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      "text": "Targeting mid-teens stabilized annual cash-on-cash returns through a combination of RevPAR Index share gains and enhanced owner's priority returns.",
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      "text": "WHAT: Following the success of stabilized comprehensive renovations, Host has reached a second agreement with Marriott on the Marriott Transformational Capital Program 2 (“MTCP2”), a similar capex reinvestment program at four additional properties. WHY: Building on the success of prior Transformational Capital Programs, Host believes these portfolio investments will position the hotels to compete better in their respective markets while seeking to enhance long-term performance. GOAL: Targeting mid-teens stabilized annual cash-on-cash returns through a combination of RevPAR Index share gains and enhanced owner’s priority returns. Similar to the first MTCP program, these targeted returns assume 3-to-5 points of RevPAR Index share gains at stabilization.",
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      "text": "$18 MILLION Operating profit guarantee from Marriott",
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      "text": "$300-350 MILLION Total program investment expected (roughly 2/3 of which was planned)",
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      "text": "$35-55 MILLION Expected investment per year between 2025-2029, with $140-160 million expected in 2026",
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      "text": "MTC2 ASSETS; TARGETED START; TARGETED COMPLETION; New Orleans Marriott; Q3 2025; Q3 2026 & 2028; The Ritz-Carlton Naples, Tiburón; Q2 2026; Q3 2026; The Ritz-Carlton, Marina del Rey; Q3 2026; Q2 2027; Westin Kierland; Q2 2026; Q4 2026, 2027, & 2029",
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      "text": "Marriott Transformational Capital Program 2 Overview",
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