For Pebble Brook in 2027, we should continue to see significant growth from the recoveries in our urban markets led by San Francisco and Los Angeles coupled with more favorable convention calendars in San Diego and Boston that are expected to significantly improve the performance We also have a number of significant events next year, including the Super Bowl moving from San Francisco to Los Angeles, NCAA men's basketball regional finals in L.A., the NFL draft in Washington, D.C., the Star Wars 50th anniversary celebration in L.A., the Major League Baseball All-Star Game in Chicago, and a significant amount of of expected pre-Olympic travel into LA.

Jul 30, 2026 / receipt, needs a key / Jon Bortz, CEO | earnings call 2026-07-30 | transcript e7ffae13-9f6a-4557-a0f9-20f0e8ccf927 | chars 17695-18351 | segment 18

Business transient continued to recover across the industry and our portfolio during the quarter. We saw even stronger growth in corporate travel in San Francisco and Los Angeles, where both cities are seeing the benefits from return to office policies.

Apr 29, 2026 / receipt, needs a key / John Bortz, CEO | earnings call 2026-04-29 | transcript dfdd7d94-4221-4704-bb8e-430554ed1f5b | chars 16741-16994 | segment 17

And then sort of what is that telling you about the broader health of the traveler and broader consumer spending trends? Thanks. Sure. So we haven't really seen any change in out-of-room spending. this year or in April. It remains healthy.

Apr 29, 2026 / receipt, needs a key / Michael Bellisario, other | earnings call 2026-04-29 | transcript dfdd7d94-4221-4704-bb8e-430554ed1f5b | chars 48542-48781 | segment 49

I was just hoping you could remind us about the historical impact of higher oil prices on travel demand for your portfolio and maybe certain assets either on the drive-to or fly-to markets where you see greater impact. And then curious when you may expect to see some of the negative impact from higher oil prices as it relates to room night demand if we do see higher oil prices for longer.

Apr 29, 2026 / receipt, needs a key / Cooper Clark, other | earnings call 2026-04-29 | transcript dfdd7d94-4221-4704-bb8e-430554ed1f5b | chars 24116-24507 | segment 24

So historically for our portfolio, Gas prices, significant increases in gas prices have not had an impact. And, you know, that's a big part of that has to do with the fact that our resorts in particular are all in drive-to markets. And, of course, many of our markets also have other forms of transportation access like trains on the East Coast in particular, and even trains on the West Coast. But it's really airline ticket prices where there's a clear connection between demand ultimately and people's ability to fly. Now, again, it has more of an impact on middle income and lower and less of an impact on the upper end. So, you know, it's hard to forecast exactly what the impact's going to be. There's certainly, according to the airlines, been a lot of business booked ahead of ticket prices going up. We've seen, so far, we've seen increases anywhere from 10 to 20% to, you know, we've seen much bigger increases for international travel, particularly international travel originating from from Europe and Asia. So it's hard to tell how much of an impact that will have on international inbound, but that is what we most worry about. The resorts are also drive-to, and so if people do trade down from flying to driving, which is something we've seen to some extent in the past, the domestically located resorts tend to benefit a little bit more, and the ones available by airline flights tend to be impacted a little bit more.

Apr 29, 2026 / receipt, needs a key / Cooper Clark, other | earnings call 2026-04-29 | transcript dfdd7d94-4221-4704-bb8e-430554ed1f5b | chars 24530-25964 | segment 25

January REVPAR grew 4.6%. and would have been almost 7% but for winter storm Fern, which severely disrupted travel in the last week of January.

Feb 26, 2026 / receipt, needs a key / John, CEO | earnings call 2026-02-26 | transcript 32190db1-ae37-4265-a9df-f82693e13b90 | chars 22385-22528 | segment 23

I mean, other than the weather, where we had a second weather event, a blizzard, with the winter storm Hernando, which really put a damper on what was looking to be a really great month in February for the industry and clearly impacted travel all over the country.

Feb 26, 2026 / receipt, needs a key / John, CEO | earnings call 2026-02-26 | transcript 32190db1-ae37-4265-a9df-f82693e13b90 | chars 30906-31170 | segment 32

So we're still seeing the trends be positive. We are seeing this recorrelation with GDP, but for the weather. And we think so far... despite all the things that have happened geopolitically so far this year, it hasn't really had a big impact on the underlying demand trends. So from that perspective, you know, despite all those things, travel demand seems to be continuing to improve.

Feb 26, 2026 / receipt, needs a key / John, CEO | earnings call 2026-02-26 | transcript 32190db1-ae37-4265-a9df-f82693e13b90 | chars 31171-31556 | segment 32

San Francisco was once again the standout. RepR rose 8.3% in Q3 on a 690 basis point jump in occupancy, driving EBITDA higher by 10.9%. Growth was broad-based with increases fueled by an active convention calendar and a continued recovery in both business travel and leisure demand.

Nov 6, 2025 / receipt, needs a key / Raymond Martz, CFO | earnings call 2025-11-06 | transcript e0c2bcf3-666c-46ae-9530-4f74761705fd | chars 3058-3340 | segment 3

Chicago also posted another solid quarter, with RepR increasing 2.3% on healthy leisure events, such as concerts and sports, improving weekday corporate travel, and stronger weekend leisure.

Nov 6, 2025 / receipt, needs a key / Raymond Martz, CFO | earnings call 2025-11-06 | transcript e0c2bcf3-666c-46ae-9530-4f74761705fd | chars 3814-4004 | segment 3

However, the setup in D.C. should improve significantly in 2026, with more normalized federal travel, a favorable convention calendar, and numerous America 250 events.

Nov 6, 2025 / receipt, needs a key / Raymond Martz, CFO | earnings call 2025-11-06 | transcript e0c2bcf3-666c-46ae-9530-4f74761705fd | chars 5454-5621 | segment 5

Um, and in a lot of cases it involves, um, education. A lot of these conferences are supported by grants or the departments are supported by grants, which they're not getting. They're frozen or they don't expect to get, as you know, with the disruption going on with the universities.

Nov 6, 2025 / receipt, needs a key / John, other | earnings call 2025-11-06 | transcript e0c2bcf3-666c-46ae-9530-4f74761705fd | chars 45590-45874 | segment 46