Strong Financial Performance
Adjusted EBITDAre of $514 million, up 5.1% over last year, and adjusted FFO per share of $0.64, up 4.9% over last year. Comparable hotel total RevPAR improved 5.8% year-over-year.
Maui Recovery
Transient rooms sold in Maui were up approximately 70% year-over-year, with a 16% RevPAR growth in the first quarter contributing positively to overall portfolio growth.
Successful Reopening of Don CeSar
The Don CeSar reopened with stronger-than-anticipated transient demand, higher average checks in F&B outlets, and increased demand for spa services.
Capital Allocation and Share Repurchases
Repurchased 6.3 million shares of common stock at an average price of $15.79 per share, totaling $100 million, with $585 million remaining capacity under the share repurchase program.
Positive Group Booking Trends
Group RevPAR increased by 7% year-over-year with strong corporate group bookings, and total group revenue pace up by 3.3% compared to last year.