Core Viewpoint - Chatham Lodging has announced the date for its 2026 Annual Meeting of Shareholders, indicating ongoing corporate governance and shareholder engagement efforts [1] Company Summary - The Annual Meeting of Shareholders is a key event for Chatham Lodging, allowing shareholders to discuss company performance and future strategies [1]

FOURTH QUARTER AND FULL YEAR 2025 SUPPLEMENTAL DATA DECEMBER 31, 2025 ABOUT PARK AND SAFE HARBOR DISCLOSURE TABLE OF CONTENTS | Financial Statements | 4 | | --- | --- | | Supplementary Financial Information | 7 | | Outlook and Assumptions | 14 | | Portfolio and Operating Metrics | 18 | | Properties Acquired and Sold | 25 | | Current Supplementary Financial Information | 28 | | Capital Structure | 33 | | Definitions | 35 | | Analyst Coverage | 40 | About Park Hotels & Resorts Inc. Park (NYSE: PK) is one of t ...

Company Overview - RLJ Lodging Trust is a self-advised REIT that specializes in owning premium-branded hotels, focusing on high-margin, select-service properties across diverse U.S. markets, which supports stable cash flows and a competitive dividend yield [6] - The company reported a total revenue of $1.35 billion and a net income of $33.45 million for the trailing twelve months (TTM), with a dividend yield of 7.14% [4] Recent Transaction - On February 17, 2026, H/2 Credit Manager LP increased its stake in RLJ Lodging Trust by purchasing 3,278,927 shares, valued at approximately $23.83 million based on the quarterly average price [2] - Following this transaction, the total value of H/2 Credit Manager's position in RLJ reached $71.39 million, reflecting a net increase of $26 million from the previous period due to new purchases and stock price movements [2] Financial Position and Market Performance - As of February 17, 2026, RLJ shares were priced at $8.29, which represents a decline of 7.9% over the past year, underperforming the S&P 500 by 18.03 percentage points [8] - The company has recently refinanced all debt maturities through 2028, extended its $600 million revolver to 2031, and added new term capacity maturing in 2033, which positions it to retire $500 million of senior notes due in July [11] Investment Implications - The refinancing of debt reduces refinancing risk, which is crucial in a higher-rate environment, and if lodging demand stabilizes, there is potential for upside through multiple expansions and improved free cash flow visibility [12] - The current investment strategy appears to favor real estate and credit-sensitive plays, indicating a shift away from high-growth sectors like biotech [12]

Core Viewpoint - Host Hotels & Resorts, Inc. has updated its investor presentation for the fourth quarter of 2025, highlighting its position as the largest lodging real estate investment trust in the United States [1]. Company Overview - Host Hotels & Resorts, Inc. is an S&P 500 company and the largest lodging real estate investment trust, owning 71 properties in the United States and five properties internationally, totaling approximately 41,700 rooms [2]. - The company also holds non-controlling interests in seven domestic joint ventures, further expanding its footprint in the hospitality sector [2].

Core Insights - Host Hotels & Resorts, Inc. reported a full year comparable hotel Total RevPAR growth of 4.2% and a comparable hotel RevPAR growth of 3.8% for 2025, driven by increased transient demand and improvements in food and beverage revenues [1][5] - The company completed two asset sales in 2025 and has four additional assets sold or under contract in early 2026, indicating a strategic focus on capital allocation [1][4] - For 2026, the company provided guidance for comparable hotel Total RevPAR growth in the range of 2.5% to 4.0% [1][17] Financial Performance - Total revenues for the fourth quarter of 2025 were $1.603 billion, a 12.3% increase from $1.428 billion in the fourth quarter of 2024, and full year revenues reached $6.114 billion, up 7.6% from $5.684 billion [3][27] - Net income for the fourth quarter was $137 million, a 25.7% increase compared to $109 million in the same quarter of 2024, while full year net income was $776 million, up 9.8% from $707 million [3][5] - The company reported a diluted earnings per common share of $0.20 for the fourth quarter and $1.10 for the full year, reflecting increases of 33.3% and 11.1% respectively compared to the previous year [3][29] Asset Management and Capital Allocation - In 2025, the company sold $1.4 billion of real estate across five properties and reinvested $644 million in capital expenditures and resiliency investments [4][5] - The company returned $859 million to shareholders through dividends and share repurchases, demonstrating a commitment to shareholder value [4][5] - The company has a robust balance sheet with total assets of $13.0 billion and a debt balance of $5.1 billion, maintaining a balanced maturity schedule [9][13] Operational Highlights - Comparable hotel Total RevPAR for the fourth quarter of 2025 was $380.71, a 5.4% increase from the same period in 2024, driven by improvements in room revenues and ancillary spending [3][13] - The company’s comparable hotel EBITDA for the fourth quarter was $411 million, a 4.1% increase year-over-year, while the comparable hotel EBITDA margin declined slightly to 28.0% [3][13] - The company’s customer mix for 2025 included approximately 61% transient, 34% group, and 5% contract business, with group room nights down year-over-year due to planned renovations [11][12] 2026 Outlook - The company anticipates stable operating conditions in 2026, with guidance for comparable hotel Total RevPAR growth between $382 and $388, and net income expected to range from $836 million to $891 million [15][17] - The guidance reflects a modest improvement in short-term group booking trends and continued strength in leisure transient demand, bolstered by events such as the FIFA World Cup [15][16] - The company expects to maintain its investment-grade balance sheet and significant liquidity to capitalize on future opportunities [4][15]

Core Insights - Mountain Valley Lodge in Hailey, Idaho, will close on February 16, 2026, for a comprehensive renovation and conversion to Hampton by Hilton Hailey Sun Valley, marking Hilton's entry into the greater Wood River Valley region [1] - The renovation aims to modernize the property while incorporating design elements that reflect the natural beauty of the area, with plans to reopen in spring 2026 [1] - The hotel will connect to Hilton's global distribution platform and over 240 million Hilton Honors members, enhancing its appeal to travelers [1] Company Overview - Après Hotels, based in Lynden, Washington, is the managing partner for the renovation project, with Jensen Davenport Architects leading the design [1] - The renovation will include updated guestrooms, expanded public spaces, and signature Hampton amenities such as complimentary hot breakfast and a modern fitness center [1] - Hampton by Hilton is recognized as the No. 1 lodging franchise for the last 17 years by Entrepreneur, with over 3,100 properties globally [1] Industry Context - The transformation of Mountain Valley Lodge represents a significant investment in the Wood River Valley's hospitality sector, reinforcing the commitment to enhance local offerings [1] - The project aims to deliver a high-quality, upper-midscale hotel experience while remaining connected to the local culture [1] - Hilton Honors members will benefit from exclusive offers and contactless technology through the Hilton Honors mobile app [1]

Core Viewpoint - Marriott Vacations Worldwide has announced key leadership appointments, naming Matthew E. Avril as Chief Executive Officer and Michael A. Flaskey as President and Chief Operating Officer, aiming to enhance operational execution and drive sustainable performance improvement [1][2]. Leadership Appointments - Matthew E. Avril has been appointed as CEO, having served as interim President and CEO since November 2025, and has been a board member since March 2025 [1][2]. - Michael A. Flaskey has been appointed as President and COO, bringing over 25 years of experience in the vacation ownership and hospitality industries [1][2]. Strategic Focus - Avril emphasizes a focused approach to performance, aiming to strengthen marketing and sales execution, enhance profitability, and reinforce a performance-driven culture [1]. - Flaskey will oversee MVW's commercial strategy and all brand, commercial, and operating functions, focusing on enhancing owners' lifetime value through a differentiated market approach [1]. Compensation Plan - A new compensation plan has been introduced for the CEO and President & COO roles, linking rewards to long-term share price appreciation and EBITDA growth [1]. - Two-thirds of long-term equity awards are contingent on achieving $950 million in Adjusted EBITDA and a stock price of $145 over a three-year horizon [1]. Company Overview - Marriott Vacations Worldwide is a leading global vacation company with 120 vacation ownership resorts and approximately 700,000 owner families [2]. - The company operates an exchange network and membership programs with over 3,200 affiliated resorts in more than 90 countries [2].

Core Insights - Hyatt Hotels Corporation has added Seaview Hotel & Golf Club to its Destination by Hyatt brand, enhancing its portfolio in the Mid-Atlantic region and preserving the resort's historical legacy [1] - The Seaview Hotel & Golf Club is located on 670 acres along Reed's Bay in Galloway, New Jersey, and offers a blend of historical charm and modern amenities, catering to leisure travelers, golfers, and meeting planners [1] - The hotel features 296 guest rooms, 16 suites, and 34,500 square feet of flexible meeting space, accommodating events for up to 1,000 guests [1] Property Features - Seaview Hotel & Golf Club includes two championship golf courses, the Bay Course and the Pines Course, which are known for their beauty and challenge [1] - Additional amenities at the resort include indoor and outdoor swimming pools, a 24-hour fitness center, nature trails, and the Noyes Art Gallery [1] - The culinary program is led by Executive Chef Rodolfo Correa, enhancing the dining experience for guests [1] Strategic Importance - The addition of Seaview Hotel to Hyatt's portfolio reflects the company's commitment to expanding its global presence and providing unique destinations for World of Hyatt members [1] - The property aims to maintain its unique character while leveraging Hyatt's global platform to attract new travelers and serve the local community [1] - Hyatt's Destination by Hyatt brand focuses on offering immersive experiences that connect guests to the local culture and environment [1]

Core Insights - The gaming sector is experiencing a mixed performance, with MGM reporting a solid quarter despite a challenging 2025, while expectations for Wynn and DraftKings are cautiously optimistic as they prepare for upcoming earnings reports [1][2][3]. MGM Insights - MGM faced a difficult 2025 with high single-digit declines in visitation and gross gaming revenue, but anticipates a better performance in 2026, particularly in the latter half of the year [2][3]. - Growth in Macau and the digital business is highlighted as a positive aspect of MGM's diversified operations, despite the stock underperforming in 2025 [3][4]. Wynn Insights - Wynn is positioned as a luxury play within the gaming sector, expected to perform better than mid-tier operators, with positive outlooks for both its Vegas operations and the recovering Macau market [5][6]. - The stock is trading at approximately 20 times earnings, with significant luxury assets and plans to open a property in the UAE by late 2026 [7]. DraftKings Insights - DraftKings is expected to exceed Q4 expectations, driven by a strong December performance, although guidance for 2026 may be slightly below expectations due to investments in prediction markets [9][10]. - The company is rolling out a prediction product in markets where sports betting is not available, and initial tracking indicates positive reception [11]. Market Trends - The luxury segment in the gaming and lodging industry is showing growth, while other segments are declining, reflecting a K-shaped economic recovery [5]. - The Chinese market is seen as a bright spot for gaming companies, particularly with the upcoming Chinese New Year [8].

Core Viewpoint - Choice Hotels International, Inc. (NYSE:CHH) is considered one of the most undervalued travel stocks by hedge funds, with recent price target adjustments from major financial institutions indicating a mixed outlook for the U.S. lodging sector [1][2][3]. Group 1: Price Target Adjustments - JPMorgan raised the price target for Choice Hotels to $102 from $95 while maintaining a Neutral rating, indicating that investor expectations are reasonably set [1]. - Goldman Sachs increased its price target to $100 from $90, also reaffirming a Neutral rating, and anticipates an acceleration in U.S. RevPAR growth starting in 2025, supported by events like the World Cup and higher tax refunds [2]. - Morgan Stanley lowered its price target to $91 from $106, keeping an Equal Weight rating, and noted muted fundamentals in lodging, gaming, and leisure for 2025, with expectations of similar trends in 2026 [3]. Group 2: Company Operations - Choice Hotels International, Inc. is engaged in the franchising and operation of hotels, with its operations divided into Hotel Franchising and Corporate and Other segments [4].