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CEO Leslie Hale confirmed that leisure rate sensitivity is driving travelers to discount channels, a trend expected to continue. She contrasted Q3's softness with a more positive outlook for Q4. On expenses, Hale projected approximately 2% growth for the second half of the year, crediting the operations team for aggressive cost controls. COO Tom Bardenett elaborated on these initiatives, which include optimizing labor, procurement, and leveraging the portfolio's lean operating model.

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CEO Jeff Donnelly stated it was too early to comment on 2026 sustainability but noted his instinct is that the current growth is skewed more toward price, driven by menu engineering and ancillary fees. He confirmed the growth has been broad-based across both group and transient business, impacting urban and resort hotels, but did not provide a specific categorical breakdown.

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CEO Jeffrey Donnelly stated it was too early to comment on 2026 sustainability but noted his instinct is that recent growth skews more toward price. He explained the growth has been broad-based across group and leisure business, impacting both urban and resort hotels, and includes F&B initiatives like menu reengineering as well as non-F&B items like parking and amenity fees.

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CEO Justin Knight clarified that while buybacks are primarily funded by asset sales to highlight the value arbitrage, the company has the flexibility to be opportunistic. He noted the July pause in buybacks was due to the earnings blackout period, not a change in appetite. Regarding dispositions, he stated that while CapEx is a factor, the main goal is maximizing value, and the company might even renovate assets before a sale to enhance returns.

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CEO Bryan Giglia reported that the 2026 group pace is up in the low single-digit range. He identified Washington D.C., Miami, and New Orleans as strong citywide markets for 2026, and specifically highlighted that San Francisco has very strong internal group pace, which should drive continued growth.

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President & CEO Jonathan Stanner explained that the timing of the $15.4 million share repurchase was influenced by the proximity to the earnings period. He affirmed the company's strategy to fund buybacks with proceeds from asset sales, noting two hotels are currently under contract. Regarding the manager transition, Stanner clarified that the economics remain similar and the change was made primarily to focus operations.

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Christopher Nixon, EVP & Head of Asset Management, confirmed a strategic focus on attracting high-margin group business across the portfolio, especially during off-peak periods. He noted that while April was affected by an Easter shift and renovations, strong performance in May and June, driven by group, corporate, and leisure demand, offset softness in the government segment. President & CEO Richard Stockton added that while no more asset sales are planned for 2025, the company remains open to opportunities in 2026, given the improving transaction environment.

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Christopher Nixon, EVP & Head of Asset Management, confirmed a portfolio-wide strategy to attract high-margin group business, particularly during off-peak months, noting that F&B revenue growth outpaced rooms revenue growth. He added that May and June performed as expected, with strong corporate and leisure demand offsetting softness in the government segment. President & CEO Richard Stockton stated that while no further asset sales are planned for 2025, the company remains open to opportunities in 2026, citing an improving transaction environment.

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Christopher Nixon, EVP & Head of Asset Management, confirmed a strategic focus on attracting high-margin group business across the portfolio, which contributed to F&B revenue outpacing rooms revenue. He noted that while May and June performed as expected, results were impacted by renovations and government segment softness, offset by strong corporate and leisure demand. President & CEO Richard Stockton added that while no further asset sales are planned for 2025, the company is open to considering sales in 2026 as the transaction market improves.

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Christopher Nixon, EVP & Head of Asset Management, confirmed a portfolio-wide strategy to increase high-margin group business, which helped offset softness in the government segment. He noted May and June performed as expected. President & CEO Richard Stockton added that while no further asset sales are planned for 2025, the company remains open to opportunities in 2026.

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Christopher Nixon, EVP & Head of Asset Management, confirmed a strategic focus on attracting high-margin group business across the portfolio, particularly during off-peak months. He noted that while May and June performed as expected, results were impacted by renovations and government segment softness, but offset by strong corporate and leisure demand. President & CEO Richard Stockton added that the Seattle sale enhances liquidity and, while no further sales are planned for 2025, the company remains open to future transactions in an improving market.

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EVP & Head of Asset Management, Christopher Nixon, confirmed a portfolio-wide strategy to attract high-margin group business, which helped offset softness in the government segment. He noted that May and June performed as expected. President & CEO, Richard Stockton, stated that the Seattle sale provides significant flexibility and that while no more sales are planned for 2025, they remain open to opportunities in 2026 as the transaction market improves.

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Richard Stockton, President and CEO, stated that the primary impact was at the Ritz-Carlton Sarasota's beach club, which led to some group cancellations in October. He estimated the financial impact to be between $500,000 and $700,000 for that specific hotel. Stockton emphasized that strong performance across the rest of the portfolio more than offset this isolated impact for the month of October.

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Chair & CEO Marcel Verbaas explained that there are limited large-scale ROI opportunities and expects CapEx to decline in coming years. President & COO Barry Bloom addressed expenses, confirming they are lapping tougher wage comps but do not expect significant margin improvement in H2 due to the muted RevPAR environment ex-Scottsdale.

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President & CEO James Risoleo characterized the Cincinnati property as a unique, bottom-tier asset due to its tough market, ground lease, and severe lack of capital investment. He stated he knows of no other hotel in the portfolio in such 'dire need' of CapEx and reinforced that the company's top 40 assets drive over 80% of its EBITDA, minimizing the impact of lower-tier properties.

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President & CEO James Risoleo characterized the Westin Cincinnati as a unique situation, ranking at the bottom of the portfolio with significant deferred CapEx. He asserted that no other hotel is in such 'dire need' of investment and emphasized that the top 40 assets drive over 80% of the company's EBITDA, underscoring the quality of the core portfolio.

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Chairman & CEO Jon Bortz acknowledged that increased discounting and promotions have impacted the summer season but stated the trend has not worsened as the summer progressed. He anticipates that this price competition will likely dissipate after Labor Day as leisure demand patterns shift.

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