NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Hotel and Resort REITs Sector Outlook — September 2026

NeuraCap's Hotel and Resort REITs sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

11.6x
Sector median EV/EBITDA
13.0x
Premium end EV/EBITDA vs 10.7x at the discount end
16
Transactions with disclosed terms

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REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HOTEL AND RESORT REITS

Hotel and Resort REIT Valuations Reflect Earnings as Well as Growth

The report shows how forward earnings, portfolio quality and transaction evidence shape the sector’s value range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Hotel and Resort REITs share a common ownership model, but their forward valuations separate into distinct tiers. Faster forecast growth is not associated with the higher group multiple, and clearing both growth and margin benchmarks does not secure a premium. The more useful value test therefore reaches beyond headline growth to RevPAR resilience, hotel EBITDA conversion, asset quality, renovation needs, operator alignment and balance-sheet flexibility.

Key findings

  • Forward Earnings Offer a More Useful Valuation Lens
  • The Premium and Discount Ends Are Clearly Separated
  • Faster Forecast Growth Does Not Command the Higher Multiple
  • Balanced Growth and Margin Do Not Secure a Premium

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HOTEL AND RESORT REITS

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HOTEL AND RESORT REITS.

    Cover — Hotel and Resort REITs sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HOTEL AND RESORT REITS Hotel and Resort REIT Valuations Reflect Earnings as Well as Growth The report shows how forward earnings, portfolio quality and transaction evidence shape the sector’s value range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line The Value Range Reflects More than Headline Growth 02 The Landscape One Hotel REIT Model Contains Distinct Value Profiles 03 Valuation & Situations The Premium End Persists After Forecast Earnings Are Credited 04 Precedent Transactions Whole Companies and Individual Resorts Draw Different Buyers 05 Strategic Implications The Data Puts Earnings Durability Ahead of Headline Growth 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Hotel and Resort REITs Share a Hotel REIT Model but Trade Across Distinct Value Tiers

    Hotel and Resort REITs Share a Hotel REIT Model but Trade Across Distinct Value Tiers.

    Hotel and Resort REITs Share a Hotel REIT Model but Trade Across Distinct Value Tiers The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Hotel and Resort REITs Share a Hotel REIT Model but Trade Across Distinct Value Tiers The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Earnings Offer a More Useful Valuation Lens The middle of the range is 11.6x, supported by 11 names with a forward estimate across a peer set of 12 companies. EV / EBITDA leads because reported forward earnings are meaningful across those names, while a revenue multiple would miss profit conversion. 2 The Premium and Discount Ends Are Clearly Separated The premium end sits at 13.0x against 10.7x at the discount end. Because the forward multiple already credits forecast growth, the remaining spread focuses attention on durable RevPAR, asset quality and hotel EBITDA conversion. 3 Faster Forecast Growth Does Not Command the Higher Multiple The faster-growth group sits at 11.5x, while the slower-growth group sits at 12.5x. The observed contrast suggests that growth quality, market mix and capital needs matter alongside the forecast rate. 4 Balanced Growth and Margin Do Not Secure a Premium Among 11 names with a forward estimate, 4 clear both the 2% growth mark and the 28% margin mark. That result keeps group pace, renovation needs, operator alignment and balance-sheet flexibility central to the durability test. 11.6x Sector median EV/EBITDA CY2027E consensus · 11 rated of 12 companies 13.0x Premium end EV/EBITDA vs 10.7x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 68 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — One Hotel REIT Model Contains Distinct Value Profiles. Asset quality, market mix and hotel EBITDA conversion separate companies within a common sector label. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE One Hotel REIT Model Contains Distinct Value Profiles Asset quality, market mix and hotel EBITDA conversion separate companies within a common sector label. 02 of 06 Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    A Common Hotel REIT Label Masks Different Portfolio Economics

    A Common Hotel REIT Label Masks Different Portfolio Economics.

    A Common Hotel REIT Label Masks Different Portfolio Economics 12 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP A Common Hotel REIT Label Masks Different Portfolio Economics 12 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 HOTEL AND MOTEL REITS 12 cos median 11.6x Host Hotels & (HST) Ryman (RHP) Park Hotels & (PK) Apple (APLE) Service (SVC) Pebblebrook (PEB) RLJ Lodging Trust (RLJ) DiamondRock (DRH) Sunstone Hotel (SHO) Summit Hotel (INN) Chatham Lodging (CLDT) Ashford (AHT) The group brings together portfolios with different market exposure, brands, renovation needs and operating agreements.

  6. 06
    02 · LANDSCAPE

    Portfolio Mix Separates Companies Within a Single Segment

    Portfolio Mix Separates Companies Within a Single Segment.

    Portfolio Mix Separates Companies Within a Single Segment Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Portfolio Mix Separates Companies Within a Single Segment Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Hotel and motel REITs 12 100% 11.6x Host Hotels & Resorts, Inc. (HST) · Ryman Hospitality Properties, Inc. (RHP) · +10 more Portfolio economics set the context. The segment contains 12 companies and centers on ownership of hotel real estate. Its 11.6x forward EV / EBITDA midpoint masks differences in RevPAR resilience, hotel EBITDA conversion, asset quality, leverage and renovation requirements.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Persists After Forecast Earnings Are Credited. The forward lens already captures expected growth, placing greater weight on its durability. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Persists After Forecast Earnings Are Credited The forward lens already captures expected growth, placing greater weight on its durability. 03 of 06 Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium End Holds a Visible Lead on Forward Earnings

    The Premium End Holds a Visible Lead on Forward Earnings.

    The Premium End Holds a Visible Lead on Forward Earnings EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 11.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Holds a Visible Lead on Forward Earnings EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 11.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.0x CORE · median 11.6x DISCOUNT · median 10.7x Sector median 11.6x WHAT SEPARATES THE TWO ENDS The premium spread persists. The premium tier carries a 13.0x midpoint, compared with 10.7x for the discount tier. The gap remains after expected earnings are reflected in the forward basis. Growth alone falls short. Premium membership includes different forecast growth profiles, so the ranking is associated with more than near-term revenue momentum. Durability earns closer scrutiny. The relevant operating questions are RevPAR resilience, hotel EBITDA conversion, renovation exposure, management agreements and balance-sheet flexibility.

  9. 09
    03 · VALUATION DRIVERS

    Faster Forecast Growth Does Not Carry the Higher Forward Multiple

    Faster Forecast Growth Does Not Carry the Higher Forward Multiple.

    Faster Forecast Growth Does Not Carry the Higher Forward Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster Forecast Growth Does Not Carry the Higher Forward Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 2% · EBITDA-margin split at 28% The Slower-Growth Group Holds the Higher Valuation The faster-growth group sits at 11.5x, compared with 12.5x for the slower-growth group. This is an observed association, not evidence that slower growth creates value. Revenue Quality Matters Alongside the Forecast Rate Market mix, group pace, transient demand and business travel exposure influence how owners assess the durability of projected RevPAR. Hotel EBITDA Conversion Sharpens the Growth Story Labor, insurance, property taxes, management terms and renovation displacement can separate revenue momentum from recurring cash earnings.

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    03 · SITUATION MAP

    Value and Growth Divide the Peer Set into Four Clear Situations

    Value and Growth Divide the Peer Set into Four Clear Situations.

    Value and Growth Divide the Peer Set into Four Clear Situations Cut on EV / EBITDA vs the sector median (11.6x) (rows) and revenue growth vs the covered median (2%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Value and Growth Divide the Peer Set into Four Clear Situations Cut on EV / EBITDA vs the sector median (11.6x) (rows) and revenue growth vs the covered median (2%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Value, Higher Growth Above-median multiple · above-median revenue growth 3 names Ryman Hospitality Properties, Inc. (RHP) · Apple Hospitality REIT, Inc. (APLE) · Summit Hotel Properties, Inc. (INN) Among 11 names with a forward estimate, 3 combine above-benchmark growth with an above-benchmark multiple. The position supports a durability test around RevPAR, hotel EBITDA and capital needs. Higher Value, Lower Growth Above-median multiple · below-median revenue growth 3 names Host Hotels & Resorts, Inc. (HST) · Pebblebrook Hotel Trust (PEB) · Sunstone Hotel Investors, Inc. (SHO) Among 11 names with a forward estimate, 3 hold an above-benchmark multiple despite below-benchmark growth. The position suggests investors are also weighing portfolio quality, cash-flow resilience and asset value. Lower Value, Higher Growth Below-median multiple · above-median revenue growth 3 names Park Hotels & Resorts Inc. (PK) · DiamondRock Hospitality Company (DRH) · Chatham Lodging Trust (CLDT) Among 11 names with a forward estimate, 3 show above-benchmark growth but remain below the valuation benchmark. Margin conversion, leverage, renovation exposure and market mix are relevant areas to examine. Lower Value, Lower Growth Below-median multiple · below-median revenue growth 2 names Service Properties Trust (SVC) · RLJ Lodging Trust (RLJ) Among 11 names with a forward estimate, 2 sit below both benchmarks. The operating agenda centers on demand mix, cost structure, asset positioning and capital allocation.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both Operating Bars Does Not Guarantee a Premium

    Clearing Both Operating Bars Does Not Guarantee a Premium.

    Clearing Both Operating Bars Does Not Guarantee a Premium Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 11 companies with both estimates · cuts at the covered medians (2% growth, 28% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=2; growth-only n=2; neither n=3). RHP, SVC plotted at the chart edge. 11

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    03 · GROWTH VS PROFITABILITY Clearing Both Operating Bars Does Not Guarantee a Premium Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 11 companies with both estimates · cuts at the covered medians (2% growth, 28% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=2; growth-only n=2; neither n=3). RHP, SVC plotted at the chart edge. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -2% 0% 2% 5% 8% 10% 25% 30% 35% 40% MARGIN ONLY median 11.8x BALANCED median 11.5x NEITHER median 12.5x GROWTH ONLY median 12.0x SHO HST SVC PEB RLJ INN APLE PK DRH CLDT RHP x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Among 11 names with a forward estimate, 4 clear both the 2% growth mark and the 28% margin mark. They are Apple Hospitality REIT, Inc. (APLE), DiamondRock Hospitality Company (DRH), Chatham Lodging Trust (CLDT) and Ryman Hospitality Properties, Inc. (RHP). The other names divide across margin-only, growth-only and neither-benchmark positions. Valuation still varies within those operating profiles. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 11 names clear it (RHP, SVC).

  12. 12
    03 · THE AGENDA

    Growth, Margins or Capital Allocation: The Path Depends on Why the Multiple Lags

    Growth, Margins or Capital Allocation: The Path Depends on Why the Multiple Lags.

    Growth, Margins or Capital Allocation: The Path Depends on Why the Multiple Lags NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA Growth, Margins or Capital Allocation: The Path Depends on Why the Multiple Lags NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen the Existing Portfolio This path centers on revenue management, group pace, operator alignment and hotel EBITDA conversion across current assets. What changes the answer: Comparable hotel earnings improve while renovation needs and balance-sheet pressure remain contained. Reposition Selected Assets This path focuses capital on properties where renovation, brand changes or management terms can improve market position and recurring earnings. What changes the answer: Property-level forecasts support returns after renovation displacement and required capital spending. Recycle Capital Across the Portfolio This path weighs asset sales, acquisitions and joint ventures against leverage, NAV and portfolio quality. What changes the answer: Private-market values and financing capacity support a better mix of assets and demand exposure.

  13. 13
    SECTION 04

    04

    04.

    Section 04 of 06 — Whole Companies and Individual Resorts Draw Different Buyers. The transaction record spans corporate and property-level opportunities with a wide valuation range. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Whole Companies and Individual Resorts Draw Different Buyers The transaction record spans corporate and property-level opportunities with a wide valuation range. 04 of 06 Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Buyers Have Pursued Both Whole Companies and Individual Resorts

    Buyers Have Pursued Both Whole Companies and Individual Resorts.

    Buyers Have Pursued Both Whole Companies and Individual Resorts 3 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 91 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Buyers Have Pursued Both Whole Companies and Individual Resorts 3 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 91 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jul-2024 $4.8B Standard General Standard General acquired Bally's Corporation in a whole-company transaction. EV / LTM revenue 1.9x EV / LTM EBITDA 9.2x WHY THE DEAL HAPPENED The transaction suggests Standard General saw value in owning the company rather than selecting a single property. That structure places portfolio breadth, capital access and operating flexibility in focus. HOW THE TARGET WAS VALUED Bally's Corporation was valued at $4.8B, or 1.9x EV / Revenue and 9.2x EV / EBITDA. Its earnings multiple sits below the current public-company range in the deck. Jun-2026 $1.5B BRDO Property, LLC; YNTV Property, LLC; 1776 Sarasota Associates; 1776 Sarasota Golf Associates A group of property buyers agreed to acquire Braemar Hotels & Resorts Inc. EV / LTM revenue 2.1x EV / LTM EBITDA 7.7x WHY THE DEAL HAPPENED The transaction suggests the buyer group valued access to Braemar Hotels & Resorts Inc. as a portfolio rather than through separate asset purchases. That approach brings portfolio composition, financing and management agreements into the investment case. HOW THE TARGET WAS VALUED Braemar Hotels & Resorts Inc. was valued at $1.5B, or 2.1x EV / Revenue and 7.7x EV / EBITDA. The earnings multiple is below the current public-company range in the deck. Dec-2021 $187M Braemar Hotels & Resorts Inc. Braemar Hotels & Resorts Inc. acquired The Ritz-Carlton Reserve Dorado Beach. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a fit between Braemar Hotels & Resorts Inc. and a high-quality resort asset. The buyer’s hotel ownership model makes portfolio fit, brand positioning and property-level earnings central considerations. HOW THE TARGET WAS VALUED The disclosed value was $187M. It provides an asset-level price marker rather than a whole-company EV / EBITDA benchmark.

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    SECTION 05

    05

    05.

    Section 05 of 06 — The Data Puts Earnings Durability Ahead of Headline Growth. RevPAR quality, hotel EBITDA conversion and capital flexibility sharpen the value case. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Data Puts Earnings Durability Ahead of Headline Growth RevPAR quality, hotel EBITDA conversion and capital flexibility sharpen the value case. 05 of 06 Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

  16. 16
    05 · STRATEGIC IMPLICATIONS

    Durable Hotel Earnings Strengthen the Value Case

    Durable Hotel Earnings Strengthen the Value Case.

    Durable Hotel Earnings Strengthen the Value Case NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Durable Hotel Earnings Strengthen the Value Case NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Resilience into the Portfolio Market mix, asset quality, renovation planning and operator alignment shape the durability of RevPAR and hotel EBITDA. FOR MANAGEMENT TEAMS Convert Demand into Recurring Earnings Revenue management, labor productivity, group pace and cost discipline determine how operating momentum reaches cash earnings. FOR BOARDS Tie Capital Allocation to Portfolio Quality Acquisitions, renovations, joint ventures and asset recycling can be assessed against leverage, NAV and recurring hotel economics.

  17. 17
    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.6x); amber marks below · 11 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.6x); amber marks below · 11 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.7x · median 13.0x · 3 companies Host Hotels & Resorts, Inc. HST Hotel and motel REITs $24.7B 13.6x 1% 29% 31 Summit Hotel Properties, Inc. INN Hotel and motel REITs $2.4B 13.0x 2% 25% 27 Sunstone Hotel Investors, Inc. SHO Hotel and motel REITs $3.2B 12.9x -3% 27% 24 CORE — 11.2x–12.7x · median 11.6x · 5 companies Pebblebrook Hotel Trust PEB Hotel and motel REITs $4.5B 12.5x 2% 24% 25 Apple Hospitality REIT, Inc. APLE Hotel and motel REITs $5.5B 11.8x 2% 32% 34 Ryman Hospitality Properties, Inc. RHP Hotel and motel REITs $11.9B 11.6x 11% 32% 43 RLJ Lodging Trust RLJ Hotel and motel REITs $4.0B 11.5x 2% 25% 27 DiamondRock Hospitality Company DRH Hotel and motel REITs $3.7B 11.4x 2% 28% 30 DISCOUNT — <11.2x · median 10.7x · 3 companies Park Hotels & Resorts Inc. PK Hotel and motel REITs $7.0B 11.0x 2% 25% 27 Chatham Lodging Trust CLDT Hotel and motel REITs $1.1B 10.7x 3% 32% 35 Service Properties Trust SVC Hotel and motel REITs $5.3B 10.1x 1% 41% 43

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (68 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 91 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (68 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 91 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Ryman Hospitality Properties, Inc. → Grande Lakes Orlando Resort n/a n/a 12.5x Ryman Hospitality Properties, Inc. completed the acquisition of Grande Lakes Orlando Resort. The transaction points to portfolio fit and property-level earnings as relevant buyer considerations. Jun-2026 BRDO Property, LLC; YNTV Property, LLC; 1776 Sarasota Associates; 1776 Sarasota Golf Associates → Braemar Hotels & Resorts Inc. $1.5B 2.1x 7.7x BRDO Property, LLC; YNTV Property, LLC; 1776 Sarasota Associates; 1776 Sarasota Golf Associates announced the acquisition of Braemar Hotels & Resorts Inc. The structure suggests interest in a whole hotel portfolio rather than a single property. Apr-2026 Undisclosed buyer → Summit Hotel Properties, Inc. $1.9B 2.5x 7.4x Undisclosed buyer announced the acquisition of Summit Hotel Properties, Inc. The transaction adds another whole-company reference to the sector record. Mar-2026 n/a → DiamondRock Hospitality Company $3.0B 2.7x 10.2x The announced transaction involving DiamondRock Hospitality Company provides a current reference for a diversified hotel REIT. Jul-2024 Standard General → Bally's Corporation $4.8B 1.9x 9.2x Standard General completed the acquisition of Bally's Corporation. The transaction shows buyer interest extending beyond individual hotel properties. Aug-2023 KSL → Hersha Hospitality Trust n/a 0.7x 8.8x KSL completed the acquisition of Hersha Hospitality Trust. The transaction provides a whole-company reference from a private real estate buyer. Aug-2023 KSL Capital Partners → Hersha Hospitality Trust n/a n/a 11.2x KSL Capital Partners announced the acquisition of Hersha Hospitality Trust. The precedent highlights private capital interest in a hotel REIT portfolio. May-2023 third party → Hotel Vintage Seattle n/a n/a 31.0x A third party completed the acquisition of Hotel Vintage Seattle. The transaction illustrates the property-level route within the broader buyer landscape. Dec-2021 Braemar Hotels & Resorts Inc. → The Ritz-Carlton Reserve Dorado Beach $187M n/a n/a Braemar Hotels & Resorts Inc. completed the acquisition of The Ritz-Carlton Reserve Dorado Beach. The transaction points to asset quality and resort portfolio fit as relevant considerations.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (68 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 91 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 20

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    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (68 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 91 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 52 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2021 Cerberus Capital Management → CorePoint Lodging Inc. n/a n/a 17.0x Apr-2019 Undisclosed buyer → Apple Hospitality REIT, Inc. $5.3B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned, financial target ev not meaningful. Nov-2018 Braemar Hotels & Resorts Inc. → Ritz-Carlton Lake Tahoe n/a n/a 13.5x Value shown as recorded in the filing; deal value unit unresolved. Aug-2018 Undisclosed buyer → Park Hotels & Resorts Inc. $9.0B 3.2x 10.6x Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned. Mar-2018 Pebblebrook Hotel Trust → LaSalle Hotel Properties $5.9B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, financial target ev not meaningful. Jun-2017 RLJ Lodging Trust → FelCor Lodging Trust Incorporated n/a n/a 12.2x Mar-2017 HNA Tourism Group Co., Ltd. → Park Hotels & Resorts Inc. $7.8B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, financial target ev not meaningful.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Hotel and Resort REITs and it clears the coverage gate with 11 of 12 companies (92%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 20 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 527 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (526) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Durability That Extends Beyond Headline Growth.

    The Premium Sits with Durability That Extends Beyond Headline Growth..

    Closing — The Premium Sits with Durability That Extends Beyond Headline Growth. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    The Premium Sits with Durability That Extends Beyond Headline Growth. NeuraCap AI — Hotel and Resort REITs Coverage September 2026 · Prepared by NeuraCap AI · Confidential Hotel and Resort REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Hotel and Resort REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Hotel and Resort REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 12 listed companies whose core business is Hotel and Resort REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Ashford Hospitality Trust, Inc. (AHT), Apple Hospitality REIT, Inc. (APLE), Chatham Lodging Trust (CLDT), DiamondRock Hospitality Company (DRH), Host Hotels & Resorts, Inc. (HST), Summit Hotel Properties, Inc. (INN), Pebblebrook Hotel Trust (PEB), Park Hotels & Resorts Inc. (PK), Ryman Hospitality Properties, Inc. (RHP), RLJ Lodging Trust (RLJ), Sunstone Hotel Investors, Inc. (SHO), Service Properties Trust (SVC). The market map groups them by business vertical — Hotel and motel REITs: 12 companies (HST, RHP, PK, APLE, SVC, PEB, RLJ, DRH, SHO, INN, CLDT, AHT). 11 of the 12 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Hotel and Resort REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Hotel and Resort REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 12 listed companies whose core business is Hotel and Resort REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Ashford Hospitality Trust, Inc. (AHT), Apple Hospitality REIT, Inc. (APLE), Chatham Lodging Trust (CLDT), DiamondRock Hospitality Company (DRH), Host Hotels & Resorts, Inc. (HST), Summit Hotel Properties, Inc. (INN), Pebblebrook Hotel Trust (PEB), Park Hotels & Resorts Inc. (PK), Ryman Hospitality Properties, Inc. (RHP), RLJ Lodging Trust (RLJ), Sunstone Hotel Investors, Inc. (SHO), Service Properties Trust (SVC). The market map groups them by business vertical — Hotel and motel REITs: 12 companies (HST, RHP, PK, APLE, SVC, PEB, RLJ, DRH, SHO, INN, CLDT, AHT). 11 of the 12 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

20 records failed a validation gate and never feed a statistic in this report (20 excluded from aggregate). Each exclusion, with its reason: AHT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AHT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CLDT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CLDT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CLDT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PEB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PEB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PEB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PEB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RLJ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SVC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SVC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SVC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SVC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Hotel and Resort REITs and it clears the coverage gate with 11 of 12 companies (92%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 11 of 12 companies; EV / rEVenue: 11 of 12 companies; P/E: 7 of 12 companies. 4 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥12.7x, Core 11.2x–12.7x, Discount <11.2x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.6x = median(ev_ebitda CY2027E) (11 rated companies) · 13.0x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 11.6x = median(ev_ebitda CY2027E) within Core tier (n=5) · 10.7x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 11.5x = median(ev_ebitda CY2027E) | growth ≥ 2% (n=6) · 12.5x = median(ev_ebitda CY2027E) | growth < 2% (n=5) · 11.5x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 28% (n=6) · 12.5x = median(ev_ebitda CY2027E) | EBITDA margin < 28% (n=5) · 30% = median Rule of 40 score (revenue growth + EBITDA margin) (n=11) · 11.5x = median(ev_ebitda CY2027E) within balanced quadrant (n=4) · 11.8x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 12.0x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 12.5x = median(ev_ebitda CY2027E) within neither quadrant (n=3)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Hotel and Resort REITs recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 68 transactions were recorded for this industry; 16 are shown. 52 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 51 × deal value unit unresolved; 23 × no evidence record; 5 × duplicate precedent id; 5 × divestiture roles reassigned; 7 × financial target ev not meaningful. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 531 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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