Ashford Hospitality Trust Inc (AHT) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Ashford Hospitality Trust Second Quarter 2023 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加阿什福德酒店信託基金 2023 年第二季度業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jordan Jennings, Manager, Investor Relations. Thank you.

現在我很高興向您介紹主持人，投資者關係經理喬丹·詹寧斯 (Jordan Jennings)。謝謝。

You may begin, ma'am.

您可以開始了，女士。

Good day, everyone, and welcome to today's conference call to review the results for Ashford Hospitality Trust for the second quarter of 2023 and to update you on recent developments.

大家好，歡迎參加今天的電話會議，回顧 Ashford Hospitality Trust 2023 年第二季度的業績並向您介紹最新進展。

On the call today will be Rob Hays, President and Chief Executive Officer; Deric Eubanks, Chief Financial Officer; and Chris Nixon, Executive Vice President and Head of Asset Management.

今天的電話會議由總裁兼首席執行官 Rob Hays 主持；德里克·尤班克斯，首席財務官；執行副總裁兼資產管理主管克里斯·尼克松 (Chris Nixon)。

The results as well as notice of accessibility of this conference call on a listen-only basis over the Internet were distributed yesterday afternoon in a press release.

昨天下午，在一份新聞稿中發布了結果以及通過互聯網收聽本次電話會議的通知。

At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Such forward-looking statements are subject to numerous assumptions, uncertainties and known or unknown risks, which could cause actual results to differ materially from those anticipated. These factors are more fully discussed in the company's filings with the Securities and Exchange Commission.

此時，讓我提醒您，本次電話會議中的某些陳述和假設包含或基於前瞻性信息，並且是根據聯邦證券法規的安全港條款做出的。此類前瞻性陳述受到眾多假設、不確定性以及已知或未知風險的影響，可能導致實際結果與預期存在重大差異。這些因素在該公司向美國證券交易委員會提交的文件中進行了更全面的討論。

The forward-looking statements included in this conference call are only made as of the date of this call, and the company is not obligated to publicly update or revise them. Statements made during this call do not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus, which can be found at www.sec.gov.

本次電話會議中包含的前瞻性陳述僅在本次電話會議之日作出，公司沒有義務公開更新或修改這些陳述。本次電話會議期間發表的聲明不構成出售要約或購買任何證券的要約。證券將僅通過註冊聲明和招股說明書的方式發行，註冊聲明和招股說明書可在 www.sec.gov 上找到。

In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules, which have been filed on Form 8-K (inaudible) with the SEC on August 2, 2023, and may also be accessed through the company's website at www.ahtreit.com. Each listeners incurred to review those reconciliations provided in the earnings release together with all other information provided in the release. Also, unless otherwise stated, all reported results discussed in this call compare to second quarter ended June 30, 2023, with the second quarter ended June 30, 2022.

此外，本次電話會議中使用的某些術語是非GAAP 財務指標，公司的收益報告和隨附的表格或時間表中提供了這些指標的調節表，這些數據已於8 月2 日以表格8- K（聽不清）的形式向SEC 提交，2023 年，也可以通過公司網站 www.ahtreit.com 訪問。每個聽眾都需要審查收益發布中提供的對賬以及發布中提供的所有其他信息。此外，除非另有說明，本次電話會議中討論的所有報告結果均與截至 2023 年 6 月 30 日的第二季度和截至 2022 年 6 月 30 日的第二季度進行比較。

I will now turn the call over to Rob Hays. Please go ahead, sir.

我現在將把電話轉給羅布·海斯。請繼續，先生。

Good morning. Welcome to our call. After my introductory comments, Deric will review our second quarter financial results, and then Chris will provide an operational update on our portfolio. The main themes of our call today are: first, we are very pleased with the strong RevPAR growth we achieved in the second quarter. Our portfolio continues to ramp up nicely. We are clearly seeing the benefit of a broadly diversified high-quality portfolio that is balanced across leisure, corporate and group demand sources. Second, our liquidity and cash position continue to be strong, we ended the quarter with approximately $442 million of net working capital. We feel well positioned for our upcoming extension tests.

早上好。歡迎您來電諮詢。在我的介紹性評論之後，德里克將審查我們第二季度的財務業績，然後克里斯將提供我們投資組合的運營更新。我們今天電話會議的主題是：首先，我們對第二季度每間客房收入的強勁增長感到非常高興。我們的投資組合繼續良好增長。我們清楚地看到了廣泛多元化的高質量投資組合的好處，該投資組合在休閒、企業和團體需求來源之間取得了平衡。其次，我們的流動性和現金狀況繼續強勁，本季度末我們的淨營運資本約為 4.42 億美元。我們感覺自己已經為即將到來的擴展測試做好了準備。

In addition, we have access to an undrawn capital (inaudible) or strategic financing. Third, the capital raising for our non-traded preferred is ramping up nicely and increased over 148% from the first quarter. We continue to be excited about this source of capital for our platform.

此外，我們還可以獲得未動用資本（聽不清）或戰略融資。第三，我們的非交易優先股融資增長良好，較第一季度增長超過 148%。我們仍然對我們平台的這一資金來源感到興奮。

Now for some additional details on these 3 themes. RevPAR for all hotels in our portfolio increased 6.7% in the second quarter compared to the prior year quarter. This RevPAR growth was led by occupancy, which increased 2.8% over the prior year quarter, and we also saw strong growth in average rates, which increased 3.8% over the prior year quarter.

現在了解有關這 3 個主題的更多詳細信息。與去年同期相比，我們投資組合中所有酒店第二季度的 RevPAR 增長了 6.7%。 RevPAR 增長主要由入住率帶動，入住率比去年同期增長 2.8%，平均房價也出現強勁增長，比去年同期增長 3.8%。

In addition to our solid hotel performance, the vast majority of our hotels are now out of their respective cash traps. This is an important step for our company as it allows us full flexibility to use our cash to optimize our capital structure, pay down debt or invest in growth opportunities.

除了我們穩健的酒店業績外，我們絕大多數酒店現在都擺脫了各自的現金陷阱。這對我們公司來說是重要的一步，因為它使我們能夠充分靈活地使用現金來優化我們的資本結構、償還債務或投資於增長機會。

Looking ahead, we believe our geographically diverse portfolio consisting of high-quality assets with best-in-class brands and management companies is well positioned. We also believe that our relationship with our affiliated property manager, Remington, really sets us apart. Remington has been able to consistently manage costs and optimize revenues aggressively, enabling us to outperform the industry from an operations standpoint for many years.

展望未來，我們相信我們的多元化投資組合（由優質資產、一流品牌和管理公司組成）處於有利地位。我們還相信，我們與附屬物業經理雷明頓的關係確實使我們與眾不同。雷明頓能夠始終如一地管理成本並積極優化收入，使我們能夠多年來從運營角度超越行業。

During the quarter, we made significant progress on our loan extensions and made the strategic decision not to make required pay-downs in our KEYS A, B and F Loan Pools in order to meet those extension debt yield tests.

本季度，我們在貸款延期方面取得了重大進展，並做出了戰略決定，不在我們的 KEYS A、B 和 F 貸款池中進行所需的還款，以滿足這些延期債務收益率測試。

This was a prudent economic decision that reflected a comprehensive capital management process by the company, which explores and assessed multiple options for these assets, including refinancing, extensions and asset sales. Importantly, the recent amendment to our corporate financing provides us with added flexibility regarding these loan pools and by proactively choosing not to extend 3 of those pools, we will improve our balance sheet by lowering leverage and materially improves our future cash flows.

這是一項審慎的經濟決策，反映了公司全面的資本管理流程，該流程探索和評估了這些資產的多種選擇，包括再融資、延期和資產出售。重要的是，最近對我們企業融資的修訂為我們提供了有關這些貸款池的更大靈活性，並且通過主動選擇不擴展其中3 個貸款池，我們將通過降低杠桿率來改善我們的資產負債表，並顯著改善我們的未來現金流。

Further, the combination of the pay-downs and the ultimate removal of the debt associated with the pools that we did not extend will lower our debt by approximately $700 million or more than 18%. We have been committed to de-leveraging the company over time, and this is a significant step towards our long-term goals of creating a more sustainable capital structure.

此外，還款和最終消除與我們未擴展的資金池相關的債務相結合，將使我們的債務減少約 7 億美元或超過 18%。我們一直致力於隨著時間的推移對公司進行去槓桿化，這是朝著我們創建更可持續的資本結構的長期目標邁出的重要一步。

Additionally, capital recycling remains an important component of our strategy, and we continue to pursue opportunities to sell certain non-core assets. We recently sold a small asset in Orlando for nearly $15 million and have 4 other assets that are currently being marketed for sale. We have identified several additional assets that we may bring to market for sale if market conditions warrant. We expect any net proceeds from these sales will go towards paying down debt.

此外，資本回收仍然是我們戰略的重要組成部分，我們將繼續尋求出售某些非核心資產的機會。我們最近以近 1500 萬美元的價格出售了奧蘭多的一處小型資產，目前還有 4 處其他資產正在出售。我們已經確定了一些額外的資產，如果市場條件允許，我們可能會將這些資產推向市場出售。我們預計這些銷售的任何淨收益將用於償還債務。

We also continue to be excited about our non-traded preferred capital offering and believe this offering will not only provide an attractive cost of capital but allow us to accretively grow our portfolio over time subject to future market conditions. We believe access to this growth capital is a significant competitive advantage, particularly given the fact that lodging REITs are currently trading at material discounts to their net asset values.

我們還繼續對我們的非交易優先資本發行感到興奮，並相信這一發行不僅將提供有吸引力的資本成本，而且使我們能夠根據未來的市場條件隨著時間的推移不斷增長我們的投資組合。我們認為，獲得這種增長資本是一項重大的競爭優勢，特別是考慮到住宿房地產投資信託基金目前的交易價格與其資產淨值相比有很大折扣。

Our preference would be to use this capital for future growth, though we may also use some of the capital to pay down debt or other corporate uses as needed. We continue to build the selling syndicate and currently have 35 signed dealer agreements representing over 5,027 reps selling the security. We are still very early in the capital raising process. To date, we've issued approximately $50.6 million of gross proceeds, including $9.5 million in July alone.

我們的偏好是將這些資本用於未來的增長，儘管我們也可能根據需要使用部分資本來償還債務或其他公司用途。我們繼續建立銷售集團，目前已簽署 35 家經銷商協議，代表超過 5,027 名銷售證券的代表。我們仍處於融資過程的早期階段。迄今為止，我們已發行了約 5060 萬美元的總收益，其中僅 7 月份就發行了 950 萬美元。

Turning to Investor Relations. We continue to have a robust outreach effort to get in front of investors, communicate our strategy and explain what we believe to be an attractive investment opportunity in Ashford Trust. We have already intended numerous industry and Wall Street conferences this year and have several upcoming conferences later this year. We look forward to speaking with many of you during those events. We believe we have the right plan in place to move forward and maximize value at Ashford Trust. This plan includes continuing to grow liquidity across the company, optimize the operating performance of our assets, improving the balance sheet over time and looking for opportunities to invest and grow in our portfolio.

轉向投資者關係。我們將繼續大力宣傳，向投資者展示我們的戰略，並解釋我們認為 Ashford Trust 具有吸引力的投資機會。我們已經計劃今年召開許多行業和華爾街會議，並將在今年晚些時候召開幾場會議。我們期待在這些活動期間與你們中的許多人交談。我們相信，我們已經制定了正確的計劃來推動 Ashford Trust 的發展並實現價值最大化。該計劃包括繼續增加整個公司的流動性、優化我們資產的運營績效、隨著時間的推移改善資產負債表以及尋找投資和增長我們的投資組合的機會。

We have a track record of success when it comes to property acquisitions, joint ventures and asset sales, and we expect they will continue to be part of our plans moving forward. We ended the second quarter with a substantial amount of cash on our balance sheet and the launch of our non-traded preferred stock offering we are excited about the opportunities we see in front of us.

我們在房地產收購、合資企業和資產出售方面擁有成功的記錄，我們預計它們將繼續成為我們未來計劃的一部分。第二季度結束時，我們的資產負債表上有大量現金，並且推出了非交易優先股發行，我們對眼前的機會感到興奮。

Now I'll turn the call over to Deric to review our second quarter financial performance.

現在我將把電話轉給 Deric，以審查我們第二季度的財務業績。

Thanks, Rob. For the second quarter, we reported a net loss attributable to common stockholders of $30.3 million or $0.88 per diluted share. For the quarter, we reported AFFO per diluted share of $0.78. Adjusted EBITDAre for the quarter was $104 million, which reflected a growth rate of 8% over the prior year quarter.

謝謝，羅布。第二季度，我們報告普通股股東淨虧損為 3030 萬美元，即稀釋後每股虧損 0.88 美元。本季度，我們報告稀釋後每股 AFFO 為 0.78 美元。本季度調整後 EBITDA 為 1.04 億美元，較去年同期增長 8%。

At the end of the second quarter, we had $3.7 billion of loans with a blended average interest rate of 7.8%, taking into account in-the-money interest rate caps. Considering the current levels of LIBOR and SOFR and the corresponding interest rate caps, 96% of our debt is now effectively fixed as almost all of our interest rate caps are now in-the-money. During the quarter, we extended our BAML Highland Loan Pool until April 2024.

截至第二季度末，我們的貸款額為 37 億美元，考慮到實值利率上限，混合平均利率為 7.8%。考慮到當前的 LIBOR 和 SOFR 水平以及相應的利率上限，我們 96% 的債務現已有效固定，因為幾乎所有利率上限現在都是價內利率。本季度，我們將美銀美林高地貸款池延長至 2024 年 4 月。

As part of this extension, we paid down the existing loan balance by $45 million. Also during the quarter, we refinanced our mortgage loans for the 157-room la Posada de Santa Fe in Santa Fe, New Mexico, which had a final maturity date in November 2023 and the 252-room Hilton Alexandria in Alexandria, Virginia, which had a final maturity date in June 2023.

作為此次延期的一部分，我們償還了 4500 萬美元的現有貸款餘額。此外，在本季度，我們還為新墨西哥州聖達菲擁有157 間客房的la Posada de Santa Fe 的抵押貸款進行了再融資，該酒店的最終到期日為2023 年11 月，以及弗吉尼亞州亞歷山大擁有252 間客房的希爾頓亞歷山大酒店，該酒店的最終到期日為2023 年11 月。最終到期日為2023年6月。

These 2 loans were our only final debt maturities in 2023. The new nonrecourse loan totals $98.5 million and has a 3-year initial term with 2 1-year extension options, subject to the satisfaction of certain conditions. The loan is interest-only and provides for a floating interest rate of SOFR plus 4%.

這兩筆貸款是我們在2023 年唯一到期的最終債務。新的無追索權貸款總額為9,850 萬美元，初始期限為3 年，並有2 個1 年延期選項，但須滿足某些條件。該貸款只付利息，並提供 SOFR 加 4% 的浮動利率。

Also during the quarter, we extended our KEYS Pool C loans secured by 5 hotels with a pay-down of approximately $62 million. Subsequent to quarter end, we extended our KEYS Pool D loans secured by 5 hotels with a pay down of approximately $26 million and our KEYS Pool E loans secured by 5 hotels with a pay-down of approximately $41 million.

同樣在本季度，我們延長了由 5 家酒店擔保的 KEYS C 池貸款，還款額約為 6200 萬美元。季度末後，我們延長了由 5 家酒店擔保的 KEYS D 池貸款，首付金額約為 2600 萬美元，以及由 5 家酒店擔保的 KEYS E 池貸款，首付金額約為 4100 萬美元。

As Rob discussed, we also elected not to make the required paydowns to extend our KEYS Pool A, B and F loans, which in total are secured by 19 hotels. The required paydowns needed to extend these loans totaled approximately $255 million. By not extending these loan pools, we not only save the $255 million of required paydowns but also approximately $80 million in capital expenditures at these hotels through 2025.

正如 Rob 所討論的，我們還選擇不支付所需的付款來延長 KEYS 池 A、B 和 F 貸款，這些貸款總共由 19 家酒店提供擔保。延長這些貸款所需的還款總額約為 2.55 億美元。通過不擴大這些貸款池，我們不僅可以節省 2.55 億美元的所需付款，而且到 2025 年，這些酒店還可以節省約 8000 萬美元的資本支出。

Many of the properties in the non-extended KEYS pools are in markets that have experienced significant headwinds throughout their post-pandemic recoveries. And a number of these markets are not forecasted to reach pre-pandemic top line levels until 2025 or 2026.

非擴展 KEYS 池中的許多房產所在的市場在大流行後的複蘇過程中經歷了重大阻力。預計其中許多市場要到 2025 年或 2026 年才能達到大流行前的收入水平。

Further, the non-extended KEYS Hotels only generated approximately 10% of our hotel EBITDA. And our portfolio RevPAR will increase approximately 3% by removing these lower RevPAR hotels from the portfolio. With the KEYS loan pool extension behind us, our next significant extension test is our Morgan Stanley loan pool secured by 17 hotels, which has an initial maturity in November. And we currently believe that loan should be able to be extended until 2024 with no paydown required.

此外，非擴展的 KEYS Hotels 僅產生了我們酒店 EBITDA 的約 10%。通過從投資組合中剔除這些 RevPAR 較低的酒店，我們的投資組合 RevPAR 將增加約 3%。隨著 KEYS 貸款池延期的結束，我們的下一個重大延期測試是由 17 家酒店擔保的摩根士丹利貸款池，初步到期時間為 11 月。我們目前認為貸款應該可以延長至 2024 年，且無需還款。

We ended the quarter with cash and cash equivalents of $252 million and restricted cash of $150 million. The vast majority of that restricted cash is comprised of lender and manager held reserve accounts and $13.3 million related to trapped cash held by lenders. At the end of the quarter, we also had $19 million in due from third-party hotel managers. This primarily represents cash held by one of our property managers, which is also available to fund hotel operating costs. We also ended the quarter with net working capital of approximately $344 million.

本季度結束時，我們的現金和現金等價物為 2.52 億美元，限制性現金為 1.5 億美元。絕大多數受限制現金由貸方和管理人持有的儲備賬戶以及與貸方持有的受困現金相關的 1,330 萬美元組成。截至本季度末，我們還應向第三方酒店管理公司支付 1900 萬美元的款項。這主要是我們的一位物業經理持有的現金，也可用於支付酒店運營成本。本季度結束時，我們的淨營運資本約為 3.44 億美元。

As of June 30, 2023, our consolidated portfolio consisted of 100 hotels with 22,316 rooms. Our share count currently stands at approximately 36.6 million fully diluted shares outstanding, which is comprised of 34.5 million shares of common stock and 2.1 million OP units.

截至 2023 年 6 月 30 日，我們的綜合投資組合包括 100 家酒店，擁有 22,316 間客房。目前，我們的股份總數約為 3,660 萬股完全稀釋後的已發行股票，其中包括 3,450 萬股普通股和 210 萬股 OP 單位。

In the second quarter, our weighted average fully diluted share count used to calculate AFFO per share included approximately 1.7 million common shares associated with the exit fee on the strategic financing we completed in January 2021.

第二季度，我們用於計算每股 AFFO 的加權平均完全稀釋股數包括約 170 萬股普通股，與我們於 2021 年 1 月完成的戰略融資的退出費相關。

Assuming yesterday's closing stock price, our equity market cap is approximately $144 million. While we are currently paying our preferred dividends quarterly or monthly, we do not anticipate reinstating a common dividend for some time. Our liquidity position is solid, and we are pleased with the progress that we've made on our loan extensions and the pace of our nontraded preferred capital raising.

假設昨天的收盤價，我們的股票市值約為 1.44 億美元。雖然我們目前按季度或每月支付優先股息，但我們預計在一段時間內不會恢復普通股息。我們的流動性狀況穩固，我們對貸款延期所取得的進展以及非交易優先融資的步伐感到滿意。

While it continues to be a challenging market for hotel debt financing with the increase in both credit spreads and base rates, our portfolio is performing well. From a capital structure and balance sheet perspective, we will continue to focus on raising capital through our nontraded preferred stock, potential asset sales and paying down our corporate financing.

儘管隨著信貸利差和基本利率的增加，酒店債務融資市場仍然充滿挑戰，但我們的投資組合表現良好。從資本結構和資產負債表的角度來看，我們將繼續專注於通過非交易優先股、潛在資產出售和償還公司融資來籌集資金。

This concludes our financial review, and I would now like to turn it over to Chris to discuss our asset management activities for the quarter.

我們的財務審查到此結束，現在我想將其交給克里斯討論我們本季度的資產管理活動。

Thank you, Deric. For the quarter, comparable RevPAR for our portfolio increased approximately 7% over the prior year quarter. This RevPAR growth compared favorably to the national averages for both the upscale and upper upscale chain scales. Despite significant cost pressures, we were also able to generate approximately 5% growth in comparable hotel EBITDA. This is a testament to our talented team of asset managers that work relentlessly with our hotel managers to maximize the operating performance of our hotels. The portfolio saw a number of records set in the second quarter.

謝謝你，德里克。本季度，我們投資組合的可比 RevPAR 比去年同期增長了約 7%。與高檔和超高檔連鎖店規模的全國平均每間客房收入增長相比，這一增長相當可觀。儘管面臨巨大的成本壓力，我們的同類酒店 EBITDA 仍實現了約 5% 的增長。這證明了我們才華橫溢的資產管理團隊與我們的酒店經理堅持不懈地合作，以最大限度地提高我們酒店的運營績效。該投資組合在第二季度創下了多項記錄。

In fact, 37% of our hotels set all-time second quarter record to comparable total revenue. These record-breaking performances were spread across various markets, ranging from Florida to Alaska and among different hotel classes, which included resort, urban, suburban and airport locations. We remain encouraged by the continuing recovery that we are seeing in our urban markets. A large portion of the year-over-year comparable hotel EBITDA success during the second quarter was from Washington, D.C., New York, New Jersey and Atlanta. We have a large concentration of assets in these markets, and they collectively increase comparable hotel EBITDA for the quarter by 12% over the prior year quarter.

事實上，我們 37% 的酒店在第二季度創下了可比總收入的歷史紀錄。這些破紀錄的表現遍布各個市場，從佛羅里達到阿拉斯加，以及不同的酒店類別，包括度假村、城市、郊區和機場。我們對城市市場的持續復甦感到鼓舞。第二季度酒店 EBITDA 同比增長的很大一部分來自華盛頓特區、紐約、新澤西和亞特蘭大。我們的資產大量集中在這些市場，本季度的可比酒店 EBITDA 比去年同期增長了 12%。

In fact, 4 of our hotels in these markets set all-time hotel EBITDA performance records during the second quarter. We positioned the airport properties in our portfolio to capitalize on increased airlift and accelerating demand trends seen by the airlines.

事實上，我們在這些市場中的 4 家酒店在第二季度創下了酒店 EBITDA 業績記錄。我們將機場物業納入投資組合，以利用航空公司看到的空運增加和需求加速趨勢。

In the second quarter, our airport hotels collectively achieved growth of 15% and comparable hotel EBITDA over the prior year quarter. Our Courtyard Crystal City located by Reagan International Airport capitalized on increased parking demand by revamping its parking rates and offerings for both hotel guests and other customers utilizing the airport and increase the number of available rooms earmarked for distressed airline passengers.

第二季度，我們的機場酒店總體實現了 15% 的增長，可比酒店 EBITDA 較去年同期增長了 15%。我們位於里根國際機場的水晶城萬怡酒店利用不斷增長的停車需求，調整了停車費率，為酒店客人和使用機場的其他客戶提供服務，並增加了專門為陷入困境的航空乘客提供的可用房間數量。

Our Embassy Suites Orlando Airport leverage a partnership with 2 major airlines to capture long-term stays associated with their respective training programs. As those training needs exceeded what was contracted, we were able to provide additional inventory premium rates to further drive revenue.

我們的奧蘭多機場大使館套房酒店與 2 家主要航空公司建立了合作夥伴關係，以獲取與其各自培訓計劃相關的長期住宿。由於這些培訓需求超出了合同規定，我們能夠提供額外的庫存溢價，以進一步增加收入。

Another key differentiator and competitive advantage for us is our dedicated revenue optimization team. This team works at a granular level to optimize performance during high demand periods. During the second quarter, the portfolio realized 16% more room nights with 95% or higher occupancy than we did in the prior year quarter. This is particularly encouraging for our urban and suburban hotels where the number of peak room nights during the second quarter increased 43% and 21% over the prior year quarter, respectively.

我們的另一個關鍵區別和競爭優勢是我們專門的收入優化團隊。該團隊在高需求期間進行精細工作以優化性能。在第二季度，該投資組合實現的間夜數比去年同期增加了 16%，入住率達到 95% 或更高。這對於我們的城市和郊區酒店來說尤其令人鼓舞，第二季度的高峰間夜數比去年同期分別增長了 43% 和 21%。

These peak nights present us with the opportunity to improve profit margins as we were able to drive rate. Our revenue optimization team conducts monthly deep dive calls across our portfolio, focused on driving pricing strategy in each segment of top line business, creating tools to build a strong group base, pushing premiums on club and suite room types and ensuring our properties follow our optimized marketing strategy. We remain encouraged by the continued strength we are seeing in the group segment.

這些高峰夜晚為我們提供了提高利潤率的機會，因為我們能夠提高利率。我們的收入優化團隊每月對我們的投資組合進行深入調查，重點是推動頂線業務每個部分的定價策略，創建工具來建立強大的集團基礎，推動俱樂部和套房房間類型的溢價，並確保我們的酒店遵循我們的優化市場策略。我們對集團業務的持續強勁表現感到鼓舞。

In the second quarter, group room revenue increased 14% over the prior year quarter. This marks the ninth consecutive quarter with positive year-over-year quarterly growth in group room revenue. We have had a heavy focus on driving group banquet and catering revenue as these are often the most profitable revenue streams within the food and beverage department.

第二季度，團體客房收入比去年同期增長 14%。這標誌著團體客房收入連續第九個季度實現同比正增長。我們非常注重推動團體宴會和餐飲收入，因為這些通常是餐飲部門最賺錢的收入來源。

In the second quarter, catering revenues increased 19% over the prior year quarter. The increase in group revenue and bookings occurred broadly across the portfolio and included gains in many of our large hotels, including Marriott Crystal City Gateway, Renaissance Nashville and Marriott DFW. We remain excited about the continued momentum from the group segment.

第二季度，餐飲收入較去年同期增長19%。集團收入和預訂量的增長廣泛出現在整個投資組合中，其中包括我們許多大型酒店的增長，包括水晶城門戶萬豪酒店、納什維爾萬麗酒店和達拉斯沃斯堡國際機場萬豪酒店。我們對集團業務的持續增長勢頭仍然感到興奮。

Moving on to capital expenditures. We have noted in previous calls how we have taken a strategic approach to renovating and strategically repositioning our hotels. So far in 2023, we've completed the renovation of the lobby and bar at the Ritz-Carlton Atlanta, the guestrooms at Hampton Inn Evansville and at Residence Inn Phoenix, the guestrooms and public space at SpringHill Suites Buford and the relocation of the concierge lounge at the Renaissance Nashville.

轉向資本支出。我們在之前的電話會議中已經註意到我們如何採取戰略方法來翻新和戰略性地重新定位我們的酒店。 2023 年到目前為止，我們已經完成了亞特蘭大麗思卡爾頓酒店的大堂和酒吧、埃文斯維爾漢普頓酒店和鳳凰城Residence Inn 酒店的客房、佈福德SpringHill Suites 酒店的客房和公共空間的改造以及禮賓部的搬遷納什維爾萬麗酒店的休息區。

Later this year, we plan to start a guestroom and public space renovation at the Embassy Suites Dallas, a guest room renovation at Marriott Sugar Land and a fitness center renovation and key addition at the Renaissance Nashville. For 2023, we anticipate spending between $110 million and $130 million in capital expenditures.

今年晚些時候，我們計劃開始對達拉斯大使館套房酒店的客房和公共空間進行翻修，對舒格蘭萬豪酒店進行客房翻修，並對納什維爾萬麗酒店進行健身中心翻修和重要擴建。 2023 年，我們預計資本支出將在 1.1 億至 1.3 億美元之間。

Looking forward, we are considering several new initiatives across our portfolio, including brand conversions at several hotels, accretive key additions and executing high-margin ROI projects. I would like to finish by emphasizing how optimistic we are about the future of this portfolio. As mentioned earlier, group business has continued to show growth. We are seeing more markets rebound, and many of our assets continue to bring comparable hotel EBITDA records.

展望未來，我們正在考慮在我們的投資組合中採取幾項新舉措，包括幾家酒店的品牌轉換、增加關鍵附加設施以及執行高利潤投資回報率項目。最後，我想強調我們對這個投資組合的未來是多麼樂觀。如前所述，集團業務持續呈現增長態勢。我們看到更多的市場出現反彈，我們的許多資產繼續創造可比酒店 EBITDA 記錄。

The portfolio is well diversified geographically, allowing us to continue to capitalize on the industry's continued recovery. We have a number of value-add and ancillary initiatives we are working on behind the scenes to further add value of the portfolio, which we are excited about. With these new initiatives underway, we are confident that the portfolio will continue to outperform.

該投資組合在地域上充分多元化，使我們能夠繼續利用行業的持續復甦。我們正在幕後開展許多增值和輔助計劃，以進一步增加產品組合的價值，對此我們感到很興奮。隨著這些新舉措的實施，我們相信該投資組合將繼續跑贏大盤。

That concludes our prepared remarks, and we will now open up the call for Q&A.

我們準備好的發言到此結束，現在我們將開始問答環節。

(Operator Instructions) Our first question is from Chris Woronka with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Chris Woronka。

I guess to start off with, can you maybe give us a little bit of detail on how -- what the mechanics are on the KEYS Loans Pools that you did extend, I think, the CDEs. Is that something that's going to be reevaluated again after the extension? And what are the possibilities there? What would cause you to maybe not make payments at a later date on those? Or do you think they're reached a level that you don't have to worry about that anymore?

我想首先，您能否給我們一些細節，說明您擴展了 CDE 的 KEYS 貸款池的機制是什麼。延期後是否會再次重新評估這一點？那裡有什麼可能性？什麼會導致您日後無法付款？還是您認為他們已經達到了您不必再擔心的水平？

Chris, it's Rob. (inaudible), we obviously went through a pretty rigorous process of going through all of these loan pools this past year in terms of determining where we thought equity was. Where do we think value was. What do we think about the markets, the CapEx. Now the big factor in a lot of these decisions is kind of future CapEx where we thought we maybe would get or wouldn't get returns on that capital. In terms of the pools we did extend, we obviously paid those down to debt yields. They were typically around 10% or so for the KEYS pools where we feel pretty good about where those are from a value standpoint and where from a refinancing standpoint, even in a pretty difficult market these days on the refinancing side.

克里斯，這是羅布。 （聽不清），在過去的一年裡，我們顯然經歷了一個相當嚴格的過程，審查了所有這些貸款池，以確定我們認為的股權在哪裡。我們認為價值在哪裡？我們對市場、資本支出有何看法？現在，許多決策中的一個重要因素是未來的資本支出，我們認為我們可能會或不會獲得該資本的回報。就我們確實擴大的資金池而言，我們顯然將其償還給了債務收益率。對於 KEYS 池來說，它們通常約為 10% 左右，我們對從價值角度和再融資角度來看它們的位置非常滿意，即使是在再融資方面目前市場相當困難的情況下。

So unless we have -- I mean all things could change if we had a significant recession or something where we have numbers pull back significantly in our -- across the portfolio. But at least what we're seeing right now and numbers continuing to improve, we feel pretty good about the portfolios we chose to keep and don't, as of right now foresee any issues with them or on their future extension tests or refinancings in the future.

因此，除非我們——我的意思是，如果我們經歷了嚴重的衰退，或者我們的投資組合中的數字大幅下滑，那麼所有事情都可能發生變化。但至少我們現在看到的情況以及數字持續改善，我們對我們選擇保留和不保留的投資組合感覺很好，截至目前，預計它們或它們未來的延期測試或再融資會出現任何問題。未來。

Okay. Very helpful. And then kind of on the operational side, I guess the theme has been that we're continuing to see labor availability improve gradually. And maybe if you guys could just give us an update on where you're at in terms of staffing and what you're seeing on any of the union versus nonunion markets on wages and you're still using any contract labor or things like that?

好的。很有幫助。然後在運營方面，我想主題是我們繼續看到勞動力可用性逐漸改善。也許你們可以向我們提供有關你們在人員配備方面的最新情況，以及你們在工會與非工會市場上看到的工資情況，並且你們仍在使用任何合同工或類似的東西？

Yes. Thanks for the question, Chris. I think you phrased it well. We're seeing slow and steady improvements. When we look at our total FTE equivalent labor count to last year, we're actually flat to last year, which is pretty remarkable given for the portfolio, occupancy has increased 2 percentage points. And when you equate that to increase number of sold rooms, it's just over 40,000 rooms. And so we've been laser-focused on managing labor. We've been able to keep it flat year-over-year with servicing additional rooms, which has been great. We're starting to see a pullback in contract labor. To your point, our contract utilization rate decreased about 14% to last year for the quarter.

是的。謝謝你的提問，克里斯。我覺得你說得很好。我們看到緩慢而穩定的改進。當我們查看去年的 FTE 等效勞動力總數時，我們實際上與去年持平，考慮到投資組合，這非常引人注目，入住率增加了 2 個百分點。如果將其等同於已售房間數量的增加，則僅超過 40,000 間房間。因此，我們一直專注於勞動力管理。通過為更多的房間提供服務，我們能夠保持與去年同期持平的水平，這非常棒。我們開始看到合同工的減少。就您而言，本季度我們的合同利用率比去年下降了約 14%。

And that's kind of the start of the pullback. So we were expecting that coming into this year. We didn't see as much of a pullback in Q1. And then in Q2, we're becoming less reliant on contract labor, which is great because contract labor is obviously much more expensive than in-house labor. And so I think you kind of phrased it well. We're seeing slow and steady improvements in terms of the labor market.

這就是回調的開始。所以我們預計今年會出現這種情況。我們沒有看到第一季度出現如此大的回調。然後在第二季度，我們對合同工的依賴越來越少，這很好，因為合同工顯然比內部勞動力貴得多。所以我認為你的措辭很好。我們看到勞動力市場緩慢而穩定的改善。

Okay. Super helpful. Maybe just a quick housekeeping one for Deric. Deric, I think you mentioned that your -- after the KEYS, the 3 -- those 3 poles, you're effectively 95% fixed with, I guess, with the swaps or caps or whatever. Does that mean that when we get to our Q3 interest expense that, that is effectively a run rate going forward?

好的。超級有幫助。也許對德里克來說只是一次快速的整理工作。 Deric，我想你提到過，在 KEYS、3 號之後，這 3 個極點，我想，你實際上 95% 已經通過交換或上限或其他方式修復了。這是否意味著當我們計算第三季度的利息支出時，這實際上是未來的運行率？

Assuming LIBOR SOFR stay where they are and that the caps stay in place, yes. Unfortunately, we have an array of caps that all expire at different times. And typically, the caps are structured to expire coterminous with initial maturity days or maturity dates of the underlying loans. And so they'll kind of match up with the maturities of the underlying loans. But I think for all the purposes for the next quarter, it's probably a pretty good run rate.

假設 LIBOR SOFR 保持不變並且上限保持不變，是的。不幸的是，我們有一系列的上限，它們都在不同的時間到期。通常，上限的結構是與基礎貸款的初始到期日或到期日同時到期。因此它們會與基礎貸款的期限相匹配。但我認為，就下個季度的所有目的而言，這可能是一個相當不錯的運行率。

Our next question is from Tyler Batory with Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的泰勒·巴托 (Tyler Batory)。

First question for me is on trends in the portfolio. I think there's a view out there that leisure travel is slowing industry-wide, there's less pricing power, that corporate travel has peaked. I mean, your RevPAR in the quarter is really quite strong. So are you seeing any sort of evidence of those trends playing out in your portfolio? And kind of how are you thinking about the rest of the year in terms of how leisure and corporate travel play out?

我的第一個問題是投資組合的趨勢。我認為有一種觀點認為，整個行業的休閒旅行正在放緩，定價能力下降，商務旅行已經達到頂峰。我的意思是，本季度的 RevPAR 確實非常強勁。那麼您是否在您的投資組合中看到了這些趨勢的任何證據？您如何看待今年剩餘時間休閒和商務旅行的發展？

Yes. Thanks for that question, Tyler. So I can start with corporate travel. We're continuing to see signs of recovery and strength out of the corporate segment. In the second quarter, Ashford Trust was up 13% year-over-year in corporate revenue. Now that's broadly -- and a lot of that is driven by ADR. ADR was up 8% and room nights were up just over 5%. And so broadly, we're seeing continued strength out of corporate. Now within that, there are kind of market-specific nuances. A lot of our markets that have significant exposure to tech companies and were down in year-over-year revenue. So we're seeing softness from corporate in Austin, Santa Clara, in markets like Portland that rely on a lot of tech business. But on the whole, we're seeing continued recovery and signs of strength at the corporate.

是的。謝謝你提出這個問題，泰勒。所以我可以從商務旅行開始。我們繼續看到企業部門復甦和強勁的跡象。第二季度，Ashford Trust 的企業收入同比增長 13%。現在這很廣泛——其中很大一部分是由 ADR 驅動的。 ADR 上漲了 8%，間夜數上漲了 5% 多一點。從廣義上講，我們看到企業持續走強。其中存在一些特定於市場的細微差別。我們的許多市場對科技公司都有大量投資，但收入同比下降。因此，我們看到奧斯汀、聖克拉拉以及波特蘭等依賴大量科技業務的市場的企業表現疲軟。但總體而言，我們看到公司持續復甦和實力增強的跡象。

On the leisure side, I wouldn't say that things are softening broadly in leisure. We're seeing more of a stabilization within this portfolio. When we look at our weakened occupancies, we were flat the last year. And within that, within urban markets, we're continuing to see growth. it's really where -- I wouldn't say it's necessarily resorts, it's really more markets where you're seeing leisure customers go. So we're starting to see a little bit of softness in Nashville. We're starting to see some short-term demand that's not as strong as we've seen in recent months. But it's more of a stabilizing in leisure. But I think in terms of when we look ahead for this portfolio, we expect to see continued growth. Group pace remains strong. We're up significantly in group pace, high single digits for Q3 and Q4.

在休閒方面，我不會說休閒方面的情況普遍軟化。我們看到該投資組合更加穩定。當我們看到入住率下降時，我們去年持平。在其中，在城市市場中，我們繼續看到增長。它確實是——我不會說它一定是度假村，它實際上是你看到休閒顧客去的更多市場。所以我們開始在納什維爾看到一點疲軟。我們開始看到一些短期需求並不像近幾個月那樣強勁。但這更多的是休閒方面的穩定。但我認為，當我們展望這個投資組合時，我們預計會看到持續增長。集團步伐依然強勁。我們的團隊速度顯著提高，第三季度和第四季度實現了高個位數。

The corporate segment continues to increase quarter-over-quarter, and then from the leisure side, we're seeing kind of stabilization with weakened occupancy rates flat to last year.

企業部門繼續逐季度增長，然後從休閒方面來看，我們看到了某種程度的穩定，入住率下降，與去年持平。

Okay. That's very helpful. Question on the asset sales. Any kind of update there in terms of how that process is going? I think you mentioned perhaps bringing some more assets to market? Just kind of -- what's the interest spend on what you have out there right now? And kind of how are you thinking and deciding when and what you might bring to market in the future?

好的。這非常有幫助。關於資產出售的問題。關於該過程的進展情況有什麼更新嗎？我想你提到過可能會將更多資產推向市場？只是——你現在所擁有的東西的利息支出是多少？您是如何思考和決定未來何時以及向市場推出什麼產品的？

Yes. Good question. Thanks, Tyler. We've got, like I said, 4 assets in the market right now. We've got a 3 pack of limited service assets and kind of a full-service asset that are kind of in the process of -- I'd say they're kind of in the second round or getting towards the end of those processes. So we should have some more color on those in the next month or so, at least here internally. And then obviously, to the extent that we have successfully find deals. It will be a couple of months before those probably close.

是的。好問題。謝謝，泰勒。正如我所說，我們現在在市場上有 4 種資產。我們有一個 3 包有限服務資產和一種全方位服務資產，它們正在處理中——我想說它們處於第二輪或接近這些流程的末尾。因此，我們應該在下個月左右的時間裡對這些內容有更多的了解，至少在內部是這樣。顯然，我們已經成功找到了交易。這些可能需要幾個月的時間才能關閉。

I think for us, it's really looking at what do we think is the best path to pay off our strategic financing. I'd say we've had great partners with them, but we do want to pay off that loan. We do have the proceeds that are coming in from the non-trade preferred, which is going towards some of that as well. But I think you will likely see us get a little bit more aggressive here in the next few quarters on some asset sales. Both in order to clean up the portfolio, so you'll see potentially some additional assets coming to market that are non-core but you may have some assets that are assets that we like and that are solid assets, but that have some equity value in them in order to generate some proceeds. Those are still decisions we're looking at internally in terms of the right way to move forward on those. But we do see asset sales as kind of a crucial part of what we're doing over the next couple of years in order to get the portfolio and the capital structure where we want it.

我認為對我們來說，真正要考慮的是我們認為償還戰略融資的最佳途徑是什麼。我想說我們與他們有很好的合作夥伴，但我們確實想還清這筆貸款。我們確實有來自非貿易優先股的收益，這也將用於其中的一部分。但我認為你可能會看到我們在接下來的幾個季度在一些資產出售方面變得更加積極。兩者都是為了清理投資組合，因此您可能會看到一些額外的資產進入市場，這些資產不是核心的，但您可能擁有一些我們喜歡的資產，並且是可靠的資產，但具有一定的股權價值以便產生一些收益。這些仍然是我們在內部考慮的決定，以尋求推進這些決定的正確方法。但我們確實認為資產出售是我們未來幾年所做工作的重要組成部分，以便使投資組合和資本結構達到我們想要的水平。

Our next question is from Michael Bellisario with Baird.

我們的下一個問題來自邁克爾·貝利薩里奧和貝爾德。

Rob, I just want to go back to that last question and your answer there. And maybe just talk about the sequencing that you think needs to occur to be able to pay Oaktree and also maybe sort of just the time line that you're thinking about today? Do you need to sell more hotels beyond these forwards, you need to raise more preferred? Or is it maybe just simply being patient and waiting for EBITDA to continue to recover. But any color around sort of the sequencing and timing would be helpful?

羅布，我只想回到最後一個問題和你的回答。也許只是談談您認為需要發生的順序才能向橡樹資本支付費用，也可能只是您今天考慮的時間線？除了這些遠期合約之外，您是否需要出售更多酒店，是否需要籌集更多首選酒店？或者只是耐心等待 EBITDA 繼續恢復。但是圍繞排序和時間安排的任何顏色都會有幫助嗎？

Sure. As it always seems, Michael, it's a little bit of everything, and it depends on how one versus the other goes. We've been very happy with the way that the non-trade preferred raise has gone thus far. But what we just -- what you never know is, is it going to continue to accelerate like we want, do -- is it going to stay at comparable levels for a while. It's just -- it's hard to know exactly what that trajectory looks like. And so for us, for internal planning purposes, have to assume somewhat conservative numbers on those fronts in order to make sure that we've got the capital we need and the cash we need in order to grow as we want and to pay off the strategic financings we want.

當然。一如既往，邁克爾，一切都是一點點，這取決於雙方的表現。我們對迄今為止非貿易優先加薪的進展感到非常滿意。但我們只是——你永遠不知道的是，它是否會像我們想要的那樣繼續加速——它是否會在一段時間內保持在可比較的水平。只是——很難確切地知道那個軌跡是什麼樣的。因此，對於我們來說，出於內部規劃的目的，必須在這些方面假設一些保守的數字，以確保我們擁有所需的資本和現金，以便按照我們的意願增長並償還債務我們想要的戰略融資。

So I think what we're focused on is really two -- like the twofold on the asset sales. I mean one is generating proceeds in order to make sure we've got the available cash to pay off the strategic financing. I mean we still have 2.5 years left on it. We've got time. But I think for -- from our perspective, it's an important symbol to the Street, the market that we're moving out of our kind of post -- our COVID phase of this company and moving on towards growth and, like I said, a more sustainable capital structure. And so that's why it's important to us right now to really focus on taking that out.

所以我認為我們真正關注的是兩個——比如資產銷售的雙重性。我的意思是，我們正在產生收益，以確保我們有可用的現金來償還戰略融資。我的意思是我們還有 2.5 年的時間。我們有時間。但我認為，從我們的角度來看，這對華爾街和市場來說是一個重要的象徵，我們正在擺脫我們的公司的新冠疫情階段，並繼續走向增長，就像我說的，更可持續的資本結構。因此，這就是為什麼我們現在真正專注於消除這種情況很重要。

And so I think we're going to be a little bit more aggressive in how we're using proceeds of the non-trade preferred and some of these asset sales to pay that down. So you're going to see likely some asset sales like this one where we just sold WorldQuest that we closed yesterday. Those proceeds are going down. The 3 pack of limited service assets that are in the market right now are likely to generate some proceeds that can paydown. And then like some other assets we may bring to market may be able to generate some proceeds to help pay that down.

因此，我認為我們將更加積極地利用非貿易優先股的收益以及其中一些資產出售來償還債務。因此，您可能會看到一些資產出售，例如我們昨天剛剛出售的 WorldQuest。這些收益正在下降。目前市場上的 3 套有限服務資產可能會產生一些可以償還的收益。然後，就像我們可能推向市場的其他一些資產一樣，也許能夠產生一些收益來幫助償還債務。

At the same time, we've got, I'd say, some lower-quality non-core assets that they either have CapEx requirements for the next few years, maybe our brands that we don't feel strong about that are just, I'd say, more housekeeping, just assets that we think are not long-term holds. And so I think you'll see a mix of those over the next 6 to 12 months come to market from our perspective.

與此同時，我想說，我們有一些質量較低的非核心資產，他們要么在未來幾年有資本支出要求，也許我們對此感覺不強的品牌只是，我想說的是，更多的內務管理，只是我們認為不適合長期持有的資產。因此，我認為從我們的角度來看，您將在未來 6 到 12 個月內看到這些產品的組合進入市場。

So it's -- I don't know if sequencing is the right word to say a little bit of what we need to -- we just to be conservative in how we're -- and the assumptions of how the properties are going to do, what happens in the industry, how the capital comes in from non-trade preferred and just make sure that we are prepared regardless of the situation.

所以，我不知道排序是否是正確的詞來表達我們需要做的一些事情，我們只是要保守我們的做法，以及對屬性將如何做的假設，行業發生了什麼，資本如何從非貿易優先進入，只要確保我們無論情況如何都做好準備。

Got it. Fair enough. And then just switching gears a little bit on CapEx. It looks like -- it sounds like it's the same dollars you expect to spend this year. But you've significantly reduced the number of hotels that are at least under significant renovation in your press release schedule. Are -- some of those obviously are part of the KEYS portfolio that you're not going to renovate because you're handing them back. But are some of those falling to '24. Are you deciding not to renovate a handful of properties? And then presumably, if the costs are the same or your $110 million, $130 million. Are projects costing more? Any color around CapEx also would be helpful?

知道了。很公平。然後在資本支出上稍微改變一下。看起來——聽起來好像你今年預計花的錢是一樣的。但您已經顯著減少了新聞稿計劃中至少正在進行重大翻修的酒店數量。其中一些顯然是 KEYS 組合的一部分，您不會對其進行翻新，因為您要將它們歸還。但其中一些是否會跌至 24 歲？您是否決定不翻新少數房產？然後大概，如果成本相同，即 1.1 億美元，則為 1.3 億美元。項目成本是否更高？資本支出周圍的任何顏色也會有幫助嗎？

Sure. Yes, absolutely. It's a similar number in that. We also, at once we began that process some time ago of thinking about where -- as we're analyzing these pools, that also led us to put a lot of the projects on hold in terms of that were in that -- those portfolios anyway. So some of that we have been thinking about ahead of time. But we also are going through a process of pushing projects -- putting things into 2024. I don't know, Chris, you had other colors.

當然。是的，一點沒錯。這是一個相似的數字。我們還，我們不久前就開始了這個過程，思考在我們分析這些池時，這也導致我們擱置了很多項目，因為這些項目組合中的項目反正。因此，我們已經提前考慮了其中的一些問題。但我們也正在經歷一個推動項目的過程——將事情推遲到 2024 年。我不知道，克里斯，你還有其他顏色。

So as Rob said, a lot of the A, B and F projects, Michael, we had already deferred once we kind of -- we had determined the path that we were going to go with those hotels. I think we expect to see the significant savings from those loan pools in terms of CapEx spend is going to be more 2024 and 2025. And so if we had provided kind of a projection of what we spent for '24, that would come down without those hotels in the portfolio. But the 23% number was already fairly baked and had included the deferral of a number of those projects.

因此，正如 Rob 所說，很多 A、B 和 F 項目，邁克爾，一旦我們確定了這些酒店的發展方向，我們就已經推遲了。我認為我們預計到 2024 年和 2025 年，這些貸款池在資本支出方面的顯著節省將更多。因此，如果我們提供了 24 年支出的預測，那麼這一數字將會下降投資組合中的那些酒店。但 23% 的數字已經相當成熟，其中包括一些項目的推遲。

(Operator Instructions) Our next question is from Bryan Maher with B. Riley Securities.

（操作員說明）我們的下一個問題來自 B. Riley Securities 的 Bryan Maher。

As I listen to all the questions, it kind of brings forward more questions related to kind of the strategic plan. And maybe, Rob, you can give a little more color on -- is there a big macro plan as it relates to the portfolio as in you can see several quarters out, which hotels you'll probably sell and/or hand back or is more like you're going quarter-to-quarter and depending upon fundamentals and interest rates and cost of hedges the ability to sell assets, are you, I don't want to say winning it, but being a lot more fluid in how you approach the next couple of quarters and years?

當我聽到所有問題時，它提出了更多與戰略計劃相關的問題。也許，羅布，你可以多說一點——是否有一個與投資組合相關的大型宏觀計劃，因為你可以看到幾個季度後，你可能會出售和/或返還哪些酒店，或者是更像是你要按季度進行，取決於基本面、利率和對沖成本，出售資產的能力，你是嗎？我不想說贏得它，但你的方式更加靈活未來幾個季度和幾年的情況如何？

No, I mean, we've got kind of a plan that we've laid out. I mean, as a matter of fact, as we are talking right now, I mean, we've got a -- we've got kind of what I would say there's a portion of our portfolio that we have identified that we don't think are long-term hold assets. As we've talked about historically, but hopefully, at some point in time, it will also come to fruition as we obviously don't want to be necessarily a long-term holder of limit service assets in this portfolio. And those are still -- while we handed back or handing back some of those here, we still have a decent number that are still in our portfolio in Highland and in our MS 17 pools, which are great assets, but I don't think our long-term holds within this portfolio.

不，我的意思是，我們已經制定了一個計劃。我的意思是，事實上，正如我們現在正在談論的那樣，我的意思是，我們已經有了我想說的，我們的投資組合中有一部分我們已經確定我們不這樣做。不要認為是長期持有資產。正如我們歷史上所討論的那樣，但希望在某個時間點，它也能實現，因為我們顯然不希望成為該投資組合中有限服務資產的長期持有者。這些仍然——雖然我們在這裡交還或交還了其中的一些，但我們在高地的投資組合和我們的 MS 17 池中仍然有相當數量的資產，它們是巨大的資產，但我不認為我們長期持有該投資組合。

And so we're actually in the process right now as well as going through a pretty significant rebuy analysis of every asset in our pool in our company and really looking at what are the anticipated CapEx needs, and we've got a wave of PIPs, franchise agreements, extensions and whatnot that are coming up over the next 5 to 7 years. And really looking to see what do we think the CapEx spend is on those? Do we think that there's ROI on those -- that CapEx spend. So it's very deliberate and obviously isn't, say, call it, winning it.

因此，我們現在實際上正在這個過程中，對我們公司池中的每項資產進行相當重要的再購買分析，並真正了解預期的資本支出需求是什麼，我們已經有一波 PIP 、特許經營協議、延期等等將在未來5 到7 年內出現。真正想知道我們認為這些方面的資本支出是多少？我們認為這些資本支出有投資回報嗎？所以這是非常深思熟慮的，而且顯然不是，比如說，稱之為獲勝。

However, at the same time, you always have to be flexible, right? And for us, it's a combination of what's going on in the economy because that could cause you to either accelerate or decelerate certain initiatives that you have, depending upon what's going on. Same thing with our non-trade preferred, right? If we really see that accelerate and we see opportunities in front of us, we may be going on the offense a little bit sooner than we would if it's a little bit slower. So -- in some ways, we've got a, I'd say, a plan that we're working through in order to get the portfolio where it is where we want it to be over the long term and where we want the capital structure to be. At the same time, you got to be flexible enough to -- you can [jive] when the economy changes or capital rate seeing changes. So I guess it's a little bit of -- in some ways a little bit of both.

然而，與此同時，你總是必須保持靈活性，對嗎？對我們來說，它是經濟中正在發生的事情的結合，因為這可能會導致你加速或減速你所擁有的某些舉措，具體取決於正在發生的事情。與我們的非貿易偏好相同，對嗎？如果我們真的看到了這種加速，並且看到了我們面前的機會，那麼我們可能會比慢一點的時候更快地進攻。因此，在某些方面，我想說，我們正在製定一項計劃，以便使投資組合達到我們希望的長期目標和我們希望的目標。資本結構待。與此同時，你必須足夠靈活——當經濟發生變化或資本利率發生變化時，你可以[興奮]。所以我想，在某些方面，兩者兼而有之。

I can appreciate that. But when we think about the preferreds, if you're issuing non-traded preferred at 8%, and you've got this 16% Oaktree debt outstanding to your point on wanting to get that taken out or cleaned up or whatever, why wouldn't you all day long issue 8% preferred and pay off 16% Oaktree debt. I mean it's basically sound money?

我很欣賞這一點。但是，當我們考慮優先股時，如果您以8% 的利率發行非交易優先股，並且您有16% 的橡樹資本未償還債務，以至於您想要將其取出或清理或其他什麼，那麼為什麼不這樣做呢？你不是整天發行 8% 的優先股並償還 16% 的橡樹資本債務嗎？我的意思是這基本上是健全的貨幣？

No. And if I could get the 8% money to show up in a $200 million chunk tomorrow, I would take it and pay it off tomorrow, right? And so if we're -- the answer is you're right. And even within the capital structure, I mean, we have pieces of mezz that are on some of our pools that are more expensive than that and heck, even mortgages, new mortgages that people are putting out now when you've got 400 or 500 over on 50% or 60% mortgage, that paper is cheaper than that. So we're in an age right now of very expensive debt financing.

不。如果明天我能拿到 8% 的錢並以 2 億美元的形式出現，我明天就會拿走並還清，對嗎？所以如果我們——答案是你是對的。我的意思是，即使在資本結構內，我們的一些資金池中也有一些比這更貴的夾層，甚至是抵押貸款，當你有 400 或 500 美元時，人們現在會推出新的抵押貸款。超過50% 或60% 的抵押貸款，那張紙比那便宜。因此，我們現在正處於債務融資非常昂貴的時代。

And so the 8% money coming from the Ashford Securities platform is very attractive to us on a variety of fronts. So we've got plenty of, I'd say, accretive uses. It's just a question of building up the demand on that side.

因此，來自 Ashford Securities 平台的 8% 資金在各個方面對我們都非常有吸引力。所以我想說，我們有很多增值用途。這只是建立這方面需求的問題。

And just last for me. Why wouldn't we expect to see, for lack of a better word, some kind of shell game here, where you've got a couple of hotels worth $100 million or with a loan of $100 million that are really worth 60, 70, 80, and you turn around and hand those back to the lender but your peer also has the same situation, and he's handing them back at 70, 70 or 80 and you take the $100 million worth of debt you now don't have to pay and redeploy that capacity into taking that bank's asset that they just took those hotels at 60, 70 or 80 and generate growth in that way. Is that something we could see unfold over the next year or so?

對我來說只是最後一次。為什麼我們不期望看到，因為缺乏更好的詞，這裡有某種騙局，你擁有幾家價值 1 億美元的酒店，或者擁有 1 億美元的貸款，但實際上價值 60、70， 80，你轉身把這些還給貸方，但你的同伴也有同樣的情況，他在70、70 或80 時把它們還給貸款人，你就拿走了價值1 億美元的債務，而你現在不必償還並將該能力重新部署到銀行的資產中，他們剛剛收購了60、70 或80 家酒店，並以這種方式產生增長。這是我們可以在未來一年左右看到的事情嗎？

I don't know. I mean it's -- it tends to be more complicated, right? I mean because there's certain processes and there's fiduciary statuses of some of these -- the servicers and the lenders. I don't know if it's that -- I don't know if it's that simple, but I mean, I think you could have a situation where loan pools are going back and you have other peers buying the debt on other assets, whether it's mezz or the loans and trying to step into them. I mean I think those sorts of things are going to happen.

我不知道。我的意思是——它往往更複雜，對吧？我的意思是因為有一定的流程，並且其中一些（服務商和貸款人）具有受託地位。我不知道是不是這樣——我不知道是不是那麼簡單，但我的意思是，我認為你可能會遇到這樣一種情況：貸款池正在回歸，而你有其他同行購買其他資產的債務，無論是這是夾層或貸款並試圖介入其中。我的意思是我認為這類事情將會發生。

But -- it's a slow process. I mean, even here on the process of handing back these 19 assets, and that's not something that happens overnight, right? There's inter-creditor agreements that have to be gone through in different places in the debt stack of different rights and all of these things take time. So we don't know even on our -- handing back our 19 assets, whether or not that's something that will be formally taking place in several weeks if we need them over? Or is it something that goes through a longer foreclosure process that could be many months.

但是——這是一個緩慢的過程。我的意思是，即使在歸還這 19 項資產的過程中，這也不是一朝一夕的事情，對嗎？債權人之間的協議必須在不同權利的債務堆棧中的不同地方進行，所有這些事情都需要時間。因此，我們甚至不知道歸還我們的 19 項資產，如果我們需要的話，這是否會在幾週後正式進行？或者它是否需要經歷更長的取消抵押品贖回權過程，可能長達數月。

So -- it's just -- as my experience now of having gone through, obviously, a lot of debt restructuring and a lot of issues over the past 3 years through COVID is (inaudible) how many of the things are way more complicated than people typically think.

所以——這只是——根據我現在的經驗，顯然，在過去的三年裡，由於新冠疫情，我經歷了很多債務重組和很多問題，（聽不清）有多少事情比人復雜得多通常認為。

Right. This brings up another question that I have is holding back on, which is when do we yank these 19 hotels out of our model? I mean it's kind of important, right? It's not 1 or 2 or 3, who cares, it's 19 and $700 million worth of debt. I mean do you recommend that we all pull these out effective when beginning of the fourth quarter for conservative stake?

正確的。這就提出了另一個我一直猶豫的問題，即我們什麼時候將這 19 家酒店從我們的模型中剔除？我的意思是這很重要，對吧？這不是1、2或3，誰在乎呢，這是19又7億美元的債務。我的意思是，您是否建議我們在第四季度初時將這些股票全部撤出以保留保守的股權？

I mean, it's a good question, Bryan. Look, from my perspective, I'd go ahead and take them out of the portfolio now. I mean, that could happen imminently and it could drag on. So from our perspective, we're ready to hand the keys over. And so from a modeling perspective, I'd go ahead and take them out.

我的意思是，這是一個很好的問題，布萊恩。聽著，從我的角度來看，我現在就會把它們從投資組合中剔除。我的意思是，這可能很快就會發生，而且可能會持續下去。所以從我們的角度來看，我們已經準備好交出鑰匙了。因此，從建模的角度來看，我會繼續將它們刪除。

This concludes today's Q and -- question-and-answer session. I would like to turn the floor back over to the management for closing comments.

今天的問答環節到此結束。我想將發言權交還給管理層以徵求結束意見。

All right. Thank you, everybody, for joining us on our second quarter call. We look forward to speaking with you next quarter.

好的。感謝大家參加我們的第二季度電話會議。我們期待下個季度與您交談。

This concludes today's (inaudible) conference. Thank you for your -- thank you for your participation. You may now disconnect your lines.

今天的（聽不清）會議到此結束。感謝您的參與。您現在可以斷開線路。