Mark. you, Thank
call, be additional As three-year provide third more our spending a our to time we details indicated quarter of during regarding estate real today’s our period. plan $X.X a bit assets billion on we’ll owned within to call, sell
with and of Resort million. sale this portfolio Palms total we in that for and $XXX initiated recall sales price Royal plan a the October, Hyatt Scottsdale Spa of Regency You’ll
I $X.X the for actions, XX another our of rationale outlining to plans to sell as our XX. achieve outlined want of to billion assets everyone target, billion remind slides these taking on Before $X.X and
will flows substantial asset of believe $X.X efforts. EBITDA accelerating value, and disposition the fuel As for when funds evolution we real and by by first initiative first, balance our of toward fee-based cash valued a disciplined estate sheet more assets this return owned whose announced a ongoing portfolio in commitment, shareholder meaningful preserving are not we future plans, to recycling while earnings. profile With of these to by third, investments believe we multiple capacity we will capital earnings unlock our fairly Hyatt’s growth achieve billion respect investors; target reduction monetizing growth providing shareholders; by higher indicated second, through asset to
is garner the that I’ll In remind progress can been an this identify buyers, and incremental important likely addition, of on three-year near-term assets assets within a making. for would we’re that closely recycling we plan types. and our sale program arrived the we we term of It’s from ongoing brokers analysis, command working overall near-term period. level update a there and shortlist interest everyone to from are for various that the eventual particular also to high separate the assets, program this would confident have evaluate sale our now execute pool a efforts. with quality high hotel be Through for this We’ve market pricing. assess identified provide two portfolio that Based of on to of multiple we demand at process, parties and asset a for we concluded our this targets strong longer sale. specific and
those three Two nature our San $X.X these Hyatt of disposition Andaz value involving Our is considered the packaged asset Grand on a assets Maui portfolio near-term billion based hotels. of and of Francisco will is execute plan to be what program, initially being as and on transaction hotels. part
part asset as The be third asset our will efforts. Hyatt Regency of treated Point recycling Coconut
seller that call, the were expected asset for would our the other of close shifting Hyatt those two those we four recycling & we would XXXX. sales the with properties, net in of You’ll complete sold part and we that two by November. early on recall commitment end the our Spa time, Of XXXX. during quarter asset of Regency discussed four we sales pending At third that year Monterey into Hotel the
the some reasons, the our to assets from completed San sale own surpass an beachfront in remove of Square value the the previously and assets sell of will in to three in these billion efforts that Spa from Francisco. replaced is which $X.X listed we with the high-performing our sale. the hotel for that to offer an three-year in Andaz has over and Union Palms collective proceeds XXXX, barriers and robust Coconut opportunity assets chosen Maui, iconic expect with combined remaining we’ve in property-specific Regency were We and assets, against two of Maui and value anticipated to a buyers hotels period. from unsold three with sales in unique of QX Royal Hyatt best on proceeds proceeds the Resort and to Hyatt $X of the that entry currently markets Grand Scottsdale them market commitment of when expected Regency aggregate sales in Hyatt various extremely are San high Francisco For excess the given potential values, Point, those billion
first the sale bids, agreements $XX million asset adjusted in are would the Grand Francisco expect of round sales, from line definitive adjusted expectations these Our XX. high-quality to anticipate $XX properties $XX potential sell We an buyers recently San of finalizing EBITDA close $XX sales assets. to with three which for and as impact we the to portfolio Andaz no in of with reduction second later future properties shown than slide brokers have estimated of ranging these annualized to a on Maui on annualized The the remaining result of for near would out and working Hyatt million EBITDA million million quarter. these received our in assets been of and
$X.X at on XX, valuation billion see comprising As a you’ll also times. we multiples XX the achieve would expect to hotels sale billion goal averaging remaining the slide of of EBITDA be disposition our proceeds trailing gross $X.X least
slide XX% a see that on to tax of that tax estimated You’ll XX%, recently XX% to to the estimated been result a passed these previously of from legislation. transactions has also reduced XX%, now largely impact U.S. as
Our down, combination intend remains this to and intent consistent prior a use the of to We our with of the proceeds guidance. capital to of the sell return in of support our investments regarding use proceeds business from shareholders. growth
return a business. XX As looking could earlier, traditional Mark the remain growth new in include investment committed and we in both further actively mentioned investments opportunities. for shareholders, moment. investment we some lines I platforms hotel opportunities, are these in which of Slide use the we assessing capital to shows of Meanwhile, of to also criteria which will discuss
spoke regarding fee business I’d our and about other, earnings the with of guidance, of XXXX XX% to to like going to contribute expected more Mark forward. evolution now our what earlier earnings reinforce turning profile our before corporate Before than
with of of to franchising on earnings. to capital ongoing execution XXXX. our fee-based strategy our the this business one towards of expect our I in plan is XX% element earnings as result down slide the mentioned As And management from fee sell of that more growth completing of see you derived business our as ago, as combined much a objectives and we few this accelerate XX, evolution minutes in
Now, on to guidance.
impact asset shown dispositions. slide we’re ongoing the growth As excludes which outline of about context I’ll on for as earnings how XX, XXXX, model thinking
to growth, X% of franchised our we X% impact total our to annually, from adjusted from of foreign before outsized X% excluding ranging at combination forward, points exchange. our growth the this and to growth, EBITDA of corporate growth. portion to now yield of managed business, and a more and to X annually the globally, With than percentage expect franchised unit we managed half with coupled RevPAR of X% deliver annual transactions specifically of going near-term and sustaining X business other our expect More total business EBITDA
asset percentage of stable impact EBITDA and to owned base annual X As adjusted X% X again, RevPAR our of transitions. to portfolio, a growth same of anticipating we’re annually, total to assuming the excluding the points and leased X% assuming growth,
managed total given leverage and and growth X% adjusted annual modest to an delivering owned expectation another growth. to leased our flat RevPAR of delivering contributions growth these our relatively assuming year. annually see and any two and with the businesses franchised, we’re our key of environment business growth we XX% Adding business, RevPAR both growth, the X hold of variables EBITDA in the margin EBITDA For SG&A we’re with percentage margins of that being point in total performance adjusted able
year will to guidance demonstrate this any from the conditions, can investments. low double model the mid we adjusted market of annual new of and sharing is growth, growth to again, dispositions impact While asset digit depending single point EBITDA on sustain before vary to year that
As shown average on the growth we’ve IPO slide compound consistent with is demonstrated XX, XXXX. annual since in this our
XXXX, the accounting January for want providing X, does specifically standard be guidance became recognition effective yet I to that the factor not to that XXXX. in today revenue Turning clear new guidance we’re
XXXX results which of finalizing with be new disclosed the will compliant impact first be We’re our standard. guidance quarter revised we’ll fully in and adoption which time the update at our process the accounting with to requirements
treatment we will be comprise upon as earnings unamortized results. of largest deferred in SEC EBITDA adjustment into the in adjusted to balance change the an disclosed fee impact previous deferred to gains which amortized recorded the and filings, adoption, will As gain which obtained our revenue were existing
historical to million. assumed to for a gains impact reflect the be the will $XX of as is non-cash the are accounting providing and will This not amount rates. amortization approximately and adjusted restating we materially is XXXX, guidance standard, accounting is and in XXXX we now million this During financials new those growth change item amounted $XX amortization EBITDA that our
In sales addition, additional be the XXXX. this the transactions any of not accordingly. and the of are full in or our sales by those either transactions we business, undertake guidance we asset providing update year impact during When may guidance any completed way I’ll does other include will morning investments
I’d but our like can slide our the earnings of to highlight You guidance contained late few release filed a details find of items. and yesterday, also XXXX in XX on
to full-year from be RevPAR We XXXX Similar to to X% internationally. expect in growth range RevPAR to than RevPAR we U.S. growth expect the growth XXXX, lower X%. systemwide
range or It’s a completed we impact that transactions recognition from have to significant We EBITDA million, context $XX our number this number as basis. a during in year-over-year provide XXXX to any million The impact $XXX net XXXX million from expect some earnings year-over-year XXXX. impact excluding of totaled of approximately $XXX to for adjusted progression. transactions new transactions revenue important all a on on again,
$X from million currency, our impact we to X% spread XX% a weakest is the about expected XXXX slide to and expect favorable that approximately business, driven $XX of shown reported different will EBITDA adjusted as million first quarterly strength that note in the impact grow like $XX on full-year our to being XX, EBITDA. Of I in our the of adjusted did earnings QX to would look foreign weigh XXXX, quarter than mentioned, heavily quarter. XXXX just it Excluding by very our discussed with fee I transaction our impact on by as earlier. versus million
solid end the the Lenox million Excluding approximately positive efforts of including in the way this a quarters. expenditures redevelopment significant impact, reminder, and Miraval Austin, during flat to Texas with of $XXX be to be year. Easter remaining Austin our QX of expected timing slightly of Massachusetts driver are openings of year, XXXX. by negative of impact in XXXX will is with and in each Lenox, CapEx coming of XXXX prior QX to the By expected for year-over-year expected growth Capital be to
them our growth single our before XX. annualized total a yield Tucson of While in comment line new on original on will expect Miraval, investment we range $XX incremental considering to as our to not These $XX we on expectations. with XXXX, tax is from in generate million high slide contribute location deliver earnings to as on I’ll these This combined million briefly an basis, digit a shown the earnings significant with brand. earnings guidance, in properties broadly our Miraval seek the to opportunities will in opening. leverage after earnings
federal to tax limitations. reflecting the for are certain deduction rates effective we XX% XX% tax and state lower see, guiding can rate XXXX, rates with You of an federal combined to
$XX cash our from to reform $XX of approximately to reinvesting million XXXX and million resulting recently provide in which returning is a for available business expected Our tax package savings be enacted growth more will tax cash shareholders. to capital
XXXX combine Next, of growth Hotel a slide as the you our January. to will of X.X%. system opening openings hotels in see the XXXX, be that of will approximately net our a had expectation expected XXXX an with could expectations in anomaly into long-term of rooms that expect you with highlight I’d like level that context particularly shape with development X% hotels on previously of of growth XX rooms in indicated number When our to XXXX we range be expected to the growth, unit pipeline, exceeded our high move our in XX given which in December growth. we
high strength confidence a over on pipeline development which some returning close capital highlights time, around of on guidance comments I’ll shareholders, brands of the my XXXX to and world. our degree given of the are by have the of topic included rooms slide our We strong the XX. important in momentum growth addressing maintaining of
on end existing the of demonstrating authorization, we commitment $XXX meaningful our be of had shareholders. continue As million share to capital remaining to repurchase returning and QX, to active our
intend to ways. two in we that forward, do Going
of paying and form We A to trading targeted begin share per March quarterly the record new which of quarterly our expected a dividend earnings March. of growth of after B the this class release with XXXX during intend supports dividend end liquidity XXXX prior yesterday. way by believe with on of is XX, $X.XX dividend our of announced capital close shareholders first first the with quarter The a strength model both We we the profile and for of our of return. to payment shareholder
we extremely the remarks growth, be level, in cadence are share growth across of Between the pipeline I in shareholders and of by our openings, In to be asset minimum will will results on that give clear, shareholders repurchases. sales new to that dividend, unit of saying good provide pleased by to development return another confidence To and expect conclude XXXX the way which fee $XXX in multiple XXXX. year. that minimum expect to return to a active investments. XXXX addition capital new us depending continue is returning be we we to of excess level our dimensions, year over with my this our the could two, be of prepared we and expansion RevPAR million growth, to expect
to business, and We’re that create we meaningful in value and on brands, know, we’ve quickly our to while grow morning our successfully targeted making real this expect progress continuing in the and execute more owned reduction covered for shareholders. I invest of your estate our appreciate time. a commitment, lot
it the to mentioned time an outset Brad with to on Stephanie we’ve questions And for Thank the extended I’ll you. of period intentionally Q&A. As the turn at call, of morning. discussed left we’ve your back this take of any topics that,
