Financial Data and Key Metrics Changes - Comparable Hotels' total revenue was $365 million for the quarter, down approximately 1% year-over-year, and $1.1 billion year-to-date, also down about 1% [23][24] - Comparable Hotels' adjusted hotel EBITDA was approximately $129 million for the quarter, down about 7% year-over-year, and $375 million year-to-date, down approximately 6% [24][32] - Comparable Hotels' RevPAR was $124, down 1.8%, with ADR at $163, down 0.6%, and occupancy at 76%, down 1.2% compared to the same quarter in 2023 [24][32] Business Line Data and Key Metrics Changes - Transient leisure demand remained resilient, while group business targeted by property teams helped offset slightly softer midweek business transient [6] - Weekend occupancy was strong at 81%, but weekday occupancy declined, contributing to overall portfolio occupancy declines [27] - Group business mix improved by 50 basis points to 15%, indicating a focus on maximizing revenue from this segment [30] Market Data and Key Metrics Changes - Comparable Hotels' RevPAR declined approximately 3% in October 2025 compared to October 2024, impacted by the government shutdown [7][27] - The hotel portfolio continues to outperform the industry, with STR reporting RevPAR of $102 and average occupancy of 63% for the first nine months of the year [24] - Market performance varied significantly, with some markets showing strong RevPAR gains while others faced headwinds due to demand shifts [25] Company Strategy and Development Direction - The company is focusing on capital allocation by selectively selling assets and redeploying proceeds into share repurchases [5][10] - Future investments are being made to ensure the portfolio's continued relevance, including transitioning Marriott-managed hotels to franchise agreements [9][56] - The company aims to enhance portfolio quality and competitiveness through strategic transactions and maintaining a strong balance sheet [10][38] Management's Comments on Operating Environment and Future Outlook - Management noted that while fundamentals remain strong, external factors like policy uncertainty and expense pressure have impacted performance [5] - The company is optimistic about pent-up demand following the government shutdown and expects to benefit from events like the 2026 FIFA World Cup [21][22] - Despite macroeconomic uncertainties, the company remains confident in its ability to navigate market conditions and drive profitability [37][38] Other Important Information - The company has completed the sale of three hotels for a total of $37 million and has four more under contract for approximately $36 million [11] - Capital expenditures for the year are expected to be between $80 and $90 million, with major renovations planned for approximately $20 million of hotels [18] - The company paid distributions totaling approximately $57 million during the third quarter, representing an annual yield of approximately 8.6% [19] Q&A Session Summary Question: How has the full-time employee count shifted over the quarter? - Management indicated that improvements in wages and payroll were largely driven by adjustments to labor in response to occupancy declines, with flexibility in FTE counts allowing for cost management [39][40] Question: How much of the guidance change is attributed to the government shutdown? - Approximately two-thirds of the guidance change is related to the government shutdown, with the remaining third attributed to fundamental performance issues [42][44] Question: What is the strategy behind the development deals versus acquisitions? - The company aims to balance short-term opportunities from asset sales and share repurchases with long-term relevance through development deals, targeting strong returns [46][48] Question: What are the expected disruptions during the transition of Marriott-managed hotels? - Management anticipates some disruption during the transition but expects to mitigate it by consolidating management and leveraging existing partnerships [61][63]

Core Insights - Commercial real estate (CRE) dealmaking is experiencing a downturn in 2025, with transaction values significantly below pre-Covid levels, despite a 5% increase from the previous year as of Q3 [2] - Key trends include a flight to quality in property investments, economic uncertainty impacting the hotel sector, and renewed interest in office and retail spaces [3][5] Transaction Trends - The average dollar size of sales in September increased to $12.7 million, compared to $11.2 million over the previous two years, indicating a flight to quality [3] - Among the top 50 deals, 29 transactions exceeded $100 million, with the volume of such deals rising by 35% year-over-year in Q3, while smaller deals have remained flat or decreased [4] Sector Performance - The hotel sector is notably weak, with deal values down 30% in September compared to the same month in 2024, attributed to reduced international and business travel [6] - Investors are showing more confidence in higher quality properties, leading to increased investment from various sources, including sovereign debt funds [5]

Core Insights - Palantir Technologies reported record quarterly results that exceeded analysts' expectations and raised its full-year revenue outlook for the third consecutive quarter, yet its stock price declined due to concerns about overvaluation [2][5]. Group 1: Company Performance - Palantir's quarterly results were significantly better than expected, leading to an increase in its full-year revenue outlook [2][5]. - Despite strong performance, Palantir's stock led declines in the Nasdaq, indicating market skepticism about its valuation [2][5]. Group 2: Market Context - Major U.S. equity indexes, including the Dow Jones Industrial Average, S&P 500, and Nasdaq, experienced losses, with Palantir being a notable contributor to the tech sector's decline [1][5]. - Other companies like Uber Technologies and Denny's also experienced significant stock movements, with Uber's stock falling due to a weak EBITDA forecast and Denny's stock rising following an acquisition announcement [3].

Core Insights - Choice Hotels International is enhancing its Choice Privileges rewards program, introducing new benefits and a Titanium tier in early 2026, aimed at providing members with more rewards and faster paths to Elite status [1][2][3] Group 1: New Program Features - Members will earn rewards every five nights, including milestone rewards like bonus points and gift cards [5] - The new Titanium status will be available at 55 nights or 110,000 Elite Qualifying Credits, offering exclusive benefits such as the ability to book premium properties for half the points [5] - Elite status will be more attainable, with reduced requirements for Gold, Platinum, and Diamond tiers, now requiring five fewer nights than before [5] Group 2: Member Benefits - Members can earn Elite Qualifying Credits through hotel stays and spending on the Choice Privileges Mastercard, which can be used for everyday purchases [5] - Points will never expire for Elite status holders, and a soft landing benefit will prevent sudden loss of status [5] - Members will have the ability to transfer points to friends and family starting in late 2026 [5] Group 3: Market Position and Recognition - Choice Privileges has been recognized as the top hotel rewards program by U.S. News & World Report and WalletHub, reflecting its competitive points redemption rate and flexible options [3][4] - The program is designed based on extensive research with travelers, focusing on flexibility and frequent recognition [3][4] - Choice Hotels operates over 7,000 properties globally, catering to various travel styles and budgets, enhancing the overall travel experience for members [6][9]

Core Insights - Marriott International reported revenue of $6.49 billion for the quarter ended September 2025, reflecting a 3.7% increase year-over-year and a surprise of +0.55% over the Zacks Consensus Estimate of $6.45 billion [1] - The company's EPS for the quarter was $2.47, up from $2.26 in the same quarter last year, exceeding the consensus EPS estimate of $2.41 by +2.49% [1] Financial Performance Metrics - Comparable Systemwide International Properties - Worldwide REVPAR was reported at 131, slightly below the estimated 132 [4] - Total rooms stood at 1,753,722, surpassing the average estimate of 1,750,993 [4] - Owned/Leased rooms were reported at 14,206, compared to the estimated 14,187 [4] - REVPAR Growth Rate was 0.5%, exceeding the average estimate of 0.4% [4] - Gross fee revenues reached $1.34 billion, above the $1.32 billion estimate, marking a +4.3% year-over-year change [4] - Net fee revenues were $1.31 billion, compared to the estimated $1.29 billion, representing a +4.1% increase year-over-year [4] - Owned, leased, and other revenue was reported at $420 million, exceeding the estimate of $403.7 million, with a +10.2% year-over-year change [4] - Franchise fees amounted to $876 million, above the estimated $864.58 million, reflecting a +7.9% year-over-year increase [4] - Incentive management fees were $148 million, slightly above the estimate of $141.48 million, but down -6.9% year-over-year [4] - Cost reimbursements were reported at $4.76 billion, matching the estimate, with a +3.1% year-over-year change [4] - Base management fees were $314 million, slightly below the estimate of $316.47 million, representing a +0.6% year-over-year change [4] Stock Performance - Marriott's shares have returned -3% over the past month, while the Zacks S&P 500 composite has increased by +2.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Third quarter adjusted EBITDA rose 10% to $1.35 billion, exceeding expectations, while adjusted EPS grew 9% [15][21] - Global REVPAR increased by 0.5%, with nearly 1% ADR growth offsetting a 30 basis point decline in occupancy [15][17] - Total gross fee revenues increased 4% year-over-year to $1.34 billion, driven by rooms growth and strong co-branded credit card fee growth [15][16] Business Line Data and Key Metrics Changes - REVPAR growth was strongest in the luxury segment, which rose 4%, while select service brands in the US and Canada saw declines [8][9] - Incentive management fees (IMFs) totaled $148 million, down 7% year-over-year, primarily due to declines in the US and Canada [16] - Owned lease and other revenue net of expenses rose 16% compared to the prior year, driven by contributions from newly acquired properties [16] Market Data and Key Metrics Changes - International REVPAR grew 2.6%, outperforming the US and Canada, where REVPAR was down 0.4% [5][6] - APEC region saw nearly 5% REVPAR growth, driven by robust ADR growth and higher demand from international travelers [6][7] - Greater China faced challenges with flat REVPAR, impacted by macro conditions and multiple typhoons, although market share continued to grow [7][8] Company Strategy and Development Direction - The company aims to drive growth through technology transformation and expansion of its global portfolio, with a focus on high-end segments [10][12] - The launch of new brands like Outdoor Collection by Marriott Bonvoy reflects the company's strategy to diversify offerings and enhance guest experiences [10][11] - The company remains committed to maintaining an investment-grade rating while returning excess capital to shareholders through dividends and share repurchases [22] Management's Comments on Operating Environment and Future Outlook - Management anticipates global REVPAR growth of 1-2% in Q4, with stronger growth expected internationally compared to the US and Canada [17][18] - The preliminary outlook for 2026 suggests similar REVPAR growth of 1.5%-2.5%, with the World Cup expected to contribute positively [18][19] - Management expressed optimism about the future, citing strong cash flow performance and a robust pipeline of new hotel signings [21][22] Other Important Information - Membership in the Marriott Bonvoy loyalty program grew to nearly 260 million, up 18% year-over-year, enhancing guest engagement and value for owners [11] - The company is leveraging AI to improve customer experiences and operational efficiency [14][12] - The pipeline of new rooms reached a record high of over 596,000, with significant contributions from conversions [9][10] Q&A Session Summary Question: Credit card program and renewal parameters - Management acknowledged ongoing negotiations and highlighted the growth of the Bonvoy program, which has doubled in membership since 2017 [26][28] Question: Health of franchisee and owner requests - Management noted record signings and efforts to enhance top-line performance, indicating strong owner engagement [36][38] Question: Investment spending trends - Management clarified that increased investment spending is related to tech transformation and existing portfolio improvements, not a change in key money philosophy [44][45] Question: 2026 outlook and business transient trends - Management expects leisure to outperform business transient, with group pace showing positive signs for next year [46][49] Question: Development environment in APAC and China - Management reported strong growth in signings and room growth in APAC, particularly in Greater China, despite macro challenges [60][62] Question: Changes in underlying seasonality - Management observed an extension of peak seasonality into fall, with no significant shifts in customer mix from the US [78][81]

Core Points - Days Inns - Canada has renewed its partnership with Curling Canada for the 2026 season, continuing its role as an Official Partner [1][2] - The partnership will include Days Inns' presence at major curling events such as the 2026 Scotties Tournament of Hearts and the 2026 BKT World Women's Championship [2][3] - Days Inns - Canada will engage with curling fans through on-site activations and promotional offers, enhancing the experience for attendees [3][4] Company Overview - Days Inns - Canada operates over 105 properties and more than 8,515 rooms across the country, offering a range of amenities including free Wi-Fi and breakfast [5][6] - The company is part of Realstar Hospitality and is affiliated with Wyndham Hotels & Resorts, which is the largest hotel franchising company globally [6] Industry Context - Curling Canada is the governing body for curling in Canada, responsible for promoting and organizing the sport at various levels, from youth to seniors [7] - The partnership with Days Inns - Canada aims to provide savings and enhance the experience for curling fans, demonstrating the value of corporate sponsorship in sports [4][7]

Core Insights - AMTD Group, AMTD IDEA Group, and The Generation Essentials Group are in discussions for potential acquisitions of various hotels globally, including one in New York City currently under exclusive negotiation [1] - The Group aims to expand its hotel portfolio to exceed 1,000 rooms within the next 12 to 15 months [1]

Marriott International narrowed its full-year earnings outlook after logging higher profit and revenue in the third quarter, as ongoing strength in the luxury segment more than offset reduced governme... ...

Core Perspective - The Peninsula Hotels will offer a range of festive experiences across its global properties, including music performances, gourmet meals, and family activities, creating a warm and celebratory atmosphere for holiday guests [1][3]. Festive Offerings - The Peninsula Hotels will present a mix of new and traditional holiday programs, including music performances, children's workshops, and community engagement activities, enhancing the festive spirit for guests and their families [3]. Culinary Experiences - Each Peninsula property will feature unique holiday meals crafted by in-house culinary teams, including multi-course dinners at award-winning restaurants like The Peninsula London and The Peninsula Paris, showcasing exquisite holiday specialties [4]. Musical Performances - Holiday music will be a highlight at The Peninsula Hotels, with various concerts planned, including a Christmas concert featuring the Manila Symphony Orchestra and performances from The Nutcracker at The Peninsula Beverly Hills [5]. Family Activities - The Peninsula Hotels will offer family-friendly activities such as Tree Lighting Ceremonies, visits with Santa, and unique experiences like the Toy Hospital at The Peninsula Tokyo and rooftop ice-skating at The Peninsula Chicago [6]. Luxury Gifts and Treats - Guests will find a selection of luxury goods and festive spa packages at The Peninsula Hotels, along with gourmet hampers and exclusive items from The Peninsula Boutique, making for ideal holiday gifts [7]. New Year's Celebrations - Each Peninsula hotel will host glamorous New Year's Eve Galas, featuring dining, dancing, and views of fireworks, providing guests with a festive way to welcome 2026 [8]. Community Engagement - The Peninsula Hotels will continue their tradition of giving back during the holidays, offering guests opportunities to purchase items that benefit local organizations, including the Make-A-Wish Foundation, supporting children's welfare [10].