Comparable Revenue and EBITDA Growth
Comparable total revenue grew by 1.3% and comparable hotel EBITDA increased by 2.6% despite macroeconomic headwinds.
Grow AHT Initiative Impact
Efforts to drive $50 million in run-rate EBITDA improvement led to strong property-level performance and corporate cost-saving measures.
Capital Structure Improvements
Extended MS 17 mortgage loan secured by 17 hotels with a current balance of $410 million and Highland mortgage loan secured by 18 hotels with a current balance of $734 million.
Nontraded Preferred Stock Offering
Raised $212 million in gross proceeds from nontraded preferred stock offering and launched a follow-on offering.
Strategic Dispositions
Progress on asset sales, including the expected closure of Hilton Houston NASA Clear Lake and plans for additional asset sales to reduce leverage.
Group Revenue Success Stories
Renaissance Palm Springs and resort assets showed strong performance with group revenue up 14% in the second quarter.
Renovations and Repositionings
Properties such as Embassy Suites Dallas Galleria and La Concha Key West experienced notable revenue and RevPAR growth following renovations.