Strong Financial Performance
Net income for Q1 2025 was $15.6 million, adjusted EBITDAre was $72.9 million, and adjusted FFO per share was $0.51. RevPAR grew by 6.3% compared to Q1 2024, leading to nearly 12% growth in adjusted EBITDAre and nearly 16% growth in adjusted FFO per share.
Grand Hyatt Scottsdale Success
The Grand Hyatt Scottsdale reported a 60% RevPAR increase following its renovation. The project was completed successfully with strong group production and high guest satisfaction scores.
Strategic Transactions
Acquired land underlying Hyatt Regency Santa Clara for $25 million, eliminating future rent escalation risk. Sold Fairmont Dallas for $111 million, which avoided costly renovations and resulted in an unlevered IRR of 11.3%.
Group Business Growth
Group room nights increased by 6.6% and group rooms revenue was up over 15% in February and March. Group revenue pace for 2025 now exceeds 2019 levels.
Shareholder Returns
Increased quarterly dividend by 17% and repurchased 2.7% of outstanding shares during the first quarter.