29 unchanged sentences
Exchange Rate Sensitivity
−Removed: We have currency exchange risk because of our hotel ownership in Brazil and Canada and our minority investment in a joint venture in India.
+Added: We have currency exchange risk because of our hotel ownership in Brazil and Canada.
We may utilize several strategies to mitigate the exposure of currency exchange risk for our portfolio, including (i) utilizing local currency denominated debt (including foreign currency draws on our credit facility), (ii) entering into forward or option foreign currency purchase contracts, or (iii) investing through partnership and joint venture structures.
For 2025 and 2024, revenues from our consolidated foreign operations were $104 million and $101 million, respectively, or approximately 2%, of our total revenues.
−Removed: In the third quarter of 2024, three foreign currency forward purchase contracts matured, with a total notional amount of CAD 99 million ($74 million), and we received $1.4 million in the aggregate upon settlement of these contracts.
+Added: In the third quarter of 2025, two foreign currency forward purchase contracts matured, with a total notional amount of CAD 99 million ($73 million), and we received $1.1 million in the aggregate upon settlement of these contracts.
In replacement of the maturing contracts, we entered into two new foreign currency forward purchase contracts with the same total notional amount of CAD 99 million ($73 million), which will mature in August 2026.
The foreign currency exchange agreements into which we have entered strictly are to hedge foreign currency risk and are not for trading purposes.
−Removed: As of December 31, 2024, the fair value of these contracts was $3.3 million.
−Removed: These contracts are marked-to-market with changes in fair value recorded to other comprehensive income (loss) for contracts designated as a hedge of a net investment in a foreign operation, and through net income for contracts acting as a natural hedge of intercompany
+Added: As of December 31, 2025, the fair value of these contracts was immaterial.
+Added: These contracts are marked-to-market with changes in fair value recorded to other comprehensive income (loss) for contracts designated as a hedge of a net investment in a foreign operation, and through net income for contracts acting as a natural hedge of intercompany loans.
The foreign currency forward sale contracts are valued based on the forward yield curve of the foreign currency to U.S.
4 unchanged sentences
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.