Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02 [12] - For the full year 2025, the net loss attributable to common stockholders was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [12] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million [12] - Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [12][13] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year comparable total revenue growth was 2.8% [6][8] - Comparable Hotel EBITDA for Q4 increased by 6%, and for the full year, it grew by 3.1% [8][19] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [9] Market Data and Key Metrics Changes - Comparable hotel RevPAR was flat for Q4, but ADR improved by 5.4% compared to the prior year [18] - Excluding properties under renovation, RevPAR increased by 4.6% and Total RevPAR increased by 6.3% for Q4 [18] - Group room revenue for the full year increased by 7.1%, with Q4 group room revenue up 0.4% [20] Company Strategy and Development Direction - The company has initiated a sale process and engaged Robert W. Baird & Co. as its financial advisor, with no definitive timetable for completion [5] - The company is focusing on high-margin ancillary revenue streams to drive profitability [19] - Recent renovations and strategic repositioning of properties, such as the conversion of Cameo Beverly Hills to Hilton's LXR brand, reflect the company's commitment to enhancing guest experiences [11][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining operating momentum and delivering strong results in the future [19] - The company is optimistic about opportunities ahead and plans to continue enhancing its diversified platform [27] - Management highlighted the resilience of the portfolio and the positive impact of recent renovations on future performance [11][28] Other Important Information - The company sold the 410-room Clancy in San Francisco for $115 million, which allowed for a $65 million debt paydown [10] - Approximately $149 million of non-traded preferred stock has been redeemed, representing about 32% of the original capital raise [11] - Capital expenditures in 2025 totaled approximately $78 million, with an anticipated spending of $25 million to $35 million in 2026 [26] Q&A Session Summary - The management team addressed questions regarding the impact of renovations on performance and the strategic direction of the company amidst the sale process [28]