Summit Hotel Properties

The story of Summit Hotel Properties begins not with a single hotel, but with a strategic vision for a specific type of property. The focus was on premium-branded, select-service hotels—think Marriott, Hilton, and Hyatt—properties with efficient operating models located in strong markets. The company's predecessor entities laid the groundwork, but the modern chapter starts with Daniel P. Hansen, who played a crucial role in its formation and early leadership. The major turning point came in February 2011. Under Hansen's guidance, Summit Hotel Properties launched its Initial Public Offering (IPO) on the New York Stock Exchange under the ticker symbol 'INN'. This event transformed the company into a publicly traded Real Estate Investment Trust (REIT), providing the capital needed for significant expansion. The IPO proceeds were earmarked to pay down debt and, more importantly, to acquire more hotels, fueling a period of growth. Following the IPO, Summit embarked on a disciplined acquisition strategy, growing its portfolio across the United States. The company concentrated on buying upscale hotels in desirable locations like corporate centers, airports, and leisure destinations. A landmark event occurred in late 2021 when Summit, through a joint venture, acquired a 27-hotel portfolio for $822 million, significantly expanding its footprint and guestroom count. This move underscored the company's playbook: grow through strategic acquisitions, maintain strong brand affiliations, and focus on a portfolio that minimizes near-term capital needs.