Group 1: Inflation Data - The U.S. Consumer Price Index (CPI) for August increased by 0.4% month-on-month, with a year-on-year increase of 2.9% before seasonal adjustment [2] - Core CPI, excluding volatile food and energy prices, rose by 0.3% month-on-month and 3.1% year-on-year before seasonal adjustment [2] - Overall, the August CPI data aligns with economists' expectations, but there are underlying price pressures noted in specific categories [3] Group 2: Price Pressures - Prices for fruits and vegetables increased by 1.6%, while automotive fuel prices rose by 1.8% in August [3] - Household food prices saw a 0.6% increase, marking the largest rise in three years, influenced by tariffs as the U.S. is now a net importer of food [3] - Analysts suggest that the impact of new tariffs, effective from August 7, may not have fully materialized, indicating potential for continued inflation in goods [3] Group 3: Stock Market Performance - Major tech stocks experienced mixed results, with Tesla rising over 6% due to strong demand expectations for its Model Y [3] - The Philadelphia Semiconductor Index increased by 0.63%, reaching a historical high, with notable gains in companies like Lam Research and Micron Technology [4] - Chinese concept stocks saw significant gains, with the Nasdaq Golden Dragon China Index rising by 2.89% [4] Group 4: Chinese Market Dynamics - Alibaba's stock surged by 8%, reaching a nearly four-year high, while NIO and Baidu also saw substantial increases [5] - U.S. investors' interest in the Chinese market has reached its highest level since 2021, driven by a combination of external and internal factors [5] - The Chinese government's policy shift towards stabilizing expectations and capital returns has positively impacted market sentiment [5] Group 5: Future Outlook - The Nasdaq Golden Dragon China Index may enter a phase of "stepwise upward movement with high volatility," with potential to reach 8500 to 9000 points [6] - Key factors for future performance include the pace of Federal Reserve interest rate cuts, sustainability of leading companies' earnings, and ongoing reforms in capital markets [6] - There is an expectation of more catalysts to enhance the value of Chinese assets, as overseas investment in China remains relatively low [6]

Financial Performance Highlights - Enterprise-Wide net revenues increased by 2.7% year-over-year (YoY), but were flat excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR increased by 4.6% YoY, or 1.4% excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR margin was 27.5% for the full year[21] - In 4Q 2018, Enterprise-Wide net revenues increased by 7.4% YoY, or 1.2% excluding Centaur[21] - In 4Q 2018, Enterprise-Wide Adjusted EBITDAR increased by 12.1% YoY, or 4.3% excluding Centaur, with a margin of 26.8% (+110bps)[21] - Las Vegas RevPAR increased by 2.1% YoY for the full year and 10.9% YoY for 4Q 2018[21] Efficiency Improvements - Full year marketing efficiency improved by 160bps to 20.1%[21] - Full year labor efficiency improved by 30bps to 23.6%[21] Debt and Liquidity - Total financial debt (excluding convertible debt) was $7.992 billion, with 59% fixed and 41% variable[51] - Total financial debt plus capitalized leases was $14.240 billion[51] - Total liquidity as of December 31, 2018, was $2.516 billion, including $1.491 billion in cash and cash equivalents[51] Capital Expenditures - Enterprise-Wide total capital expenditures for FY18 were $665 million, including $484 million for maintenance and $181 million for development[52]

Financial Data and Key Metrics Changes - In Q1 2025, RevPAR increased by 6.4%, driven by a 6.4% increase in occupancy, while ADR remained flat compared to the prior year [3] - Excluding the impact of Hurricane Helene in Tampa, RevPAR increased by 7.3% year over year, supported by a 7.5% increase in occupancy [3] - Total revenue for Q1 2025 was approximately $48.3 million, representing a 3.8% increase over the same quarter last year [15] - Hotel EBITDA for the quarter was approximately $12.9 million, reflecting a 4.5% increase year over year [15] - Adjusted FFO was approximately $4.5 million, a decrease of about $700,000 from the same quarter last year [15] Business Line Data and Key Metrics Changes - The Doubletree Resort in Hollywood, Florida, saw RevPAR increase by 11.9%, driven by an 11.8% increase in occupancy [7] - Hotel Ballast in Wilmington achieved RevPAR growth of 6.5%, supported by a 3.5% increase in occupancy and a 2.9% increase in rate [8] - The Whitehall in Houston reported a 19.4% increase in RevPAR, driven by a 20.5% gain in occupancy [9] - The Doubletree Philadelphia Airport experienced a 34.3% increase in RevPAR, with a 38.7% increase in occupancy [10] Market Data and Key Metrics Changes - Urban markets showed pronounced gains in occupancy, indicating a stabilization of lodging fundamentals post-pandemic [4] - Group business and special events contributed significantly to performance in urban markets, with notable events like the presidential inauguration and NFL playoffs [4] Company Strategy and Development Direction - The company is advancing plans for two upcoming PIP renovations, including a $11.5 million renovation in Philadelphia and a $14.6 million project in Jacksonville [12][13] - The company is taking a disciplined approach to managing its capital structure, with a focus on refinancing and addressing upcoming debt maturities [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall outlook for the industry, despite macroeconomic uncertainties impacting near-term visibility [21] - The company noted a solid group booking pace and a lack of widespread cancellations, although there was a pause in group lead conversions in late March [22] - The company expects full-year 2025 RevPAR to range between 103-105% of 2024 levels, indicating confidence in continued occupancy growth [25] Other Important Information - The company had total cash of approximately $32.8 million as of March 31, 2025, with $11.5 million in unrestricted cash [16][17] - The principal balance of outstanding debt was approximately $317.6 million at a weighted average interest rate of 5.88% [18] Q&A Session Summary Question: Reverse split timing - Management indicated that the reverse split is likely to occur close to the August 11 deadline, with preparations ongoing [27][28] Question: Business interruption insurance for Hotel Alba - Management clarified that while room revenue has decreased due to fewer guests, profitability is largely maintained through insurance proceeds, estimating a 95% recovery of expected performance [31][32] Question: Refinancing of loans for Hollywood and Atlanta - Management discussed the likelihood of extensions and modifications for upcoming loan maturities, reflecting broader trends in the CMBS market [36][39] Question: Cash management regarding CapEx and refinancing - Management noted that they are evaluating cash needs against refinancing activities and have significant equity in other assets that could be leveraged [41][43] Question: Accrued balance on preferred dividends - Management confirmed that the accrued balance on preferred dividends is approximately $21.9 million, with current payments being made [44][45]