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

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

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 / CEO / 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, however, been pleased with the resilience of leisure travel demand in many of our markets. Bolstered by recent acquisitions, top-line ADR growth, and moderating expenses, we achieved strong bottom-line performance during the quarter.

Nov 5, 2024 / CEO / receipt, needs a key / Justin Knight, CEO | earnings call 2024-11-05 | transcript 5833ca98-776d-485c-b57d-43702a40acd1 | chars 2296-2538 | segment 2

And as always, as you travel, please take the opportunity to stay with us at one of our hotels.

Nov 5, 2024 / CEO / receipt, needs a key / Justin Knight, CEO | earnings call 2024-11-05 | transcript 5833ca98-776d-485c-b57d-43702a40acd1 | chars 42112-42207 | segment 42

While we believe that our greatest opportunity for growth will come as a result of the steady improvement we are seeing in midweek business travel demand, We were able to grow occupancy on both weekdays and weekends during the quarter, demonstrating the resilience of leisure travel demand and the upside we continue to realize as corporate, small, and medium-sized business travel normalizes.

Aug 6, 2024 / CEO / receipt, needs a key / Justin Knight, CEO | earnings call 2024-08-06 | transcript 95f638e5-118b-4ddd-b3df-62d15a444cc7 | chars 2249-2642 | segment 2

We look forward to visiting with many of you on the road. And please, as always, to the extent you're traveling, we hope you'll take an opportunity to stay with us in one of our hotels.

Aug 6, 2024 / receipt, needs a key / Justin Knight, other | earnings call 2024-08-06 | transcript 95f638e5-118b-4ddd-b3df-62d15a444cc7 | chars 48945-49130 | segment 48

We also continue to reinvest in our existing portfolio to ensure our hotels remain competitive in their respective markets and are positioned to demand premium rates. Over the past year, we invested approximately $77 million in capital expenditures, and in 2024, we expect to spend between $75 and $85 million with major renovations at approximately 20 of our hotels.

Feb 23, 2024 / CEO / receipt, needs a key / Justin Knight, CEO | earnings call 2024-02-23 | transcript 2fbd7f35-4816-452c-982e-e6f062c61833 | chars 10847-11214 | segment 11