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Analyst
Michael Bellisario
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 18on tracked calls
- Challenge rate
- 6%1 of 18 questions
- Companies
- 3questioned at least once
- Reporting periods
- 7with 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 18 of 18 questions from 3 companies
HLTHilton Worldwide6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
Is some of that pickup because RevPAR is better and owners and developers are more confident today?
Show response
Nassetta said he cannot scientifically split the two but pointed to construction starts and financing availability as evidence of a cyclical upswing.
Calendar 2025 Q4
in terms of the booking window, maybe what changes have you seen recently? How has that evolved or improved
Show response
Nassetta said booking window stable at 27 days (up 1 from prior quarter). Corporates broadly expect to travel more and pay more in 2026; group sentiment quite good with healthy booking trajectory across segments.
Calendar 2025 Q3
help us understand what are you seeing in terms of how and where customers are booking, especially on the leisure side
Show response
Nassetta said rate integrity reasonably good; ADR pressure mostly from mix shift as lower-rated leisure substitutes for higher-rated business transient. Running more Honors specials and OTA business in softer periods but no rate collapse.
Calendar 2025 Q2
are you seeing group leads actually convert to more signed contracts? Or is there still a gap there? And then similarly on BT
Show response
Nassetta confirmed stabilization with early signs of thawing post-Liberation Day freeze; high single-digit group position for 2026-2027 seen as strong leading indicator. Corporate BT showing very recent pickup but early days.
Calendar 2025 Q1
Within leisure Can you maybe give us some color on high end versus low end, how each of those track
Show response
Nassetta said leisure pullback broad-based across high and mid segments; SMBs (85% of BT) resilient while large corporates more cautious, with banking/finance a bright spot.
Calendar 2024 Q4
Just wondering if there's any commentary you can give on deletions and also what might be falling out of the pipeline
Show response
Jacobs said FY2024 deletions were slightly above normal run rate (1-1.25% annually), mostly by choice; FY2025 expectations consistent with long-term averages.
HSTHost Hotels & Resorts6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
what is left for you to do beyond the second Marriott program? Are there more projects in the pipeline
Show response
Jim: 34 transformational-renovation hotels are 60% of EBITDA; heavy lifting is done but ongoing repositioning, land and value-enhancement opportunities remain; top 40 hotels ~80% of EBITDA. Direct.
Calendar 2026 Q1
could you quantify the RevPAR and EBITDA impacts in both Maui and Oahu?
Show response
Sourav quantified the EBITDA impact and explained rebookings spread across the remainder of the year; direct.
Calendar 2025 Q4
how deep is that buyer pool today? And then two, can you, and next maybe, would you sell more of your top assets
Show response
Risoleo confirmed willingness to sell more top assets at the right price. Buyer pool includes sovereigns, high-net-worth individuals, and large PE firms. Four Seasons Orlando saw 18.4% EBITDA CAGR during ownership. Emphasized 11% unlevered IRR and 14.9x multiple (4+ turns above Host trading multiple).
Calendar 2025 Q3
how are you picking the hotels and markets to invest in? And two, is it fair to assume that maybe you didn't buy back stock in the quarter because you see better returns on these transformational C...
Show response
Risoleo confirmed no buybacks in Q3, explaining clearer line of sight to mid-teens cash-on-cash returns from asset reinvestment versus uncertain IRR on buybacks given flat multiple. Described collaborative screening process with operators to identify transformational repositioning opportunities.
Calendar 2025 Q1
Have you guys implemented broader cost-cutting initiatives yet? Are you making any staffing changes
Show response
Risoleo said contingency plans are ready but not yet implemented, noting 20bps productivity improvement already achieved. Emphasized they are not seeing deterioration today.
Calendar 2024 Q4
what else have you assumed at the high-end, low-end just from a macro backdrop perspective
Show response
Risoleo gave a thorough answer identifying group pace, BT growth from consulting/tech companies, and banquet revenue as specific upside drivers.
MARMarriott International6 questions · 5 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
And then what’s the recent feedback been from developers regarding their appetite to sign deals
Show response
Capuano pointed to a 5.2% 30-month net-rooms CAGR rather than a single-quarter figure and cited record first-half signings as evidence of owner confidence.
Calendar 2026 Q1
Have you seen a similar uptick in bookings and pace as you have on the transient side?
Show response
Jen confirmed group pace up ~5% for the year and expect group to be a growth driver. Tony highlighted AI-powered group RFP generation as key tech impact area.
Calendar 2025 Q4
you recently talked about in an interview just sort of the economic model for franchisees becoming less favorable
Show response
Tony acknowledged owner recovery from pandemic lags company performance. Attacking all variables: top-line revenue, margins, affiliation costs, loyalty charge-out reductions, staffing models, scheduling, purchasing.
Calendar 2025 Q3
What are owners still asking for? What else can you provide them to ensure that economics remain attractive and you can go back to your mid-single-digit net unit growth
Show response
Tony pointed to record signings as proof of owner satisfaction. Tech transformation expected to drive top line. Leeny added Marriott has lowest affiliation costs relative to revenue in the industry.
Calendar 2025 Q1
how much of that do you think is regional versus the Easter shift impacting demand patterns? And then just more broadly, any more thoughts
Show response
Tony attributed March softness to 'shock and awe' from new administration. Sequential improvement from March to April (ex-Easter) cited as encouraging.
What's the owner's commitment to build or convert more hotels for that brand?
Show response
Tony described profound enthusiasm from citizenM owners about leveraging Marriott's developer network to accelerate growth.
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 |
|---|---|---|
| HLT Hilton Worldwide | 6 | 0%none of 6 questions |
| HST Host Hotels & Resorts | 6 | 0%none of 6 questions |
| MAR Marriott International | 6 | 17%1 of 6 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 |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 2 |
| 2025 Q1 | 4 | 0%none of 4 questions | 3 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 3 | 0%none of 3 questions | 3 |
| 2025 Q4 | 3 | 33%1 of 3 questions | 3 |
| 2026 Q1 | 2 | 0%none of 2 questions | 2 |
| 2026 Q2 | 3 | 0%none of 3 questions | 3 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2025 Q43 questions · challenge rate 33% (1 of 3 questions) · 3 companies
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q23 questions · challenge rate 0% (none of 3 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Demand9
- Geographic Expansion4
- Capital Allocation3
- Pricing3
- Cost Pressure3
- Capex Investment2
- M&A2
- Margin2
- Competitive Dynamics2
- Macroeconomic2
Show all 13 topics
- Innovation & R&D1
- Revenue Growth1
- Guidance Reliability1