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Analyst
Patrick Scholes
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters; questions recorded in 6).
- Questions
- 13on tracked calls
- Challenge rate
- 23%3 of 13 questions
- Companies
- 4questioned at least once
- Reporting periods
- 6with 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 13 of 13 questions from 4 companies
MARMarriott International5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
I’m wondering if you could give us a specific official public response directly to that owner letter at this time.
Show response
Capuano declined to give an official response to the owner letter, calling it a private matter, while reiterating that owner and Marriott success are linked.
Calendar 2025 Q3
can we drill down a little bit about the development -- the latest trends in the development environment and APAC and China?
Show response
Leeny disclosed APAC is 8% existing rooms/15% pipeline, China 11%/18%. Both seeing double-digit rooms growth. China signings concentrated in upscale tier. Tony added China signings up 24% year-to-date.
Calendar 2025 Q1
Ryman Gaylord had called out an uptick in attrition. Is that similar to what you're seeing for your other brands?
Show response
Tony said attrition is not a trend across Marriott's broader group portfolio. Leeny clarified 70% of group is 100+ people and pace moderation is from booking timing, not attrition.
Calendar 2024 Q4
Canadian and Mexican travelers canceling reservations or pulling back their travel plans, and this is related to recent political tensions related to tariffs
Show response
Leeny noted Canada and Mexico represent only 1-2% of U.S. room nights; too early to see any meaningful impact.
What do you feel is your appetite for additional tuck-in acquisitions this coming year? Or would you see this year more as a Europe
Show response
Tony confirmed ongoing willingness to consider tuck-in M&A for portfolio/geographic gaps, but vast majority of growth will be organic.
CCLCarnival4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q3
how much did you see from last year's open Celebration Key and how much was more from the actual onboard itself?
Show response
Bernstein said onboard growth was broad-based with more than 50% of revenue prebooked, but declined to split Celebration Key from core, citing package mix.
Calendar 2025 Q1
have you actually seen the volatility have any impact on booking pace as the quarter progressed?
Show response
Weinstein acknowledged booking fluctuations but said results came through as planned, noting last week's close-in bookings were off the charts.
Calendar 2024 Q4
you did have a noticeable increase in passenger ticket revenue percentages higher than the commissions paid out
Show response
Bernstein disputed the magnitude of the divergence, suggesting it was very close and offered to discuss after the call.
do you think this is a done deal? Or is there any chance that that may not go through at this point
Show response
Weinstein said the tax is not settled, the president was misinformed, and the company has nothing in the forecast for the proposed changes.
HLTHilton Worldwide3 questions · 3 reporting periods · 2 of 3 challenging
Calendar 2025 Q4
Is there anything in your existing credit card contract that would allow for a step up in the royalty rate
Show response
Nassetta deflected specific contract terms citing legal constraints; said not to expect a big announcement. Confirmed card growing above algorithm and highly confident it will continue for many years. Scholes also said he'd 'take the over' on RevPAR.
Calendar 2025 Q1
we hear that construction costs are up, you know, at a minimum of 20% and in some cases, up 40%. Is that consistent with what you're hearing
Show response
Jacobs pushed back strongly, costs trending up mid-single digits (3-5%), not 20-40%; fears from tariff announcements not yet materializing.
Calendar 2024 Q4
tariffs and specifically, you know, what potentially might be any impacts on your franchisees or potential developers and builders
Show response
Nassetta believes tariffs are negotiation tools that will mostly resolve in trade deals; HLT has aggressively diversified supply chains since COVID to mitigate impact.
NCLHNorwegian Cruise Line Holdings1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q3
can you give us an update on the progress of finding a new Brand President
Show response
Sommer said the search is deep into the process with world-class candidates, expecting an announcement soon.
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 |
|---|---|---|
| MAR Marriott International | 5 | 20%1 of 5 questions |
| CCL Carnival | 4 | 0%none of 4 questions |
| HLT Hilton Worldwide | 3 | 67%2 of 3 questions |
| NCLH Norwegian Cruise Line Holdings | 1 | —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 |
|---|---|---|---|
| 2024 Q4 | 5 | 0%none of 5 questions | 3 |
| 2025 Q1 | 3 | 33%1 of 3 questions | 3 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 0%none of 2 questions | 2 |
| 2025 Q4 | 1 | 100%1 of 1 question | 1 |
| 2026 Q1 | No questions recorded | — | — |
| 2026 Q2 | 1 | 100%1 of 1 question | 1 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q45 questions · challenge rate 0% (none of 5 questions) · 3 companies
- 2025 Q13 questions · challenge rate 33% (1 of 3 questions) · 3 companies
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q41 question · challenge rate 100% (1 of 1 question) · 1 company
- 2026 Q1No questions recorded
- 2026 Q21 question · challenge rate 100% (1 of 1 question) · 1 company
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand5
- Revenue Growth3
- Cost Pressure2
- Capital Allocation2
- Competitive Dynamics2
- Trade Tariffs2
- Geographic Expansion1
- Macroeconomic1
- Capex Investment1
- Regulation Policy1
Show all 12 topics
- Supply Chain1
- M&A1