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 provide hospitality services to remote workforces in Australia and Canada, including catering and food service, lodging, housekeeping and maintenance at accommodation facilities that we or our customers own.

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.

Revenue is led by Casino (58%) and Hotel (17%), with 3 more lines behind.

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 $800M$1.1B$1.1B$1.9B($4.6B)$3.1B$2.8B$1.8B$2.3B$3.1B

Retained capital Paid out $7.8B more than it earned over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet Modest net debt, $428M · buybacks at an average near $137 · dividend paid 6 of 10 yrs, cut at least once

GBTG Global Business Travel Group Inc.

Global 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

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

LTH Life Time Group Holdings Inc.

Revenue is Membership (70%), In-Center (27%) and Other revenue (3%).

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.

Las Vegas Sands Corp. is a Fortune 500 company and the leading global developer and operator of destination properties that feature premium accommodations, world-class gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities.

Owner earnings 2016–2025 $2.9B$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 $1.6B.

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

We operate the highest quality resorts in each of the markets in which we operate.

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

We operate an asset-light marketplace model that relies on various suppliers of travel products and services.

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

NAVN Navan Inc.

Navan is a global AI-powered business travel and expense platform.

Owner earnings 2024–2026 ($167M)($51M)$33M

Retained capital not read

Balance sheet Net cash, +$616M

OSW OneSpaWorld Holdings Limited

We are the market leader in the highly attractive outsourced maritime health and wellness market, with a market share we estimate exceeds 90%.

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

Revenue is Corporate-owned clubs (41%), Franchise (35%) and Equipment (23%).

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

SABR Sabre

Sabre provides global travel solutions for travel suppliers and travel buyers through a business-to-business travel marketplace called Sabre Mosaic Marketplace consisting of our global distribution network and a broad set of solutions that integrate with our distribution platform to add value for travel suppliers and travel buyers.

Owner earnings 2016–2025 $466M$362M$441M$466M($836M)($469M)($346M)($14M)($9M)($192M)

Retained capital Paid out $2.9B more than it earned over 2016–2025; annual owner earnings fell $494M.

Balance sheet Heavy net debt, $3.7B · buybacks at an average near $21.88 · dividend paid 5 of 10 yrs, cut at least once

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$46M$79M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $77M.

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

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

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

Owner earnings 2016–2025 (CN¥2.3B)(CN¥484M)CN¥201M(CN¥208M)(CN¥1.3B)(CN¥241M)(CN¥149M)CN¥223MCN¥90M(CN¥114M)

Retained capital not read

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

TRIP TripAdvisor Inc.

Tripadvisor group is a portfolio of global online platforms purpose-built to connect travelers with experiences, accommodations, restaurants and other relevant travel destination points of interest.

Owner earnings 2016–2025 $249M$174M$344M$341M($249M)$54M$344M$172M$70M$163M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings fell $121M.

Balance sheet Net cash, +$216M · buybacks at an average near $28.52 · dividend paid 1 of 10 yrs, never cut

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

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)