We continue to monitor events that could impact costs and the demand for travel. While we did not see any measurable impact on our first quarter operations, an elongated period of heightened volatility or sustained increases in fuel prices could present headwinds.

May 5, 2026 / receipt, needs a key / Brian Giulia, CEO | earnings call 2026-05-05 | transcript 2b842b48-f839-4fc7-b8fb-d097cef3b452 | chars 8728-8992 | segment 8

So you know the the you know members can use them at these highly desirable locations. And that's why they store up points and get points. And so, yeah, we have a lot of, we have a lot of experience and a lot of history with some high redemption hotels going all the way back to our days with the Doubletree, the Waialea, you know, New Orleans, Boston, Long Wharf, you know, is a big redemption hotel, especially for, you know, it's leisure traveler.

Aug 6, 2025 / receipt, needs a key / Brian Gillia, other | earnings call 2025-08-06 | transcript 5a992dba-06d1-4576-bf82-b6602b9318f0 | chars 46443-46893 | segment 47

And as we get into the summer, As you see, the weaker dollar, we're not anticipating any sort of international travel increases. That's something that we could benefit from, from a weaker dollar.

May 6, 2025 / receipt, needs a key / Danny Assad, other | earnings call 2025-05-06 | transcript 131890ec-b3c7-426b-a365-307ca5d2b820 | chars 24250-24445 | segment 24

Four seasons, it was a little bit below average. uh that million but we have additional work to do and that's in process now and again the same impact on groups on guest satisfaction when we look into 25 we do look at continuing to build that group base a increase in leisure or a surprise in leisure this year is definitely upside at these hotels will be upside at these hotels and Given where we have the cost model set now, additional occupancy will flow meaningfully to the bottom line. Even without that and not banking on that growth yet, you know, we still are anticipating another couple million dollars of EBITDA growth at each of these hotels this year.

Feb 21, 2025 / receipt, needs a key / Brian Gillia, CEO | earnings call 2025-02-21 | transcript ef7eb57a-5ee4-4a63-af4d-798fdec36a76 | chars 24390-25053 | segment 24

During the fourth quarter, excluding San Diego, which experienced lingering disruption due to the labor strike, Group business performed well, corporate travel continued to move higher, and leisure demand showed some acceleration in wine country and in Maui during the festive period.

Feb 21, 2025 / receipt, needs a key / Brian Giulia, CEO | earnings call 2025-02-21 | transcript ef7eb57a-5ee4-4a63-af4d-798fdec36a76 | chars 5323-5607 | segment 5

This means that apart from these two hotels, the profitability outlook for the balance of the portfolio remains solid as our operators are able to drive incremental group and business transient demand while effectively managing costs.

Aug 7, 2024 / receipt, needs a key / Aaron Reyes, CFO | earnings call 2024-08-07 | transcript 0b7696d5-4d7d-47d3-9942-10c7e22cd111 | chars 10111-10345 | segment 10

You know, one market we've talked about, you know, Key West has been one where there has been more price sensitivity. We have been able to, you know, capture some more occupancy there, but that's one where, you know, where maybe it's a little bit more sensitive and whether that's competing you know options for the traveler whether it be cruises or or other or other items um plays into that a little bit more other markets i i don't think that we've we've seen that as much um you know one market where we're not on the leisure side but on the group side we've we've rationalized our pricing has been in Napa which has been very successful where we're bringing in additional group and you'll see you know when you go through the supplementals you'll see the rates are are lower and that's that's because we're we're adding occupancy uh we're taking the group at a more rational rate which obviously fluctuates over the different demand periods but then we're getting that ancillary spend where at Montage it's You know, $700, $800 at Four Seasons is $900 to $1,000 a day per group room.

Aug 7, 2024 / receipt, needs a key / Brian Giglia, CEO | earnings call 2024-08-07 | transcript 0b7696d5-4d7d-47d3-9942-10c7e22cd111 | chars 21355-22443 | segment 21

Similar to what we saw in the last few quarters, group business performed well, corporate travel continued to recover, and leisure demand further moderated, although our comparable resorts still generated profitability well ahead of pre-pandemic levels.

May 6, 2024 / receipt, needs a key / Brian Giulia, CEO | earnings call 2024-05-06 | transcript 3e4a0b6f-4054-49e8-b1a8-31e525ffcbfb | chars 6842-7095 | segment 6

Similar to what we saw earlier in the year, group business performed well, corporate travel continued to move higher, and leisure demand further moderated although still generating comparable profitability well ahead of pre-pandemic levels.

Feb 23, 2024 / receipt, needs a key / Aaron Reyes, CFO | earnings call 2024-02-23 | transcript a867d2d7-96c1-4634-9090-e4868d37e226 | chars 5418-5658 | segment 4

While forward visibility remains challenging, we are seeing more stability in booking behaviors and travel patterns.

Feb 23, 2024 / receipt, needs a key / Aaron Reyes, CFO | earnings call 2024-02-23 | transcript a867d2d7-96c1-4634-9090-e4868d37e226 | chars 14120-14236 | segment 13

We also saw strong growth at our hotels in Boston, and Long Beach driven by increased business travel and corporate group events.

Nov 7, 2023 / receipt, needs a key / Brian Giulia, CEO | earnings call 2023-11-07 | transcript 5f800078-c295-40dc-b5ac-5bb4aa7e9511 | chars 4651-4780 | segment 4

And then, you know, certain markets, San Francisco is rough on the citywide calendar, but based on our ability to drive in-house group and take advantage of the corporate and business transient travel that we've found in the financial area. And Embarcadero, we would expect to continue that, but that market, you know, we have significant year-over-year growth this year. That's obviously going to slow as the hotel laps over the comps from this year.

Nov 7, 2023 / receipt, needs a key / Brian, CFO | earnings call 2023-11-07 | transcript 5f800078-c295-40dc-b5ac-5bb4aa7e9511 | chars 27939-28390 | segment 26