2026 Guidance
The Company is updating its 2026 business performance outlook based on current information as of April 30, 2026. The Company does not expect to update the guidance provided below before next quarter's earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.
Fioravanti concluded, "We are pleased to raise the midpoints of our 2026 guidance ranges to reflect stronger first quarter results in our Hospitality portfolio, including the JW Marriott Desert Ridge. Our outlook for the balance of the year continues to reflect measured confidence in our business. Demand from both group and leisure guests has remained resilient amid elevated geopolitical uncertainty, and our business model has proven to be durable across a range of operating environments."
| Guidance Range | Prior Guidance Range | ||||||||||||||||||||||||||||||
| (in millions, except per share figures) | For Full Year 2026(1) | Full Year 2026(1) | Change to | ||||||||||||||||||||||||||||
| Low | High | Midpoint | Low | High | Midpoint | Midpoint | |||||||||||||||||||||||||
| Same-store Hospitality RevPAR growth(2) | 2.25 | % | 3.75 | % | 3.00 | % | 1.50 | % | 3.50 | % | 2.50 | % | 0.50 | % | |||||||||||||||||
| Same-store Hospitality Total RevPAR growth(2) | 2.25 | % | 3.75 | % | 3.00 | % | 1.50 | % | 3.50 | % | 2.50 | % | 0.50 | % | |||||||||||||||||
| Operating income: | |||||||||||||||||||||||||||||||
| Hospitality (same-store)(2) | $ | 475.5 | $ | 485.5 | $ | 480.5 | $ | 466.5 | $ | 483.5 | $ | 475.0 | $ | 5.5 | |||||||||||||||||
| JW Marriott Desert Ridge | 33.5 | 35.0 | 34.3 | 30.5 | 33.0 | 31.8 | 2.5 | ||||||||||||||||||||||||
| Entertainment | 74.8 | 79.5 | 77.1 | 74.8 | 79.5 | 77.1 | - | ||||||||||||||||||||||||
| Corporate and Other | (50.5 | ) | (49.0 | ) | (49.8 | ) | (50.5 | ) | (49.0 | ) | (49.8 | ) | - | ||||||||||||||||||
| Consolidated operating income | $ | 533.3 | $ | 551.0 | $ | 542.1 | $ | 521.3 | $ | 547.0 | $ | 534.1 | $ | 8.0 | |||||||||||||||||
| Adjusted EBITDAre: | |||||||||||||||||||||||||||||||
| Hospitality (same-store)(2) | $ | 715.0 | $ | 735.0 | $ | 725.0 | $ | 700.0 | $ | 730.0 | $ | 715.0 | $ | 10.0 | |||||||||||||||||
| JW Marriott Desert Ridge | 68.0 | 72.0 | 70.0 | 65.0 | 70.0 | 67.5 | 2.5 | ||||||||||||||||||||||||
| Entertainment | 120.0 | 130.0 | 125.0 | 120.0 | 130.0 | 125.0 | - | ||||||||||||||||||||||||
| Corporate and Other | (39.0 | ) | (35.0 | ) | (37.0 | ) | (39.0 | ) | (35.0 | ) | (37.0 | ) | - | ||||||||||||||||||
| Consolidated Adjusted EBITDAre | $ | 864.0 | $ | 902.0 | $ | 883.0 | $ | 846.0 | $ | 895.0 | $ | 870.5 | $ | 12.5 | |||||||||||||||||
| Net income | $ | 271.0 | $ | 279.0 | $ | 275.0 | $ | 260.0 | $ | 273.0 | $ | 266.5 | $ | 8.5 | |||||||||||||||||
| Net income available to common stockholders | $ | 261.0 | $ | 267.0 | $ | 264.0 | $ | 250.0 | $ | 261.0 | $ | 255.5 | $ | 8.5 | |||||||||||||||||
| FFO available to common stockholders and unit holders | $ | 552.0 | $ | 572.5 | $ | 562.3 | $ | 535.0 | $ | 563.5 | $ | 549.3 | $ | 13.0 | |||||||||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 577.3 | $ | 607.0 | $ | 592.1 | $ | 559.3 | $ | 597.0 | $ | 578.1 | $ | 14.0 | |||||||||||||||||
| Net income available to common stockholders per diluted share(3) | $ | 3.96 | $ | 4.02 | $ | 3.99 | $ | 3.80 | $ | 3.93 | $ | 3.87 | $ | 0.12 | |||||||||||||||||
| Adjusted FFO available to common stockholders and unit holders | |||||||||||||||||||||||||||||||
| per diluted share/unit(3) | $ | 8.77 | $ | 9.14 | $ | 8.96 | $ | 8.50 | $ | 9.00 | $ | 8.75 | $ | 0.21 | |||||||||||||||||
| Weighted average shares outstanding - diluted(3) | 68.4 | 68.4 | 68.4 | 68.4 | 68.4 | 68.4 | - | ||||||||||||||||||||||||
| Weighted average shares and OP units outstanding - diluted(3) | 68.8 | 68.8 | 68.8 | 68.8 | 68.8 | 68.8 | - | ||||||||||||||||||||||||
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