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

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

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