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Document and Entity Information | 9 Months Ended |
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Sep. 30, 2014 | Oct. 31, 2014
Document and Entity Information |  |
Entity Registrant Name | Summit Hotel Properties, Inc. |
Entity Central Index Key | 0001497645 |
Document Type | 10-Q/A |
Document Period End Date | Sep. 30, 2014 |
Amendment Flag | true |
Amendment Description | The management of Summit Hotel Properties, Inc. (the “Company”) has determined that we underestimated the amount of an impairment charge recorded during the three and nine months ended September 30, 2014. Therefore, we recommended to the Audit Committee of the Board of Directors (“Audit Committee”), after consultation with Ernst & Young, LLP (“Ernst & Young”), the Company’s independent registered public accounting firm, that the Company restate its previously issued consolidated financial statements for the three and nine months ended September 30, 2014. The Audit Committee agreed with our recommendation and on December 15, 2014, determined that the previously issued consolidated financial statements as of September 30, 2014 and for the three and nine months then ended should no longer be relied upon. The required changes relate to an impairment charge that does not affect the Company’s Cash position and result in a $4.6 million reduction in our previously reported net income for the three and nine months ended September 30, 2014 and a corresponding reduction in our net income allocable to minority interest and our net income allocable to common stockholders, but do not affect certain of our non-GAAP financial measures that exclude impairment of real estate assets previously reported in Part I — Item 2 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including Funds from Operations, or previously furnished Adjusted Funds From Operations and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for the three and nine months ended September 30, 2014. On August 1, 2014, we entered into a purchase and sale agreement for the sale of the Country Inn & Suites and three adjacent land parcels totaling 5.64 acres in San Antonio, Texas for $7.9 million. The sale closed on October 21, 2014. During the three months ended September 30, 2014, we recorded an estimated impairment loss of $3.6 million related to the transaction, which was intended to, but did not fully reflect the expected loss on the sale. In the fourth quarter of 2014, we determined that the loss on the sale was $8.2 million and we had underestimated the amount of the impairment loss in the third quarter of 2014 by $4.6 million. As a result, we are restating our unaudited consolidated financial statements to reflect an increase in the Loss on Impairment of Assets from $3.6 million to $8.2 million for the three months ended September 30, 2014 and an increase in the Loss on Impairment of Assets from $4.3 million to $8.9 million for the nine months ended September 30, 2014. Additionally, Land Held for Development reflected on the Unaudited Consolidated Balance Sheet has been reduced from $13.8 million to $9.2 million at September 30, 2014 to reflect the impairment of the assets related to the sale transaction. We have made the necessary conforming changes in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” resulting from the adjustments provided above. Please refer to Note 1A — “Restatement of Previously Issued Consolidated Financial Statements” of this Form 10-Q/A for more information on the effect of these adjustments. We are filing this Amendment No. 1 on Form 10-Q/A (“Form 10-Q/A”) to amend and restate in their entirety, the following items of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 as originally filed with the Securities and Exchange Commission on November 3, 2014 (the “Original Filing”): (i) Part I - Item 1 – “Financial Statements”, (ii) Part I - Item 2 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, (iii) Part I - Item 4 – “Controls and Procedures”, (iv) Part II – Item 6 – “Exhibits”, and we have also updated the signature page, the certifications of our Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1 and 32.2 and our financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibit 101. No other sections of the Original Filing are affected, but for the convenience of the reader, this Form 10-Q/A restates in its entirety, as amended, our Original Filing. This Form 10-Q/A is presented as of the filing date of the Original Filing and does not reflect events occurring after that date, or modify or update disclosures in any way other than as required to reflect the restatement described above. The revised financial information included in this Form 10-Q/A has been identified as “restated” in accordance with accounting principles generally accepted in the U.S. |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
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Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | Q3 |

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