Positive RevPAR Growth in Urban Hotels
Urban hotels achieved robust RevPAR growth of 3.6%, with high-single-digit growth in several urban markets, driven by business travel and large events.
Strong Performance in Initial Conversions
The company's six initial conversions achieved RevPAR growth of 14% during the first quarter, and the Nashville conversion saw 16% RevPAR growth.
Successful Capital Recycling and Strengthened Balance Sheet
The company sold a non-core asset at an 18 times multiple and used the proceeds for share repurchases, while also addressing debt maturities and securing a new term loan.
Group Segment Revenue Growth
Group segment revenue grew by 10%, driven by strong city-wide events in key markets such as DC, San Francisco, New Orleans, and Louisville.