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    Jack Armstrong

    Director and Senior Equity Analyst at Wells Fargo

    Jack Armstrong is a Director and Senior Equity Analyst at Wells Fargo Securities, specializing in the coverage of the utilities and independent power producers sector. He provides investment research and ratings for leading companies such as NextEra Energy, Southern Company, Duke Energy, and Exelon, maintaining a strong track record for stock recommendations with a success rate consistently above 65% and solid returns documented by third-party analytics. With a career starting at Citigroup Global Markets before joining Wells Fargo in 2012, Armstrong leverages over a decade of experience in equity research and has earned recognition as a top-ranked analyst by TipRanks and Institutional Investor. He is FINRA-registered with Series 7, 63, 86, and 87 licenses, reflecting his robust professional credentials.

    Jack Armstrong's questions to RLJ Lodging Trust (RLJ) leadership

    Jack Armstrong's questions to RLJ Lodging Trust (RLJ) leadership • Q2 2025

    Question

    Jack Armstrong from Wells Fargo questioned why RLJ is not accelerating its ROI-focused CapEx programs, such as conversions and property upgrades, given its strong cash position and the attractive returns these projects have generated.

    Answer

    CEO Leslie Hale responded that the company is maintaining its established cadence of approximately two conversions per year and is actively integrating ROI projects into its standard renovation cycles. COO Tom Bardenett provided specific examples of successful ROI initiatives, such as beverage-centric F&B concepts and parking optimization, which helped drive a 1.5% increase in non-room revenue during the quarter.

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    Jack Armstrong's questions to Sunstone Hotel Investors (SHO) leadership

    Jack Armstrong's questions to Sunstone Hotel Investors (SHO) leadership • Q2 2025

    Question

    Jack Armstrong of Wells Fargo asked if the company's size is a hurdle for investors and where future earnings growth will come from within the existing portfolio, including 2026 CapEx plans.

    Answer

    CEO Bryan Giglia asserted that recent investments in properties like Long Beach and Wailea are already driving growth. Future investments include meeting space renovations in San Diego and a rooms renovation in Orlando. He argued the company's concentrated size is an advantage, allowing for nimble capital recycling to create shareholder value.

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    Jack Armstrong's questions to Service Properties Trust (SVC) leadership

    Jack Armstrong's questions to Service Properties Trust (SVC) leadership • Q2 2025

    Question

    Jack Armstrong of Wells Fargo questioned the rationale for fully drawing the credit facility, the potential use of a zero-coupon bond, the plan for 2027 debt maturities, the profile of future hotel sales, expected returns on renovations, and the nature of changes to the Sonesta management agreement.

    Answer

    CFO & Treasurer Brian Donley explained the credit facility was drawn proactively to preserve liquidity before potentially falling below the debt covenant threshold, and confirmed a zero-coupon bond is an option being evaluated. President & CEO Christopher Bilotto noted that 2026 asset sales would target the 2027 maturities. Donley stated renovation return expectations range from 8-10% to over 20% for larger projects. Bilotto clarified that changes to the Sonesta agreement are structural (moving from a pooled to individual hotel basis) to align incentives with the new strategy, not economic, as current terms are considered market.

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    Jack Armstrong's questions to Xenia Hotels & Resorts (XHR) leadership

    Jack Armstrong's questions to Xenia Hotels & Resorts (XHR) leadership • Q2 2025

    Question

    Jack Armstrong from Wells Fargo asked for an update on consumer behavior, booking windows, the preliminary July RevPAR, and the company's view on the current transaction market for potential portfolio changes.

    Answer

    Chair & CEO Marcel Verbaas provided the July RevPAR figures (down slightly, but up 3% ex-Houston), attributing the results to softer leisure demand as expected. On transactions, Verbaas stated that external growth is not a priority due to the company's stock valuation, and while dispositions are possible for high-CapEx assets, no major portfolio reshaping is planned.

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    Jack Armstrong's questions to HOST HOTELS & RESORTS (HST) leadership

    Jack Armstrong's questions to HOST HOTELS & RESORTS (HST) leadership • Q2 2025

    Question

    Jack Armstrong of Wells Fargo asked about the strategy for transitioning Maui from promotional transient demand to more stable group business, questioning the timing and potential for a demand gap.

    Answer

    EVP & CFO Sourav Ghosh stated that they are actively pursuing group business for Maui, with 2026 pacing already looking very encouraging and close to pre-pandemic levels. He acknowledged the 9-12 month lead time for incentive groups but expressed confidence in a much stronger group performance in 2026, mitigating the risk of a demand gap as promotional activity normalizes.

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    Jack Armstrong's questions to HOST HOTELS & RESORTS (HST) leadership • Q2 2025

    Question

    Jack Armstrong of Wells Fargo asked about the strategy for Maui, specifically the plan and timing for transitioning from promotional transient demand to more stable group business.

    Answer

    EVP & CFO Sourav Ghosh clarified that the company is actively booking group business for Maui, with 2026 pacing already approaching pre-pandemic levels. He noted that incentive groups have a 9-12 month lead time, so while a full recovery will take time, they expect a significantly better group year in 2026. He projected 2025 Maui group room nights at 81,000, compared to a 2019 peak of around 100,000.

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    Jack Armstrong's questions to HOST HOTELS & RESORTS (HST) leadership • Q1 2025

    Question

    Jack Armstrong asked how administration policies have impacted labor supply and margins, and how tariff expectations have factored into full-year margin guidance.

    Answer

    President and CEO James Risoleo responded that the company has not seen any pressure on the labor supply front, crediting its primary managers, Marriott and Hyatt, as strong employers. Regarding tariffs, he stated there is currently no indication they will impact hotel-level margins, and the company is comfortable with its existing margin guidance.

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    Jack Armstrong's questions to Apple Hospitality REIT (APLE) leadership

    Jack Armstrong's questions to Apple Hospitality REIT (APLE) leadership • Q1 2025

    Question

    Jack Armstrong asked if weaker RevPAR in the upscale segment indicates pressure on the middle-income consumer and a lack of a trade-down effect. He also requested a comparison of current full-time employee and contract labor levels to pre-pandemic, assessing the company's operational flexibility.

    Answer

    CFO Liz Perkins attributed recent performance more to market-specific disruptions like weather and holiday shifts rather than a specific consumer or chain-scale issue. She noted that full-time employee levels are just shy of pre-pandemic levels and contract labor, while down significantly, remains about 200 basis points above 2019 levels. She affirmed the company's operational model provides significant flexibility to adapt to demand shifts.

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