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    Chris Woronka • Deutsche Bank

    Chris Woronka's questions to RLJ Lodging Trust (RLJ) leadership

    Chris Woronka's questions to RLJ Lodging Trust (RLJ) leadership • Q2 2025

    Question

    Chris Woronka of Deutsche Bank asked what level of RevPAR growth would be needed to achieve flat margins in 2026 and inquired about any discernible changes in booking windows or booking sources, such as direct versus OTA.

    Answer

    CEO Leslie Hale indicated that Q2's results, which showed a 2-to-1 relationship between RevPAR decline and margin compression, suggest a move toward a more normalized operating environment. She also confirmed that booking windows remain short, which impacts visibility. COO Tom Bardenett added that brand.com is the largest and fastest-growing booking channel, up 2.5% in the quarter, with national corporate accounts driving growth in GDS bookings.

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    Chris Woronka's questions to RLJ Lodging Trust (RLJ) leadership • Q1 2025

    Question

    Chris Woronka from Deutsche Bank asked if RLJ was observing any irrational rate-cutting in the select-service segment and about potential supply concerns. He also questioned if the current uncertain environment has reduced the company's appetite for undertaking major renovations.

    Answer

    President and CEO Leslie D. Hale stated that RLJ is not seeing meaningful rate degradation, as its urban-centric, brick-and-mortar portfolio is largely insulated from new supply, which is not being built in its core markets. EVP and CFO Sean Mahoney affirmed that their strong balance sheet allows them to continue with renovations. He noted that tariff risks are mitigated, as the company has diversified its FF&E sourcing away from China, which now represents only 10% of FF&E, down from 40% pre-COVID.

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    Chris Woronka's questions to RLJ Lodging Trust (RLJ) leadership • Q4 2024

    Question

    Chris Woronka asked for the underlying January RevPAR run rate excluding outperforming markets like San Francisco and New Orleans, and for updated thoughts on branding or selling the Knickerbocker hotel.

    Answer

    President and CEO Leslie D. Hale acknowledged the outsized results but noted other markets also performed well. She provided quarterly cadence expectations for 2025. Regarding the Knickerbocker, she stated the current choppy transaction market is not ideal for a sale of such an asset and that no branding option has made sense to date.

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    Chris Woronka's questions to RLJ Lodging Trust (RLJ) leadership • Q3 2024

    Question

    Chris Woronka inquired about the expected ramp-up period for renovations, whether there is a pipeline of conversions beyond the next two years, and if RLJ anticipates benefits from brand-level cost-cutting initiatives.

    Answer

    President and CEO Leslie D. Hale confirmed a pipeline of roughly 10 potential conversions and a continued cadence of two per year. EVP and CFO Sean Mahoney explained they underwrite a 2-3 year ramp post-conversion but have been achieving it on the shorter end of that range. Regarding brand cost cuts, Hale stated that any cost reductions for franchisees are welcome.

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    Chris Woronka's questions to Diamondrock Hospitality Co (DRH) leadership

    Chris Woronka's questions to Diamondrock Hospitality Co (DRH) leadership • Q2 2025

    Question

    Chris Woronka from Deutsche Bank questioned if the cruise industry is impacting resort demand, potentially shaping acquisition strategy, and asked if pressure on operating costs, especially wages, has eased.

    Answer

    CEO Jeffrey Donnelly acknowledged that competition from cruises is a consideration, particularly in markets like the Florida Keys, but its direct impact is hard to isolate. On costs, he noted that expense growth has been better than expected, with wage growth around 2%, partly because DiamondRock's leisure-heavy portfolio experienced its labor cost recovery earlier than urban-focused peers.

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    Chris Woronka's questions to Diamondrock Hospitality Co (DRH) leadership • Q2 2025

    Question

    Chris Woronka from Deutsche Bank questioned if the cruise industry is creating secular headwinds for resorts and how that might shape acquisition strategy. He also asked for an update on operating cost pressures, particularly wages.

    Answer

    CEO Jeff Donnelly acknowledged that competition from the cruise industry is a consideration, especially in markets like The Keys, but its impact is hard to isolate and varies by property type. On costs, he noted that expense growth has been better than expected, with wages up only about 2% in the quarter, attributing this moderation to the earlier recovery and staffing ramp-up in their leisure-heavy portfolio.

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    Chris Woronka's questions to Diamondrock Hospitality Co (DRH) leadership • Q1 2025

    Question

    Chris Woronka of Deutsche Bank AG asked about the booking window for short-term group business and whether the recent pause is a pricing tactic. He also questioned the stabilization progress of recently renovated properties like The Dagny.

    Answer

    CEO Jeff Donnelly stated the booking window is 4-6 months for smaller groups and 8-12 months for larger ones, and he believes the pause is for better terms, not rates. Regarding The Dagny, he noted it outperformed its first-year post-renovation EBITDA target ($14M vs. a projected $12M) and still has room to grow.

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    Chris Woronka's questions to Diamondrock Hospitality Co (DRH) leadership • Q3 2024

    Question

    Chris Woronka of Deutsche Bank explored whether a rise in business travel could create a 'negative swap effect' by replacing higher-rate resort stays. He also asked if CapEx discipline could be applied to branded hotels as effectively as independents and sought an early outlook on the next insurance renewal.

    Answer

    CEO Jeff Donnelly expressed low concern about a 'negative swap effect,' believing the return-to-office trend won't materially cannibalize leisure trips. He confirmed that while it requires more negotiation, brand partners are showing more flexibility on renovation scope and timing post-pandemic. Executive Briony Quinn stated the insurance program renews April 1 and that while they are monitoring the market, early signs suggest a potential mid-to-high single-digit increase, which is better than feared.

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    Chris Woronka's questions to United Parks & Resorts Inc (PRKS) leadership

    Chris Woronka's questions to United Parks & Resorts Inc (PRKS) leadership • Q2 2025

    Question

    Chris Woronka asked if the company could strategically leverage the popularity of its unique fall and winter events, like Halloween and Christmas, to drive pass sales and secure attendance for the following summer season.

    Answer

    CEO Marc Swanson agreed this is a key opportunity the company is focused on improving. He explained that one strategy is to launch sales for the following year's season passes early, allowing guests to buy a pass that grants them access to the popular upcoming Halloween and Christmas events, thereby securing their commitment and providing a hook for them to return the following summer.

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    Chris Woronka's questions to United Parks & Resorts Inc (PRKS) leadership • Q3 2024

    Question

    Chris Woronka from Deutsche Bank AG asked for more detail on the types of projects funded by ROI-focused capital expenditures and inquired about the company's progress and future plans for implementing dynamic pricing.

    Answer

    Interim CFO James Forrester detailed that ROI CapEx is primarily directed towards enhancing food and beverage facilities, adding new retail stores at ride exits, and deploying technology to reduce operating costs. CEO Marc Swanson added that dynamic pricing is a key ongoing initiative, with opportunities to price items like front-of-the-line passes and admission tickets based on real-time demand.

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    Chris Woronka's questions to United Parks & Resorts Inc (PRKS) leadership • Q1 2024

    Question

    Chris Woronka asked about the customer mix, questioning if the slightly lower pass base implies a higher mix of first-time visitors and its effect on per capita spending. He also sought an update on the hotel development initiative, asking if there was a specific deadline or factor driving the timeline.

    Answer

    CEO Marc Swanson acknowledged seeing more drive-in visitors versus local, consistent with a slightly down pass base, and noted existing passholders are visiting more frequently. On the hotel and real estate strategy, he explained that the process is complex as they evaluate numerous options (hotels, housing, leasebacks) with various partners to ensure they select the structure that creates the most value for shareholders, with no specific deadline.

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    Chris Woronka's questions to Sunstone Hotel Investors Inc (SHO) leadership

    Chris Woronka's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q2 2025

    Question

    Chris Woronka from Deutsche Bank inquired about the Andaz Miami Beach as a high-redemption hotel and whether the volume of loyalty point redemptions could affect its financial underwriting.

    Answer

    CEO Bryan Giglia confirmed they always expected Andaz Miami Beach to be a strong redemption hotel, which is a key part of the business mix for a desirable luxury resort. He stated that redemption activity is managed as part of the overall segmentation, helps drive compression, and does not negatively impact their financial expectations for the property.

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    Chris Woronka's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q1 2025

    Question

    Chris Woronka from Deutsche Bank asked for clarification on the Andaz Miami, questioning if the revised outlook includes costs for rebooking customers and what the booking window looks like for the crucial fourth quarter.

    Answer

    CEO Bryan Giglia confirmed that all costs associated with moving customers due to the delayed opening are included in the revised outlook. He emphasized that the hotel's opening is well-timed for the Q4 booking window, which is just beginning. He projected occupancy to ramp from 30-40% in early summer to around 70% in November/December, with rates increasing from the $300-400 range to $600-800+ in the peak season.

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    Chris Woronka's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q4 2024

    Question

    Chris Woronka inquired about the long-term strategy for the Renaissance Orlando, given its lower RevPAR and margin profile, and whether it could be a candidate for conversion or disposal.

    Answer

    Bryan Giglia, Chief Executive Officer, acknowledged the success of past conversions and noted the Orlando property's strength in the group segment. He suggested that a new nearby park could boost transient demand. While a rebranding is a possibility to attract a higher-rated transient customer, it is not in the 2025 capital plan but could be explored in the future.

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    Chris Woronka's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q3 2024

    Question

    Chris Woronka asked about the Four Seasons Napa, questioning if its structural margins can be improved given its small size, or if performance is solely dependent on driving higher occupancy.

    Answer

    CEO Bryan Giglia explained that margin improvement is a key focus. While driving occupancy is crucial, the company has also recently implemented cost-saving initiatives with the hotel's manager, similar to those successfully executed at Montage. These changes focus on non-guest-facing efficiencies and are expected to positively impact the P&L going forward.

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    Chris Woronka's questions to Six Flags Entertainment Corp (FUN) leadership

    Chris Woronka's questions to Six Flags Entertainment Corp (FUN) leadership • Q2 2025

    Question

    Chris Woronka of Deutsche Bank asked if Six Flags has considered an "Epic Pass" model similar to the ski industry, potentially lowering prices to significantly boost the pass base and secure revenue upfront. He also inquired about strategies to better attach ancillary product sales directly to the season pass.

    Answer

    CEO Richard Zimmerman and CFO Brian Witherow responded that they are testing a similar concept by adding an "All Park Pass" benefit to their top-tier pass to reinforce the portfolio's value, similar to how Vail's Epic Pass works. Witherow cited a past success at Cedar Point where cutting pass prices tripled the pass base. Zimmerman added that the upcoming new e-commerce site and mobile app are designed to make it easier to sell all-season add-ons, which also drives higher renewal rates.

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    Chris Woronka's questions to Six Flags Entertainment Corp (FUN) leadership • Q1 2025

    Question

    Chris Woronka asked about the guest mix at legacy Six Flags parks, the impact of the chaperone policy, and whether the desired mix is a multi-year project. He also followed up on whether the 'little things' and maintenance issues at these parks have been addressed heading into the peak season.

    Answer

    CEO Richard Zimmerman explained that the guest mix is being broadened by offering a varied capital mix of thrill rides, family attractions, and water park features, and that the chaperone policy has been helpful. Regarding park improvements, he stated that while the list of potential enhancements is always long, the company prioritizes items that guests value most, such as food and beverage, and will continue to make improvements year-by-year to enhance the guest experience.

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    Chris Woronka's questions to Six Flags Entertainment Corp (FUN) leadership • Q4 2024

    Question

    Chris Woronka asked if legacy Six Flags pass holders might be delaying purchases, creating a potential for a later-season sales uplift. He also asked for a breakdown of 2025 CapEx between catch-up maintenance and new structural investments like food and beverage.

    Answer

    CFO Brian Witherow acknowledged the critical spring sales cycle is still ahead and that operational improvements serve as 'proof points' for guests, highlighting the long-term opportunity to raise Six Flags' pass prices. CEO Richard Zimmerman addressed CapEx by stressing the importance of consistent investment to enhance guest value, which in turn drives long-term pricing power, rather than bucketing it as simple catch-up spending.

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    Chris Woronka's questions to Six Flags Entertainment Corp (FUN) leadership • Q3 2024

    Question

    Chris Woronka inquired about the size of the opportunity in retail and arcades within the legacy Six Flags portfolio and asked for details on the strategy and timeline for potential asset sales.

    Answer

    CEO Richard Zimmerman stated there is 'incredible opportunity' in merchandise and games, which will require capital investment to upgrade facilities, a factor included in their plans. Regarding asset sales, he noted they are methodically reviewing the portfolio with the Board, similar to past optimizations at Cedar Fair, but declined to provide a specific timeline, emphasizing a focus on capital structure and priorities.

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    Chris Woronka's questions to Summit Hotel Properties Inc (INN) leadership

    Chris Woronka's questions to Summit Hotel Properties Inc (INN) leadership • Q2 2025

    Question

    Chris Woronka of Deutsche Bank asked for a detailed breakdown of demand changes by segment, the impact of soft brands on the select-service market, and whether the Oneira Fredericksburg expansion signals a new growth platform.

    Answer

    President & CEO Jonathan Stanner addressed the questions, noting that while higher-rated retail demand saw pressure, occupancy remained stable due to a mix shift. He highlighted a very narrow booking window, with 65% of transient bookings made within two weeks of stay. On competition, he viewed the overall low new supply growth as a significant long-term positive. Stanner confirmed strong interest in the Oneira 'glamping' business model, citing its high RevPAR, attractive margins, and strong returns, and stated the company plans to be opportunistic in growing that segment.

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    Chris Woronka's questions to Summit Hotel Properties Inc (INN) leadership • Q1 2025

    Question

    Chris Woronka of Deutsche Bank asked if the primary impact on demand was on shorter-booked weekend leisure trips, beyond the stated government and international segments. He also questioned at what point the company might approach brands for expense relief similar to COVID-era measures, and requested clarification on the drivers of the recent negative mix shift.

    Answer

    President and CEO Jonathan Stanner clarified that while there's potential for some softness, leisure has historically been resilient. He stated that the current situation is very different from the pandemic, and the company is already managing expenses effectively, pointing to margin performance and a $10 million reduction in the CapEx plan. He explained the mix shift was due to increased reliance on discount channels and OTAs to offset declines in the higher-rated qualified (government) segment.

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    Chris Woronka's questions to Summit Hotel Properties Inc (INN) leadership • Q4 2024

    Question

    Chris Woronka of Deutsche Bank asked if dispositions are driven more by CapEx requirements or market dynamics, and what role brand negotiations play in these decisions.

    Answer

    Executive Jonathan Stanner explained that the decision is a balance. Summit targets assets for sale that require significant capital where a new buyer can underwrite a different plan. He emphasized that the company also renovates 7-10 assets annually based on a very objective ROI analysis. While brands are supportive partners, their renovation requirements are not the primary driver of the sell-versus-renovate decision.

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    Chris Woronka's questions to Summit Hotel Properties Inc (INN) leadership • Q3 2024

    Question

    Chris Woronka questioned if there were concerns about union labor cost pressures spilling over into Summit's markets, whether the company expects any cost relief from brand companies, and for an overview of the strategy for its Hyatt Place portfolio.

    Answer

    President and CEO Jon Stanner stated that while the company is mindful of wage pressures, its low union exposure and concentration in Sun Belt markets provide insulation. Regarding brand cost relief, he acknowledged recent industry commentary but had no tangible information to share. On the Hyatt Place portfolio, Stanner clarified there is no broad initiative to sell the brand; dispositions have been targeted at lower-performing assets with high capital needs, and the remaining portfolio is generally in good condition.

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    Chris Woronka's questions to Ryman Hospitality Properties Inc (RHP) leadership

    Chris Woronka's questions to Ryman Hospitality Properties Inc (RHP) leadership • Q2 2025

    Question

    Chris Woronka from Deutsche Bank asked a two-part question regarding the drivers behind resilient out-of-room spending and the near-to-medium-term outlook for the Washington D.C. market and the Gaylord National property.

    Answer

    EVP & COO Patrick Chaffin stated that on-property spending remains strong and that the Gaylord National is performing well due to post-COVID structural changes. Executive Chairman Colin Reed added that a decent underlying U.S. economy supports spending. President & CEO Mark Fioravanti highlighted that recent capital investments in food & beverage and other amenities are successfully attracting higher-spending customers.

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    Chris Woronka's questions to Ryman Hospitality Properties Inc (RHP) leadership • Q1 2025

    Question

    Chris Woronka of Deutsche Bank inquired about the duration of the near-term booking hesitancy and sought specifics on the cost-saving measures that enabled the company to maintain its EBITDA guidance despite a lower RevPAR outlook.

    Answer

    Executive Colin Reed, Executive Patrick Chaffin, and Executive Mark Fioravanti responded. Chaffin noted that April lead volumes for 'in the year, for the year' bookings improved significantly from being down 50% in March to down only 8% in April, suggesting the hesitancy might be moderating. Fioravanti added that future bookings for 2026 and 2027 remain strong, driven by rate. Regarding costs, Chaffin explained that the company proactively implemented $28-$30 million in profit improvement plans since January. Fioravanti highlighted that wage margin improved by 40 basis points due to increased efficiency and better labor management.

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    Chris Woronka's questions to Ryman Hospitality Properties Inc (RHP) leadership • Q4 2024

    Question

    Chris Woronka requested a more detailed profile of the 'ideal premium corporate customer' compared to other groups, focusing on metrics like size, length of stay, rate, and out-of-room spend.

    Answer

    EVP and COO Patrick Chaffin characterized the premium corporate customer by their significantly higher out-of-room spend, which can reach $500-$600 per person per day, and a generally higher room rate. He noted that group sizes can be as large as associations and that top corporate clients are actively asking for more space. EVP and CFO Mark Fioravanti clarified the strategy is to achieve an incremental mix shift of 4-5 points toward corporate, not a complete overhaul, to drive profitability.

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    Chris Woronka's questions to Ryman Hospitality Properties Inc (RHP) leadership • Q3 2024

    Question

    Chris Woronka from Deutsche Bank asked if the company is now consciously trading group occupancy for higher rates given the strong rate performance. He also requested an update on the company's potential participation in the San Diego Chula Vista property.

    Answer

    President & CFO Mark Fioravanti and EVP & COO Patrick Chaffin stated that while the goal remains 80% occupancy, the post-pandemic focus has been on driving rate, which they believe can be achieved alongside strong occupancy as demand fully recovers. Regarding San Diego, CEO Colin Reed and Mark Fioravanti confirmed their position on participation hasn't changed and noted they have seen no cannibalization, but rather new, higher-rated business rotating into their portfolio.

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    Chris Woronka's questions to Life Time Group Holdings Inc (LTH) leadership

    Chris Woronka's questions to Life Time Group Holdings Inc (LTH) leadership • Q2 2025

    Question

    Chris Woronka requested clarification on the impact of club waitlists on overall membership growth, seeking a way to better understand the underlying growth dynamics.

    Answer

    EVP & CFO Erik Weaver and Founder, Chairman, and CEO Bahram Akradi both stressed that waitlists are a dynamic tool to manage member experience, not a key performance indicator (KPI). They advised against using it to read trends and pointed to rising visits per membership and total swipes as better indicators of club usage and health.

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    Chris Woronka's questions to Life Time Group Holdings Inc (LTH) leadership • Q4 2024

    Question

    Chris Woronka of Deutsche Bank asked for an update on the performance of the recently expanded online and in-center supplement business (LTH) and inquired about the next phases of its growth strategy.

    Answer

    CEO Bahram Akradi expressed high confidence in the LTH supplement business, calling it a potential "incremental game changer" with expected "explosive growth" over the next 2-3 years. He noted that while it's in the very early stages, month-over-month growth is strong (e.g., February up 25% YoY), and he expects that growth rate to accelerate significantly as systems are fully built out.

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    Chris Woronka's questions to Life Time Group Holdings Inc (LTH) leadership • Q3 2024

    Question

    Chris Woronka asked about the primary opportunity in club takeovers (revenue vs. operations) and requested a framework for the potential size of the LTH branded supplement business.

    Answer

    Founder, Chairman and CEO Bahram Akradi explained that takeovers are evaluated with the same return expectations as new builds (30-40% IRR), with the main benefit being pre-approved zoning. Regarding the LTH supplement brand, he stated a long-term vision to build it into a potential $500 million business, comparable to high-quality brands like Thorne, by leveraging Life Time's brand trust and growing customer base.

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    Chris Woronka's questions to Park Hotels & Resorts Inc (PK) leadership

    Chris Woronka's questions to Park Hotels & Resorts Inc (PK) leadership • Q2 2025

    Question

    Chris Woronka asked about the recovery efforts in Hawaii, focusing on marketing, international airlift, and government support, and also inquired about the potential RevPAR and margin uplift from disposing of non-core airport and ground-lease hotels.

    Answer

    Chairman and CEO Thomas Baltimore discussed Hawaii's strong long-term fundamentals, including minimal supply growth. He noted a slower-than-expected recovery post-strike but highlighted sequential improvement and strong domestic airlift, despite a lag in Japanese tourism. On non-core assets, Baltimore confirmed their disposal would materially enhance the portfolio, increasing RevPAR to nearly $215 and improving margins, reinforcing the company's focus on reshaping the portfolio.

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    Chris Woronka's questions to Park Hotels & Resorts Inc (PK) leadership • Q1 2025

    Question

    Chris Woronka asked for a definition of a 'good outcome' for asset sale pricing, questioning if it was based on metrics like NOI/EBITDA multiples, and inquired how the company was achieving operating expense savings to offset rising labor costs.

    Answer

    Chairman and CEO Thomas Baltimore defined a good outcome as selling non-core assets at multiples greater than Park's current trading multiple, thereby providing price discovery and capital for strategic reallocation. CFO Sean Dell'Orto explained that OpEx savings were driven by a favorable business mix, efficient staffing, and anticipated future savings in areas like insurance. Mr. Baltimore added that it reflects disciplined leadership and operational execution.

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    Chris Woronka's questions to Park Hotels & Resorts Inc (PK) leadership • Q4 2024

    Question

    Chris Woronka asked if the rebranding of the Chicago W Hotels impacts their saleability and whether the Royal Palm renovation in Miami involves a reset of its franchise contract, potentially limiting future optionality.

    Answer

    Chairman and CEO Thomas Baltimore stated that the Chicago rebranding to a franchise model actually provides more optionality for a potential sale. For the Royal Palm, he confirmed it remains under the same Tribute brand terms with Marriott, providing 'significant optionality' and that Marriott is supportive of the renovation plans.

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    Chris Woronka's questions to Park Hotels & Resorts Inc (PK) leadership • Q3 2024

    Question

    Chris Woronka questioned whether the outcome of union negotiations would deter planned ROI capital projects in union-heavy markets and asked for a refresher on the company's process for formulating annual guidance.

    Answer

    Chairman and CEO Thomas Baltimore stated unequivocally that the company remains bullish on its ROI projects, particularly in Hawaii, due to the market's strong fundamentals and high barriers to entry, noting renovations have already begun. Regarding guidance, he described it as a detailed, collaborative process with operators that can be affected by unforeseen events, but expressed confidence in the portfolio's relative outperformance.

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    Chris Woronka's questions to Host Hotels & Resorts Inc (HST) leadership

    Chris Woronka's questions to Host Hotels & Resorts Inc (HST) leadership • Q2 2025

    Question

    Chris Woronka from Deutsche Bank requested a detailed update on the performance of the Hawaii portfolio, particularly in Maui, and inquired about management's confidence for the second half of the year and any early outlook for 2026.

    Answer

    President & CEO James Risoleo stated that Maui's recovery is 'firmly underway,' evidenced by 19% RevPAR growth and strong ancillary spend in Q2. He noted the full-year EBITDA forecast for Maui resorts was raised to $110 million. Risoleo emphasized that while leisure transient is driving the current recovery, a full return to pre-fire levels depends on the comeback of group business and increased airlift, which is expected more in 2026 and 2027.

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    Chris Woronka's questions to Host Hotels & Resorts Inc (HST) leadership • Q1 2025

    Question

    Chris Woronka questioned whether the current global uncertainty might create more acquisition opportunities for Host Hotels & Resorts in the near term.

    Answer

    President and CEO James Risoleo responded that the transaction market is currently in a 'wait-and-see' mode due to macroeconomic uncertainty, and the anticipated wave of distressed sales has not materialized. He emphasized that Host will remain opportunistic, focusing on its proven strategy of reinvesting in its portfolio, repurchasing shares, and paying dividends, supported by its strong balance sheet with 2.8x leverage and $2.2 billion of liquidity.

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    Chris Woronka's questions to Host Hotels & Resorts Inc (HST) leadership • Q4 2024

    Question

    Chris Woronka of Deutsche Bank inquired whether group and business transient (BT) segments outperformed initial expectations in 2024 and if the 2025 guidance for these areas is consequently conservative.

    Answer

    President and CEO James Risoleo confirmed that BT is on a 'slow, steady climb' with a 6% revenue increase in 2024 and expressed optimism for 2025. He highlighted strong out-of-room spend in the group segment. However, he clarified that the main variables driving the guidance range are the Maui recovery and international travel imbalances, not conservatism in the group or BT forecasts.

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    Chris Woronka's questions to Host Hotels & Resorts Inc (HST) leadership • Q3 2024

    Question

    Chris Woronka questioned the reasons for the persistent occupancy gap, with rates around 72% compared to over 79% in 2019, and asked if factors like shadow supply (e.g., Airbnb) were contributing.

    Answer

    President and CEO James Risoleo stated that the 8-9 point occupancy gap is not due to shadow or new supply. Instead, he attributed it to the slow return-to-office trend impacting business transient travel. He framed this gap as a future tailwind for the portfolio, expecting occupancy to rise as more employees return to offices.

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    Chris Woronka's questions to Avis Budget Group Inc (CAR) leadership

    Chris Woronka's questions to Avis Budget Group Inc (CAR) leadership • Q2 2025

    Question

    Chris Woronka of Deutsche Bank asked about the company's capacity for additional autonomous vehicle partnerships over the next 3-5 years and how it measures ROI, as well as how the new Avis First initiative impacts fleet acquisition strategy.

    Answer

    CEO Brian Choi affirmed that Avis has significant bandwidth for future partnerships but will be thoughtful and selective to ensure they are deeply integrated and don't detract from the core rental business. Regarding Avis First, Choi clarified that the initiative is about the entire premium experience, not just the vehicle. While it will influence fleet decisions towards more premium models, the strategy also involves better segmenting the existing fleet to offer the newest, lowest-mileage cars to Avis First customers.

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    Chris Woronka's questions to Avis Budget Group Inc (CAR) leadership • Q1 2025

    Question

    Chris Woronka inquired about the company's willingness to aggressively lock in model year 2026 fleet purchases if favorable pricing became available. He also asked about the impact of customer mix (leisure vs. commercial) on pricing and any changes in strategy regarding demand channels.

    Answer

    CEO Joseph Ferraro confirmed they would absolutely lock in 2026 vehicles if the price point was right, but noted OEMs have not yet formalized their plans. Regarding mix, he explained that the seasonal shift toward leisure travel naturally helps RPD due to higher ancillary product sales. He affirmed that the company continuously works to optimize its results across all demand channels, including airports, off-airport locations, and ride-hail partners.

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    Chris Woronka's questions to Avis Budget Group Inc (CAR) leadership • Q4 2024

    Question

    Chris Woronka of Deutsche Bank asked about the normalized vehicle hold period going forward and whether the exit DPU of around $300 is a good run-rate. He also inquired if the Chief Transformation Officer role would be refilled.

    Answer

    CEO Joseph Ferraro confirmed the analyst was 'spot on,' stating that hold periods and fleet age will return to historical, pre-pandemic levels, and that a DPU around $300 is a 'good proxy' for the future. Incoming CEO Brian Choi stated the CTO role will not be immediately filled, as the entire company is in transformation mode, and he will outline his priorities after the Q2 earnings report.

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    Chris Woronka's questions to Avis Budget Group Inc (CAR) leadership • Q3 2024

    Question

    Chris Woronka asked about the potential for fleet costs per unit (BPU) to return to historical 2019 levels and the company's strategy regarding autonomous vehicles and ride-sharing.

    Answer

    CFO Izilda Martins stated that while fleet costs are expected to improve significantly, returning to 2019's low levels is unlikely in the near term, with the focus remaining on keeping fleet inside of demand. CEO Joseph Ferraro added that the company is actively and profitably growing its ride-share business and is well-positioned to participate in autonomous vehicle logistics due to its existing infrastructure and operational expertise.

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    Chris Woronka's questions to Vail Resorts Inc (MTN) leadership

    Chris Woronka's questions to Vail Resorts Inc (MTN) leadership • Q3 2025

    Question

    Chris Woronka of Deutsche Bank asked if Vail can drive pricing similar to other travel sectors like the cruise industry without excessive spending. He also questioned if a 'grand reset' on operating expenses is necessary to manage costs.

    Answer

    CEO & Chair Rob Katz expressed confidence in the ability to continue driving price, supported by ongoing investments in the guest experience. He stated that a 'grand reset' on operating expenses is not needed, citing significant prior wage investments and the ongoing resource transformation plan which creates efficiencies without harming the guest experience.

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    Chris Woronka's questions to Vail Resorts Inc (MTN) leadership • Q2 2025

    Question

    Chris Woronka asked about the path to restoring long-term structural resort margins to pre-COVID levels. He also inquired about the methodology behind the 7% pass price increase for the upcoming season.

    Answer

    CFO Angela Korch explained that the current guided margin of 29.3% (ex-restructuring costs) is largely in line with 2019 when adjusted for acquisitions, with future expansion driven by operating leverage and the Resource Efficiency Plan. CEO Kirsten Lynch added that the 7% pass price increase is based on inflation, extensive price elasticity data, and a consistent strategy of pricing above inflation to reflect investments.

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    Chris Woronka's questions to Vail Resorts Inc (MTN) leadership • Q1 2025

    Question

    Chris Woronka from Deutsche Bank questioned whether new skiers exhibit consistent ancillary spending patterns compared to prior years. He also asked about the company's confidence in its staffing levels and cost controls should the season prove stronger than expected.

    Answer

    CEO Kirsten Lynch noted that last year saw strong spend-per-guest results and that new guests on Epic Day Passes tend to be destination-oriented with historically strong ancillary spend. She expressed high confidence in the current staffing plan, highlighting a historic high in the return rate of frontline employees, which improves guest experience and operational efficiency.

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    Chris Woronka's questions to Vail Resorts Inc (MTN) leadership • Q3 2024

    Question

    Chris Woronka of Deutsche Bank asked if hotel booking trends retained their predictive value this season given the weather impact. He also questioned if weaker renewal rates among some passholders affect the outlook for the new My Epic Gear rental program.

    Answer

    CFO Angela Korch acknowledged that resort lodging markets did not fill in as expected, with occupancy declining, due to both normalization in travel and weather conditions. CEO Kirsten Lynch expressed continued confidence in the My Epic Gear program, stating that since all skiers need gear, the addressable market is very large. She believes the convenience and quality of the subscription service offer a compelling value proposition to all passholders, regardless of their tenure.

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    Chris Woronka's questions to Hilton Grand Vacations Inc (HGV) leadership

    Chris Woronka's questions to Hilton Grand Vacations Inc (HGV) leadership • Q1 2025

    Question

    Chris Woronka asked about a potential downside economic scenario where hotel discounting could erode the timeshare value proposition, and what contingency plans HGV has in place.

    Answer

    CEO Mark Wang and CFO Daniel Mathewes asserted that the company's value proposition is stronger than ever, especially in a high-rate environment, and has widened relative to hotel ADRs. Wang highlighted the resilience of the business model, citing a large prepaid package pipeline, 50% recurring EBITDA, a loyal member base, and key partnerships. Mathewes added that HGV's transaction price growth has been more in line with inflation, unlike the outsized growth in hotel rates.

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    Chris Woronka's questions to Hilton Grand Vacations Inc (HGV) leadership • Q3 2024

    Question

    Chris Woronka of Deutsche Bank requested an update on performance and outlook for HGV's three largest markets—Hawaii, Las Vegas, and Orlando—and asked if Hilton's recent brand acquisitions provide new lead generation opportunities for HGV.

    Answer

    CEO Mark Wang reported that Las Vegas remains a high-performing market, while Orlando has seen some softening. He noted Hawaii was impacted by the slow return of Japanese travelers and a now-resolved hotel strike. Wang confirmed that Hilton's brand growth, including new acquisitions, is a positive for HGV as it expands the loyalty member base and provides more guest data.

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    Chris Woronka's questions to Marriott Vacations Worldwide Corp (VAC) leadership

    Chris Woronka's questions to Marriott Vacations Worldwide Corp (VAC) leadership • Q4 2024

    Question

    Chris Woronka of Deutsche Bank inquired about the sustainability of the new owner mix growth into 2025 and whether there were any shifts in the financing propensity among first-time buyers. He also asked for clarification on whether the planned $90-$95 million in inventory repurchases correlates with the increased sales reserves from the prior year.

    Answer

    John Geller, President and Chief Executive Officer, confirmed the company's goal is to continue driving growth in first-time buyers, acknowledging the higher associated marketing costs. He stated there has been no significant change in financing propensity. Geller clarified that inventory repurchases are not tied to recent defaults but are related to long-term owners and maintenance fee defaults, which he described as stabilized churn.

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