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    Jack Armstrong • Wells Fargo

    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 Inc (SHO) leadership

    Jack Armstrong's questions to Sunstone Hotel Investors Inc (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 Xenia Hotels & Resorts Inc (XHR) leadership

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

    Jack Armstrong's questions to Host Hotels & Resorts Inc (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-driven demand to more stable group business.

    Answer

    EVP & CFO Sourav Ghosh clarified that the company is already actively pursuing group business for Maui through FAM trips and engagement with meeting planners. He expressed encouragement with the 2026 group pace, which is tracking close to pre-pandemic levels. Given the 9-12 month lead times for incentive groups, he stated they 'fully expect to have a much better group year in 2026.'

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    Jack Armstrong's questions to Host Hotels & Resorts Inc (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 Inc (APLE) leadership

    Jack Armstrong's questions to Apple Hospitality REIT Inc (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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