Comparable fourth-quarter RevPAR was flat, but comparable total revenue grew 1.8%. Resort portfolio delivered strong growth in Q4, with comparable RevPAR increasing 4.1% and comparable Hotel EBITDA increasing 6.0%. Excluding hotels under renovation (Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek), Q4 RevPAR growth was 2.6% and comparable Hotel EBITDA increased 6.4%. Full-year 2025 comparable total revenue growth was 2.8%, and comparable Hotel EBITDA growth was 3.1%. Sold The Clancy in San Francisco for $115 million, paying down $65 million of debt and retaining $44 million in net proceeds. Redeemed approximately $149 million of non-traded preferred stock, representing 32% of the original capital raise. Reported a net loss attributable to common stockholders of $(46.0) million or $(0.67) per diluted share for Q4 2025, and $(72.7) million or $(1.07) per diluted share for the full year 2025. Full-year 2025 AFFO per diluted share was $0.28, while Q4 AFFO per diluted share was $(0.02). Adjusted EBITDAre was $28.8 million for Q4 and $147.0 million for the full year 2025. The company initiated a sale process in August 2025, engaging Robert W. Baird & Co. Inc. as financial advisor, and also appointed co-advisors for individual asset sales. Total capital expenditures in 2025 were approximately $78 million, with anticipated spending of $25 million to $35 million in 2026.