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

Our Frisco hotels delivered another strong quarter with REVPAR growth of nearly 4%. All of which came through average daily rate gains supported by sustained strength and corporate demand. Looking ahead we are particularly excited about the opening of the Universal Kids Resort in 2026 and we believe our hotels in this sub market are well positioned to benefit from the resulting increase in family leisure travel.

Aug 6, 2025 / CFO / receipt, needs a key / Trey Conklin, CFO | earnings call 2025-08-06 | transcript 4edcb069-a928-41f6-b531-938e9f5e81e8 | chars 13922-14337 | segment 14