Financial Data and Key Metrics Changes - In Q3 2025, adjusted EBITDAre was $319 million, a decrease of 3.3% year-over-year, while adjusted FFO per share was $0.35, down 2.8% compared to 2024 [4][19] - Year-to-date, adjusted EBITDAre and adjusted FFO per share were up 2.2% and 60 basis points, respectively, compared to 2024 [4][19] - Comparable hotel total RevPAR improved by 80 basis points compared to 2024, with a 20 basis points increase attributed to better transient demand and higher rates [5][19] Business Line Data and Key Metrics Changes - Transient revenue grew by 2%, driven by double-digit growth at resort properties, particularly in Maui, San Francisco, New York, and Miami [6][21] - Group room revenue decreased approximately 5% year-over-year due to renovation disruptions and the Jewish holiday calendar shift [7][25] - Ancillary spending remained strong, with other revenue up 7%, including growth in golf and spa services [8][22] Market Data and Key Metrics Changes - Total group revenue pace in Maui is up 13% for 2026, indicating continued recovery momentum [6][7] - Business transient revenue was down 2% in Q3, primarily due to a reduction in government room nights [7][24] - Group revenue pace for 2026 is approximately 5% ahead of the same time last year, driven by rate, room nights, and banquet contributions [26][60] Company Strategy and Development Direction - The company is focusing on capital allocation decisions that enhance long-term shareholder value, including significant investments in transformational renovations [19][41] - The company has completed 23 transformational renovations since 2018, achieving an average RevPAR index share gain of over 8.5 points [16][41] - The company is targeting stabilized annual cash on cash returns in the mid-teens through RevPAR index share gains and enhanced owner priority returns [14][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued outperformance of upper upscale and luxury hotels, benefiting from a bifurcated consumer market [19][66] - The company raised its full-year adjusted EBITDAre guidance to $1.73 billion, reflecting strong performance and improved expectations for Q4 [19][29] - Management noted that the absence of major storms on the Gulf Coast could provide tailwinds for growth in 2026 [92][96] Other Important Information - The company collected $5 million in business interruption proceeds for Hurricanes Helene and Milton in Q3, totaling $24 million for the year [10][29] - The company has a strong balance sheet with $2.2 billion in total available liquidity and a leverage ratio of 2.8 times [31][32] - The company is not prioritizing asset acquisitions in the current market environment, focusing instead on internal investments [85][86] Q&A Session Summary Question: Can we expect more asset trading in the market based on current performance? - Management indicated they will be opportunistic with capital allocation and highlighted successful asset sales, suggesting potential for future transactions [36][40] Question: How are you selecting hotels and markets for investment? - Management emphasized a thorough screening process for capital allocation, focusing on transformational renovations that reposition properties for better performance [48][50] Question: What is the outlook for group booking pace in 2026? - Management reported a positive group revenue pace for 2026, with significant increases in group room nights and rates expected [55][60] Question: How are wage and benefits increases expected to impact 2026? - Wage rate growth is anticipated to be lower in 2026, with only New York having significant labor contract negotiations upcoming [88][89] Question: What tailwinds can be expected from the absence of storms on the Gulf Coast? - Management noted that properties like the Don Cesar and Ritz Naples are performing well, and the absence of storms could enhance growth potential in 2026 [92][96]

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Core Insights - RLJ Lodging Trust reported a comparable RevPAR of $138.51, reflecting a decrease of 5.1% compared to the previous year [1] - The company generated total revenues of $330.0 million during the third quarter [1] - RLJ Lodging Trust experienced a net loss of $3.8 million, translating to a net loss per share of $0.07 [1] - Comparable Hotel EBITDA was reported at $80.8 million [1] - Adjusted EBITDA for the quarter stood at $72.6 million [1] - Adjusted FFO per diluted common share and unit was $0.27 [1] - The company repurchased 0.2 million shares during the quarter [1]

Financial Performance - Net loss attributable to common stockholders was $(11301) thousand for the three months ended September 30, 2025, compared to $(4272) thousand in 2024[13] - Net loss per diluted share was $(011) for the three months ended September 30, 2025, compared to $(004) in 2024[13] - Total revenues were $177117 thousand for the three months ended September 30, 2025, slightly up from $176807 thousand in 2024[13] - Adjusted EBITDAre decreased to $39263 thousand for the three months ended September 30, 2025, from $45340 thousand in 2024[13] - Adjusted FFO was $21253 thousand for the three months ended September 30, 2025, compared to $27610 thousand in 2024[13] Pro Forma Operating Results - Pro forma total revenues for the three months ended September 30, 2025, were $177117 thousand, compared to $182537 thousand in 2024[30] - Pro forma hotel EBITDA was $54118 thousand for the three months ended September 30, 2025, down from $62180 thousand in 2024[30] - Pro forma hotel EBITDA margin decreased to 306% for the three months ended September 30, 2025, from 341% in 2024[30] - RevPAR decreased by (42)% for the three months ended September 30, 2025[13] Capitalization - Market value of common equity at quarter end was $668748 thousand as of September 30, 2025[35] - Consolidated total debt was $1433483 thousand as of September 30, 2025[35]

Core Insights - The company reported a net loss of $11.3 million for Q3 2025, compared to a loss of $4.3 million in Q3 2024, reflecting ongoing challenges in the hospitality sector [6][7][30] - The company completed the sale of two hotels for $39 million, achieving a blended capitalization rate of 4.3%, as part of its capital recycling strategy [3][11][12] - The company expects a sequential improvement in operating trends for Q4 2025, despite a challenging environment characterized by reduced government demand and slower international travel [2][19] Financial Performance - Total revenues for Q3 2025 were $177.1 million, slightly up from $176.8 million in Q3 2024 [8][30] - Same store RevPAR decreased by 3.7% to $115.77 in Q3 2025 compared to Q3 2024, while pro forma RevPAR decreased by 4.2% to $116.57 [7][8] - Adjusted EBITDAre for Q3 2025 was $39.3 million, down from $45.3 million in Q3 2024 [8][30] Balance Sheet and Capital Management - The company refinanced a $400 million term loan at a lower interest rate, enhancing its balance sheet and extending debt maturities until 2030 [3][15][19] - As of September 30, 2025, the company had total outstanding debt of $1.1 billion with a weighted average interest rate of 4.52% [25] - The company declared a quarterly cash dividend of $0.08 per share, representing an annualized yield of 6.1% [17][18] Market Outlook - The company anticipates Q4 2025 RevPAR growth to range from -2.0% to -2.5%, reflecting ongoing price sensitivity and macroeconomic volatility [19] - The long-term outlook remains positive due to a lack of new supply growth in the industry [2][19]

Core Insights - Ryman Hospitality Properties reported third quarter results that met expectations despite some impact from U.S. tariff announcements and a pause in meeting planner decision-making [3][6] - The company anticipates a comparable same-store group rooms revenue for the fourth quarter and an 8% increase for 2026 compared to 2025 [3] - Major capital projects, particularly at Gaylord Rockies, are yielding returns above expectations, and there is enthusiasm among meeting planners regarding ongoing investments [3] Financial Performance - Total revenue for Q3 2025 was $592.5 million, a 7.7% increase from $550.0 million in Q3 2024 [4] - Operating income decreased by 16.3% to $88.6 million, with a margin of 15.0% compared to 19.3% in the previous year [4] - Net income fell by 43.8% to $34.0 million, with a net income margin of 5.7% [4] - Adjusted EBITDAre for Q3 2025 was $173.1 million, a slight decrease of 1.0% from $174.8 million in Q3 2024 [4] Hospitality Segment Highlights - Hospitality revenue for Q3 2025 was $500.9 million, up 7.2% from $467.0 million in Q3 2024 [10] - Same-store hospitality revenue showed a slight decline of 0.5% year-over-year [10] - Operating income for the hospitality segment decreased by 15.3% to $87.1 million, with a margin of 17.4% [10] Entertainment Segment Highlights - Entertainment segment revenue increased by 10.5% to $91.6 million in Q3 2025 [30] - Operating income for the entertainment segment decreased by 9.4% to $11.8 million, with a margin of 12.9% [30] - The company is focused on expanding the Grand Ole Opry brand, including an international performance at the Royal Albert Hall [31] Capital Expenditures - The company expects to spend approximately $375 to $425 million on capital expenditures in 2025, with $252 million already spent through September 30, 2025 [33] - Major ongoing projects include renovations at the JW Marriott Desert Ridge and the development of a second Category 10 location in Las Vegas [33] Guidance and Outlook - The company has narrowed its full-year 2025 outlook, resulting in slightly lower midpoints for operating income, Adjusted EBITDAre, and Adjusted FFO available to common stockholders [6][36] - Construction-related disruptions are expected to impact RevPAR and operating income for the remainder of 2025 [34]

Core Insights - Civeo Corporation (CVEO) reported revenue of $170.5 million and adjusted EBITDA of $28.8 million for Q3 2025, which was slightly below consensus estimates [1][5] - The year-over-year EBITDA increase was driven by strong performance in Australia and cost-cutting measures in Canada [1][5] - The company ended the quarter with net debt of $176 million and a net leverage ratio of 2.1x, with liquidity of approximately $70 million [1] Financial Performance - Revenue of $170.5 million and adjusted EBITDA of $28.8 million were reported, compared to estimates of $175.9 million and $27.7 million respectively [1][5] - Operating cash flow was $13.8 million, while capital expenditures totaled $5.6 million, mainly for maintenance of lodges and villages [1] - The gross margin expanded to 22.5% due to cost actions in Canada, despite lower occupancy rates [5] Strategic Actions - Civeo repurchased approximately 8% of its shares in Q3 2025, equating to around 1.05 million shares [5] - The company tightened its full-year 2025 guidance to a revenue range of $640 million to $655 million and adjusted EBITDA of $86 million to $91 million [5]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net loss of $13.7 million, adjusted EBITDAre of $42.2 million, and adjusted FFO per share of $0.23, representing an 8% decrease compared to the same quarter last year [5][12] - Same property REvPAR for Q3 was essentially flat for the 30 hotel portfolio compared to Q3 2024, with a 100 basis points decrease in occupancy offset by a 1.6% increase in ADR [5][6] - For the first nine months of the year, same property REvPAR increased by 3.7%, driven by an 80 basis point higher occupancy and a 2.4% increase in ADR compared to the same period in 2024 [7][8] Business Line Data and Key Metrics Changes - Group business was the strongest segment this year, although it was not as significant a driver in Q3 as in the first half of the year [6][12] - Excluding Houston assets, same property REvPAR increased by 2.9%, largely due to significant growth at Grand Hyatt Scottsdale Resort & Spa at Gainey Ranch [6][8] - Q3 same property hotel EBITDA was $47 million, 0.7% above 2024 levels, while hotel EBITDA margin decreased by 60 basis points [8][19] Market Data and Key Metrics Changes - The Houston market negatively impacted portfolio performance due to tough comparisons from Hurricane Beryl's aftermath in Q3 last year [5][6] - The company experienced double-digit percentage REvPAR growth in markets such as Atlanta, Santa Clara, Birmingham, and Savannah [6][8] - For Q4, the same property portfolio REvPAR was $164.50, flat to Q3 in 2024, with total REvPAR increasing by 3.7% compared to the same period in 2024 [15][19] Company Strategy and Development Direction - The company plans to spend approximately $90 million on property improvements in 2025, reflecting a $10 million increase from prior guidance due to additional capital projects [9][10] - A significant relaunch of food and beverage venues at W Nashville is expected to drive incremental revenues, with an additional capital investment of approximately $9 million [10][11] - The company remains optimistic about the long-term growth prospects of its diversified and high-quality portfolio, particularly with strong group demand anticipated for 2026 [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging operating environment, particularly regarding leisure demand, but expressed optimism due to strong group demand and high-end portfolio positioning [4][12] - The company expects a same property REvPAR increase of 4% for the full year and adjusted EBITDAre of $254 million at the midpoint of updated guidance [12][31] - Management highlighted a projected 5.8% REvPAR growth for October, indicating a positive outlook for Q4 [12][13] Other Important Information - The company has approximately $1.4 billion of outstanding debt, with a leverage ratio of about five times trailing 12-month net debt to EBITDA [26] - The board authorized a Q3 dividend of $0.14 per share, reflecting a yield of over 4.5% on the current share price [27][28] - The company repurchased $12.3 million of common stock during the quarter, with a total of $83.8 million repurchased year-to-date [29] Q&A Session Summary Question: Dividend payout relative to taxable income - Management indicated that they continue to utilize NOLs generated post-COVID while balancing payout levels [38] Question: Group outlook and booking trends - Management noted strong volume growth with better rate growth than in previous years, with a shift from corporate to association business [39][40] Question: Impact of government shutdown on portfolio - Management reported limited impact from the government shutdown, with only a few cancellations noted [42] Question: Transaction markets and disposition plans - Management observed increased hotel transactions in the market but indicated a preference for share buybacks over acquisitions [43][44] Question: Sources of leisure demand weakness - Management attributed leisure demand weakness to normalization post-COVID and economic uncertainties, but noted stabilization in some markets [56][58] Question: Corporate account growth and market specifics - Management highlighted significant corporate growth in Northern California and Santa Clara, with overall improvement expected [61][62] Question: Future expectations for leisure demand - Management expressed that leisure demand could stabilize and potentially improve pricing power in 2026 [64]

Financial Data and Key Metrics Changes - Civeo reported total revenues of $170.5 million for Q3 2025, with a net loss of $0.5 million or $0.04 per share [10] - Adjusted EBITDA for the quarter was $28.8 million, reflecting a year-over-year increase primarily driven by cost-cutting measures in Canada and contributions from Australian acquisitions [10][11] - The net leverage ratio as of September 30, 2025, was 2.1 times, with total liquidity of approximately $70 million [12][20] Business Line Data and Key Metrics Changes - Australian segment revenues increased by 7% year-over-year to $124.5 million, with adjusted EBITDA growing by 19% to $26.7 million [10][11] - Canadian segment revenues decreased to $46 million from $57.7 million in Q3 2024, but adjusted EBITDA improved to $8 million from $3.4 million due to cost-reduction measures [10][11] Market Data and Key Metrics Changes - In Australia, billed rooms increased by 18% year-over-year to 763,000, while the daily room rate in U.S. dollars decreased from $79 to $77 due to a weakened Australian dollar [11] - Canadian billed rooms totaled 383,000, down from 484,000 in Q3 2024, with a stable daily room rate of $100 [11] Company Strategy and Development Direction - The company is focused on growing its integrated services business in Australia, aiming for AUD 500 million in revenue by 2027 [5][16] - In Canada, the strategy includes leveraging mobile camp assets for infrastructure projects, with a focus on cost-cutting and operational efficiency [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Australian business despite expected modest occupancy softness due to seasonal factors and market conditions [5][16] - In Canada, management noted that the operating environment remains challenging but highlighted the success of cost-cutting initiatives [7][19] Other Important Information - Civeo repurchased approximately 1 million shares during the quarter, bringing the year-to-date return of capital to shareholders to $52 million [4][12] - The company plans to use no less than 100% of annual free cash flow for share repurchases and maintain a net leverage ratio in the two-times range [20] Q&A Session Summary Question: Guidance for 2026 and year-over-year expectations - Management expects 2026 to show year-over-year growth, with Australian-owned villages' occupancy remaining stable and integrated services showing top-line growth [23] Question: Opportunities for mobile camp assets - Management confirmed active bidding for mobile camp projects in both Canada and the U.S., with a focus on LNG and infrastructure-related opportunities [25] Question: Capital allocation preferences - The company is committed to completing its share repurchase authorization while remaining open to attractive acquisition opportunities [26] Question: Growth opportunities in Australia - Management remains optimistic about reaching the AUD 500 million target by 2027, emphasizing organic growth and potential acquisitions [30] Question: Staffing challenges in Australia - Staffing remains a challenge, particularly for chefs, but management is making progress in recruitment [42] Question: Future cost-cutting initiatives in Canada - Management indicated that while initial cost-cutting measures have been successful, ongoing efforts will continue to adapt to the new operating reality [46][48]

Core Insights - The Marcus Corporation reported a 9.7% decrease in total revenues for the third quarter of fiscal 2025, amounting to $210.2 million compared to $232.7 million in the same period last year [8][10] - The company experienced a significant decline in operating income, which fell by 30.7% to $22.7 million from $32.8 million year-over-year [8][10] - Net earnings decreased to $16.2 million, down from $23.3 million in the prior year, with earnings per diluted share at $0.52 compared to $0.73 [8][10] Marcus Theatres Performance - Total theatre revenues for the third quarter were $119.9 million, reflecting a 16.6% decrease from the previous year [5][30] - Same store admission revenues decreased by 15.8%, with attendance down 18.7% due to a less favorable film mix [6][30] - Adjusted EBITDA for the theatre division was $22.1 million, a 33.4% decrease from the prior year [5][30] Marcus Hotels & Resorts Performance - Total revenues for Marcus Hotels & Resorts increased by 1.7% to $80.3 million, driven by growth in food and beverage revenues [10][11] - Division operating income decreased by $0.7 million to $16.4 million, impacted by increased depreciation expenses [10][11] - Adjusted EBITDA for the hotels and resorts segment was $23.1 million, a slight increase of 0.3% compared to the previous year [10][11] Share Repurchase and Capital Return - The company repurchased 0.6 million shares for $9 million during the third quarter, with a total of over $25 million returned to shareholders in the past four quarters [2][14] - The Board of Directors authorized the repurchase of up to 4.0 million additional shares, increasing the total available for repurchase to 4.7 million shares [15][16] Future Outlook - The company anticipates a stronger film slate for the remainder of the year, with several highly anticipated releases expected to drive box office performance [9][10] - The hotel segment is expected to benefit from stable leisure travel demand and strong group business, particularly at newly renovated properties [12][10]