Financial Data and Key Metrics Changes - Comparable hotels total revenue was $380 million for the quarter, down slightly from the same period in 2024 [17] - Comparable hotels adjusted hotel EBITDA was $142 million for the quarter, down approximately 5% year-over-year [17] - Second quarter comparable hotels RevPAR was $129, down 1.7% compared to Q2 2024 [17] - Comparable hotels adjusted hotel EBITDA margin was 37.4% for the quarter, down 200 basis points from the same period in 2024 [25] Business Line Data and Key Metrics Changes - Group business mix improved by 150 basis points to 17%, offsetting declines in government and negotiated segments [22] - Other revenues increased by 6% on a comparable basis during the quarter, primarily driven by parking revenue [23] - Total hotel expenses increased by 2.8% for the second quarter compared to the same period last year [23] Market Data and Key Metrics Changes - RevPAR declines improved each month, with preliminary results for July showing approximately 1% growth compared to July 2024 [20] - Weekend occupancy was positive year-over-year in June, up 1.1% [21] - Market performance varied significantly, with some markets experiencing strong RevPAR gains while others faced headwinds [20] Company Strategy and Development Direction - The company continues to focus on optimizing the mix of business at hotels to strengthen market share [5] - The strategy includes maintaining a strong balance sheet and reinvesting in hotels to enhance value [14] - The company is positioned to benefit from favorable supply-demand dynamics, with nearly 60% of hotels having no new competitive products under construction nearby [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improvements in consumer sentiment and easing economic uncertainty [30] - The company anticipates a potential reacceleration in economic growth, which could positively impact performance [7] - Adjustments to full-year guidance reflect current booking trends, which may prove conservative if macroeconomic conditions improve [30] Other Important Information - The company paid distributions totaling approximately $57 million or $0.24 per common share during the second quarter [8] - The company has completed the sale of two hotels for a total of approximately $21 million and has additional sales under contract [9] - Capital expenditures for the year are expected to be between $80 million and $90 million, with major renovations planned for approximately 20 hotels [14] Q&A Session Summary Question: Guidance on RevPAR - Management indicated that if positive booking trends continue, they might have been comfortable maintaining the prior midpoint of RevPAR guidance [33] Question: Booking Strategy - Group business has been beneficial for ADR, and management plans to continue layering on group business where it makes sense [35] Question: July Performance - July showed improvement in RevPAR growth and market share, but August and September bookings are down [39] Question: Market Performance in Sunbelt Areas - Specific markets like Dallas and Phoenix faced challenges due to various factors, including convention cancellations and business pullbacks [43] Question: Confidence in 4Q RevPAR Pickup - Management expressed confidence in 4Q RevPAR growth due to positive booking positions and calendar shifts [49] Question: Capital Allocation and Dispositions - The company plans to continue pursuing dispositions to fund share repurchases while maintaining balance sheet capacity for future acquisitions [51] Question: Nashville Acquisition - The Nashville acquisition is expected to be funded primarily through balance sheet capacity and proceeds from sales [55]

Core Viewpoint - Hyatt Hotels Corporation is set to report its second-quarter 2025 results on August 7, with expectations of a significant decline in earnings per share compared to the previous year, while revenues are projected to show modest growth [1][2]. Financial Estimates - The Zacks Consensus Estimate for second-quarter earnings per share (EPS) is 66 cents, reflecting a 56.9% decrease from $1.53 reported in the same quarter last year [2]. - Revenue estimates for the second quarter are approximately $1.74 billion, indicating a 2.2% increase from the prior-year quarter [2]. Revenue Drivers - Hyatt's second-quarter revenue is anticipated to grow year over year, driven by strong Revenue Per Available Room (RevPAR) growth and robust development activity, supported by net room growth, higher rates, and increased occupancy due to strong travel demand [3]. - The company expects RevPAR growth to be stronger in international markets compared to the United States, with all-inclusive resort bookings in the Americas projected to increase by 7% [4]. - Contributions from franchise and other fees are expected to rise by 13.2% year over year to $137 million, with total gross fees predicted to increase by 9.3% to $300.6 million [5]. Loyalty and Engagement - The expanding loyalty program, World of Hyatt, along with strong credit card spending and heightened brand engagement, is expected to enhance commercial performance, contributing to occupancy and overall performance in the second quarter [6]. Cost Pressures - Inflationary pressures, rising labor costs in certain markets, and the impact of asset sales completed in 2024 may negatively affect Hyatt's bottom line, with adjusted EBITDA predicted to decline by 2.9% year over year to $298.2 million [7]. Earnings Prediction Model - The current model does not predict an earnings beat for Hyatt, as the company has an Earnings ESP of -16.79% and a Zacks Rank of 3 [8][9].

Financial Data and Key Metrics Changes - Same store RevPAR declined 3.6%, driven by a 3.3% decline in average daily rate [5][9] - Second quarter occupancy was 78%, representing the second highest nominal occupancy in the past five years [6] - Year-to-date operating expenses increased 1.5% on relatively flat occupancy, limiting EBITDA margin contraction to 160 basis points year over year [11][27] - Second quarter adjusted EBITDA was $50.9 million, and adjusted FFO was $32.7 million or $0.27 per share [27][33] Business Line Data and Key Metrics Changes - RevPAR index grew by nearly 150 basis points to 115%, with the NCI portfolio achieving a 114% index, reflecting successful revenue strategies [10] - Food and beverage revenues increased 93% due to re-concepting efforts and new fee implementations [24] - Contract labor costs declined by 13% on both a nominal and per occupied room basis compared to the previous year [26] Market Data and Key Metrics Changes - San Francisco and Chicago saw RevPAR increases of 18% and 10% respectively, driven by resilient group and business transient demand [19] - Orlando's RevPAR increased by 9%, supported by leisure demand following the opening of a new theme park [20] - Government-related demand declined over 20% year over year, impacting overall performance [8] Company Strategy and Development Direction - The company plans to continue share repurchase activities funded by asset sales, with two hotels under contract for sale [12][74] - Emphasis on managing expenses aggressively to mitigate the effects of lost revenue on per share metrics [15][65] - The company is optimistic about future demand stabilization and pricing environment due to limited new hotel supply growth [17][51] Management's Comments on Operating Environment and Future Outlook - Management expects operating trends to improve in the fourth quarter, driven by demand stabilization and a stronger convention calendar [15][63] - Current forecasts for the third quarter reflect a RevPAR decline of approximately 3%, with expectations for improvements in August and September [14][33] - Management remains confident in the long-term outlook for the industry despite near-term macroeconomic uncertainties [33] Other Important Information - The company has reduced its full-year capital expenditure guidance to $60 million to $65 million on a pro-rata basis [33] - The Board of Directors declared a quarterly common dividend of $0.08 per share, representing a dividend yield of over 6% [32] Q&A Session Summary Question: Inquiry about buybacks in the quarter - Management indicated that the timing of buybacks was influenced by cash flow management and market conditions, with a focus on opportunistic usage going forward [38][39] Question: Transition of management and its impact - Management confirmed that the economics remain similar post-transition, primarily aimed at focusing operations [40] Question: Changes in demand segmentation - Management noted pressure in higher-rated segments, with a shift towards advanced purchase business to build demand [45][46] Question: Stability of government demand - Management observed stabilization in government demand after a rapid contraction, expecting it to remain stable at lower levels [79] Question: Lower CapEx guidance - Management explained that the reduction is related to timing and the decision to sell assets needing significant renovations rather than renovating them [80] Question: Future pricing power and demand trends - Management emphasized that overall better demand trends across all segments are necessary for improved pricing power [82][83]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDAre of $496 million, a 3.1% increase year-over-year, and adjusted FFO per share of $0.58, up 1.8% from the previous year [5][19] - Comparable hotel total RevPAR improved by 4.2% compared to 2024, with a 3% increase in comparable hotel RevPAR driven by stronger transient demand and higher ADR [5][19] - Comparable hotel EBITDA margin declined by 120 basis points year-over-year to 31%, impacted by prior year business interruption proceeds [6][26] Business Line Data and Key Metrics Changes - Transient revenue grew by 7%, with Maui accounting for approximately 40% of the transient revenue growth in the quarter [7][21] - Group room revenue decreased by 5% year-over-year, primarily due to the Easter calendar shift and renovation disruptions [8][24] - Ancillary spending by guests remained strong, with total RevPAR growth of 4% in the second quarter, and food and beverage revenue up 4% [9][19] Market Data and Key Metrics Changes - Strong performance was noted in markets such as Maui, Miami, Orlando, Atlanta, New York, the Florida Gulf Coast, and San Francisco [7][8] - The company experienced a 19% RevPAR growth in Maui, contributing significantly to overall portfolio performance [8][45] - Business transient revenue remained relatively flat, with a slight decline in corporate negotiated room night volumes [23][24] Company Strategy and Development Direction - The company is focused on capital allocation, having disposed of approximately $5.1 billion in hotels at a blended 17.2 times EBITDA multiple, while acquiring $4.9 billion at a 13.6 times EBITDA multiple [12][73] - The Hyatt transformational capital program is approximately 50% complete, tracking on time and under budget, with ongoing renovations expected to enhance portfolio value [13][16] - The company plans to continue investing in its assets to drive returns, with a focus on luxury properties due to their long-term RevPAR CAGR potential [89][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of Maui, with expectations for continued growth in group bookings as the market stabilizes [45][47] - The company anticipates a gradual improvement in the macroeconomic environment, which could positively impact demand in the second half of the year [27][28] - Despite macroeconomic uncertainties, the company is well-positioned with a strong balance sheet and diversified portfolio [18][32] Other Important Information - The company collected $9 million in business interruption proceeds for Hurricanes Helene and Milton, totaling $19 million for the first half of the year [11][29] - Capital expenditure guidance for 2025 is set between $590 million and $660 million, including significant investments for redevelopment and repositioning projects [15][29] - The company has $2.3 billion in total available liquidity, with a leverage ratio of 2.8 times [31] Q&A Session Summary Question: Group dynamics for the second half and longer term - Management noted that while short-term group pickup has softened, there is strong group booking momentum for 2026 and beyond, with a total of 3.8 million group room nights on the books [38][40] Question: Update on Hawaii's performance - Management confirmed that Maui's recovery is underway, with a 19% RevPAR growth and increased out-of-room spending, supported by a marketing campaign [45][46] Question: Insights on Turtle Bay's performance - Turtle Bay is exceeding pro forma expectations, with no negative surprises in hotel operations, although there are changes in plans for the golf course [53][54] Question: Wages and benefits increase components - The increase in wages and benefits is driven by market conditions and finalized CBA negotiations, with expectations for lower growth next year [60][61] Question: RevPAR growth cadence in the second half - Management expects better performance in Q4 due to favorable calendar shifts and ongoing renovations impacting group pace in Q3 [64][66] Question: Transaction environment and acquisition opportunities - The debt capital markets are active, with a notable pickup in transaction activity, although the company is currently focused on investing in its existing assets rather than acquisitions [70][73]

Core Insights - Choice Hotels International reported a record financial performance for Q1 2025, demonstrating effective execution of its growth strategy and outperforming peers in the market [3][4][7] Financial Performance - Total revenues for Q1 2025 were $333 million, slightly up from $332 million in Q1 2024 [4] - Net income increased by 44% to $45 million, with diluted earnings per share (EPS) rising to $0.94, a 52% increase year-over-year [7] - Adjusted EBITDA reached a record $130 million, up 4% from $124 million in Q1 2024 [7] - Revenue excluding reimbursable costs was $209 million, compared to $203 million in the previous year [4] System Size and Development - The global net rooms system size grew by 2.8% to 647,587 rooms, with a 3.9% increase in the revenue-intense portfolio [5][7] - Domestic rooms increased by 2.3% to 505,601, while international rooms grew by 4.4% to 141,986 [5] - The domestic extended stay segment saw a significant 10.8% increase in net rooms compared to the previous year [7] Revenue Metrics - Domestic revenue per available room (RevPAR) increased by 2.3%, outperforming the chain scales by 60 basis points [7] - The extended stay portfolio's RevPAR rose by 6.8%, exceeding industry performance by 410 basis points [7] - Average daily rate (ADR) grew by 1.7%, with occupancy levels increasing by 30 basis points [8] Partnership Services and Fees - Partnership services and fees increased by 28% to $25.4 million compared to Q1 2024 [8] Balance Sheet and Liquidity - As of March 31, 2025, the company had total available liquidity of $593.8 million, with a net debt leverage ratio of 3.0 times [11] - Cash flows from operating activities were $20.5 million, an increase of $18.7 million from the previous year [11] Shareholder Returns - The company paid cash dividends totaling $13.5 million and repurchased 456,000 shares for $64.6 million during Q1 2025 [12] Outlook - The company adjusted its outlook for 2025, expecting domestic RevPAR growth of -1% to 1%, down from the previous estimate of 1% to 2% [14]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net income of $15.6 million, adjusted EBITDAre of $72.9 million, and adjusted FFO per share of $0.51, reflecting nearly 12% growth in adjusted EBITDAre and nearly 16% growth in adjusted FFO per share compared to Q1 2024 [6][14][32] - RevPAR grew by 6.3% year-over-year, with same property RevPAR for the 31 hotel portfolio at $188.73, occupancy increasing by 80 basis points, and ADR increasing by 3.6% [6][19][24] Business Line Data and Key Metrics Changes - The Grand Hyatt Scottsdale's RevPAR grew approximately 60% in Q1 2025 compared to the same quarter last year, driven by a transformative renovation and strong group production [10][23] - Group room nights were up 6.6% with ADR up 4.1%, and business from the largest corporate accounts grew approximately 15% compared to Q1 2024 [21][36] Market Data and Key Metrics Changes - Hotels in Washington DC and New Orleans benefited from significant events, contributing to RevPAR growth, while the Houston market was softer due to winter storms [8][20] - The company’s same property portfolio grew RevPAR by approximately 3.4% in April 2025 compared to the previous year, despite the negative impact of Easter timing [14][32] Company Strategy and Development Direction - The company completed two significant transactions, acquiring land in Santa Clara for $25 million and selling Fairmont Dallas for $111 million, reflecting prudent capital allocation [11][12] - The company plans to reduce capital expenditures to between $75 million and $85 million for the year, a reduction of $25 million compared to previous guidance, in response to macroeconomic uncertainties [16][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's resilience despite macroeconomic uncertainties, noting that all hotels are in luxury and upper upscale segments, which may be more resilient [17][39] - The company expects RevPAR growth to be driven more by occupancy than rate this year, with strong non-rooms revenue growth anticipated [33][39] Other Important Information - The company increased its quarterly dividend by 17% and repurchased 2.7% of its outstanding shares during Q1 2025 [18][31] - The balance sheet remains strong, with a leverage ratio of 5.4 times trailing twelve months net debt to EBITDA, and no significant debt maturities until late 2028 [30][31] Q&A Session Summary Question: Have group booking trends evolved in response to the current uncertainty? - Management noted that group booking activity remains healthy with no uptick in cancellations or attrition, indicating a positive outlook for group production [42][43] Question: Have you seen any meaningful impact from lower international inbound travel? - Management indicated limited impact from lower international visitation, as the portfolio is not heavily dependent on international travel [44][45] Question: Can you provide background on the Santa Clara acquisition process? - The acquisition was a unique opportunity from the city of Santa Clara, aimed at eliminating future rent escalation risks and increasing asset value [49][50][52] Question: What is the plan for deferred CapEx projects? - Management stated that they will continually evaluate deferred projects and may consider executing them in 2026, depending on macroeconomic conditions and tariff impacts [54][73] Question: What trends are seen in leisure business? - Management observed varied performance in leisure business across properties, with a slight decline expected in RevPAR at leisure assets overall [61][65]

Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% year-over-year, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [10] - Adjusted FFO was $0.19 per share, an increase of 5.6% over 2024, and free cash flow per share increased by 10% to $0.63 [11] Business Line Data and Key Metrics Changes - Urban hotels saw RevPAR growth of 5%, driven by group and business transient segments, while food and beverage revenue declined by 3.3% year-over-year [4][5] - Resort portfolio experienced a decline in comparable RevPAR by 2.1%, with total revenues slightly up in January and February but down by 4.3% in March [6][8] - Group room revenues increased by 10.4% year-over-year, with urban hotels seeing a 14.4% increase [9] Market Data and Key Metrics Changes - Florida assets experienced mid-single-digit revenue declines, with RevPAR down 5.9% [8] - Outside of Florida, RevPAR increased by 1.7%, with notable increases in luxury resorts like The Heights and Vail, which saw RevPAR growth of 7% and total RevPAR growth of 9.5% [8] Company Strategy and Development Direction - The company is focused on adding groups to resorts to enhance pricing and profitability, while also managing costs effectively in the face of revenue softness [9] - The company plans to continue share repurchases and is exploring refinancing options for maturing debts [12][13] - The outlook for 2025 has been revised, with FFO per share guidance unchanged at $0.94 to $1.06, and RevPAR outlook adjusted to a range of -1% to +1% growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains unsettled, impacting group lead conversion rates, but expressed cautious optimism for the second half of 2025 [22][24] - The company anticipates that demand for drive-to resorts may increase due to economic conditions, while foreign visitation is expected to be softer than initially anticipated [20][21] - Management highlighted the importance of maintaining liquidity and flexibility in the current environment while focusing on increasing earnings per share [80] Other Important Information - The company repurchased 1.4 million shares at an average price of $7.85, with a total of approximately $16 million in repurchases year-to-date [12] - The company has three mortgage loans maturing in 2025, totaling just under $300 million, and is considering a recast of its corporate credit facility [12][13] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Management indicated that preliminary April RevPAR is showing better than 2% growth [31] Question: Impact of tariffs on renovation costs - Management stated that renovation costs are complex and depend on the timing of orders and tariffs [32][34] Question: Profile of average group bookings - Management noted that group bookings range from associations to corporate events, with average hotel sizes around 200 to 250 rooms [39] Question: Markets with strong group pacing - Management highlighted Denver and Salt Lake as markets showing significant strength in group bookings [42] Question: Average booking window for groups - Management mentioned that the booking window for smaller groups is typically 4 to 6 months, while larger groups book 8 to 12 months out [57] Question: Consumer behavior shifts in booking and spending - Management observed that booking windows are getting shorter, but on-property spending remains in line with or ahead of last year [70] Question: Expectations for wages and benefits growth - Management expects wages and benefits growth to be around 3% to 3.5% for the full year [76] Question: Incremental share repurchases versus cash position - Management emphasized the importance of driving value through share repurchases while maintaining liquidity [80]

Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 11% year over year, with adjusted EBITDAre rising by 15% and AFFO per fully diluted share increasing by 28% [17] - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% year over year [17] - ADR reached a first quarter record of $264, up nearly 6% compared to last year [18] Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre growth were attributed to strong performance in both group and transient segments, with outside room spending from group customers slightly better than anticipated [19] - The Entertainment segment generated a revenue growth of 34% year over year, with adjusted EBITDAre increasing by 35% [18] Market Data and Key Metrics Changes - Gross group room nights booked for future years increased by 10% year over year, with significant strength in bookings for 2026 and 2027, which were up 1335% and 913% respectively [22][40] - The company noted a decline in consumer confidence but highlighted that the consumer segments served continued to demonstrate strength in the first quarter [19] Company Strategy and Development Direction - The company is focused on long-term value creation while managing short-term dynamics, emphasizing the importance of its diversified customer base to mitigate fluctuations during uncertain times [13][25] - The company is actively managing its capital deployment program and has identified new growth projects, including a ten-year contract to manage the Ascend Amphitheater in Nashville [24] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook due to economic uncertainties, particularly related to government business, but maintained a positive long-term view [10][12] - The company has slightly modified its full-year guidance for hospitality RevPAR and total RevPAR, reflecting expectations of weaker group business volumes compared to previous assumptions [26] Other Important Information - The company ended the first quarter with $414 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [30] - Capital expenditures expectations for 2025 were lowered from $400-$500 million to $350-$450 million based on updated construction timelines [31] Q&A Session Summary Question: How short-term is the hesitancy being seen in bookings? - Management noted that while there is hesitancy, lead volumes improved from a 50% decline in March to only an 8% decline in April, indicating a positive trend [36] Question: What allows the company to maintain EBITDA guidance despite lower RevPAR? - The company implemented profit improvement plans early in the year, which are expected to safeguard margins and bottom line [45] Question: Can you elaborate on the strategy behind the acquisition of Southern Entertainment? - The acquisition is aimed at increasing the opportunity set for live venues and enhancing the overall fan experience across venues [53] Question: What is the government exposure across the portfolio? - The company indicated that government business is not significant and has stress-tested its model to ensure it can weather potential cancellations [94] Question: How does the company plan to handle cancellations and rebooking? - Management plans to be more aggressive in collecting cancellation fees while also working with customers to find mutually beneficial solutions [100]

Financial Data and Key Metrics Changes - In the first quarter, comparable hotels total revenue was $324 million, down 0.4% year-over-year, while adjusted hotel EBITDA was $105 million, down approximately 5% [8][16] - Comparable hotels RevPAR was $111, down 0.5%, with ADR at $157, up 1%, and occupancy at 71%, down 1.5% compared to the same period last year [8][9] Business Line Data and Key Metrics Changes - The company completed the sale of two hotels for approximately $21 million and entered into an agreement for the sale of the Houston Marriott for $16 million [2] - The company has repurchased approximately $32 million of common shares and paid distributions of nearly $89 million while maintaining a strong balance sheet [2][3] Market Data and Key Metrics Changes - The company noted that demand remained healthy across its portfolio despite challenges, with specific markets like Houston and Los Angeles showing RevPAR growth of nearly 8% and over 20%, respectively [11][12] - Government demand represented about 5% of the occupancy mix, with a decline in government room nights in March but an improvement in April [36][39] Company Strategy and Development Direction - The company is focused on capital allocation to refine its portfolio, drive earnings per share, and maximize long-term shareholder value [2][5] - The company plans to reinvest between $80 million and $90 million in its hotels during 2025, with major renovations at approximately 20 hotels [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market shifts and highlighted the importance of a diversified portfolio to mitigate risks [7][20] - The company anticipates net income for the full year to be between $167 million and $195 million, with a decrease in RevPAR guidance reflecting macroeconomic uncertainties [19][20] Other Important Information - The company has approximately $1.5 billion in total outstanding debt, with a weighted average interest rate of 4.8% and cash on hand of approximately $15 million [18] - The company has completed approximately $338 million in hotel sales since the onset of the pandemic, allowing it to forego over $100 million in capital investments [4] Q&A Session Summary Question: Can you provide more color on the RevPAR guide? - Management indicated that the booking position has declined, leading to a 200 basis point drop in RevPAR expectations for the second half of the year, with Q2 expected to be the worst quarter [24][25] Question: How is the transaction market looking moving forward? - Management noted that the transaction market remains unchanged, with opportunities primarily in smaller asset sales, and they are optimistic about redeploying proceeds into share repurchases [27][28] Question: What are the trends in group bookings? - Management reported strong group bookings, particularly in smaller corporate and leisure groups, with no significant hesitancy observed [61][62] Question: How does the company view its CapEx philosophy? - Management stated that they plan to spend between $80 million and $90 million on CapEx this year, focusing on renovations and maintaining a competitive edge [40][42] Question: How is the company positioned for potential economic downturns? - Management expressed confidence that the lack of new supply in their markets positions them well to weather economic downturns, limiting downside risk and enhancing upside potential [75][76]

Apple Hospitality REIT (APLE) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Speaker0 profile of our portfolio by both reducing potential downside and enhancing the upside impact of variability in lodging demand relative to past cycles. Supported by our strong operating performance, we continue to pay an attractive dividend. During the first quarter, we paid distributions totaling approximately $70,000,000 or $0.29 per share, which includes a special cash distribution of $05 per common share that was paid i ...