From Kelas Media Ltd.: 2024-05-03 20:26:49

quarter, our hotels performed well, highlighting the resilience of our portfolio. We continue to expect earnings growth this year, particularly driven by the completion of the Hyatt Regency Scottsdale renovation later this year. Now, Barry will provide more insight into operating trends and property projects.

Barry Bloom: Thank you, Marcel. Our portfolio continued to deliver solid results in the first quarter, with total portfolio RevPAR increasing by 11.4% compared to the same period last year despite the negative impact from the renovation at Hyatt Regency Scottsdale. Excluding this property, same-property RevPAR increased by 3.7%. Our performance was driven by strong leisure demand and a continued recovery in business transient and group demand, reflecting positive trends in the industry. We remain focused on enhancing the guest experience, and we are making progress on our renovation projects, including the ongoing transformation of Hyatt Regency Scottsdale. Our team is working hard to ensure minimal disruption to our guests during the renovation, and we expect to complete the project by the end of 2024 as planned. We are also excited about the expansion project at one of our key properties, which includes the addition of 25 rooms and expanded meeting space. This project is on track, with completion expected by the end of Q3 2024.

Atish Shah: Thank you, Barry. Turning to our balance sheet and outlook, we remain committed to maintaining a strong financial position and enhancing shareholder value. During the quarter, we continued to focus on capital allocation efficiency through our share buyback program, which contributed to a 10% increase in adjusted FFO per share. We expect to spend between $120 million to $130 million on property improvements for the year 2024, including the renovation projects at Hyatt Regency Scottsdale and our other properties. Looking ahead, we anticipate a 3.5% increase in same-property RevPAR at the midpoint for the full year, supported by the completion of our renovation projects and positive trends in demand. While we expect some headwinds in the first half of the year due to the renovation at Hyatt Regency Scottsdale, we remain optimistic about our performance for the rest of the year as we capitalize on the recovering demand in the hospitality sector. Thank you for joining us today, and we will now open the call for questions.



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