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

The increase in demand from discount channels indicates that some leisure travelers, while still traveling, are becoming more price sensitive and seeking deals and bargains.

Jul 25, 2024 / CFO / receipt, needs a key / Raymond Martz, CFO | earnings call 2024-07-25 | transcript b73785b6-9064-43fd-a365-0eeef52a5380 | chars 5847-6020 | segment 6