The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Bellisario - Robert W. Baird & Co. - Analyst
: Thank you. Good morning. Hey. Just wanted to follow up on Torrey Pines there. Can you maybe help us understand what is the sale versus refinancing
analysis you're doing? And then also just the size of the loan today after you paid it down, it's now a 20%-plus debt yield. Is there a renovation
needed or something else about the hotel that's impacting value or where you might be able to finance it?
Question: Michael Bellisario - Robert W. Baird & Co. - Analyst
: Understood. And then is there a pecking order for if you sold or refi the property and excess proceeds, what can you do with those?
Question: Bryan Maher - B. Riley Securities, Inc. - Analyst
: Thank you and good morning. From the top of me, if you start with parent, you know, the extensions and the loans that were addressed for this
year. We're pretty short term in nature. I mean, was that strategic? I mean, is the bet that interest rates are going to come down and you'll refinance
them again at lower rates?
And if, in fact, that holds true, would you be inclined to go more fixed rate debt in the future than you currently have now?
Question: Bryan Maher - B. Riley Securities, Inc. - Analyst
: Again, maybe for Richard or Chris, when we think out to the summer and luxury leisure booking, you know, most of us were all aware that last year
it looked like people started to go abroad again? Or do you have any thoughts insights into the booking window? Or is it being to think about how
of the summer is going to ship some of your properties?
Question: Bryan Maher - B. Riley Securities, Inc. - Analyst
: Okay. And just last for me. I mean, when you look at the results across the portfolio. I mean, it kind of jumps out at you. The occupancy levels are
often in the 50, 60 percentile range. And I know the long-term nature of that, you want to keep rate high drops to the bottom-line, occupancy has
to be serviced.
But I mean, what are your thoughts there about taking that occupancy five or seven percentage points by lowering rate and maybe capturing
some ancillary revenue at the various resorts? I mean, what is the thought process from the firm there?
Question: Bryan Maher - B. Riley Securities, Inc. - Analyst
: Okay, thank you. That's all for me.
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