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Direct tariff impacts on hotels and gaming appear minimal due to the service-oriented nature of the sectors. However, there is potential for a higher-cost tariff environment to influence consumer discretionary spending behavior and indirectly affect leisure demand.

Host Hotels has already indicated an expected EBITDA decline in 2025, which could be further influenced by incremental operating expense pressures (due to its hotel ownership position) and ongoing challenges in international travel flows.

Relative to 2022, when there were heightened economic uncertainties surrounding inflation, there seem to be fewer favorable conditions in the hotel and gaming space to support growth.