For the quarter ended December 31, 2025, net loss attributable to common stockholders was $6.0 million, or $0.06 per diluted share, compared with net income of $0.7 million a year earlier. Same-store RevPAR fell 1.6% to $115.34 with ADR down 1.0% to $162.69 and occupancy at 70.9%, and same-store hotel EBITDA totaled $53.5 million while adjusted FFO was $22.3 million.

Net loss for the twelve months ended December 31, 2025, was $23.6 million, or $0.22 per share, versus net income of $25.1 million in 2024. Same-store RevPAR declined 1.8% to $121.73, ADR decreased 1.7% to $165.22, occupancy held at 73.7%, adjusted EBITDAre reached $174.8 million, and adjusted FFO totaled $103.6 million.

The company sold two non-core hotels in Q4 and completed a third sale in early 2026, generating over $51 million of gross proceeds and eliminating about $13 million of near-term capital expenditures. Since 2023 it has divested approximately $200 million of assets at a blended cap rate under 5% while preserving nearly $60 million in renovation funding, and it has no debt maturities until 2028.

Management reported sequential RevPAR growth improvement of 240 basis points despite lower international inbound travel and reduced government demand from a prolonged shutdown. The company expects stronger fundamentals in 2026 supported by World Cup special event demand in six markets, growth in corporate transient and group segments, and easier government travel comparisons.