Legal Proceedings
−Removed: We are not currently party to any pending legal proceedings, nor is any property of the Company subject to any pending legal proceedings, that we believe could have a material adverse effect on our business or financial condition.
+Added: On October 22, 2025, we sent the tenant under the Park Hotels master lease (“Park Tenant”) a termination notice for all five hotels and commenced litigation against the Park Tenant and Park Intermediate Holdings LLC, guarantor under the master lease, for certain breaches, among other things, related to the maintenance and operations of the hotels.
+Added: The litigation is captioned In re Park Hotels Litigation, C.A.
+Added: 2025-1210-LWW, pending in the Delaware Court of Chancery.
+Added: The Park Tenant has disputed our right to terminate the lease, and that issue, among others, is subject to the litigation, which includes counterclaims filed by the Park Tenant.
+Added: Although we believe our claims are meritorious, there are no assurances that we will prevail in our litigation.
+Added: We are not currently party to any other pending legal proceedings, nor is any property of the Company subject to any pending legal proceedings, that we believe could have a material adverse effect on our business or financial condition.
However, we may be subject to various claims and legal actions arising in the ordinary course of business from time to time.
2 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.