Core Portfolio & Strategy - Park Hotels & Resorts focuses on upper-upscale and luxury full-service hotels in premier urban and resort destinations, affiliated with dominant global brands[4] - The company's core portfolio includes 20 consolidated hotels and 1 unconsolidated hotel, totaling 16,000 rooms[13] - Park plans to dispose of non-core hotels to enhance growth and quality, with estimated proceeds of $560 million to $600 million expected from non-core hotel sales[55, 61] - The strategic plan involves disposing of remaining non-core hotels over the next 12+ months to materially enhance growth and quality[46] Financial Performance & Valuation - Park Hotels & Resorts is trading at a 47% discount to the consensus estimate of NAV (Net Asset Value)[14] - The implied market value of the portfolio is $270,000 per key, while the replacement cost for the core portfolio is approximately $1 million per key[14] - The company offers an attractive dividend yield of 9%[14] - The company has over $2 billion of liquidity, including $1 billion available under the revolving credit facility and an unsecured $800 million delayed-draw term loan[15] ROI & Growth Potential - Park Hotels & Resorts has a robust ROI pipeline with $1 billion of potential opportunities, with past projects generating 20%+ average IRR (Internal Rate of Return)[15] - Since 2018, $1.4 billion of capital will have been invested in the core portfolio through 2025, or $87,000 per key[14] - The company anticipates $100 million+ Adjusted EBITDA growth potential as core markets recover and ROI projects stabilize[14]

Core Viewpoint - DiamondRock Hospitality Company announced a fourth quarter dividend of $0.12 per common share, which includes a regular quarterly dividend of $0.08 and a stub dividend of $0.04, leading to a total dividend of $0.36 per share for 2025, representing a 12.5% increase over 2024 [1] Company Overview - DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that owns a diversified portfolio of hotels, primarily located in leisure destinations and major gateway markets [1] - The company currently owns 36 premium quality hotels and resorts, totaling approximately 9,600 rooms [1] - The portfolio includes both globally recognized brand hotels and independent boutique hotels in the lifestyle segment [1] Future Dividend Expectations - For 2026, DiamondRock expects to declare regular quarterly dividends of $0.09 per common share, with the potential for a stub dividend in the fourth quarter, depending on operating income [1]

Core Viewpoint - Hilton Worldwide Holdings Inc. (HLT) is a leading hospitality company with a market cap of $66.3 billion, managing a diverse portfolio of hotel brands and over 8,300 properties globally [1][2]. Company Overview - HLT operates various hotel brands, including Waldorf Astoria, Hilton Hotels & Resorts, and Home2 Suites by Hilton, showcasing its extensive market presence [1]. - The company is categorized as a large-cap stock, emphasizing its significant influence in the lodging industry [2]. Financial Performance - In Q3, HLT reported revenue of $3.1 billion, reflecting an 8.8% year-over-year increase, and an adjusted EPS of $2.11, up 9.9% from the previous year [5]. - Year-to-date, HLT shares have risen 14.5%, while over the past 52 weeks, they have increased by 11.7%, although this is below the Nasdaq Composite's gains of 20.5% and 21.1% respectively [4]. Stock Performance - HLT's stock has experienced a 1.5% decline from its 52-week high of $287.40, reached on November 28, and has gained 2.5% over the past three months, underperforming the Nasdaq Composite's 8.5% increase [3]. - The stock has been trading above its 50-day moving average since early November and above its 200-day moving average since early May, indicating a bullish trend [4]. Market Sentiment - Wall Street analysts maintain a "Moderate Buy" rating for HLT, with a consensus price target of $288.75, suggesting a potential upside of 2% from current levels [6]. - The Hilton Honors loyalty program, with 195 million members, plays a crucial role in customer retention and revenue generation, contributing to the company's growth [2].

Group 1 - Hilton Worldwide Holdings Inc. announced the pricing of a $1 billion offering of 5.500% Senior Notes due 2034, with the offering expected to close on December 10, 2025 [1] - The net proceeds from the offering will be used to redeem $500 million of the Issuer's outstanding 5.750% Senior Notes due 2028 and cover related fees and expenses, with the remainder allocated for general corporate purposes [1] - The Notes will not be registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers and certain non-U.S. persons [2][3] Group 2 - Hilton reported a diluted EPS of $1.78 for the third quarter of 2025, with an adjusted diluted EPS of $2.11 [7] - The net income for the third quarter was $421 million, and the adjusted EBITDA was $976 million [7] - System-wide comparable RevPAR declined by 1.1% on a currency-neutral basis for the third quarter [7]

Core Insights - Newbond Holdings and Conversant Capital have successfully acquired two major hotels in San Francisco, the Hilton San Francisco Union Square and Parc 55 San Francisco, for a total of $408 million, which represents approximately 10% of the city's total room inventory [1][2]. Company Overview - Newbond Holdings is a hospitality-focused real estate investment firm with a national portfolio of hotel assets, emphasizing creative structuring and operational expertise to create significant value [3]. - Conversant Capital is a private investment firm founded in 2020, focusing on credit and equity investments in real estate, digital infrastructure, and hospitality sectors [4]. - Hilton is a leading global hospitality company with a portfolio of 25 brands, over 1.3 million rooms, and a commitment to enhancing guest experiences through technology and loyalty programs [5]. Market Position - The acquired hotels are strategically located in Union Square and are expected to benefit from San Francisco's recovery as a global destination, supported by strong leadership and investment in the hospitality sector [2]. - The acquisition is seen as a long-term commitment to support San Francisco's recovery and enhance the diversity of its lodging market [2].

Core Points - Hyatt Hotels Corporation announced the pricing of a public offering of $400 million in senior notes due 2035, with a fixed annual interest rate of 5.400% [1] - The offering is expected to close on November 26, 2025, subject to customary closing conditions [1] - The net proceeds will be used to repay the Company's 4.850% notes due 2026 and for general corporate purposes if any net proceeds remain [2] Offering Details - The offering is made under a shelf registration statement on Form S-3, which became effective on August 30, 2023 [4] - Deutsche Bank Securities, PNC Capital Markets LLC, and Scotiabank are acting as representatives of the underwriters and joint book-running managers for the offering [3] Company Overview - Hyatt Hotels Corporation, headquartered in Chicago, operates over 1,450 hotels and all-inclusive properties in 82 countries as of September 30, 2025 [6] - The Company offers a diverse portfolio of brands across various categories, including Luxury, Lifestyle, Inclusive, Classics, and Essentials [6]

Disclaimer ⯝餓㡮僈 H World Group Limited (NASDAQ: HTHT and HKEX: 1179) H World November 17, 2025 Third Quarter of 2025 Earnings Call This presentation has been prepared by H World Group Limited (the "H World") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading ...

Lodging firm Sonder entered liquidation in Delaware on Friday, disclosing several funds under BlackRock as its creditors https://t.co/mdfZwgYUlC ...

Core Insights - The Baron Asset Fund underperformed for the second consecutive quarter, declining 4.23% in Q3 2025, while the Index gained 2.78% [3] - The underperformance was primarily due to the Fund's underexposure to Momentum, Beta, and Residual Volatility factors, which led the market higher [3] - The Fund's overexposure to Earnings Quality negatively impacted performance as lower quality stocks rallied during the quarter [3] Sector Performance - Stock selection in IT and Communication Services accounted for about three-quarters of the underperformance, with significant declines from Gartner, Inc. and StubHub Holdings, Inc. [4] - Weakness in Consumer Discretionary was broad-based, with notable declines from Choice Hotels International, Inc. and On Holding AG [5] - Financials were hindered by FactSet Research Systems Inc. and Morningstar, Inc., affected by industry-wide concerns regarding AI and a shift in investor focus [7] - Health Care showed solid stock selection, driven by strong performance from IDEXX Laboratories, Inc. [8] Key Contributors - IDEXX Laboratories, Inc. contributed 1.13% to returns, benefiting from improved foot traffic and revenue growth in its Companion Animal segment [9] - Amphenol Corporation gained 1.01% as expectations for data center spending rose, bolstered by a significant acquisition [10] - SpaceX reported substantial growth in its Starlink service and continued advancements in rocket technology [11][12] Key Detractors - Gartner, Inc. detracted 2.31% from performance due to disappointing earnings and decelerating contract value growth [13] - StubHub Holdings, Inc. faced challenges post-IPO, with investments impacting near-term results [16] - Verisk Analytics, Inc. was affected by a conservative outlook and concerns about the property and casualty insurance market [17]

America’s increasingly polarized economy is leaving its mark on the lodging business, where luxury hotels are charging a record-high premium https://t.co/RjFnu2rMrq ...