Corporate Adjusted EBITDA and FFO Exceed Expectations
Corporate adjusted EBITDA for Q3 was $79.1 million, and adjusted FFO per share was $0.29, both ahead of expectations.
Increase in Out-of-Room Revenues
Out-of-room revenues increased by 5.1%, leading to a total RevPAR growth of 1.5%. Categories like spa, parking, and destination fees were each up over 10%.
F&B Revenue and Margin Growth
Food and beverage revenues rose by 4%, with banquets and catering up almost 8%. F&B margins expanded by 180 basis points.
Successful Debt Refinancing
Successfully refinanced and extended the maturities under senior unsecured credit facility, leaving the portfolio fully unencumbered by secured debt.
Resort EBITDA Margin Expansion
Despite a 2.5% decline in RevPAR, resort EBITDA margins expanded by over 150 basis points.