Hotels & Resorts

4661 Oriental Land

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥79.3B¥85.5B¥96.8B¥33.9B(¥69.7B)¥10.5B¥121.4B¥149.3B¥130.0B¥104.3B

Retained capital Retained ¥442.9B of earnings over 2017–2026; annual owner earnings grew ¥40.7B, ¥0.09 per ¥1 retained.

Balance sheet Net cash, +¥38.3B · dividend paid 10 of 10 yrs, cut at least once

ABNB Airbnb Inc.

We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.

Owner earnings 2019–2022 $166M($777M)$2.3B$3.4B

Retained capital Paid out $5.2B more than it earned over 2019–2022; annual owner earnings grew $1.1B.

Balance sheet Net cash, +$9.0B · buybacks at an average near $109

ATAT Atour Lifestyle Holdings Limited

Revenue is led by Manachised Hotels (54%) and Retail (37%), with 3 more lines behind.

Owner earnings 2020–2025 CN¥34MCN¥354MCN¥247MCN¥1.9BCN¥1.7BCN¥1.9B

Retained capital Retained CN¥2.1B of earnings over 2020–2025; annual owner earnings grew CN¥1.6B, CN¥0.79 per CN¥1 retained.

Balance sheet Net cash, +CN¥5.8B · dividend paid 4 of 6 yrs, never cut

BKNG Booking Holdings Inc.

Booking Holdings runs online travel marketplaces, among them Booking.com, Priceline, Agoda, Kayak and OpenTable, that connect travelers with hotels and other travel providers and take a cut of each booking. On merchant bookings it handles the traveler’s payment; on agency bookings it does not, and simply passes the customer along. It also sells advertising.

Owner earnings 2016–2025 $3.8B$4.4B$4.9B$4.5B($201M)$2.5B$6.2B$7.0B$7.9B$9.1B

Retained capital Paid out $17.6B more than it earned over 2016–2025; annual owner earnings grew $3.6B.

Balance sheet Modest net debt, $1.5B · buybacks at an average near $95.87 · dividend paid 2 of 10 yrs, never cut

BWLP BW LPG Limited

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2022–2025 $459M$397M$147M$385M

Retained capital Retained $121M of earnings over 2022–2025; annual owner earnings fell $25M.

Balance sheet Modest net debt, $488M · dividend paid 4 of 4 yrs, cut at least once

CHH Choice Hotels International

Revenue is led by Franchise and management fees (42%) and Revenue for reimbursable costs from franchised and managed properties (39%), with 3 more lines behind.

Owner earnings 2016–2025 $145M$251M$229M$252M$84M$359M$337M$252M$267M$211M

Retained capital Retained $203M of earnings over 2016–2025; annual owner earnings grew $35M.

Balance sheet Heavy net debt, $1.9B · buybacks at an average near $108 · dividend paid 10 of 10 yrs, cut at least once

CVEO Civeo Corporation (Canada)

We do so for the convenience of our shareholders and in an effort to provide information available in the market that will assist our investors in having a better understanding of the market environment in which we operate.

Owner earnings 2016–2025 $42M$46M$37M$45M$107M$73M$66M$65M$57M$2M

Retained capital Paid out $618M more than it earned over 2016–2025; annual owner earnings fell $285K.

Balance sheet Heavy net debt, $343M · dividend paid 3 of 10 yrs, cut at least once

CZR Caesars Entertainment Inc.

In addition to the Caesars Sportsbook app, we have a partnership with NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., and operate the Caesars Racebook app in 22 states.

Owner earnings 2016–2025 $52M$47M$176M$142M($725M)$679M$41M$545M($221M)$497M

Retained capital Paid out $3.8B more than it earned over 2016–2025; annual owner earnings grew $182M.

Balance sheet Heavy net debt, $10.9B

EXPE Expedia Group Inc.

Expedia Group, Inc. is the global travel marketplace with one purpose: to help travelers explore the world, one journey at a time.

Owner earnings 2016–2025 $1.1B$1.1B$1.1B$1.9B($4.6B)$3.1B$2.8B$1.8B$2.3B$3.1B

Retained capital Paid out $7.5B more than it earned over 2016–2025; annual owner earnings grew $1.3B.

Balance sheet Modest net debt, $428M · buybacks at an average near $137 · dividend paid 4 of 10 yrs, cut at least once

GBTG Global Business Travel Group Inc.

Business Travel Group, Inc. is a leading technology and services company for travel, expense, and meetings & events.

Owner earnings 2020–2025 ($297M)($556M)($488M)$49M$165M$104M

Retained capital not read

Balance sheet Heavy net debt, $984M

GXO GXO Logistics

GXO Logistics, Inc. is the largest pure-play contract logistics provider in the world and a foremost innovator in the industry.

Owner earnings 2019–2025 ($77M)$111M$205M$200M$284M$190M$110M

Retained capital Retained $574M of earnings over 2019–2025; annual owner earnings grew $115M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $2.2B · buybacks at an average near $37.04

H Hyatt Hotels Corporation

Hyatt Hotels Corporation is a global hospitality company with widely recognized, industry-leading brands and a tradition of innovation developed over our almost 70-year history.

Owner earnings 2016–2025 $251M$289M$44M$27M($733M)$204M$473M$602M$463M$159M

Retained capital Paid out $2.0B more than it earned over 2016–2025; annual owner earnings grew $213M.

Balance sheet Heavy net debt, $3.5B · buybacks at an average near $85.86 · dividend paid 6 of 10 yrs, cut at least once

HAFN Hafnia Limited

Revenue is led by Revenue from voyage charter (63%) and External vessels in disponent owner pools (33%), with 3 more lines behind.

Owner earnings 2022–2024 $562M$876M$981M

Retained capital not read

Balance sheet Modest net debt, $713M

HGV Hilton Grand Vacations Inc. Common Stock

We are a global timeshare company engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brands.

Owner earnings 2016–2025 $156M$321M($197M)$106M$71M$150M$689M$281M$267M$230M

Retained capital Paid out $372M more than it earned over 2016–2025; annual owner earnings grew $166M.

Balance sheet Net debt against an operating loss, $4.3B · buybacks at an average near $40.78

HLT Hilton Worldwide Holdings Inc.

Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025.

Owner earnings 2016–2025 $993M$791M$1.2B$1.3B$662M$74M$1.6B$1.8B$1.9B$2.0B

Retained capital Paid out $7.7B more than it earned over 2016–2025; annual owner earnings grew $924M.

Balance sheet Heavy net debt, $11.4B · dividend paid 9 of 10 yrs, cut at least once

HTHT H World Group Limited

A hotel and lodging business, earning on rooms filled and the brand that fills them.

Owner earnings 2017–2025 CN¥1.6BCN¥2.2BCN¥2.3B(CN¥753M)(CN¥316M)CN¥515MCN¥6.8BCN¥6.6BCN¥7.6B

Retained capital Paid out CN¥4.1B more than it earned over 2017–2025; annual owner earnings grew CN¥5.0B.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 9 yrs, cut at least once

IHG Intercontinental Hotels Group

Revenue is System Fund and Reimbursable Revenues (52%), System Fund Revenue (33%) and Reimbursable Revenues (19%).

Owner earnings 2016–2025 $678M$572M$663M$578M$111M$619M$592M$865M$695M$870M

Retained capital Paid out $3.0B more than it earned over 2016–2025; annual owner earnings grew $172M.

Balance sheet Meaningful net debt, $3.1B · dividend paid 8 of 10 yrs, cut at least once

LIND Lindblad Expeditions Holdings Inc.

Lindblad has been providing marine expedition adventures and active travel experiences globally to its guests since 1979.

Owner earnings 2016–2025 $14M$36M$36M$37M($124M)($7M)($40M)($5M)$59M$64M

Retained capital Paid out $412M more than it earned over 2016–2025; annual owner earnings grew $11M.

Balance sheet Heavy net debt, $406M

LTH Life Time Group Holdings Inc.

We Are Life Time is a premier lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of nearly 1.6 million individual members, who together comprise nearly 873,000 memberships, as of December 31, 2025.

Owner earnings 2019–2025 $138M($362M)($255M)($28M)$219M$300M$574M

Retained capital Paid out $305M more than it earned over 2019–2025; annual owner earnings grew $524M.

Balance sheet Meaningful net debt, $1.3B

LVS Las Vegas Sands Corp.

Sands ECO360, we develop and implement environmental practices to advance energy efficiency and transition to renewables, reduce waste, conserve water and source products and materials responsibly.

Owner earnings 2016–2025 $2.6B$3.7B$3.8B$2.0B($2.5B)($1.1B)($1.6B)$2.2B$1.6B$1.9B

Retained capital Paid out $7.9B more than it earned over 2016–2025; annual owner earnings fell $1.5B.

Balance sheet Heavy net debt, $11.9B · buybacks at an average near $46.44 · dividend paid 8 of 10 yrs, cut at least once

MAR Marriott International

Marriott rents out its name. It franchises, manages, and licenses hotels — along with residences and timeshares — under a stable of brands that run from budget to luxury, but it owns or leases almost none of the buildings itself. The real estate and the capital belong to third-party owners; Marriott collects fees for the brand, the reservation system, and the loyalty program, plus reimbursements for costs it lays out on those owners' behalf.

Owner earnings 2016–2025 $1.5B$2.0B$2.1B$1.3B$1.5B$1.0B$2.2B$3.0B$2.6B$3.1B

Retained capital Paid out $10.2B more than it earned over 2016–2025; annual owner earnings grew $1.1B.

Balance sheet Meaningful net debt, $15.8B · dividend paid 9 of 10 yrs, cut at least once

MCRI Monarch Casino & Resort Inc.

Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada and the Monarch Casino Resort Spa Black Hawk, a hotel and casino in Black Hawk, Colorado.

Owner earnings 2016–2025 $29M$34M$44M$48M$14M$81M$100M$124M$93M$128M

Retained capital Retained $251M of earnings over 2016–2025; annual owner earnings grew $79M, $0.32 per $1 retained.

Balance sheet Net cash, +$28M · dividend paid 3 of 10 yrs, cut at least once

MGM MGM Resorts International

Resorts in their respective markets requires capital investments to maintain the best possible experiences for our guests.

Owner earnings 2016–2025 $684M$1.2B$544M$1.1B($1.8B)$883M$991M$1.8B$1.5B$1.5B

Retained capital Paid out $3.9B more than it earned over 2016–2025; annual owner earnings grew $770M.

Balance sheet Heavy net debt, $4.2B · dividend paid 6 of 10 yrs, cut at least once

MLCO Melco Resorts & Entertainment Limited

Revenue is led by Casino (82%) and Rooms (9%), with 2 more lines behind.

Owner earnings 2016–2025 $1.0B$820M$802M$828M($1.1B)($801M)($1.1B)$490M$592M$802M

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $255M.

Balance sheet Heavy net debt, $5.7B · dividend paid 9 of 10 yrs, cut at least once

MMYT MakeMyTrip Limited

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 ($72M)($117M)($130M)($82M)($116M)$64M$3M$25M$120M$181M

Retained capital not read

Balance sheet Net cash, +$273M

MSC STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

A hotel and lodging business, earning on rooms filled and the brand that fills them.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $1.9B

OSW OneSpaWorld Holdings Limited

OneSpaWorld Holdings Limited is the pre-eminent global operator of health and wellness centers onboard cruise ships and a leading operator of health and wellness centers at destination resorts worldwide.

Owner earnings 2017–2025 $67M$27M($39M)($38M)$20M$58M$72M$68M

Retained capital Paid out $253M more than it earned over 2017–2025; annual owner earnings grew $47M.

Balance sheet Modest net debt, $73M · dividend paid 3 of 8 yrs, never cut

PENN PENN Entertainment Inc.

Revenue is led by Gaming (77%) and Other (13%), with 2 more lines behind.

Owner earnings 2016–2025 $311M$379M$260M$513M$202M$652M$615M$96M($123M)$61M

Retained capital Paid out $2.2B more than it earned over 2016–2025; annual owner earnings fell $305M.

Balance sheet Net debt against an operating loss, $2.2B · buybacks at an average near $25.14

PK Park Hotels & Resorts

We are one of the largest publicly-traded lodging real estate investment trusts with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value.

Owner earnings 2016–2025 $172M$468M$266M$259M($524M)($191M)$241M$218M$202M$102M

Retained capital Paid out $1.9B more than it earned over 2016–2025; annual owner earnings fell $128M.

Balance sheet Net debt against an operating loss, $3.6B · dividend paid 9 of 10 yrs, cut at least once

PLNT Planet Fitness

Fitness for everyone We are one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations, with a highly recognized national brand.

Owner earnings 2016–2025 $93M$93M$144M$160M($21M)$135M$140M$194M$189M$255M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $103M.

Balance sheet Heavy net debt, $2.0B · dividend paid 1 of 10 yrs

RRR Red Rock Resorts

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC, through which we conduct all of our operations.

Owner earnings 2017–2025 $42M($233M)($37M)$154M$549M$214M($205M)$264M$291M

Retained capital Paid out $429M more than it earned over 2017–2025; annual owner earnings grew $193M.

Balance sheet Heavy net debt, $3.3B · dividend paid 9 of 9 yrs, cut at least once

RXO RXO Inc.

RXO Inc. is a brokered transportation platform defined by cutting-edge technology and an asset-light business model.

Owner earnings 2020–2025 ($22M)$116M$253M$25M($57M)($8M)

Retained capital Paid out $103M more than it earned over 2020–2025; annual owner earnings fell $129M.

Balance sheet Net debt against an operating loss, $387M

SHO Sunstone Hotel Investors, Inc.

All of our hotels are operated under nationally recognized brands, except the Oceans Edge Resort & Marina, which operates independently.

Owner earnings 2016–2025 $106M$192M$146M$195M($168M)($35M)$81M$88M$13M$79M

Retained capital Paid out $888M more than it earned over 2016–2025; annual owner earnings fell $88M.

Balance sheet Meaningful net debt, $1.0B · dividend paid 9 of 10 yrs, cut at least once

SPCE Virgin Galactic Holdings Inc.

Virgin Galactic is an aerospace and space travel company, pioneering human-first spaceflight for private individuals, researchers, and government agencies with its advanced and highly re-useable spaceships and high-altitude carrier aircraft.

Owner earnings 2017–2025 ($142M)($152M)($216M)($243M)($235M)($391M)($462M)($368M)($257M)

Retained capital not read

Balance sheet Net debt against an operating loss, $113M

TH Target Hospitality Corp.

Revenue is led by HFS - South (49%) and WHS (34%), with 2 more segments behind.

Owner earnings 2017–2025 $40M$25M$60M$46M$104M$285M$154M$151M$73M

Retained capital Retained $213M of earnings over 2017–2025; annual owner earnings grew $84M, $0.40 per $1 retained.

Balance sheet Net debt against an operating loss, $350M · buybacks at an average near $8.66

TNL Travel Leisure Co. Common Stock

Travel + Leisure Co. is a leading leisure travel company.

Owner earnings 2016–2025 $846M$879M$343M$344M$305M$511M$390M$276M$383M$523M

Retained capital Paid out $779M more than it earned over 2016–2025; annual owner earnings fell $295M.

Balance sheet Heavy net debt, $5.4B · dividend paid 10 of 10 yrs, cut at least once

TOUR Tuniu Corporation

We are a Cayman Islands company and our affairs are governed by our memorandum and articles of association and the Companies Act of the Cayman Islands, which we refer to as the Companies Act below.

Owner earnings 2016–2025 (CN¥2.4B)(CN¥579M)CN¥149M(CN¥243M)(CN¥1.3B)(CN¥241M)(CN¥149M)CN¥223MCN¥84M(CN¥116M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥1.1B

VRRM Verra Mobility Corporation

We are a leading provider of smart mobility technology solutions, principally operating throughout the United States, Australia, Europe, and Canada.

Owner earnings 2018–2025 $23M$104M$23M$168M$170M$149M$153M$137M

Retained capital Paid out $338M more than it earned over 2018–2025; annual owner earnings grew $96M.

Balance sheet Heavy net debt, $963M

WH Wyndham Hotels & Resorts

Wyndham Hotels & Resorts is the world's largest hotel franchising company by number of franchised properties, with over 8,300 affiliated hotels and approximately 869,000 rooms located in approximately 100 countries and welcoming approximately 138 million guests annually worldwide.

Owner earnings 2016–2025 $222M$232M$158M$50M$34M$389M$360M$339M$241M$321M

Retained capital Paid out $777M more than it earned over 2016–2025; annual owner earnings grew $96M.

Balance sheet Heavy net debt, $2.5B · buybacks at an average near $70.81 · dividend paid 8 of 10 yrs, cut at least once

WYNN Wynn Resorts Limited

Wynn Resorts, Limited is a preeminent designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community.

Owner earnings 2016–2025 $566M$1.3B$411M$276M($1.4B)($513M)($371M)$805M$1.0B$692M

Retained capital Paid out $3.8B more than it earned over 2016–2025; annual owner earnings grew $68M.

Balance sheet Heavy net debt, $9.1B · buybacks at an average near $158 · dividend paid 10 of 10 yrs, cut at least once

XHR Xenia Hotels & Resorts Inc.

Xenia Hotels & Resorts, Inc. is a Maryland corporation that primarily invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States.

Owner earnings 2016–2025 $171M$126M$146M$154M($147M)$9M$117M$77M$23M$90M

Retained capital Paid out $643M more than it earned over 2016–2025; annual owner earnings fell $84M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $13.39 · dividend paid 10 of 10 yrs, cut at least once

XPO XPO Inc.

XPO, Inc. is a leading provider of freight transportation services, with company-specific avenues for value creation.

Owner earnings 2016–2025 $139M$281M$551M$250M$139M$387M$303M($839M)$19M$329M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings fell $487M, $-0.44 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 4 of 10 yrs, never cut

YTRA Yatra Online Inc.

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 (₹529M)(₹1.7B)(₹1.1B)(₹3.6B)(₹566M)₹764M(₹981M)(₹2.0B)(₹1.5B)(₹354M)

Retained capital not read

Balance sheet net position not read (debt under-captured)