2025Q3 Performance Highlights - Hotel RevPAR was RMB 124, down 84% compared with 2024Q3[14] - Restaurant Average Daily Sales Per Store (ADS) was RMB 3,714, down 241% compared with 2024Q3[14] - Hotel Revenues were RMB 2545 million, down 113% compared with 2024Q3[14] - Hotel Income from Operations was RMB 691 million, down 305% with a margin of 272% compared with 2024Q3[14] - Adjusted Income from Operations was RMB 1093 million, up 36% with a margin of 405% compared with 2024Q3[14] - Net Income was RMB 595 million, up 15% with a margin of 234% compared with 2024Q3[14] - Adjusted Net Income was RMB 905 million, up 57% with a margin of 284% compared with 2024Q3[14] - Adjusted EBITDA was RMB 1150 million, down 61% with a margin of 379% compared with 2024Q3[14] Strategic Execution - Further Expansion into Mid-to-Upscale Segment[43] - Greater Penetration in Tier 3 and Lower Cities in South China[43]

Phoenix, AZ, Dec. 15, 2025 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported Hotel Revenue results surpassing $5.8 million once again in the First Three Fiscal Quarters of 2026, (February 1, 2025, to October 31, 2025), with Total Revenue of approximately $5,809,673. Consolidated Net Income before the non-cash expense of depreciation and the non-cash Best Western Rewards Guest Vouchers expense, was approximately break-even at (-48,000), for the 2026 First Fiscal Three Quarters end ...

Core Viewpoint - Adani Enterprises Ltd is positioned to become the highest bidder for Jaiprakash Associates Ltd (JAL) in the ongoing insolvency process, offering a more favorable payment structure compared to Vedanta Group's bid [1][4]. Bid Evaluation - In early September, Vedanta Group initially emerged as the highest bidder with an offer of Rs 12,505 crore in net present value (NPV) [2]. - The committee of creditors (CoC) evaluated the bids and scored Adani Enterprises Ltd's resolution plan as the highest, followed by Dalmia Cement (Bharat) and Vedanta Ltd [4]. - The CoC is expected to vote on the resolution plan in the next two weeks [4]. Payment Structures - Adani Group proposes to make payments to lenders within two years, while Vedanta's offer includes back-ended payments over five years [5]. - Dalmia Cement's payment plans are contingent upon a Supreme Court judgment regarding a pending matter with the development authority YEIDA [5]. Promoters' Involvement - The former promoters of JAL submitted a last-minute offer to settle with lenders but did not provide a clear source of funds, which is typically seen as an attempt to disrupt the resolution process [6]. Company Background - JAL has diverse business interests, including real estate, cement manufacturing, hospitality, and engineering & construction, and was admitted into the Corporate Insolvency Resolution Process (CIRP) on June 3, 2024 [7]. - The company faced insolvency after defaulting on loan payments, with financial creditors claiming around Rs 60,000 crore [8]. Business Operations - JAL's major projects include Jaypee Greens in Greater Noida and Jaypee International Sports City near the upcoming Jewar International Airport [11]. - The company operates four cement plants in Madhya Pradesh and Uttar Pradesh, although these plants are currently non-operational [12]. - Financial stress has impacted JAL's various business operations, including significant engineering, procurement, and construction (EPC) projects [13].

Core Insights - Peloton Interactive, Inc. (PTON) reported first-quarter fiscal 2026 results, with earnings and revenues exceeding expectations, although revenues declined year over year while earnings increased [1][4][10] Financial Performance - Adjusted earnings per share (EPS) for Q1 was 3 cents, surpassing the Zacks Consensus Estimate of breakeven earnings, compared to breakeven EPS in the prior-year quarter [4][10] - Quarterly revenues reached $551 million, exceeding the consensus mark of $541 million by 1.8%, but reflecting a 6% decline year over year [4][10] - Connected Fitness segment revenues were $152.4 million, down from $159.6 million in the prior-year quarter, while subscription revenues were $398.4 million, down from $426.3 million [5] Operating Metrics - Peloton had 2.73 million Ending Paid Connected Fitness Subscriptions, a 6% decline year over year, with an average net monthly churn of 1.6% [6] - The company registered 542 thousand Peloton App subscribers, reflecting a net decrease of 8% year over year [6] Margin Performance - Operating expenses decreased by 17% year over year to $242.4 million, while gross profit totaled $283.7 million, down 7% year over year [7] - Gross margin contracted by 30 basis points to 51.5%, attributed to a $13.5 million inventory accrual related to Bike+ seat-post costs [7] - Subscription gross margin improved by 80 basis points to 68.6%, while Connected Fitness Products margin decreased by 230 basis points to 6.9% [7] Adjusted EBITDA - Adjusted EBITDA for the quarter was $118.3 million, up 2% year over year, exceeding management's guidance by $18 million due to lower operating costs and improved execution [8][10] Balance Sheet & Cash Flow - As of September 30, 2025, Peloton held $1.10 billion in cash and cash equivalents, an increase from $1.04 billion at the end of fiscal 2025 [11] - Net debt decreased to $395.1 million from $777.3 million in the prior-year period [11] - Net cash provided by operating activities was $71.9 million, up from $12.5 million in the prior-year quarter, while free cash flow was $67.4 million compared to $10.7 million previously [12][11] Outlook - For Q2 fiscal 2026, Peloton expects revenues between $665 million and $685 million, indicating a slight year-over-year growth at the midpoint, with paid connected fitness subscriptions projected to decline by 8% [13] - The company anticipates fiscal 2026 revenues between $2.4 billion and $2.5 billion, reflecting a 2% year-over-year decline at the midpoint, with adjusted EBITDA expected to rise by 12% year over year [15]

Financial Data and Key Metrics Changes - Normalized FFO for Q3 2025 was $33.9 million or $0.20 per share, down from $0.32 per share in the prior year quarter [15] - Adjusted EBITDA RE decreased by $10 million year over year to $145 million, primarily impacted by a $13.1 million decline in adjusted hotel EBITDA and an $8.7 million increase in interest expense [15][16] - Gross operating profit margin percentage declined by 330 basis points to 24.4% [15] Business Line Data and Key Metrics Changes - Hotel portfolio generated adjusted hotel EBITDA of $44.3 million, an 18.9% decline from the prior year due to softer demand and expense pressures [16] - REVPAR for the retained portfolio increased by 60 basis points year over year to $114, while the 76 domestic exit hotels not yet sold generated REVPAR of $72, a decline of 1% [16][17] - The triple net lease segment reported annualized base rent growth of 2.3% and NOI increased by 50 basis points year over year [12] Market Data and Key Metrics Changes - The U.S. travel market is facing headwinds, with domestic leisure travel declining to its lowest point in several years, reflecting heightened price sensitivity and shorter booking windows [7] - The triple net lease market continues to show resilience and growth, driven by consumer preferences for convenience and affordability [10] Company Strategy and Development Direction - The company is focused on capital recycling initiatives, strengthening its balance sheet, and transitioning towards a net lease company [5][6] - Significant capital investments have been made to elevate hotel quality, with renovations completed at nearly 45% of the retained hotel portfolio [9] - The company plans to continue with hotel dispositions in 2026, focusing on negative EBITDA hotels [48] Management's Comments on Operating Environment and Future Outlook - Management noted that the travel industry is experiencing softness, with cost pressures and a cautious consumer mindset impacting performance [7][36] - The company expects to see stability and margin improvement as the disposition pipeline normalizes and renovated hotels capture additional market share [9][20] - Fourth-quarter guidance projects REVPAR of $86-$89 and adjusted hotel EBITDA in the $20-$25 million range, considering seasonality and recent headwinds [17] Other Important Information - The company raised over $850 million in proceeds, including $295 million from asset sales during the quarter [5] - The company has $5.5 billion of debt outstanding with a weighted average interest rate of 5.9% [18] - Full-year CapEx guidance has been lowered from $250 million to approximately $200 million due to a shift in the pace of deployment [20] Q&A Session Summary Question: How realistic is it that all remaining hotel sales will close by year-end? - Management indicated that they are tracking to close 40-50% of the remaining balance in November, with the rest in December [23] Question: Can you discuss the $27 million impairment taken in the quarter? - Management clarified that it was related to shifting purchase price allocations and does not indicate further impairments [25] Question: What is the expectation for the declining rent coverage in the travel center portfolio? - Management noted that while there has been a decline, they are not particularly concerned due to the investment-grade backing from BP [27] Question: Can you elaborate on the hotel portfolio's Q3 performance? - Management explained that the timing of asset sales and some insurable events contributed to the performance being below expectations [32] Question: What is the rationale behind issuing zero-coupon bonds? - The primary goal was to provide headroom with covenants and improve liquidity, allowing for better management of debt maturities [40] Question: What is the outlook for potential further dispositions in 2026? - Management confirmed plans to continue with hotel dispositions in 2026, focusing on negative EBITDA hotels [48]

Company Overview - Host Hotels & Resorts has a market capitalization of $11.9 billion and an enterprise value of $16.7 billion as of September 30, 2025[8] - The company's portfolio includes 79 hotels with approximately 42,500 rooms located in 21 top U S markets[9] Financial Performance - For the quarter ended September 30, 2025, comparable hotels generated total revenues of $1,293.3 million and Hotel EBITDA of $309.4 million[22] - For the nine months ended September 30, 2025, comparable hotels generated total revenues of $4,388.0 million and Hotel EBITDA of $1,282.6 million[44] - The company forecasts comparable hotel RevPAR to increase by 3.0% compared to 2024, with an expected comparable hotel EBITDA of $1,673 million for the full year 2025[66] Capital Structure and Financial Covenants - As of September 30, 2025, the company's consolidated debt totaled $5,079 million, with 80% being fixed-rate debt and a weighted average interest rate of 4.9%[78] - The company's leverage ratio, as defined by its credit facility, was 2.8x, well below the maximum permitted level of 7.25x[89, 92] - The ratio of unencumbered assets to unsecured indebtedness, as defined by the senior notes indenture, was 446%, significantly above the minimum requirement of 150%[89, 103] Property Transactions - From 2018 to 2025, the company's dispositions included 19,960 rooms sold for $5,240 million, while acquisitions included 5,273 rooms acquired for $4,909 million[85]

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $69 million, or $11.35 per diluted share for Q3 2025 [10] - Adjusted EBITDA RE for the quarter was $45.4 million, with a year-to-date decline in corporate-adjusted EBITDA RE of just $10.1 million despite a $65.5 million decline in total hotel revenue [6][10] - Cash and cash equivalents at the end of the quarter were $81.9 million, with restricted cash increasing by $12 million from the previous quarter [10] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA grew by 2% year-over-year, while comparable hotel RevPAR decreased by 1.5% [12] - Total revenue increased by 0.2% compared to the prior year period, with ancillary revenue streams growing by approximately $1.7 million [12][16] - The company achieved a hotel EBITDA margin expansion of 46 basis points compared to the prior year period [12][16] Market Data and Key Metrics Changes - Government room nights declined approximately 18.8% during the third quarter compared to the prior year period [13] - Excluding the Washington, D.C. market, comparable hotel RevPAR was down only 0.3%, outperforming the broader U.S. upper-upscale segment [14] - Group room revenue decreased 0.4% compared to the prior year period, but increased 1.3% when excluding the Washington, D.C. market [14] Company Strategy and Development Direction - The company is focused on its GROW-AHT initiative aimed at driving $50 million in run-rate EBITDA improvement through enhanced property-level performance and cost-saving measures [5][6] - Strategic dispositions are ongoing, with recent sales generating a blended cap rate of 5.3% on trailing 12-month net operating income [8] - The company anticipates benefiting from potential interest rate cuts, with each 25 basis point cut expected to save over $6 million in annual interest expense [9] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the resilient operating performance despite economic headwinds affecting RevPAR and margins [5] - The company expects strong group demand in 2026, supported by events like the FIFA World Cup, with 42% of its portfolio located in host cities [15][16] - Management remains focused on driving performance and enhancing long-term shareholder value through disciplined capital investment strategies [22] Other Important Information - The company does not anticipate reinstating a common dividend in 2025, while preferred dividends are being paid [11] - The consolidated portfolio consisted of 70 hotels with 16,876 net rooms as of September 30, 2025 [11] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of engagement during the Q&A segment [23][24]

Financial Data and Key Metrics Changes - Comparable Hotels' total revenue was $365 million for the quarter, down approximately 1% year-over-year, and $1.1 billion year-to-date, also down about 1% [23] - Comparable Hotels' adjusted hotel EBITDA was approximately $129 million for the quarter, down about 7% year-over-year, and $375 million year-to-date, down 6% [23][24] - Comparable Hotels' RevPAR was $124, down 1.8%, with ADR at $163, down 0.6%, and occupancy at 76%, down 1.2% compared to the same quarter in 2023 [24][6] Business Line Data and Key Metrics Changes - Transient leisure demand remained resilient, while group business targeted by property teams helped offset slightly softer midweek business transient [6] - Weekend occupancy was strong at 81%, but weekday occupancy declined, contributing to overall portfolio occupancy declines [28] - Group business mix improved by 50 basis points to 15%, indicating a strategic focus on this segment [30] Market Data and Key Metrics Changes - Comparable Hotels' RevPAR declined approximately 3% in October 2025 compared to October 2024, impacted by the government shutdown [7][28] - The portfolio continues to outperform the industry, with STR reporting RevPAR of $102, ADR of $160, and average occupancy of 63% for the first nine months of the year [24] Company Strategy and Development Direction - The company is focusing on capital allocation by selectively selling assets and redeploying proceeds to buy back stock, while also investing in future developments to ensure portfolio relevance [5][9] - Transitioning Marriott-managed hotels to franchise agreements is expected to unlock operational synergies and enhance cash flow [8][80] - The company aims to maintain a balanced approach between acquisitions and share repurchases, ensuring long-term portfolio relevance while capitalizing on short-term market opportunities [12][62] Management's Comments on Operating Environment and Future Outlook - Management noted that while macroeconomic uncertainty and government travel pullbacks have impacted performance, overall demand remains resilient [5][19] - The company anticipates benefiting from pent-up demand following the government shutdown and is optimistic about future performance [28][72] - The outlook for 2025 has been adjusted to reflect potential negative impacts from prolonged economic uncertainty, with expected net income between $162 million and $175 million [35][36] Other Important Information - The company has completed the sale of three hotels for a total of $37 million and has four more under contract for approximately $36 million [10] - Capital expenditures for the year are expected to be between $80 and $90 million, with major renovations planned for approximately $20 million of hotels [17] - The company continues to pay attractive dividends, with distributions totaling approximately $57 million in the third quarter, representing an annual yield of approximately 8.6% [18] Q&A Session Summary Question: How has the full-time employee count shifted over the quarter and its impact on cost improvements? - Management indicated that labor management adjustments have led to improved efficiency, allowing for flexibility in FTE counts based on occupancy changes [41][42] Question: How much of the guidance change is attributed to the government shutdown? - Approximately two-thirds of the guidance change is related to the government shutdown, with the remainder attributed to underlying fundamentals [50][51] Question: What strategies are in place to fill the gap in government travel demand? - The company is focusing on building additional base business through group segments and maximizing market share [67] Question: What are the updated thoughts on the mix shift with corporate occupancy and leisure? - Recent performance indicates greater strength in leisure demand compared to midweek corporate, with expectations for recovery in corporate demand post-government shutdown [70][72] Question: Can you discuss the expected disruption during the transition of Marriott-managed hotels? - Transitioning to franchise agreements is anticipated to unlock value and improve operational performance, with some disruption expected during the changeover [80]

Financial Data and Key Metrics Changes - Comparable Hotels' total revenue was $365 million for the quarter, down approximately 1% year-over-year, and $1.1 billion year-to-date, also down about 1% [23][24] - Comparable Hotels' adjusted hotel EBITDA was approximately $129 million for the quarter, down about 7% year-over-year, and $375 million year-to-date, down approximately 6% [24][32] - Comparable Hotels' RevPAR was $124, down 1.8%, with ADR at $163, down 0.6%, and occupancy at 76%, down 1.2% compared to the same quarter in 2023 [24][32] Business Line Data and Key Metrics Changes - Transient leisure demand remained resilient, while group business targeted by property teams helped offset slightly softer midweek business transient [6] - Weekend occupancy was strong at 81%, but weekday occupancy declined, contributing to overall portfolio occupancy declines [27] - Group business mix improved by 50 basis points to 15%, indicating a focus on maximizing revenue from this segment [30] Market Data and Key Metrics Changes - Comparable Hotels' RevPAR declined approximately 3% in October 2025 compared to October 2024, impacted by the government shutdown [7][27] - The hotel portfolio continues to outperform the industry, with STR reporting RevPAR of $102 and average occupancy of 63% for the first nine months of the year [24] - Market performance varied significantly, with some markets showing strong RevPAR gains while others faced headwinds due to demand shifts [25] Company Strategy and Development Direction - The company is focusing on capital allocation by selectively selling assets and redeploying proceeds into share repurchases [5][10] - Future investments are being made to ensure the portfolio's continued relevance, including transitioning Marriott-managed hotels to franchise agreements [9][56] - The company aims to enhance portfolio quality and competitiveness through strategic transactions and maintaining a strong balance sheet [10][38] Management's Comments on Operating Environment and Future Outlook - Management noted that while fundamentals remain strong, external factors like policy uncertainty and expense pressure have impacted performance [5] - The company is optimistic about pent-up demand following the government shutdown and expects to benefit from events like the 2026 FIFA World Cup [21][22] - Despite macroeconomic uncertainties, the company remains confident in its ability to navigate market conditions and drive profitability [37][38] Other Important Information - The company has completed the sale of three hotels for a total of $37 million and has four more under contract for approximately $36 million [11] - Capital expenditures for the year are expected to be between $80 and $90 million, with major renovations planned for approximately $20 million of hotels [18] - The company paid distributions totaling approximately $57 million during the third quarter, representing an annual yield of approximately 8.6% [19] Q&A Session Summary Question: How has the full-time employee count shifted over the quarter? - Management indicated that improvements in wages and payroll were largely driven by adjustments to labor in response to occupancy declines, with flexibility in FTE counts allowing for cost management [39][40] Question: How much of the guidance change is attributed to the government shutdown? - Approximately two-thirds of the guidance change is related to the government shutdown, with the remaining third attributed to fundamental performance issues [42][44] Question: What is the strategy behind the development deals versus acquisitions? - The company aims to balance short-term opportunities from asset sales and share repurchases with long-term relevance through development deals, targeting strong returns [46][48] Question: What are the expected disruptions during the transition of Marriott-managed hotels? - Management anticipates some disruption during the transition but expects to mitigate it by consolidating management and leveraging existing partnerships [61][63]

Financial Data and Key Metrics Changes - The company reported third-quarter results in line with expectations, with RevPAR and total RevPAR index achieving approximately 141% and 195% of fair share relative to the Marriott-defining competitive set [4][12] - Adjusted EBITDAre for the entertainment segment is expected to be in the range of $772-$802 million, reflecting a reduction in guidance due to softer volumes in downtown Nashville venues [21][17] - The company ended the third quarter with $483 million of unrestricted cash and total available liquidity of nearly $1.3 billion [22] Business Line Data and Key Metrics Changes - The hospitality segment delivered results towards the high end of expectations, with a decline in corporate group room nights down only about 20,000 compared to last year [12] - Food and beverage outlet performance improved, with outlet sales per occupied room increasing nearly 13% [13] - The entertainment segment generated approximately $92 million in revenue and adjusted EBITDAre of approximately $25 million [16] Market Data and Key Metrics Changes - The leisure hotel market in Nashville improved, with transient ADR growth for the upscale and luxury hotel segment turning positive for the first time since February 2025 [4] - Nashville Airport traffic was reported to be up 10% in October compared to last year, marking the best October in the airport's history [28] - Group room nights booked for all future years were up 9% compared to last year, with ADR growth continuing in the mid-single digits [15] Company Strategy and Development Direction - The company remains bullish on the long-term trajectory of Nashville, citing ongoing developments such as the new Titans stadium and Oracle's headquarters [5][6] - The company is focusing on expanding its entertainment platform and enhancing the Opry brand, with plans for a second Category 10 development in Las Vegas [10][11] - The company anticipates that the sports bar development at Gaylord Opryland will open in April 2026, contributing to future growth [18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the fourth quarter, noting that while government-related weakness is impacting bookings, leisure demand is showing positive trends [97][98] - The company is optimistic about an increase in group demand for 2026 due to expectations for lower interest rates and a more favorable business environment [17] - Management highlighted that corporate leads and bookings remain strong despite elevated cancellation activity primarily in the government sector [34][35] Other Important Information - The company is narrowing its guidance ranges for the full year 2025, reflecting adjustments in the entertainment segment due to market conditions [21] - The company plans to continue paying a minimum of 100% of taxable income through dividends [23] Q&A Session Summary Question: Updated thoughts on the entertainment market in Nashville - Management noted that the market has stabilized, with increased airline traffic and optimism for future tourism growth due to new developments [27][28] Question: Impact of cancellations on bookings - Cancellations were up primarily in the government sector, but corporate leads and demand remain strong, mitigating some impacts [34][35] Question: Leisure assumptions for the fourth quarter - Management expects improved performance in leisure bookings, with early indicators showing positive trends [36][37] Question: Corporate group bookings recovery - Corporate bookings are strong across various sectors, with no specific industry showing greater growth [68] Question: Acquisition appetite and strategy - The company is focused on internal capital deployment rather than external acquisitions, emphasizing high-quality returns on invested capital [89][90]