58 results
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
The following table presents certain information related to Stirling OP’s hotel properties as of March 31, 2024:
Hotel Property | Location | Service Type | Total Rooms | % Owned | Owned Rooms | Fee Simple Properties | Hampton Inn | Buford, GA | Select-service | 92 | 100 | 92 | SpringHill Suites by Marriott | Buford, GA | Select-service | 97 | 100 | 97 | Marriott Residence Inn | Manchester, CT | Select-service | 96 | 100 | 96 | Marriott Residence Inn | Jacksonville, FL | Select-service | 120 | 100 | 120 | Total | 405 | 405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
The following table illustrates the key performance indicators of the four hotel properties included in Stirling OP’s results of operations:
Three Months Ended March 31, | |||||||||||||||||||
2024 | 2023 | ||||||||||||||||||
RevPAR (revenue per available room) | $ | 96.53 | $ | 106.15 | Occupancy | 68.29 | % | 73.88 | % | ||||||||||
ADR (average daily rate) | $ | 141.34 | $ | 143.68 | Rooms revenue (in thousands) | 3,557 | 3,869 | Total hotel revenue (in thousands) | 3,622 | 3,929 |
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
During our offering stage, when we may raise capital more quickly than we acquire income-producing assets, and for some period after our offering stage, Stirling OP may not be able to make distributions solely from its cash flows from operating activities. Further, because Stirling OP may receive income from its investments at various times during its fiscal year and because it may need cash flow from operations during a particular period to fund capital expenditures and other expenses, we expect that at least during the early stages of our existence and from time to time during our operational stage, we will declare distributions in anticipation of cash flows that we expect to receive during a later period and we will make these distributions in advance of our actual receipt of these funds. The following table presents information with respect to Stirling OP’s distributions declared and cash flow (used in) provided by operating activities during the three months ended March 31, 2024:
Distributions | Payable in cash | $ | 872 | |||||||
Reinvested in common units pursuant to dividend reinvestment plan (“DRIP”) | 443,683 | |||||||||
Total distributions (1) | $ | 444,555 | ||||||||
Sources of distributions | Cash flows from operating activities | $ | — | |||||||
Offering proceeds from issuance of common units, including pursuant to DRIP | 444,555 | |||||||||
Total sources of distributions | $ | 444,555 | ||||||||
Net cash (used in) provided by operating activities (2) | $ | (333,000) |
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of March 31, 2024 ($ and shares in thousands, expect per share/unit data):
Class I Shares | Third Party Operating Partnership Units (1) | Total | |||||||||||||||||||||||||||
As of March 31, 2024 | Net Asset Value | $ | 10 | $ | 36,451 | $ | 36,461 | Number of outstanding shares/units | — | 1,426 | 1,427 | NAV per share/unit | $ | 25.5556 | $ | 25.5570 | $ | 25.5570 |
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
(unaudited, in thousands)
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2024 | 2023 | Net income (loss) | $ | (1,709) | $ | (435) | Other comprehensive income (loss), net of tax: | Total other comprehensive income (loss) | — | — | Comprehensive income (loss) | $ | (1,709) | $ | (435) | |||||||||||||||||||||
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