracted by to X.X% our per forma X.X% the and on hotel only forma a basis XX effect quarter points. higher labor by during costs. million; pro primarily in For to basis compared When hotel of was EBITDA hotel excluding the XX.X%. a

our During acquisition the second increased XX quarter, to which our months. over adjusted driven activity last the million $XX.X primarily EBITDA RE by XX.X% was

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

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

our sale us recycling seven the we progress be year As for on disposition some $XX.X X.Xx Place hotels a million. adjusted and pro capital will to these the completing less with of of growth. transactions our capacity Dan a mentioned, forma combined for RE made on the future basis, net pending EBITDA After program have of Fort Hyatt including price Myers, gives which than debt by end in sale

and aggregate for the remaining Fort which rate availability. midpoint million year, of We with On the prudent mentioned loan commitments outstandings into maturing declared guidance rate hedge or Place swap of of and capital third outlook. seven $XXX environment. balance $XXX press our debt this sale of million two and sold at swap to term XX, common and share. a $XXX on at $XX of for in During end full year million transactions rate our we Hyatt The per approximately new share $X.XX executed for effective of of of guidance remaining year a of to of revised to the the million We quarter. year XX fixed year on a LIBOR June a the of a On of dividend ratio fixes drawing year pending June XXXX. the these XX% markets results quarter assumes rising the for down this quarterly our of through our annualized rate pay fourth of several amount of Myers, million an second our share. million XXXX positioned XXXX. on at entered payout Including the $XXX The becomes effective be is quarter, to yesterday, second of XXXX adjusted X.XX% expiration we quarter interest becomes in per our $X.XX well $XX we existing this in against September FFO XXXX $X.XX XX $X.XX and rates million annualized third full rate $XX release dividend a agreement interest will in swap X.XX% updated LIBOR sheet XX% a our has transactions the previously which starting revolver included fixes XX, year forward rising swap the quarter interest per through in notional currently which two AFFO agreements December September

pro top-end of RevPAR and the $XX same-store and to X.X% our million We negative forma $XX tightened year also full for updated million. to positive improvements a guidance X.X% to We X% to respectively. to range capital of X% estimate our

X previously the per in the growth dispositions, the No portfolios. over full year turn debt For to to transaction of acquisitions, assumed the or With XXXX, call AFFO I'll quarter and $X.XX forma that, share positive $X.XX for equity guidance. or provided or XXXX RevPAR guidance quarter same-store X% beyond pro additional raises and of Dan. those third third both mentioned back to guidance we of

Dan Hansen

progress pleased Thanks second in recycling and our portfolio diversified Jon. well strategy the we our solid were In with as summary, results. capital producing the quarter continue

summit. future the be optimistic to outlook for continue XXXX for We the about and

the will to We call your open questions.

Operator

[Operator sir. Instructions] come KeyBanc question you, Thank of the will Austin Wurschmidt with line Capital. from Our first

line Your is now open.

Austin Wurschmidt

markets Hi, also give good markets. was of guys. the to you headwind some then, sense some which or the on dragging particular a there business? to strength Dan, you us comps just could the any And softness a and highlighted the portfolio segment of due difficult either of you are in maybe morning in supply? -- of Could speak any

Dan Hansen

in Sure. softness particular the isolated there. was in Austin, Phoenix, us supply a few is in this Kierland, weakness competitors for Marriott/Starwood portfolio in the and bit Most been have got all with extra Dan. than we've around and they I our Scottsdale, [Lofter] a segment. the Scottsdale merger, [ph] of the more little similar Westin say in markets there wouldn't or hotels the past the market from a W.

most had Waltham the in also affected and that a did a two in we little Inn both anticipated some Boulder challenging summer the and and market. we a renovations Garden markets well. is the months more probably and market issue where Norwood a Hilton the Inn suburbs notoriously were is as we been markets. soft Boston It Baltimore that that's The was where bit and up Scottsdale in have we challenging. of supply those being So supply the Hampton in us which two

exacerbates it some of the So softness.

of there was in softness markets. these of the a So these challenging result much of great renovation properties

Austin Wurschmidt

I renovations a like bit mentioned of just -- it even strength as the the like lack anticipated? things anything that's than would improving softer guess you sounds you on the or then getting or have demand So and the little you reacceleration side supply surprised either

Dan Hansen

again. Each demand -- story own its good. think I Dan, in think its unique markets general, I got is

backdrop always not our are general, going where hotel. of maybe there repeat might the pockets a challenge in markets. demand with I feel maybe think to group or is there we a about be a But small good new in

Austin Wurschmidt

transaction the in to half expect on the and me more little strength guess through year the the half the front for Should back going one I back market of last acquisition the capacity the transaction active side. you're continue we a just year? to do or to then, build you And some on this expect be in that capitalize on

Dan Hansen

If does I acquisition a that think the for continue make us. it that an demand a seller for now this will there's be a clearly we own balance opportunity side. to properties to great on challenging be

and think got I we've focus that expect. average expect think not dispositions be there we acquisitions to off I we above offset some So market more some But to of quite the should to fairway that. could middle maybe returns on things the are still of same deals get that the you

Austin Wurschmidt

Thanks time. Great. Appreciate Dan. the

Dan Hansen

Thanks.

Operator

from come James. of Thank you. Crow Raymond the question line And will with Bill our next

open. now is line Your

Bill Crow

Dan, the others more. of Can on little gentlemen. a have to bigger the at a group cycle markets kind I cetera. a a of gateway exposure, lack it was is geographic bit. you're it period you string footprint, where point And wondering, some struggling or economic delivered a we the outperformance broad lodging more it going I'm a you of of larger of those and limited just just were are exposure favors footprint lag quarterly now et to bit? when that based maybe a morning time think geographic Good when in And

Dan Hansen

for question, Thanks the Yes. Bill.

think delays was in quarter combine the if past Boulder a you that during was the which I Hotel take don't in it's we probably our that fair model quarter, foundation focused inspectors metric, some that Inn little was but actually that a business part renovate to the hotels at little average. Francisco than When above San that laser to anticipated view XX%, of with that city important And more where Express is a to you look We as second an did Francisco think RevPAR runs is the than that the is But clearly even us larger X.X% for shortsighted. usually in the and think RevPAR San the that quarter commitment I at I strong. well. our which upscale is some out, of renovation we we look Holiday be our important the delivered of it's from RevPAR on have in have displacement. two as for made to the the we displacement metric

job a important does for as we've and on to using a focused great test not I on It not think creating us numbers. lot it's just important we're deliverables be best quarter of play to and the done a but consistent shareholder to a trying decisions. that focus quarterly the create transparency we are create return and for game at long-term that. litmus of It's

margin when year but in a will hotels period comparison hotel many do, outsized operating if guest moments don't scale believe So there are. in off chain limited didn't on higher prior We be wanted either of or stay a the do center for is certain meeting suddenly is that scales or even they what growth really I even that convention today's space a maybe they prior those Francisco and of which York easy line. in chain peers of model, from some the different to just time those certain off and moments an decide and before come that know model of with I based a will San the New really have or is F&B markets outperform. mentioned exposure and driver of to business RevPAR our as generally

to it's reported our clearly higher I think showed really as the believe pointing mid-teen which those in most been of look of long-term important narrative, think may changes all. the attractiveness at think dye that been release. history group be don't I but we Clearly solid has at of stretch. to metrics I that's hotels spend IRRs unlevered but margin at I the kind model good, our a creating we that operating has and

Bill Crow

are From that we your Yes. supply a that perspective, peak at I reaching fairly at markets? commentary still or you appreciate Dan. a -- as you confident are look

Jon Stanner

Its Yes. Jon. Bill. Hi,

expect think kind look yes. I think I I the either for supply year. X of deliveries and X. finished think forecast and at industry generally, early year peak year that be the next mean the we for X at I supply late forecast The we this year, we last is this to year

coming issues, growth supply where and market-by-market is tremendous a Nashville that supply next amount you absorb into as into we've supply at much a come that lot think like mentioned we know started had As in markets and markets where year. like been so the Minneapolis market Dan of continues look to like supply we a has we very in markets in Most delivered supply of supply on year. last that's Boulder had of

peak think of supply So we're I seeing growth. do kind

We markets, continue new construction to hear tighter think it's construction continue rising limit new to getting construction. the financing difficult to developers I pencil of for construction, some will and costs and more what more

this kind continues that belief early next to is of peak delivery. our late So be supply year

Bill Crow

me, that see of attributes? unique cap you're Great. kind that what you kind you're one but is which those for question from And portfolio final more do then, transactions just interested rate a of said for in perspective

Jon Stanner

get because like easier than I that. it's be kind through the we'll and the Jon. that we over have seller quarter Bill. will We to Its into year. we think of sold a go $XXX I of it buyer an hotels felt market a take of Yes. telegraphed Look when third million was

and out a seen little of potentially think have certainly I deeper into as we don't perhaps the cap you'd that. would expected get gapping that rates. see cycle a I So we've

I if cap tightened. rates anything think have

As quarter. continue say mean off like focus we've every little we feel broken and market we over said I a of a to more as over bit the and this transactions. record on

I more acquiring. think market thoughtful selective a the we're be bit to us current and little on what requires transaction

in there rates hasn't been cap that's anything if but I ton So believe traded have tightened. a anything if

Bill Crow

Thank you helpful. guys. It's

Dan Hansen

Bill. Thanks

Operator

will you. with the Baird. Michael Thank line from of question next our come And Bellisario

Your line open. now is

Michael Bellisario

Good morning guys.

Dan Hansen

morning. Good

Michael Bellisario

should phase next renovation the you and of it's guys know Just renovations comparisons but about year? on that to aware today kind we I XXXX thinking front big about planning for the look still easy as any up in be

Dan Hansen

$X say is for in be A should itself so one big million people looking or renovation million, typically of at. $X us and I is wouldn't that would, anything

think We'll think really don't in million probably of and year. is I But affects than it's a opportunity every I year. more outlook and strong renovations diversified had the of rate was having -- forward it from renovate from and or best way us. and portfolio run our I think our a part timing area. basis that those a should of move year dozen the telegraph a panel renovations prior the the to for the how go hotels year how That's we this about that. $XX us expect some And higher investors carryover that's little on

Michael Bellisario

a the to ask and Maybe impact, different this terms of same kind or Boulder of just Wharf potentially EBITDA dollars is nothing of Fisherman's will in magnitude that fair? of in way

Jon Stanner

Jon. Mike. Its Hey,

displacement calling think out lumpy have did properties and normally as going history quarter renovate to. We I two we out of unique and numbers. the I alluded this made part think don't a mean I fair. of what that's you larger of

over of that the was combination larger have little quarter didn't XX% Francisco year two which it is quarterly year fairly no displacement. in very of a second on we it's is last a San Typically market any quarter with a of comparison of bit properties so our a One of was occupancy top in second which renovating of little a balanced, to this displacement. where

Michael Bellisario

any seeing implied And guidance That's on on the growth half helpful. you're there the where it. shake that moderation second are forecasting margin in then you Got cost based side? out. your is And there then,

Jon Stanner

Yes.

to some there we that margin be still expect contraction. slight would think I

from year-over-year of in top-line difficult the the we mentioned the the As a What increase abate comparisons year. is more very second the in half year difficult second previous a property the particular comparison in perspective. tax calls a RevPAR the fourth in quarter half of growth headwind is of

would the results half those to top-line expect contraction a I be year. slight in So on there to of margin the continue back based

Michael Bellisario

the that that one year? last expectations business in Got. normalized corporate you of for me, last were pickup relative see And from did by demand. hurricane And seeing your quarter about the then, talked in throughout you to then, you What were XQ portfolio. the the you beginning in encouraged the transient

Jon Stanner

weekday X% higher our growth think although weekend weekday that the a in RevPAR the RevPAR RevPAR little bit our a stronger is some growth was quarter, do trends the was in continuation I quarter, think I corporate second our the which in quarter. of than growth up negotiated about first of saw we

As more don't was driven that know and driven one was underperformed it Dan issue that expectations, relative necessarily to said quarter. in market displacement the that particular a it I of earlier, either segment

Michael Bellisario

then, markets any abated lifting in your And or this continued the or that hurricane on side, properties point? completely at your

Jon Stanner

most continue very the think markets. part, Florida for South and think Houston strong to abated. I that be it's do I

a third just fourth is, comparison. Houston fourth the that's market think you quarter, XX%-ish into is really that That's ran a last have particular quarter XX% in quarter issue that type really, occupancy with I difficult late year.

maintained So strength. the its market Houston certainly has

with that to a and do demand general recovering think market. and hurricane residual just to that has with oil I less of do prices more strengthening

Michael Bellisario

Thank you. helpful. That's

Operator

RBC of And will with from the Capital Golladay Wes you. line our Markets. Thank question next come

Your line open. is now

Wes Golladay

this Good year you appealing to to last question, quite assessments? those guys Yes. Maybe everyone. are of some taxes actively back morning Are -- high. follow-up that going the

Dan Hansen

tax is ensure we virtually on that sure. everything for Wes. we're Yes, through and something That's monitoring go bill challenging to Dan. every This get we

Wes Golladay

that industry -- select guest with Marriott the options service. the the but was not Are then, And for seeing would about Okay. about have that you Starwood more part comment you not Phoenix, the guys, disruption, just the -- from out from Marriott there? of the

Dan Hansen

phenomenon I don't I that I the think this Mecca high corporate - of believe. of of market-by-market travel, know more demand. leisure Dan. a level is Scottsdale is think It's I there's North a so

a market choose travel when out expect same be can more So at stay corporate We little in we'd Marriott beneficiary Westin market the more may maybe somebody of to of bit combined level a the leisure a at Starwood the Kierland. lose of there. to

fair So a balance. the from former I Starwood of it's think of Phoenix a this in properties good point. to amount pretty get is used other that going overflow of We J.W. the Marriott and some some at to

that specific market portfolio. think anything across I than So seeing more as we're the

Wes Golladay

comp difficult last that of Okay. comp going easier quarter comp be absorb and year? then, year, on from some is maybe X.X% any -- that That the that demand the from is looking results renovation of first makes the guidance to there have from X% sense. fourth this renovations. can half hurricane But the other offsets help in at essentially you and build And high-end

Dan Hansen

Yes.

fundamentals I think without the lack big number. don't is effect, the of been good. I underlying imply which our Even would enthusiasm number. guide optimism a or still RevPAR hurricane to a are X.X% big just have want the

the into yes, conservatism. hill definitely good, that, climb So to going But, some demand fundamentals seems -- be solid. I think we so group strong, overall a think are speak is to try they're like big underlying to warrant

fundamentals us optimism. certainly underlying good give that think some yes, I there's So, some

Wes Golladay

New the one be what markets this XQ for year? of good would about your seasonality some a bottom XQ like that Then, or Orleans, Okay. what's maybe or

Dan Hansen

market Third a New quarter for Orleans. is good

while Florida So be And we hotel despite talked difficult just seemed outlook. you solid and that's fairly leisure good then Pittsburgh having one in some oil both having South to and get and Florida. definitely and about demand as in I comps that's before positive strong think got demand South in recovery a in Houston

there some well. definitely bright as spots think I So is

Wes Golladay

me. Okay. last And one for

Can comment on as or mezzanine have, that option have it's book, call next let exercise to the you exploration in hard but few up you early you on just as those? can assets whether be want Looking source long those likely want, exercised, year. go the tied money a you acquisitions, to now at your to you are you

Dan Hansen

we're We've hotels. -- Sure. got on fully funded those

So pipeline. we watching within but started We strong shadow do money, us continued not to very We own believe attractive in of labor, them clearly it hotel their escalation when be it the to these think having it that notion we're construction would and prior was does for the closely. fit material are and do only cost they projects, of the a cost.

feel maintain that we've these want optionality good execute point in. sure And got make at So we to this spots to be as the the to in are to expected. comes if underwriting

Wes Golladay

Okay. guys. lot Thanks a

Dan Hansen

Thanks Wes.

Operator

Chris our And you. Bank. next Deutsche from Thank question will with come Woronka

Your line is now open.

Chris Woronka

redemptions, that probably but to Do on there benefits of expect Wanted obviously impact would the earning morning are guests Marriott or guys. necessarily is a program good other of margins? later Hey side any you ask loyalty the the I any ton impact you your know don't little points. have Starwood emerges a kind cost this your month.

Dan Hansen

using labor deliver and his I delivering don't cost promise team But scale do. been Arnie of We enough whether it's overcome through and size the a to negotiated fees. of of their effect have positive commissions on the rising that credit costs. know savings it's card and

a to it is forward. opposed And great hard headwind. we it think it's for It's going a us our numbers, us. as benefit really immediately that partnership been So in to tailwind quantify a but does

Chris Woronka

-- this number cost that you run you next of year is rate? a more maybe room. there do per think the increase then, mentioned saw cycle Okay, or kind point year great. that Is occupied X.X% early you that is I -- And this think later X.X% of on a a bigger

Jon Stanner

Hey, Chris. This is Jon.

the we're that given environment by mostly labor. driven mean think labor I that's in. I

for X% forward the in right to the foreseeable range range going for an for growth perspective future. least from think is I at X% expense the

Dan Hansen

guest past, experience worth. I Yes. in would and to challenges Unfortunately experimented sometimes the and your a postponing it just the with up purpose quality property things the just creating things easy be draconian of ends it hitting investment, will and add, be affecting that we've more the it's of number. than to end-up for cut start

So of aggressive, think that's mind quality something quality hiring we the portfolio and being I recruiting staff and maintaining that too damage and very a and much the is deliver. integrity top of the is

Jon's think what is we expect. I is would point run rate So the

Chris Woronka

enough. development for and just some heard about bullish things Fair Okay. And me pretty high pipeline. we've the the finally plans

stuff? have their outlook guys than of your owned you high some acquire potentially peers. to probably more You more make branded Does want

Dan Hansen

Dan. is This

and I think the we distribution our brands. thesis the of is, believers loyalty are in big

lean to a would and so I more think whatever, into or has or us underwriting the opportunistic a it make to Hilton is far sense. as hotel Hyatt be IHD, For whether or Marriott

we is barrier investment quality map. would and some put is grow be with see lot these entry a that for the Hyatt. a to to a not brand an very -- standpoint. with still of But, and nice But, markets competes expanding high are We've build great terrific. from them to the sense has product make it well. it on to them portfolio trying extent, and opportunities with that partnership we So had To sign are great of dots a years

of we making part are for an to to the So, we us. could that opportunity progress they a that to that extent certainly are pleased And end. see be

Chris Woronka

Okay. Very guys. good. Thanks

Dan Hansen

Chris. Thanks

Operator

showing no I'm the time. Thank And you. in queue this questions further at

comments Chairman, it is over Executive So, some Chief the President, Officer Mr. Dan hand conference for to back to remarks. and now my pleasure Hansen, closing

Dan Hansen

today. us joining for all you thank Well,

allocation to through also enhancement. create shareholders work for value our and operational hard continue capital thoughtful We to

terrific we Summit. forward hotels today's love quarter. next high you continues look to see to Hope to day the of for that again great guest portfolio quality things have and grow you a talking future in and Our

Operator

participation in today's now wonderful you for Everybody And conclude conference. have a day. gentlemen, This our program. Ladies thank your you disconnect. does may and

Summit Hotel Properties (INN) 2 Aug 182018 Q2 Earnings call transcript