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  "documentTitle": "2026 02 Investor Presentation",
  "authorId": "Host-Hotels",
  "authorName": "Host Hotels & Resorts",
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  "notes": "Includes before/after photos and specific RevPAR and revenue growth metrics.",
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      "text": "RevPAR index share gain of 12.4 points (122.2 2017-2019 avg. vs. 134.6 for 2025)",
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      "kind": "disclaimer",
      "text": "1) RevPAR index share is measured relative to hotels' competitive sets using STR data for peers. For more information on how RevPAR index is calculated, see Reconciliations & Supplemental Information. 2) These results are illustrative only and there can be no guarantees that other projects will result in similar results. See Slide 2 for factors that may cause results to be materially different from expectations.",
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      "text": "Before and after photos of the hotel interior",
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      "text": "LATEST RESULTS(2): RevPAR index share gain of 12.4 points (122.2 2017-2019 avg. vs. 134.6 for 2025). Renovations achieved LEED Silver certification. 2025 improvements vs. 2019: Total RevPAR +27% driven by rate +58%; F&B revenue +28%, with fairly even growth in banquets and outlets; Banquet revenue per group room night +63%",
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      "text": "WHAT WE DID: Comprehensive renovations began in March 2022 and finished in December 2023. Scope of renovations: elevated design and functionality of the living, sleeping, and bathroom areas; enhanced arrival experience with reimagined lobby areas including reception, new cultural space, and new lobby bar; renovated meeting space; relocated fitness center. Accelerated future mechanical, electrical, plumbing, and building envelope projects to minimize business interruption",
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      "text": "GOAL: Renovation underwriting target: 3-5 points of RevPAR index share gain(1) compared to the three-year RevPAR index average prior to renovation",
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      "text": "Comprehensive Renovation Case Study",
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      "kind": "title",
      "text": "FAIRMONT KEA LANI, MAUI",
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