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    Gregory Miller • Truist Securities

    Gregory Miller's questions to RLJ Lodging Trust (RLJ) leadership

    Gregory Miller's questions to RLJ Lodging Trust (RLJ) leadership • Q2 2025

    Question

    Gregory Miller of Truist Securities inquired about the performance of the recently converted Bankers Alley hotel in Nashville amid new market supply and asked for an assessment of the hotel transaction environment, including volume, pricing, and its relation to RLJ's NAV discount.

    Answer

    CEO Leslie Hale reported that the Nashville asset is performing very well, with a 14% RevPAR increase in Q2. COO Tom Bardenett attributed this success to its unique Tapestry Collection branding and location, noting 60% of business now comes from Hilton Honors members. Regarding transactions, Hale described market volume as low but noted that sentiment has improved recently, though equity capital remains scarce. She reiterated her belief that RLJ trades at a significant discount to its net asset value.

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    Gregory Miller's questions to RLJ Lodging Trust (RLJ) leadership • Q4 2024

    Question

    Gregory Miller asked about the impact of the recent Los Angeles fires on the Pierside Hotel and Zachari Dunes, and whether the company expects any related demand falloff later in the year.

    Answer

    President and CEO Leslie D. Hale and EVP and CFO Sean Mahoney confirmed their L.A. area hotels saw a positive, temporary demand lift from displaced individuals. Hale clarified that this incremental demand was not factored into their forward-looking guidance, as their budgets were built without this assumption.

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    Gregory Miller's questions to RLJ Lodging Trust (RLJ) leadership • Q3 2024

    Question

    Gregory Miller asked about demand and booking trends for The Knickerbocker hotel for New Year's as a read-through on leisure spending, and inquired about potential hurricane-related impacts on Florida leisure demand.

    Answer

    President and CEO Leslie D. Hale stated that leisure demand remains stable, with consumers being price-sensitive but still prioritizing travel, and noted The Knickerbocker is pacing well. COO Thomas Bardenett explained that Florida demand often shifts between coasts post-hurricane and that their portfolio is well-positioned with renovated assets to capture this demand.

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    Gregory Miller's questions to Host Hotels & Resorts Inc (HST) leadership

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

    Question

    Gregory Miller from Truist Securities asked for an update on summer leisure demand from international inbound travelers relative to prior expectations and whether performance varied by market.

    Answer

    EVP & CFO Sourav Ghosh stated that the international inbound/outbound travel dynamic has effectively been a 'wash.' While US outbound travel remains elevated, it has moderated, and inbound travel has also softened, resulting in a net neutral impact. He noted that for Host's portfolio, international demand has been relatively strong in key markets like New York, with strength from European visitors offsetting declines from Canada.

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    Gregory Miller's questions to Pebblebrook Hotel Trust (PEB) leadership

    Gregory Miller's questions to Pebblebrook Hotel Trust (PEB) leadership • Q2 2025

    Question

    Gregory Miller of Truist Securities asked about the company's AI initiatives, specifically whether certain hotel types, such as larger or branded properties versus independents, are expected to see greater opportunities.

    Answer

    Co-President & CFO Raymond Martz explained that operationally complex properties like resorts may see the biggest benefits, as AI can handle high volumes of routine guest inquiries. Chairman & CEO Jon Bortz added that independent hotels might adopt AI more quickly due to their flexible third-party systems, whereas the legacy systems of major brands could lead to slower implementation.

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    Gregory Miller's questions to Pebblebrook Hotel Trust (PEB) leadership • Q1 2025

    Question

    Gregory Miller asked for the company's expectations for summer performance at its drive-to resorts and whether they anticipate positive RevPAR growth. He also questioned how the company prevents its cost-cutting efforts from negatively impacting guest satisfaction scores.

    Answer

    CEO Jon Bortz stated it was too early to forecast summer performance due to short leisure booking windows but noted that most resorts are well-positioned due to recent redevelopments. On guest satisfaction, he stressed that their focus is on operational efficiency, not cutting services that guests value. He affirmed that they constantly monitor guest reviews, which have been consistently rising, and would quickly reverse any change that negatively impacts the customer experience.

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    Gregory Miller's questions to Pebblebrook Hotel Trust (PEB) leadership • Q4 2024

    Question

    Gregory Miller of Truist Securities requested an update on the San Francisco market, asking about factors beyond the convention calendar, such as changes in local leadership, streetscape improvements, and tourism efforts.

    Answer

    Jon Bortz, Chairman and CEO, provided a very positive outlook, stating that San Francisco is improving 'in all regards.' He pointed to a more moderate city government, a business-friendly mayor, positive office absorption, and visible improvements in the city's cleanliness. He highlighted that the new head of SF Travel is already making a positive impact. Raymond Martz, Executive, supported this by noting that booking pace for their San Francisco hotels is up double-digits for each quarter of 2025.

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    Gregory Miller's questions to Pebblebrook Hotel Trust (PEB) leadership • Q3 2024

    Question

    Gregory Miller of Truist Securities requested an update on the Curator Hotel & Resort Collection's progress, including its hotel count and financial performance, and asked if KSL Capital Partners' sale of Davidson Hospitality Group would have any impact.

    Answer

    Jon Bortz, Chairman and CEO, noted that Curator's membership has held steady around 100 hotels, which is behind internal goals. Raymond Martz, Co-President and CIO, emphasized that Pebblebrook still benefits significantly from Curator's scale through better vendor contracts (e.g., Avendra) and access to new technologies like AI service bots. Regarding the Davidson sale, Bortz stated that they do not anticipate any impact on their relationship.

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    Gregory Miller's questions to Onespaworld Holdings Ltd (OSW) leadership

    Gregory Miller's questions to Onespaworld Holdings Ltd (OSW) leadership • Q1 2025

    Question

    Gregory Miller asked if the company observed any weakness in consumer spending immediately following the formal announcement of tariffs or during recent periods of stock market volatility, and whether management was surprised by the lack of impact.

    Answer

    Executive Leonard Fluxman responded with a direct "No," stating there was no immediate impact on spending. He reasoned that guests already on a cruise have likely set their budgets and are not influenced by real-time news. Executive Stephen Lazarus added that this behavior is typical, as any change in spending habits would more likely occur after the vacation ends, not during it.

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    Gregory Miller's questions to Onespaworld Holdings Ltd (OSW) leadership • Q4 2024

    Question

    Gregory Miller from Truist Securities inquired if norovirus incidents had a material impact on the Q1 2025 outlook. He also requested more detail on the anticipated financial impact and quarterly cadence of ship dry docks for the year.

    Answer

    CFO Stephen Lazarus stated that norovirus incidents were 'not at all' impactful to the Q1 outlook. He began to address the dry dock question before the call experienced a technical difficulty, preventing a complete answer.

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    Gregory Miller's questions to Onespaworld Holdings Ltd (OSW) leadership • Q3 2024

    Question

    Gregory Miller questioned the revenue impact of cruise lines increasingly featuring their private islands on itineraries and asked what factors drive a cruise line's decision to add OneSpaWorld services to an already operational private island.

    Answer

    CEO Leonard Fluxman explained that while some private islands offer limited services, they are not a net negative to revenue and can become accretive as more spa offerings are developed. He stated that cruise lines decide to add or expand services on their islands based on direct passenger feedback and expressed demand for more amenities.

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    Gregory Miller's questions to Onespaworld Holdings Ltd (OSW) leadership • Q2 2024

    Question

    Gregory Miller asked about current trends in post-treatment product spending and the company's spa menu pricing strategy, specifically how it benchmarks against high-end U.S. resorts.

    Answer

    Executive Chairman Leonard Fluxman confirmed that both product and service demand remain strong, with retail attachment improving due to menu simplification. He explained that while OneSpaWorld benchmarks against land-based resorts, its pricing is still value-oriented, and the company sees potential for further price increases in 2025.

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