- Food and beverage revenues increased 9% and other revenues increased 3% in the second quarter.
- Occupancy declined less than 0.5% to 78%, representing the second highest nominal occupancy in the past five years.
- Operating expenses increased only 1.5% year-over-year or 2% on a per occupied room basis, limiting EBITDA margin contraction to 160 basis points year-over-year.
- Same-store RevPAR declined 3.6% year-over-year, driven by a 3.3% decline in average daily rate and a 125 basis point headwind from special events in the prior year.
- Second quarter adjusted EBITDA was $50.9 million and adjusted FFO was $32.7 million or $0.27 per share, benefiting from lower interest expense and accretive share repurchases.
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Dafinchi