The Company invested approximately $67.1M in capital improvements at its hotels during the nine months ended September 30. The Company expects to spend $100M on capital improvements at its hotels in 2023. Significant projects in 2023 include The Dagny: The Company completed a comprehensive renovation to rebrand the Hilton Boston Downtown/Faneuil Hall as The Dagny, an independent lifestyle hotel, during the Q3; Salt Lake City Marriott: The Company completed a renovation of the guestrooms during the Q3; Hilton Burlington Lake Champlain: The Company commenced a repositioning of the hotel to rebrand it as a Curio Collection hotel. The repositioning is expected to be completed in the summer of 2024 and includes a new restaurant concept by a well-known, award-winning chef.
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