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Mike Bellisario

Senior Research Analyst at Baird Financial Group, Inc.

Chicago, IL, US

Mike Bellisario is a Senior Research Analyst at Robert W. Baird, specializing in real estate research with a focus on hotel real estate investment trusts (REITs) and global hotel brands in the consumer and retail sectors. He covers companies such as Marriott International and Wyndham Hotels & Resorts, among others, with a track record of 56% of his stock ratings generating a profit and an average return of 7.2% per rating according to TipRanks, where he is ranked among the top Wall Street analysts; his best-performing call delivered a 129.5% return on Wyndham Hotels & Resorts between April 2020 and April 2021. Bellisario joined Baird in 2010 after previous roles as a research analyst at Crist/Kolder Associates and a trading assistant at SKTY Trading, and has been recognized as the No. 2 earnings estimator in Equity REITs in the 2019 StarMine Analyst Awards. He holds a BS in Finance with Highest Honors from the University of Illinois at Urbana-Champaign and an MBA with concentrations in Finance and Managerial and Organizational Behavior from the University of Chicago.

Mike Bellisario's questions to Hilton Worldwide Holdings (HLT) leadership

Question · Q3 2025

Mike Bellisario asked about broad pricing trends, how and where customers are booking (especially leisure), and whether promotions and discounts are weighing on Average Daily Rate (ADR).

Answer

Chris Nassetta, President and CEO, acknowledged that in weaker periods (like Q3), Hilton runs more promotions and uses OTAs, but emphasized that rate integrity has been reasonably maintained, with declines balanced between rate and occupancy. He explained that the observed impact on ADR is primarily a 'mixed shift' – substituting lower-rated leisure customers for higher-rated business transient customers, rather than a collapse in leisure rates themselves. He noted that inflation, though moderating, still supports rate maintenance.

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