Watch on earnings:Portfolio RevPAR and occupancy rates - key indicator of operational health and ability to cover fixed costsHotel EBITDA and property-level margins - determines cash available for debt serviceLiquidity position and debt maturity schedule - critical given negative cash generation and refinancing riskSame-store NOI growth - measures organic performance excluding acquisitions/dispositionsCapital expenditure requirements vs available cash - deferred maintenance creates competitive disadvantage
Key metrics:High yield credit spreads (BAMLH0A0HYM2) - determines refinancing feasibility and cost for distressed capital structure · 10-year Treasury yield (GS10) - drives REIT valuation multiples and refinancing costs · Business travel indices and TSA checkpoint data - leading indicators for select-service hotel demand · Hotel industry RevPAR reports from STR - competitive benchmarking for portfolio performance
⚠ Extreme leverage (8.9x D/E) with minimal equity cushion - market cap of only $0.4B against substantial debt creates bankruptcy risk if asset values decline or refinancing becomes unavailable
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
944
38↓95.9%
180↑369.4%
143↓20.3%
347↑141.7%
Total Current Assets
1,511
202↓86.6%
272↑34.2%
204↓24.7%
347↑69.7%
Total Assets
9,153
7,488↓18.2%
7,356↓1.8%
7,120↓3.2%
6,492↓8.8%
Total Current Liabilities
1,455
444↓69.5%
395↓11.0%
707↑78.9%
16↓97.7%
Total Liabilities
7,598
6,099↓19.7%
6,130↑0.5%
6,268↑2.2%
5,845↓6.7%
Total Equity
1,555
1,389↓10.7%
1,226↓11.7%
852↓30.5%
646↓24.2%
Total Debt
7,143
5,656↓20.8%
5,520↓2.4%
5,711↑3.5%
5,482↓4.0%
Net Debt
6,199
5,617↓9.4%
5,340↓4.9%
5,567↑4.3%
5,135↓7.8%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
50
243↑387.2%
486↑99.7%
139↓71.3%
118↓15.5%
Capital Expenditure
0
0
0
0
0
Free Cash Flow
50
243↑387.2%
486↑99.7%
139↓71.3%
118↓15.5%
Stock-Based Comp
0
0
0
0
0
Net Change in Cash
856
-902↓205.4%
152↑116.9%
-40↓126.5%
215↑630.9%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down