Revenue Expansion Strategy

Management’s strategy is increasingly focused on expanding non‑room revenues, which has bolstered EBITDA margins and free cash flow. The new share‑buyback program, announced in the Q1 release, signals confidence in the company’s cash‑generating capacity, though details on size and timing were not disclosed. The firm remains watchful of potential upside from event‑driven demand and renovation‑related revenue, which could make current earnings assumptions conservative.