Core Insights - Caliber has entered into a Development Rights Agreement with Hyatt Hotels Corporation to develop 15 new Hyatt Studios hotels across five states in the U.S. [1][3] - The first hotel is set to break ground in Georgetown, Texas, in Q4 2025, followed by a second hotel in Scottsdale, Arizona, in Q2 2026 [1][4] - Hyatt Studios is Hyatt's first upper-midscale extended-stay brand, designed with input from owners and guests, featuring efficient build costs and a lean operating model [2][3] Company Overview - Caliber manages over $2.9 billion in assets and focuses on real estate investment and development, aiming to generate profits in all market conditions [6] - The company has a competitive advantage through its in-house shared services group, which enhances control over real estate and investment opportunities [6] - Caliber Hospitality Trust, a subsidiary of Caliber, targets middle-market and extended-stay hotels in attractive locations [7] Market Context - The hotel inventory in the U.S. is currently lower than in January 2020, with historically low new construction starts, creating a favorable environment for developing Hyatt Studios hotels [3] - The agreement with Hyatt is expected to deliver $400 million in additional assets under management over the next three to five years, contributing to significant growth in revenue [4]

Core Insights - The article identifies the worst-performing stocks in May, highlighting the importance for traders to avoid potential downfalls [1] Group 1: Underperforming Stocks - Marriott International Inc (NASDAQ:MAR) has historically averaged a 2.6% loss in May, with only one gain in the last decade [2][3] - Walgreens Boots Alliance Inc (NASDAQ:WBA) has an average loss of 3.9% for May, with only two positive months out of ten [2][3] - The list includes 25 S&P 500 stocks that have underperformed in May over the past ten years [1] Group 2: Performance Data - MAR's average return in May is -1.62% with a median return of -2.57%, and it has a 10% chance of a positive return [3] - WBA's average return is -3.99% with a median return of -2.37%, showing a 20% chance of a positive return [3] - Other notable underperformers include APA (average return -4.98%), TSN (average return -3.59%), and DIS (average return -3.07%) [3] Group 3: Recent Stock Performance - MAR is currently trading at $248.70, down 0.3%, and has seen a 10.9% decline year-to-date [5] - WBA is trading flat at $10.97, with a significant year-over-year decline of 38.4% [6] - Both companies have shown disappointing post-earnings reactions, with MAR finishing lower in six of the last eight sessions following earnings reports [5]

Core Viewpoint - Marriott International, Inc. is expected to report first-quarter 2025 results on May 6, with earnings anticipated to grow 6.6% year over year, despite recent downward revisions in earnings estimates [1][2]. Financial Performance Expectations - The Zacks Consensus Estimate for earnings is $2.27, up from $2.13 in the same quarter last year [2]. - Revenue is projected at $6.27 billion, reflecting a 5% increase compared to the prior-year quarter [2]. - Total expenses are expected to reach $5.32 billion, marking a 4.3% year-over-year increase [8]. Key Growth Drivers - Revenue per available room (RevPAR) and average daily rate (ADR) are anticipated to increase, supported by strong global travel demand and expansion efforts [4][5]. - Gross fee revenues are predicted to be $1.25 billion, up 3.6% year over year [6]. - RevPAR is expected to grow 3.8% globally to $122.58 and 6% in international markets to $121.76 [6]. Digital Transformation and Customer Engagement - The company is making significant progress in its digital and technology transformation, enhancing operational efficiency and customer experience [7]. - Marriott Bonvoy app downloads increased nearly 30% year over year in 2024, indicating a growing reliance on mobile platforms [7]. Earnings Prediction - The model predicts an earnings beat for Marriott, supported by a positive Earnings ESP of +0.88% and a Zacks Rank of 3 (Hold) [9].

Core Insights - Park Hotels & Resorts reported $630 million in revenue for Q1 2025, a year-over-year decline of 1.4%, but exceeded the Zacks Consensus Estimate by 2.49% [1] - The company achieved an EPS of $0.46, up from $0.25 a year ago, representing a surprise of 12.20% over the consensus estimate of $0.41 [1] Financial Performance Metrics - Comparable RevPAR growth was -0.7%, better than the estimated -1.6% [4] - Other revenues reached $22 million, exceeding the estimate of $21.23 million, marking a 4.8% increase year-over-year [4] - Ancillary hotel revenues were $63 million, surpassing the estimate of $57.87 million, with a year-over-year change of 1.6% [4] - Food and beverage revenues stood at $182 million, slightly above the estimate of $177.61 million, with no change year-over-year [4] - Room revenues totaled $363 million, compared to the estimate of $354.98 million, reflecting a year-over-year decline of 2.9% [4] - Diluted EPS was reported at -$0.29, significantly below the estimate of $0.03 [4] Stock Performance - Shares of Park Hotels & Resorts have returned +9.6% over the past month, outperforming the Zacks S&P 500 composite's +0.4% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Financial Data and Key Metrics Changes - The company reported Q1 RevPAR of $178, reflecting a modest 70 basis point decline year-over-year, primarily due to difficult comparisons following last year's nearly 8% growth [18] - Total hotel revenues for the quarter were $608 million, with hotel adjusted EBITDA at $151 million, resulting in a nearly 25% hotel adjusted EBITDA margin [18] - Adjusted EBITDA for the quarter was $144 million, and adjusted FFO per share was $0.46 [19] Business Line Data and Key Metrics Changes - The Bonnet Creek complex in Orlando saw a 32% RevPAR increase, driven by a surge in transient revenues of nearly 65% [10] - Casa Marina in Key West delivered a 12% RevPAR increase, with occupancy up 680 basis points [11] - RevPAR across the two Hawaii properties declined by 15%, with Hilton Hawaiian Village significantly impacted by a labor strike [12] Market Data and Key Metrics Changes - Miami, New Orleans, Puerto Rico, Washington DC, and San Francisco reported above industry average RevPAR gains [5] - Preliminary April results showed mixed performance, with RevPAR growth of 1.6%, driven by strong gains in New York, Orlando, and San Francisco [15] - International demand represents just 10% of total room nights, with government-related business accounting for only 3% [16] Company Strategy and Development Direction - The company plans to invest $310 million to $330 million in capital improvements in 2025, focusing on unlocking embedded value in its portfolio [8] - A transformative renovation of the Royal Palm South Beach, Miami, is set to begin soon, with expected returns exceeding 15% to 20% [6] - The company aims to sell $300 million to $400 million of non-core hotels this year, with several assets in various stages of marketing [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ongoing geopolitical uncertainties and their impact on decision-making in the market [26] - The outlook for Hawaii remains favorable, supported by limited new supply expected through at least 2029 [14] - Despite macro uncertainties, the company remains focused on factors within its control and is working closely with operators to manage operating expenses [16] Other Important Information - The company repurchased approximately 3.5 million shares for a total of $45 million during the quarter [9] - A $70 million impairment was recognized in the quarter, related to an asset whose true value was reassessed [75] Q&A Session Summary Question: Comments on planned asset sales and current market environment - Management acknowledged tremendous uncertainty in the market due to geopolitical issues and trade wars, but expressed confidence in their ability to transact even under challenging conditions [26][27] Question: Update on Hawaii's performance and ramp-up post-strike - Management noted that the ramp-up is taking longer than expected, with sequential improvement anticipated, and expressed confidence in Hawaii's long-term growth potential [30][31] Question: Changes in core hotels and capital allocation - The company has focused on trimming its portfolio to core assets that account for 85-90% of its value, with plans to recycle capital from non-core asset sales [35][36] Question: Group pace and market performance expectations - Management indicated that group pace is slightly down for Q2 and Q3 but remains strong for Q4, with confidence in the overall bookings for the year [60][61] Question: Performance of Hilton Hawaiian Village and EBITDA expectations - Management stated that while it is challenging to predict if EBITDA will exceed last year's performance, they remain bullish on Hawaii's long-term outlook [73][74]

FIRST QUARTER 2025 SUPPLEMENTAL DATA MARCH 31, 2025 ABOUT PARK AND SAFE HARBOR DISCLOSURE About Park Hotels & Resorts Inc. Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 40 premium-branded hotels and resorts with approximately 25,000 rooms primarily located in prime city center and resort locations ...

Core Insights - Choice Hotels is rebranding its upscale segment as the "Ascend Collection" with a new logo that reflects its legacy and mission to highlight each property's unique character [1][4] Brand Expansion - The Ascend Collection currently has 423 hotels globally and is expanding into high-demand leisure and urban markets, with over 70 hotels in the pipeline [2] - In 2024, the brand is projected to increase its total room count by over 40% compared to 2023 [2] - The brand has entered new markets including Washington, D.C., Park City, Utah, Vancouver, Mexico City, Queensland, Australia, and recently signed a hotel in Calama, Chile [2] Growth Metrics - Choice Hotels expanded its upscale and upper upscale room count by 44% in 2024, totaling over 110,000 rooms, which now represent nearly 20% of its overall room portfolio [3] - The company has seen a 16% increase in lower-cost, direct bookings to upscale hotels following a major refresh of its website and mobile app in December 2024 [3] Unique Offerings - The Ascend Collection features distinctive properties such as: - Ice Hotel in Kiruna, Sweden, the world's first and largest ice hotel [5] - Amberes 64 in Mexico City, a design hotel in a vibrant neighborhood [5] - Copperhill Mountain Lodge in Åre, Sweden, a mountain resort with panoramic views [5] - Inn at I'On in South Carolina, offering Southern charm near historic Charleston [5] - St. Charles Coach House in New Orleans, a boutique hotel with historical significance [5] Franchisee Support - Choice Hotels adopts a franchisee-first approach, providing tools and technology to optimize hotel operations and maximize revenue [6][7] - Key platforms include ChoiceMAX for revenue management, ChoiceConnect for performance metrics, choiceEDGE for guest reservations, and choiceADVANTAGE for property management [7] Company Overview - Choice Hotels International, Inc. is one of the largest lodging franchisors globally, with over 7,500 hotels and more than 650,000 rooms across 46 countries [8] - The company offers a diverse portfolio of 22 brands catering to various traveler needs, supported by the Choice Privileges rewards program [8][9]

Financial Performance - Q1 2025 - Loews Corporation's net income was $370 million, or $1.74 per share, compared to $457 million, or $2.05 per share, in Q1 2024[13] - Dividends from subsidiaries totaled $686 million in Q1 2025[13] - Parent company cash and investments stood at $3.5 billion as of March 31, 2025[8, 13] - Book value per share excluding AOCI increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024[13] Subsidiary Performance - Q1 2025 - CNA's net income attributable to Loews decreased to $252 million, primarily due to lower underwriting income[14, 16] - Boardwalk's net income attributable to Loews increased to $152 million due to increased revenues[14, 16] - Loews Hotels' net income attributable to Loews decreased to $0 million primarily due to lower equity income from joint ventures[14, 16] CNA Financial Highlights - Q1 2025 - CNA's net written premiums increased to $2.606 billion from $2.390 billion[27] - CNA's underlying combined ratio was 92.1%, while the combined ratio was 98.4%[27] Boardwalk Pipelines Highlights - Q1 2025 - Boardwalk's operating revenue increased to $619 million from $511 million[30] - Boardwalk's net income attributable to Loews increased to $152 million from $121 million[30] - Boardwalk's EBITDA was $346 million[30] Loews Hotels & Co Highlights - Q1 2025 - Loews Hotels & Co's revenue increased to $245 million from $216 million[32] - Loews Hotels & Co's Adjusted EBITDA was $81 million[32]

Financial Performance - Loews Corporation reported net income of $370 million, or $1.74 per share, in Q1 2025, down from $457 million, or $2.05 per share, in Q1 2024 [2][14] - Total revenues increased to $4.494 billion in Q1 2025 from $4.231 billion in Q1 2024, driven by higher insurance premiums and operating revenues [14][16] - Book value per share increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024 [4] Segment Performance - CNA Financial's net income attributable to Loews decreased to $252 million in Q1 2025 from $310 million in Q1 2024, primarily due to lower underwriting income [4][5] - Boardwalk Pipelines reported improved results with net income increasing to $152 million in Q1 2025 from $121 million in Q1 2024, attributed to higher re-contracting rates and growth projects [4][10] - Loews Hotels & Co experienced a decline in net income to $0 million in Q1 2025 from $16 million in Q1 2024, mainly due to lower equity income from joint ventures [10][24] Share Repurchase - The company repurchased 5.1 million shares of its common stock for a total cost of $429 million since December 31, 2024 [1][4] - During Q1 2025, Loews Corporation repurchased 4.5 million shares for $376 million, with an additional 0.6 million shares repurchased for $53 million between April 1, 2025, and May 2, 2025 [10][4] Investment and Debt Position - As of March 31, 2025, the parent company had $3.5 billion in cash and investments and $1.8 billion in debt [4] - Net investment income decreased year-over-year due to unfavorable changes in the fair value of equity-based investments [4][10]

Core Viewpoint - The tourism and hospitality market in Jinan experienced a significant surge during the "May Day" holiday, driven by increased hotel bookings, dining activity, and innovative tourism experiences [1][2][3]. Group 1: Accommodation and Dining Market - Hotel bookings in Jinan saw a year-on-year increase of 13% on the first day of the "May Day" holiday, indicating strong growth in the tourism consumption market [2]. - The average length of stay for tourists during the holiday was between 1 to 3 nights, with a notable proportion of family travelers [2]. - The dining sector also experienced a boom, with long queues at restaurants and some requiring up to an hour wait, particularly in major shopping districts [2]. Group 2: Innovative Tourism Experiences - Jinan launched the "Tonight Stay in Jinan" tourism accommodation brand, featuring 43 hotels and inns, and created 24 themed city exploration routes [3]. - Nighttime tourism activities were promoted, including events like the "National Style Trend" night at Jinan Fantawild and "Night Tour" at Jiuding Tower, aimed at extending the tourism consumption chain [3]. Group 3: Events and Their Impact - The "Everything is Peaceful" concert by Li Jian attracted over 176,000 people marking interest, with 40% of attendees coming from outside the province, showcasing the concert's significant impact on local consumption [6]. - The presence of sports events, such as the "Qilu Derby" between Shandong Taishan and Qingdao Hainiu, drew over 40,000 fans, leading to a 50% increase in sales for nearby restaurants on match days [16]. - The trend of "traveling for concerts" and "traveling for sports events" has become popular among young people, indicating a new consumer trend in tourism [16].