Summit Hotel Properties, Inc. (NYSE:INN) Q3 2023 Earnings Call Transcript

Jon Stanner: Yes. Look, I think the one thing that I constantly remind everyone of, when we talk about DFW is just how large and broad that market really is. And so there are so many different pockets of the DFW market. And again, it is one of the higher supply growth markets in the country. It’s obviously a really, really compelling supply growth environment broadly for the industry. I think when you break down and you look at what’s going on in Downtown Dallas versus Grapevine versus Frisco versus Fort Worth, we don’t – we are not all that concerned about supply growth affecting next year in the portfolio. The comparisons get much harder. We have obviously had enormous revenue growth and EBITDA growth in that market this year.

So, to think we can continue at the same growth rate next year is unrealistic. But we do feel really good that the outlook for that market, in particular from a demand perspective is extremely strong and are not particularly concerned with the broader supply numbers that are heading the DFW market. Our submarkets or specific micro locations in that market feel more insulated.

Bill Crow: Yes. Perfect. That’s all for me. Thank you.

Jon Stanner: Thanks Bill.

Operator: Thank you. And I am not showing any further questions in the queue. I would now like to turn the conference back to Jon Stanner, President and CEO for closing remarks.

Jon Stanner: Well, thank you all for joining us today for the third quarter call. We look forward to speaking with many of you and seeing many of you in LA for NAREIT later this month. Thank you all.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.