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

In terms of transient business, which accounted for roughly 49% of total room nights in the quarter, Comparable rate came in at $327, or 23% higher than the pre-pandemic levels we saw in the same quarter of 2019. As we move further into 2023, we are pleased by the trends we are seeing in transient bookings, particularly with business travel, where our volumes are increasing, but where we still have the most opportunity to grow occupancy across the portfolio.

May 5, 2023 / CEO / receipt, needs a key / Brian Giglia, CEO | earnings call 2023-05-05 | transcript d184bb19-b390-44c1-9873-4321186d6d77 | chars 7024-7486 | segment 7

Despite the continued quarterly growth, our overall special corporate volume remains only at 65% of pre-pandemic levels, and we expect demand from this channel to accelerate into 2022 as companies increasingly return to the office and business travel becomes more widespread.

Feb 23, 2022 / CFO / receipt, needs a key / Brian Giglia, CFO | earnings call 2022-02-23 | transcript 92e29ef1-3b56-447b-8a4e-b9504a9a8081 | chars 15587-15862 | segment 15

In addition, the stronger citywide calendars, a better foundation of group room nights already on the books, and an increasing amount of corporate travel as employees return to the office all suggest that we could be on a path to a more widespread recovery in hotel demand over the coming year.

Feb 23, 2022 / CFO / receipt, needs a key / Brian Giglia, CFO | earnings call 2022-02-23 | transcript 92e29ef1-3b56-447b-8a4e-b9504a9a8081 | chars 18109-18403 | segment 18

While we have been successful in reducing certain operating expenses, our operators have not been immune from labor cost pressures that have been impacting our industry. While changes in hotel staffing composition over the last two years makes precise comparisons challenging, our data would suggest that from 2019 to 2021, average hourly wage rates have increased at an annual rate of approximately 5%. Looking ahead, we anticipate the growth in wage rates will moderate somewhat in 2022 and should be in the range of 4% to 5%.

Feb 23, 2022 / CFO / receipt, needs a key / Brian Giglia, CFO | earnings call 2022-02-23 | transcript 92e29ef1-3b56-447b-8a4e-b9504a9a8081 | chars 9840-10368 | segment 9

First, we completed the sale of the 348-room Renaissance Westchester for gross proceeds of approximately $19 million. This hotel was a non-core asset in a challenge market that lacked sufficient demand to merit reopening after operations were suspended at the onset of the pandemic. The net proceeds from the sale, after the payment of termination fees and severance costs, was approximately $11 million, and the disposition removes an asset that was expected to be a drag on cash flow and growth going forward.

Nov 5, 2021 / CFO / receipt, needs a key / Brian Giglia, CFO | earnings call 2021-11-05 | transcript 9f73dfe9-2033-47c6-8f17-20366d6fd0bd | chars 16525-17036 | segment 16

Turning to costs, we have been focused on working with our operators to deliver a safe and enjoyable guest experience while looking for ways to achieve efficiencies and permanent expense reductions. Year to date, we have eliminated nearly $11 million of costs from our hotels, which we believe will be lasting savings and can be sustained even as business levels and occupancies increase.

Nov 5, 2021 / CFO / receipt, needs a key / Brian Giglia, CFO | earnings call 2021-11-05 | transcript 9f73dfe9-2033-47c6-8f17-20366d6fd0bd | chars 8010-8398 | segment 8

While our third quarter business transient volume was only 50% of pre-pandemic levels, future transient booking pace continues to grow every week, and we expect this to accelerate into 2022 as companies increasingly return to the office and business transient travel becomes more widespread.

Nov 5, 2021 / CFO / receipt, needs a key / Brian Giglia, CFO | earnings call 2021-11-05 | transcript 9f73dfe9-2033-47c6-8f17-20366d6fd0bd | chars 12776-13067 | segment 12