Strong RevPAR Growth in Key Markets
RevPAR for Bonnet Creek complex increased nearly 12% year-over-year, with the Waldorf Astoria seeing a 24% increase. Key West's Casa Marina resort reported a nearly 4% year-over-year increase in RevPAR, while Puerto Rico saw a nearly 18% increase.
Cost Management and Expense Control
Total expense growth was just 40 basis points for the quarter, or 1% excluding Royal Palm South Beach, marking the second consecutive quarter with minimal expense growth.
Successful Asset Disposition
Sale of the Hyatt Centric Fisherman's Wharf for $80 million at a multiple of 64x 2024 EBITDA, progressing towards the $300 million to $400 million noncore disposition goal.
Positive Insurance Premium Reduction
Achieved a sector-leading 25% reduction in property insurance premiums, resulting in an incremental $5 million in savings through year-end.
Record-Setting Revenue at Bonnet Creek
Bonnet Creek complex delivered record-setting revenue for Q2, with Waldorf Astoria Orlando recognized as the Fourth Best Resort in Florida by Travel and Leisure.