Financial PerformanceSpending on growth initiatives, including on- and off-balance sheet real estate development, is elevated and is weighing on free cash flow conversion.
Growth TrendsRevPAR growth of -5.9% was weaker than forecasted, and the earnings beat was driven by higher reimbursable income; fundamentally, the quarter was below expectations.
Revenue1Q24 total revenue of $331.9 million was $15.1 million below the estimate.