Latest news with #CollegeFootballNationalChampionship
USA Today
28-05-2025
- Sport
- USA Today
What are Texas A&M's odds to win the 2025 College Football National Championship?
What are Texas A&M's odds to win the 2025 College Football National Championship? As the 2025 campaign looms closer, the Texas A&M football program ranks 13th in the country on the best betting odds to win this year's college football national championship. According to BetMGM, the Aggies are currently tied with Tennessee and Miami (FL) with +3000 odds to win it all this year. Ohio State and Texas sit in first with +5000 odds to claim the title in 2025, while Georgia (+650), Oregon (+750) and Penn State (+800) round out the top five. The question remains: What will Texas A&M bring to the table this year? Is the talent on the roster heading into this season enough to claim the national championship for the first time since 1939? Texas A&M head coach Mike Elko's roster features the likes of sophomore quarterback Marcel Reed, who is primed to be one of the most dangerous signal-callers in the SEC this season. Reed made an incredible first impression at the helm by racking up 1,209 passing yards, 259 rushing yards and 11 total touchdowns in five games for the Aggies. His shiftiness and breakout speed are two of his most admirable attributes. Reed showcased his skills on the biggest stage when Texas A&M faced off against the USC Trojans in the SRS Distribution Las Vegas Bowl last season. When his name was called upon to start for the Aggies, he made sure that everyone remembered his name. Texas A&M also has a deep running back room in Le'Veon Moss, Amari Daniels, Rueben Owens, and E.J. Smith, who rank as a top-five running back unit this season according to Pro Football Focus. Before Moss suffered an injury in 2024, he averaged 4.4 yards after contact per attempt, which ranked sixth among all Power Four backs. The roster this season has a plethora of talented athletes who could lead the Aggies to the apex of college football. Only time will tell if the program's aspirations will become a reality. Contact/Follow us @AggiesWire on X (formerly Twitter) and like our page on Facebook to follow ongoing coverage of Texas A&M news, notes and opinions. Follow Dylan on X: @dylanmflippo.
Yahoo
14-05-2025
- Business
- Yahoo
Q1 2025 Sotherly Hotels Inc Earnings Call
Scott Kucinski; Chief Operating Officer, Executive Vice President; Sotherly Hotels Inc Anthony Domalski; Chief Financial Officer, Vice President, Secretary; Sotherly Hotels Inc David Folsom; President, Chief Executive Officer, Director; Sotherly Hotels Inc Alexander Goldfarb; Analyst; Piper Sandler Operator Good morning, all. And thank you for joining us. The Southerly Hotels Q1 2025 conference call and webcast. My name is Kyle. I'll be coordinating the call today. (Operator Instructions) And then I turned over to our host Scott Kucinski, Chief Operating Officer of Sotherly Hotels. The floor is yours. Scott Kucinski Thank you and good morning, everyone. If you do not receive a copy of the earnings release, you may access it on our website at In the release, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with REIT requirements. Any statements made during this conference call, which are not historical, they constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be attained. Factors and risks that can cause actual results that differ materially from those expressed or implied by forward-looking statements are detailed in today's press release and from time to time in the company's filings with the SEC. The company does not undertake a duty to update or revise any forward-looking statements. With that said, I'll start off today's call with a review of our portfolio's key operating metrics for the first quarter. Looking at the first quarter results for the actual portfolio compared to 2024, RevPAR increased 6.4%, driven by a 6.4% increase in occupancy with ADR flat prior year. Stripping out Tampa from the results due to continued impact of the property from Hurricane Helene, which struck Tampa in late September 2024, the first quarter's actual portfolio RevPAR increased a healthy 7.3% compared to prior year, driven by a 7.5% increase in occupancy. Overall, we delivered a solid first quarter with results ahead of our internal expectations. The outperformance was largely driven by strong year-over-year occupancy growth, which reflects continued momentum across the portfolio. Importantly, we saw the most pronounced gains in our urban markets, many of which have been slower to rebound post pandemic. That strength is a clear indication that lodging fundamentals have stabilized and demand patterns have normalized across segments and markets. In addition to growth in the group segment, our urban markets were buoyed by special events during the quarter, including the presidential inauguration in Arlington, NFL playoffs in Philadelphia, and the College Football National Championship in Atlanta. Turning to rate, we're encouraged by the stabilization we saw during the first quarter. After experiencing multiple quarters of sequential rate declines, ADR held steady across most of the portfolio, particularly in our top-performing business travel and group markets. As previously noted, Hotel Alba in Tampa continue to experience operational disruption from Hurricane Helene during the first quarter as the hotel's elevators remain impaired from flood damage. We anticipate the elevator restoration to take several months to complete. Therefore, that impact will continue through at least the end of the second quarter. From a reporting standpoint, our headline operating metrics ADR, occupancy, and RevPAR reflect the storm-related disruption at Hotel Alba on a pre-insurance basis. However, our reported revenue and profitability metrics do include business interruption insurance proceeds, which helped offset the financial impact during the quarter. Looking at some highlights from a few key assets in the portfolio during the quarter. Starting with the DoubleTree Resort in Hollywood, Florida, the property delivered strong year to year results with RevPAR of 11.9%. This growth is primarily driven by an 11.8% increase in occupancy, supported by healthy weekend transient demand, better than expected banquet performance and solid group bookings. The hotel gained significant ground on its comp set, posting a 12.9% increase in RevPAR index, driven by a 9.5% gain in occupancy share. Hotel Ballast in Wilmington posted another strong quarter, outperforming both budgeted and prior year results. The hotel achieved RevPAR growth of 6.5% year to year, supported by a 3.5% increase in occupancy and a 2.9% increase in rates. Continued strength in group business along with robust banquet and catering revenue contributed to the outperformance. Hotel Ballast maintained a strong position against its concept with a RevPAR index of 115.3%. Turning to the Whitehall in Houston, the property continues its recovery with first quarter RevPAR increasing 19.4% year over year, driven by a 20.5% gain in occupancy. Strong citywide demand, business transient volume, and healthy group bookings all supported the hotel's performance. The Whitehall took a meaningful share from its competitive set during the quarter, gaining more than 6% in RevPAR share, fueled by strong occupancy share improvement of 12.6%. Finally, the DoubleTree Philadelphia airport saw significant momentum in the quarter, with RevPAR up 34.3%, driven by a 38.7% increase in occupancy. Although rate declined 3.1%, the overall result reflects strong demand improvement across the submarket, including increased air traffic and citywide events. Notably, group business increased nearly 158% over a prior year, a testament to the recharge sales efforts at the hotel that capitalized on a number of short-term bookings during the quarter. As a result of these efforts, the hotel significantly outperformed its comp set with an impressive 25.2% gain in occupancy share. Looking at portfolio profitability, Hotel EBITDA across our entire portfolio increased 4.5% over the prior year. However, when stripping out the one-time benefit of a $550,000 COVID-related grant received in Savannah in Q1 2024, hotel EBITDA increased a healthy 9.4% over prior year. This translates to a strong 100 basis point increase in Hotel EBITDA margins. Occupancy growth across the portfolio has enabled our operators to drive incremental ancillary revenue and benefit from operating efficiencies, especially in our urban markets that are still in the recovery phase. This has helped support marginal expansion and solid flow through performance. Looking ahead, we expect margin trends to remain relatively stable as staffing levels and amenities have normalized and wage pressures continue to ease across the portfolio. Turning to corporate activity, as previously disclosed, the company continues to advance planning and preparation for two upcoming PIP renovations in Philadelphia. We have signed a new 10-year franchise agreement with Hilton to retain the DoubleTree flag. The associated PIP carries a total budget of $11.5 million and is expected to be completed by May 1, 2026. In Jacksonville, the company has entered into a new 10-year franchise agreement with Hilton to reposition the hotel under a soft branded concept, Hotel Bellamy. The planned renovation has a total budget of $14.6 million and it's expected to be completed by January 1, 2027. Turning to our balance sheet, two of our larger assets located in Atlanta and Hollywood have debt maturities coming up this year. While we recognize the broader uncertainty in the debt markets, we remain confident in our ability to work constructively with our lending partners to address these upcoming maturities. Additionally, the potential for Fed easing could serve as a tailwind for our near-term financing efforts across the portfolio. Looking ahead, we will continue to take a disciplined and conservative approach to managing our capital structure. Our remaining near-term maturities are well staggered, which provides us with flexibility as we navigate the current financing environment. I will now turn the call over to Tony. Anthony Domalski Thank you, Scott. Revieing performance for the period ended March 31, 2025. For the first quarter, total revenue was approximately $48.3 million, representing an increase of 3.8% over the same quarter last year. Hotel EBITDA for the quarter was approximately $12.9 million, representing an increase of 4.5% over the same quarter last year. And for the quarter, adjusted FFO was approximately $4.5 million, representing a decrease of approximately $0.7 million from the same quarter last year. Please note that our adjusted FFO excludes charges related to the early extinguishment of debt, unrealized gains and losses on derivative instruments, charges related to aborted or abandoned securities offerings, ESOP and stock compensation expense, as well as other items. Hotel EBITDA excludes these charges as well as interest expense, interest income, corporate general and administrative expenses, realize gains and losses on our derivative instruments, and the current portion of our income tax provision, and other items as well. Please refer to our earnings release for additional detail. Looking at our balance sheet as of March 31, 2025, the company had total cash of approximately $32.8 million, consisting of unrestricted cash and cash equivalents of approximately $11.5 million as well as $21.3 million which was reserved for real estate taxes, insurance, capital improvements, and certain other items. At the end of the quarter, we had principal balances of approximately $317.6 million in outstanding debt at a weighted average interest rate of 5.88%. Approximately 84.4% of the company's debt carried a fixed rate of interest when taking into account the company's interest rate hedges. We anticipate routine capital expenditures for the replacement and refurbishment of furniture fixtures and equipment will amount to approximately $7.2 million per calendar year 2025. A significant portion of our product improvement plans at the DoubleTree by Hilton Philadelphia Airport and the DoubleTree by Hilton Jacksonville Riverfront will occur during the year with anticipated capital expenditures related to these two projects, totaling approximately $11.4 million this year. Turning to guidance, we are reiterating our full year guidance for 2025, accounting for current and expected performance within the portfolio, and taking into account market conditions. We're projecting a total revenue in the range of $183.4 million to $188.2 million for full year 2025. At the midpoint of this guidance, it represents a 2.1% increase over the prior year. Hotel EBITDA is projected in the range of $48.8 billion to $49.6 billion. And at the midpoint of this guidance, it represents a 5.2% increase over the prior year. Adjusted FFO is projected in the range of $11.5 million to $12.3 million or $0.57 to $0.61 a share. At the midpoint of this guidance, it represents a 16.4% decrease compared to the prior year. And I I'll turn the call over to Dave. David Folsom Thank you, Tony. Good morning. We were very pleased with our first quarter results which came in ahead of expectations even as macroeconomic uncertainty began to emerge in March. Performance was driven in large part by continued occupancy recovery in our urban markets, where demand was supported by both group business and a steady improvement in corporate transient travel. Our coastal leisure focused assets also delivered strong results, benefiting from healthy weekend leisure demand, complemented by consistent weekday group bookings. While rate growth remains a broader industry challenge, we were encouraged to see our average rate hold flat year over year. Importantly, our operators were able to maintain rate discipline while driving meaningful occupancy gains, which translated into healthy margin performance and outperformance versus the prior year. Before we move on, I want to touch briefly on the potential impact of recent developments in the macroeconomic environment. Policy changes at the federal level have introduced a level of uncertainty that is impacting near-term visibility in the lodging industry. Given the current backdrop, consumer sentiment is weakened, which likely will result in increased price sensitivity and compressed booking windows among our transient guests. Meanwhile, demand from the government segment, particularly in the Washington DC submarket, has experienced a pullback. That said, our group booking pace remains solid and importantly, we haven't seen the kind of widespread cancellations that typically accompany more severe downturns. We did, however, experience a pause in group lead conversions in March, late March, and into April, guiding a more cautious view on our operating fundamentals for the back half of the year. We will continue to closely monitor the shifting operating environment and remain confident in our manager's ability to adapt our sales and revenue management strategies as needed to effectively navigate the current landscape. Despite such uncertainty, our portfolio performed well in the first quarter, continuing to benefit from strong occupancy growth in the group segment, particularly in several of our urban markets. In Houston, the Whitehall stood out as a top performer with occupancy up 20.5% year over year, driven by a healthy mix of group business which increased a noteworthy 64% over a prior year, as well as strong citywide demand. The Georgian Terrace in Atlanta meanwhile performed well during the first quarter, with strong city-wide demand and special events supporting rate growth, driving higher than expected profitability. We also saw continued momentum at our DoubleTree Hotel at the Philadelphia airport, which posted a 38.7% occupancy increase over the prior year, supported by strong group sales and elevated demand from professional sporting events. Another highlight in this quarter was the strong performance of our DoubleTree resort in Hollywood, one of our largest contributors to portfolio profitability. The hotel delivered nearly 37% growth in hotel EBITDA year over year, fueled by a more than 41% increase in group revenue, a very encouraging sign for this hotel. Looking towards the second half of the year, while we remain optimistic about the overall outlook for the industry, we're taking a more measured view on the pace of hotel demand. That said, we believe our portfolio is well positioned with upscale and upper upscale assets expected to outperform the broader market. We are maintaining our full year guidance as first and second quarter performances are expected to offset one another on a relative basis. Booking trends remain healthy and we currently forecast full year 2025 revPAR for the actual portfolio to range between 103% and 105% of 2024 levels. We're confident that our portfolio of well-located, high-quality hotels supported by continued occupancy growth will continue to deliver strong relative performance. And with, that operator we can open the call for questions. Operator (Operator Instructions) Alexander Goldfarb, Piper Sandler. Alexander Goldfarb Hey, morning down there. And if I think I heard you correctly, you guys are renovating the Philly hotel, which is, it's great, definitely in need of some updates but certainly a great hotel. So a few things and forgive my list, just going down one reverse split timing, last quarter, you guys mentioned a drop dead date of August 11. Is it your intent to go up until that date, or you may do something sooner? David Folsom We'll probably do it close to that date. We're relatively sooner. We're working on it now. It's a little more complicated than just reverse splitting the stock or QIPs and other legal documentation that has to be done and board resolution. So we'll get all that done here in the next 60 days and we'll execute a reverse split, I think probably in July or August up to the point where it's due. Alexander Goldfarb Okay. You mentioned business interruption insurance for Alba. What's the delta between what you're actually booking in actual revenue from Alba versus what the insurance is covering? Just trying to figure out is insurance cover, is the hotel currently like half of what it should be and insurance is picking up the other half or just trying to get some metrics on that? Anthony Domalski You're talking about from a revenue perspective or a profitability perspective? Alexander Goldfarb Well, what you have business interruption insurance you mentioned that is flowing through GAAP, so it's in FFO I think you said, and just trying to understand the delta between -- Anthony Domalski So we're seeing a decrease in in room revenue as we have fewer guests, but it's -- the room profitability is made up on a net basis and so we're seeing the bottom line or the hotel EBITDA pretty much made whole. I mean that's a debate with our insurance carriers as to whether we're -- they think we're 100% whole. We think we're 95% whole, but it's pretty much made whole, but it's the top line room revenue that suffers there when you try to do your comparability metrics from quarter to quarter. Scott Kucinski Yeah, but I think your question is without the insurance proceeds, what -- how far below expectations or normal operations would the hotel be performing and again, our operating metrics don't include any insurance proceeds. Look at RevPAR for the quarter, the hotel did $180.57, that's $0.20 over prior year. So really, I mean the hotel is performing well. We're probably a little short on where we could be in the marketplace because the market is doing very well and probably missing a little bit of revenue in terms of banquet and food and beverage, but by and large, we're not getting a ton of business interruption proceeds at this point, going forward. The hotel has been essentially operating normally since Christmas when we got an elevator back up and running, but there's still some impact just in terms of some give backs for groups, a few groups that we should have in the building that don't want to stay there with one elevator versus all three, but for the most part, the hotel is operating pretty normally right now. Alexander Goldfarb So it sounds like maybe it's [100 or 200 grand] that you guys are getting an interruption versus where it actually is today? Anthony Domalski For the quarter. Yeah. Alexander Goldfarb Okay, next question. You have Hollywood and Alba loans coming due this year, versus where the rates are now and the proceeds, how do you see the refinancing shaping up? Do you see similar proceeds change in rate just trying to get some perspective? David Folsom Yeah, it's actually Atlanta and Hollywood, not Tampa and Hollywood and both of those are CMBS. Yeah, both of those are CMBS deals. We're actually working on that every day, looking at different options. The Atlanta maturity date is coming [quite] soon, Hollywood is in the third quarter to early October. Right now, I think the most likely outcome is what is being seen throughout the CMBS universe, which is extensions and modifications. That seems to be the norm right now for near-term maturities. Rates are higher, underwriting standards are tighter, the SCR coverages are higher. All that means is you get less proceeds when they underwrite an asset, and if you have the capital to make that up, you can. If not, then most borrowers are simply looking for one- to two-year extensions. There's usually a view from the special servicers to increase interest rates, maybe interest only, maybe amortizing, that's sort of a negotiating tactic. And then you have special servicing fees which amount to maybe a quarter of a point of the outstanding balance. So I think our preference right now, which seems to be the way we're headed on those loans, is to extend them out, which seems to be consistent with the rest of the market. Alexander Goldfarb So I mean, if we just look at your cash you 11.5 million of unrestricted cash, you mentioned $7 million of CapEx that you're planning to spend this year and then there's whatever you know capital or increased interest expense that's going to be needed as part of refinancing whether it's extension, modification, or whatever. So how are you thinking about the cash that you have on hand versus the needs between the refinancing activity and the CapEx? David Folsom Well, we have to see what the results are on these extensions. At the same time, we have other assets in the portfolio that have significant equity built into them, namely Savannah and Wilmington. And that financeable equity is probably in the $20 million to $30 million dollar range. And we can refinance those assets conventionally right now early and we can draw a lot of cash out of those refinancing to buttress any cash impact that we would have in the refinancing or extensions of our hotels in Atlanta and Hollywood. Alexander Goldfarb Okay, and which hotels have that $20 million to $30 million of excess? David Folsom Savannah and Wilmington. Alexander Goldfarb Okay, those are hotels, finally -- David Folsom That have-- okay, go ahead. Alexander Goldfarb No, you said that those are hotels that have had. David Folsom Yeah. They've got long-term life loans on them dating back to the 90s. And they were 10-year amortising loans they come due next year and I think the year following, right, 2027. And we've paid down a lot of principal on those loans, and there's a lot of value that's been created at those assets that underwrites well given the EBITDA profile of those hotels. So there is a lot of cash available to be extracted from a conventional financing. Alexander Goldfarb Okay, and then just finally, can you just remind us of the accrued balance on the preferred dividends? What is still unpaid? David Folsom Sure, it's about $21.9 million. Alexander Goldfarb Okay, $21.9 million. David Folsom Yeah, we're 11 quarters behind. Alexander Goldfarb Okay, but you are making current payments, right? David Folsom Yes. Alexander Goldfarb Okay. Listen, thank you very much. David Folsom Thank you, Alex. Operator Thank you very much. (Operator Instructions) We currently have no further questions, so I'd like to hand back to David Folsom for any further remarks. David Folsom Thank you very much for joining us on our quarterly call, and we'll reconvene next quarter. Thank you. Operator As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Sport
- Yahoo
Browns top defensive talent debuts at rookie minicamp
BEREA, Ohio (WKBN) – The Cleveland Browns started rookie minicamp in Berea on Friday afternoon to debut the new 2025 draft class. Watch above for an in-depth interview with first-round selection Mason Graham and second-round selection Carson Schwesinger. Cleveland's top defensive selections from the 2025 NFL Draft class were on display. One being the Brown's first-round pick at No. 5, defensive lineman Mason Graham from Michigan. 'Taking the handcuffs off. This attacking front will help me and unleash some new things in my game,' said Graham. 'I feel like I can be a great player in this game.' UCLA star linebacker Carson Schwesinger was picked 33rd overall in the second round and flashed in practice. 'Oh, I'm super excited, that's really the motto, is attack and be physical,' said Schwesinger. 'Really, the goal for me was to go out there and be 100% and get better each time I stepped on the field.' The other draft picks on display were running backs Quinshon Judkins from Ohio State and Dylan Sampson from Tennessee. Quarterbacks Dillon Gabriel, out of Oregon, and Shedeur Sanders from Colorado also started practice Friday. Rounding out the list are tight end from Bowling Green, Harold Fannin Jr., and many undrafted free agents. 'People get paid by making plays,' said Graham. 'We're all here for one job, we want to win.' Graham aided the Wolverines to a College Football National Championship in 2023. Then last season, Schwesinger recorded the most tackles in the whole nation with 136 total tackles. 'The most surreal part, I think, is just been arriving here and realizing that this is what I've worked for,' said Schwesinger. 'Now, it's taking that next step and continuing to be the same guy I was before, show up and work.' Minicamp runs through Sunday, May 11. Offseason workout programs (OTAs) begin on May 27 and continue into early June. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Fox News
02-05-2025
- Politics
- Fox News
Nick Saban says former Alabama player 'pushed the red button' in Oval Office during Trump White House visit
Former college football coach Nick Saban introduced President Donald Trump before graduating students at the University of Alabama on Thursday night, but before the president could give his commencement speech, Saban shared a funny story about the Crimson Tide's visit to the White House during Trump's first presidency. Alabama had defeated the Georgia Bulldogs in overtime after trailing 13-0 at halftime to win the College Football National Championship in 2018. As tradition would have it, the team was invited to celebrate their victory with a trip to the White House. Standing on stage in Tuscaloosa, Alabama, Saban recalled the visit, adding that Trump was a "very gracious host" and had been the first president to invite the team back to the Oval Office. "I take the three captains in the Oval Office, and the president's really nice to everybody, and he's got this very big, good-looking, auspicious box on his desk that has a red button on top," he Saban. "And one of the players said, 'Is that what you launch the missiles with?' And [Trump] said, 'Well, push it and find out.'" As Saban recalled, the player did not want to test fate — but Trump insisted. "So [former Alabama linebacker] Rashaan Evans finally got the guts up, went over, pushed the red button — some lady came in with a Coke on a tray," he said. Saban concluded his speech by expressing his appreciation to the president "for choosing the University of Alabama for his commencement address and making time to speak to our graduates." Thursday's speech kicked off the official commencement ceremonies at the school, which began on Friday. Follow Fox News Digital's sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
Yahoo
26-04-2025
- Sport
- Yahoo
Steelers select Ohio State Quarterback on Day 3
GREEN BAY, Wisconsin (WKBN) – The Pittsburgh Steelers have selected Ohio State quarterback Will Howard with the 185th overall pick in the sixth round of the 2025 NFL Draft. Howard led the Buckeyes to an amazing 2024 campaign, which ended in a College Football National Championship win. Last season, he completed 309 out of 423 passes for 4,010 yards and 35 touchdowns. The quarterback started his college career at Kansas State and played four seasons with the Wildcats. He transferred to Ohio State following the 2023 season. Over his five-year college career, he has racked up 9,796 passing yards and 83 passing touchdowns with a 63.8 completion percentage. The Pittsburgh Steelers have three remaining picks in the 2025 NFL Draft. Round 1 / Pick 21 – Derrick Harmon, DT / Oregon Round 3 / Pick 83 – Kaleb Johnson, RB / Iowa Round 4 / Pick 123 – Jack Sawyer, DE / Ohio State Round 5 / Pick 164 – Yahya Black, DT / Iowa Round 6 / Pick 185 – Will Howard, QB / Ohio State Round 7 / Pick 226 – From Kansas City Round 7 / Pick 229 – Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
