Overall, non-government business travel demand continues to benefit from the resiliency of the economy and healthy corporate profits, especially in sectors such as tech, finance, and consulting, which continue to see positive momentum in return-to-office trends.

Feb 27, 2026 / receipt, needs a key / Leslie Hale, CEO | earnings call 2026-02-27 | transcript 5730e78a-b50b-44a3-a631-2edc9afc1d8e | chars 4748-5010 | segment 4

We are seeing the price sensitivity, and it's showing up in terms of what channels they're booking through. But I think that what we're seeing with the government shutdown is different. It's affecting the propensity and willingness to travel, and so we're seeing our pace change. soften relative to that, but that's more a function of a desire to be caught in the airport for five hours versus the underlining fundamental of leisure demand that we've seen be stable.

Nov 6, 2025 / receipt, needs a key / Nikhil, other | earnings call 2025-11-06 | transcript 3774bb3e-b626-496e-a161-af459f9b358c | chars 23674-24140 | segment 24

Our view is supported by the consumer preferences that continue to favor experiences over goods, along with sustained tailwinds for group and the run room for business travel to fully recover, which is well underway. These dynamics are expected to disproportionately benefit urban markets, which are better positioned with respect to the demand-supply dynamics relative to prior cycles, given an extended period of constrained new supply.

May 5, 2025 / receipt, needs a key / Leslie Hale, CEO | earnings call 2025-05-05 | transcript 1b4432f2-f795-4e56-88ae-3302c00fb379 | chars 7903-8341 | segment 8

Relative to business travel, trends remained healthy during the first quarter, generating positive revenue growth despite the normal seasonal mix shift and the well-documented headwinds relative to government-related demand.

May 5, 2025 / receipt, needs a key / Leslie Hale, CEO | earnings call 2025-05-05 | transcript 1b4432f2-f795-4e56-88ae-3302c00fb379 | chars 4515-4739 | segment 4

I think on the BT side, we talked about how strong our midweek trends were, so we're going to be watching midweek to see who's still traveling and if SMEs and national accounts are still producing for us.

May 5, 2025 / receipt, needs a key / Leslie Hale, CFO | earnings call 2025-05-05 | transcript 1b4432f2-f795-4e56-88ae-3302c00fb379 | chars 25174-25378 | segment 25

Boston should benefit from a robust citywide calendar and improving business travel with incremental lift from industries such as biotech and higher education.

Feb 26, 2025 / receipt, needs a key / Leslie Hale, CEO | earnings call 2025-02-26 | transcript 22962f29-8bce-42ac-840a-0eb3522b38dd | chars 9043-9202 | segment 8

Overall, we were pleased with our total revenue growth of 3.4%, which exceeded our Rev Park growth, driven by a robust 6.5% increase in non-room revenues. The strong growth in our out-of-room spend underscores the contribution from our ROI initiatives undertaken over the last several years which included reconcepting and redesigning of F&B venues, food offerings, and operating models. This has helped offset expense growth pressures and allowed us to generate hotel EBITDA of nearly $119 million.

Aug 2, 2024 / receipt, needs a key / Leslie Hale, CEO | earnings call 2024-08-02 | transcript b3e5a841-62a8-4788-acc8-631a2c4cb6c9 | chars 4824-5323 | segment 4

As such, we are adjusting our full-year guidance to reflect our current outlook. Relative to this backdrop, we expect our urban assets to benefit from the continuing improvement in business travel, as well as urban leisure demand, which remains stable. Our second half should benefit from strong city-wides in several markets, such as Boston and Chicago, and our strong booking pace, which is currently tracking double digits ahead of 2023, and the continuing ramp-up from our conversions. We are seeing these dynamics play out in our July performance. Longer term, we remain optimistic about the trajectory of lodging fundamentals. which over time should benefit from growth in all segments of demand, given the ongoing consumer preferences towards experiential travel, especially against the backdrop of an elongated period of limited new supply.

Aug 2, 2024 / receipt, needs a key / Leslie Hale, CEO | earnings call 2024-08-02 | transcript b3e5a841-62a8-4788-acc8-631a2c4cb6c9 | chars 7828-8676 | segment 7

Yeah. So, Mike, you know, the way that we sort of thought about our range is that clearly there are signs that the economy is slowing. More signs came out this morning. We said that if the Fed was successful, that obviously travel wouldn't be immune to being impacted. The signs of it is affecting largely on the leisure side and obviously we're seeing it in rate, mostly driven. Our original range assumed at the low end that the economy slowed down. Our current range bookends the low end of our original range, and it assumes, you know, obviously that it's largely rate-driven, and that's baked in all of our guidance. If we think about it from a standpoint of segmentation, clearly leisure has been widely discussed. We're seeing the same thing that everybody else is seeing in terms of the consumer booking through discount channels, as well as booking, not as booking as early as they were before and booking later. And that's obviously translating into rate coming down on resorts, weekends, however you sort of cut and look at it.

Aug 2, 2024 / receipt, needs a key / Michael Bellisario, analyst | earnings call 2024-08-02 | transcript b3e5a841-62a8-4788-acc8-631a2c4cb6c9 | chars 15921-16959 | segment 15

We hope you have a great rest of your summer and that it includes some level of travel.

Aug 2, 2024 / receipt, needs a key / Leslie, other | earnings call 2024-08-02 | transcript b3e5a841-62a8-4788-acc8-631a2c4cb6c9 | chars 44498-44585 | segment 45

The recovery of business transient is benefiting from continued strength and travel from SMEs, in addition to the broadening of corporate travel across industries such as consulting, technology, and financial services, which is being aided by the return-to-work office mandates.

May 2, 2024 / receipt, needs a key / Leslie Hale, CEO | earnings call 2024-05-02 | transcript bf5650a3-8fc5-4fa1-a899-a9a65c3272b1 | chars 3616-3894 | segment 3

Our outlook is supported by the continued momentum in the recovery of business transient, the outsized growth trends in urban markets, especially those with healthy city-wise, leisure attractions, and special events and exposure to inbound international travel.

May 2, 2024 / receipt, needs a key / Leslie Hale, CEO | earnings call 2024-05-02 | transcript bf5650a3-8fc5-4fa1-a899-a9a65c3272b1 | chars 8406-8667 | segment 8