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

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

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

Continued strength in leisure demand and recovery in business travel during the quarter enabled us to achieve comparable hotels rev par of $105 and $116, up 2% and 7%, as compared to the same periods of 2022, with ADR of $151 and $157, up 3% and 5%, with occupancy of 70 and 74%, essentially flat and up 2% to fourth quarter and full year 2022, respectively.

Feb 23, 2024 / CFO / receipt, needs a key / Liz Perkins, CFO | earnings call 2024-02-23 | transcript 2fbd7f35-4816-452c-982e-e6f062c61833 | chars 12968-13326 | segment 13

Looking day over day, leisure travel was resilient during the quarter, with weekend occupancy stable compared to the fourth quarter of 2022, with continued improvement in business travel.

Feb 23, 2024 / CFO / receipt, needs a key / Liz Perkins, CFO | earnings call 2024-02-23 | transcript 2fbd7f35-4816-452c-982e-e6f062c61833 | chars 13327-13514 | segment 13

Midweek occupancies have continued to strengthen the last three weeks in July, indicative of improvements in business travel, with continued strength in shoulder nights and weekend leisure demand.

Aug 4, 2023 / CFO / receipt, needs a key / Liz Perkins, CFO | earnings call 2023-08-04 | transcript 08a36002-1575-474b-84f1-07e53f2d11bf | chars 12658-12854 | segment 12

And lastly, GDS bookings increased from 16% for the fourth quarter to 17% in the first quarter, showing continued improvement in business travel demand.

May 3, 2023 / CFO / receipt, needs a key / Liz Perkins, CFO | earnings call 2023-05-03 | transcript 63e2ae3f-f65f-4b35-b0f8-d61b0ed2ec2d | chars 13592-13744 | segment 13

Continued strength in leisure demand and recovery in business travel during the quarter enabled us to achieve REVPAR of $103, an improvement of 16% over a strong fourth quarter in 2021, and 7% as compared to fourth quarter 2019.

Feb 22, 2023 / CFO / receipt, needs a key / Liz Perkins, CFO | earnings call 2023-02-22 | transcript 78313a7a-e24b-45dc-9fbb-c99d2b2895ba | chars 10306-10534 | segment 10

As we look at demand segments and business transient trends, travel patterns continue to normalize. 61% of our portfolio produced REVPAR above pre-pandemic levels during the quarter, with improvement in demand impacting nearly every market.

Feb 22, 2023 / CFO / receipt, needs a key / Liz Perkins, CFO | earnings call 2023-02-22 | transcript 78313a7a-e24b-45dc-9fbb-c99d2b2895ba | chars 11713-11953 | segment 11