A lot of attention being paid to the health of the US consumer and whether they are still going to keep spending their discretionary dollars on travel. We're at the Bank of America Gaming and Lodging and Leisure Conference in New York City. And with me, my guest Jeff Botti, who's the CEO of Windham Hotels.It's great to see you this morning. >> Great seeing you contestant. It's uh the busiest show these folks have ever had.Attendance, I just heard from Danny Assad and Sean Kelly. It's up 25% over last year, ...

Core Viewpoint - Travel + Leisure Co. (TNL) has shown strong stock performance, gaining 9.5% in a month, outperforming the industry and S&P 500 [1] - The company is experiencing solid operational performance and resilient consumer demand, particularly in its vacation ownership segment [15] Stock Performance - TNL's stock closed at $47.89, below its 52-week high of $58.95 and above its 52-week low of $37.77 [1] - Other industry players like Atour Lifestyle, Marriott Vacations, and Hilton Grand Vacations have also seen significant stock gains [1] Technical Indicators - TNL is trading above its 50-day moving average, indicating strong upward momentum and price stability [2] Performance Metrics - In Q1 2025, TNL reported a Volume Per Guest (VPG) of $3,212, up from the previous year, indicating healthy consumer spending [3] - There has been an increase in resort bookings, reflecting owners' eagerness to utilize vacation options [3] Owner Demographics - The average age of TNL's owners has shifted to the mid-50s, suggesting increased sales potential to younger generations [4] Market Trends - Travel remains a key component of the experience economy, with strong performance in popular destinations like Florida and growing interest in family-friendly locations [5] Brand Strategy - TNL is enhancing its brand strategy through partnerships and targeted expansion, including a successful collaboration with Wyndham Hotels [6][8] - The company plans to launch Sports Illustrated-branded sales in 2025 and expand the Margaritaville brand with a new resort in Orlando [9] Earnings Estimates - The Zacks Consensus Estimate for TNL's earnings per share for 2024 and 2025 has been revised down slightly to $6.40 and $7.43, respectively [10] Valuation - TNL is currently trading at a discount compared to the industry, with a forward 12-month P/E ratio of 7.04 [11] Consumer Sentiment - Broader macroeconomic conditions and declining consumer sentiment in 2025 pose risks to discretionary spending, particularly among new buyers [12][15]