Successful Completion of Grand Hyatt Scottsdale Renovation
The transformative renovation and upbranding of Grand Hyatt Scottsdale was substantially completed, with the expanded Arizona ballroom finished on schedule. This project is expected to drive significantly higher cash flow and returns.
Strong Fourth Quarter Performance
Same property RevPAR increased by 5.1% in Q4 2024 compared to the previous year, with double-digit growth in markets like Nashville, Santa Barbara, and Phoenix.
Positive Full Year 2024 Metrics
For the full year, adjusted EBITDAre was $237.1 million, and net income was $16.1 million. Same property portfolio achieved a RevPAR increase of 1.6%.
Strong Group Demand and Bookings for 2025
Group room revenue excluding Scottsdale increased by 5% in 2024 compared to 2023, with a strong group bookings pace for 2025.
Improved Balance Sheet and Capital Allocation
Addressed all near-term debt maturities, increased liquidity to $650 million, and repurchased 1.1 million shares in 2024 at an average price of $14 per share.