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    C. Patrick Scholes • Truist Securities

    C. Patrick Scholes's questions to Hyatt Hotels Corp (H) leadership

    C. Patrick Scholes's questions to Hyatt Hotels Corp (H) leadership • Q2 2025

    Question

    C. Patrick Scholes of Truist Securities asked if Hyatt would consider a similar "acquire and flip" real estate strategy with public hotel REITs and requested an outlook for the Caribbean market.

    Answer

    CEO Mark Hoplamazian declined to comment on hypothetical transactions with REITs, stating the company is focused on its organic growth. CFO Joan Bottarini provided a positive outlook for the Caribbean, citing strong booking pace in the 5% range for Q3 for Hyatt's existing portfolio and solid performance from the newly acquired Playa assets.

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    C. Patrick Scholes's questions to Choice Hotels International Inc (CHH) leadership

    C. Patrick Scholes's questions to Choice Hotels International Inc (CHH) leadership • Q2 2025

    Question

    C. Patrick Scholes asked for clarification on the lowered RevPAR guidance despite positive commentary and inquired about a reported defaulted loan made to properties in San Jose.

    Answer

    President & CEO Patrick Pacious attributed the softer RevPAR outlook to industry-wide headwinds from reduced international and government travel. CFO Scott Oaksmith clarified the loan was not to competitors but was part of a strategic effort to launch the Park Inn brand with a multi-unit owner converting from another brand. He assured that the situation is being managed and the total loan portfolio is not significant.

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    C. Patrick Scholes's questions to Marriott Vacations Worldwide Corp (VAC) leadership

    C. Patrick Scholes's questions to Marriott Vacations Worldwide Corp (VAC) leadership • Q2 2025

    Question

    C. Patrick Scholes of Truist Securities asked if the new owner benefit for booking hotel stays with points would be a significant earnings driver and questioned why the company was precluded from share buybacks during the quarter.

    Answer

    CEO John Geller clarified that the new hotel booking option enhances the owner value proposition but is not expected to be a major earnings contributor. Regarding share repurchases, Geller stated the company was in a standard blackout period and will remain opportunistic with buybacks in the future.

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    C. Patrick Scholes's questions to Hilton Grand Vacations Inc (HGV) leadership

    C. Patrick Scholes's questions to Hilton Grand Vacations Inc (HGV) leadership • Q2 2025

    Question

    C. Patrick Scholes of Truist Securities inquired about the performance of the company's loan book as the quarter progressed and into July. He also asked for clarification on the Volume Per Guest (VPG) growth expectations for the second half of the year.

    Answer

    President & CFO Dan Mathewes confirmed the loan book is in good shape, with delinquency rates across brands being stable to improving year-over-year and leading indicators below 2024 levels. Regarding VPG, Mathewes projected strong growth in Q3, as it does not lap the HGV MAX launch. However, he anticipates VPGs will be down year-over-year in Q4 due to the tough comparison against the MAX program's launch to Bluegreen owners in November 2024.

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    C. Patrick Scholes's questions to Hilton Grand Vacations Inc (HGV) leadership • Q2 2025

    Question

    C. Patrick Scholes of Truist Securities asked for an update on the performance of the company's loan book as the quarter progressed into July and sought clarification on VPG growth expectations for the second half of the year.

    Answer

    President & CFO Dan Mathewes stated that the loan book is in good shape, with delinquency rates across all brands stable-to-improving year-over-year and leading indicators for July below 2024 levels. For VPG, he expects strong growth in Q3 but anticipates a year-over-year decline in Q4, as the company will be lapping the tough comparison of the HGV Max launch to Bluegreen owners in late 2024.

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    C. Patrick Scholes's questions to Wyndham Hotels & Resorts Inc (WH) leadership

    C. Patrick Scholes's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q2 2025

    Question

    C. Patrick Scholes of Truist Securities asked management to outline the range of possible outcomes resulting from the notice of default issued to the Super 8 master licensee in China.

    Answer

    CFO Michele Allen stated that since it is an active compliance process, she could not discuss specific details. However, she confirmed that the potential outcomes could include termination of the master license agreement. Allen also suggested that it is 'too early to speculate' but that she could 'see a few paths where this could be a positive for Wyndham.'

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    C. Patrick Scholes's questions to Vail Resorts Inc (MTN) leadership

    C. Patrick Scholes's questions to Vail Resorts Inc (MTN) leadership • Q3 2025

    Question

    C. Patrick Scholes of Truist Securities asked if Vail would consider selling Park City Mountain, potentially while keeping it in the Epic Pass network. He also questioned the company's comfort level with the current dividend policy.

    Answer

    CEO & Chair Rob Katz stated that selling Park City is not being considered as it is critical to the company's network. Regarding the dividend, Katz affirmed comfort with the current level but clarified that future increases would require a material increase in free cash flow, as investments in the business are the top priority for capital.

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