RevPAR Growth in Key Markets
Bonnet Creek complex in Orlando and Casa Marina resort in Key West reported RevPAR increases of 14% and 12%, respectively, in the first quarter.
Capital Allocation and Renovation Plans
Executed over $80 million in capital improvements, with plans for $310 million to $330 million in total capital improvements for 2025. Upcoming $100 million renovation of Royal Palm South Beach, Miami is expected to double the hotel's EBITDA.
Share Repurchase Program
Repurchased approximately 3.5 million shares for a total of $45 million during the quarter, and about 11.5 million shares over the past year.
Hilton Hawaiian Village Project Milestone
Achieved a major milestone in entitlements for a planned 515-room tower, with City Council approval and expected final administrative approval by year-end.
Strong Group Booking Trends
Group revenue pace in Orlando hotels is up 9%, with an 18% increase in Q4 group revenue pace expected for the portfolio.