Urban Hotels Lead Portfolio
Urban hotels achieved a RevPAR growth of over 9%, driven by corporate group and business travel demand. Specific mention of Marriott Long Beach Downtown, with a nearly 70% RevPAR increase, highlighting the success of recent investments.
San Francisco Performance
San Francisco reported a RevPAR growth of 6.5% and total RevPAR growth of over 16%, marking the second consecutive quarter of exceeding expectations.
Wine Country Success
Montage Healdsburg and Four Seasons Napa Valley both exceeded revenue and earnings expectations, with Montage experiencing an 18% increase in RevPAR and a 23% increase in total RevPAR.
Capital Recycling and Share Repurchase
Successful sale of the Hilton New Orleans St. Charles at an attractive cap rate, with proceeds and additional capital used for $100 million in share repurchases this year, totaling nearly $300 million since 2022.