Greetings and welcome to the Park, Hotels & Resorts 3rd Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Ian Weissman, Senior Vice President, Corporate Strategy. Please go ahead.

Thank you, operator, and welcome everyone to the Park Hotels & Resorts third quarter 2026 earnings call. Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and were not obligated to publicly update or revise these forward-looking statements. Actual performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by PARCC with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. In addition, on today's call, we will discuss certain non-GAAP financial information, such as adjusted FFO and adjusted EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in yesterday's earnings call, as well in our 8K file with the SEC, and the supplemental financial information available on our website at pkhotelsandresorts.com. Additionally, unless otherwise stated, all operating results will be presented on a comparable hotel basis. This morning, Tom Baltimore, our Chairman and Chief Executive Officer, will provide an update on our strategic initiatives and review PARCC's third quarter performance and outlook for the year, while Sean Dell'Orto, our Chief Financial Officer and Chief Operating Officer, will provide updates on our capital investments and additional color on guidance. Following our prepared remarks, we will open the call for questions. With that, I would like to turn the call over to Tom.

Thank you, Ian, and welcome everyone. I'm pleased to report that PARCC delivered another outstanding quarter with results meaningfully exceeding our expectations. REVPAR increased 8.4% year-over-year. with growth accelerating from 9% in July to more than 13% in September, despite weather-related disruptions in Hawaii during August and September. Results reflected broad-based strength across the portfolio, supported by continued momentum in group, leisure, and higher-rated business transient demand. RevPAR increased nearly 7% across both our resort and urban hotels, while our airport and suburban hotels grew approximately 20% and 14% respectively. Turning to our major markets, Hawaii continues to be one of the most compelling growth opportunities in our portfolio. RevPAR across our two resorts increased an impressive 7% despite The temporary disruption from three hurricanes, which we estimate reduced combined REVPAR growth for the two resorts by nearly 280 basis points during the quarter. Demand rebounded as conditions improved, with September representing the strongest month of the quarter, and REVPAR across our Hawaii resorts increased nearly 14%. Group was the primary driver of performance at both hotels in the third quarter, with group rooms revenue more than doubling year over year, which helped to drive a 110% increase in banquet and catering revenue. At Hilton Hawaiian Village, RevPAR increased 5% during the quarter, with occupancy reaching nearly 90%, allowing for compression to drive stronger rates. particularly in September when the average daily rate increased approximately 9% compared to last year. The resort also continued to gain market share, achieving a RevPAR index of 105% for the quarter, up four points from last year with gains across both occupancy and rate. Importantly, the index remains nearly 14 points below its The resort's renovated outlets and enhanced programming also helped drive record third-quarter food and beverage performance, with banquet and catering and outlet revenue each growing 14% year-over-year. Orlando also delivered another