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Current Full Year 2023 Outlook and Guidance
The Company has updated its full year outlook. The range below reflects the Company's limited visibility in forecasting due to macroeconomic uncertainty and is based on the current economic environment and does not take into account any unanticipated impacts to the business or operations. Furthermore, this updated guidance assumes no additional acquisitions, dispositions, equity issuances, or share and/or senior note repurchases. The Same-Property (32 Hotel) RevPAR change shown includes all hotels owned as of September 30, 2023.
| Current Full Year 2023 Guidance | Variance to Prior Guidance | ||||||||||||||||
| Low End | High End | Low End | High End | ||||||||||||||
| ($ in millions, except stats and per share data) | |||||||||||||||||
| Net Income | $10 | $18 | $5 | $(7) | |||||||||||||
| Same-Property (32 Hotel) RevPAR Change (vs. 2022) | 4.0% | 5.0% | —% | (1.0)% | |||||||||||||
| Adjusted EBITDAre | $246 | $254 | $2 | $(10) | |||||||||||||
| Adjusted FFO | $163 | $171 | $5 | $(7) | |||||||||||||
| Adjusted FFO per Diluted Share | $1.48 | $1.55 | $0.06 | $(0.05) | |||||||||||||
| Capital Expenditures | $120 | $130 | $— | $(10) | |||||||||||||
Current full year 2023 guidance is inclusive of the following assumptions:
•Renovation disruption is estimated to result in a negative impact of 250 basis points to Same-Property (32 Hotel) RevPAR Change based on the scope and timing of capital improvement projects - no change from prior guidance. In addition, the Company expects disruption to non-room revenues. These renovations are estimated to result in a negative impact of approximately $18 million to Adjusted EBITDAre and Adjusted FFO - no change from prior guidance.
•General and administrative expense of approximately $25 million, excluding non-cash share-based compensation - no change from prior guidance
•Interest expense of approximately $82 million, excluding non-cash loan related costs - a decrease of approximately $1 million from prior guidance
•Income tax expense of approximately $2 million - a decrease of approximately $1 million from prior guidance
•110.4 million weighted-average diluted shares/units - a decrease of 0.6 million shares/units from prior guidance due to share repurchases during the year
Posted In: XHR
