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  "notes": "The slide highlights the shift toward higher out-of-room revenue contributions.",
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      "text": "Approximately 40% of Host's revenue in 2025 and 2026E comes from out-of-room revenue.",
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      "text": "Approximately 40% of Host's revenue in 2025 and 2026E comes from out-of-room revenue. Since 2017, this proportion has grown as the portfolio has shifted toward more complex, higher-end properties.",
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