We remain active in managing our balance sheet to create additional flexibility and further lower our cost of capital, including extending $425 million of debt to 2024. As previously announced, During the second quarter, we recast our $600 million corporate revolver and entered into a new $225 million term loan to refinance two 2024 maturing term loans. Our new corporate revolver has a term of four years to 2027 and includes extension options for an additional year. The new $225 million term loan has an initial term of three years and includes two years of extension options to 2028. The other key terms of the transaction included retaining pre-COVID pricing grids and covenant modifications to increase flexibility. The execution of these transactions is a testament to our strong lender relationships and favorable credit profile. So far in 2023, we have taken advantage of continuing interest rate volatility to proactively manage our interest rate risk by entering into $450 million of new interest rate slots. Today, our balance sheet is well positioned with an undrawn corporate revolver. Our current weighted average maturity is approximately 3.5 years. 81 of our 96 hotels are unencumbered by debt. Our weighted average interest rate is an attractive 3.98%, and 93% of debt is either fixed or hedged.

Aug 4, 2023 / CFO / receipt, needs a key / Sean Mahoney, CFO | earnings call 2023-08-04 | transcript c9831751-b418-40b9-91cc-df22ed5a7920 | chars 14539-15854 | segment 14

I would also say on the transient side, when I think about leisure, it's really a tale of two cities. We recognize that leisure demand overall, the travel patterns are normalizing, and that's obviously affected resorts. you know, being down. But when we look at urban leisure, urban leisure remains strong. Our weekend REFAR in urban was up 4%, as we talked about in our remarks, and it's about 115% of 2019 levels, and that's about a 500 basis point improvement quarter over quarter.

Aug 4, 2023 / CFO / receipt, needs a key / Sean Mahoney, CFO | earnings call 2023-08-04 | transcript c9831751-b418-40b9-91cc-df22ed5a7920 | chars 20349-20833 | segment 20

Underscoring the benefits of our portfolio construct and the success of our initiative to redefine the operating cost model, total first quarter hotel operating costs were only 1% above 2019 levels, which is meaningfully below the aggregate core CPI growth rate since 2019 of approximately 16.5%. There are many factors that influence these positive results. with the most significant contributors being the successful restructuring of many of our third party operating agreements and reductions in property taxes, both of which are expected to continue benefiting our operating costs.

May 5, 2023 / CFO / receipt, needs a key / Sean Mahoney, CFO | earnings call 2023-05-05 | transcript 524d655c-0351-4536-afb1-0f5015ec0836 | chars 14450-15035 | segment 14