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

We expect industry rev par to grow one to three percent in 2025, with more ADR growth represented at the higher end of the range and with potential upside in the second half of the year if revenue managers gain more confidence in pricing. Our industry forecast assumes no progress in reducing the current domestic outbound to international inbound imbalance, which currently contrasts with pre-pandemic norms when international inbound was stronger than domestic outbound travel. We should note that we're increasingly cautious about the potential for a negative economic impact from the plethora of domestic policy announcements and threats from the current administration. While we were quite optimistic just a month ago, due to the overall optimism expressed by businesses and much of the public following the election, some of that enthusiasm seems to be waning. as concerns increase about extensive talk of tariffs, government firings, mass deportations, and significant reductions in federal spending, including many spending freezes already put into place. Most of these items are not business friendly. Without these very significant concerns, we would be much more positive and confident in our 2025 album.

Feb 27, 2025 / CEO / receipt, needs a key / John Bortz, CEO | earnings call 2025-02-27 | transcript 08339ee9-a969-447b-b794-35fa52b53b34 | chars 16936-18151 | segment 16

For Pebble Brook, as evidenced by our three Q and year-to-date results, We're not following the industry's flat demand performance thanks to several factors. First, our properties are all positioned in the upper upscale or luxury segments, making them much less impacted by the challenges faced by travelers in more price-sensitive segments. Second, a significant portion of our portfolio resides in the urban markets that continue to regain significant occupancy, with leisure and business transit demand returning and group bookings growing. Third, we're also regaining occupancy that was previously displaced by last year's renovations and redevelopments. And fourth, we're gaining market share in most of the properties we've redeveloped over the past few years.

Nov 8, 2024 / CEO / receipt, needs a key / John Bortz, CEO | earnings call 2024-11-08 | transcript c14a154c-bc26-4608-acd0-4d2665261c5f | chars 16474-17240 | segment 17

Additionally, our successful efforts to create operating efficiencies, achieve real estate tax reductions, and manage a lower increase in property and casualty insurance allow us to increase our 2024 outlook for hotel EBITDA, adjusted EBITDA, and adjusted FFO and AFFO per share.

Jul 25, 2024 / CEO / receipt, needs a key / John Bortz, CEO | earnings call 2024-07-25 | transcript b73785b6-9064-43fd-a365-0eeef52a5380 | chars 14635-14914 | segment 14