Demand And PricingBooking pace is showing solid growth in both room rates and room nights, driven by stronger group and transient demand, which should lift revenue per available room.
Event Exposure And Ancillary RevenueSignificant exposure to major events like the World Cup combined with a rebound in short-term group and business transient demand should boost both room revenues and out-of-room spending.
Valuation And FFO TailwindShares trade at a notable discount to adjusted replacement cost per key, and a modest net benefit from preferred stock redemption to FFO supports potential upside for the equity.