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| We are also pleased that this strong performance is continuing into 2024 with our January total revenue growth of 5.3% for the portfolio |
| Our plan to accomplish this is multifaceted and provides us with significant optionality to accomplish our goal |
| And food and beverage margin improved by 284 basis points compared to the prior year quarter |
| Unencumbered is obviously very helpful, and we think it generate a sizable amount of proceeds given the performance of that asset, which continue to improve |
| During the fourth quarter, the hotel was successful in increasing group room nights, which allow the team to yield out lower-rated transient and government per diem business |
| Food and beverage is strengthening, and we are increasing ancillary revenue capture |
| In terms of hotel performance, we are very pleased with the strong operating performance and RevPAR growth we achieved in the fourth quarter |
| We’re clearly seeing a benefit of a broadly diversified high-quality portfolio that’s balanced across leisure, corporate and group demand sources |
| These efforts throughout the year helped us achieve full year banquet revenue growth of 34% over the prior year |
| Several key markets within our portfolio had strong quarters |
| A hotel that had strong group performance this quarter was one of our largest hotels, the Marriott Crystal Gateway, where group room revenue grew by 21% compared to the prior year quarter |
| On a full year basis, food and beverage revenue grew 18% and food and beverage margin improved by 227 basis points compared to the prior year |
| And looking forward, group business is pacing favorably and positioning us well for the coming years |
| Hyatt Regency Savannah benefited from a great shopping initiative, which we ran across our entire portfolio |
| The team was successful in backfilling lower-rated, citywide demand with self-contained groups that had higher banquet and catering spend |
| Renaissance Nashville had a record-breaking year with banquet revenue growing 24% compared to the prior year |
| This is a strong quarter for group booking activity |
| And we’re optimistic that it’s a pretty interesting way to raise capital |
| Food and beverage revenue per occupied room grew by 8% |
| For the quarter, comparable hotel RevPAR for our portfolio increased 1.6% over the prior year quarter, marking 11 consecutive quarters of year-over-year RevPAR growth |
| Group room revenue for the full year exceeded the prior year by 16% |
| We also continue to be excited about our non-traded preferred stock offering |
| Our full year RevPAR growth was nearly double the national average |
| Excellent |
| This was led by the Hyatt Regency Savannah and Renaissance Nashville, which achieved full year food and beverage revenue growth of 22% and 18%, respectively, compared to the prior year |
| I would like to take a few minutes to highlight some of the work from our team, including actively increasing our group position across our portfolio, strengthening our food and beverage outlets and capitalizing on high-demand events in some of our major markets |
| Full year comparable hotel RevPAR increased 9.5% over the prior year |
| This RevPAR growth was led by average daily rates, which increased 3.4% over the prior year quarter |
| For example, our DC hotels, which make up 12% of our portfolio by key count, increased comparable hotel RevPAR by 6% during the fourth quarter compared to the prior year quarter |
| And especially when a scenario we’ve got hotel REITs that trade at discounts at NAV and we can raise capital at NAV and allow investors to have some liquidity to get out at NAV that we think it will be a pretty interesting vehicle and structure for hotel investment going forward |
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| But the frustration that we have is that those markets or that asset may not be the one getting the traction that I wish, right? And so that’s kind of the tension |
| So I’ll give you a little bit of color that hopefully – because I promise you, your frustration and our shareholders frustrations do not match our frustration |
| For the quarter, we reported AFFO per diluted share of negative $0.36, and for the full year, we reported AFFO per diluted share of $0.72 |
| During the fourth quarter despite the headwinds related to the potential government shutdown, which resulted in occupancy declining 50 basis points, our hotels proactively remixed in the non-government segments that drove rate by 6% compared to the prior year quarter |
| We’ve seen rates go down a little bit |
| For the fourth quarter, we reported a net loss attributable to common stockholders of $31.3 million or $0.90 per diluted share |
| For the full year, we reported a net loss attributable to common stockholders of $193.7 million or $5.61 per diluted share |
| But it’s just a very complicated process, and we are just dealing with CMBS servicers and special servicers that it just tends to be slow given the nature of the documents |
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