We are often asked how we can target annual CapEx spending at 7% to 9% of revenue when our peers repeatedly choose to spend 10.5% to 11% of revenue, and some even up to 14%. First off, With only 5% of our hotels brand managed, we have a competitive advantage of exerting more control over the scope and timing of renovations.

Nov 7, 2025 / CEO / receipt, needs a key / Jess Donnelly, CEO | earnings call 2025-11-07 | transcript f3fac897-7f16-4f49-940b-d9d33b80ddae | chars 10774-11099 | segment 10