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Our Company We are 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. As of February 20, 2026, our portfolio consists of 34 premium-branded hotels and resorts with approximately 23,000 rooms, located in prime United States ( U.S. ) markets with h…
The business is unprofitable at the operating level (-1.30% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.2% YoY. Margins deteriorated 16.3pp alongside, both lines moving the wrong way.
Free cash flow declined 50% versus the prior year, cash generation momentum has weakened. ROIC dropped from 3.97% to -0.35%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.53B
▼ -2.2% YoY
Net Income (TTM)
-$215M
▼ -233.5% YoY
Op. Margin
0.91%
▼ -16.3pp YoY
ROIC
0.22%
▼ -4.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$69M
▼ -49.5% YoY
Op. Cash Flow (TTM)
$371M
▼ -7.2% YoY
Net Debt
$3.91B
Cash & Equiv.
$156M
5Y CAGR: +24.4%
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