AVALON HOLDINGS CORP
For the period ended Dec 31, 2024. Filed Mar 20, 2025.
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FY2024 · Filed Mar 20, 2025
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EX-13.1 · Capital Expenditures
Capital Expenditures
In 2024, Avalon incurred capital expenditures in the amount of $2.5 million of which $2.3 million was paid to vendors during the year. In 2023, Avalon incurred and paid vendors capital expenditures in the amount of $3.9 million. For both the years ended December 31, 2024 and 2023, expenditures primarily related to the continued renovation of The Grand Resort.
In 2024 and 2023, The Grand Resort was in operation but certain existing hotel rooms were in the process of being renovated. Additionally, in 2023 the renovation of the Avalon Field Club at New Castle was substantially complete. Avalon’s aggregate capital expenditures in 2025 are expected to be in the range of $2.5 million to $3.5 million. Capital expenditures principally relate to hotel room expansion and continued room renovations at The Grand Resort, building improvements and equipment purchases. Such capital expenditures are expected to be funded with cash from our project fund account and cash generated from operations.
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