Core Viewpoint - The Company has announced the purchase of its ordinary shares on the London Stock Exchange, executed through Goldman Sachs International, following shareholder approval at the Annual General Meeting in May 2025 [1] Group 1 - The purchase occurred on February 19, 2026, and was conducted in accordance with the authority granted by shareholders [1] - The Company issued instructions for the purchase on February 17, 2026, which were publicly announced on the same day [1]

As filed with the Securities and Exchange Commission on February 19, 2026. Registration No. 333-291370 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________________ Launchpad Streetlight Acquisition Corp (Exact name of registrant as specified in its charter) _____________________________________ | Cayman Islands | 6770 | 61-2291171 | | --- | --- | --- | | (State or other jurisd ...

Group 1 - Bill Ackman has invested in the Magnificent Seven stocks, including a new position in Meta Platforms in Q4 2025, but these stocks have been trading lower recently [1][2] - Ackman's older position in Hilton Hotels Corporation has shown strong returns, with Hilton shares outperforming the Magnificent Seven stocks in 2026 [2][3] - Hilton stock has increased by 12.8% year-to-date in 2026 and 22% over the last 52 weeks, with a significant rise of 168% over the last five years [3][5] Group 2 - Hilton shares are currently trading at $311.26, with a 52-week trading range of $196.04 to $333.86, and the stock entered 2026 with strong momentum [5] - Pershing Square Capital owned 3,028,664 shares of Hilton at the end of Q4, with the stake valued at approximately $942.7 million, up $72.7 million from the end of Q4 [5][6] - The position in Hilton has increased by $189.9 million since the start of 2025, indicating strong performance amidst a challenging environment for the Magnificent Seven stocks [6][7]

Core Viewpoint - Chipotle Mexican Grill Inc. is experiencing a decline in stock performance, with a current trading price of $38.50, reflecting a 2.66% drop in the session, a 7.03% decrease over the past month, and a 26.83% drop over the past year [1] Group 1: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate the company's market performance against historical earnings and industry standards [2] - Chipotle's P/E ratio stands at 33.96, which is lower than the industry average P/E ratio of 49.69 in the Hotels, Restaurants & Leisure sector, suggesting that shareholders may perceive the stock as underperforming compared to its peers or potentially undervalued [3] - While a low P/E ratio can indicate undervaluation, it may also reflect weak growth prospects or financial instability, necessitating a cautious approach in its interpretation [4]

Core Insights - The company's performance was driven by a strategic shift towards higher-revenue brands and a significant 37% revenue growth from the international portfolio [1] - A decline in U.S. net room growth for 2025 is attributed to a strategic acceleration of exits for underperforming hotels, which had U.S. RevPAR over 20% below the company average [1] - The 'conversion-led' development model allows hotels to open approximately five times faster than traditional new construction projects [1] International Growth - International growth has been enhanced by transitioning to a direct franchising model, with directly franchised rooms now making up over 40% of the international portfolio [1] - The extended stay segment achieved record U.S. openings, driven by structural demand linked to domestic manufacturing, data centers, and infrastructure investments [1] Consumer Profile and Operational Efficiency - Management noted a strengthening consumer profile, with half of U.S. guests now having household incomes exceeding $100,000 [1] - Operational efficiency has been maintained through AI-enabled tools for business travel RFPs and a redesigned Country Inn & Suites prototype optimized for cost-effective conversions [1]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported Adjusted EBITDAre of $1.757 billion, a 4.6% increase over 2024, and Adjusted FFO per share of $2.07, a 3.5% increase year-over-year [5][6] - Comparable hotel total RevPAR grew 4.2%, and comparable hotel RevPAR grew 3.8% compared to 2024 [6] - The fourth quarter delivered Adjusted EBITDAre of $428 million and Adjusted FFO per share of $0.51 [6] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin was 28.9%, down 40 basis points year-over-year, influenced by $21 million of business interruption proceeds received in 2024 [6][27] - Transient revenue grew by 6% in the fourth quarter, driven primarily by rate increases, with luxury properties seeing over 10% growth [7][23] - Comparable hotel food and beverage revenue grew approximately 6%, with outlet revenue growing 9% [22] Market Data and Key Metrics Changes - Strong transient performance was noted in markets such as Maui, New York, and San Francisco, with Maui contributing over one-third of the transient revenue growth in the fourth quarter [7][8] - The company expects Maui to contribute approximately $120 million of EBITDA in 2026, up from $111 million in 2025 [8][58] - Group revenue for the fourth quarter was up approximately 1% year-over-year, driven by rate increases despite declines in group room nights [8] Company Strategy and Development Direction - The company is focused on capital allocation through dispositions, portfolio reinvestment, share repurchases, and dividends, maintaining an investment-grade balance sheet [5][12] - The recent sale of the Four Seasons properties for $1.1 billion reflects the company's strategy to monetize assets at attractive returns [10][41] - The company plans to evaluate the best use of capital based on market conditions, which may include returning capital to shareholders or pursuing acquisitions [12][74] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel environment, particularly at the upper end of the chain scale, and confidence in the company's ability to capitalize on future opportunities [20] - The guidance for 2026 anticipates comparable hotel total RevPAR growth of between 2.5% and 4%, with EBITDA margins expected to be stable [28][30] - Management highlighted the importance of the World Cup in 2026, expecting a 60 basis point benefit to RevPAR from the event [85] Other Important Information - The company repurchased 13.1 million shares at an average price of $15.68 per share in 2025, returning nearly $860 million of capital to shareholders [14][33] - The company completed approximately $644 million in capital expenditures in 2025, focusing on resiliency initiatives and hurricane restoration [15][18] - The 2026 capital expenditure guidance is set between $525 million and $625 million, with a focus on redevelopment and ROI projects [17] Q&A Session Summary Question: Insights on the Four Seasons sales and future high-value dispositions - Management confirmed a deep buyer pool for luxury assets and indicated that they are open to selling top assets if it maximizes shareholder value [36][40] Question: Details on the Transformational Capital Program - Management explained that the program targets great assets needing repositioning, with expectations of mid-teens cash on cash returns [48][49] Question: Outlook for Maui's EBITDA and growth potential - Management expressed confidence in the $120 million EBITDA forecast for Maui, citing significant growth expected from the Hyatt Regency [58][59] Question: Future capital allocation strategies - Management stated that they will take a measured approach to the remaining proceeds from asset sales, considering market conditions before making decisions [74][75] Question: Expense outlook and labor availability - Management indicated that total expense growth is expected to be 3.3%, with wage rates anticipated to increase by 5% [78][79]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported Adjusted EBITDAre of $1.757 billion, a 4.6% increase over 2024, and adjusted FFO per share of $2.07, a 3.5% increase year-over-year [5][6] - Comparable hotel total RevPAR grew 4.2%, and comparable hotel RevPAR grew 3.8% compared to 2024 [6] - The fourth quarter adjusted EBITDAre was $428 million, with adjusted FFO per share of $0.51 [6] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin was 28.9%, down 40 basis points year-over-year, influenced by $21 million of business interruption proceeds received in 2024 [6][27] - Transient revenue grew by 6% in the fourth quarter, primarily driven by rate increases, with luxury properties seeing over 10% growth [7][23] - Comparable hotel food and beverage revenue grew approximately 6%, with strong performance in outlet revenue and banquet contributions [22][23] Market Data and Key Metrics Changes - Strong transient performance was noted in markets such as Maui, New York, and San Francisco, with Maui contributing over one-third of the transient revenue growth in the fourth quarter [7][8] - The company expects Maui to contribute approximately $120 million of EBITDA in 2026, up from $111 million in 2025 [8][58] - Group revenue for the fourth quarter was up approximately 1% year-over-year, driven by rate increases despite declines in group room nights [8][25] Company Strategy and Development Direction - The company is focused on capital allocation through dispositions, portfolio reinvestment, share repurchases, and dividends, while maintaining an investment-grade balance sheet [5][12] - The recent sale of the Four Seasons properties for $1.1 billion reflects the company's strategy to monetize assets at attractive returns [10][41] - The company plans to evaluate the best use of capital based on market conditions, which may include returning capital to shareholders or pursuing acquisitions [12][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel environment, particularly at the upper end of the chain scale, and believes the company is well-positioned to capitalize on future opportunities [20][30] - For 2026, the company anticipates comparable hotel total RevPAR growth of between 2.5% and 4%, and comparable hotel RevPAR growth of between 2% and 3.5% over 2025 [28][30] - The company expects wage rates to increase approximately 5% in 2026, with total expense growth assumed at 3.3% [30][81] Other Important Information - The company completed approximately $644 million in capital expenditures in 2025, focusing on resiliency initiatives and hurricane restoration [15] - The company has a weighted average maturity of 5.1 years on its debt, with no maturities in 2026, and ended 2025 with a leverage ratio of 2.6 times [32] - The company returned nearly $860 million of capital to shareholders in 2025, including share repurchases and dividends [14] Q&A Session Summary Question: Insights on the Four Seasons sales and future high-value dispositions - Management highlighted the depth of the buyer pool for luxury assets and indicated that they are open to selling top-performing assets if it maximizes shareholder value [36][40] Question: Details on the Transformational Capital Program - Management explained that the program targets great assets needing repositioning, with expectations of mid-teens cash on cash returns from the investments [48][50] Question: Outlook for Maui's EBITDA and recovery - Management expressed confidence in the $120 million EBITDA forecast for Maui in 2026, noting significant growth expected from the Hyatt Regency Maui [58][59] Question: Future capital allocation strategies - Management stated that they will take a measured approach to capital allocation, considering market conditions and operational performance before making decisions [75][76] Question: Expense outlook and labor availability - Management indicated that total expense growth is expected to be 3.3%, with wage rates projected to increase by 5%, but overall expenses may be lower due to productivity enhancements [80][81]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported Adjusted EBITDAre of $1.757 billion, a 4.6% increase over 2024, and adjusted FFO per share of $2.07, a 3.5% increase year-over-year [3][4] - Comparable hotel total RevPAR grew 4.2%, while comparable hotel RevPAR increased by 3.8% compared to 2024 [4] - The full-year RevPAR and adjusted EBITDAre exceeded initial 2025 guidance by 2.3 percentage points and 8.5% respectively [4] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin was 28.9%, down 40 basis points year-over-year, influenced by $21 million of business interruption proceeds received in 2024 [4][27] - In the fourth quarter, comparable hotel total RevPAR improved by 5.4%, and comparable hotel RevPAR was up 4.6%, driven by strong leisure transient demand and higher room rates [5] - Transient revenue grew by 6%, primarily due to rate increases, with luxury resorts showing particularly strong performance [5][22] Market Data and Key Metrics Changes - Strong transient performance was noted in markets such as Maui, New York, and San Francisco, with Maui contributing over one-third of the transient revenue growth in the fourth quarter [5][6] - The company expects Maui to contribute approximately $120 million of EBITDA in 2026, up from $111 million in 2025 [6][60] - Group revenue for the fourth quarter was up approximately 1% year-over-year, driven by rate increases despite a decline in group room nights [6][25] Company Strategy and Development Direction - The company is focused on capital allocation through dispositions, portfolio reinvestment, share repurchases, and dividends, while maintaining an investment-grade balance sheet [3][11] - The recent sale of the Four Seasons properties for $1.1 billion reflects the company's strategy to monetize assets at attractive returns [9][42] - The company plans to evaluate the best use of capital based on market conditions, which may include returning capital to shareholders or pursuing acquisitions [11][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel environment, particularly at the upper end of the chain scale, and believes the company is well-positioned to capitalize on future opportunities [20] - For 2026, the company anticipates comparable hotel total RevPAR growth of between 2.5% and 4%, and comparable hotel RevPAR growth of between 2% and 3.5% [28] - The company expects stable operating conditions with continued leisure transient strength and modest improvements in group booking trends [27][31] Other Important Information - The company repurchased 13.1 million shares at an average price of $15.68 per share in 2025, returning nearly $860 million of capital to shareholders [13][34] - The company invested approximately $644 million in capital expenditures and renovations across its portfolio in 2025 [14][17] - The company has a weighted average maturity of 5.1 years on its debt with no maturities in 2026, ending 2025 with a leverage ratio of 2.6 times [33] Q&A Session Summary Question: Depth of buyer pool for Four Seasons sales and outlook for high-value dispositions - Management indicated that there is a deep buyer pool for luxury assets, including sovereigns and private equity firms, and they are open to selling top assets at the right price [36][41] Question: Details on the Transformational Capital Program - Management explained that the selected hotels for the program are great assets needing repositioning, with expectations of mid-teens cash on cash returns from the investments [50][51] Question: Outlook for Maui's EBITDA and potential upside - Management expressed confidence in the $120 million EBITDA forecast for Maui in 2026, with potential for upside based on group pace and short-term bookings [59][61] Question: Future capital allocation strategies - Management stated that they will take a measured approach to capital allocation, considering market conditions and operational performance before deciding on the use of proceeds [76] Question: Expense outlook and labor availability - Management expects total expense growth of 3.3% with wage rates increasing by 5%, but productivity enhancements and lower insurance costs may help manage overall expenses [80][82]

Core Insights - The company is experiencing significant growth in its hotel development pipeline, with global franchise agreements awarded increasing by 22% year over year in 2025, and 97% of rooms in the pipeline are in higher-revenue brands [2][8] - The company reported adjusted EBITDA of $626 million for 2025, reflecting a 4% year-over-year increase, driven by a strong mix of higher-revenue brands and robust international portfolio performance [4][19] - The company is optimistic about U.S. net room growth returning to positive territory in 2026, supported by a 12% increase in conversion franchise agreements and a focus on improving portfolio quality [1][5] Development and Growth - The conversion engine is a key differentiator, allowing hotels to open about five times faster than new construction, with U.S. conversion franchise agreements increasing by 12% year over year [1][2] - The company achieved a record number of U.S. extended stay hotel openings in 2025, with a growth of 8% year over year, and extended stay hotels now represent over 40% of the U.S. pipeline [10][11] - The international business saw a 37% growth in revenues in 2025, with a 13% year-over-year expansion in the international system to approximately 160,000 rooms [8][9] Financial Performance - Adjusted earnings per share for 2025 were reported at $6.94, in line with expectations, driven by strong performance in the extended stay segment and international growth [19][20] - The company’s global RevPAR declined by 4.6% year over year in the fourth quarter, primarily due to tough comparisons from the previous year, while international RevPAR grew by 3.2% [23][24] - The average royalty rate increased by eight basis points in 2025, reflecting the success in growing higher-revenue brands [26] Market Trends and Consumer Behavior - The company is well-positioned to capture demand from value-driven travelers, particularly as gas prices decline and tax relief is expected to stimulate travel [6][7] - Upcoming national events, such as the 2026 FIFA World Cup, are anticipated to drive additional demand for hotel accommodations [7] - The company is focusing on enhancing guest loyalty through the Choice Privileges program, which now has over 74 million members, reflecting a 7% year-over-year increase [14][15] Strategic Initiatives - The company is actively optimizing its U.S. portfolio by selectively exiting underperforming hotels, which generated royalties below the portfolio average [5][21] - Investments in business travel and guest loyalty are key areas of focus, with business travelers now representing approximately 40% of total stays [13][14] - The company is leveraging technology to enhance responsiveness and drive high-value bookings, including the launch of a dedicated digital platform for small and midsized businesses [14][17]

Financial Data and Key Metrics Changes - In 2025, the company delivered adjusted EBITDA of $626 million, up 4% year-over-year, and adjusted earnings per share of $6.94, also in line with expectations [5][20] - Fourth quarter revenues, excluding reimbursable revenue, increased 2% year-over-year to $234 million, with adjusted EBITDA at $141 million and adjusted earnings per share rising 3% year-over-year to $1.60 [21] Business Line Data and Key Metrics Changes - The company achieved a 14% year-over-year growth in global hotel openings and a 12% increase in U.S. conversion franchise agreements [5][8] - The extended stay segment represented over 40% of the U.S. pipeline, with a record number of U.S. extended stay hotel openings, up 8% year-over-year [12][13] - In the midscale segment, global hotel openings increased by 47%, and franchise agreements were up 18% year-over-year [23] Market Data and Key Metrics Changes - International revenues grew by 37% in 2025, with RevPAR in the Americas outside the U.S. increasing by 5.4% year-over-year [11][12] - The Asia-Pacific region led international RevPAR growth with an 11% increase [24] Company Strategy and Development Direction - The company is focused on enhancing franchisee economics and improving product quality, which is reflected in the higher average royalty rate achieved across the U.S. portfolio [6][26] - The strategy includes expanding the international footprint and strengthening the leadership position in the extended stay segment [5][11] - The company is investing in technology and partnerships to enhance customer engagement and capture incremental demand [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about U.S. lodging demand, citing favorable consumer trends and upcoming national events as demand catalysts [9][10] - The company expects U.S. net rooms growth to return to positive territory in 2026, supported by a larger hotel conversion pipeline [9][31] - Management highlighted the importance of the international business as a growth driver, with a focus on direct franchising to enhance earnings per unit [11][82] Other Important Information - The company generated over $270 million in operating cash flow in 2025, providing financial flexibility for capital allocation [28] - The capital allocation framework prioritizes high-return organic investments, selective acquisitions, and returning excess capital to shareholders [29] Q&A Session Summary Question: Key money spending outlook for 2026 - The company expects key money spending to increase to between $105 million and $110 million in 2026, up from $83 million in 2025 [36] Question: Balance sheet requirements for aggressive buybacks - Management indicated that they are comfortable with their net debt to EBITDA ratios and will consider share returns as capital allows [42] Question: U.S. rooms growth expectations - Management noted that mid-scale and economy franchises are expected to drive U.S. rooms growth, with a focus on improving brand quality [44][45] Question: RevPAR guidance and potential tailwinds - Management acknowledged that while some demand catalysts are not fully baked into guidance, they remain optimistic about RevPAR growth due to favorable economic conditions [46][48] Question: Duration of the removal process for underperforming properties - Management indicated that the removal process is ongoing and that they expect to return to a normal churn rate of 3%-4% [56][69]