We believe the accelerating urban recovery is reflective of a broader, durable trend as corporate travel budgets are growing, and Paul Ruiz.

Aug 6, 2026 / receipt, needs a key / Jon Stanner, CEO | earnings call 2026-08-06 | transcript ad8d74d4-fc69-4c6e-a91d-1886082258e2 | chars 2962-3102 | segment 3

The ongoing recovery in business travel is increasingly benefiting our urban-centric portfolio, supported by the breadth and depth of demand we are experiencing across our highest-rated segments.

Aug 6, 2026 / receipt, needs a key / Jon Stanner, CEO | earnings call 2026-08-06 | transcript ad8d74d4-fc69-4c6e-a91d-1886082258e2 | chars 14380-14575 | segment 14

In addition, we expect strong incremental demand from the U.S. 250th anniversary celebrations in Boston, Washington, D.C., and Baltimore, as well as several other major summer travel and event-driven demand drivers.

May 1, 2026 / receipt, needs a key / John Stanner, CEO | earnings call 2026-05-01 | transcript e11cfb39-84ce-474c-a2e8-006c0d9c6907 | chars 4989-5204 | segment 4

In particular, the ongoing recovery in business transient travel is driving better midweek performance as RevPar growth increased 3% for the quarter and 10% in March in our negotiated segment.

May 1, 2026 / receipt, needs a key / John Stanner, CEO | earnings call 2026-05-01 | transcript e11cfb39-84ce-474c-a2e8-006c0d9c6907 | chars 3208-3400 | segment 3

Just in terms of the pickup and demand that you've seen, just one, how would you separate BT versus leisure trends? And then two, any quantifiable share gains that you might have seen from rebookings from Mexico during the peak spring break travel period? Thanks.

May 1, 2026 / receipt, needs a key / Michael Bellisario, other | earnings call 2026-05-01 | transcript e11cfb39-84ce-474c-a2e8-006c0d9c6907 | chars 22976-23239 | segment 23

Several core markets demonstrated strength in the fourth quarter, including San Francisco, Orlando, South Florida, and Nashville. San Francisco is benefiting from improved perception as the market experienced strength from citywide conventions, event-driven leisure demand, and improving business travel, which drove outsized RevPar growth of over 40% year-over-year during the quarter.

Feb 26, 2026 / receipt, needs a key / Trey Conklin, CFO | earnings call 2026-02-26 | transcript 986ec835-8193-495f-86de-ddd3d293c712 | chars 10746-11132 | segment 10

With that context, we're introducing our initial outlook for the year. Trey will walk through the details of our ranges later in the call, but broadly speaking, our guidance reflects modest top-line growth supported by improving fundamentals, disciplined expense management, and the cumulative benefits of our capital reinvestment and recycling efforts. which have enhanced our portfolio and strengthened the balance sheet.

Feb 26, 2026 / receipt, needs a key / John Stanner, CEO | earnings call 2026-02-26 | transcript 986ec835-8193-495f-86de-ddd3d293c712 | chars 6828-7251 | segment 6

In addition, convention and special events calendars are favorable in several of our key markets, and we expect continued normalization of government-related demand and international inbound travel as year-over-year comparisons begin to ease in the second quarter.

Feb 26, 2026 / receipt, needs a key / John Stanner, CEO | earnings call 2026-02-26 | transcript 986ec835-8193-495f-86de-ddd3d293c712 | chars 7525-7789 | segment 7

In addition, subsequent to quarter end, we completed the sale of two hotels at attractive valuations to further reduce debt, fund the accretive share repurchase activity we executed in the second quarter, and enhance corporate liquidity.

Nov 5, 2025 / receipt, needs a key / John Stanner, CEO | earnings call 2025-11-05 | transcript 5ff0ff12-a2d8-4d40-99fb-d00a68212e6b | chars 1935-2172 | segment 1

We continue to experience meaningful year-over-year reductions in both government and international inbound travel, which has required some remixing of business to lower-rated demand segments.

Nov 5, 2025 / receipt, needs a key / John Stanner, CEO | earnings call 2025-11-05 | transcript 5ff0ff12-a2d8-4d40-99fb-d00a68212e6b | chars 2645-2837 | segment 2

While we have experienced limited negative effects across our portfolio quarter to date, The longer-term implications of the shutdown create additional risk for lodging demand broadly, including disruption to air travel.

Nov 5, 2025 / receipt, needs a key / John Stanner, CEO | earnings call 2025-11-05 | transcript 5ff0ff12-a2d8-4d40-99fb-d00a68212e6b | chars 9101-9321 | segment 8

Industry expectations remain low, and year-over-year comparisons for government travel ease significantly after March 1st.

Nov 5, 2025 / receipt, needs a key / John Stanner, CEO | earnings call 2025-11-05 | transcript 5ff0ff12-a2d8-4d40-99fb-d00a68212e6b | chars 9429-9551 | segment 8

Contract labor declined approximately 4%.

ir_statement / Sep 15, 2026 / receipt

Pro forma operating expenses increased approximately 4%.

ir_statement / Sep 15, 2026 / receipt

Refinanced primary corporate credit facility with a new $650 million senior unsecured facility, extending its maturity date to June 2031 and lowering borrowing costs by 20 basis points at current leve

ir_statement / Sep 15, 2026 / receipt

~3% 2026E Operating Expense Growth

ir_statement / Sep 15, 2026 / receipt

Less revenue volatility and lower expense growth across cycles

ir_statement / Sep 15, 2026 / receipt

Restructured operating model leads to lower FTE run rate going forward

ir_statement / Sep 15, 2026 / receipt

Utilization of best practices from multiple hotel management partners drives operational efficiencies

ir_statement / Sep 15, 2026 / receipt