Net income attributable to common stockholders decreased by 69.8% to $8.458 million in 2025 from $28.034 million in 2024. Total revenues increased by 6.0% to $960.126 million in 2025 from $905.809 million in 2024, driven by hotel acquisitions and post-renovation ramp-ups. Adjusted EBITDAre increased by 3.0% to $236.552 million in 2025, and Adjusted FFO attributable to common stockholders increased by 3.0% to $167.846 million. A loss of $8.8 million was recorded on the sale of the Hilton New Orleans St. Charles in June 2025 for a gross sale price of $47.0 million. Significant renovations were completed at Andaz Miami Beach (reopened May 2025) and Wailea Beach Resort, along with meeting space renovations at Hyatt Regency San Antonio Riverwalk and Hilton San Diego Bayfront. The Third Amended and Restated Credit Agreement was entered into in September 2025, expanding unsecured debt borrowing capacity to $850.0 million and extending maturities. Repurchased 11,589,722 common shares for $102.6 million and 63,124 preferred shares for $1.3 million in 2025 under the stock repurchase program. The CEO's (Bryan A. Giglia) base salary was increased to $750,000 per annum, effective February 17, 2026, with annual bonus targets set at 87.5% (threshold), 175% (target), and 262.5% (maximum) of base salary.