June 23, 2025 04:54 AM GMT Investor Presentation | Asia Pacific M Foundation Asia Summer School: China Hotels 2025 Edition We highlight the size of the industry, penetration, top players and market GMV (gross merchandise value) analysis in this presentation. We also discuss China hotel RevPAR trends, international hotel groups in China and key debates. Slide Content: Morgan Stanley Asia Limited+ Dan Chee Equity Analyst Dan.Chee@morganstanley.com +852 2239-1227 Praveen K Choudhary Equity Analyst Praveen.Chou ...

Core Viewpoint - Atour Lifestyle Holdings Limited reported strong financial results for the first quarter of 2025, demonstrating significant growth in both hotel and retail segments despite market volatility. The company continues to expand its hotel network and enhance its retail offerings, aiming for sustainable, high-quality growth in the hospitality industry in China [7][9]. Financial Performance - Net revenues for Q1 2025 increased by 29.8% year-over-year to RMB1,906 million (US$263 million) [8][10]. - Net income for Q1 2025 decreased by 5.5% year-over-year to RMB244 million (US$34 million) [25]. - Adjusted net income (non-GAAP) for Q1 2025 increased by 32.3% year-over-year to RMB345 million (US$48 million) [25]. - EBITDA (non-GAAP) for Q1 2025 increased by 6.1% year-over-year to RMB372 million (US$51 million) [27]. - Adjusted EBITDA (non-GAAP) for Q1 2025 increased by 33.8% year-over-year to RMB474 million (US$65 million) [27]. Operational Highlights - As of March 31, 2025, Atour operated 1,727 hotels with a total of 194,559 hotel rooms, reflecting year-over-year increases of 32.6% in the number of hotels and 31.3% in hotel rooms [2]. - The company had 755 manachised hotels under development in its pipeline [2]. - The average daily room rate (ADR) was RMB418 for Q1 2025, a slight decrease from RMB430 in Q1 2024 [3]. - The occupancy rate was 70.2% for Q1 2025, down from 73.3% in Q1 2024 [3]. - Revenue per available room (RevPAR) was RMB304 for Q1 2025, compared to RMB328 for the same period in 2024 [3]. Retail Business Performance - Gross merchandise value (GMV) from the retail business was RMB845 million for Q1 2025, representing a year-over-year increase of 70.9% [6][9]. - Revenues from retail increased by 66.5% year-over-year to RMB694 million (US$96 million) [14]. Cost and Expense Management - Operating costs and expenses for Q1 2025 totaled RMB1,565 million (US$216 million), including RMB102 million in share-based compensation expenses [17]. - Hotel operating costs increased to RMB736 million (US$101 million) for Q1 2025, accounting for 63.4% of manachised and leased hotels' revenues [18]. - Selling and marketing expenses rose to RMB283 million (US$39 million), reflecting increased investment in brand recognition [21]. Future Outlook - For the full year of 2025, the company expects total net revenues to increase by 25% to 30% compared to 2024 [30].

Results through Q1 2025 PRESENTATION INVESTOR Peter Hoetzinger, Co CEO & President FORWARD - LOOKING STATEMENTS This presentation may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Century Casinos, Inc. (together with its subsidiaries, the "Company", "we", "us", "our") may make other written and oral ...

Core CPI held up, for now: Core CPI YoY remained robust at 0.5%Y (vs. 0.5% in March) and 0.7% MoM SAAR. In April, core goods prices (home appliances, cars and mobile phones) were largely stable on the back of the trade-in program; tourism- related prices slightly improved, such as tourism services (-0.5%Y vs. -0.9% in March) and hotel rooms, which is included in miscellaneous services (6.6%Y vs. 6.2% in March). Apart from core prices, food inflation was the highest in 5 months, led by fruit and beef amid co ...

Service Properties Trust (SVC) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Kevin Barry - Senior Director - IRChristopher Bilotto - President, CEO & Managing TrusteeJesse Abair - Vice PresidentBrian Donley - CFO & TreasurerJonathan Jenkins - Equity Research Associate DirectorMeredith Jensen - US Consumer Equity ResearchJack Armstrong - Equity Research Associate Conference Call Participants John Massocca - Senior Research Analyst Operator Good morning, and welcome to the Service Proper ...

Financial Data and Key Metrics Changes - The company reported normalized FFO of $10.8 million or $0.07 per share, down from $0.13 per share in the prior year quarter [21] - Adjusted EBITDAre increased slightly year over year to $115.8 million [21] - Interest expense increased by $10.1 million compared to the prior year [21] Business Line Data and Key Metrics Changes - Comparable hotel RevPAR grew by 2.6% year over year, with GOP and adjusted hotel EBITDA declining due to renovations and increased costs [5][9] - Full service hotels reported a 1.9% increase in RevPAR, while select service portfolio saw a 10.6% increase [9][10] - Extended stay portfolio's RevPAR was flat, impacted by renovations [10] Market Data and Key Metrics Changes - The lodging portfolio experienced a slowdown in RevPAR growth as the quarter progressed, influenced by reduced government and international travel [6][30] - Group revenue pace increased by 6.5% year over year, indicating strong demand despite overall market challenges [33] Company Strategy and Development Direction - The company plans to sell 123 hotels in 2025, with estimated proceeds of $1.1 billion to strengthen the balance sheet and reinvest in growth opportunities [7][13] - A strategic shift towards increasing net lease exposure is anticipated, with a target of 54% net lease and 46% lodging assets post-disposition [14] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic uncertainties but expressed confidence in portfolio optimization initiatives and durable cash flows from net lease assets [14] - The company expects RevPAR for Q2 to be between $99 and $102, with adjusted hotel EBITDA projected at $69 million to $74 million [25] Other Important Information - The company is focused on capital expenditures of approximately $250 million for the year, with $120 million to $140 million allocated for maintenance capital [27] - The company has recognized an impairment on 16 hotels, with expectations of a gain on sale for the remaining hotels in the portfolio [68][70] Q&A Session Summary Question: Can you walk us through the RevPAR trends in the quarter? - Management indicated that RevPAR started strong in January but showed deceleration by March, with preliminary April numbers showing a decrease of 1% year over year [30][31] Question: What is the impact of international and government business on demand? - Approximately 30% of the portfolio is in top markets, with a modest decrease in government contracts noted [32][33] Question: How confident is the company in completing hotel sales at the expected price? - Management expressed confidence due to a robust selection process and active diligence with buyers [34][36] Question: Will the company continue to have hotel exposure in the future? - The company plans to maintain hotel exposure while increasing net lease properties, expecting performance progress on both sides [40][41] Question: What caused the shift in timing for hotel dispositions? - The shift was attributed to the diligence process associated with larger portfolios rather than broader market concerns [59][60] Question: How is the CapEx program being managed in light of potential tariff impacts? - The company is monitoring tariffs and has locked in pricing for many projects, with contingencies in place to manage costs [62][63] Question: What types of properties were acquired in the net lease segment? - The company acquired a car wash and a casual dining concept, with plans for further acquisitions in QSR and casual dining [76][78] Question: What is the outlook for the Sonesta brand in relation to the hotel portfolio? - The plan is for the hotels being sold to retain the Sonesta franchise agreements [84]

Financial Data and Key Metrics Changes - Consolidated revenues for the first quarter were $148.8 million, an increase of $10.2 million or 7.4% compared to the prior year quarter, with revenue growth in both divisions [10] - Operating loss for the quarter was $20.4 million, a decline of $3.7 million compared to the prior year quarter [10] - Consolidated adjusted EBITDA for the first quarter was a loss of $0.3 million, a decrease of $2.6 million over the first quarter of fiscal 2024 [11] - Cash flow from operations was a use of cash of $35.3 million in the first quarter, compared to cash used by operations of $15.1 million in the prior year quarter [20] - Total capital expenditures during the first quarter were $23 million, compared to $15.4 million in the first quarter of fiscal 2024 [21] Business Line Data and Key Metrics Changes Theater Division - Total revenue for the first quarter was $87.4 million, an increase of 7.5% compared to the prior year first quarter [12] - Comparable theater admission revenue increased by 1.3% and comparable theater attendance increased by 6.9% compared to the prior year [12] - Theater division adjusted EBITDA was $3.7 million, compared to $6.2 million in the prior year quarter [17] Hotels and Resorts Division - Revenues were $61.3 million for the first quarter, an increase of 7.2% compared to the prior year [18] - RevPAR for comparable owned hotels grew by 1.1% during the first quarter, with an average daily rate (ADR) increase of 8% [18] - Hotels adjusted EBITDA increased by $1 million in the first quarter compared to the prior year quarter [20] Market Data and Key Metrics Changes - Comparable competitive hotels in the markets experienced RevPAR growth of 6.7% for the first quarter, indicating that the company's hotels underperformed the competitive set by 5.6 percentage points [19] - The upper upscale segment experienced an increase in RevPAR of 2.8% during the first quarter, indicating that the company's hotels underperformed the industry by 1.7 percentage points [19] Company Strategy and Development Direction - The company plans to maintain a focus on long-term value creation while managing short-term dynamics, with expectations for growth in both theater and hotel divisions [25] - The company is investing in enhancing customer experience through new ScreenX auditoriums and additional concession stands at Dine-in Movie Tavern locations [30][32] - The company is optimistic about the film slate for the rest of the year and into 2026, with several major franchises expected to perform well [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the first quarter did not meet expectations but expressed optimism for the summer movie season and the overall outlook for the year [25][26] - The company is prepared to react quickly to any economic uncertainties that may arise, leveraging its diversified business model [26][40] - Management emphasized the importance of attendance and customer experience, indicating a thoughtful approach to pricing in a potentially slowing economy [29][46] Other Important Information - The company repurchased approximately 424,000 shares of common stock for $7.1 million in cash during the quarter [23] - The Hilton Milwaukee renovation is progressing as planned, with 65% of the guest rooms completed and expected to be fully operational by June 30 [39] Q&A Session Summary Question: Impact of concessions per patron - Management indicated that the change in food and beverage per caps was primarily due to pricing, with no significant changes in incidence or basket size [45] Question: Ability to take price increases - Management expressed confidence in their ability to manage pricing, noting that they have successfully passed through price increases in the past [46] Question: Hilton Milwaukee renovation pricing strategy - Management views the renovation as an opportunity to hold or potentially increase prices, especially with the upcoming convention center demand [47][50] Question: Impact of Marcus Movie Club on ticket pricing - Management reported that the initial results of the subscription product are positive, but its impact is still minimal [56] Question: Group pace and market dynamics - Management noted that group business is performing well, particularly in recently renovated properties, and that bookings are solid across several markets [58] Question: Labor expense impact and staffing levels - Management indicated that higher labor costs were due to a return to normal operating hours and that there is room for improvement in labor efficiency [75][76]

For the quarter ended March 2025, Sunstone Hotel Investors (SHO) reported revenue of $234.07 million, up 7.8% over the same period last year. EPS came in at $0.21, compared to $0.05 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $237.58 million, representing a surprise of -1.48%. The company delivered an EPS surprise of +16.67%, with the consensus EPS estimate being $0.18.While investors closely watch year-over-year changes in headline numbers -- revenue and earning ...

For the quarter ended March 2025, RLJ Lodging (RLJ) reported revenue of $328.12 million, up 1.1% over the same period last year. EPS came in at $0.31, compared to -$0.01 in the year-ago quarter.The reported revenue represents a surprise of -0.34% over the Zacks Consensus Estimate of $329.24 million. With the consensus EPS estimate being $0.30, the EPS surprise was +3.33%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

Ryman Hospitality Properties (RHP) Q1 2025 Earnings Call May 02, 2025 12:00 PM ET Company Participants Jennifer Hutcheson - Executive VP & CFOColin Reed - Executive Chairman of the Board of DirectorsMark Fioravanti - President and CEOPatrick Chaffin - Executive VP & COO - HotelsJack Armstrong - Equity Research AssociatePatrick Moore - CEODuane Pfennigwerth - Senior MDSmedes Rose - DirectorAri Klein - Director - Equity ResearchDavid Katz - Managing DirectorJay Kornreich - VP - Equity ResearchJohn Decree - Di ...