Strategic Asset Sales and Share Repurchases
Completed the sale of 3 hotels for $37 million and have 4 more under contract for $36 million. Proceeds used for share repurchases, totaling approximately $48 million for 3.8 million shares at an average price of $12.73 per share.
Portfolio Management and Future Investments
Transitioning Marriott-managed hotels to franchise agreements to unlock operational synergies. Entered into agreements for the development of 3 hotels in key markets, further enhancing portfolio positioning.
Strong Dividend and Cash Flow
Paid distributions totaling $57 million or $0.24 per common share, representing an annual yield of approximately 8.6%.
Efficient Cost Management
Variable expense growth has moderated, with reductions in contract labor and strong cost control measures implemented.
Future Demand Opportunities
Well-positioned to benefit from the 2026 FIFA World Cup and potential improvements in travel demand.