ARA US Hospitality Trust hit by 4.4% YoY NPI drop on revenue shortfall

Its revenue slipped 2.4% YoY in H1 2024.

The net property income (NPI) for ARA US Hospitality Trust decreased by 4.4% YoY to US$21.0m ($27.9m) in H1 2024, attributed to a shortfall in gross revenue.

Gross revenue for the period slipped 2.4% YoY to US$83.9m ($111.5m).

The REIT attributed its revenue decline to interruptions from asset enhancement initiatives (AEI) projects at four hotels: Hyatt Place Mystic, Hyatt Place Rancho Cordova, Hyatt Place Omaha and Hyatt Place Secaucus.

"The lower gross revenue was also due to the dispositions of Hyatt Place Oklahoma City Airport and Hyatt Place Pittsburgh Airport in September 2023 and March 2024, respectively," the REIT said.

Excluding the contributions from these six hotels, same-store gross revenue and NPI increased by 2.8% YoY and 2.2% YoY, respectively.

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