UPDATE: Deutsche Bank Raises PT on Summit Hotel Properties Post 4Q Results
In a Report published Tuesday Deutsche Bank, maintained Summit Hotel Properties' (NYSE: INN) Buy Rating and increases price target from $10 to $11.
Deutsche Bank reported that, “We are increasing our 2013 estimates given INN's acquisitions in the 1Q. Our estimates for 2013 and 2014 are based on a 93 hotel portfolio, which includes 5 hotels in the New Orleans market and 2 hotels in the Minneapolis market that INN has agreed to acquire. Our 1Q 2013, 2013, and 2014 same store RevPAR estimates are +6.1%, +6.1%, and +6.6%, respectively. Our 1Q 2013, 2013, and 2014 adjusted EBITDA estimates are $18.0 million, $91.8 million, and $107.0 million, respectively.”
Summit Hotel Properties' shares closed at $9.38 on Monday.
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