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  "documentTitle": "2026 02 Investor Presentation",
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  "notes": "Includes 2025 per-key EBITDA metrics and specific property-level context for performance fluctuations.",
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      "text": "Following their respective multi-million-dollar redevelopments in 2023-2024, Newport Harbor Island Resort and Estancia La Jolla Hotel & Spa are each beginning to realize significant returns from reimagined rooms, public spaces, and F&B offerings.",
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      "text": "Naples, FL was negatively impacted by Hurricane Ian (2022) and Hurricanes Helene and Milton (2024). LaPlaya Beach Resort & Club experienced closures and construction-related disruptions following these events; however, as of 2025, the property is fully restored.",
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      "text": "Post-COVID, demand accelerated across most resort markets.",
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      "text": "Skamania Lodge in the Columbia River Gorge has benefited from expanded lodging offerings, including treehouses and glamping accommodations, with further upside expected from additional units and enhanced event spaces.",
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      "text": "2023 actual resort hotel EBITDA results were adversely impacted by renovations, redevelopments, and La Playa's hurricane-related disruption.",
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      "text": "Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. Any differences are a result of rounding...",
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      "text": "Table of resort EBITDA from 2019-2025",
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      "text": "Historical Hotel EBITDA – Resorts & Notable Impacts Over the Years",
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