Reports Q4 revenue $64.4M, consensus $68.16M. RevPAR increased 24% to $117 vs. 4Q21. ADR accelerated 20% to $171, and occupancy jumped 3% to 69% for the 38 comparable hotels owned as of December 31. Jeffrey Fisher, CEO, highlighted, "I am pleased with our portfolio’s overall operating performance in Q4 with RevPAR growth of 24 percent driving adjusted EBITDA and FFO per share growth of 34% and 68%, respectively. Hotel EBITDA margins were up meaningfully over 4Q21 and flat to 2019 as we benefited from lower real estate taxes in the quarter. We were thrilled to reinstate a common dividend for the first time since 1Q20, and we closed Q4 in excellent financial condition after refinancing our $250M revolving credit facility with $350M of availability under a $260M revolving credit facility and a new $90M term loan. As we turn the corner to 2023, we should produce higher RevPAR growth than most given our exposure to the steady recovery of the business traveler, especially in our tech driven markets. We have the best operating platform to maximize flow-through of those incremental dollars which is going to be vital in an operating environment with gradual cost pressures in many areas of our hotel operations…We are confident in the trajectory we are headed as evidenced by the common dividend reinstatement, and we look forward to increased dividends in the coming years, especially as we utilize all pandemic related net operating loss deductions".
Published first on TheFly
