The company reported a third-quarter profit of $71 million, or 10 cents a share, falling short of the $163 million recorded during the same period last year. Despite this year-over-year dip, the performance narrowly beat consensus estimates of 9 cents a share compiled by FactSet. Total revenue grew 1.2% to $1.35 billion, landing just shy of the $1.36 billion forecast.

Comparable revenue per available room—a standard industry barometer—hit $219.50, reflecting an 8.8% increase that aligned with Wall Street expectations. According to the company, the uptick in room rates is directly tied to sustained demand from both leisure travelers and corporate groups, prompting management to revise their annual revenue guidance upward.