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Analyst
Jack Armstrong
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q2 (6 quarters; questions recorded in 4).
- Questions
- 6on tracked calls
- Challenge rate
- 17%1 of 6 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 4with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 6 of 6 questions from 2 companies
HSTHost Hotels & Resorts4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
it seems like the 5% labor expense growth is a little bit higher than what we have seen from your peers
Show response
Sourav clarified the 5% is wage-RATE growth, not absolute wage-and-benefit growth, which is meaningfully lower net of productivity, enabling total expense growth of only 4.2%. Direct.
Calendar 2026 Q1
Can you take us through some of the building blocks on the expense side that are assumed in your annual guidance?
Show response
Sourav credited labor-management systems and productivity for holding wage/benefit growth to 4.5% despite 5% wage rates; direct.
Calendar 2025 Q2
What's the plan for rolling off that promotional activity and then kind of replacing that demand with group? Is that a late '25 event or 2026
Show response
Ghosh clarified group is not being ignored, meeting planner engagement and FAM trips ongoing. 2026 Maui group pace tracking close to pre-fire and pre-pandemic levels. Peak Maui group year (2019) was ~100K room nights vs ~81K expected in 2025. Expects much better group year in 2026 given 9-12 month incentive lead times.
Calendar 2025 Q1
How have you seen the administration policies now you had a few months to see them play out, impact you in terms of supply and labor markets
Show response
Risoleo said no labor supply pressure with Marriott and Hyatt as strong employers. No tariff impact on hotel-level margins identified. Comfortable with margin guidance provided.
EXRExtra Space Storage2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
Can you characterize your ability to push ECRIs into the back half, particularly following a couple of quarters
Show response
Margolis declined the near-term optimisation framing and described a deliberately long-term, sustainable ECRI program.
How should we be thinking about the growth in the bridge loan business going forward?
Show response
Springer named the target book size and the mechanism for flexing it, giving a clear answer on capital committed to the program.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| HST Host Hotels & Resorts | 4 | 25%1 of 4 questions |
| EXR Extra Space Storage | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | 3 | 33%1 of 3 questions | 2 |
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q3No questions recorded
- 2025 Q4No questions recorded
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q23 questions · challenge rate 33% (1 of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Labor Market3
- Revenue Growth2
- Cost Pressure2
- Pricing1
- Credit1
- Capital Allocation1
- Margin1
- Demand1
- Trade Tariffs1