You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: I am joined today by Summit Hotel Properties' Chairman, President and Chief Executive Officer, Dan Hansen and Executive Vice President and Chief Financial Officer Jon Stanner.
The third quarter was, again, challenging for our industry, as leisure travel continued to serve as the primary demand source.
However, we were encouraged by the continued sequential demand improvements, which led to operating results that were considerably better than the second quarter.
RevPAR improved each month of the quarter across our portfolio.
And importantly, this trend continued into October, which provided us with some level of reassurance of the sustainability of demand in the weeks following Labor Day, a period of significant uncertainty heading into the quarter.
Occupancy increased each month of the quarter peaking at 47% in September, which led to third quarter RevPAR of $47, a 63.5% decline year-over-year, but that was a significant improvement from the second quarter RevPAR of $23.
Market share gains were substantial, once again, in the third quarter as we finished with 151% RevPAR index, an increase of approximately 39 percentage points compared to the third quarter of last year and an 8 percentage point increase relative to last quarter.
These gains reflected tremendous work done by our in-house asset and revenue management teams, along with the tireless efforts of our management company partners to capture the limited demand that currently exist in the market.
We have clearly been successful capturing our fair share of very short term leisure demand, but our results have been further aided by capitalizing on certain unique piece of the business and small groups that booked during the quarter, some of which were related to the damaging wildfires on the West Coast and the storms in the Gulf of Mexico.
Preliminary October results reflect a modest continuation of the improvements we experienced throughout the third quarter as October RevPAR is expected to finish at $50, with the highest ADR of any month since the onset of the crisis, running nearly $10 higher than the rates achieved in the second quarter.
Occupancy in October was over 47% across the total portfolio, more than 24 percentage points higher than the second quarter occupancy and flat to September, despite the strong Labor Day weekend results.
Excluding the five hotels that were either closed or consolidated into adjacent operations at various times during the quarter, occupancy was more than 50% in October.
The trend of weekend occupancy and RevPAR outperformance continued in the third quarter as leisure travel, particularly in drive-to and non-CBD markets continued to provide the vast majority of demand across the industry.
Weekend occupancy was 56% during the third quarter as the relative outperformance compared to week day results accelerated each month during the quarter.
This led to weekend RevPAR that was 40% higher than our weekday RevPAR, primarily driven by occupancies that ran nearly 20 percentage points higher by the end of the quarter.
Despite lagging weekends on a nominal basis, weekday rate demand in the quarter increased commensurately with weekends on a percentage increase basis, as occupancy and RevPAR nearly doubled from the second quarter.
Weekend occupancy at our hotels located in markets we consider as drive-to was nearly 64% in the third quarter.
Our extended stay hotels which comprise nearly 25% of our total guest rooms were also relative outperformers again during the third quarter, finishing with occupancy of more than 63% and exceeded 60% in each month of the quarter while achieving a 51% RevPAR premium to our overall portfolio.
This trend continued as our preliminary October results indicate our extended stay hotels achieved 65% occupancy for the month.
Our suburban and airport hotels, which comprise more than a third of our portfolio guest rooms were also outperformance during the quarter, posting occupancies of 58% and 56% respectively, both increases of more than 20 percentage points from the second quarter results.
These hotels achieved RevPAR premiums of 27% and 29% respectively to the total portfolio in the quarter.
Urban hotels have continued to lag the industry recovery though occupancy increases for our portfolio during the quarter were in line with all other location types, finishing the quarter 20 percentage points higher than in the second quarter.
RevPAR growth at our urban hotels led the portfolio on a percentage increase basis relative to the second quarter, posting a nominal RevPAR 2.5 times higher than our urban portfolio's second quarter RevPAR.
Our hotels continue to operate with extremely lean staffing models with labor resources being added back on an asset-by-asset basis strictly based on improved hotel demand.
We are currently averaging less than 14 FTEs per hotel compared to approximately 30 FTEs per hotel prior to the pandemic.
Despite this lean staffing model, our team continues to demonstrate a steadfast commitment to prioritizing the health and safety of our guests.
Ever changing health and safety protocols and local ordinances provide unique challenges to our business and we are grateful to our brand and management partners for their constant awareness of and compliance with these dynamic policies.
Optimizing the guest experience has always been a central tenet of our business model and that has never been more important than it is today.
Finally, to preserve liquidity, we have continued to delay most nonessential capital expenditures for the remainder of 2020, along with common dividend distributions, which combined, preserved approximately $30 million in the third quarter and will preserve $30 million of cash for the balance of the year.
I'll let John speak to the specifics of our balance sheet.
But with approximately $255 million of current liquidity and a manageable monthly cash burn rate that has been further reduced as our portfolio operating metrics have improved, we are well positioned to navigate the recovery.
We've been pleased with the continued efforts of our operations team to diligently manage operating costs at our properties in an effort to maximize hotel level profitability and minimize corporate cash burn rates.
In the third quarter, our hotel EBITDA retention across the portfolio was more than 47%, which resulted in hotel level profitability in each month of the quarter, positive adjusted EBITDA for the quarter, and a reduction of our corporate cash burn rate to an average of just over $5 million per month.
Commensurate with increases in RevPAR, our cash burn rate improved sequentially in each month of the third quarter and finished September at just $4.5 million, the lowest of any month since the onset of the pandemic.
This represents a significant improvement from the second quarter when our cash burn averaged $11 million on a monthly basis.
RevPAR and cash burn rates in October generally tracked in line with September, a level at which, if sustained, provides a liquidity runway of nearly five years.
We currently have $225 million available on our revolving credit facility and approximately $30 million of unrestricted cash on hand which combined gives us $255 million of total liquidity.
Today, our weighted average interest rate is approximately 3.5% and weighted average term to maturity is approximately 3.3 years, with no maturities until November of 2022.
While we've been pleased with the gradual improvements in our results, and particularly October metrics, that on a preliminary basis, finished ahead of our pre-Labor Day expectations, our near-term outlook for the business at January remains uncertain.
We continue to operate in a very challenging and limited demand environment and the prospects for a more robust industry recovery are likely linked to fewer governmental and corporate travel restrictions and significant health advancements or the passage of time to mitigate the effects of the pandemic.
Though we remain confident that headwinds of our industry will ultimately abate, the timeline has continued to be pushed out.
And we now expect a more meaningful increase in corporate and group demand to occur in 2021.
Historically, November and December are slower travel months and we would expect modest declines in absolute RevPAR levels from what we achieved in September and October, though year-over-year declines will likely remain fairly stable given the seasonality of last year's results.
As we said last quarter, despite the many near-term challenges we face as an industry, we remain bullish on the long-term prospects for travel related demand.
The uniqueness of this pandemic has forced us all to challenge the pre-crisis status quo in nearly every facet of life and travel, particularly work related travel, in a time of unmatched at home technology is at the precipice of that discussion.
While it's not unreasonable to conclude that the events of the last seven months will ultimately lead to a systemic decline in travel, history would suggest otherwise, emphasizing that this is one of the most resilient industries in our economy and that people's desire to gather in person and travel is innate.
Prior to the crisis, we were witnessing, and fortunately benefiting from, society's undeniable shift in preference away from the collection of material items in favor of experiences and services.
And while the pandemic has created an impediment to this progress, we believe those long-term trends that were significantly driven by a younger demographic will again reemerge as meaningful themes in the new post-COVID normal that has been so heavily speculated about.
Here at Summit, we are blessed with a terrific portfolio that has been recently renovated, continues to capture significant market share despite the difficult environment and is poised to lead through the recovery.
We have an experienced team and a strong balance sheet with considerable liquidity to manage through the crisis, all of which gives us optimism and positions us well for the brighter days ahead.

user
anticipates investing a total of approximately $23 million to $25 million in capital improvements on a consolidated basis across its portfolio during 2020.

assistant