What changed in this filing

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Item 1A. Risk Factors

2022-08-04 compared with 2022-05-10 · 24 added, 5 removed, 1 unchanged (97% of the section changed)

There have been no material changes in our risk factors from those disclosed in Part I, "Item 1A.

Risk Factors" to our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on February 24, 2022.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, "Item 1A.

Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, which could materially affect our business, financial condition or future results.

The risks described in our Annual Report on Form 10-K are not the only risks facing our Company.

Other than as noted below, there have been no material changes in our risk factors from those disclosed in Part I, "Item 1A.

Risk Factors" to our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, all of which could materially affect our business, financial condition or future results.

Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Radisson Hotels Americas Acquisition Risks

If consummated, we may not realize the anticipated benefits from the Radisson Hotels Americas Acquisition, and our integration process may take longer or be more difficult than anticipated.

Prior to and following the anticipated closing, we have and plan to continue to devote management attention and resources to integrating our and Radisson Hotels Americas’ business practices so that we can fully realize the anticipated benefits of the Radisson Hotels Americas Acquisition.

Notwithstanding these efforts, the business and assets acquired may require greater resources and investments than originally anticipated.

The Radisson Hotels Americas Acquisition could also result in the assumption of unknown or contingent liabilities, and because Radisson Hotels Americas operates in the same sector that we do, the Radisson Hotels Americas Acquisition could also exacerbate a number of risks that currently apply to us.

Additional potential difficulties associated with the pending acquisition that we may encounter include the following:

• the inability to successfully combine our and Radisson Hotels Americas’ businesses in a manner that permits us to realize the anticipated benefits and value of the Radisson Hotels Americas Acquisition in the time frame currently anticipated, or at all;

• the failure to integrate internal systems, programs, and controls;

• the application of different accounting policies, assumptions, or judgments to Radisson Hotel Americas’ operational results that Radisson Hotels Americas applied in the past;

• changes in laws and regulations that may impact our or Radisson Hotels Americas’ business, financial condition, results of operations, and growth prospects;

• loss of sales and other commercial relationships;

• the complexities associated with integrating a line of business with a history and strategy different to our own;

• the failure to retain key employees that may be difficult to replace;

• potential unknown liabilities and unforeseen increased expenses, delays, or regulatory conditions associated with the Radisson Hotels Americas Acquisition;

• performance shortfalls as a result of the diversion of management's attention in completing the Radisson Hotels Americas Acquisition.

Any of these risks, if realized, could adversely affect our future operational results or our ability to maintain relationships with guests, customers, vendors, colleagues, and other commercial relationships.

As a result, the anticipated benefits of the Radisson Hotels Americas Acquisition may not be realized at all or may take longer to realize or may cost more than expected.

We expect to incur additional expenses and indebtedness related to the Radisson Hotels Americas Acquisition and expect to incur additional integration expenses.

In connection with the pending closing of the Radisson Hotels Americas Acquisition, we expect to incur additional expenses in integrating aspects of the business, practices, policies, and procedures of Radisson Hotels Americas in connection with the Radisson Hotels Americas Acquisition.

While we have assumed that a certain level of integration expenses will be incurred, there are a number of factors beyond our control that could affect the total amount or the timing of integration expenses.

of the expenses that will be incurred, by their nature, are difficult to estimate accurately at the present time.

Also, we expect to incur additional indebtedness on the senior unsecured revolving credit facility to fund the Radisson Hotels Americas Acquisition, which would increase our debt service obligations.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors