AUSTIN, Texas, Aug. 9, 2021 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") is proud to announce that it has been recognized as the Renovation Excellence CONNECT 2020 award winner from Marriott International for its transformational renovation of the 189-guestroom Residence Inn by Marriott Baltimore Downtown/Inner Harbor. The Renovation Excellence Award honors companies that completed a renovation with the highest quality standards and scope-of-work that resulted in an exemplary representation of the brand.
"Recognition from our brand partners is a powerful affirmation of our commitment to excellence. Our in-house team of talented construction and design experts flawlessly executed a thorough plan to deliver a completely upgraded product offering that has enhanced the guest experience," commented Craig Aniszewski, the Company's Executive Vice President and Chief Operating Officer. "Over the past five years, we have invested nearly $250 million into our portfolio of well-located, high-quality hotels that have an average effective age of less than five years old which demonstrates our commitment to capital reinvestment to maintain our competitive advantage," commented Aniszewski.
The comprehensive renovation included upgrades to guestrooms, guest bathrooms, public space, and the fitness center. Additionally, the Company identified underutilized meeting space within the hotel that was converted into an additional guestroom. The hotel currently has a RevPAR index of 144 for the twelve months ended June 30, 2021, which has increased over 40% from the hotel's trailing twelve month RevPAR index immediately prior to commencing the renovation.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of August 9, 2021, the Company's portfolio consisted of 73 hotels, 61 of which are wholly owned, with a total of 11,398 guestrooms located in 23 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow us on Twitter at @SummitHotel_INN.
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Examples of forward-looking statements include the following: the Company's ability to realize financial and operational synergies; projections of revenues and expenses or other financial items; descriptions of the Company's plans or objectives for future operations; forecasts of EBITDAre; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission ("SEC"). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
For information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations.