BAC Hotel in Washington, D.C., also acquired in 2024, produced full-year 2025 webpar of $205 and a 43% house profit margin, solid results given the meaningful pullback in government travel and weaker convention calendar last year.

May 5, 2026 / receipt, needs a key / Justin Knight, CEO | earnings call 2026-05-05 | transcript baae78e9-fa6e-487e-a7fd-e36933329bed | chars 5622-5852 | segment 5

As always, as you travel, we hope you'll take an opportunity to stay with us in one of our hotels, and we look forward to meeting with many of you as we begin interacting at some of the upcoming conferences.

May 5, 2026 / receipt, needs a key / Justin Knight, CEO | earnings call 2026-05-05 | transcript baae78e9-fa6e-487e-a7fd-e36933329bed | chars 42800-43007 | segment 43

During the year, leisure travel remained strong across our hotel portfolio while policy uncertainty and a pullback in government travel impacted midweek demand, temporarily disrupting the steady improvement in midweek occupancy that characterized much of 2024.

Feb 24, 2026 / receipt, needs a key / Justin Knight, CEO | earnings call 2026-02-24 | transcript 1b8cc982-ac5e-4adc-89b8-adf0da2b902a | chars 2903-3163 | segment 2

So for, you know, wages and payroll overall, you know, in my premier remarks I shared some improvement for the quarter, and that is largely driven by, you know, managing labor in a way where we are adjusting to the top line from an occupancy decline perspective. And so while we have seen less wage pressure year over year in hourly associates, really it is an improvement from an FD perspective relative to top line performance. And as we think about that relative to both Q4 and going forward, I think we just want to emphasize the efficiency of our hotels in general. A select service asset can be managed with very few FTEs, and as the top line, adjust both up and down we have some flexibility with fte counts and so we were able to materialize some of that benefit in the third quarter and anticipate that whether we're seeing increases or decreases in occupancy that we'll be able to manage overall labor expenses well going forward Great, thank you.

Nov 4, 2025 / receipt, needs a key / Justin, CEO | earnings call 2025-11-04 | transcript 1801ed44-b449-4b8f-9732-c3b9a186eda7 | chars 28170-29127 | segment 28

With many of these factors outside of our control, we have focused with our management teams on ensuring that we are growing market share and managing expenses to maximize the profitability of our hotels.

Nov 4, 2025 / receipt, needs a key / Justin Knight, CEO | earnings call 2025-11-04 | transcript 1801ed44-b449-4b8f-9732-c3b9a186eda7 | chars 2115-2319 | segment 2

Total payroll per occupied room for our same-store hotels was $40 for the quarter, up less than 2% to the third quarter of 2024, an improvement compared to first quarter growth of 4% and second quarter growth of 3%. We continue to achieve reductions in contract labor, which decreased during the quarter to 7% of total wages, down 140 basis points, or 16% versus the same period in 2024.

Nov 4, 2025 / receipt, needs a key / Liz Perkins, CFO | earnings call 2025-11-04 | transcript 1801ed44-b449-4b8f-9732-c3b9a186eda7 | chars 21685-22072 | segment 21

While the fundamentals of our business remain strong, with supply growth continuing to be well below historical norms and overall demand proving resilient, policy uncertainty, expense pressure, and a continued pullback in government travel all weighed on operating performance during the quarter for our portfolio and for the industry broadly.

Nov 4, 2025 / receipt, needs a key / Justin Knight, CEO | earnings call 2025-11-04 | transcript 1801ed44-b449-4b8f-9732-c3b9a186eda7 | chars 1771-2114 | segment 1

We have assumed for purposes of guidance that total hotel expenses will increase by approximately .3% at the midpoint, which is .1% on a CPO our basis. We continue to assume these increases are driven primarily by higher growth rates for certain fixed expenses, including real estate taxes and general liability insurance than those experienced last year. Additionally, we expect approximately $2 million of incremental expenses related to brand conferences, which occur every 18 to 24 months, a portion of which was realized during the second quarter with the majority expected to materialize in the third quarter.

Aug 7, 2025 / receipt, needs a key / Justin, CEO | earnings call 2025-08-07 | transcript a708da13-227d-4e50-b47b-8bea964ff47e | chars 23324-23939 | segment 23

In January and February, many of our markets throughout the Sunbelt region experienced extreme winter weather conditions, which negatively impacted travel demand.

May 2, 2025 / receipt, needs a key / Liz Perkins, CFO | earnings call 2025-05-02 | transcript e91cb760-8f5c-4e02-8c76-357253d94054 | chars 12736-12898 | segment 12

So historically, we've spent between 5% and 6% of revenues fairly consistently on CapEx. You know, the $80 to $90 million is roughly in that range that we anticipate spending this year and covers 20 full renovations, a portion of which are end-of-franchise PIPs. and then all of the other CapEx needs for our hotels, which include equipment and parking lots and exterior facade, roofs. When we look at that and we look at our exposure to tariffs, it's a fraction of the total amount that we intend to spend. And in today's environment, Liz has highlighted that there is a tremendous amount of noise. It's important to reemphasize the fact that we're continuing to run really strong occupancies with the potential to potentially grow rate. You know, I think relative to our peers, we have a meaningfully stronger balance sheet and feel absent a massive pullback, which we do not currently anticipate in the macroeconomic environment. It's prudent for us to proceed and to perform the renovations as we currently intend.

May 2, 2025 / receipt, needs a key / Justin Cappos, CFO | earnings call 2025-05-02 | transcript e91cb760-8f5c-4e02-8c76-357253d94054 | chars 31630-32648 | segment 31

During 2024, we invested approximately $78 million in capital expenditures, and we expect to spend between $80 and $90 million during 2025, with major renovations of approximately 20 of our hotels.

Feb 25, 2025 / receipt, needs a key / Liz Perkins, CFO | earnings call 2025-02-25 | transcript 4e9dad40-500b-4bdc-8ff6-413cc2aacbfa | chars 9012-9209 | segment 9

While our asset management and hotel teams are working diligently to mitigate cost pressures, we have assumed for purposes of guidance that total hotel expenses will increase by approximately 4.2% at the midpoint.

Feb 25, 2025 / receipt, needs a key / Liz Perkins, CFO | earnings call 2025-02-25 | transcript 4e9dad40-500b-4bdc-8ff6-413cc2aacbfa | chars 19210-19423 | segment 19

Average annual CapEx spend, as a percent of total revenue, significantly lower than full-service portfolios, allowing for substantial free cash flow from operations to fund shareholder distributions a

ir_statement / Sep 16, 2026 / receipt

Efficient operating model combined with prudent expense management yields higher margins, increasing flow-through of top-line improvements

ir_statement / Sep 16, 2026 / receipt

Flexible labor and in place labor management systems (with centralized reporting) provide opportunity to maximize productivity

ir_statement / Sep 16, 2026 / receipt

Investments in hotel associates and training lower turnover and reduce reliance on contract labor over time

ir_statement / Sep 16, 2026 / receipt