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    Dany Asad • Bank of America

    Dany Asad's questions to Sunstone Hotel Investors Inc (SHO) leadership

    Dany Asad's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q2 2025

    Question

    Dany Asad from Bank of America asked for a detailed breakdown of the revised EBITDA outlook, seeking to quantify the impact from Andaz Miami Beach, Washington D.C., and Wailea.

    Answer

    EVP & CFO Aaron Reyes attributed approximately two-thirds of the guidance reduction to the slower-than-expected ramp-up at Andaz Miami Beach. The remaining one-third was attributed to softness in Washington D.C. from weaker government demand and in Wailea due to market normalization. He noted these were partially offset by strength in San Francisco and Wine Country.

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    Dany Asad's questions to Sunstone Hotel Investors Inc (SHO) leadership • Q1 2025

    Question

    Dany Asad from Bank of America requested a breakdown of the components driving the revised full-year outlook, specifically the impacts from the Andaz Miami, Wailea, and the rest of the portfolio.

    Answer

    Executive Aaron Reyes provided a detailed breakdown, attributing the guidance change to three main factors: a ~$2 million reduction from the Andaz due to a later opening, a ~$4 million headwind from a more challenging operating environment in Wailea as Kaanapali reopens, and a ~$2 million impact from softer transient demand in San Diego. CEO Bryan Giglia added that the outlook conservatively extrapolates recent weakness but could see upside if trends stabilize or international travel increases.

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    Dany Asad's questions to Choice Hotels International Inc (CHH) leadership

    Dany Asad's questions to Choice Hotels International Inc (CHH) leadership • Q2 2025

    Question

    Dany Asad inquired about Choice Hotels' international expansion strategy, specifically the rationale for choosing between direct franchising and master franchising models in different regions.

    Answer

    President & CEO Patrick Pacious explained that the decision hinges on market fundamentals like capital access for small business owners and the regulatory environment. He noted that in markets like Canada, Mexico, and Europe, direct franchising is viable. Following the Canada acquisition, Choice's international portfolio is now predominantly direct franchising, which allows for the full integration of all 22 brands and leverages local teams more effectively.

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    Dany Asad's questions to Choice Hotels International Inc (CHH) leadership • Q4 2024

    Question

    Dany Asad from Bank of America inquired about the specific impact of hurricane-related activity on Q4 RevPAR and asked about the expected level and focus of investment spending in 2025.

    Answer

    CFO Scott Oaksmith quantified the hurricane lift at approximately 125 basis points for Q4 RevPAR. He also attributed the strong 4.5% RevPAR growth to broad strength in business transient (up 14%), group travel (up 45% from managed accounts), and government spending. CEO Patrick Pacious added that 2025 investments will focus on enhancing the franchisee value proposition, specifically through tools for dynamic pricing, to drive top-line revenue and reduce costs.

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    Dany Asad's questions to Wyndham Hotels & Resorts Inc (WH) leadership

    Dany Asad's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q2 2025

    Question

    Dany Asad of Bank of America questioned how the compliance issue with the Super 8 master licensee in China might alter Wyndham's strategic approach to China and other international markets, particularly regarding direct franchising.

    Answer

    CEO Geoffrey Ballotti affirmed the company's long-standing strategy of moving away from master license agreements in favor of direct franchising. He emphasized that Wyndham's direct franchising business in China has grown over 100% since the spin-off, operates at three times the royalty rate, and continues to see double-digit growth and a strong development pipeline, demonstrating their commitment to this model.

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    Dany Asad's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q1 2025

    Question

    Dany Asad of Bank of America requested a regional breakdown of the revised RevPAR outlook, asking for the specific changes in expectations for the U.S. versus the rest of the world.

    Answer

    CFO Michele Allen clarified that her prior comment of a potential 3% decline for the rest of the year was specific to the U.S. at the low end of the guide. For international markets, she stated they took a consistent approach using recent trends. This implies continued momentum in EMEA and LATAM, pricing pressure in China, and weaker performance in Canada. Overall, international RevPAR is expected to decline about one point on a constant currency basis.

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    Dany Asad's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q4 2024

    Question

    Dany Asad asked for details on the net rooms growth outlook for China specifically and questioned how the strategic push into higher fee PAR rooms might affect the system's natural retention rate over the long term.

    Answer

    CEO Geoffrey Ballotti explained that as the portfolio mix shifts towards midscale and upscale brands, which naturally have higher retention rates, the overall system retention should benefit. He expressed strong optimism for China, citing accelerated openings and a robust development pipeline with 43% higher license fees, driving 16% net room growth in the direct franchise system.

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    Dany Asad's questions to Park Hotels & Resorts Inc (PK) leadership

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

    Question

    Dany Asad asked if there were different patterns of consumer behavior at higher-end versus non-luxury resorts and questioned the drivers behind non-rooms revenue growing faster than RevPAR during the quarter.

    Answer

    CFO Sean Dell'Orto stated that there were no significant changes in consumer behavior patterns between luxury and non-luxury properties. He explained that non-rooms revenue outpaced RevPAR primarily due to a 9% increase in group catering contributions, driven by a favorable mix shift towards in-house groups, which generate more on-property food and beverage spend.

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

    Question

    Dany Asad asked for insights into how large corporate accounts are shaping up for 2025 and about potential demand softness in November around the U.S. election period.

    Answer

    CFO Sean Dell'Orto noted that while corporate rate negotiations are ongoing and more dynamic, the segment's outperformance in 2024 bodes well for 2025. He confirmed an expected negative impact from the election on travel pace in November but anticipates a stronger December will balance it out. CEO Thomas Baltimore added that this election-week softness is consistent with patterns seen in 2020 and 2016.

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    Dany Asad's questions to Summit Hotel Properties Inc (INN) leadership

    Dany Asad's questions to Summit Hotel Properties Inc (INN) leadership • Q4 2024

    Question

    Dany Asad from Bank of America requested a breakdown of the puts and takes for the 2025 RevPAR guidance of 1% to 3%, noting its similarity to 2024's actual performance.

    Answer

    Executive Jonathan Stanner explained that 2025 performance is expected to be a continuation of 2024 trends, with urban and suburban markets leading growth. He noted that growth will be more balanced across the portfolio, with less of a lift from the few lagging markets that drove 2024's outperformance. Stanner identified potential upside in the leisure segment, especially from the newly renovated Courtyard Fort Lauderdale in the second half of the year.

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