Investment Thesis
Summit Hotel Properties (INN) delivered an unimpressive Q4 2019 with a slight decline in revenue per available room. The REIT has recently acquired several properties through its joint venture platform with GIC, Singapore's wealth fund, and we continue to see a long runway of growth in this platform. However, it must first face the headwind caused by the outbreak of COVID-19. Although the company has an okay balance sheet with no debt maturing before 2022, investors may need to expect a dividend cut especially if the virus cannot be contained quickly.