Core Viewpoint - Summit Hotel Properties (NYSE:INN) is facing a challenging environment with high costs and competition, but the preferred series F offers an attractive investment opportunity with an 8.4% current yield and 42% upside to par [1][30]. Cashflow Amount and Stability - INN's latest earnings report shows an AFFO of $0.22 for Q1 2025, which annualizes to $0.88, but seasonal trends indicate stronger performance in Q2 and Q3 [2][5]. - Adjusting for seasonality, the annualized AFFO appears to exceed $0.90 per share, providing ample coverage for preferred dividends [5]. Preferred Series F Investment Opportunities - Three potential ways for preferred series F investors to benefit include: 1. Continuing to collect dividends 2. A buyout of INN at any price over $3.50 3. A decline in interest rates leading to a price increase toward $25 [6][30]. Financial Performance Metrics - For Q1 2025, INN reported a net loss attributable to common stockholders of $4.684 million, with total revenues of $184.478 million [8]. - The company’s FFO for the same period was $23.196 million, with adjusted FFO at $27.359 million [9]. AFFO Calculation Concerns - There are anomalies in INN's AFFO calculation, as it includes deferred financing costs and other adjustments that may not reflect true earnings [10][12]. - A more conservative AFFO estimate of $0.42 per share still indicates that preferred dividends are well covered [13]. Preferred Safety and Liquidation Preference - INN has over $600 million in common equity, providing a significant buffer for preferred shareholders [14][21]. - The company has a debt-to-gross properties ratio of about 39%, which is typical for real estate, and has been reducing leverage [15][18]. Return Potential of Preferreds - The preferred series F has a current yield of 8.37% and a potential upside to par of 42.53%, making it an attractive option compared to other fixed-income securities [22][23]. - The change of control provisions favor series F, providing better upside and reduced risk compared to series E [24][29]. Market Conditions and Buyout Potential - The hotel industry is currently distressed, with many hotels trading below replacement cost, making INN a potential buyout target [31][34]. - A buyout price above $4.30 would trigger favorable outcomes for series F holders, ensuring they receive the full $25 liquidation preference [34][35]. Interest Rate Impact - A decline in interest rates could lead to significant capital gains for INN-F, as its market price would rise to maintain a yield premium over treasuries [36].

Core Viewpoint - Summit Hotel Properties, Inc. will report its financial results for Q2 2025 on August 5, 2025, and will hold a conference call on August 6, 2025, at 9:00 AM ET [1]. Company Overview - Summit Hotel Properties, Inc. is a publicly traded real estate investment trust (REIT) that focuses on owning premium-branded lodging facilities with efficient operating models, primarily in the upscale segment of the lodging industry [2]. - As of June 24, 2025, the company's portfolio includes 97 assets, with 53 wholly owned properties, totaling 14,556 guestrooms across 25 states [2]. Conference Call Information - To access the conference call, pre-registration is required, and registrants will receive confirmation with dial-in details [4]. - A live webcast of the conference call will be available, with a replay accessible on the company's website until November 3, 2025 [4].

Hampton Inn & Suites – Austin Downtown FEBRUARY 2025 Investor Presentation Element – Miami Brickell Forward looking statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "inten ...

Group 1 - The focus is on building a financial portfolio aimed at achieving financial independence through investments in dividend stocks, which provide a steady income stream [1] - There is a keen interest in financial markets and a continuous effort to learn about various sectors [1] Group 2 - No stock, option, or similar derivative positions are held in any of the companies mentioned, but there may be plans to initiate a long position in the near future [2] - The article expresses personal opinions and is not influenced by compensation from any company mentioned [2] Group 3 - Past performance is not indicative of future results, and no specific investment recommendations are provided [3] - The views expressed may not represent the overall opinions of the platform, and the analysts may not be licensed or certified [3]

Financial Data and Key Metrics Changes - RevPAR in the same store portfolio increased by 1.5% year over year, driven by a mix of rate and occupancy growth [4] - EBITDA margin contracted by less than 50 basis points compared to the first quarter of the previous year, with pro forma operating expenses increasing by only 1.5% year over year [4][20] - Adjusted EBITDA for the first quarter was $45 million, a modest decline compared to the prior year, primarily due to net effective asset sales completed in 2024 [22] - Adjusted FFO was $27.4 million or $0.22 per share, benefiting from lower interest expenses due to deleveraging efforts [23] Business Line Data and Key Metrics Changes - Urban portfolio RevPAR increased nearly 3%, outperforming the total industry by approximately 80 basis points [17] - Suburban and small town metro portfolios generated average RevPAR growth of 1.2%, driven by hotels in specific regions [19] - The resort location type accounts for only 11% of total guest rooms, with significant capital investment expected to enhance performance [19] Market Data and Key Metrics Changes - January RevPAR declined by 1.5% due to weather-related disruptions, but February saw a robust increase of 8.1% year over year [5] - March RevPAR declined by 1.6% in the same store portfolio, with a 10% decline in the qualified segment, primarily due to weakness in government-related travel [5][10] - April RevPAR is expected to decline by 45% compared to last year, influenced by difficult calendar comparisons [8][12] Company Strategy and Development Direction - The company is focused on managing expenses effectively in a lower revenue growth environment, with EBITDA margins contracting only 15 basis points on 1.6% RevPAR growth over the past five quarters [11] - A $50 million share repurchase program has been approved to return capital to shareholders and drive value creation [15][26] - The company continues to prioritize a balance between returning capital to shareholders, investing in the portfolio, reducing corporate leverage, and maintaining liquidity for future growth [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for the portfolio despite near-term macroeconomic uncertainties [11][15] - The company expects a modest pullback in demand, particularly in government and international travel, but anticipates some recovery as the year progresses [10][32] - The outlook for the second quarter indicates a RevPAR decline of 24% compared to the previous year, with expectations for flat RevPAR growth for the full year [12][14] Other Important Information - The company has closed on a $275 million delayed draw term loan to refinance maturing convertible notes, preserving cash flow [24][25] - Total liquidity stands at over $300 million, with an average interest rate of approximately 4.6% [25] Q&A Session Summary Question: How have trends evolved within government and international travel? - Management noted that the most acute impact was felt in March, but there is optimism for recovery as the year progresses [31][32] Question: How have trends for business transient customers evolved? - Business transient travel has held up reasonably well, with no significant downward trend observed [34] Question: Is leisure travel being impacted the most? - Leisure travel is expected to be resilient, with potential shifts towards more domestic travel [40][41] Question: What proactive measures are being taken regarding margins? - Management has focused on managing contract labor and employee turnover, without implementing deeper cuts seen in previous downturns [55][56] Question: Thoughts on the buyback announcement and capital allocation? - The buyback program is seen as a compelling opportunity due to significant dislocation in stock prices, with funding expected from reduced CapEx and potential asset sales [59][61] Question: Latest thoughts on joint venture partner's capital deployment? - The joint venture partner is well-capitalized and prepared to take advantage of dislocation opportunities, though transaction activity is expected to slow [64]

Financial Data and Key Metrics Changes - RevPAR in the same store portfolio increased by 1.5% year over year, driven by a mix of rate and occupancy growth [4] - EBITDA margin contracted by less than 50 basis points compared to the first quarter of the previous year, with pro forma operating expenses increasing by 1.5% year over year [4][19] - Adjusted EBITDA for the first quarter was $45 million, a modest decline compared to the prior year, primarily due to net effective asset sales completed in 2024 [20] - Adjusted FFO was $27.4 million or $0.22 per share, benefiting from lower interest expenses due to deleveraging efforts [21] Business Line Data and Key Metrics Changes - Urban portfolio RevPAR increased nearly 3%, outperforming the total industry by approximately 80 basis points [16] - Suburban and small town metro portfolios generated average RevPAR growth of 1.2%, driven by hotels in specific regions [18] - Resort location type accounts for only 11% of total guest rooms, with significant renovations expected to boost performance [18] Market Data and Key Metrics Changes - Demand softening was noted in early March, particularly in government and international travel segments, with March RevPAR declining by 1.6% in the same store portfolio [5][10] - The company expects April RevPAR to decline by approximately 45% year over year, influenced by difficult calendar comparisons [7][12] - The first quarter saw a 2% decline in average daily rate (ADR) despite absolute ADRs increasing year over year across most demand segments [6] Company Strategy and Development Direction - The company announced a $50 million share repurchase program to return capital to shareholders and drive value creation [14][24] - Continued investment in renovations is expected to enhance the quality of the portfolio and drive future profitability [21][25] - The company is focused on managing expenses effectively in a lower revenue growth environment, with a strong emphasis on cost controls [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for the portfolio despite near-term macroeconomic uncertainties [10][14] - The company anticipates a modest recovery in government and international travel segments as the year progresses [30] - Management noted that leisure demand is expected to remain resilient during economic uncertainty, with expectations for group demand to remain strong [11][39] Other Important Information - The company has a total liquidity of over $300 million and no significant debt maturities until 2027 [23] - The average interest rate on the company's debt is approximately 4.6%, with 71% of pro rata share of debt fixed [23] - The company reduced its full-year capital expenditure guidance to $60 million to $70 million, allowing for flexibility in response to market conditions [25] Q&A Session Summary Question: Trends in government and international travel segments - Management noted that both segments experienced the most acute impact in March but have stabilized at lower levels, with optimism for recovery as the year progresses [30][31] Question: Business transient customer trends - The midweek negotiated business segment has held up reasonably well, with no significant downward trend observed [32] Question: Impact on shorter booked weekend leisure trips - Management indicated that leisure demand is expected to be resilient, with potential shifts towards more domestic travel [39] Question: Expense management and potential brand negotiations - Management stated that proactive expense management has been effective, and they have not yet needed to implement deeper cuts seen in prior downturns [55] Question: Share repurchase program and capital allocation - The company plans to fund the buyback through a combination of reduced CapEx and opportunistic asset sales, while maintaining a healthy balance sheet [61] Question: Joint venture partner's capital deployment view - Management indicated that their joint venture partner is well-capitalized and prepared to take advantage of market dislocations, though transaction activity is expected to slow [64]

Core Viewpoint - Summit Hotel Properties reported quarterly funds from operations (FFO) of $0.22 per share, exceeding the Zacks Consensus Estimate of $0.21 per share, but down from $0.24 per share a year ago [1][2] Financial Performance - The FFO surprise for the quarter was 4.76%, following a previous quarter where the company also exceeded expectations with an FFO of $0.20 compared to an estimate of $0.19, resulting in a surprise of 5.26% [2] - Revenues for the quarter were $184.48 million, missing the Zacks Consensus Estimate by 0.80%, and down from $188.14 million year-over-year [3] Market Performance - Summit Hotel Properties shares have declined approximately 40.7% since the beginning of the year, contrasting with the S&P 500's decline of 5.5% [4] - The company has surpassed consensus FFO estimates four times over the last four quarters [2][3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.28 on revenues of $199.62 million, and for the current fiscal year, it is $0.89 on revenues of $754.25 million [8] - The estimate revisions trend for Summit Hotel Properties is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [7] Industry Context - The REIT and Equity Trust - Other industry is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting that the overall industry outlook may impact stock performance [9]

Earnings Release Supplement First Quarter 2025 (UNAUDITED) April 30, 2025 1 Table of Contents | Section I | Forward-Looking Statements and Non-GAAP Financial Measure Disclosures | | --- | --- | | Section II | Corporate Financial Schedules | | Section III | Operating & Property-Level Schedules | | Section IV | Capitalization and Debt Schedules | | Section V | Asset Listing | 2 Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These ...

[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2025 Condensed Consolidated Balance Sheet Highlights (As of March 31, 2025) | Metric | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $2,897,459 thousand | $2,896,230 thousand | | Total Liabilities | $1,529,622 thousand | $1,511,184 thousand | | Total Stockholders' Equity | $920,439 thousand | $909,545 thousand | Condensed Consolidated Statements of Operations Highlights (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenues | $184,478 thousand | $188,142 thousand | | Operating Income | $19,827 thousand | $23,489 thousand | | Net Income | $623 thousand | $2,833 thousand | | Net Loss Attributable to Common Stockholders | $(4,684) thousand | $(2,116) thousand | | Loss Per Share (Basic and Diluted) | $(0.04) | $(0.02) | Condensed Consolidated Statements of Cash Flows Highlights (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $25,850 thousand | $28,150 thousand | | Net Cash Used in Investing Activities | $(16,872) thousand | $(9,986) thousand | | Net Cash (Used in) Provided by Financing Activities | $(1,004) thousand | $6,419 thousand | [Note 1 - Description of Business](index=10&type=section&id=NOTE%201%20-%20DESCRIPTION%20OF%20BUSINESS) Details the company's structure as a self-managed lodging REIT with a portfolio of 97 premium franchise hotels - As of March 31, 2025, the company's portfolio consisted of **97 lodging properties with 14,555 guestrooms** in 25 states[22](index=22&type=chunk) - The company owns a **51% controlling interest** in a 41-property joint venture with GIC and 90% equity interests in two other joint ventures[22](index=22&type=chunk) - The company has elected to be taxed as a REIT and leases all its properties to taxable REIT subsidiaries (TRSs)[24](index=24&type=chunk) [Note 3 - Investments in Lodging Property, Net](index=14&type=section&id=NOTE%203%20-%20INVESTMENTS%20IN%20LODGING%20PROPERTY%2C%20NET) Outlines the company's net investments in lodging properties, totaling $2.73 billion as of March 31, 2025 Investments in Lodging Property, net (in thousands) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Lodging buildings and improvements | $2,875,145 | $2,867,256 | | Land | $415,574 | $415,574 | | Furniture, fixtures and equipment | $299,578 | $296,476 | | Less accumulated depreciation | $(941,731) | $(904,678) | | **Total Investments in lodging property, net** | **$2,727,510** | **$2,746,765** | - In February 2025, the company sold a parcel of undeveloped land in San Antonio, TX for **$1.3 million**[51](index=51&type=chunk) - In February 2024, the GIC Joint Venture sold the 127-guestroom Hyatt Place in Dallas (Plano), TX for **$10.3 million**[52](index=52&type=chunk) [Note 5 - Debt](index=16&type=section&id=NOTE%205%20-%20DEBT) Summarizes the company's total debt of $1.43 billion and recent refinancing activities Debt Summary (in thousands) | Debt Type | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Revolving debt | $155,000 | $135,000 | | Term loans | $921,037 | $921,037 | | Convertible notes | $287,500 | $287,500 | | Mortgage loans | $63,822 | $64,470 | | **Total Debt** | **$1,427,359** | **$1,408,007** | - In March 2025, the company entered into a **$275 million delayed draw term loan** to refinance its convertible notes maturing in February 2026[86](index=86&type=chunk) - After considering interest rate derivative agreements, **65% of the company's debt was fixed-rate** as of March 31, 2025[63](index=63&type=chunk) [Note 8 - Equity](index=25&type=section&id=NOTE%208%20-%20EQUITY) Details the company's equity structure, share count changes, and capital management programs Changes in Common Stock (Q1 2025) | Description | Shares | | :--- | :--- | | Beginning shares outstanding | 108,435,663 | | Common Unit redemptions | 2,923,797 | | Grants under Equity Plan | 1,253,885 | | Forfeitures & shares acquired | (401,577) | | **Ending shares outstanding** | **112,221,768** | - On April 29, 2025, the Board of Directors authorized a new share repurchase program for up to **$50.0 million** of the company's common stock[119](index=119&type=chunk) - The company has a **$200.0 million ATM program**, but no shares have been sold under it to date[114](index=114&type=chunk) [Note 16 - Subsequent Events](index=32&type=section&id=NOTE%2016%20-%20SUBSEQUENT%20EVENTS) Describes key capital allocation decisions made after the first quarter, including dividends and a share buyback - On April 24, 2025, the Board declared a quarterly cash dividend of **$0.08 per common share/unit**, along with dividends for its preferred stock[156](index=156&type=chunk) - On April 29, 2025, a new share repurchase program was authorized for up to **$50.0 million** of common stock, with no expiration date[157](index=157&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes Q1 2025 financial results, portfolio performance, liquidity, and capital resources Key Operating Metrics (Q1 2025 vs Q1 2024) | Metric | Total Portfolio Change | Same-Store Portfolio Change | | :--- | :--- | :--- | | Total Revenues | -1.9% | +0.5% | | Occupancy | +0.7% | +0.8% | | ADR | +0.2% | +0.7% | | RevPAR | +0.9% | +1.5% | Non-GAAP Financial Performance (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | AFFO per share/unit | $0.22 | $0.24 | | Adjusted EBITDAre | $45.0 million | $48.8 million | - The company secured a **$275 million delayed draw term loan** to refinance convertible notes maturing in February 2026, enhancing its liquidity position[200](index=200&type=chunk) - Anticipated capital expenditures for 2025 are projected to be between **$60.0 million and $70.0 million** on a pro rata basis[209](index=209&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Compares Q1 2025 performance to Q1 2024, noting a total revenue decrease but same-store RevPAR growth - Total portfolio room revenue decreased by **$3.7 million**, reflecting a $4.3 million decline from property sales, offset by a $0.6 million increase in same-store revenues[177](index=177&type=chunk) - **Same-store RevPAR increased by 1.5% YoY**, driven by a 0.8% increase in occupancy and a 0.7% increase in ADR[178](index=178&type=chunk) - Interest expense decreased by **$1.6 million (7.5%)** due to lower average interest rates and a lower average outstanding debt balance[181](index=181&type=chunk)[183](index=183&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) Provides reconciliations for key non-GAAP metrics, showing a year-over-year decline in FFO, AFFO, and Adjusted EBITDAre FFO and AFFO Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss applicable to common shares/units | $(5,287) | $(2,432) | | Real estate-related depreciation | $36,663 | $35,603 | | **FFO applicable to common shares/units** | **$23,196** | **$25,488** | | Adjustments for AFFO | $4,163 | $4,508 | | **AFFO applicable to common shares/units** | **$27,359** | **$29,996** | Adjusted EBITDAre Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $623 | $2,833 | | EBITDAre | $58,449 | $61,199 | | Adjustments | $(13,442) | $(12,398) | | **Adjusted EBITDAre** | **$45,007** | **$48,801** | [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) Details the company's $1.43 billion debt profile, proactive maturity management, and 2025 capital expenditure plans - Total debt outstanding as of March 31, 2025 was **$1.427 billion**, spread across Operating Partnership debt ($717.5 million) and Joint Venture debt ($709.9 million)[207](index=207&type=chunk) - The company has scheduled debt principal payments of $0.9 million in the next twelve months, plus a **$45.6 million loan maturing in June 2025** and **$287.5 million in convertible notes maturing in February 2026**[200](index=200&type=chunk) - Net cash from operating activities decreased to **$25.9 million** in Q1 2025 from $28.2 million in Q1 2024[210](index=210&type=chunk)[214](index=214&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Focuses on interest rate risk from variable-rate debt and mitigation strategies using derivative agreements - The company's main market risk is **interest rate risk** from variable-rate debt indexed to SOFR[215](index=215&type=chunk) - As of March 31, 2025, the company had six interest rate swap agreements with a total notional amount of **$625.0 million** to manage this risk[216](index=216&type=chunk) - After accounting for swaps, **65% of consolidated debt is fixed-rate**, and a 1.0% change in interest rates would affect annual cash flows by about $5.0 million[217](index=217&type=chunk)[218](index=218&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures as of March 31, 2025 - Management concluded that **disclosure controls and procedures were effective** as of the end of the quarter[220](index=220&type=chunk) - **No material changes** in internal control over financial reporting were identified during the quarter[221](index=221&type=chunk) [PART II — OTHER INFORMATION](index=51&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) States that no pending litigation is expected to have a material adverse effect on the company - There are currently **no pending legal actions** that the company believes would have a material adverse effect on its financial position or results of operations[223](index=223&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, adding a new disclosure regarding the discretionary nature of its share repurchase program - A new risk factor was added related to the April 2025 authorization of a **$50.0 million share repurchase program**[224](index=224&type=chunk) - The company states there is **no assurance it will repurchase shares**, as the program is discretionary and depends on multiple factors[224](index=224&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports no unregistered sales of equity securities during the quarter - None[225](index=225&type=chunk) [Item 3. Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Reports no defaults upon senior securities during the quarter - None[226](index=226&type=chunk) [Item 4. Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States this item is not applicable to the company - Not applicable[227](index=227&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) Discloses no adoption, modification, or termination of director or officer trading plans during the quarter - **No adoptions, modifications, or terminations** of director or officer trading plans under Rule 10b5-1 occurred during the quarter[228](index=228&type=chunk) [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including a new term loan agreement and required CEO/CFO certifications - A key exhibit filed is the **Delayed Draw Term Loan Agreement** dated March 27, 2025[229](index=229&type=chunk) - Certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act are also included as exhibits[229](index=229&type=chunk)

Core Insights - The company reported a 1.5% increase in same-store RevPAR for Q1 2025, indicating effective expense management despite low revenue growth [1][5] - A $275 million term loan was secured to refinance convertible notes maturing in February 2026, eliminating debt maturity risk until 2027 [1][13] - The Board of Directors authorized a $50 million share repurchase program to return capital to shareholders [2][12] Financial Performance - The net loss attributable to common stockholders was $4.7 million, or $0.04 per diluted share, compared to a net loss of $2.1 million, or $0.02 per diluted share in Q1 2024 [4][28] - Total revenues decreased to $184.5 million from $188.1 million year-over-year [4][35] - Adjusted EBITDAre fell to $45.0 million from $48.8 million in the same period last year [5][33] Operational Metrics - Pro forma RevPAR increased by 0.9% to $124.99, with pro forma ADR rising by 0.8% to $173.06 and occupancy increasing by 0.1% to 72.2% [5][44] - Same-store RevPAR grew by 1.5% to $126.26, with same-store ADR up by 0.7% to $174.03 and occupancy increasing by 0.8% to 72.5% [5][44] - Hotel EBITDA margin contracted to 35.6%, down from 36.0% in the prior year [4][5] Capital Structure and Liquidity - The company has outstanding debt of $1.1 billion with a weighted average interest rate of 4.63%, and 71% of this debt is at a fixed rate [16] - Total liquidity available is approximately $310 million, including unrestricted cash and cash equivalents [16] - The average length to maturity of the company's debt will increase to nearly four years following the refinancing [15] Market Outlook - Despite near-term softness in lodging demand due to macroeconomic volatility, the company remains confident in long-term fundamentals and expects a multi-year growth cycle in the lodging industry [2][18] - Capital expenditure expectations for 2025 have been reduced to $60 million to $70 million [18]