Ashford Hospitality Trust Inc (AHT) 2023 Q4 法說會逐字稿

Hello, and welcome to Ashford Hospitality Trust fourth quarter 2023 results conference call.

您好，歡迎參加 Ashford Hospitality Trust 2023 年第四季業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

At this time, I'd like to turn the call over to Jordan Jennings, Director of Investor Relations.

現在，我想將電話轉給投資者關係總監喬丹詹寧斯 (Jordan Jennings)。

Jordan, you may now go ahead and start the conference.

喬丹，你現在可以開始會議了。

Good day, everyone, and welcome to today's conference call to review results for Ashford Hospitality Trust for the fourth quarter and full year 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 第四季和 2023 年全年的業績，並向您介紹最新進展。

On the call today will be Rob Hayes, 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 Hayes 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 the facility 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此次電話會議的結果以及透過網路僅收聽的設施。

At this time, I 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.

此時，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。

Such forward-looking statements are subject to numerous assumptions and uncertainties and known or unknown risks, which could cause actual results to differ materially from those anticipated.

此類前瞻性陳述受到眾多假設和不確定性以及已知或未知風險的影響，這可能導致實際結果與預期有重大差異。

These factors is more fully discussed in the company's filings with the Securities and Exchange Commission.

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。

Before looking statements included in this conference call are only made as of the date of this call.

在本次電話會議中包含的聲明僅在本次電話會議之日發表。

The company is not obligated to publicly update or revise them.

公司沒有義務公開更新或修改它們。

Statements made during this call do not constitute an offer to sell or solicitation of an offer to buy any securities.

本次電話會議期間所發表的聲明不構成出售任何證券的要約或購買任何證券的要約。

Securities will only offered by means of our efficient statement and a prospectus which can be found at www.sec.gov.

證券只能透過我們的有效聲明和招股說明書來發行，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.

此外，本次電話會議中使用的某些術語是非公認會計準則財務指標的調節表，在公司的收益發布和隨附的表格或時間表中提供了這些術語的調節表。

It has been filed on Form 8-K with the SEC on February 28, 2024 and may also be accessed through the company's website at www.ahtreit.com.

該報告已於 2024 年 2 月 28 日以 8-K 表格形式向 SEC 提交，也可以透過公司網站 www.ahtreit.com 進行存取。

It certainly is encouraged to review those reconciliations provided in the earnings release, together with all other information provided in the release.

當然，我們鼓勵您審查收益發布中提供的這些調節表以及發布中提供的所有其他資訊。

Also, unless otherwise stated, all reported results discussed in the call compared to fourth quarter and full year ended December 31, 2023, with fourth quarter and full year ended December 31, 2022.

此外，除非另有說明，電話會議中討論的所有報告結果均與截至 2023 年 12 月 31 日的第四季度和全年以及截至 2022 年 12 月 31 日的第四季度和全年進行了比較。

I will now turn the call over to Rob Hayes.

我現在將把電話轉給羅布·海耶斯。

Please go ahead, sir.

請繼續，先生。

Good morning.

早安.

Welcome to our call.

歡迎您來電諮詢。

After my introductory comments, Deric will review our fourth quarter and full year financial results, and then Chris will provide an operational update on our portfolio.

在我的介紹性評論之後，德里克將審查我們第四季度和全年的財務業績，然後克里斯將提供我們投資組合的營運更新。

As we announced earlier this year, we are keenly focused on paying off our strategic corporate financing in 2024.

正如我們今年早些時候宣布的那樣，我們致力於在 2024 年償還我們的策略企業融資。

We believe this is a crucial step in positioning Ashford Trust back in the path of growth and as necessary in order to reinstate the common dividend in the future.

我們相信，這是阿什福德信託重回成長道路的關鍵一步，也是恢復未來共同股息所必需的。

Our plan to accomplish this is multifaceted and provides us with significant optionality to accomplish our goal, that includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings and non-traded preferred capital raising.

我們實現這一目標的計劃是多方面的，並為我們提供了實現目標的重要選擇，包括透過資產出售、抵押貸款債務再融資和非交易優先融資相結合來籌集足夠的資金。

We currently have more than a dozen assets at various stages of the sales process.

目前，我們擁有十多項處於銷售過程各階段的資產。

And while we're unlikely to sell all of those assets, we are working diligently to determine which assets are capturing most attractive valuations while also providing the largest impact to our deleveraging efforts.

雖然我們不太可能出售所有這些資產，但我們正在努力確定哪些資產獲得了最具吸引力的估值，同時也為我們的去槓桿化努力提供了最大的影響。

We now have five assets undersigned purchase and sale agreements up from the three we announced several days ago and another asset under letter of intent.

我們現在已經簽署了五項資產的買賣協議，比幾天前宣布的三項資產還要多，還有另一項資產簽署了意向書。

These six assets have a combined sales price of approximately $225 million.

這六項資產的總售價約為 2.25 億美元。

And as a demonstration of the significant progress we are having in these efforts this morning, we announced we've signed a definitive agreement to sell the 390 room Hilton Boston Back Bay in Boston, Massachusetts for a $171 million or [$438,000] per key.

為了展示我們今天早上在這些努力中取得的重大進展，我們宣布簽署了一項最終協議，以1.71 億美元或每間客房[438,000 美元] 的價格出售位於馬薩諸塞州波士頓的擁有390 間客房的希爾頓波士頓後灣酒店。

When adjusted for the company's or our anticipated capital expenditures, the sales price represents a 7.3% cap rate on 2023 net operating income or 12.3 times 2023 hotel EBITDA multiple.

在根據公司或我們預期的資本支出進行調整後，銷售價格代表 2023 年淨營業收入的 7.3% 上限，或 2023 年酒店 EBITDA 倍數的 12.3 倍。

The sale is expected to be completed next month in March and is subject to normal closing conditions.

此次出售預計將於下個月三月完成，並須滿足正常成交條件。

We expect the net proceeds from the sale to be approximately $70 million after repayment of the underlying mortgage debt and closing costs.

我們預計在償還相關抵押貸款債務和成交費用後，此次出售的淨收益約為 7,000 萬美元。

We anticipate using the net proceeds to pay down our strategic financing.

我們預計將使用所得款項淨額來支付我們的策略融資。

In addition, subsequent to the quarter end, we announced that we signed a definitive agreement to sell our Residence Inn Salt Lake City, Utah for $19.2 million.

此外，在季度末後，我們宣布簽署最終協議，以 1,920 萬美元的價格出售猶他州鹽湖城 Residence Inn 酒店。

As sales expected to be completed here early March and subject to normal closing conditions.

預計銷售將於三月初在此完成，並符合正常成交條件。

When adjusted for anticipated CapEx, the sale price represents a 4.6% NOI cap rate on 2023 net income or 18.2 times 2023 hotel EBITDA multiple.

根據預期資本支出進行調整後，銷售價格相當於 2023 年淨利的 4.6% NOI 上限，或 2023 年飯店 EBITDA 倍數的 18.2 倍。

We expect to use all the proceeds from this transaction to pay down debt.

我們預計將使用此交易的所有收益來償還債務。

We're also working with lenders to refinance a loan secured by the Renaissance Nashville in Nashville, Tennessee, the Morgan Stanley Pool Loan with 17 hotels located in several states.

我們還與貸方合作，為田納西州納什維爾萬麗酒店擔保的貸款以及摩根士丹利聯營貸款（位於多個州的 17 家酒店）提供再融資。

The loans secured by the Marriott Gateway in Arlington, Virginia in a loan secured by the Indigo Atlanta in Atlanta, Georgia.

這筆貸款由弗吉尼亞州阿靈頓的 Marriott Gateway 擔保，而這筆貸款則由佐治亞州亞特蘭大的亞特蘭大英迪格酒店 (IndigoAtlanta) 擔保。

We believe there could be substantial excess proceeds from the refinancing of Renaissance Nashville loan, which could be used to pay down the company's strategic financing.

我們認為，文藝復興納許維爾貸款的再融資可能會產生大量超額收益，可用於償還該公司的策略融資。

The Princeton Westin, which we are currently running a sales process on will be unencumbered as part of this financing to the extent that is completed.

我們目前正在進行銷售流程的普林斯頓威斯汀酒店在融資完成後將不受阻礙。

We also continue to be excited about our non-traded preferred stock offering.

我們也繼續對我們的非交易優先股發行感到興奮。

We continue to build the selling syndicate and currently have 42 signed user agreements, representing over 5,840 representatives selling security.

我們繼續建立銷售集團，目前已簽署 42 個用戶協議，代表超過 5,840 名銷售安全的代表。

To date, we've raised approximately $105 million of gross proceeds, including $21.9 million during the fourth quarter.

迄今為止，我們已籌集了約 1.05 億美元的總收益，其中第四季度籌集了 2,190 萬美元。

Given the progress we're making across the three main thrusts of our strategic financing payoff plan for asset sales, mortgage refinancings and the non-traded preferred offering, we continue to believe that we are on the right path to pay off the strategic financing 2024.

鑑於我們在資產出售、抵押貸款再融資和非交易優先發行的戰略融資還款計劃的三個主要方面所取得的進展，我們仍然相信，我們正走在 2024 年還清戰略融資的正確道路上。 。

In terms of hotel performance, we are very pleased of strong operating performance and RevPAR growth we achieved in the fourth quarter.

就酒店業績而言，我們對第四季度實現的強勁營運業績和每間客房收入成長感到非常高興。

We're clearly seeing the benefit of a broadly diversified, high-quality portfolio that's balanced across leisure, corporate and group demand sources.

我們清楚地看到了廣泛多元化、高品質的產品組合的好處，該產品組合在休閒、企業和團體需求來源之間保持平衡。

RevPAR for all hotels in our portfolio increased 1.6% in the fourth quarter compared to the prior year quarter.

與去年同期相比，我們投資組合中所有酒店的每間可用客房收入 (RevPAR) 在第四季度增加了 1.6%。

This RevPAR growth was led by average daily rates which increased 3.4% over the prior quarter.

RevPAR 的成長得益於每日平均房價的帶動，比上一季成長了 3.4%。

We are also pleased that this strong performance is continuing into 2024 with our January total revenue growth of 5.3% for the portfolio.

我們也很高興這種強勁的表現將持續到 2024 年，我們的 1 月份投資組合總收入成長 5.3%。

I will now turn the call over to Deric to review our fourth quarter financial performance.

我現在將電話轉給 Deric，以審查我們第四季度的財務表現。

Thanks, Rob.

謝謝，羅布。

For the fourth quarter, we reported net loss attributable to common stockholders of $31.3 million or $0.90 per diluted share.

第四季度，我們報告普通股股東淨虧損為 3,130 萬美元，即稀釋後每股虧損 0.90 美元。

For the full year, we reported a net loss attributable to common stockholders of $193.7 million or $5.61 per diluted share.

我們報告全年普通股股東淨虧損為 1.937 億美元，即稀釋後每股虧損 5.61 美元。

For the quarter, we reported AFFO per diluted share of negative $0.36, and for the full year, we reported AFFO per diluted share of $0.72. Adjusted EBITDA REIT for the quarter was $62.5 million and $324.5 million for the full year.

對於本季度，我們報告稀釋後每股 AFFO 為負 0.36 美元，全年，我們報告稀釋後每股 AFFO 為 0.72 美元。本季調整後 EBITDA REIT 為 6,250 萬美元，全年調整後 EBITDA REIT 為 3.245 億美元。

At the end of the fourth quarter, we had $3.3 billion of loans with a blended average interest rate of 8%, taking into account in the money interest rate caps.

截至第四季末，我們擁有 33 億美元的貸款，考慮到貨幣利率上限，混合平均利率為 8%。

Considering the current level of [sulfur] and the corresponding interest rate caps, 92% of our debt is now effectively fixed as almost all of our interest rate caps are now in the money.

考慮到目前的[硫]水準和相應的利率上限，我們92%的債務現在已經有效固定，因為幾乎所有的利率上限現在都在貨幣中。

During the quarter, we extended our Morgan Stanley loan pools secured by 17 hotels, which we extended for one year with no paydown.

本季度，我們延長了由 17 家酒店擔保的摩根士丹利貸款池，期限為一年且無需還款。

We ended the quarter with cash and cash equivalents of $165 million and restricted cash of $146 million.

本季結束時，我們的現金和現金等價物為 1.65 億美元，限制性現金為 1.46 億美元。

The vast majority of that restricted cash is comprised of lender and manager held reserve accounts and $2.5 million related to trapped cash held by lenders.

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 250 萬美元組成。

At the end of the quarter, we also had $22 million 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.

截至本季末，我們還應收第三方飯店管理人員 2,200 萬美元，這主要是我們的一位物業經理持有的現金，這些現金也可用於支付飯店營運成本。

We ended the quarter with net working capital of approximately $209 million.

本季結束時，我們的淨營運資本約為 2.09 億美元。

As of December 31, 2023, our consolidated portfolio consisted of 90 hotels with 20,549 rooms.

截至 2023 年 12 月 31 日，我們的綜合投資組合包括 90 間飯店，擁有 20,549 間客房。

At the end of the year, our share count consisted of approximately 39.4 million fully diluted shares outstanding, which is comprised of 37.4 million shares of common stock and 2 million OP units.

截至年底，我們的股份總數約為 3,940 萬股完全稀釋的已發行股票，其中包括 3,740 萬股普通股和 200 萬股 OP 單位。

In the fourth 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.

第四季度，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 月完成的策略性融資的退出費有關。

While we are currently paying our preferred dividends quarterly or monthly, we do not anticipate reinstating the common dividend for some time.

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。

As an update, during the quarter, we completed the transfer of ownership of the hotels that secured the KEYS F loan pool to the lender.

作為更新，本季度我們完成了將 KEYS F 貸款池擔保的酒店所有權轉讓給貸方。

And we continue to work with the lender for the KEYS A and B loan pools on a consensual transfer of ownership of those hotels to the lender.

我們將繼續與 KEYS A 和 B 貸款池的貸方合作，將這些飯店的所有權轉讓給貸方。

At this time, we are unable to provide an estimate on the timing of when that transfer will occur.

目前，我們無法估計轉移發生的時間。

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.

謝謝你，德里克。

For the quarter, comparable hotel RevPAR for our portfolio increased 1.6% over the prior year quarter, marking 11 consecutive quarters of year-over-year RevPAR growth.

本季度，我們投資組合的可比酒店 RevPAR 比去年同期增長 1.6%，標誌著 RevPAR 連續 11 個季度實現同比增長。

Full year comparable hotel RevPAR increased 9.5% over the prior year.

全年可比飯店 RevPAR 較前一年成長 9.5%。

Our full year RevPAR growth was nearly double the national average.

我們全年的 RevPAR 成長幾乎是全國平均的兩倍。

I would like to take a few minutes to highlight some of the work from our team, including actively increasing our group position across our portfolio, strengthening our food and beverage outlets and capitalizing on high demand events in some of our major markets.

我想花幾分鐘時間重點介紹我們團隊的一些工作，包括積極提高我們在整個投資組合中的集團地位、加強我們的食品和飲料店以及利用我們一些主要市場的高需求活動。

Group room revenue for the full year exceeded the prior year by 16%.

全年團體客房收入較上年增加 16%。

This was a strong quarter for group booking activity.

本季度團體預約活動表現強勁。

We started the quarter with approximately $34 million and on the books group room bookings for the fourth quarter.

本季開始，我們的營收約為 3,400 萬美元，第四季的團體客房預訂量已在帳上。

During the fourth quarter, we added over $19 million in additional group room revenue.

第四季度，我們的團體客房收入增加了超過 1,900 萬美元。

As a comparison on a more stabilized basis in 2019, we added just over $18 million of group revenue during the fourth quarter.

與 2019 年更穩定的基礎上進行比較，我們第四季度的集團收入增加了略高於 1800 萬美元。

As we enter the year, our group room revenue for 2024 and 2025 is pacing up 8% and 13% respectively.

進入今年，我們 2024 年和 2025 年的團體客房收入將分別成長 8% 和 13%。

A hotel that had strong group performance this quarter was one of our largest hotels, the Marriott Crystal Gateway, where group room revenue grew by 21% compared to the prior year quarter.

本季集團表現強勁的飯店是我們最大的飯店之一——萬豪水晶網關飯店，其團體客房收入與去年同期相比成長了 21%。

During the fourth quarter, the hotel was successful in increasing group room nights, which allowed the team to yield out lower rated transient and government per diem business, much of the increased production occurred over the traditionally slower holiday pattern between Christmas and New Year's.

在第四季度，飯店成功增加了團體間夜數，這使得團隊能夠產出評級較低的臨時性和政府每日津貼業務，其中大部分產量的增加發生在聖誕節和新年之間傳統上較慢的假期模式。

Food and beverage revenue per occupied room grew by 8% and food and beverage margin improved by 284 basis points compared to the prior year quarter.

與去年同期相比，每間客房的餐飲收入成長了 8%，餐飲利潤率提高了 284 個基點。

On a full-year basis, food and beverage revenue grew 18% and food and beverage margin improved by 227 basis points compared to the prior year.

與前一年相比，全年食品和飲料收入成長 18%，食品和飲料利潤率提高 227 個基點。

This was led by the Hyatt Regency Savannah and Renaissance Nashville, which achieved full year food and beverage revenue growth of 22% and 18%, respectively compared to the prior year.

其中薩凡納凱悅酒店和納許維爾萬麗酒店領銜，全年餐飲收入較上年分別成長 22% 及 18%。

Renaissance Nashville had a record-breaking year with banquet revenue growing 24% compared to the prior year.

納許維爾萬麗酒店的宴會收入較前一年增長了 24%，創下了歷史新高。

The team was successful in backfilling lower-rated citywide demand with self-contained groups that had higher banquet and catering spend.

團隊成功地以宴會和餐飲支出較高的獨立團體來滿足全市範圍內評價較低的需求。

Hyatt Regency Savannah benefited from a brief shopping initiative, which we ran across our entire portfolio.

薩凡納凱悅酒店受益於簡短的購物計劃，我們在整個投資組合中實施了該計劃。

This initiative optimized menu prices by benchmarking comparable items across an array of menus.

該舉措透過對一系列菜單中的可比較項目進行基準測試來優化菜單價格。

In addition, our team aggressively increased the required minimum spend on catering contracts.

此外，我們的團隊也積極提高了餐飲合約所需的最低支出。

These efforts throughout the year helped us achieve full year banquet revenue growth of 34% over the prior year.

全年的這些努力幫助我們實現了全年宴會收入比上年增長34%。

Several key markets within our portfolio had strong quarters, for example, our DT hotels, which make up 12% of our portfolio by key count, increased comparable hotel RevPAR by 6% during the fourth quarter compared to the prior year quarter.

我們投資組合中的幾個關鍵市場都有強勁的季度業績，例如，我們的DT 酒店（按關鍵數量計算，占我們投資組合的12%）與去年同期相比，第四季度的可比酒店RevPAR 增長了6%。

During the fourth quarter, despite the headwinds related to the potential government shutdown, which resulted in occupancy declined 50 basis points.

第四季度，儘管存在與政府可能關閉相關的不利因素，導致入住率下降了 50 個基點。

Our hotel proactively remix into non-government segments that drove rate by 6% compared to the prior year quarter.

我們的飯店主動融入非政府細分市場，與去年同期相比，房價成長了 6%。

Moving on to capital expenditures, in 2023, we 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 and added a premium suite at Renaissance Nashville.

接下來是資本支出，2023 年，我們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，並搬遷了禮賓休息室，並在納什維爾萬麗酒店增加了一間高級套房。

Across our entire portfolio, we spent approximately $110 million on capital expenditures in 2023, excluding development projects.

在我們的整個投資組合中，2023 年我們的資本支出約為 1.1 億美元（不包括開發項目）。

For 2024, we anticipate spending between $85 million and $105 million on capital expenditures.

2024 年，我們預計資本支出將在 8,500 萬至 1.05 億美元之間。

We reported outsized performance in revenue and profitability for 2023.

我們報告了 2023 年收入和盈利能力的出色表現。

And looking forward, group business is pacing favorably and positioning us well for the coming years.

展望未來，集團業務發展勢頭良好，為我們未來幾年的發展奠定了良好的基礎。

Food and beverage is strengthening and we are increasing ancillary revenue capture.

食品和飲料正在走強，我們正在增加輔助收入的取得。

We continue to evaluate several new initiatives across our portfolio, such as additional brand conversions, strategic partnerships and higher renovations.

我們繼續評估我們產品組合中的幾項新舉措，例如額外的品牌轉換、策略合作夥伴關係和更高的改造。

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

我們準備好的演講到此結束，現在我們將開始問答環節。

(Operator Instructions) Tyler Batory, Oppenheimer.

（操作員說明）Tyler Batory，Oppenheimer。

Hi, good morning.

早安.

This is Jonathan on for Tyler.

這是泰勒的喬納森。

Thanks for taking our questions.

感謝您回答我們的問題。

First one from me, with the Hilton Boston Back Bay announced this morning and the $70 million of expected net proceeds.

我的第一個消息是今天早上宣布的波士頓後灣希爾頓酒店以及預計 7000 萬美元的淨收益。

Does that change how you're thinking about the remaining potential asset sales and the dollar amount or number of sales that you need to get comfortable paying off the Oaktree loan?

這是否會改變您對剩餘潛在資產銷售以及您需要輕鬆還清橡樹貸款的金額或銷售數量的看法？

It does impact the overall analysis.

它確實影響了整體分析。

Obviously, what we're attempting to do is just keep as much optionality open as we can in terms of determining what's the right path to get the financing paid off and of the net proceeds of $70 million have a decent-sized chunk of being able to pay down the financing.

顯然，我們試圖做的只是在確定償還融資的正確途徑方面保持盡可能多的選擇權，並且 7000 萬美元的淨收益中有相當大的一部分能夠償還融資。

So yes, so it does kind of impact it.

所以是的，所以它確實有點影響。

Again, as we said in our remarks, we're unlikely to sell all of these assets, but just given how choppy sometimes the sales markets have been, we've had, for example, a couple of the assets that were previously under LOI that fell through, that we just wanted to create as much optionality as we can.

同樣，正如我們在評論中所說，我們不太可能出售所有這些資產，但考慮到有時銷售市場的波動，我們已經擁有了一些之前在意向書下的資產但最終失敗了，我們只是想創造盡可能多的選擇。

So it does seem like the odds, I think, of getting some these deals over the finish line continues to improve as the financing markets are improving, and we're seeing that ourselves as we're in the market as we mentioned in our comments on several loans and refinancings.

因此，我認為，隨著融資市場的改善，完成一些交易的可能性似乎繼續提高，正如我們在評論中提到的那樣，我們在市場中看到了這一點多項貸款和再融資。

And so we have seen spreads come in, we've seen rates come down a little bit.

因此，我們看到利差出現，利率略有下降。

So I think we're hopeful that that translates into the transaction market, and we can get a handful of these assets over the finish line to be able to take out the financing.

因此，我認為我們希望這能夠轉化為交易市場，並且我們可以在終點線獲得一些資產，以便能夠進行融資。

Okay, excellent.

好的，非常好。

Thank you for the color there.

謝謝你那裡的顏色。

And then switching gears to the refinancing, can you maybe walk us through how you think about that, the gains that are potentially embedded there and any potential timing of when those refinancings can be completed?

然後轉向再融資，您能否向我們介紹您對此的看法、潛在的收益以及完成這些再融資的任何潛在時機？

Sure.

當然。

I think most of the refinancing that we've mentioned are mostly like for like where they'll just be have refinancings of existing proceeds levels.

我認為我們提到的大多數再融資大多都是針對現有收益水準的再融資。

The exception to that is the Renaissance Nashville that we mentioned, where we do think we've got the ability to pull some, what I would consider material proceeds out of there.

例外的是我們提到的納許維爾文藝復興，我們確實認為我們有能力從那裡獲得一些我認為的物質利益。

And we're not talking $1 million or $2 million, but potentially

我們不是在談論 100 萬美元或 200 萬美元，但有可能

[$10 million].

[1000萬美元]。

And at the same time, unencumber Princeton, which is on our for-sale asset list.

同時，解除普林斯頓大學的負擔，它在我們的待售資產清單上。

And so to be able to sell that here in the next several months.

因此能夠在接下來的幾個月內在這裡出售它。

Unencumbered is obviously very helpful.

無負擔顯然非常有幫助。

And we think can generate a sizable amount of proceeds given the performance of that asset which continue to improve.

鑑於該資產的業績持續改善，我們認為可以產生大量收益。

So we're looking -- we've got a handful of these loans in the market.

所以我們正在尋找——我們在市場上有一些這樣的貸款。

For most of them, we'd like to get them down in the next 30 to 60 days.

對於其中的大多數，我們希望在接下來的 30 到 60 天內將其解決。

But again, we'll see how the financing markets continue to move.

但我們還是要看看融資市場如何持續發展。

Okay, great.

好的，太好了。

I appreciate the color.

我很欣賞它的顏色。

And then maybe last one for me, Rob, I'll give you and the team a lot of credit for the communication and execution on the plan of first section in the cash trap, now working to take out the strategic financing.

然後也許是我的最後一個，羅布，我會給你和團隊很大的信任，因為現金陷阱第一部分的計劃的溝通和執行，現在正在努力進行戰略融資。

Can you maybe walk us through the playbook of what comes after that strategic financing taken out?

您能否向我們介紹一下策略融資取消後會發生什麼事？

I mean, will the focus be on continued deleverage or maybe step on the growth pedal going forward or kind of how are you thinking about that?

我的意思是，重點是繼續去槓桿化，還是繼續踩下增長踏板，或者您對此有何看法？

Yeah, that's a good question.

是的，這是個好問題。

I think that's obviously where we want to get focus here is to move past this stage of the kind of the HT story and move into the next one.

我認為這顯然是我們想要關注的重點，那就是超越 HT 故事的這個階段，進入下一個階段。

And that's why we're so focused on strategic financing, and they've been great partners.

這就是為什麼我們如此專注於策略融資，他們是很好的合作夥伴。

But the capital has been expensive and we think it's a demonstration that we're moving on to the next phase of the company.

但資本一直很昂貴，我們認為這表明我們正在進入公司的下一階段。

I think it's a combo of things.

我認為這是多種因素的結合。

I think one is at some point in time, we'd like to obviously turn a dividend back on, unlikely to be sizable right out of the gate, but it's something where we want to signal some health in the company by turning on dividend.

我認為在某個時間點，我們顯然希望重新啟用股息，不太可能立即獲得相當大的股息，但我們希望透過啟用股息來表明公司的健康狀況。

I do think this is a crucial part of why our non-traded preferred and all of the partnership that we have with Ashford Securities is so important because we do see that as potential growth capital to be able to go do deals that we like and to continue to grow on that side.

我確實認為這是為什麼我們的非交易優先股以及我們與 Ashford Securities 的所有合作夥伴關係如此重要的關鍵部分，因為我們確實將其視為潛在的成長資本，能夠進行我們喜歡的交易並進行交易繼續在那一邊成長。

And I do think you'll see, I think, selective sales in order to delever and that's I think predominantly to clean up the portfolio, just continue to invest in our higher quality assets.

我確實認為你會看到，我認為，選擇性的出售是為了去槓桿化，我認為這主要是為了清理投資組合，只是繼續投資我們更高品質的資產。

Assets we think are longer term and we do have some assets, some lower RevPAR, full-service assets and a variety of select service assets that we don't think are necessarily key long-term assets that we'd like to kind of clean up over time.

我們認為是長期資產，我們確實擁有一些資產，一些較低的 RevPAR、全方位服務資產和各種我們認為不一定是我們想要清理的關鍵長期資產的精選服務資產隨著時間的推移。

So there will be public at several moving pieces here.

所以這裡會有幾個令人感動的作品。

I think the improving the portfolio, continue to delever, but then going on offense with the help of the Ashford Securities platform.

我認為要改善投資組合，繼續去槓桿化，然後在阿什福德證券平台的幫助下進攻。

Great.

偉大的。

I appreciate all the color and thank you.

我很欣賞所有的顏色，謝謝。

That's all from me.

這就是我的全部。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Good morning, everyone.

大家，早安。

Rob, just first question, the $225 million of gross proceeds just for modeling purposes, how should we think about the net proceeds above and beyond the [$70 million] for Back Bay?

羅布，第一個問題，2.25 億美元的總收益僅用於建模目的，我們應該如何考慮後灣超過 [7000 萬美元] 的淨收益？

It's going to be probably somewhere, probably an incremental

它可能會在某個地方，可能是增量的

[15 to 20].

[15至20]。

That's helpful.

這很有幫助。

And then as were thinking about you paying off Oaktree, can you remind us what's the exit fee?

然後，當我們考慮還清橡樹資本時，您能提醒我們退出費用是多少嗎？

What's the calculation there?

那裡的計算是怎樣的？

How many more dollars might need to go out of your pocket above and beyond the stated principal balance and then any other share dilution potential?

除了規定的本金餘額以及任何其他股票稀釋潛力之外，您可能還需要從口袋裡掏出多少美元？

Sure.

當然。

I think the biggest factor in that is just really the exit fee and the exit fee is a total of 30% of the total principal balance that was drawn -- a 15% of the total principal balance that was drawn down, which was $30 million, and we currently have the ability to pay up to half of that in stock.

我認為其中最大的因素實際上是退出費，退出費總計佔所提取本金餘額總額的 30%，即所提取本金餘額總額的 15%，即 3000 萬美元，我們目前有能力支付最多一半的庫存。

So it's somewhere between $30 million cash to $50 million of cash on top of that

所以除此之外還有 3000 萬美元到 5000 萬美元的現金

[$183 million].

[1.83 億美元]。

Got it.

知道了。

Understood.

明白了。

And then you didn't talk about it, but this [sterling] rate that you guys have created, I think it's seeded with four assets, but what are the longer-term plans there?

然後你沒有談論它，但是你們創造的這個[英鎊]利率，我認為它包含了四種資產，但是那裡的長期計劃是什麼？

Is there a thought to contribute more assets to that platform?

有沒有想過為該平台貢獻更多資產？

And then how should we think about the fundraising for that non-traded rate versus what you're trying to do at the corporate level for your non-traded preferred fundraising?

然後，我們應該如何考慮非交易利率的籌款與您在公司層面為非交易首選籌款所做的努力？

Let me take the first part of that, and I'll have Deric step in this to more actually involved on the sterling side than I am, but it was something where we want to contribute those for select service assets.

讓我先講第一部分，我會讓 Deric 比我更實際地參與英鎊方面的工作，但我們希望為精選的服務資產做出貢獻。

We thought those were very high-quality assets.

我們認為這些都是非常優質的資產。

It's just not consistent with what we hope to be the long-term strategy of Ashford Trust.

這與我們希望的 Ashford Trust 長期策略不符。

And it was so away that we thought that potentially over time, if sterling is successful that there could be opportunities potentially to it sell assets over there for trusts on potentially for cash.

距離如此之遠，我們認為，隨著時間的推移，如果英鎊成功，它可能有機會出售那裡的資產以換取現金。

But as we sit here today, we've got no intention, I think to contribute more assets into it.

但當我們今天坐在這裡時，我認為我們無意為此貢獻更多資產。

And it's something where it's just kind of a way to get them started.

這只是讓他們開始的一種方式。

There were some benefits to trust to, again focus its strategy, but I'll let Deric take kind of the longer-term view on it.

再次關注其策略有一些值得信賴的好處，但我會讓 Deric 對它採取更長遠的看法。

Yeah, in terms of the Sterling Hotels and Resorts platform markets, it's a process to get that up and running, we are raising capital through Ashford Securities, which will go through a network, a syndicate of broker-dealers and RIAs.

是的，就 Sterling Hotels and Resorts 平台市場而言，這是一個啟動和運行的過程，我們正在透過 Ashford Securities 籌集資金，該證券將透過一個網路、一個由經紀自營商和 RIA 組成的財團。

So that the process is being privately offered to accredited investors and we're optimistic that it's a pretty interesting way to raise capital.

因此，該流程正在私下向合格投資者提供，我們樂觀地認為這是一種非常有趣的籌集資金方式。

And especially when a scenario we've got hotel Res REIT trade at a discount to NAV and we can raise capital at NAV and allow investors to have some liquidity to get out at NAV that we think it will be a pretty interesting vehicle and structure for hotel investment going forward.

尤其是當我們以低於資產淨值的折扣進行酒店房地產投資信託交易時，我們可以以資產淨值籌集資金，並允許投資者擁有一些流動性以資產淨值退出，我們認為這將是一個非常有趣的工具和結構。未來酒店投資。

Got it.

知道了。

Understood.

明白了。

And then for the time being AHT effectively owns 100% of the shares and that runs through the P&L.

然後，AHT 目前實際上擁有 100% 的股份，貫穿損益表。

Those hotels are just excluded from the comp base, correct?

這些酒店只是被排除在補償範圍之外，對嗎？

That's right.

這是正確的。

So it's not exactly 100%, but very close to 100% currently.

所以雖然不完全是 100%，但目前非常接近 100%。

And that as we raise capital on that platform, that ownership will be diluted down.

當我們在該平台上籌集資金時，所有權將會被稀釋。

I anticipate, so at the end of the fourth quarter, those Sterling properties were consolidated on Ashford Trust financial statements, that will be the case until that ownership is diluted down.

我預計，到第四季末，這些英鎊資產將被合併到 Ashford Trust 的財務報表中，直到所有權被稀釋為止。

So it's still kind of TBD on when those assets will become unconsolidated.

因此，這些資產何時會變得不合併仍然是一個待定的問題。

Helpful.

有幫助。

Thank you.

謝謝。

Bryan Maher, B. Riley Securities.

布萊恩·馬赫 (Bryan Maher)，B. 萊利證券。

Thanks, and good morning.

謝謝，早安。

Just trying to clarify the math a little bit.

只是想稍微澄清一下數學。

I think you said you had five assets under purchase sale, one under LOI.

我想你說過你有五項資產正在購買出售，一項正在意向書下。

So six total $225 million.

因此，六項總計 2.25 億美元。

Does that $225 million includes [$171 million] from Boston?

這 2.25 億美元包括來自波士頓的 [1.71 億美元]嗎？

Yes, those are all combined.

是的，這些都是結合起來的。

And does that number also include the Residence Inn in Utah?

這個數字還包括猶他州的 Residence Inn 酒店嗎？

Yes.

是的。

It does.

確實如此。

Okay.

好的。

So the other ones are kind of going towards a fairly low price together?

那麼其他的產品會一起走向相當低的價格嗎？

[It is full-service of] assets.

[它是]資產的全方位服務。

Got it.

知道了。

And you said that some were for sale, the transactions fell through.

而且你說有些在出售，交易失敗了。

Can you give us any color on kind of why somebody would fall through and mainly who are buyers you're talking to that is that you're still marketing or the bigger entities?

您能否告訴我們為什麼有人會失敗，主要是您正在與誰交談的買家，即您仍在行銷或更大的實體？

Are they local buyers?

他們是本地買家嗎？

Yeah, good question, I had actually been extremely encouraged by the kind of the breadth of buyers out there.

是的，問得好，實際上，我對那裡的買家的廣泛性感到非常鼓舞。

And it's basically exactly, as you said, I mean, it's a combination of private equity have a variety of sizes.

正如您所說，它基本上是各種規模的私募股權的組合。

I mean, it's everything from the big boys that we all could name two smaller funds that have been started up kind of looking to get their foot in the door, maybe it maybe it's groups and it started in select service assets and looking to get into the full-service side.

我的意思是，一切都來自大男孩，我們都可以舉出兩個較小的基金，它們已經成立，希望涉足這一領域，也許是團體，它始於精選的服務資產，並希望進入全方位服務方面。

But then as well as these assets are ones that do have regional pipes to them.

但除了這些資產之外，還有那些確實有區域管道的資產。

I mean, there are a lot of local owner operators that are around Princeton, New Jersey that are in Florida.

我的意思是，在佛羅裡達州新澤西州普林斯頓附近有很多當地業主經營者。

They're in the Southeast and with Savannah.

他們在東南部，與薩凡納相鄰。

So we're finding a good mix of both.

所以我們正在尋找兩者的良好結合。

In terms of why things are falling out, it's been typically of financing related or just I don't know sometimes people get a little aggressive, maybe in trying to lock up a deal and trying to preempt a process.

就事情發生的原因而言，這通常與融資有關，或者只是我不知道有時人們會變得有點激進，也許是在試圖鎖定交易並試圖搶先一步。

And then once they kind of get into it a little bit I realize maybe they got over their skis, but on each one in its own little story and it's only been a few of them.

然後，一旦他們有點進入其中，我意識到也許他們克服了滑雪板，但每個人都有自己的小故事，而且只是其中的幾個。

But again, that was one of the kind of the impetus to create, again, more optionality, to just still see where we can get movement so that we're not just executing and trying to execute on one or two realize that process is going well or getting into finish line and having to pull through and then have to start all over again.

但同樣，這也是創造更多選擇的動力之一，我們仍然可以看到我們可以在哪裡採取行動，這樣我們就不僅僅是執行並嘗試在一兩個意識到流程正在進行的情況下執行或進入終點線後必須堅持到底，然後必須重新開始。

We're trying to be much more aggressive and thoughtful about and putting lots of lines in the water and those that can create value the quickest and create a proceeds for us to move on from the strategic financing then they're going to win.

我們正在努力更加積極主動和深思熟慮，並在水中投入大量線路，以及那些能夠最快創造價值並為我們從戰略融資中繼續前進創造收益的線路，然後他們就會獲勝。

So are the assets that you're marketing for sale?

那麼您正在行銷的資產是否可以出售？

Are you looking at it purely on an economic standpoint where you can get the most dollar bang for your buck or are there assets in there where you're looking to lighten up on a market for one reason or another?

您是否純粹從經濟角度來看待它，即您可以獲得最大的收益，或者您是否出於某種原因希望在市場上減倉？

You're exactly right, price, both, but the frustration that we have is that those markets or that asset may not be the one getting the traction that I wish, right.

你說得完全正確，價格，但我們所遇到的挫折感是，這些市場或該資產可能沒有得到我希望的牽引力，對吧。

So that's kind of the tension now but I would say that we had equal interest and equal kind of value on all of the assets.

這就是現在的緊張局勢，但我想說，我們對所有資產擁有同等的利益和同等的價值。

And yes, that's absolutely something where there's maybe certain assets that have a lot of CapEx coming due.

是的，這絕對是某些資產可能需要大量資本支出的情況。

Maybe it's a franchise agreement expiring, maybe already have a lot of exposure there, whatever it may be and that all things being equal, I'd prefer that asset over another.

也許是特許經營協議即將到期，也許已經在那裡有很多曝光，無論是什麼，並且在所有條件相同的情況下，我更喜歡該資產而不是其他資產。

But M&A, we just have to kind of, again, put them all out there and see what we're what we're dealing with.

但是併購，我們只需再次將它們全部放在那裡，看看我們正在處理什麼。

And from a market and transaction standpoint, then just do the best we can to navigate both.

從市場和交易的角度來看，我們只需盡力駕馭兩者即可。

And there's obviously some of these assets that we're selling that I really like and that I would prefer to keep, but the reality that we've got to generate some proceeds.

顯然，我們正在出售的一些資產是我非常喜歡的，我更願意保留，但現實是我們必須產生一些收益。

And so I'm trying to minimize number of those and those assets that are selling trying to sell more of the ones I'd prefer to keep or reduce market exposure.

因此，我試圖盡量減少正在出售的資產的數量，並試圖出售更多我希望保留或減少市場敞口的資產。

But yes, we'll see how that process plays out in the next couple months.

但是，是的，我們將在接下來的幾個月中看到這個過程如何進行。

And then just last for me, on pooled A and B, I mean this process has been going on for like at least six or seven months.

最後對我來說，在總結 A 和 B 上，我的意思是這個過程已經持續了至少六到七個月。

What is the hold up on the banks taking these back?

銀行收回這些資金有何阻礙？

I mean, one would think that as long as the market is in a fairly decent out there and some hotels are transacting at that, there are buyers that they would take these things and flip them and what's holding this up?

我的意思是，人們會認為只要市場相當不錯並且一些酒店正在進行交易，就會有買家他們會拿走這些東西並翻轉它們，是什麼支撐著這種情況呢？

Yeah.

是的。

So I'll give you a little bit of color that, hopefully because I promise you your frustration and our shareholders' frustrations do not match our frustration.

所以我會給你一點顏色，希望是因為我向你保證你的挫折感和我們股東的挫折感與我們的挫折感不符。

And so what happens at least there's a little bit of complication around them like one, their CMBS loans.

因此，至少發生了一些複雜的事情，例如他們的 CMBS 貸款。

And just when you're dealing with CMBS trusts and you're dealing with the servicers and special servicers, they just aren't empowered to move as quickly and make decisions as quickly as a balance sheet lender.

當您與 CMBS 信託打交道以及與服務商和特殊服務商打交道時，他們只是沒有權力像資產負債表貸方那樣快速行動並做出決策。

So there's just a certain amount of process and their hand in buy the documents.

因此，只有一定數量的流程和他們的手來購買文件。

And they are loath to do anything outside of those documents, just reliability reasons and then whatnot.

他們不願意做這些文件以外的任何事情，只是出於可靠性原因等等。

So there's a very, I think, defensive minded aspect to just the process itself.

因此，我認為這個過程本身就具有非常防禦性的一面。

The KEYS F ended up moving a little bit quicker because one of the pieces someone was willing to step into the meds and buy it from one of the existing [meds] holders and that therefore it didn't have to go through kind of all of the same process, right?

KEYS F 最終移動得更快一點，因為有人願意進入藥品領域並從現有的[藥品]持有者那裡購買它，因此它不必經歷所有的過程同樣的過程，對吧？

They could step into it much more quickly via the meds.

他們可以透過藥物更快地介入。

So that's why that moved before this one.

這就是為什麼它移到了這個之前。

This A and B is one where it seems that the meds isn't going to be participating and isn't going to be in it.

A 和 B 是藥物似乎不會參與且不會包含在其中的一個。

And so that itself takes up time and process too and basically moved them out of the capital structure.

因此，這本身也佔用了時間和流程，基本上將它們移出了資本結構。

Our understanding is that is recently been completed.

據我們了解，該項目最近已完成。

And so we are hopeful that that therefore, is now clearing the path for this to move quicker.

因此，我們希望現在能夠為加快進程掃清道路。

But as we said in our comments, we don't know and so I literally do not know if I get notified today that this is going to be happening in ASAP or it's still going to be a little bit longer but what I can say is that there has been movement in some of this process and we are hopeful that it will be soon, but it's just a very complicated process and we are dealing with CMBS servicers and special servicers, or it just tends to be slow given the nature of the document.

But as we said in our comments, we don't know and so I literally do not know if I get notified today that this is going to be happening in ASAP or it's still going to be a little bit longer but what I can say is that there has been movement in some of this process and we are hopeful that it will be soon, but it's just a very complicated process and we are dealing with CMBS servicers and special servicers, or it just tends to be slow given the nature of the文件.

Thank you.

謝謝。

That's very helpful.

這非常有幫助。

As of right now, we don't have any raised hands.

截至目前，我們還沒有任何人舉手。

I'd now like to hand back over to the management for their final remarks.

現在我想將最後的意見交回給管理階層。

Thank you, everybody, for your time on this call today.

謝謝大家今天抽空參加這次電話會議。

We are very committed to getting the strategic financing paid off.

我們非常致力於讓策略性融資得到回報。

We appreciate your support as we continue to execute on this plan, and we will talk to you during our next quarterly call.

我們感謝您在我們繼續執行該計劃時的支持，我們將在下一個季度電話會議中與您交談。

Thank you for attending today's session.

感謝您參加今天的會議。

We hope you have a wonderful day.

我們希望您度過愉快的一天。