Summit Hotel Properties, Inc. (NYSE:INN) Q3 2024 Earnings Conference Call November 5, 2024 9:00 AM ET

Company Participants

Adam Wudel - EVP of Corporate Development
Jon Stanner - President and Chief Executive Officer
Trey Conkling - Executive Vice President and Chief Financial Officer

Conference Call Participants

Austin Wurschmidt - KeyBanc Capital Markets
Michael Bellisario - Baird
Chris Woronka - Deutsche Bank

Operator

Good day, and thank you for standing by. Welcome to the Summit Hotel Properties Q3 2024 Earnings Conference Call. At this time, participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I will now like to hand the conference over to your speaker today Adam Wudel, EVP of Corporate Development.

Adam Wudel

Thank you, 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. These 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, November 5th 2024, 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 third-quarter 2024 earnings conference call. We are proud of our third quarter financial results, highlighted by our third consecutive quarter of adjusted FFO growth, despite what was a challenging quarter for industry fundamentals broadly and several of our markets more specifically. Today, Trey and I will provide additional commentary on the current operating environment, including the effects of the recent hurricanes, our outlook for the balance of the year and into next year, our recently announced sale of the four-point San Francisco Airport Hotel, and an updated review of the significant progress we have made strengthening our balance sheet.

Our third-quarter operating results reflect the continuation of many of the industry trends we've experienced over the past several quarters. Specifically, the continued strength of group demand, the ongoing recovery of business travel, which is driving better relative midweek performance in urban and suburban markets, and the ongoing normalization of leisure travel demand patterns, which is offsetting some of the gains realized in other segments.