Subsequent to quarter end, the company acquired the two-hotel complex featuring seven food and beverage outlets, a spa, two fitness centers, a yoga studio and 33,000 square feet of shared meeting space.

These increases were primarily due to rate and occupancy growth driven by strong group and leisure demand.

As of May 1, 2024, the company has received total insurance proceeds of $263 million out of the expected potential insurance recovery of approximately $310 million related to the Hurricane Ian claims.

These investments are intended to position the targeted hotels to compete better in their respective markets while seeking to enhance long-term performance. The company expects to invest approximately $125 million to $200 million per year over the next three to four years on this program.

There can be no assurances as to the continued recovery in lodging demand for any number of reasons, including, but not limited to, slower than anticipated return of group and business travel or deteriorating macroeconomic conditions.

This reflects varying analyst assumptions surrounding the impact of higher interest rates, inflation, ongoing labor shortages in key industries, and escalating geopolitical conflicts.

While average rates have moderated from post-pandemic highs at our resorts, they remain elevated compared to pre-pandemic levels.

This included continuing restoration efforts following Hurricane Ian.

Subsequent to quarter end, the company repaid the senior notes.

This is down slightly from 2.5% growth in 2023, and business investment growth is also anticipated to slow over the coming quarters, expected to average 2.4% for 2024.