We anticipate positive benefits from strong convention calendars in many of our key urban markets, including Boston, San Diego, Washington, D.C., and Chicago, and we expect business group and transient travel to continue to recover. While overall industry demand has been softening in the lower to middle segments, likely as a result of the Federal Reserve's initiatives to diminish inflation, the ongoing recovery in our urban markets, and in the upper upscale segment, which includes most of our hotels and resorts, remains favorable. "We remain cautiously optimistic regarding our prospects for 2024. Our resorts continued to gain occupancy due to increased business group demand, partially offsetting the moderation in average daily room rates as leisure travel normalized. A steady recovery in business transient and group travel, combined with increased weekend leisure demand, fueled this upward trend in our urban markets. "In 2023, we benefited from a significant resurgence in urban demand across our portfolio, particularly in San Francisco, Washington, D.C., and Chicago. See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures used in the table above and elsewhere in this press release. Targeting capital investments of $85 to $90 million, down significantly from prior-year levels In 2023, the Company sold 7 properties, generating approximately $331 million of gross proceeds that were used to reduce the Company's outstanding debt and repurchase common/preferred shares at substantial discounts to the Company's estimated NAV and liquidation valuesĪddressed all material 2024 debt maturities by extending $357 million of its $460 million October 2024 maturity term loan to 2028, and paying down $157.6 million of existing debt, including $110.0 million of 20 maturities pricing on all the Company's term loans remained unchangedĬompleted $152.3 million of capital investments throughout the portfolio in 2023, capping off a multi-year comprehensive $540 million-plus capital reinvestment and redevelopment program Same-Property Hotel EBITDA of $66.6 million, Adjusted EBITDA re of $63.3 million, and Adjusted FFO per diluted share of $0.21, exceeding the top end of the Company's Q4 Outlook by $0.07 2022, exceeding our outlook, with Same-Property Urban Total RevPAR rising 8.8% and Same-Property Resort Total RevPAR declining 0.4% Same-Property Total RevPAR increased 5.7% vs. $356.7 million in 2022Īdjusted FFO (1) per diluted share of $1.60 vs. Same-Property Hotel EBITDA (1) of $350.9 million, 2.6% below 2022Īdjusted EBITDA re (1) of $356.4 million, vs. Same-Property Total RevPAR (1) increased 5.9% vs. This can result in management actions to correct the underlying issues.Pebblebrook Hotel Trust Reports 2023 Results and Provides 2024 Outlook The credit memo usually includes details of exactly why the amount stated on the memo has been issued, which can be used later to aggregate information about credit memos to determine why the seller is issuing them. If this is allowed by the accounting software, it reduces the aggregate dollar amount of invoices outstanding, as well as to reduce payments to suppliers. The seller should always review its open credit memos at the end of each reporting period to see if they can be linked to open accounts receivable. Larger credit memos are usually only issued after they have been approved by a supervisor, since these credits reduce the amount of cash that the seller will collect. The seller records the credit memo as a reduction of its accounts receivable balance, while the buyer records it as a reduction in its accounts payable balance. Reasons for a Credit MemoĪ credit memo may be issued because the buyer returned goods to the seller, or there is a pricing dispute, or a marketing allowance, or other reasons under which the buyer will not pay the seller the full amount of the invoice. If the buyer has already paid the full amount of the invoice, the buyer has the option of either using the credit memo to offset a future payment to the seller, or as the basis for demanding a cash payment in exchange for the credit memo. If the buyer has not yet paid the seller, the buyer can use the credit memo as a partial offset to its invoice-based payment to the seller. A credit memo is a contraction of the term "credit memorandum," which is a document issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes to the seller under the terms of an earlier invoice.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |