We have taken decisive action to reduce our capital expenditures this year in response to the headwinds created by the potential macroeconomic impact, including tariffs on goods sourced internationally. We are also reducing our G&A expenses and continue to work with our hotel operators to be even more disciplined in managing property level expenses.

May 2, 2025 / receipt, needs a key / Atish Shah, CFO | earnings call 2025-05-02 | transcript aefc6f9e-a62a-461b-8df0-b42fc6e61da2 | chars 8815-9166 | segment 8

Turning now to our margin outlook, we currently expect hotel EBITDA margin to increase 50 basis points for the balance of the year. This compares to our prior expectations of flat margin for the full year. The main driver of our improved margin outlook is better expense management as we and our operators focus on the parts of the business that we can control.

May 2, 2025 / receipt, needs a key / Atish Shah, CFO | earnings call 2025-05-02 | transcript aefc6f9e-a62a-461b-8df0-b42fc6e61da2 | chars 21672-22033 | segment 21

The Houston market, was softer than Q1 of 2024 as a result of several winter storms which impacted travel to the region.

May 2, 2025 / receipt, needs a key / Marcel Verbas, CEO | earnings call 2025-05-02 | transcript aefc6f9e-a62a-461b-8df0-b42fc6e61da2 | chars 11992-12112 | segment 11

As to adjusted EBITDA RE, we have lowered the midpoint by $5 million to $249 million. This reduction is driven by three items as follows. $1 million due to the sale of the Lorien Hotel in July, $1 million due to higher renovation-related displacement in Scottsdale, and $4 million due to lower rev par and its corresponding impact on margins.

Aug 2, 2024 / receipt, needs a key / Atish Shah, CFO | earnings call 2024-08-02 | transcript d2a484eb-e522-4322-bee6-bba65a144b7e | chars 21260-21602 | segment 21

We expect our rate of earnings growth to further increase as we look ahead to favorable dynamics, including more limited new hotel supply moderating expense growth, and further strengthening business and transient and group hotel demand, which drive the bulk of the company's profits.

Aug 2, 2024 / receipt, needs a key / Barry, other | earnings call 2024-08-02 | transcript d2a484eb-e522-4322-bee6-bba65a144b7e | chars 25102-25386 | segment 25

Yeah, I think in particular on leisure, we've been, I wouldn't say surprised, but encouraged that that outlets are still busy generally across the portfolio and that the consumers seem to, comparing to certainly pre-COVID, they seem to eat and drink in the hotel more frequently, meaning our in-house capture in general across the portfolio is better than it was pre-COVID. Some of that obviously is because of pricing and the price increases we've taken in restaurant and bar pricing. But we feel pretty good about that out-of-room spend and what we're seeing in ancillary areas like parking and spa and even retail in some of the properties where we have that has held up pretty well. In fact, very well. I mentioned that some of those departments, other operating departments combined were up over 20% in Q2 versus prior year. So we feel pretty good about that out-of-room spend.

Aug 2, 2024 / receipt, needs a key / Ari Klein, other | earnings call 2024-08-02 | transcript d2a484eb-e522-4322-bee6-bba65a144b7e | chars 33796-34678 | segment 34

In some hotels where they really believe that driving occupancy is the best overall strategy because it's going to drive the most ancillary spend, keep the building busy. We have hotels that are definitely using more OTA marketing than they have historically. And it is a lower revenue, higher cost channel. So that certainly is one of the factors that has had some impact on marketing.

Aug 2, 2024 / receipt, needs a key / Ari Klein, other | earnings call 2024-08-02 | transcript d2a484eb-e522-4322-bee6-bba65a144b7e | chars 41800-42186 | segment 42

As to leisure demand, as we look ahead to the summer, Our operators are expecting robust demand, including more international travelers, as well as more U.S. travelers staying domestic when compared to trends observed last year.

May 3, 2024 / receipt, needs a key / Atish Shah, CFO | earnings call 2024-05-03 | transcript f70823da-b85d-4c5c-b6bb-0068e9340d9f | chars 20664-20892 | segment 20

The tech business has been - is the biggest piece that obviously has come back. There are some particular demand generators and specific companies in our backyard there that have really increased their amount of travel by individual travelers, their amount of group travel.

May 3, 2024 / receipt, needs a key / Austin Verschmidt, other | earnings call 2024-05-03 | transcript f70823da-b85d-4c5c-b6bb-0068e9340d9f | chars 35708-35981 | segment 35

We also expect some high-end leisure travelers will stay in the U.S. this summer instead of traveling internationally as they did last year.

Feb 27, 2024 / receipt, needs a key / Atish, CFO | earnings call 2024-02-27 | transcript 9d08db67-7646-4170-9413-74fe3218bbf9 | chars 26000-26140 | segment 26

We do have some pretty good business on the books for Q4 of 24 in the space that is not being added to, so the non-Arizona ballroom, the other smaller meeting spaces we've continued to do through the renovation by maintaining about 300 rooms in inventory across the entire year. We've been able to capture a large number of smaller groups through the hotel that has really helped us maintain occupancy as best we can and to help drive EBITDA and reduce the displacement during this year.

Feb 27, 2024 / receipt, needs a key / Barry, other | earnings call 2024-02-27 | transcript 9d08db67-7646-4170-9413-74fe3218bbf9 | chars 36912-37399 | segment 37

We have seen an improvement in corporate transients as the year has progressed. Where you're still seeing, where you need to see additional growth is really on the Monday nights and the Thursday nights. Tuesday and Wednesday nights are performing very well. Where you're really seeing that delta in the occupancies, it's very much driven by what you're seeing on Monday and Thursday nights. And that is still driven by return to office, more travel by especially the larger corporate accounts that needs to occur on those nights of the week that we haven't quite seen yet.

Nov 1, 2023 / receipt, needs a key / Marcel Babas, CEO | earnings call 2023-11-01 | transcript 3cb41252-6e22-4716-b1da-a8ce070b5104 | chars 51778-52350 | segment 51