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ur next maturity, which is $500 million of 4.5% senior notes maturing in June 2023.
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2022 Q3
24 Nov 22
the goal was to set a dividend level that was well covered and a dividend that we could at a minimum maintain going forward.
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2022 Q3
24 Nov 22
So the asset sales of the 16 pack, they came in, frankly, much higher than we expected. We were under agreement, if you remember, to sell these hotels before the pandemic for $107.5 million. And without getting too much into the details, it was under that sales scenario, we were required to deliver fee simple title. And if we didn't, the price would have dropped to $93 million or $94 million.
So now that we're at $137 million, it's a significant increase even the guidance that we started out with at this time in the process was, I think, around $110 million.
So much higher than we expected. It ended up - we got a significant number of bids from highly qualified groups.
So we are under agreement now. We're expected to close these in the first quarter.
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2022 Q3
24 Nov 22
n terms of the asset sales, the 16 Marriott hotels specifically, how did pricing come in versus your expectations? And what's your confidence level in terms of getting that transaction closed by early Q1
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2022 Q3
24 Nov 22
we're not interested in issuing equity at these levels. We looked at the portfolio - the last equity issuances around $30, $31 a share. We certainly don't think the value has decreased to where it is today for the portfolio.
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2022 Q3
24 Nov 22
We're going to keep looking at the debt markets and look at our different options. The bond markets and unsecured notes today would be pretty expensive to do. We do have some asset sales still on the table and significant amount of liquidity sitting there. But I think we are going to look to refinance all if not part of those $500 million notes. And whether that's with senior unsecured bonds or some sort of secured financing or bank debt remains to be seen
Big catalyst for 2023
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2022 Q3
24 Nov 22
We have our internal analysis on what we think valuations are that we haven't made public. But I think you're on the right track.
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2022 Q3
24 Nov 22
And we've done studies where we back out what we think the value of the TAs are worth, with the value of the net lease assets are worth. And you get to a ridiculous number of like $45,000 to $50,000 a key for the value of your hotels when you're selling your noncore hotels for somewhere in the keys. And I don't think people are focused on the fact that you own large full-service hotels in Puerto Rico and Boston and San Francisco and in Chicago that one could easily argue are worth hundreds of thousands of dollars per key. I mean, can you give us just a little bit of color as to how you look at the value of what has become an increasingly important part of your portfolio?
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2022 Q3
24 Nov 22
Sonesta, we did get 34% ownership interest
interesting asset, if it becomes valuable. Sonesta is owned by the the sister company RMR
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2022 Q3
24 Nov 22
Finally, regarding our common dividend announcement, we are pleased to increase our dividend to $0.20 per share this quarter, representing a normalized FFO payout ratio of 37% based on Q3's results. The decision to reinstate the dividend was based on our outlook for the company, and we believe it will remain well covered as the lodging portfolio continues to recover. Operator, that concludes our prepared remarks. We're ready to open up the line for questions.
Important to note. Plenty of coverage and potential to raise later
Transcript
2022 Q3
24 Nov 22
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