Summit Hotel Properties' funds from operations for 3 months of 2022 were $14.493 million, compared to negative FFO of $9.508 million in the prior year. Revenue increased 2.5 times to $141.869 million from $57.854 million a year earlier.

Funds from operations of Summit Hotel Properties for 2021 were $17.3 million, compared to negative FFO of $53.463 million in the prior year. Revenue increased 54.4% to $361.926 million from $234.463 million a year earlier.

Summit Hotel Properties' FFO loss for the six months of 2021 was $7.681 million, down 2.6 times from $21.005 million in the prior year. Revenue increased 7.9% to $144.378 million from $133.821 million a year earlier.

Joint venture between Summit Hotel Properties and GIH has completed the $33 million acquisition of the Residence Inn by Marriott Steamboat Springs hotel, a 110-room, 3-star hotel in Steamboat Springs, Colorado.