New lodging supply in individual markets, including the introduction of home and apartment sharing services and timeshare operators, could hamper our ability to maintain or increase room rates or occupancy in those markets.

filing / Feb 27, 2026 / receipt

effectively, or they could offer a type of lodging product that customers find attractive but that we do not offer. If we cannot compete successfully, our business, liquidity, financial condition, and results of operations could be materially adversely affected.

filing / Feb 27, 2026 / receipt

Furthermore, we believe the expanded geographic coverage of our hotel network will enhance our brand recognition. As a result, the success of our hospitality business depends on whether we can successfully increase the number of hotels and hotel rooms in our hotel network and our ability to maintain the quality of service at our hotels and the value of our brand.

filing / Feb 27, 2026 / receipt

to the tightening of cost control measures as a result of the global economic slowdown and rising geopolitical uncertainties.

filing / Feb 27, 2026 / receipt

services is closely linked to the performance of the general economy and is sensitive to business and personal discretionary spending

filing / Feb 27, 2026 / receipt