Portfolio Performance Improvement
RevPAR declines moderated each month with preliminary results for July showing year-over-year RevPAR growth.
Strong Dividend Payments
Paid distributions totaling approximately $57 million or $0.24 per common share, representing an annual yield of approximately 8.2%.
Strategic Acquisitions and Sales
Acquired Homewood Suites Tampa Brandon at a 12% cap rate and completed sales of two hotels for $21 million, with more sales in the pipeline.
Effective Cost Management
Variable expense growth moderated with comparable hotels' EBITDA margin at 37.4% for the quarter.
Positive Outlook for Supply-Demand Dynamics
Nearly 60% of hotels had no new competing products under construction within a 5-mile radius, indicating favorable supply-demand dynamics.