Premium hotels and resorts continue to perform better, while the bottom half is seeing much more weakness as cost-conscious consumers pull back on their discretionary spending.

Nov 6, 2025 / CEO / receipt, needs a key / John Warts, CEO | earnings call 2025-11-06 | transcript e0c2bcf3-666c-46ae-9530-4f74761705fd | chars 10767-10943 | segment 10

Throughout our portfolio, we continue to see a recovery in business transient travel.

Nov 6, 2025 / CEO / receipt, needs a key / John Warts, CEO | earnings call 2025-11-06 | transcript e0c2bcf3-666c-46ae-9530-4f74761705fd | chars 11291-11376 | segment 11