Travel Industry Overview - Travel industry is experiencing a turbulent period due to macro uncertainty, but there's cautious optimism in the lodging sector [1] - Forward bookings have paused for about four months, around Liberation Day [3] - The 30-day booking window has decreased to approximately 20 days, indicating last-minute booking trends [3] - Luxury travel is holding up, while weakness is observed at the lower end [4] - Inbound tourism from Mexico and Canada remains weak, potentially due to a weaker dollar [5] International Travel Impact - International travelers account for a low to mid-single-digit percentage (3-5%) of US hotel stays, but certain resorts and gateway cities have a higher percentage [7] - Fewer outbound travels from Americans are expected, with more domestic holidays [8] - Inbound travel, characterized by longer stays, is expected to decline through the rest of 2025 [9] Lodging Stock Picks and Strategy - Hyatt is the top lodging pick, with a "buy" rating despite being down this year and over the past 12 months [9] - Hyatt is in the "fifth or sixth inning" of becoming asset-light, similar to Marriott and Hilton [11] - Hyatt is focusing on wellness and luxury customers, particularly in North America [12] - Hyatt has the biggest pipeline of new properties compared to its competitors [13] - Marriott and Hilton are rated neutral because their upside is already captured, and a resurgence in travel fundamentals is needed for further growth [14] - Hyatt is expected to close an acquisition of a Caribbean Mexican all-inclusive company for over $1 billion [15]

1st Quarter 2025 Earnings Update Four Seasons Scottsdale Forward Looking Statements and Non-GAAP Measures In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to ...

Group 1 - Lodging REITs are influenced by cyclical factors due to short-term market-to-market leasing and seasonal consumer behavior [1] - Current economic uncertainty raises concerns about the viability of lodging REITs, leading to a cautious stance on investment in this sector [1] Group 2 - Pearl Gray is an independent market research firm that specializes in systematic analysis, focusing on Bonds, Preferreds, and REITs [1] - The primary sectors of interest for Pearl Gray include Financials and Real Estate, with a mission to identify actionable total return ideas [1]

Core Viewpoint - Host Hotels & Resorts, Inc. will report its second quarter 2025 financial results on July 30, 2025, after market close, followed by a conference call on July 31, 2025, to discuss the results and business outlook [1]. Group 1 - Host Hotels & Resorts, Inc. is the largest lodging real estate investment trust in the United States and is part of the S&P 500 [3]. - The company owns 76 properties in the United States and five properties internationally, totaling approximately 43,400 rooms [3]. - Host Hotels & Resorts also holds non-controlling interests in seven domestic and one international joint ventures [3]. Group 2 - The conference call will take place at 11:00 a.m. ET on July 31, 2025, with access information provided for both USA/Canada and international callers [1]. - A replay of the conference call will be available until November 5, 2025, via webcast on the company's website [2].

Core Viewpoint - Ryman Hospitality Properties, Inc. is set to release its second quarter 2025 earnings results on August 4, 2025, with a conference call scheduled for August 5, 2025, to discuss the results [1]. Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [3]. - The company owns five of the top seven largest non-gaming convention center hotels in the U.S. based on total indoor meeting space, including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center [3]. - The hotel portfolio managed by Marriott International includes a total of 12,364 rooms and over 3 million square feet of indoor and outdoor meeting space across key convention and leisure destinations [3]. - Ryman Hospitality Properties holds approximately 70% controlling ownership interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [3].

Core Insights - Ryman Hospitality Properties, Inc. has successfully completed the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa for approximately $865 million [1][2]. Company Overview - Ryman Hospitality Properties is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [3]. - The company's portfolio includes five of the top seven largest non-gaming convention center hotels in the U.S., with a total of 12,364 rooms and over 3 million square feet of meeting space [3]. Acquisition Details - The JW Marriott Desert Ridge is located on approximately 402 acres in Arizona and features 950 guest rooms, including 81 suites, and about 243,000 square feet of meeting and event space [2]. - The resort includes amenities such as a 28,000-square-foot spa, seven dining options, a 140,000-square-foot water amenity, and two golf courses [2]. - The property has undergone nearly $100 million in capital investments, including renovations and upgrades to various facilities [2].

Core Insights - Vail Resorts, Inc. reported third quarter fiscal 2025 results, showing resilience in net revenue despite a 7% decline in visitation [1][3] - The company updated its fiscal 2025 guidance, expecting net income between $264 million and $298 million, and Resort Reported EBITDA between $831 million and $851 million [6][11] Financial Performance - Net income attributable to Vail Resorts for the third quarter was $392.8 million, up from $362.0 million in the prior year [6][10] - Resort Reported EBITDA for the third quarter was $647.7 million, a decrease of 1.0% from $654.4 million in the same period last year [6][10] - Total net revenue increased by $12.3 million, or 1.0%, to $1,295.6 million compared to the same period in the prior year [10][11] Season Pass Sales - Season pass sales through May 27, 2025, decreased approximately 1% in units but increased approximately 2% in sales dollars compared to the prior year [23][24] - The decline in units was attributed to new pass holders and lower tenured renewing pass holders, reflecting macro-economic conditions [24][25] - Epic Australia Pass sales increased approximately 20% in units and 8% in sales dollars compared to the prior year [25][26] Operational Highlights - Resort net revenue increased 3% year-to-date, driven by a 4% increase in season pass revenue and strong ancillary spending [4][10] - Ancillary spend per destination guest visit was strong, particularly in ski school and dining, despite lower overall visitation [3][4] - The company achieved 3% growth in Resort Reported EBITDA year-to-date, despite a 3% decline in total skier visits [4][10] Cost Management and Efficiency - The company is on track to achieve $100 million in annualized cost efficiencies by the end of fiscal year 2026, with $35 million expected in fiscal year 2025 [5][6] - One-time costs related to the resource efficiency transformation plan and CEO transition are expected to impact EBITDA by approximately $15 million and $9 million, respectively [11][12] Capital Allocation - The company declared a quarterly cash dividend of $2.22 per share, payable on July 9, 2025, and repurchased approximately 0.2 million shares during the quarter [20][22] - Total liquidity as of April 30, 2025, was approximately $1.6 billion, including $467 million in cash [19][20] Future Outlook - The updated guidance assumes a continuation of the current economic environment and normal weather conditions for the upcoming seasons [12][11] - The company plans to invest approximately $249 million to $254 million in capital expenditures for calendar year 2025, focusing on core capital and growth investments [21][22]

NASHVILLE, Tenn., June 04, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced today that its subsidiaries, RHP Hotel Properties, LP (the “Operating Partnership”) and RHP Finance Corporation (together with the Operating Partnership, the “Issuers”), completed the previously announced private placement of $625 million aggregate principal amount of 6.500% senior notes due 2033 (the “Notes”). The Notes are senior unsecured obligations of the Issuers and are guarante ...

Core Insights - Park Hotels & Resorts, Inc. has sold the 316-room Hyatt Centric Fisherman's Wharf in San Francisco for $80 million, reflecting a multiple of 64.0 times the hotel's 2024 EBITDA [1] - The company aims to dispose of $300 million to $400 million of non-core hotel assets by 2025, enhancing its portfolio quality and financial flexibility [2] - Since 2017, Park Hotels has sold 46 hotels for over $3 billion, focusing on capital allocation to unlock value and improve shareholder returns [3] Financial Performance - The recent sale proceeds will be used for ongoing ROI projects and general corporate purposes [1] - Over the past three months, Park Hotels' shares have declined by 17.3%, compared to a 2.5% decline in the industry [4] Strategic Focus - The company emphasizes prudent capital management and aims to optimize the use of proceeds from asset dispositions [4] - Park Hotels is focused on development activities to enhance long-term growth [4]

Leisure Consumer Space Analysis - Bank of America Securities provided a cross-sector analysis of the leisure consumer space, highlighting that while performance trends vary by category, segments like cruises and premium travel are showing steady performance, while value-focused areas are experiencing weakness [1] - In the lodging sector, aggregated credit and debit card data for April indicated a 3% year-over-year decline in spending, consistent with March figures [1] Las Vegas Room Rates - The Las Vegas room rate survey indicated a weakness, with forward rates down 11% [2] Hotel Performance Insights - Analysts noted that Bank of America's card data skews towards leisure spending, aligning with comments from Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, and Marriott International, all of which reported softer low-end RevPAR trends [3] Ski Industry Performance - Vail Resorts reported a 3% drop in ski visits this season, underperforming the overall industry, which saw a 2% increase [4] - Despite a decline in the number of passes sold, total dollars collected are up through April 20, with Memorial Day being a key trigger for pass sales, although an increase in web traffic has not yet been observed [5] Cruise Industry Trends - Spending in the cruise segment has slowed from strong double-digit growth late last year to flat year-over-year in April, attributed to economic uncertainty and the timing of Easter [5][6] - Norwegian Cruise Line Holdings flagged a slowdown in booking activity, particularly for longer European sailings, while Royal Caribbean Cruises maintained its full-year 2025 net yield guidance unchanged [6] - Overall, cruise operators remain well booked for 2025 and have time to secure additional bookings for 2026 as the year progresses [7]