Ashford Hospitality Trust Inc (AHT) 2023 Q3 法說會逐字稿

Hello, and welcome to the Ashford Hospitality Trust third quarter 2023 results conference call. (Operator Instructions) I will now turn the conference over to Jordan Jennings, Director, Investor Relations. Please go ahead.

您好，歡迎參加阿什福德飯店信託基金 2023 年第三季業績電話會議。 （操作員指示）我現在將會議交給投資者關係總監喬丹·詹寧斯 (Jordan Jennings)。請繼續。

Good day, everyone, and welcome to today's conference call to review presults for Ashford Hospitality Trust for the third 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 年第三季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執行長 Rob Hays 主持；德瑞克‧尤班克斯，財務長；執行副總裁兼資產管理主管 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透過網路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有重大差異。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.

本次電話會議中所包含的前瞻性陳述僅在本次電話會議之日作出，本公司沒有義務公開更新或修改這些陳述。本次電話會議期間所發表的聲明不構成出售要約或購買任何證券的要約。證券將僅透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 with the SEC on November 7, 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 September 30, 2023, with the third quarter ended September 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，其調節表在公司的收益發布以及隨附的表格或時間表中提供，這些數據已於2023 年11 月7 日以8-K表格形式向SEC 提交，也可以透過公司網站 www.ahtreit.com 存取。每個聽眾都需要審查收益發布中提供的對帳以及發布中提供的所有其他資訊。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 9 月 30 日的第二季度和截至 2022 年 9 月 30 日的第三季度進行比較。

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, and welcome to our call. After my introductory comments, Deric will review our third-quarter financial results, and then Chris will provide an operational update on our portfolio.

早安，歡迎您的來電。在我的介紹性評論之後，德里克將審查我們第三季度的財務業績，然後克里斯將提供我們投資組合的營運更新。

The main themes of our call today are: first, we are very pleased with our strong operating performance in RevPAR growth we achieved in the third quarter. We are clearly seeing the benefit of a broadly diversified, high-quality portfolio that is balanced across leisure, corporate and group demand sources.

我們今天電話會議的主題是：首先，我們對第三季度實現的可售房收入增長方面強勁的營運業績感到非常滿意。我們清楚地看到了廣泛多元化、高品質的投資組合的好處，該投資組合在休閒、企業和團體需求來源之間取得了平衡。

Second, our liquidity and cash position continue to be strong. We ended the quarter with approximately $271 million of net working capital and our non-traded preferred stock offering continues to ramp up nicely.

其次，我們的流動性和現金狀況持續強勁。截至本季末，我們的淨營運資本約為 2.71 億美元，且我們的非交易優先股發行持續大幅成長。

Third, we are now focused on paying off our corporate financing and have listed several assets for sale. We believe proceeds from these potential asset sales, along with the capital raise from our non-traded preferred offering, may be sufficient to completely pay off our corporate financing during 2024.

第三，我們現在專注於償還公司融資，並已掛牌出售幾項資產。我們相信，這些潛在資產出售的收益，加上我們的非交易優先股所籌集的資金，可能足以在 2024 年完全償還我們的企業融資。

Now for some additional details on these three themes, RevPAR for all hotels in our portfolio increased 4% in the third quarter compared to the prior year quarter. This RevPAR growth was led by average daily rates, which increased 2.2% over the prior quarter and we also saw strong growth in occupancy, which increased 4.7% over the prior quarter. 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.

現在了解有關這三個主題的更多詳細信息，我們投資組合中所有酒店的 RevPAR 在第三季度與去年同期相比增長了 4%。每間可出租客房收入的成長是由日均房價帶動的，比上一季度增長了 2.2%，入住率也出現了強勁增長，比上一季增長了 4.7%。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且靈活地使用現金來優化我們的資本結構、償還債務或投資於成長機會。

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 as they have been able to consistently manage costs and optimize revenues aggressively.

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。我們也相信，我們與附屬物業經理雷明頓的關係確實使我們與眾不同，因為他們能夠持續管理成本並積極優化收入。

Regarding asset management, I'll provide some highlights that Chris will cover in more detail shortly. We continue to engage in beneficial strategies that we believe will create long-term value.

關於資產管理，我將提供一些要點，克里斯很快就會更詳細地介紹這些要點。我們繼續實施我們相信將創造長期價值的有益策略。

During the quarter, we announced that our Crowne Plaza contract La Concha hotel in Key West is on track to convert to a Marriott Autograph Collection property in 2024. It will be rebranded as La Concha Key West, an Autograph Collection hotel as we anticipate the conversion will create a distinctive theme and style for the hotel.

在本季度，我們宣布與基韋斯特皇冠假日酒店簽約的 La Concha 酒店預計將在 2024 年轉變為萬豪傲途格精選酒店。我們預計該轉變將更名為 La Concha Key West, an Autograph Collection 酒店將為酒店打造鮮明的主題和風格。

With its A-plus prime location right on the Wall Street in the heart of Key West, the upbranding of this historic landmark hotel should elevate the property into a desirable niche in a very attractive high barrier to entry high RevPAR markets. We also recently announced a new franchise agreement with Marriott International to convert our Le Pavillon Hotel in New Orleans, Louisiana to attribute portfolio property.

憑藉其位於基韋斯特市中心華爾街的A+ 黃金地段，這家歷史悠久的地標酒店的品牌升級應該會將該酒店提升為一個理想的利基市場，進入一個非常有吸引力的高門檻進入高RevPAR 市場。我們最近也宣布與萬豪國際集團達成新的特許經營協議，將路易斯安那州新奧爾良的 Le Pavillon 酒店改建為投資組合酒店。

We've had great success with the tribute portfolio with our La Posada resort and spa, in Santa Fe, New Mexico, and are looking to capture similar upside like Le Pavillon. This upbranding includes transforming lobby bar and extensive exterior work as well as upgrading the restaurant guestrooms, guest bathrooms and corridors. The hotel is a prime location and as close as -- close proximity to major demand generators in downtown New Orleans and post conversion we believe the new tribute portfolio property should realize a 10% to 20% RevPAR premium compared to pre-conversion. The planned conversions of Le Pavillon and La Concha are both excellent examples of how we go about unlocking embedded value in our portfolio.

我們在新墨西哥州聖達菲的 La Posada 度假村和水療中心的致敬產品組合方面取得了巨大成功，並希望抓住與 Le Pavillon 類似的優勢。此次品牌升級包括改造大廳酒吧和廣泛的外部工程，以及升級餐廳客房、客房浴室和走廊。飯店地理位置優越，非常靠近新奧爾良市中心的主要需求產生者，改造後我們相信，與改造前相比，新的貢品組合物業應實現 10% 至 20% 的 RevPAR 溢價。 Le Pavillon 和 La Concha 的計畫改造都是我們如何釋放投資組合內含價值的絕佳範例。

Turning to capital markets, during the quarter, we made significant progress on our loan extensions and made the strategic decision not to make required paydowns on our KEYS A, B and F Loan Pools in order to meet extension debt yield tests.

轉向資本市場，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，不對我們的 KEYS A、B 和 F 貸款池進行所需的還款，以滿足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 potential asset sales. We have been committed to deleveraging the company over time, and this is a significant step towards a long-term goal of creating a more sustainable capital structure.

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、延期和潛在的資產出售。我們一直致力於隨著時間的推移對公司進行去槓桿化，這是朝著創建更永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 assets. During the quarter, we sold a small asset in Orlando for nearly $15 million and have 6 other assets that are currently being marketed for sale. We've also 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 primarily be used for debt paydowns.

此外，資本回收仍然是我們策略的重要組成部分，我們將繼續尋求出售資產的機會。本季度，我們以近 1500 萬美元的價格出售了奧蘭多的一項小型資產，目前還有其他 6 項資產正在出售。我們也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主要用於償還債務。

We also continue to be excited about our non-traded preferred offering and believe this offering will not only provide an attractive source 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.

我們也繼續對我們的非交易優先產品感到興奮，並相信該產品不僅將提供有吸引力的資本來源，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，獲得這種成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 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 40 signed dealer agreements representing over 5,402 reps selling the security. We are still early in the capital raising process and to date, have raised approximately $77 million of gross proceeds, including $28 million during the quarter.

我們的偏好是將這些資本用於未來的成長，儘管我們可能會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，目前有 40 家簽署了經銷商協議，代表著超過 5,402 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，已籌集了約 7,700 萬美元的總收益，其中本季籌集了 2,800 萬美元。

We believe that we have the right plan in place to move forward and maximize value at Ashford Trust. This plan includes continue to grow liquidity across the company raising attractively priced capital and possible optimizing the operating performance of our assets, improving the balance sheet over time through asset sales and deleveraging and looking for opportunities to invest and grow our portfolio. We ended the third quarter with a substantial amount of cash, on our balance sheet and with the launch of our non-traded preferred stock offering, we are excited about the opportunities we see in front of us.

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，籌集價格有吸引力的資本，並可能優化我們資產的營運績效，透過資產出售和去槓桿化逐步改善資產負債表，並尋找投資和擴大我們的投資組合的機會。第三季末，我們的資產負債表上擁有大量現金，隨著非交易優先股發行的推出，我們對眼前的機會感到興奮。

I'll now turn the call over to Deric to review our third-quarter financial performance.

我現在將電話轉給 Deric，以審查我們第三季的財務表現。

Thanks, Rob. For the third quarter, we reported a net loss attributable to common stockholders of $68.6 million or $1.99 per diluted share. For the quarter, we reported AFFO per diluted share of $0.08. Adjusted EBITDAre for the quarter was $82.5 million. At the end of the third quarter, we had $3.6 billion of loans with a blended average interest rate of 7.9%, taking into account in-the-money interest rate caps. Considering the current level of SOFR and the corresponding interest rate caps, 94% of our debt is now effectively fixed as almost all of our interest rate caps are now in the money.

謝謝，羅布。第三季度，我們報告普通股股東淨虧損為 6,860 萬美元，即稀釋後每股虧損 1.99 美元。本季度，我們報告稀釋後每股 AFFO 為 0.08 美元。本季調整後 EBITDA 為 8,250 萬美元。截至第三季末，我們的貸款額為 36 億美元，考慮實值利率上限，混合平均利率為 7.9%。考慮到目前的 SOFR 水平和相應的利率上限，我們 94% 的債務現在已有效固定，因為幾乎所有利率上限現在都已兌現。

During the quarter, we extended our KEYS Pool D loans secured by five hotels with a paydown of approximately $26 million, and our KEYS Pool E loan secured by five hotels with a paydown of approximately $41 million. 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.

本季度，我們延長了由五家酒店擔保的 KEYS D 池貸款，還款額約為 2600 萬美元，以及由五家酒店擔保的 KEYS E 池貸款，還款額約為 4100 萬美元。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。

The required paydowns needed to extend these loans totaled approximately $255 million. By not extending these loan pools would not only save the $255 million in required paydowns, but also approximately $80 million in capital expenditures at these hotels through 2025.

延長這些貸款所需的還款總額約為 2.55 億美元。如果不擴大這些貸款池，到 2025 年，不僅可以節省 2.55 億美元的所需付款，而且還可以節省這些酒店約 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疫情後的復甦過程中經歷了重大阻力。預計其中許多市場要到 2025 年或 2026 年才能達到疫情前的收入水準。

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. We continue to work with the servicer on a consensual transfer of these assets to the lender and expect that to be completed sometime in the fourth quarter. With the KEYS loan pool extension behind us, our next significant extension test is our Morgan Stanley loan pool secured by 17 hotels, which we recently extended for one year with no paydown.

此外，非擴展的 KEYS Hotels 僅產生了我們酒店 EBITDA 的約 10%。透過從投資組合中剔除這些 RevPAR 較低的飯店，我們的投資組合 RevPAR 將增加約 3%。我們將繼續與服務商合作，以雙方同意的方式將這些資產轉移給貸方，並預計在第四季度的某個時候完成。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，我們最近將其延長了一年且無需償還。

We ended the quarter with cash and cash equivalents of $185 million and restricted cash of $158 million. The vast majority of that restricted cash is comprised of lender and manager held reserve accounts and $2 million related to trapped cash held by lenders. At the end of the quarter, we also had $24 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 ended the quarter with net working capital of approximately $271 million.

本季結束時，我們的現金和現金等價物為 1.85 億美元，限制性現金為 1.58 億美元。絕大多數受限制現金由貸方和管理人持有的儲備帳戶以及與貸方持有的受困現金相關的 200 萬美元組成。截至本季末，我們也應向第三方飯店管理公司支付 2,400 萬美元的款項。這主要是我們的一位物業經理持有的現金，也可用於支付酒店營運成本。本季結束時，我們的淨營運資本約為 2.71 億美元。

As of September 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 9 月 30 日，我們的綜合投資組合包括 100 家飯店，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 third 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 that we completed in January 2021.

第三季度，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 月完成的策略融資的退出費相關。

While we are currently paying or 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 non-traded preferred capital raising. 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.

雖然我們目前按季度或每月支付股息或優先股息，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，我們對貸款延期和非交易優先融資的步伐所取得的進展感到滿意。儘管隨著信貸利差和基本利率的增加，飯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。

From a capital structure and balance sheet perspective, we will continue to focus on raising capital through our non-traded preferred stock potential asset sales and paying down our corporate financing.

從資本結構和資產負債表的角度來看，我們將繼續專注於透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的資產管理活動。

Thank you, Deric. For the quarter, comparable RevPAR for our portfolio increased approximately 4% over the prior year quarter. This RevPAR growth compared favorably to the national industry averages for both the upscale and upper upscale chain scales. Despite challenges due to rising wages and costs, we were able to grow comparable hotel EBITDA for the quarter.

謝謝你，德里克。本季度，我們投資組合的可比 RevPAR 比去年同期成長了約 4%。與高檔和超高檔連鎖規模的全國行業平均水平相比，每間可出租客房收入的成長均表現良好。儘管面臨工資和成本上漲帶來的挑戰，本季我們仍實現了可比飯店 EBITDA 的成長。

I would like to spend some time highlighting some of the initiatives from our team, including optimizing performance through increased group demand, propelling growth in urban properties and maximizing ancillary production throughout the portfolio. We continue to experience a resurgence in the group segment. Portfolio group revenue pace for full year 2023 is ahead of the prior year by 19%. Group revenues also pacing ahead for 2024, exceeding the prior year revenue on the books by 9%. During the quarter, we saw a 5% lift in group ADR compared to the prior year quarter, and we are pacing ahead of 8% in ADR for the full year compared to last year.

我想花一些時間重點介紹我們團隊的一些舉措，包括透過增加集團需求來優化績效、推動城市房地產的成長以及最大限度地提高整個投資組合的輔助生產。我們繼續經歷集團業務的復甦。 2023 年全年投資組合收入成長比前一年領先 19%。 2024 年集團營收也將成長，比前一年的帳面收入成長 9%。在本季度，我們的集團 ADR 與去年同期相比成長了 5%，並且全年 ADR 與去年相比成長了 8%。

In addition, our two largest hotels including Marriott Crystal City Gateway, Renaissance Nashville finished the quarter with a combined $11.1 million in group revenue, a 9% increase to the prior year quarter. In fact, through the third quarter, Renaissance Nashville generated more group room revenue year to date than any other year in the hotel's history. An added benefit is the additional ancillary banquet revenue that comes with the group business.

此外，我們最大的兩家酒店，包括萬豪水晶城門戶酒店、納許維爾萬麗酒店，本季的集團總收入為 1,110 萬美元，比去年同期增長 9%。事實上，納許維爾萬麗酒店今年第三季創造的團體客房收入比該酒店歷史上任何其他年份都多。另一個好處是集團業務帶來的額外輔助宴會收入。

Banquet revenue is up 25% in national through the first three quarters this year compared to last year. Our urban assets are performing well as travel demand returns. This is evidenced by a 43% increase in peak nights during the quarter over the prior year quarter. We define peak nights as any individual made with occupancy greater than 95%. For the quarter transient ADR at our urban hotels increased 5%. This increased demand in peak night performance allowed us to drive rate for transient business and major hubs such as Atlanta and Nashville, where transient ADR for these urban hotels grew 33% and 16%, respectively during the quarter relative to the prior year quarter.

今年前三季全國宴會營收比去年成長25%。我們的城市資產隨著出行需求的回報而表現良好。本季的高峰夜數比去年同期增加了 43%，就證明了這一點。我們將高峰夜定義為入住率超過 95% 的任何個體。本季我們城市飯店的短暫 ADR 成長了 5%。高峰夜間業績需求的增加使我們能夠提高亞特蘭大和納許維爾等臨時業務和主要樞紐的房價，這些城市酒店的臨時日均房價在本季度與去年同期相比分別增長了 33% 和 16%。

Our revenue optimization team has also partnered with the brands on corporate pricing strategy to ensure that we are aligned on our target 25 by 25. This strategy is an effort to drive corporate rates to 25% increase over 2019 by the year 2025. As a portfolio our other revenue department, which includes minor departments as well as ancillary revenue streams grew by 9% during the quarter over the prior year quarter.

我們的收入優化團隊也與各品牌就企業定價策略進行合作，以確保我們與 25×25 的目標保持一致。該策略旨在到 2025 年將企業定價比 2019 年提高 25%。我們的其他收入部門，包括次要部門以及輔助收入流，本季比去年同期成長了9%。

Parking has been a major contributor to the success. We negotiated nearly every outsourced parking valet contract within the portfolio, which resulted in a 680 basis point increase in our revenue share. We also rolled out new parking charges at 12 properties.

停車是成功的一個主要因素。我們談判了投資組合中的幾乎所有外包代客泊車合同，這使我們的收入份額增加了 680 個基點。我們也在 12 家飯店推出了新的停車費。

Additionally, we completed price benchmarking and capture audits across all other ancillary revenue streams to ensure we were top of market. One of our best-performing properties this quarter was the Hilton Boston Back Bay, a 390 key full-service asset in Downtown Boston. For the quarter, comparable hotel RevPAR increased 20% over the prior year quarter. For comparison, the entire Boston Market comparable hotel RevPAR growth for the quarter was 8% relative to the prior year quarter.

此外，我們完成了價格基準測試並捕獲了所有其他輔助收入流的審計，以確保我們處於市場領先地位。本季表現最好的酒店之一是波士頓後灣希爾頓酒店，它是波士頓市中心擁有 390 間主要全方位服務資產的酒店。本季度，可比飯店 RevPAR 比去年同期成長 20%。相比之下，本季整個波士頓市場可比飯店 RevPAR 較去年同期成長 8%。

Additionally, comparable hotel EBITDA during the quarter increased 22% over the prior year quarter. We partnered with Remington to create new housekeeping processes, which identified scheduled risks and other inefficiencies. These changes resulted in labor hours per occupied room for the quarter, improving by 9% compared to the prior year quarter. This initiative helped propel the comparable hotel EBITDA margin to 43.6%, 133 basis points higher than the prior year quarter.

此外，本季可比飯店 EBITDA 比去年同期成長 22%。我們與雷明頓合作創建了新的內務流程，該流程可以識別預定風險和其他低效率問題。這些變化導致本季每個佔用房間的工時比去年同期增加了 9%。這項措施有助於將可比飯店 EBITDA 利潤率推至 43.6%，比去年同期高出 133 個基點。

Moving on to capital expenditures, we have noted in previous calls how we have taken a strategic approach to renovating and repositioning our hotels. So far in 2023, we've completed the renovation of the lobby and bar at the Ritz-Carlton Atlanta, the meeting space at Embassy Suites Crystal City and relocated the concierge lounge at Renaissance Nashville.

談到資本支出，我們在先前的電話會議中已經注意到我們如何採取策略方法來翻新和重新定位我們的酒店。截至 2023 年，我們已經完成了亞特蘭大麗思卡爾頓酒店大廳和酒吧、水晶城大使館套房酒店會議空間的翻修，並搬遷了納許維爾萬麗酒店的禮賓休息室。

We have started the transformative conversion of the Crowne Plaza Key West to an Autograph Collection hotel, which will enable the property to grow in a high barrier to entry market. In addition, we are converting the Le Pavillon in New Orleans to a Tribute Portfolio hotel, which will allow the hotel to benefit from Marriott's booking system.

我們已經開始將基韋斯特皇冠假日酒店轉型為傲途格精選酒店，這將使該酒店能夠在進入門檻較高的市場中實現成長。此外，我們還將把新奧爾良的 Le Pavillon 酒店改造成 Tribute Portfolio 酒店，這將使該酒店受益於萬豪的預訂系統。

Lastly, we are currently renovating the old concierge lounge located on a premium guestroom for Renaissance Nashville into a spacious suite overlooking downtown Nashville. For 2023, we anticipate spending between $110 million and $120 million on capital expenditures.

最後，我們目前正在將納許維爾萬麗酒店高級客房內的舊禮賓休息室改造為寬敞的套房，俯瞰納許維爾市中心。 2023 年，我們預計資本支出將在 1.1 億至 1.2 億美元之間。

Looking forward, we are considering several new initiatives across our portfolio, including additional brand conversions at various 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 our team's concentrated efforts have helped maximize additional revenue streams.

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，包括各酒店的額外品牌轉換、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，集團業務持續呈現成長態勢。我們看到更多的市場反彈，我們團隊的集中努力幫助最大限度地增加了額外的收入來源。

The portfolio is well diversified geographically, allowing us to continue to capitalize on the industry's continued recovery.

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。

This concludes our prepared remarks. We will now open up the call for Q&A.

我們準備好的演講到此結束。我們現在將開放問答環節。

(Operator Instructions)

（操作員說明）

Bryan Maher B. Riley Securities.

布萊恩·馬赫·B·萊利證券。

Thank you. Just a couple of questions this morning, maybe continuing upon the discussion of the upgrades to, let's say, Key West and New Orleans, Rob, how are you thinking about allocating not insignificant amounts of capital to those projects? Still in the face of debt maturities that you have over the next couple of years. Can you walk us through how you're thinking about that?

謝謝。今天早上只有幾個問題，也許會繼續討論基韋斯特和新奧爾良的升級，羅布，您如何考慮為這些項目分配大量資金？仍面臨未來幾年債務到期的情況。您能告訴我們您是如何考慮這個問題的嗎？

Yeah, Bryan, I think there's a handful of things that we're all trying to do simultaneously, which is the combination of trying to delever, which we've obviously taken pretty big steps over the past few quarters to do that yet at the same time, trying to keep an eye towards what we want this portfolio to look like in three years or five years time. And we do have assets that we think are great long-term holds that we think are underserving are being -- underserved the market that have opportunities to push RevPAR in ways that, need some investment.

是的，布萊恩，我認為我們都在嘗試同時做一些事情，這就是嘗試去槓桿化的結合，我們顯然在過去幾個季度中採取了相當大的步驟來做到這一點，但在同時，努力關注我們希望這個投資組合在三年或五年後是什麼樣子。我們確實擁有一些我們認為值得長期持有的資產，但我們認為這些資產服務不足——市場服務不足，有機會以需要一些投資的方式推動每間客房收入的成長。

So I mean, it's a balancing act and there's a reason why we're only doing a handful of these and not 10 of them because we do see other opportunities like this in some of our other properties, but at least in Key West and that's a property that we think that has a significant amount of potential upside just given that market on [La Pos]. It's a great asset that kind of needs a renovation anyway and so the ability to put a bit of incremental capital in it to reposition it is one that we thought made sense, but it's a balancing act and that's why it's a couple here in a couple there. At the same time, we'll be selling assets to raise capital. So I'd say it's a balancing act.

所以我的意思是，這是一種平衡行為，我們只做其中的少數而不是十個是有原因的，因為我們確實在我們的其他一些房產中看到了類似的機會，但至少在基韋斯特是這樣的鑑於[La Pos]的市場，我們認為該房產具有巨大的潛在上漲空間。這是一項偉大的資產，無論如何都需要翻新，因此我們認為能夠投入一些增量資本來重新定位它是有意義的，但這是一種平衡行為，這就是為什麼它是一對夫婦的原因那裡。同時，我們將出售資產來籌集資金。所以我想說這是一種平衡行為。

Okay, and shifting gears and maybe for Deric, we think about pulling out the 19 hotels from the KEYS pools that you did not extend. I'm assuming that hasn't happened already as we sit here in early November. I think you said in your prepared comments sometime in 4Q. Do you suspect it's much later in 4Q so that we shouldn't be modeling for those assets, say 1Q, but still keep them in there for 4Q?

好吧，換個方向，也許對於 Deric 來說，我們考慮從 KEYS 池中撤出您未擴展的 19 家酒店。當我們在 11 月初坐在這裡時，我假設這種情況還沒有發生。我想您在第四季度的某個時候在準備好的評論中說過。您是否懷疑第四季度已經很晚了，因此我們不應該為這些資產（例如第一季）建模，但仍將它們保留在第四季度？

And what is the rough impact on RevPAR. I think you commented that the kept hotels have a higher RevPAR. But can you quantify maybe in dollars terms round to the nearest five, what we should uplift our modeling RevPAR assumption to?

對 RevPAR 的大致影響是什麼？我想你評論說保留的酒店有更高的 RevPAR。但是，您能否以美元為單位進行量化（四捨五入到最接近的五），我們應該將建模 RevPAR 假設提高到多少？

Yeah, Bryan, in terms of timing, all those hotels are still in our portfolio. Everything these days just seems to be taking longer transaction wise. I think from a modeling perspective, it's, look, I would say, halfway in the fourth quarter probably is a good estimate, somewhere between 50% and 100% during the quarter because I expect that will happen sometime between now and the end of the year. So hopefully by the end of the year, those all 19 of those hotels have been transferred over to the lender, some of that might happen in November, some of that might happen in December.

是的，布萊恩，就時間而言，所有這些酒店仍在我們的投資組合中。如今，一切似乎都需要更長的交易時間。我認為從建模的角度來看，我想說，第四季度的一半可能是一個不錯的估計，在本季度介於50% 到100% 之間，因為我預計這種情況會在現在到年底之間的某個時間發生。年。因此，希望在今年年底，所有 19 家酒店都已轉移給貸方，其中一些可能會在 11 月發生，另一些可能會在 12 月發生。

In terms of impact on the remaining portfolio, we anticipate that our net debt to gross assets will decrease about 500 basis points. So we'll have a pretty decent decrease in our overall leverage of the portfolio. And from a RevPAR standpoint, we anticipate the RevPAR of the remaining portfolio to go up by about 3%. So I think in terms of round numbers, that's kind of where we're we land in the portfolio post transfer of these 19 hotels,

就剩餘投資組合的影響而言，我們預期淨債務與總資產比率將減少約 500 個基點。因此，我們的投資組合整體槓桿率將大幅下降。從 RevPAR 的角度來看，我們預計剩餘投資組合的 RevPAR 將上漲約 3%。所以我認為就整數而言，這就是我們在這 19 家酒店轉讓後的投資組合中所處的位置，

While you're still owning these hotels, do you get to keep any profits from these hotels? Or do any economic interest upward down go to the lender at this point?

當您仍然擁有這些酒店時，您能從這些酒店中獲得任何利潤嗎？或者此時貸款人是否會獲得任何向上向下的經濟利益？

Yeah, we're not doing anything other than our management companies continue to operate the properties. So there's really very little oversight from our perspective at these properties at the moment. And for all intensive purposes, they're basically lender owned.

是的，除了我們的管理公司繼續經營這些房產之外，我們沒有做任何事情。因此，從我們的角度來看，目前對這些財產的監督確實很少。對於所有密集用途，它們基本上都是由貸方擁有。

Okay. And then just last from me, I think Chris talked about this on the asset management side, the layering on of certain ancillary costs like charges like parking. How are you thinking about that, Chris, or Rob, as it relates to kind of slightly waning leisure demand and those costs tend to put off people who don't want to pay $20 or $30 a night to park. Are you kind of bifurcating weekday charges versus weekend charges to maybe not put off that leisure traveler who may opt to go somewhere else as opposed to paying those fees?

好的。最後，我想克里斯談到了資產管理方面的問題，即某些輔助成本的分層，例如停車費。克里斯或羅布，您對此有何看法，因為這與休閒需求略有下降有關，而這些費用往往會讓那些不想支付每晚 20 或 30 美元停車費的人望而卻步。您是否將工作日費用與週末費用分開，以免推遲那些可能選擇去其他地方而不支付這些費用的休閒旅行者？

Yeah, that's a great question, Bryan. So I think regarding kind of those ancillary charges, it's critical that there is appropriate value for the customer in terms of what you're charging. And so our two major streams are really resort charges and in parking make up a line share of kind of that ancillary revenue. For our resort charges we've gone back and looked at the value propositions of all of those inclusions to make sure that it truly is additive to the customer and to the experience.

是的，這是一個很好的問題，布萊恩。因此，我認為關於這些輔助費用，至關重要的是，您所收取的費用為客戶提供適當的價值。因此，我們的兩個主要來源實際上是度假村收費，而停車費則構成了輔助收入的一部分。對於我們的度假村收費，我們回顧了所有這些內容的價值主張，以確保它確實對客戶和體驗有所幫助。

And when we look at kind of what margin we're running on those revenue streams, it's lower than we historically have because we're adding more value to the customer. How we display those charges is also becoming more important so we're working with the brands, and we're very mindful of that. In terms of parking many of our providers do offer dynamic rates. They flex based on periods in the year, based on day of week, based on events, and so where we've rolled out parking charges, we've also often rolled out parking gates added security added presence, there's cameras. So it's not just an additional parking charge, but there's added security for the guests as well.

當我們看看我們在這些收入流上運行的利潤率時，它低於我們歷史上的水平，因為我們正在為客戶增加更多價值。我們如何顯示這些費用也變得越來越重要，因此我們正在與品牌合作，我們非常注意這一點。在停車方面，我們的許多提供者確實提供動態費率。它們根據一年中的不同時期、一周中的某一天、根據事件進行調整，因此，在我們推出停車費的地方，我們也經常推出停車門，增加安全性，還有攝影機。因此，這不僅僅是額外的停車費，而且還為客人提供了額外的安全保障。

Okay, thank you. That's all for me.

好的謝謝。這就是我的全部。

Tyler Batory with Oppenheimer.

泰勒·巴托和奧本海默。

Good morning. This is Jonathan on for Tyler. Thanks for taking my questions. First one for me, on the operating cost side, any color you can provide on what you're seeing on the labor costs that are out there. What does the hiring situation look like right now? And any other areas of cost inflation that are worth calling out besides potentially labor?

早安.這是泰勒的喬納森。感謝您回答我的問題。對我來說，第一個是在營運成本方面，您可以提供有關您所看到的勞動力成本的任何顏色。目前招募狀況如何？除了潛在的勞動力之外，還有其他值得關注的成本上漲領域嗎？

Yeah. Hi, Jonathan, this is Chris, I'll take that. So in Q3, this was really the first quarter where we saw meaningful signs of improvements within the labor market. I think that was something that we were optimistic we'd see earlier this year, and we really saw the first real signs of improvements this last quarter. So our contract labor, reduced in the quarter versus what we've historically been running and kind of where we were last year, and that's kind of the first sign. So we're less reliant on more expensive contract labor. We were able to hire for the quarter, we brought on about 400 additional associates across the portfolio, and we shifted some of that contract labor in house.

是的。嗨，喬納森，我是克里斯，我接手。因此，在第三季度，這確實是我們看到勞動市場出現有意義的改善跡象的第一個季度。我認為這是我們今年早些時候看到的樂觀情況，並且我們在上個季度確實看到了第一個真正的改善跡象。因此，與我們歷史上的情況相比，本季我們的合約工人有所減少，與去年的情況類似，這是第一個跡象。因此，我們減少了對更昂貴的合約工的依賴。我們能夠在本季度招募員工，在整個投資組合中增加約 400 名員工，並將部分合約工轉移到內部。

And from a wage standpoint, we haven't seen much movement there. Our hourly wages are still up about 5% to 6% year over year. Again, we were hoping to see that come down kind of earlier this year. It's been fairly steady. We think sequentially kind of the first step is a reduction in contract labor as we're still being very aggressive to hire internal folks to service those roles and then kind of thereafter, we'll see wages start to come down and that's kind of what we've expected and now we're finally starting to see signs of that.

從薪資的角度來看，我們沒有看到太大的變化。我們的時薪仍較去年同期上漲約5%至6%。我們再次希望看到這一情況在今年早些時候有所下降。一直相當穩定。我們認為，第一步是減少合約工，因為我們仍然非常積極地僱用內部人員來服務這些職位，然後，我們會看到工資開始下降，這就是我們已經預料到了，現在我們終於開始看到這種跡象。

Okay, thank you, Chris, very helpful. And then switching gears to the asset sales, any updates there in terms of that process and its timing? And I believe there's a possibility to bring more assets to the market. Any kind of early indication on or updated thoughts on how you're thinking about using that avenue?

好的，謝謝你，克里斯，非常有幫助。然後轉向資產銷售，該流程及其時間安排有任何更新嗎？我相信有可能將更多資產推向市場。關於您正在考慮如何使用該途徑的任何早期跡像或最新想法？

Sure. I think, well, we've got, like say, we've got some, let's say, a kind of a smaller asset that were hopefully will be done here shortly. Some of the bigger assets that we're contemplating are in-process, those probably won't be to the extent that we move forward with those, it's probably not until a first quarter close.

當然。我想，嗯，我們已經有了一些，比如說，一種較小的資產，希望很快就能在這裡完成。我們正在考慮的一些更大的資產正在處理中，這些資產可能不會達到我們推進這些資產的程度，可能要到第一季結束才能實現。

Those just have been taking a little bit longer. And I think depending upon we've got some call for offer dates coming up in the next few weeks. I think depending upon how those look and how the market looks will probably impact the decision, not whether to add additional assets to the portfolio.

這些只是花了更長的時間。我認為，這取決於我們在接下來的幾週內收到的一些報價日期的電話。我認為，取決於這些因素的外觀和市場的外觀可能會影響決策，而不是是否為投資組合添加額外資產。

Both on one sense is are we finding certain kind of niches of available capital types of assets that people are interested in? On the other side is are there -- what are the cash proceeds that we are getting from those asset sales? And how does that look as we're trying to pay off this strategic financing and that's really the kind of twofold purpose of all this is to both pay off the that [Oaktree] and at the same time trying to improve our portfolio and deleverage over time. So there's a few moving pieces there. So we'll probably know more here in the next, month to six weeks.

一方面，我們是否找到了人們感興趣的可用資本類型資產的某種利基市場？另一方面是──我們從這些資產出售中獲得的現金收益是多少？當我們試圖償還這筆策略性融資時，這看起來怎麼樣？這實際上是所有這一切的雙重目的，既要償還[橡樹]的債務，同時還要努力改善我們的投資組合和去槓桿化。時間。所以那裡有一些移動的部分。因此，我們可能會在接下來的一個月到六週內了解更多。

Okay, very good. Appreciate all the color, guys. That's all for me.

好的，非常好。欣賞所有的顏色，夥計們。這就是我的全部。

(Operator Instructions) Michael Bellisario, Baird.

（操作員說明）邁克爾貝利薩裡奧 (Michael Bellisario)，貝爾德 (Baird)。

Good morning, everyone.

大家，早安。

Good monring

早安

Rob, just a follow-up to that last question. You mentioned being able to pay off Oaktree at some point next year for that to happen, is there a dollar amount or number of hotels that you think need to get sold for that to happen, and kind of, what needs to happen first, in order for that to be paid off at some point in 202.

羅布，只是最後一個問題的後續。您提到要在明年某個時候還清橡樹資本才能實現這一目標，您認為需要出售多少美元或數量的酒店才能實現這一目標，以及首先需要做什麼，在命令在202 年的某個時候還清這筆款項。

Well, we've got $180 something million left on it. Again, we've got some asset sales that are coming up here. But I think at the end of the day, it's a combination of needing to generate enough proceeds to be able to both pay that off and have enough kind of working capital that we feel comfortable. So we've got kind of net working capital and cash numbers that we reported in the quarter.

好吧，我們還剩 180 美元，大約 100 萬美元。同樣，我們即將進行一些資產出售。但我認為歸根結底，這需要產生足夠的收益，以便能夠償還債務，並擁有足夠的營運資金，讓我們感到舒適。因此，我們得到了本季報告的淨營運資本和現金數據。

Against, we we're probably not quite to a point where we can pay that off today. But we're comfortable paying that off today, but the combination of those asset sales, depends on the non-traded preferred as it comes in because again, it's continuing to kind of do well. So again, it's just a lot of moving pieces, so I don't have a specific number because it's kind of dynamic. But I mean, I do think we need those proceeds to probably be $100 million or more in order to feel like we've got everything that we needed to get.

反對的是，我們今天可能還沒到可以還清這筆錢的地步。但我們今天很樂意還清這筆錢，但這些資產銷售的組合取決於非交易優先股的進來，因為它再次表現良好。再說一次，這只是很多移動的部分，所以我沒有具體的數字，因為它是動態的。但我的意思是，我確實認為我們需要這些收益可能達到 1 億美元或更多，才能讓人感覺到我們已經擁有了我們需要的一切。

Got it. Understood, thanks. And then just on CapEx, any initial thoughts on 2024 spending, maybe at least directionally versus what you plan to spend in '23? And then can you provide any more details just on the cost of what you're going to spend in Key West and New Orleans?

知道了。明白了，謝謝。然後就資本支出而言，對 2024 年支出有什麼初步想法嗎？也許至少是與您計劃在 23 年支出的方向相比？然後您能否提供有關您將在基韋斯特和新奧爾良花費的更多詳細資訊？

Sure. On the first question, we're still in the midst of negotiating with some of the brands on exact what the CapEx will look like. I don't think it will be higher than this year, may not likely be comparable or maybe even a little bit less. So that's kind of where -- we'll when we have a better number, we'll put that out. In terms of La Concha, that's -- I think we put in the press release about $35 million, all in project of which has already started, and the goal is to have it done in the third quarter of next year. The path is somewhere between $15 million and $20 million, and it has started right now and also will be kind of a similar timeframe in terms of its opening.

當然。關於第一個問題，我們仍在與一些品牌就資本支出的具體情況進行談判。我認為不會比今年更高，可能沒有可比性，甚至可能少一點。所以這就是——當我們有更好的數字時，我們會把它公佈出來。就 La Concha 而言，我認為我們在新聞稿中投入了約 3500 萬美元，所有項目都已經啟動，目標是在明年第三季完成。這條路的價格在 1500 萬美元到 2000 萬美元之間，而且現在已經開始，開業時間也將類似。

That's all for me. Thank you.

這就是我的全部。謝謝。

This concludes the question-and-answer session. I will turn the call back to management for closing remarks.

問答環節到此結束。我會將電話轉回管理層以供結束語。

Thank you, everybody, for joining us for our third-quarter call. We look forward to speaking to you next quarter.

感謝大家參加我們的第三季電話會議。我們期待下個季度與您交談。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。