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Our Company We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room ( RevPAR ) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC.
10.28% operating margin is respectable but not wide. ROIC at 5.15%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 3.3% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$37M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$697M
▼ -3.3% YoY
Net Income (TTM)
-$16M
▼ -1218.3% YoY
Op. Margin
10.79%
▲ +4.7pp YoY
ROIC
5.44%
▲ +2.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$27M
▼ -881.9% YoY
Op. Cash Flow (TTM)
$48M
▼ -39.0% YoY
Net Debt
$1.03B
Cash & Equiv.
$93M
5Y CAGR: +25.4%
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