And our fourth quarter financial results allowed us to finish the year near the upper end of our full year guidance ranges for net income, adjusted EBITDAre and adjusted FFO per share that we provided when we reported our third quarter results. Same-property portfolio RevPAR for full year 2023 increased 3.9% compared to 2022, just shy of the low end of our most recent guidance as November and December RevPAR were a bit softer than expected. Our 2023 RevPAR increase was driven by a healthy 250 basis point occupancy gain as average daily rate was essentially flat. If we exclude Hyatt Regency Scottsdale Resort & Spa Gainey Ranch, where the transformational renovation is well underway, same-property RevPAR for the remainder of the portfolio increased a solid 6.4% as compared to 2022.

In 2023, 23 of the – out of the 32 hotels in our same-property portfolio achieved RevPAR growth as compared to 2022. RevPAR increased by double-digit percentages in 7 of our 22 markets, including Portland, Houston, Dallas, San Francisco, San Jose, Nashville and Atlanta. We expect most of these markets to continue to experience strong growth in 2024 as well. On a same-property basis, 2023 hotel EBITDA of $271.5 million was 1.5% below 2022 levels and margins were 153 basis points lower as compared to 2022. Excluding Hyatt Regency Scottsville in both years, same-property hotel EBITDA increased 3.5% and margins decreased just 92 basis points in 2023 as compared to 2022. We are pleased with this result given the inflationary pressures on the overall economy and our industry particularly during the year.

Now turning specifically to our fourth quarter results. This morning, we reported net income of $7.6 million, adjusted EBITDAre of $59.4 million and adjusted FFO per share of $0.41. Despite significant disruption from the Hyatt Regency Scottsville renovation throughout the quarter as well as disruption from our Grand Bohemian Orlando renovation early in the quarter, our fourth quarter adjusted FFO per share of $0.41 was flat compared to the same period in the prior year. This was partially due to a lower share count resulting from our substantial share repurchase activity during the quarter and the year. Our same-property RevPAR for the fourth quarter decreased 3.4% as compared to 2022. However, excluding Hyatt Regency Scottsdale, RevPAR for the quarter increased 1.2%.

On a same-property basis, fourth quarter hotel EBITDA of $63.7 million was 8.4% below 2022 levels and hotel EBITDA margin decreased 162 basis points. Excluding Hyatt Regency Scottsdale, fourth quarter same-property hotel EBITDA increased 2.5% and hotel EBITDA margin decreased just 10 basis points. The trends across our portfolio continue to indicate that our demand segmentation mix is reverting towards pre-pandemic levels as group and business transient demand recover and leisure demand normalizes. In the fourth quarter and the full year, same-property group room revenues, excluding Hyatt Regency Scottsdale, increased 4% and 15%, respectively, as compared to 2022. We also saw continued strength in business transient demand over the year as evidenced by a healthy recovery in midweek occupancy.

And finally, leisure demand continued to normalize, which was not a big surprise given the incredible strength in domestic leisure demand coming out of the pandemic. This retracement was evident in the lagging performance of some of our more leisure-dependent assets and markets in the fourth quarter. As for our capital allocation strategy, included in our $120 million in capital expenditures in our portfolio in 2023 were major renovations at Kimpton Canary Hotel Santa Barbara, Kimpton Hotel Monaco Salt Lake City and Grand Bohemian Orlando in addition to other projects such as the creation of a Miraval Life and Balance Spa at Park Hyatt Aviara. As you are all well aware, we also commenced the transformative renovation and up-branding of Hyatt Regency Scottsdale in June of last year.

We are excited that this project is progressing on time and on budget to date. We continue to believe strongly that the property will be able to compete even more effectively in the Phoenix, Scottsdale luxury resort markets after its relaunch as the luxury Grand Hyatt Resort Scottsdale by the end of the year. Barry will provide a detailed update on our progress on this important project in his remarks. Importantly, we balance these investments in our portfolio with meaningful returns to our shareholders. In 2023, we returned approximately $177 million to shareholders through nearly $133 million in share buybacks and roughly $44 million in common dividends. Looking ahead, we are cautiously optimistic as we start 2024. We believe that our recent and ongoing ROI investments will yield meaningful results in 2024 and in the years to come.

We expect to invest another $120 million to $130 million in capital projects this year with the Hyatt Regency Scottsdale renovation expected to account for $65 million to $70 million of this total amount. These important projects will start to drive benefits later this year as the guest rooms and various other components are completed. Also in 2024, we expect to generate earnings growth from our recently renovated properties, some of which have already started to see notable share gains in the months coming of renovation. While Barry will provide more detail on our capital projects, I would like to note that we expect overall renovation disruption in the portfolio to be a bit less than in 2023 despite continued significant renovation disruption at Hyatt Regency Scottsdale.

The majority of the capital expenditures we will make in 2024 outside of the Scottsdale project are expected to be significantly less impactful to the guest experience than the major renovations we completed in 2023. Our initial 2024 outlook is based on a range of 2% to 5% same-property RevPAR growth or 3.5% at the midpoint. Excluding Hyatt Regency Scottsdale, we expect the portfolio to produce 2.5% to 5.5% RevPAR growth. And better than this outlook are opportunities for further occupancy gains. In 2023, our same-property portfolio excluding Scottsdale, occupancy was still approximately 10 points behind 2019 levels despite a 2.5-point increase in occupancy during the year. In addition to growth from recently renovated properties, our greatest opportunities for growth in 2024 include continued strong performance at our hotels that cater to group and business transient customers.

This includes our 2 most recent acquisitions, W Nashville and Hyatt Regency Portland at the Oregon Convention Center, both of which should generate above-average levels of RevPAR growth as compared to our overall portfolio. Additionally, in 2024, we expect strong RevPAR growth at our properties in Orlando, Atlanta and our recovering Northern California markets, San Francisco and San Jose. Excluding Scottsdale, we crossed into 2024 with approximately 8% greater group room's revenue on the books than we did for 2023 at the end of 2022. We also anticipate continued recovery in business transient demand, which should drive further midweek occupancy gains. We expect leisure transient demand to remain relatively stable this year after some retracement last year.

Atish will provide additional details around our 2024 outlook, including our expectations for seasonality and impact from our ongoing renovation activity in his prepared remarks. We are off to a solid start in 2024. Quarter-to-date through February 22, 2024, we estimate that excluding Scottsdale, same-property RevPAR increased 4.9% as compared to the same period in 2023. When including Hyatt Regency Scottsdale, which delivered extremely strong results in early 2023 due to the Super Bowl and strong overall demand in the markets, quarter-to-date RevPAR through February 22 is down 0.5%. Given its very strong performance through May of last year and the renovation disruption this year, Hyatt Regency Scottsdale will be a drag on RevPAR growth through the first half of the year, after which, the comparisons will become significantly more favorable.

To wrap up, I'm very proud of all the great work our team accomplished in 2023. We not only delivered results broadly in line with the expectations we set at the start of the year, but we also invested meaningfully in our portfolio in ways that we believe will enhance our growth profile in the years ahead. All this was accomplished during a time when we also returned substantial levels of capital to shareholders through a combination of share repurchases and dividends. And as we announced this morning, we are continuing this into 2024 as our Board of Directors authorized a 20% increase in our quarterly cash dividends to $0.12 per share for the first quarter. I will now turn the call over to Barry to provide more details on our operating results and our capital projects.

Barry Bloom: Thanks, Marcel, and good afternoon, everyone. For the full year of 2023, our 32 same-property portfolio RevPAR was $169.46 based on occupancy of 65.1% and an average daily rate of $260.40. Same-property portfolio RevPAR increased 3.9% as compared to 2022. This increase reflected a 2.5-point gain in occupancy and flat average daily rate as compared to full year 2022. Excluding Hyatt Regency Scottsdale, full year RevPAR was $170.57, an increase of 6.4% as compared to 2022. This increase reflected over 3.5 points of occupancy gain and nearly flat average daily rate as compared to full year 2022. Our properties achieving the strongest RevPAR growth as compared to full year 2022, including the Hyatt Regency Portland with RevPAR of 30.8%; our 3 Houston properties with RevPAR up 19.9%; and our 2 Dallas properties, which are up 17.9%, all of which benefited from recovering business transient and strong group demand.

In addition, our properties in San Francisco, Santa Clara and Nashville all achieved double-digit RevPAR growth for the year. Conversely, the greatest RevPAR declines compared to 2022 were experienced at Hyatt Regency Scottsdale, Kimpton Monaco Salt Lake City, Grand Bohemian Orlando and Kimpton Canary Santa Barbara, all of which were undergoing comprehensive renovations, which will position each of these hotels extremely well for the years ahead. The RevPAR declines at Andaz Napa and Hyatt Centric Key West reflected weaker leisure demand against an extremely tough prior year comparison, although both properties' RevPAR was above 2019 levels. At W Nashville, RevPAR grew by over 10% for the full year with 33% growth in group revenue as our business strategy for this hotel continues to become more refined.

EBITDA margin improved by over 170 basis points in 2023 as compared to 2022. We continue to focus the hotel's efforts on improving food and beverage performance, including the repositioning and relaunch of the hotel's 3-meal restaurant. As we look ahead to 2024, group revenue pace is up nearly 20% as of the end of January. In January, RevPAR was up over 6% compared to the prior year despite inclement weather, giving us further confidence that the hotel's penetration within each segment will continue to improve as the market recognizes the outstanding attributes of this property. Although RevPAR declined in the fourth quarter, this was expected as the overall market was impacted by the absorption of 3 new luxury hotels year-over-year during this traditionally softer period.

For the fourth quarter, our 32 same-property portfolio RevPAR was $157.69 based on occupancy of 61.9% at an average daily rate of $254.56. Same-property portfolio RevPAR decreased 3.4% a quarter as compared to the same period in 2022. Excluding Hyatt Regency Scottsdale, fourth quarter RevPAR was $162.51, an increase of 1.2% as compared to 2022. This increase reflected about 1.5 points of occupancy gain and a slight decline in average daily rate as compared to full year 2022. In the quarter, same-property RevPAR in October and November declined 2.2% and 3.7%, respectively, as compared to 2022, while December RevPAR decreased 4.9% compared to 2022. Excluding Hyatt Regency Scottsdale, RevPAR was up 2.4% and 1.4% in October and November and declined 0.8% in December as compared to 2022.

As Marcel mentioned in his prepared remarks, overall business reflects the continued transition in our business in what was primarily a leisure demand-driven recovery in 2022 through a more traditional mix of leisure, business transient and group demand. As it relates to business transient, mid-week occupancies continued to improve in the fourth quarter with Monday, Tuesday and Wednesday occupancies all up relative to the fourth quarter of 2022. Conversely, occupancy on Saturday nights declined relative to the fourth quarter of 2022, reflecting softening leisure demand across the portfolio and the extreme peaks we experienced in 2022. Business from the largest corporate accounts improved throughout the year, but we estimate that room night demand for this important sub-segment is still down about 20% from 2019 levels.

On the leisure side, several of our more leisure-oriented properties reported RevPAR declines in the fourth quarter and full year 2023 is compared to 2022, including our properties in Key West, Napa, Savannah and Santa Barbara. Among our leisure markets, Charleston was a relative bright spot in our portfolio with RevPAR growth in the fourth quarter and full year. Not surprisingly, the slight decline in our total portfolio's average daily rate in the fourth quarter was largely attributable to lower rates at most of our leisure-oriented hotels. Now turning to group. In the quarter, our same-property group's revenue exceeded fourth quarter of 2022 levels by nearly 5%, excluding Hyatt Regency Scottsdale. Our performance reflected very strong group results in October, particularly at our properties in Houston, Atlanta and Orlando and generally higher group rates across the portfolio.

Our full year same-property 2023 group's revenue ended about 16% higher than 2022 and about 2% lower than 2019, again, excluding Hyatt Regency Scottsdale in all periods. The vast majority of the recovery in group to date has come from average daily rate increases as group room nights in 2023 were still about 12% lower than in 2019. This gives us confidence that we will see further opportunities for growth over the coming year, particularly at our important group-oriented hotels in Orlando, Portland, Atlanta and Dallas as we see booking windows lengthen and normalize. Now turning to expenses and profit. Fourth quarter same-property hotel EBITDA was $63.7 million, a decrease of 8.4% compared to the fourth quarter of 2022, resulting in 162 basis points of margin erosion.

Excluding Hyatt Regency Scottsdale, fourth quarter same-property hotel EBITDA was $63.4 million, an increase of 2.5% as compared to the fourth quarter of 2022 and reflected a 10 basis point decline in margin. On a full year basis, same-property hotel EBITDA was $271.5 million, and margins decreased 153 basis points. Excluding Hyatt Regency Scottsdale, same-property hotel EBITDA margins decreased 92 basis points as compared to full year 2022. Our fourth quarter and full year 2023 margins reflected generally good expense control over the year in light of significant increases in wages and benefits as well as utility costs. We continue to see significant reductions in overtime labor as staffing levels and recruiting by our managers normalize in line with business levels.

Administrative and general expenses declined by nearly 3% year-over-year in Q4, and repairs and maintenance expenses were stable year-over-year in Q4. Now turning to CapEx. During the fourth quarter and over the full year, we invested $51.4 million and $120.9 million in portfolio improvements, respectively. In 2023, some of the significant renovation projects in our portfolio included, at Grand Bohemian Hotel Orlando, we completed a comprehensive renovation of all guest rooms and public spaces, including meeting space, lobby, restaurant, bar, Starbucks and the creation of a new rooftop bar. The phase renovation was completed in the fourth quarter. This transformative renovation has completely changed the look and feel of the property and will afford the hotel with the ability to maintain its market-leading position within the downtown Orlando market.

At the Kimpton Hotel Monaco Salt Lake City and Kimpton Canary Santa Barbara, we completed comprehensive renovations of each hotel's meeting space, restaurant, bar and guest rooms. These significant renovations will ensure these hotels positioning as the premier boutique hotels within their respective markets. In the second quarter, we commenced the initial phases of the approximate $110 million transformative renovation and up-branding of the 491-room Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch. Thus far, the project is on time and on budget. The 2-acre pool complex is expected to be fully completed and operational by the end of the first quarter. The guest rooms are being renovated in phases, the first 150 of which have now been completed with approximately 50 more to be completed in the next 2 weeks and the remainder expected to be completed in continual phases until final completion at the end of the third quarter.

All of the other elements, including public spaces and new and existing meeting spaces, are expected to be completed by the end of 2024. We anticipate this property will be a meaningful driver of earnings in 2025 and beyond as we complete the rebranding of the resort to Grand Hyatt later this year. The initial response from both leisure and group guests has only affirmed our confidence in our expected outcome from the substantial investment. We are seeing future group business being booked at meaningfully higher rates than the hotel has achieved historically. Much of this is the direct result of the expansion of the Arizona Ballroom, which will allow the hotel to retain existing group customers, as we'll attract new group customers who otherwise could not be accommodated at the resort and the spectacular physical facility that's being created throughout the resort.

At the adult pool, which was completed in mid-January, the new bar, now known as H2 Oasis, is meeting with significant positive feedback in part due to revised menu overseen by the renounced celebrity chef, Richard Blais, with whom we've developed an excellent working relationship at Park Hyatt Aviara, Hyatt Regency Grand Cypress and Hyatt Centric Key West. Chef Blais, the first winner of Bravo's Top Chef All-Stars and a current co-star on FOX's Next-level Chef will be involved in all aspects of food and beverage programming and menu design throughout the resort. Major new venues include an upscale, modern Italian stake and seafood concept along with a speakeasy style bar in the resort's former Regency Club space and a global small play concept, including a sushi bar in the location of the long Dorman Alto restaurant.

In addition, the hotel's 3-meal restaurant will be completely reimagined along with an expanded lobby bar. Additionally, Fountain Port, the dramatic space just outside the lobby, will be redeveloped into a space that will be able to be utilized for outdoor functions and live music. Finally, the previously mentioned H2Oasis pool bar, a newly concepted pool bar and restaurant to the family pool, will complete the significantly elevated food and beverage offerings at the resort, all of which will create a much more compelling offering for in-house and local Scottsdale business. Other capital projects planned for 2024 include renovations of restaurants and bars at Bohemian Hotel Savannah, Ritz-Carlton Denver, Marriott Woodlands Waterway; renovation of the lobbies at the Westin Oaks and Galleria Houston; relocation of the fitness facility and addition of the concierge lounge with the Westin Oaks Houston; and approximately $20 million of infrastructure and sustainability projects.

We are very excited about the projects we have underway and look forward to their completion. With that, I will turn the call over to Atish.

Atish Shah: Thanks, Barry. I will provide an update on three items: our balance sheet, return of capital and 2024 full year guidance. As to our balance sheet, we are well positioned to take advantage of opportunities given our liquidity and balance sheet profile. With no debt maturities until August of 2025, all of our debt at fixed interest rates at present, no preferred equity and 29 of our 32 hotels unencumbered of property level debt, our balance sheet continues to be strong. At year-end, our leverage ratio was about 5x trailing 12 months debt – net debt to EBITDA. We expect our leverage ratio to decline as earnings increase in the years ahead. Now I want to turn to our return of capital. I have two specific items here as follows.

First, we repurchased about 3.9 million shares in the fourth quarter, bringing our full year 2023 buyback total to approximately 10.4 million shares. In total, during 2023, we repurchased about 9% of our outstanding shares at about $12.75 a share. Together with shares repurchased in the prior year and the small amount purchased thus far in 2024, we believe our repurchase activity at these price levels will prove to be a driver of long-term value creation. Second, our Board of Directors increased our first quarter dividend to $0.12 per share. Based on the closing price of our shares yesterday, this level of dividend equates to an annualized yield of approximately 3.7%. As to our payout ratio, this level of dividend reflects approximately 40% of FAD based on 2023 FFO.

Over time, we expect the dividend to grow to prior levels or to roughly double and that our payout ratio will return to prepandemic levels in the mid-60% range. The third item I wish to discuss is our 2024 guidance. At the midpoint of the full year guidance that we issued this morning, we expect RevPAR and adjusted EBITDAre to each grow in the low single-digit percentage range and FFO per share to grow in the high single-digit percentage range. Getting into the components a bit more, I will begin with RevPAR. We expect same-property RevPAR to increase 3.5% at the midpoint of the range. Supporting these expectations for RevPAR growth are four items. First, group room revenue booking pace excluding Scottsdale is up about 5% as of the end of January.

This is driven roughly equally by growth in room nights and rate, and just over 60% of expected 2024 group rooms revenue is already definite. The second item, continued pickup in business transient demand is driving higher occupancy. On this – on business transient demand, the corporate-negotiated rates piece of the business, we expect rates to increase in the low to mid-single-digit percentage range versus last year. Third, leisure comparisons will become easier starting in May. We also expect some high-end leisure travelers will stay in the U.S. this summer instead of traveling internationally as they did last year. Fourth and last, strong growth from three of our smaller properties which were under renovation in 2023. These three properties together drive approximately one-thirds of the 3.5% expected RevPAR growth.

One final point on our RevPAR guidance is that we also provided a RevPAR outlook, excluding Hyatt Regency Scottsdale. We expect full year same-property RevPAR to grow approximately 4% at the midpoint, excluding Scottsdale. The level of variance will change significantly as we move through the year with the first half seeing a much larger variance because of both the renovation timing as well as the comparison to a very strong first 5 months of 2023 in Scottsdale. As to hotel EBITDA margins for the year, we expect margins to decline about 100 basis points as compared to 2023. First half margins are expected to decline about 250 basis points, and second half margins are expected to increase about 100 basis points. Excluding the impact of Scottsdale, we expect full year margins to decrease about 40 basis points, which reflects a first half decline of about 100 basis points and flat margins in the second half.

Moving ahead to adjusted EBITDAre. We are guiding to a midpoint of $254 million for 2024. By quarter, the weighting is just above 20% for the first quarter, nearly 30% for the second quarter, around 20% for the third quarter and back up to nearly 30% for the fourth quarter. This weighting varies from the cadence of earnings in prior years due to tougher comps in some markets in the first couple of quarters, including Scottsdale, as well as renovation disruption, which is much greater in this year's first half than last year's first half. As we get into the second half of 2024, the comps become easier and our renovation activity turns into a tailwind relative to last year's second half. And finally, our FFO per share guidance of $1.685 at the midpoint reflects the increase in adjusted EBITDAre versus last year, lower expected interest expense as well as lower share count.

Year-over-year, our guidance reflects about 9% growth in FFO per share at the midpoint. As we look ahead, we believe the investments we are making this year and have made in – over the last few years, continued ramp in Nashville and Portland, significant recovery potential in Northern California and low rooms-weighted supply growth should lead to higher levels of RevPAR growth in the years ahead. We also believe the annual expense growth relative to revenue growth will continue to moderate over the quarters and years, and that should lead to renewed margin growth. And with that, we will turn the call back over to Emily to begin our Q&A session.

Operator: Thank you. [Operator Instructions] Our first question today comes from David Katz with Jefferies. David, please go ahead. Your line is open.

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