Ashford Hospitality Trust Inc (AHT) 2024 Q2 法說會逐字稿

Hello, and welcome to the Ashford Hospitality Trust second quarter 2024 results conference call. (Operator Instructions) I would now like to turn the conference over to Deric Eubanks, Chief Financial Officer. You may begin.

您好，歡迎參加阿什福德飯店信託基金 2024 年第二季業績電話會議。（操作員指示）我現在想將會議轉交給財務長 Deric Eubanks。你可以開始了。

Good day, everyone, and welcome to today's conference call to review results for Ashford Hospitality Trust for the second quarter of 2024, and update you on recent developments. On the call today will also be Stephen Zsigray, President and Chief Executive Officer, and Chris Nixon, Executive Vice President and Head of Asset Management.

大家好，歡迎參加今天的電話會議，回顧 Ashford Hospitality Trust 2024 年第二季的業績，並向您介紹最新進展。總裁兼執行長 Stephen Zsigray 和執行副總裁兼資產管理主管 Chris Nixon 也將參加今天的電話會議。

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

昨天下午，在一份新聞稿中發布了結果以及透過網路僅收聽本次電話會議的通知。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。

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

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。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任何證券的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 July 30, 2024, and may also be accessed through the company's website at www.ahtreit.com.

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和隨附的表格或時間表中提供，這些數據已於2024 年7 月30 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。

Each listener is encouraged 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 compared to the second quarter ended June 30, 2024, with the second quarter ended June 30, 2023.

我們鼓勵每位聽眾查看收益發布中提供的對帳情況以及發布中提供的所有其他資訊。此外，除非另有說明，本次電話會議討論的所有報告結果均與截至 2024 年 6 月 30 日的第二季度和截至 2023 年 6 月 30 日的第二季度進行了比較。

I will now turn the call over to Stephen Zsigray. Please go ahead.

我現在將把電話轉給史蒂芬·齊格雷。請繼續。

Today marks my first conference call as Ashford Hospitality Trust's CEO, and I look forward to meeting and speaking with many of you over the coming months. I'm also pleased with our solid start to the year and the significant progress that we've made in executing our defined strategy. Earlier this year, we announced an ambitious plan to pay off our strategic corporate financing in 2024, which we believe is a crucial step in positioning Ashford Trust back on a path to growth.

今天是我擔任 Ashford Hospitality Trust 執行長的第一次電話會議，我期待在未來幾個月與你們中的許多人會面並交談。我也對今年的良好開局以及在執行既定策略方面取得的重大進展感到滿意。今年早些時候，我們宣布了一項雄心勃勃的計劃，將在 2024 年償還我們的策略企業融資，我們認為這是讓 Ashford Trust 重新走上成長道路的關鍵一步。

We set out to accomplish this through a combination of asset sales, mortgage debt refinancings and our nontraded preferred capital raise. We made tangible progress in all three areas during the second quarter and with nearly $90 million in principal payments made since March. We are now well positioned to achieve our goal with approximately $94 million in remaining principles.

我們著手透過資產出售、抵押貸款債務再融資和非交易優先融資相結合來實現這一目標。第二季我們在所有三個領域都取得了實際進展，自 3 月以來已支付了近 9,000 萬美元的本金。現在，我們已做好充分準備，以大約 9,400 萬美元的剩餘原則實現我們的目標。

We currently have several assets at various stages in the sales process, and while we are unlikely to sell all of these assets, we continue to work diligently to determine which assets are capturing the most attractive valuations while also providing the largest impact to our deleveraging efforts. To date, we have sold seven assets for more than $310 million with six of those sales closing in the second quarter.

目前，我們有幾項資產處於銷售過程的不同階段，雖然我們不太可能出售所有這些資產，但我們將繼續努力確定哪些資產獲得最具吸引力的估值，同時也為我們的去槓桿化努力提供最大的影響。迄今為止，我們已以超過 3.1 億美元的價格出售了 7 項資產，其中 6 項資產於第二季完成。

In April, we closed on the sale of the 390 room Hilton Boston Back Bay and Boston, Massachusetts, for $171 million or $438,000 per key. All of the proceeds from the sale were used for debt reduction, including approximately $68 million to pay down the company's strategic financing. In April, we closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million. The sale price represented a 6% capitalization rate on trailing 12 month net operating income through March 2024.

4 月份，我們以 1.71 億美元（每間客房 438,000 美元）的價格完成了擁有 390 間客房的波士頓後灣希爾頓酒店的出售。此次出售的所有收益均用於減少債務，其中約 6,800 萬美元用於償還公司的策略融資。4 月份，我們以 810 萬美元的價格完成了位於喬治亞州勞倫斯維爾擁有 85 間客房的漢普頓酒店 (Hampton Inn) 的出售。銷售價格相當於截至 2024 年 3 月過去 12 個月營業淨收入的 6% 資本化率。

Additionally, in May, we closed on the sale of the 90-room Courtyard located in Manchester, Connecticut for $8 million. The property was encumbered with a mortgage loan that had an outstanding balance of approximately $5.6 million. In mid June, we closed on the sale of the 90-room Spring Hill Suites and the 86-room Fairfield Inn located in Kennesaw, Georgia for $17.5 million. The sale price represented a 4.8% capitalization rate on trailing 12 month net operating income through April 2024. The hotels were encumbered with a mortgage loan that had an outstanding balance of approximately $10.8 million.

此外，5 月份，我們以 800 萬美元的價格完成了位於康涅狄格州曼徹斯特、擁有 90 間客房的 Courtyard 的出售。該房產有抵押貸款，未償還餘額約為 560 萬美元。6 月中旬，我們以 1,750 萬美元的價格完成了位於喬治亞州肯尼索的擁有 90 間客房的 Spring Hill Suites 和擁有 86 間客房的 Fairfield Inn 酒店的出售。銷售價格相當於截至 2024 年 4 月過去 12 個月營業淨收入的 4.8% 資本化率。這些酒店背負著抵押貸款，未償餘額約為 1,080 萬美元。

And in late June, we closed on the sale of the 193-room One Ocean Resort located in Atlantic Beach, Florida for $87 million with approximately $66.2 million applied to the associated mortgage loan. We expect additional asset sales to close in the coming months, all of which would generate excess proceeds available for the repayment of our strategic financing.

6 月底，我們以 8,700 萬美元的價格完成了位於佛羅裡達州大西洋海灘、擁有 193 間客房的 One Ocean Resort 度假村的出售，其中約 6,620 萬美元用於相關抵押貸款。我們預計額外的資產出售將在未來幾個月內完成，所有這些都將產生可用於償還我們策略融資的超額收益。

In addition to asset sales, we closed on a key refinancing during the second quarter. In May, we refinanced our loan secured by the Renaissance Nashville in Nashville, Tennessee, which had a final maturity date in March of 2026. The new nonrecourse loan totals $267.2 million and has a two year initial term with three one-year extension options subject to the satisfaction of certain conditions. The loan is interest-only and provides for a floating interest rate of silver plus 3.98%. The previous loan totaled $240 million and included the 296-room Westin Hotel in Princeton, New Jersey.

除了資產出售外，我們還在第二季完成了一項重要的再融資。5 月份，我們對田納西州納許維爾文藝復興酒店擔保的貸款進行了再融資，該貸款的最終到期日為 2026 年 3 月。新的無追索權貸款總額為2.672億美元，初始期限為兩年，並在滿足某些條件的情況下提供三個一年的延期選擇。該貸款只付利息，並規定白銀浮動利率加 3.98%。先前的貸款總額為2.4億美元，其中包括新澤西州普林斯頓擁有296間客房的威斯汀酒店。

As part of this refinancing, the Westin Princeton is now unencumbered, and we have listed this property for sale. We also remain excited about our non-traded preferred stock offering. We continue to build the selling syndicate and currently have 50 signed dealer agreements representing nearly 6,000 reps selling the securities. To date, we have raised approximately $147 million of gross proceeds, including $24 million during the second quarter.

作為本次再融資的一部分，普林斯頓威斯汀酒店現在不受任何阻礙，我們已將此房產掛牌出售。我們也對我們的非交易優先股發行感到興奮。我們繼續建立銷售集團，目前有 50 家簽署了經銷商協議，代表著近 6,000 名銷售證券的代表。迄今為止，我們已籌集了約 1.47 億美元的總收益，其中包括第二季的 2,400 萬美元。

This capital is very attractive for the company, and we have committed to applying 50% of all capital raised towards the repayment of our more expensive strategic financing. With the progress we are making across asset sales, mortgage refinancings in our non-traded preferred offering. We continue to believe that we are on the right path to pay off the strategic financing in 2024, these focused deleveraging efforts along with solid second quarter operating results and a broadly diversified, high-quality portfolio with multiple demand drivers will position the company to outperform for the remainder of 2024 and beyond.

這筆資金對公司來說非常有吸引力，我們承諾將籌集的全部資金的 50% 用於償還更昂貴的策略融資。隨著我們在非交易優先產品中的資產銷售和抵押貸款再融資方面取得的進展。我們仍然相信，我們正走在2024 年償還策略融資的正確道路上，這些集中的去槓桿化努力，加上第二季度穩健的經營業績，以及具有多種需求驅動因素的廣泛多元化、高質量的投資組合，將使該公司的表現優於大盤2024 年剩餘時間及以後。

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

我現在將把電話轉給 Deric，回顧我們第二季的財務表現。

Thanks, Steven. For the second quarter we reported net income attributable to common stockholders of $44.3 million or $0.25 per diluted share. For the quarter, we reported AFFO per diluted share of $0.27. Adjusted EBITDA RE for the quarter was $78.7 million. At the end of the second quarter, we had $2.7 billion of loans with a blended average interest rate of 8.1%, taking into account in the money interest rate caps. Considering the current level of sulfur and the corresponding interest rate caps, approximately 100% of our debt is now effectively fixed. We ended the quarter with cash and cash equivalents of $121.8 million and restricted cash of $124.5 million.

謝謝，史蒂文。第二季度，我們報告歸屬於普通股股東的淨利潤為 4,430 萬美元，即稀釋後每股收益 0.25 美元。本季度，我們報告稀釋後每股 AFFO 為 0.27 美元。本季調整後 EBITDA RE 為 7,870 萬美元。截至第二季末，我們的貸款為 27 億美元，考慮到貨幣利率上限，混合平均利率為 8.1%。考慮到目前的硫含量和相應的利率上限，我們大約 100% 的債務現在已有效固定。本季末，我們的現金和現金等價物為 1.218 億美元，限制性現金為 1.245 億美元。

The vast majority of that restricted cash is comprised of lender and manager held reserve accounts and $2.7 million related to trapped cash held by lenders. At the end of the quarter, we also had $22.2 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. We ended the quarter with net working capital of approximately $187.4 million.

絕大多數受限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 270 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 2,220 萬美元。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 1.874 億美元。

As of June 30, 2024, our consolidated portfolio consisted of 69-hotels with 17,087 rooms. At the end of the quarter. Our share count consisted of approximately 48.8 million fully diluted shares outstanding, which is comprised of 46.8 million shares of common stock and 2.1 million OP units. While we are currently paying our preferred dividends quarterly or monthly, we do not anticipate reinstating a common dividend in 2024.

截至 2024 年 6 月 30 日，我們的綜合投資組合包括 69 間飯店和 17,087 間客房。在季度末。我們的股份總數包括約 4,880 萬股完全稀釋的已發行股票，其中包括 4,680 萬股普通股和 210 萬股 OP 單位。雖然我們目前按季度或每月支付優先股息，但我們預計 2024 年不會恢復普通股息。

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

這包括我們的財務審查，我現在想將其交給克里斯，討論我們本季的資產管理活動。

Thank you, Deric. For the quarter, comparable hotel RevPAR for our portfolio increased 1.6% over the prior year quarter. Our team has been actively rolling out several initiatives to grow ancillary revenue, which was up 10% per occupied room compared to the prior year quarter. Group revenue pace for the portfolio continues to accelerate with the back half of the year positioned well.

謝謝你，德里克。本季度，我們投資組合的可比飯店 RevPAR 比去年同期成長 1.6%。我們的團隊一直在積極推出多項措施來增加輔助收入，與去年同期相比，每個入住房間的輔助收入增加了 10%。該投資組合的集團收入步伐持續加快，今年下半年情況良好。

Corporate transient recovery is also accelerating with corporate revenue gains of 15% in the second quarter over the prior year quarter. This is nearly double the year-over-year growth that we experienced in the first quarter. Our urban assets also performed well. Total revenue increased 3% and hotel EBITDA margin increased 160 basis points compared to the prior year quarter for these hotels.

企業短暫復甦也在加速，第二季企業營收比去年同期成長 15%。這幾乎是我們第一季同比增長的兩倍。我們的城市資產也表現良好。與去年同期相比，這些飯店的總營收成長了 3%，飯店 EBITDA 利潤率成長了 160 個基點。

I will now go into more detail on some of the achievements completed throughout the quarter. Group pace continues to accelerate across the portfolio. Group room revenue for the full year is pacing ahead of last year by 5% with the third quarter through the balance of year pacing ahead by 11%. Group business booked in the quarter for all future dates was secured at a 7% ADR premium over the business that was booked during the prior year quarter. We are seeing increases in corporate group and Association, which is more than offsetting group government business that has softened as we approach the presidential election.

現在我將更詳細地介紹本季所取得的一些成就。整個投資組合的集團步伐持續加快。全年團體客房營收比去年成長 5%，其中第三季至去年同期成長 11%。本季所有未來日期預訂的集團業務的 ADR 溢價比去年同期預訂的業務高出 7%。我們看到企業集團和協會的數量增加，這足以抵消隨著總統選舉的臨近而疲軟的集團政府業務。

The overall group booking window continues to extend as our 2025 group revenue pace is ahead by 20%. While year over year group lead volume has started to normalize, conversion rates remained strong. The average group booking size continues to increase. Our team has strategically increased our group base heading into 2025, which will protect us from macro headwinds and allow us to aggressively yield transient business in the year.

隨著 2025 年團體收入成長 20%，整體團體預訂窗口持續延長。雖然同比集團潛在客戶數量已開始正常化，但轉換率仍然強勁。平均團體預約規模持續增加。我們的團隊在進入 2025 年之前策略性地擴大了我們的集團基礎，這將保護我們免受宏觀逆風的影響，並使我們能夠在今年積極產生短暫的業務。

Urban hotels performed well during the second quarter. Hotel EBITDA increased 8% compared to the prior year quarter. Renaissance Nashville increased hotel EBITDA by 16% compared to the prior year quarter. This is impressive considering total revenue grew by only 1% compared to the prior year quarter. The hotel was successful in optimizing business mix and driving aggressive rates during the high-demand periods in the quarter.

城市酒店第二季表現良好。飯店 EBITDA 與去年同期相比成長 8%。納許維爾萬麗酒店 EBITDA 與去年同期相比增加了 16%。考慮到總收入僅比去年同期成長 1%，這一成績令人印象深刻。該酒店成功地優化了業務組合，並在本季度的高需求時期推動了激進的房價。

The hotel was also nimble during the slower periods, sending several managers to other hotels temporarily which lowered our labor costs. This strategy resulted in a hotel EBITDA flow-through of 683% for the quarter compared to the prior year quarter. We've been pleased with the strong performance of our assets in the Dallas-Fort Worth market, which accounts for 7% of our hotel count in the portfolio. These assets increased total revenue by 6% compared to the prior year quarter.

酒店在淡季也很靈活，臨時派了幾名經理到其他酒店，降低了我們的勞動成本。與去年同期相比，該策略使本季飯店 EBITDA 流量達到 683%。我們對達拉斯-沃斯堡市場資產的強勁表現感到滿意，該市場占我們投資組合酒店數量的 7%。與去年同期相比，這些資產使總收入增加了 6%。

Additionally, hotel EBITDA margin expanded by approximately 480 basis points relative to the prior year quarter. One hotel that I would like to highlight is the Hilton Fort Worth, which grew total revenue by 15% compared to the prior year quarter. More impressively, hotel EBITDA grew by 69% compared to the prior year quarter. Our team restructured the referral program for internal associates, which allowed us to nearly eliminate contract labor. In addition, the hotel enhanced their scheduling process, which reduced overtime hours while also increasing productivity.

此外，飯店 EBITDA 利潤率較去年同期成長約 480 個基點。我想強調的一家酒店是沃斯堡希爾頓酒店，與去年同期相比，該酒店的總收入增長了 15%。更令人印象深刻的是，飯店 EBITDA 與去年同期相比成長了 69%。我們的團隊重組了內部員工的推薦計劃，這使我們幾乎消除了合約工。此外，飯店也改善了調度流程，減少了加班時間，同時提高了生產力。

These changes resulted in a 585 basis point improvement in departmental profit margin. A competitive advantage for us is our in-house property tax team utilizing a data-driven approach to appeals. We realized approximately $1.5 million in property tax savings during the second quarter. This represents a 20% increase in overall savings compared to the prior year quarter.

這些變化導致部門利潤率提高了 585 個基點。我們的競爭優勢是我們的內部財產稅團隊利用數據驅動的方法進行上訴。第二季我們節省了約 150 萬美元的財產稅。這意味著與去年同期相比，整體節省量增加了 20%。

Our team analyzed market tax trends in conjunction with other data points to identify hotels where we can be more aggressive in our appeals process. An example of this is Marriott Sugar Land. After a successful appeal at the appraisal review board level, we strategically decided to continue our pursuit through litigation, which led to further tax assessment reductions. The total taxable value for the property was reduced by $5.5 million compared to the prior year assessment.

我們的團隊結合其他數據點分析了市場稅收趨勢，以確定我們可以在上訴過程中更加積極主動的酒店。舒格蘭萬豪酒店就是一個例子。在評估審查委員會層級上訴成功後，我們策略性地決定透過訴訟繼續追訴，從而進一步降低了稅務評估。與上一年評估相比，該財產的應稅總價值減少了 550 萬美元。

Moving on to capital expenditures, during the second quarter of 2024, we completed a comprehensive guestroom renovation at the Marriott Sugar Land, introducing modern touches and improved amenities for an enhanced guest experience. We also made substantial progress towards the extensive renovation of both guestrooms and public spaces at the Embassy Suites, Dallas. With an expected completion later this year.

說到資本支出，我們在 2024 年第二季完成了糖城萬豪酒店的全面客房翻新，引入了現代風格和改進的設施，以提升賓客體驗。我們也在達拉斯大使館套房飯店的客房和公共空間的大規模翻新方面取得了實質進展。預計今年稍後完工。

Looking ahead to the third quarter of 2024, we plan to start on a comprehensive guestroom renovation at the Embassy Suites, West Palm Beach. And then the fourth quarter of 2024, we plan to start several renovations across portfolio, including upgrading the restaurant and meeting spaces at the Hilton Garden in Austin, as well as guest room renovations at both the Residence Inn Evansville and the Courtyard of Bloomington. In 2024, we anticipate spending between $85 million and $105 million on capital expenditures.

展望 2024 年第三季度，我們計劃開始對西棕櫚灘大使館套房飯店進行全面的客房翻新。然後，我們計劃在 2024 年第四季開始對整個投資組合進行多項翻修，包括升級奧斯汀希爾頓花園的餐廳和會議空間，以及埃文斯維爾 Residence Inn 酒店和布魯明頓萬怡酒店的客房翻修。到 2024 年，我們預計資本支出將在 8,500 萬至 1.05 億美元之間。

As mentioned earlier, our portfolio is building a self-foundation and group business. Our urban hotels continue to improve, and we are experiencing strong performance in various markets. We are excited about the soon-to-be-completed conversions at La Concha Key West, which will be an autograph collection hotel, and Le Pavillon, which will be a tribute portfolio hotel. We also continue to evaluate several new initiatives across our portfolio, such as brand conversions, strategic partnerships, and high-yield renovations.

如前所述，我們的投資組合正在建立自我基礎和集團業務。我們的城市酒店不斷改善，在各個市場都表現強勁。我們對 La Concha Key West 即將完成的改建感到興奮，該酒店將成為一家簽名收藏酒店，而 Le Pavillon 將成為一家致敬組合酒店。我們也持續評估我們產品組合中的幾項新舉措，例如品牌轉換、策略合作夥伴關係和高收益翻新。

That 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）

Jonathan Jenkins, Oppenheimer.

喬納森·詹金斯，奧本海默。

Hi. Good morning. Thanks for taking my questions, and welcome and congratulations to Stephen. First one for me, maybe for Chris. I believe you mentioned in the prepared remarks that group business is normalizing. Can you maybe provide some additional color on that comment and kind of what you're seeing out there?

你好。早安.感謝您提出我的問題，並對史蒂芬表示歡迎和祝賀。第一個對我來說，也許對克里斯來說。我相信你在準備好的發言中提到集團業務正在正常化。您能否對該評論以及您所看到的內容提供一些額外的資訊？

Yeah, thanks for your question, Jon. So group lead volume is normalizing, so we're seeing that starting to normalize. Within the group segment, conversion rates remain very high. So we're booking more than we historically have, and our sales teams are working kind of more efficiently. We're seeing lead volume normalize, but group bookings are still increasing.

是的，謝謝你的問題，喬恩。因此，團體銷售量正在正常化，因此我們看到這種情況開始正常化。在集團細分市場中，轉換率仍然非常高。因此，我們的預訂量比以往更多，而且我們的銷售團隊的工作效率也更高。我們看到潛在客戶數量正常化，但團體預訂仍在增加。

And so we're very happy with how the portfolio is positioned from a group standpoint. If you look at the balance of years, as I stated in my remarks, we're up 11% in group revenue. A majority of that growth is in Q4, which is traditionally on this portfolio's softest quarter from an occupancy standpoint. And so we're looking at group revenue that's up 19% in Q4, which is great. And then as we look ahead to 2025, we're up 20%. And so the segment is not normalizing, but group lead volume is.

因此，從集團的角度來看，我們對投資組合的定位非常滿意。如果你看看多年來的餘額，正如我在發言中所說，我們的集團收入增加了 11%。其中大部分成長發生在第四季度，從入住率的角度來看，該季度傳統上是該投資組合最疲軟的季度。因此，我們預計第四季度集團營收成長了 19%，這非常棒。展望 2025 年，我們成長了 20%。因此，該細分市場尚未正常化，但集團領先量已正常化。

Okay, perfect. I understood. Thanks, Chris. And then maybe outside of that group lead volume, we've seen the industry, other peers, others in the industry, lowering their full-year RevPAR guidance off what seems to be the softening of demand. And I'm understanding you don't give full-year guidance, but I'm curious if there's anything outside of that group lead volume that you're seeing elsewhere, whether that's BT or leisure, that maybe gives pause or indicates broad slowing?

好的，完美。我明白了。謝謝，克里斯。然後，也許在該集團的領先量之外，我們看到該行業、其他同行、行業中的其他人因需求疲軟而降低了全年可售房收入指引。據我所知，您沒有提供全年指導，但我很好奇，除了您在其他地方看到的集團領先量之外，是否有任何東西，無論是英國電信還是休閒，可能會引起暫停或表明普遍放緩？

Yeah, I'm happy to talk to that. So from a corporate standpoint, we're seeing continued acceleration. We're still not back to 2019 levels. We're sitting at anywhere from 80% to 85% of 19 levels. But the growth year-over-year is accelerating, which is encouraging. When I look at the rest of the portfolio, it's really kind of the tale of two sides between urban and resort. Urban hotels in our portfolio are up to 2019. We're up 3% in RevPAR. But when we look at Q2 performance, those hotels grew 4% year-over-year.

是的，我很高興談論這個。因此，從企業的角度來看，我們看到了持續的加速。我們還沒有回到 2019 年的水準。我們處於 19 個級別中的 80% 到 85% 之間。但同比成長正在加速，這是令人鼓舞的。當我查看該組合的其餘部分時，這確實是城市和度假村之間兩個方面的故事。我們投資組合中的城市酒店截至 2019 年。我們的 RevPAR 成長了 3%。但當我們觀察第二季的業績時，這些飯店比去年同期成長了 4%。

And so they're up to kind of pre-COVID levels, and that growth is accelerating. It's a bit of the opposite in the resort hotels. So there is some heavy normalizing in resorts. Our resort hotels are still up to 2019, but they're down high single digits to last year. And so I certainly see the softness that others are citing in our resorts. I think when we look at that, where we kind of mitigate, ourselves from some of that is in our group pace. And grouping up so to speak, will put us in a position where even as things soften, we're mitigated, and we can have some pricing power kind of on the back end with transient.

因此，它們已經達到了新冠疫情前的水平，而且成長正在加速。度假酒店的情況則有點相反。因此，度假村正在經歷一些嚴重的常態化。我們的度假酒店仍截至 2019 年，但較去年下降了高個位數。因此，我當然看到了其他人所說的我們度假村的柔軟性。我認為，當我們看到這一點時，我們在某種程度上減輕了我們的團隊節奏中的一些影響。可以這麼說，分組將使我們處於這樣的境地：即使情況疲軟，我們也會受到緩解，並且我們可以在後端擁有一些短暫的定價能力。

Okay. Very helpful. And then maybe switching gears, any additional color you can provide on the opportunity out there that remains for the re-financing, now that you've completed the national refi. I'm just wondering what other opportunities are out there in terms of size and scale for more refis.

好的。非常有幫助。然後也許會改變方向，你可以為剩下的再融資機會提供任何額外的顏色，既然你已經完成了國家再融資。我只是想知道在規模和規模方面還有哪些機會可以進行更多的再融資。

Yeah, I'll take that. This is Deric. We definitely have some re-financings that we need to do. Thankfully the debt market's gotten a little bit better. Rates -- short-term rates especially, have stayed high. But we've seen spreads come down a little. The CNBS market has been pretty active the first half of this year. We've seen some pretty attractive executions there. So look, we've held off on doing a lot of re-financings just because the market hasn't been that attractive. And we've had some runway left on maturity schedules. But we're starting to run out of that runway. And so we will be actively looking to re-finance a lot of our loans.

是的，我會接受的。這是德里克。我們肯定需要一些再融資。值得慶幸的是，債務市場已經好轉了一些。利率——尤其是短期利率——一直居高不下。但我們看到利差略有下降。今年上半年CNBS市場相當活躍。我們在那裡看到了一些非常有吸引力的處決。所以看，我們推遲了很多再融資，只是因為市場沒有那麼有吸引力。我們在成熟度計劃上還剩下一些跑道。但我們已經開始跑出跑道了。因此，我們將積極尋求對大量貸款進行再融資。

And thankfully, the property performance has continued to get better on a lot of these loans as well. So when lenders look at in-place cash flow and debt yields, we've seen some improvements there. So we continue to be optimistic that the market, especially on the debt side, will continue to improve. But I do think you'll see us execute some re-financings here in the second half of the year.

值得慶幸的是，許多此類貸款的房地產業績也持續改善。因此，當貸方關注現有現金流和債務收益率時，我們看到了一些改善。所以我們繼續樂觀地認為市場，尤其是債務方面，會持續改善。但我確實認為您會在今年下半年看到我們在這裡執行一些再融資。

Great. Thanks, Deric. And maybe last one, if I could. I'm curious your thoughts on the transaction environment, if there's been any noticeable pickup or changes in demand as of late. Any differences worth calling out in some of the larger or smaller assets or any color you provide?

偉大的。謝謝，德里克。如果可以的話，也許是最後一個。我很好奇您對交易環境的看法，最近需求是否有任何明顯的回升或變化。在一些較大或較小的資源或您提供的任何顏色中，有什麼值得指出的差異嗎？

Yeah, I'll take that, Jon. So we've obviously been active across, quite a few assets in our portfolio. So I think we've gotten a bit of a flavor of what's out there right now. Unfortunately, you're still seeing, in many cases, a pretty wide bid ask. Financing markets, while they've improved, certainly haven't helped transaction markets. But we have seen, we've consistently seen multiple buyers on all of our assets, maybe it's not 10, but we've seen two, three, four, which is enough to certainly run an effective process.

是的，我會接受的，喬恩。因此，我們顯然在我們的投資組合中積極投資了相當多的資產。所以我認為我們已經對現在的情況有了一些了解。不幸的是，在許多情況下，您仍然會看到相當寬的出價。融資市場雖然有改善，但絕對沒有幫助交易市場。但我們已經看到，我們的所有資產一直都有多個買家，也許不是 10 個，但我們已經看到了兩個、三個、四個，這足以運行一個有效的流程。

And I think as we continue to move forward through the rest of the year, especially, if we get some rate cuts here as early as September or maybe later today, fingers crossed, I think we'll start to see those transaction markets start to pick up a little bit more as the deals start to pencil a little bit better for buyers.

我認為，隨著我們在今年剩餘時間繼續前進，特別是如果我們最早在 9 月或今天晚些時候就降息，我想我們將開始看到這些交易市場開始隨著買家的交易開始好一些，價格也會上漲一些。

Okay. Excellent. I appreciate all the color, guys. That's all for me. Thank you.

好的。出色的。我很欣賞所有的顏色，夥計們。這就是我的全部。謝謝。

(Operator Instructions)

（操作員說明）

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thank you. Good morning, everyone.

謝謝。大家早安。

Good morning.

早安.

Good morning.

早安.

Good morning.

早安.

Chris, I want to go back to the group side of things. Just for that 7% rate increase that you mentioned for bookings in the quarter for all future periods, where did nights booked end up on a year-over-year basis?

克里斯，我想回到團隊方面。就您提到的本季所有未來期間的預訂量增長 7% 而言，預訂的天數最終與去年同期相比如何？

Yeah, I know that nights booked were up as well. I don't have the exact percentage, but we're seeing pretty healthy increases in our group booking volume relative to prior periods and both room nights and ADR, but ADR is outpacing the growth in room nights.

是的，我知道預訂的夜晚也已滿。我沒有確切的百分比，但我們看到團體預訂量相對於前期以及間夜數和平均房價都有相當健康的增長，但平均平均房價的增長速度超過了間夜數的增長。

Got it. And then just similarly for the ‘25 pace, how much is demand versus rate? And then any change that you saw versus last quarter? Because I think the pace picked up five points. Where did you pick up those five points?

知道了。然後，同樣對於 25 美元的速度，需求與利率的關係又是多少？與上季相比，您看到了什麼變化？因為我認為步伐加快了五個點。這五點你是從哪裡得來的？

Yeah, the room nights are up about 15% for 2025 and the remainder is rate. Really again, our heavy focus has been on driving business where it's needed. And so traditionally, Q4 is our softest quarter every year. We run the lowest occupancy percentages, not by a large margin, but that's where this portfolio needs to group business.

是的，2025 年的間夜數將增加約 15%，剩下的就是房價。確實，我們的重點一直是在需要的地方推動業務發展。傳統上，第四季是我們每年最疲軟的季度。我們的入住率是最低的，幅度並不是很大，但這正是該投資組合需要對業務進行分組的地方。

And so, even as we look ahead to 2025, our largest room night increase is in Q4, up 31%. With that said, every quarter in 2025 has double-digit room night increases. And then when you look at this portfolio and kind of where our stronger quarters are, Q2, Q3, historically, that's where we're seeing the highest rate growth spreads throughout 2025.

因此，即使我們展望 2025 年，我們的間夜增幅最大的是第四季度，成長了 31%。話雖如此，2025 年每季的間夜數都會出現兩位數的成長。然後，當你查看這個投資組合以及歷史上我們表現強勁的季度（第二季、第三季）時，我們會看到整個 2025 年成長率最高的季度。

And so our team's done a great job setting optimal mixed targets and really funneling that business. So I think it's one thing to say, hey, pace is up 20%, but when you really dissect it and you see the quarters where we need room night growth, that's where the room night volume is the highest and the quarters where we can get more aggressive with rate, that's where ADR is the highest, that's a great sign.

因此，我們的團隊在設定最佳混合目標並真正引導業務方面做得非常出色。所以我認為說，嘿，速度提高了20% 是一回事，但是當你真正剖析它時，你會看到我們需要間夜增長的季度，那就是間夜量最高的季度，也是我們可以增長的季度。

We're seeing quarter-over-quarter improvements, as you cited. We're seeing month-over-month improvements in pace, and its spread fairly evenly throughout the year. But most of it is coming in room nights at this point.

正如您所提到的，我們看到了季度環比的改善。我們看到速度逐月改善，全年分佈相當均勻。但目前大部分都是在客房內進行的。

Understood. That's helpful. And then just switching gears, just want to zero-in on transactions. Maybe for Manchester and One Ocean, I think those were the two you did not provide a cap rate or an EBITDA multiple, so hoping you can give any metrics there if you can.

明白了。這很有幫助。然後只是切換方式，只想將交易歸零。也許對於曼徹斯特和 One Ocean，我認為您沒有提供上限或 EBITDA 倍數，因此希望您能夠提供任何指標（如果可以的話）。

And then just also on the process, just up -- what difference are you seeing in terms of buyer interest and pricing expectations for a lower dollar value select serve hotel versus a -- take One Ocean as an example, a fully unencumbered beach resort. What's the bifurcation look like there in terms of process and buyer interest?

然後，同樣在流程上，就買家興趣和價格預期而言，您認為較低美元價值的精選服務酒店與普通酒店有何不同？度假村。在流程和買家興趣上有何分歧？

Yeah, I'll take that. So I don't offhand have metrics available for those two. We'll certainly see what we can find. As far as buyer interest, I don't know that it's so much the size of the hotel. I think what we've found as we've gone through our process is really finding certain markets. There are markets that are hot right now. There are markets that are very soft right now. And we've run a pretty wide process to really try to identify the highest value in the portfolio and make sure that the assets that we're selling. So you've seen several of them where we have disclosed cap rates that I think were, in some cases, a bit surprising to us because we were getting really good value in specific markets.

是的，我會接受的。所以我暫時沒有這兩個可用的指標。我們一定會看看我們能找到什麼。就買家興趣而言，我不知道酒店的規模有多大。我認為我們在整個過程中發現的確實是找到了某些市場。現在有些市場很熱。目前有些市場非常疲軟。我們已經運行了一個相當廣泛的流程來真正嘗試確定投資組合中的最高價值，並確保我們正在出售的資產。因此，您已經看到了其中一些我們披露的資本化率，我認為在某些情況下，這對我們來說有點令人驚訝，因為我們在特定市場中獲得了非常好的價值。

It's a different buyer set, obviously, always is. But we have consistently, like I said, I think we've consistently seen somewhere between three and five players on all of these assets. So it has not been something where we've had 20 people fighting for an asset, which we'd love to eventually get to. But we have had sufficient interest in all of these assets to run what we feel is an effective process and get solid value.

顯然，這是一個不同的買家群體，而且始終如此。但正如我所說，我們一直在所有這些資產上看到三到五個玩家。因此，這並不是我們需要 20 個人來爭取一項資產的情況，而我們希望最終能夠實現這一目標。但我們對所有這些資產都有足夠的興趣，可以運行我們認為有效的流程並獲得堅實的價值。

And then just last question for me sort of along the same lines but related to strategy, I guess maybe what are your thoughts, Stephen, in terms of what the portfolio looks like one to two years from now? I remember Rob talking about wanting to call more of the lower RevPAR, lower quality part of the portfolio. Are you thinking along the same lines? Do you accelerate those plans? What would the portfolio look like if you look out 12-24 months? And that's all for me.

然後對我來說最後一個問題有點類似，但與策略相關，我想史蒂芬，你對從現在起一到兩年後的投資組合是什麼樣子有什麼想法？我記得 Rob 談到想要調用更多投資組合中 RevPAR 較低、品質較低的部分。您是否也有相同的想法？你會加速這些計畫嗎？如果您展望 12-24 個月，投資組合會是什麼樣子？這就是我的全部。

Yeah, I think that's right. I think we certainly have a preference to pursue some turnover of what we would consider maybe some of our non-core assets at the lower end. As far as timing, right now I think we are inclined to wait a bit longer until markets, especially financing markets, get a little bit better and we can run a more effective process. I'd rather go into a sales process with 5 or 10 buyers. But I do think as we look forward one to two years, that the goal that Rob outlined is still very much in play.

是的，我認為這是對的。我認為我們當然傾向於追求一些我們認為可能是低端非核心資產的周轉。就時機而言，我認為現在我們傾向於等待更長的時間，直到市場，特別是融資市場，變得更好，我們可以運行更有效的流程。我寧願進入有 5 或 10 個買家的銷售流程。但我確實認為，當我們展望一到兩年時，羅布概述的目標仍然非常重要。

This concludes the question and answer session. I'll turn the call to management for closing remarks.

問答環節到此結束。我將把電話轉給管理階層做總結發言。

Thank you for joining today's call, and we look forward to speaking with all of you again next quarter.

感謝您參加今天的電話會議，我們期待下季再次與大家交談。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。