Reports Q3 revenue $86.74M, consensus $86.29M. CEO Jeffrey Fisher highlighted, “We were pleased to beat consensus estimates for Q3. It was an unusual quarter for us given the loss of 2022 intern related room revenue and operating profit of approximately $8M and $5M, respectively, as tech companies earlier this year significantly cut expenses amid massive layoffs, hiring freezes and cost cutting initiatives…Despite that meaningful year-over-year loss, portfolio occupancy and ADR were each only down 1% versus last year, which is encouraging and implies that underlying business travel trends are continuing to strengthen….Also during the quarter, we continued to make meaningful progress on our upcoming debt maturities, issuing $83M of debt and repaying maturing debt of $60M. At this point, with available cash and borrowing capacity under our unsecured credit facility, we can repay all debt due through 2025. Our net debt to hotel investment ratio of 25% is the lowest level in a decade, and we are well positioned to acquire or develop hotels or make other hotel investments”.
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