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CEO Mark Hoplamazian reported that the Standard integration is yielding "quite remarkable" early results, with strong World of Hyatt contribution displacing more expensive channels. He noted the Bahia Principe business is performing well and that any disruption from the Playa rebranding will be resolved by year-end, with a full ramp-up by January 2026.

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President and CEO Mark Hoplamazian clarified that there were significant cancellations from the government sector and a pullback from association business, which was offset by strong corporate demand. CFO Joan Bottarini added that international markets are showing notably stronger transient pacing for both leisure and business compared to the U.S.

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President and CEO Mark Hoplamazian confirmed that investing in Lindner is 'in the realm of possibility' and that Hyatt is exploring options. CFO Joan Bottarini stated that the anticipated foreign exchange impact in 2025 is incrementally positive but not material to the overall financial outlook.

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President & CEO Patrick Pacious stated that development dynamics in Canada mirror the U.S., with a mix of new construction and conversion opportunities across the brand portfolio. He highlighted the market's projected 5% annual growth and the high quality of the existing 30,000-room system. While not providing specific synergy figures, he expressed confidence in growth driven by the existing franchisee base's interest in new brands.

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CFO Scott Oaksmith detailed the EBITDA growth drivers, confirming that partnership and ancillary services are expected to contribute approximately 2% to 2025 EBITDA growth, independent of RevPAR. He stated this segment has long-term potential to grow faster than core royalties. CEO Patrick Pacious reported that franchisees at the convention were optimistic, seeing their hotels outperform peers due to Choice's investments in loyalty and technology. He noted strong developer interest in extended-stay and conversion brands.

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CEO Patrick Pacious explained that the focus on rapid hotel conversions (80% of 2024 openings) means many units enter and open within a quarter, not lingering in the pipeline. He stated the Bluegreen unit count is expected to remain stable. CFO Scott Oaksmith provided the NUG breakdown: international growth is expected slightly above 3%, with domestic being slightly positive. Oaksmith also clarified the Westgate deal is a distribution agreement with higher-than-typical fees paid for reservations delivered, not a standard franchise agreement.

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CFO Scott Oaksmith stated there are 10 open and operating owned hotels, with a handful more under construction, primarily for the Cambria and Everhome brands as part of a capital recycling strategy. CEO Patrick Pacious noted October's 5% RevPAR growth was broad-based, not just hurricane-driven, and that the business travel mix was 35%, a high level reflecting the Radisson portfolio's contribution.

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CEO Geoffrey Ballotti reported strong progress for Echo Suites, with a pipeline exceeding 30,000 rooms and continued signings from individual developers. He noted recent openings in Texas, Tennessee, and Virginia, with performance on track and some hotels already achieving a RevPAR index over 100. For international expansion, he confirmed agreements are in place for Canada and Mexico is being considered for the next year.

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CEO Geoffrey Ballotti affirmed confidence in the long-term 3% to 5% net room growth algorithm, citing a record Q1 for openings and strong signings. CFO Michele Allen stated that while the 2025 EBITDA is revised down slightly, it does not alter the long-term trajectory. She noted that key controllable metrics like system growth, royalty rate, and ancillary revenues are performing at or above expectations, and that underperforming RevPAR years are typically followed by stronger ones, supporting confidence in their ability to compound growth.

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CFO Michele Allen stated that the key money strategy is successfully attracting higher fee PAR properties, with less than 20% of additions receiving it but yielding a 40% fee PAR premium. She noted that as interest rates decline, returns improve. The 2025 guidance assumes a consistent capital deployment approach, with about 90% of the investment focused on the U.S. midscale and above segments, including La Quinta and Echo Suites.

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CEO Geoffrey Ballotti confirmed the new ECHO deals are with new institutional developers, broadening the franchisee base. He elaborated that the explosion in data center construction across the U.S. is a significant, incremental demand driver for Wyndham's brands, particularly for weekday stays and new construction in secondary markets with limited lodging supply.

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CEO Bryan Giglia stated the portfolio is 'pristine' with no assets that must be sold. The strategy is focused on recycling capital from any asset, large or small, when there's an arbitrage between private market value and their internal NAV. He confirmed that given the current discount, share repurchases are a compelling use of capital and that Sunstone expects to be a net seller, with proceeds likely funding buybacks.

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Bryan Giglia, Chief Executive Officer, reported that the two Napa hotels generated over $3 million in EBITDA growth in 2024 from optimizing the group mix and implementing cost controls. For 2025, Giglia stated they anticipate "another couple of million dollars of EBITDA growth at each of these hotels," with any surprise pickup in leisure demand representing further upside.

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CEO Bryan Giglia clarified that the primary impact from the San Diego disruption was contained in Q4 2024, mainly from cost inefficiencies rather than future cancellations, with 2025 group pace up nearly 6%. For the Andaz Miami Beach, he stated the delayed opening would likely reduce the 2025 EBITDA contribution from a projected $12 million down to approximately $9 million.

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CEO Tony Capuano acknowledged some softness in the U.S. and Canada in March but noted encouraging sequential improvement into April. CFO Leeny Oberg quantified the Easter timing impact and attributed the weakness to a temporary shock from government news. Regarding citizenM, Mr. Capuano described owners' 'profound enthusiasm' to leverage Marriott's network for accelerated growth rather than a formal commitment.

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President and CEO Tony Capuano stated that growing market share is a top priority and believes the new efficiency initiative will provide incremental support to that growth. He highlighted strong momentum in conversions, attributing it to a portfolio of conversion-friendly brands, a more frictionless process, and dedicated resources focused on driving conversion volume.

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President and CEO Leslie D. Hale explained that March RevPAR, initially expected to be positive, finished down 1.3%, and April was projected to decline 1-2%. She attributed this to the Easter shift and softer government demand, while noting rate integrity held. EVP and CFO Sean Mahoney described the bank market as strong for top-tier sponsors, the high-yield market as having recovered but with spreads 50-75 bps wider, and the CMBS market as active but more cautious.

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President and CEO Leslie D. Hale explained that the guidance range depends on the performance of business transient (BT) and group demand relative to their baseline assumptions. She stated that capital allocation will remain nimble, leveraging the company's strong balance sheet to pursue opportunities like share buybacks, acquisitions, and conversions as market windows emerge, similar to their strategy in 2024.

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President and CEO Leslie D. Hale stated that labor metrics are normalizing. EVP and CFO Sean Mahoney specified a 4-5% year-over-year increase in wages and benefits, noting moderation from the first half of the year. COO Thomas Bardenett added that contract labor usage is decreasing. Regarding conversions, Mahoney stated they are tracking ahead of underwriting, delivering approximately 10% top-line and 20-25% bottom-line growth year-over-year.

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Chair and CEO Marcel Verbaas explained the Santa Clara purchase from the city was a unique opportunity to eliminate ground lease risk and increase long-term optionality. President and COO Barry Bloom stated that CapEx deferrals are due to tariff uncertainty and are under continuous reevaluation, with the timing of future projects dependent on cost, ROI, and asset seasonality.

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COO Barry Bloom clarified that the 2024 group softening was specific to large resort hotels in Orlando and Carlsbad, which are now seeing a return to a more normalized business mix for 2025. Regarding loyalty costs, he explained the increase is driven by higher volume of loyalty member stays, not a higher per-stay cost, making a precise margin impact difficult to quantify.

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Chair and CEO Marcel Verbaas clarified the $3 million impact was a Q3/Q4 2024 issue due to renovation delays and would not bleed into 2025 expectations. President and COO Barry Bloom added that expense pressures are not geographically concentrated but are driven by the mix shift toward occupancy growth at the expense of ADR. He noted that margin erosion is most pronounced where occupancy gains are paired with rate declines, and that bringing back fixed staffing also impacts smaller hotels.

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CFO Liz Perkins detailed that while government travel saw a pullback, small group business remains strong and negotiated business has held up well, describing the situation as a mix of factors rather than a single weak segment. CEO Justin Knight affirmed the company's plan to spend $80-$90 million on CapEx, viewing it as a prudent investment to maintain a competitive advantage, and noted the company's strong balance sheet provides the flexibility to proceed.

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CFO Liz Perkins highlighted that operators are managing costs by improving occupancy, reducing contract labor, and leveraging extensive benchmarking. CEO Justin Knight commented that while transaction volume is low, real estate values for quality assets appear stable to improving. He explained the disposition strategy is both strategic (market trajectory) and tactical (focusing on smaller assets where pricing is currently favorable).

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CFO Liz Perkins stated that while booking patterns have shifted slightly shorter-term, there has been no material change in cancellation rates. She acknowledged that shorter booking windows create staffing challenges, which slightly impacted Q3 payroll costs. CEO Justin Knight explained that the disposition market has only recently become more favorable and affirmed that if it remains open, they will be more aggressive in selling assets to redeploy capital while protecting the balance sheet. He also noted there is no portfolio premium for sales currently.

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CEO Jeff Donnelly identified August and November as having difficult comps due to major citywide events in Chicago and Boston in the prior year. He stated the strategy is to hold firm on rates and book transient business into the gaps, rather than cutting rates which they feel would not instigate new demand.

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CEO Jeff Donnelly and President & COO Justin Leonard explained the scope changes were driven by ROI discipline. At Bourbon Orleans, a rooms-only renovation offered a better return than adding low-margin F&B outlets. At the Landing Resort, the high cost and limited occupancy upside of adding rooms prompted a re-evaluation. Leonard identified Denver, Salt Lake, and San Diego as markets with recent group pace improvement, crediting recent renovations for success in the latter two.

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CEO Jeff Donnelly described their ideal acquisition as a newer property with an attractive yield, both on a cap rate and after-capital basis, and a compelling per-key valuation. Executive Briony Quinn confirmed buyback activity was nominal, attributing the decision to the need for cash to repay a mortgage and the ongoing evaluation of capital allocation alternatives, including the potential acquisition.

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Jonathan Stanner, President and CEO, responded that deeper, 'COVID-era' expense cuts haven't been necessary yet as occupancies remain high, but those levers are available if needed. Regarding the buyback, he cited the 'extreme' stock price dislocation as the driver, stating it would be funded through reduced CapEx, opportunistic asset sales, and potentially a minor leverage increase of less than 0.25x. He noted that the JV partner is well-capitalized and prepared to act on valuation dislocations, though near-term transaction activity is expected to be slow.

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Executive Jonathan Stanner described the off-market deal as a compelling opportunity with a strong going-in yield in desirable submarkets. He noted that the unlevered IRRs are underwritten to be 300-400 basis points higher than their recent dispositions. While the assets are older, they are in good physical condition with capital allocated for future renovations, and their prime locations ensure their continued relevance.

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President and CEO Jon Stanner explained that the company's successful disposition program has created balance sheet capacity for external growth. He noted that an improving capital markets environment and more realistic seller expectations are making transactions more feasible. While market-agnostic, Stanner sees near-term opportunities in urban markets benefiting from group and business transient demand. He also confirmed that Summit will continue to opportunistically sell lower-margin JV assets that require significant capital.

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President and CEO James Risoleo explained that while the company has detailed, property-by-property contingency plans ready, they have not been implemented as the portfolio is performing well. He emphasized that they are not currently seeing signs of a downturn and are comfortable with their guidance. He did note a 20 basis point operational improvement from ongoing productivity efforts.

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EVP and CFO Sourav Ghosh explained that the guidance is based on current GDP and nonresidential fixed investment forecasts. He identified potential upside from continued strength in the group segment, which has strong pace and rate growth, and from the business transient segment if positive business sentiment leads to increased travel from large corporations.

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EVP and CFO Sourav Ghosh clarified that excluding the significant drag from the Maui wildfires, the portfolio's RevPAR growth rate for 2024 would have been closer to 3%. He noted that at this level of growth, the company would have achieved margin expansion for the year, outperforming the industry due to benefits from recent capital investments.

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Jon Bortz, Chairman and CEO, explained that expense management is a 'continuous and relentless' effort and did not provide a specific dollar amount for savings. He cited examples such as improved F&B efficiency, predictive technology to prevent pipe breaks, and enhanced labor management. Tom Fisher, Co-President and CIO, addressed dispositions, stating that while the transaction market is improving with better debt availability, policy uncertainty could cause near-term delays.

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Jon Bortz, Chairman and CEO, clarified that the buyback was funded by strong free cash flow, not asset sales, though dispositions remain the primary intended source for future buybacks. He emphatically stated there is 'no next wave' of major redevelopment projects, as the portfolio's significant repositioning is now largely complete. Raymond Martz, Co-President and CIO, projected a run-rate CapEx of $65-$75 million for 2025, a significant decrease from prior years, and noted that any hurricane restoration costs would be covered by insurance.

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