Operations, Strong Portfolio RevPAR and Total RevPAR Performance Quarter-to-Date
Quarter-to-date portfolio performance has been in line with the Company's prior expectations, and the government shutdown early in the quarter did not have a material impact on portfolio performance. For the fourth quarter through November 30th, the Company estimates that Same-Property RevPAR and Total RevPAR increased 5.6% and 8.1%, respectively, versus the comparable period in 2024.
2026 Outlook, Group Demand and Diverse Revenue Mix Expected to Drive Growth
The Company continues to be well-positioned for 2026, as evidenced by the following:
2026 group rooms revenue pace was up approximately 15% as of October 31, 2025, compared to group rooms revenue pace for 2025 at the same time last year. The level of pace increase is meaningful, given that approximately 35% of the Company's room night demand is derived from the group segment. The Company's premium lodging real estate portfolio (100% luxury and upper upscale as defined by STR) continues to be attractive to groups, as does the Company's Sunbelt-oriented footprint and affiliation with the best lodging brands (100% of the portfolio is branded).
The Company's diverse revenue mix is expected to underpin growth in 2026. Year-to-date through third quarter 2025, the Company's revenues consisted of 56% rooms revenues and 44% non-rooms revenues. The Company's weighting of non-rooms revenues was greater than that of any of its lodging REIT peers during this period.1
The Company expects non-rooms revenue growth to outpace rooms revenue growth again in 2026. Year-to-date through the third quarter of 2025, the Company's non-rooms revenues growth rate was over four times greater than its rooms revenues growth rate.2 The Company's investments in meeting space and group amenities have helped drive the recent growth in non-rooms revenues.
Capital Markets Activity, Share Repurchases based on Favorable Outlook & Compelling Valuation Versus NAV
Quarter-to-date, through December 4th, the Company repurchased approximately 2.7 million shares of common stock at a weighted average price of $13.56/share. Year-to-date, through December 4th, the Company has repurchased approximately ...
