For our portfolio, we continued to see a recovery in business travel in both transient and group. Group room nights, group ADR, and business transient rates all improved. Leisure demand also grew, though we saw increasing price competition due to much shorter booking windows.

Jul 30, 2025 / CEO / receipt, needs a key / John Boards, CEO | earnings call 2025-07-30 | transcript 590f3ffd-bce5-4ce7-9312-539b84c629b3 | chars 12234-12510 | segment 12