INN - Summit Hotel: Is Now A Good Time To Buy This 6.9%-Yielding REIT?
Investment Thesis
Summit Hotel Properties (INN) is a geographically diversified lodging REIT in the United States. The REIT is in the midst of transforming its portfolio to improve its growth outlook. It also has a solid balance sheet. However, the performance of Summit Hotel is highly dependent on the strength of the economy. Despite its significant valuation discount, we think the best time to invest in this REIT is to wait till initial stage of the next economic cycle given the fact that we are now in the latter stage of the economic