Summit Hotel Properties, Inc. (NYSE:INN) Q2 2022 Earnings Conference Call August 3, 2022 9:00 AM ET

Company Participants

Adam Wudel - SVP of Finance, Capital Markets and Treasurer

Jon Stanner - President & CEO

Trey Conkling - EVP & CFO

Conference Call Participants

Neil Malkin - Capital One

Chris Woronka - Deutsche Bank

Austin Wurschmidt - KeyBanc Capital Markets.

Michael Bellisario - Baird

Bill Crow - Raymond James

Operator

Thank you for standing by, and welcome to Summit Hotel Properties Second Quarter Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to Mr. Adam Wudel, Senior Vice President, Finance, Capital Markets and Treasurer. Please go ahead.

Adam Wudel

Thank you, Latif, and good morning. I am joined today by Summit Hotel Properties President and Chief Executive Officer, Jon Stanner; and Executive Vice President and Chief Financial Officer, Trey Conkling. Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. Statements are subject to risks and uncertainties, both known and unknown, as described in our SEC filings.

Forward-looking statements that we make today are effective only as of today, August 3, 2022, and we undertake no duty to update them later. You can find copies of our SEC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call, on our website at www.shpreit.com.

Please welcome Summit Hotel Properties President and Chief Executive Officer, Jon Stanner.

Jon Stanner

Thanks, Adam, and thank you all for joining us today for our second quarter 2022 earnings conference call. Our second quarter results marked new pandemic era highs in nearly every relevant operating metrics driven by continued strength in leisure travel and supplemented with accelerating recoveries in business transient and group demand as growth in our portfolio increasingly shift mid-week into our high-quality urban assets.

Second quarter pro forma RevPAR increased approximately 54% from the second quarter of last year, driven by a 12.5% increase in occupancy and a 37% increase in ADR. In our portfolio of 92 hotels with comparable 2019 results, RevPAR recapture reached 93% of 2019 levels, a significant improvement from the 79% recapture we achieved in the first quarter and highlighted by June's 96% recapture rate, the highest of any month since the onset of the pandemic.