The company prioritized capital allocation toward share repurchases, buying back 9.2% of outstanding shares in 2025 at what management considers a meaningful discount to Net Asset Value.Market-specific dynamics showed strength in Scottsdale, Orlando, and Northern California, while Texas and San Diego faced headwinds from softer citywide convention calendars and difficult year-over-year comparisons.Operational efficiency improved through corporate initiatives targeting real estate taxes, insurance, and infra ...