Tag: Hansen

Summit Hotel Properties, Inc. (INN) CEO Dan Hansen on Q3 2020 Results – Earnings Call Transcript

Summit Hotel Properties, Inc. (NYSE:INN) Q3 2020 Earnings Conference Call November 4, 2020 9:00 AM ET

Company Participants

Adam Wudel – SVP of Finance

Dan Hansen – Chairman, President and CEO

Jon Stanner – EVP and CFO

Conference Call Participants

Michael Bellisario – Baird

Neil Malkin – Capital One Securities

Austin Wurschmidt – KeyBanc Capital Markets

Dany Asad – Bank of America Merrill Lynch

Chris Woronka – Deutsche Bank

Bill Crow – Raymond James

Operator

Good morning, and thank you for standing by, and welcome to Summit Hotel Properties Inc. Third Quarter 2020 Earnings Conference Call. At this time, all participants’ lines 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 [Operator Instructions].

I would now like to hand the conference over to your speaker today, Adam Wudel, Senior Vice President of Finance and Capital Markets. Please go ahead.

Adam Wudel

Thank you, Sarah, and good morning. I am joined today by Summit Hotel Properties, Chairman, President and Chief Executive Officer, Dan Hansen; and Executive Vice President and Chief Financial Officer, Jon Stanner.

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 2019 Form 10-K and other SEC filings.

Forward-looking statements that we make today are effective only as of today, November 4, 2020, 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, Chairman, President and Chief Executive Officer, Dan Hansen.

Dan Hansen

Thanks, Adam. And thank you all for joining us today for our third quarter 2020 earnings conference call. The third quarter was again challenging for our industry as leisure travel continued to serve as the primary demand source. However, we were encouraged by the continued sequential demand improvements, which led to operating results that were considerably better than the second quarter.

RevPar improved each month of the quarter across our portfolio. And importantly, this trend continued into October which provided us with some level of reassurance of the sustainability of demand in the weeks following Labor Day, a period of significant uncertainty heading into the quarter.

Occupancy increased each month of the quarter peaking at 47% in September, which led to third quarter RevPar of $47, a 63.5% decline year-over-year. But that was a significant improvement from the second quarter RevPar of $23.

Market share gains were substantial once again in the third quarter, as we finished with 151% RevPar index, an increase of approximately 39 percentage points compared to the third quarter of last year, and an 8 percentage point increase relative to last quarter. These gains reflect a tremendous work done by our in house asset and revenue management teams, along

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Summit Hotel Properties, Inc.’s (INN) CEO Dan Hansen On Q3 2020 Results – Quick Version Earnings Call Transcript

Summit Hotel Properties, Inc. (NYSE:INN) Q3 2020 Earnings Conference Call November 4, 2020 8:50 AM ET

Company Participants

Adam Wudel – Senior Vice President of Finance and Capital Markets

Dan Hansen – Chairman, President and Chief Executive Officer

Jon Stanner – Executive Vice President and Chief Financial Officer

Conference Call Participants

Michael Bellisario – Robert W. Baird & Co.

Neil Malkin – Capital One Securities, Inc.

Austin Wurschmidt – KeyBanc Capital Markets

Dany Asad – Bank of America Merrill Lynch

Chris Woronka – Deutsche Bank

Bill Crow – Raymond James

Disclaimer: *NEW* We are providing this transcript version in a raw, machine-assisted format and it is unaudited. Please reference the audio for any questions on the content. A standard transcript will be available later on the site per our normal procedure. Please enjoy this timely version in the interim.

Operator

[00:00:05] Good morning and thank you for standing by and welcome to the Summit Hotel Properties Inc third quarter Twenty twenty earnings conference call. At this time, all participants want to listen almost after the speakers presentation, they’ll be a question and answer session. Ask the questions on the session, you need to first start the one on your telephone, please be advised that today’s conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today. Adam Wudel, senior vice president of finance and capital markets. Please go ahead.

Adam Wudel

[00:00:43] Thank you, Sarah. And good morning, I am joined today by someone Hotel Properties Chairman, President, Chief Executive Officer Dan Hansen and Executive Vice President and Chief Financial Officer John Stanner. 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 2019 form 10K and other SCC filings. Forward looking statements that we make today are effective only as of today, November 4th, Twenty twenty, and we undertake no duty to update them later. You can find copies of our SEC filings and earnings release, which contain Reconciliation’s to non-GAAP financial measures referenced on this call on our website w w w that reads Dotcom, please welcome some hotel properties. Chairman, President and Chief Executive Officer Dan Hanson.

Dan Hansen

[00:01:44] Thanks, Adam, and thank you all for joining us today for our third quarter Twenty twenty earnings conference call, the third quarter was again challenging for our industry as leisure travel continued to serve as the primary demand source. However, we were encouraged by the continued sequential demand improvements, which led to operating results that were considerably better than the second quarter. Rev par improved each month of the quarter across our portfolio. And importantly, this trend continued into October, which provided us with some level of reassurance of the sustainability of demand in the weeks following Labor Day, a period of significant uncertainty heading into the

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Lori Hansen announces retirement from City of Papillion Parks & Recreation; leaving legacy of growth | Papillion

Lori Hansen will retire in December following a 23-year tenure as the recreation director for the City of Papillion. She has managed several large projects during a period of significant growth for the city and surrounding areas.

“The city has been really good to me … and they’ve given me a long leash to try a lot of new things and be involved in a lot of new things,” said Hansen.

A native of Minnesota, Hansen came to Nebraska to study at Dana College. Her original degree was in recreation, but she spent the first part of her career working for a healthcare system as a therapist and operations director. By 1998, she was ready for a change.

“I worked with populations within the mental health arena, substance abuse arena where funding was drying up and we were having to work really hard to get funding for programming and things were really changing,” said Hansen. “So, I know it sounds kind of odd, but when this opportunity kind of landed in my lap I really felt like it was something that I was supposed to pay attention to. It was going to be a new opportunity to do something new, and so I jumped. I took the chance.”

Hansen shepherded her department through several large projects including the recent opening of Papillion Landing Community Recreation Center and Field House. She also managed Papio Bay Aquatic Center, oversaw the addition of many other programs and services including a bus service, senior center, the Papillion Race Series, the Papillion Farmers Market and SumTur Amphitheater.

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