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  "documentTitle": "2026 02 Investor Presentation",
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  "notes": "Includes a table of EBITDA multiples for dispositions and acquisitions, and detailed footnotes regarding calculation methodology.",
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      "text": "Accretive capital recycling since current management team began transitioning the portfolio in 2017.",
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      "text": "1) Disposition multiples are calculated as the ratio between the sales price... 2) A securities rating is not a recommendation... 3) No market accounts for more than 11% of 2025 hotel net income.",
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      "text": "THE WESTIN KIERLAND RESORT & SPA",
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      "text": "Operational benchmarking; Ability to source off-market transactions; Large, branded portfolio",
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      "text": "Only investment grade rating among lodging REITs; $2.4 billion in total available liquidity",
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      "text": "Dispositions: 2018-2026 $6.4B @ 16.7x, 2021-2026 $2.9B @ 16.2x. Acquisitions: 2018-2026 $4.9B @ 13.6x, 2021-2026 $3.3B @ 13.3x",
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