Ashford Hospitality Trust Inc (AHT) 2025 Q1 法說會逐字稿

Hello and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ashford Hospitality Trust first-quarter 2025 results conference call. (Operator Instructions)

您好，感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加阿什福德飯店信託 2025 年第一季業績電話會議。（操作員指示）

I would now like to turn the conference over to Deric Eubanks, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長 Deric Eubanks。請繼續。

Good morning and welcome to today's conference call to review results for Ashford Hospitality Trust for the first-quarter of 2025 and to 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

早安，歡迎參加今天的電話會議，回顧阿什福德酒店信託 2025 年第一季的業績，並向您通報最新進展。出席今天電話會議的還有總裁兼執行長 Stephen Zsigray 和執行副總裁兼資產管理主管 Chris Nixon

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 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，一份新聞稿發布了會議結果以及本次電話會議僅供網路收聽的通知。此時，請允許我提醒您，本次電話會議中的某些聲明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結果有重大差異。

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

該公司向美國證券交易委員會提交的文件中對這些因素進行了更詳細的討論。本次電話會議中所包含的前瞻性陳述僅截至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。

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.

本次電話會議中所作的聲明並不構成出售任何證券的要約或購買任何證券的要約邀請。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 May 6, 2025, 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，其對帳情況已在公司收益報告和隨附的表格或時間表中提供，這些表格或時間表已於 2025 年 5 月 6 日以 8-K 表格形式提交給美國證券交易委員會，也可透過公司網站 www.ahtreit.com 查閱。

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 compare the first quarter ended March 31, 2025 with the first quarter ended March 31, 2024.

鼓勵每位聽眾查看收益報告中提供的對帳資訊以及報告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將截至 2025 年 3 月 31 日的第一季與截至 2024 年 3 月 31 日的第一季度進行比較。

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

現在我將把電話轉給 Stephen Zsigray。請繼續。

Good morning, everyone, and thank you for joining us today. After my introductory comments, Deric will review our first-quarter financial results, and then Chris will provide an operational update on our portfolio.

大家早安，感謝大家今天加入我們。在我做完介紹後，德里克 (Deric) 將回顧我們的第一季財務業績，然後克里斯 (Chris) 將提供我們投資組合的營運更新。

Our first-quarter performance was highlighted by 3.2% comparable revPAR growth, 3.6% comparable total revenue growth, and 8.7% growth in comparable hotel EBITDA. We're very pleased with these results, which clearly underscore the impact of the strategic decisions our team has made over the past several quarters and the strength of our high quality geographically diverse portfolio.

我們第一季的業績亮點包括：可比 revPAR 成長 3.2%、可比總營收成長 3.6% 以及可比飯店 EBITDA 成長 8.7%。我們對這些結果非常滿意，這清楚地強調了我們團隊在過去幾季所做的策略決策的影響以及我們高品質、地理多元化投資組合的實力。

We're also happy to report the first full quarter results following our recent conversions of the La Concha Hotel in Key West to Marriott's Autograph Collection and the Le Pavillon Hotel in New Orleans to Marriott's Tribute Portfolio. Le Pavillon had an outstanding quarter with 78% total revenue growth over prior year quarter, while La Concha realized 27% total revenue growth over the same period.

我們也很高興地報告，在我們最近將基韋斯特的 La Concha 酒店轉變為萬豪 Autograph Collection 酒店集團、將新奧爾良的 Le Pavillon 酒店轉變為萬豪 Tribute Portfolio 酒店集團之後的第一個完整季度業績。Le Pavillon 本季表現出色，總營收較去年同期成長 78%，而 La Concha 同期總營收成長 27%。

Late last year, we announced GRO AHT, a transformative initiative aimed at driving $50 million in run rate improvement. Realizing outsized improvement in property level performance is critical to achieving that goal, and our nearly 9% year over year improvement in comparable hotels for the quarter reflects the tremendous efforts that our asset management team and property managers have made to drive revenue growth while aggressively managing operating expenses.

去年年底，我們宣布了 GRO AHT，這是一項旨在推動 5,000 萬美元運行率改善的變革計畫。實現物業水平業績的大幅提升對於實現這一目標至關重要，本季度我們可比酒店業績同比增長近 9%，這反映了我們的資產管理團隊和物業經理在積極管理運營費用的同時，為推動收入增長所做的巨大努力。

In addition to strong property performance, we've also realized substantial reductions to corporate expenses as part of our GRO AHT initiative. Our board of directors approved a 50% reduction in cash compensation for board members while also reducing the current size of the board from nine members down to seven. Additionally, total incentive awards granted to executive management and other associates were reduced by more than 50% relative to recent years.

除了強勁的房地產表現外，作為 GRO AHT 計劃的一部分，我們還實現了企業開支的大幅削減。我們的董事會批准將董事會成員的現金薪酬減少 50%，同時將董事會成員人數從目前的 9 人減少到 7 人。此外，授予高階主管和其他員工的總獎勵與近年來相比減少了 50％ 以上。

Lastly, our advisor Ashford Inc. has now fully implemented a number of corporate cost savings measures for Ashford Trust. Several initiatives remain underway, but we now expect fully implemented GRO AHT initiatives to contribute more than $30 million of run rate EBITDA improvement towards our $50 million dollar goal.

最後，我們的顧問 Ashford Inc. 現已為 Ashford Trust 全面實施了一系列企業成本節約措施。多項措施仍在進行中，但我們現在預計全面實施的 GRO AHT 措施將為我們的 5000 萬美元目標貢獻超過 3000 萬美元的運行率 EBITDA 改進。

Since year end, we've also continued to make improvements to our capital structure. In January, we closed down the sale of the Courtyard Boston downtown for $123 million. The 6.9% trailing cap rate achieved on sale highlighted the intrinsic value within our portfolio, provided important deleveraging for our largest loan pool, and resulted in significant capital expenditure savings.

自年底以來，我們也持續改善我們的資本結構。今年 1 月，我們以 1.23 億美元的價格完成了波士頓市中心萬怡酒店的出售。銷售時實現的 6.9% 的追蹤資本化率凸顯了我們投資組合的內在價值，為我們最大的貸款池提供了重要的去槓桿作用，並節省了大量的資本支出。

In mid February, we completed the refinancing of 16 assets spanning four mortgage loans with final maturities in the first half of the year. This refinancing also enabled us to achieve another significant milestone as we fully repay the remaining balance on our corporate strategic financing, leaving the company completely free of corporate debt.

2 月中旬，我們完成了 16 項資產的再融資，涉及四筆抵押貸款，這些貸款將於上半年到期。此次再融資也使我們實現了另一個重要的里程碑，因為我們全額償還了公司策略融資的剩餘餘額，使公司完全擺脫了公司債務。

In late February, we extended our mortgage loan secured by the 141 room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. The extension provides for an initial maturity of February of 2026 and a one year extension option subject to the satisfaction of certain conditions with a final maturity date in February 2027.

2 月底，我們延長了以佐治亞州亞特蘭大中城英迪格酒店 (Hotel Indigo Atlanta Midtown) 為抵押的抵押貸款期限，該酒店擁有 141 間客房。延期規定初始到期日為 2026 年 2 月，並可選擇延長一年，但須滿足某些條件，最終到期日為 2027 年 2 月。

The loan has a current balance of $12.3 million and bears interest at a floating rate of sour plus 2.75%. Most recently in April, we extended our MS-17 mortgage loan secured by 17 hotels. The extension provides for an initial maturity in March of 2026 and 21 year extension options subject to the satisfaction of certain conditions, with a final maturity date in March of 2028.

該貸款目前餘額為 1,230 萬美元，以浮動利率加 2.75% 計息。最近在四月份，我們延長了由 17 家酒店擔保的 MS-17 抵押貸款。延期規定初始到期日為 2026 年 3 月，並在滿足某些條件的情況下提供 21 年的延期選擇權，最終到期日為 2028 年 3 月。

The loan has a current balance of $410 million and continues to bear interest at a floating rate of sour plus 3.39%. As previously discussed, our non-traded preferred stock offering closed at the end of March. This capital raise allowed us to access substantial capital totaling $212 million in gross proceeds. We have launched our follow-on offering of non-traded preferred stock and expect this to be an important source of capital for continued deleveraging and future growth.

該貸款目前餘額為 4.1 億美元，繼續以 SAU 加 3.39% 的浮動利率計息。如前所述，我們的非交易優先股發行於三月底結束。此次融資使我們獲得了總計 2.12 億美元的大量資本。我們已經啟動了非交易優先股的後續發行，並預計這將成為持續去槓桿和未來成長的重要資金來源。

We believe these coordinated efforts are opening a new chapter for Ashford Trust, and the collective impact was evident in our company results for the first-quarter. Looking ahead to the rest of 2025, while macroeconomic events have introduced uncertainty to industry forecasts, we remain focused on controlling what we can control and achieving our GRO AHT goal by maximizing the performance and value of our hotels and further reducing corporate expenses. We also plan to continue making improvements to our capital structure by pushing out remaining near-term debt maturities and exploring strategic dispositions to better position the company moving forward.

我們相信，這些協調一致的努力正在為阿什福德信託開啟新的篇章，其集體影響力在我們公司第一季的業績中得到了明顯體現。展望 2025 年剩餘時間，儘管宏觀經濟事件給行業預測帶來了不確定性，但我們仍將專注於控制我們能夠控制的事情，並通過最大限度地提高酒店的業績和價值並進一步降低公司開支來實現我們的 GRO AHT 目標。我們還計劃繼續改善我們的資本結構，透過推遲剩餘的近期債務到期日並探索策略配置，使公司更好地向前發展。

I will now hand the call over to Deric to review our first-quarter of financial performance.

現在我將把電話交給 Deric 來回顧我們第一季的財務表現。

Thanks Stephen. For the first quarter, we report a net loss attributable to common stockholders $27.8 million or $4.91 per diluted share. For the quarter, we reported AFFO per diluted share of negative $0.98. Importantly, total AFFO improved by $8.2 million over the prior year quarter. Adjusted EBITDAre for the quarter was $61.7 million which reflected a $2.2 million dollar increase over the prior year quarter.

謝謝史蒂芬。第一季度，我們報告普通股股東淨虧損 2,780 萬美元，即每股虧損 4.91 美元。本季度，我們報告的每股攤薄收益為負 0.98 美元。重要的是，總 AFFO 比去年同期增加了 820 萬美元。本季調整後的 EBITDAre 為 6,170 萬美元，比去年同期增加 220 萬美元。

With total revenue down $26.5 million compared to the prior year quarter. This adjusted EBITDAre result reflects our focus on cost saving measures at both the property level and corporate level.

總收入與去年同期相比下降了 2,650 萬美元。調整後的 EBITDAre 結果反映了我們對房地產層級和公司層級的成本節約措施的關注。

At the end of the first quarter, we had $2.6 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 SOFR and the corresponding interest rate caps, approximately 23% of our debt is now effectively fixed and 77% is effectively floating.

截至第一季末，我們的貸款總額為 26 億美元，考慮到貨幣利率上限，綜合平均利率為 8.1%。考慮到目前的 SOFR 水準和相應的利率上限，我們目前約有 23% 的債務實際上是固定的，而 77% 的債務實際上是浮動的。

We ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 million. The vast majority of that restricted cash is comprised of lender and manager held reserve accounts and $2.6 million related to trap cash held by lenders. Our restricted cash increased $39 million from the previous quarter, and the vast majority of that cash is set aside for future capital expenditures.

本季末，我們的現金和現金等價物為 8,580 萬美元，受限現金為 1.392 億美元。這些受限現金中的絕大部分由貸方和經理持有的儲備帳戶以及 260 萬美元的貸方持有的陷阱現金組成。我們的受限現金較上一季增加了 3,900 萬美元，其中絕大部分現金都用於未來的資本支出。

At the end of the quarter, we also had $22.1 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 networking capital of approximately $156 million which was $34 million higher than the previous quarter.

截至本季末，我們還欠第三方飯店管理公司 2,210 萬美元。這主要代表我們的一位物業經理持有的現金，也可用於支付飯店營運成本。本季末，我們的網路資本約為 1.56 億美元，比上一季高出 3,400 萬美元。

As of March 30th, 2025, our consolidated portfolio consisted of 72 hotels with 17,329 rooms. After taking into account our recently completed one for 10 reverse stock split, our share count currently stands at approximately 5.9 million fully diluted shares outstanding, which is comprised of 5.8 million shares of common stock and 0.1 million OP units.

截至 2025 年 3 月 30 日，我們的合併投資組合包括 72 間飯店，共 17,329 間客房。考慮到我們最近完成的 1:10 反向股票分割後，我們目前的股票數量約為 590 萬股完全稀釋流通股，其中包括 580 萬股普通股和 10 萬股 OP 單位。

As Stephen mentioned, we closed our offering at Series J and Series K, non-traded preferred stock, on March 31, 2025. Since launching the offering in 2022, we raised approximately $212 million of gross proceeds from the sale of our Series J and Series K, non-traded preferred stock. While we are currently paying our preferred dividends quarterly or monthly, we do not anticipate reinstating a common dividend in 2025.

正如史蒂芬所提到的，我們在 2025 年 3 月 31 日結束了 J 系列和 K 系列非交易優先股的發行。自 2022 年啟動發行以來，我們透過出售 J 系列和 K 系列非交易優先股籌集了約 2.12 億美元的總收益。雖然我們目前按季度或按月支付優先股股息，但我們預計 2025 年不會恢復普通股股息。

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，現在我想交給克里斯討論我們本季的資產管理活動。

Thank you, Derek. During the first-quarter of 2025, our geographically diverse portfolio delivered strong results highlighting both the quality of our assets and the effectiveness of our strategic initiatives. Comparable hotel revPAR increased by 3% over the prior year period, reflecting the successful execution of our top line strategies.

謝謝你，德里克。2025 年第一季度，我們地域多元化的投資組合取得了強勁的業績，凸顯了我們資產的品質和策略​​舉措的有效性。可比飯店平均每間可用客房收入 (revPAR) 較上年同期成長 3%，反映出我們營收策略的成功執行。

This performance was supported by our ability to capture elevated demand tied to the Presidential inauguration and several high profile events in Washington DC over the three day period extending from January 18 through January 20, inauguration related demand drove 95% occupancy across our hotels and generated over $1.6 million in incremental room revenue compared to the prior year period.

這一業績得益於我們能夠抓住與總統就職典禮以及 1 月 18 日至 1 月 20 日三天內在華盛頓特區舉行的幾場高調活動相關的高需求，就職典禮相關需求推動了我們酒店 95% 的入住率，與去年同期相比，客房收入增加了 160 多萬美元。

We are particularly proud of our asset management team whose exceptional efforts were instrumental in driving these results, despite continued softness in the government segment and related travel.

我們對我們的資產管理團隊尤其感到自豪，儘管政府部門和相關旅行業務持續疲軟，但他們的卓越努力對推動這些績效發揮了重要作用。

Even with these challenges, hotel EBITDA across the entire portfolio grew 9% during the first quarter over the prior year quarter. These results were driven in large part by implementation of several GRO AHT initiatives that were in full swing during the quarter. But the property's discipline focus on maximizing ancillary revenue and executing targeted expense management strategies has set a strong foundation for the year ahead.

即使面臨這些挑戰，整個飯店組合的 EBITDA 在第一季仍比去年同期成長了 9%。這些結果很大程度上得益於本季全面實施的幾項 GRO AHT 計劃。但該酒店專注於最大化輔助收入和執行有針對性的費用管理策略，為來年奠定了堅實的基礎。

With that, I would now like to highlight a few of the recent success stories from across our portfolio.

現在，我想重點介紹一下我們投資組合中最近取得的一些成功案例。

Group revenue pace remains positive across portfolio despite broader macroeconomic pressures. Every quarter of 2025, group rate is pacing ahead of their respective prior year periods. Starting in February, we observed softness in a few markets largely attributable to recent policy changes and actions by. The top five hotels in the portfolio by key count closed the quarter with a 10% increase in group room revenue pace compared to the prior year.

儘管面臨更廣泛的宏觀經濟壓力，集團整個投資組合的收入成長速度仍保持正成長。2025 年每季的團體費率均高於去年同期。從二月開始，我們觀察到一些市場出現疲軟，這主要歸因於最近的政策變化和行動。本季度，以客房數量計算，投資組合中排名前五的酒店團體客房收入與去年同期相比增長了 10%。

Looking ahead, these properties are well positioned for sustained performance with group revenue pace of 6% for the full year 2025 and 6% for 2026. We are also encouraged by the pipeline of event-driven opportunities, particularly the FIFA World CUP 2026, which will run from early June through mid July across several key US markets, including Miami, Dallas, and Washington DC.

展望未來，這些物業將保持良好的業績表現，2025 年全年集團收入成長率為 6%，2026 年為 6%。我們也對一系列賽事驅動的機會感到鼓舞，特別是 2026 年國際足總世界杯，該賽事將於 6 月初至 7 月中旬在邁阿密、達拉斯和華盛頓特區等幾個主要美國市場舉行。

Turning to operating margins as we have discussed on prior calls, we remain focused on reducing costs through operational improvements and enhanced efficiencies. I'm pleased to report that the first quarter Hotel margin expanded by approximately 131 basis points compared to the prior year period. As part of our GRO AHT initiative, we have taken decisive strategic actions over the past several months to enhance hotel level EBITDA and improve overall profitability while maintaining service standards.

談到營業利潤率，正如我們在之前的電話會議上討論過的，我們仍然專注於透過改善營運和提高效率來降低成本。我很高興地報告，第一季飯店利潤率與去年同期相比擴大了約 131 個基點。作為我們 GRO AHT 計劃的一部分，我們在過去幾個月中採取了果斷的戰略行動，以提高酒店級別的 EBITDA 並提高整體盈利能力，同時保持服務標準。

As Stephen mentioned, we've worked closely with our largest property manager, Remington, as well as other brand managers to implement a range of cost optimization measures.

正如史蒂芬所提到的，我們與最大的物業管理公司雷明頓以及其他品牌經理密切合作，實施了一系列成本優化措施。

Looking ahead, we believe the GRO AHT initiative positions us to establish a more sustainable and efficient operating model. As we move through the remainder of 2025, we will continue to proactively identify new opportunities to strengthen hotel level performance and maximize long term value.

展望未來，我們相信 GRO AHT 計劃使我們能夠建立更永續、更有效率的營運模式。在 2025 年剩餘時間裡，我們將繼續積極尋找新機會，以加強酒店層面的業績並實現長期價值最大化。

Last quarter we highlighted the completion of our strategic repositioning of Crowne Plaza in Key West, Florida into La Concha, now part of Marriott's autograph collection. The property officially converted on December 6, following a $36 million renovation. In its first full quarter under the autographed flag, the hotel delivered strong results with revPAR up 16% and total revenue increasing 27% compared to the prior year period.

上個季度，我們重點介紹了對位於佛羅裡達州基韋斯特的皇冠假日酒店進行策略性重新定位的進展情況，該酒店現已成為萬豪簽名系列酒店的一部分。經過耗資 3,600 萬美元的翻新，該酒店於 12 月 6 日正式改建。在簽約後的第一個完整季度中，飯店業績表現強勁，與去年同期相比，每間可用客房收入 (revPAR) 上漲 16%，總收入上漲 27%。

We anticipate continued upside as four new food and beverage outlets ramp up, including a full service dinner restaurant that launched midway through the first quarter of 2025.

我們預計，隨著四家新的餐飲店開業，包括一家將於 2025 年第一季中期開業的全方位服務晚餐餐廳，該業務將繼續上漲。

Le Pavillon also delivered a solid first quarter following its conversion to Marriott's Tribute Portfolio. revPAR increased 87% over the prior year period, and hotel EBITDA reached $1.3 million an improvement of nearly $1 million compared to the prior year period. The hotel benefited from both its brand repositioning and heightened demand associated with the Super Bowl and [Mardi Gras], driving a 313% increase in group room revenue compared to the prior year period. During Super Bowl weekend, Le Pavillon achieved 100% occupancy for four consecutive nights, with ADR exceeding $900 per night.

Le Pavillon 在轉入萬豪 Tribute Portfolio 旗下後，第一季也取得了穩健的表現。 revPAR 比去年同期成長了 87%，飯店 EBITDA 達到 130 萬美元，比去年同期增加了近 100 萬美元。該酒店受益於品牌重新定位以及超級盃和狂歡節帶來的需求成長，團體客房收入較去年同期增長了 313%。在超級盃週末期間，Le Pavillon 連續四晚入住率達 100%，平均房價超過每晚 900 美元。

Turning to the impact of the 2024 Florida hurricane, several of our properties played a meaningful role in supporting recovery efforts during the first quarter. Residents in Orlando's SeaWorld and Hilton Tampa provided extended accommodations to construction crews and displaced residents, helping meet critical housing needs during a period of disruption.

談到 2024 年佛羅裡達颶風的影響，我們的幾處房產在第一季的支持恢復工作中發揮了重要作用。奧蘭多海洋世界和坦帕希爾頓酒店的居民為施工隊和流離失所的居民提供了延長的住宿，幫助滿足混亂時期的關鍵住房需求。

Residents in Orlando is the only hotel in its competitive set registered for the FEMA program, which allowed the hotel to support federal recovery efforts by providing nearly 4,500 room nights to those affected. This generated approximately $1.2 million in revenue while serving as a vital resource for the community.

奧蘭多居民酒店是同類酒店中唯一一家註冊了 FEMA 計劃的酒店，該計劃允許酒店為受災者提供近 4,500 個房間，以支持聯邦恢復工作。這不僅產生了約 120 萬美元的收入，也為社區提供了重要資源。

Moving on to capital expenditures, during the first quarter of 2025, we advanced several key property improvement initiatives aligned with brand franchise agreement renewals and our ongoing commitment to elevating our guest experience. Notable projects included the launch of a comprehensive guest room renovation at Courtyard Bloomington, the completion of a public space renovation at Hampton and Evansville, and the guest room renovation at Embassy Suites West Palm Beach.

在資本支出方面，在 2025 年第一季度，我們推進了幾項關鍵的物業改善計劃，與品牌特許經營協議的續簽以及我們對提升客戶體驗的持續承諾相一致。值得關注的項目包括啟動布盧明頓萬怡酒店的客房綜合翻新工程、完成漢普頓和埃文斯維爾的公共空間翻新工程以及西棕櫚灘大使套房酒店的客房翻新工程。

In the second quarter, we will begin a guest room renovation at Hilton Garden in Austin, which will also include upgrades to the restaurant and meeting space, enhancing the property's appeal and leveraging its premier downtown location.

第二季度，我們將開始對奧斯汀希爾頓花園酒店的客房進行翻新，其中還包括餐廳和會議空間的升級，以增強酒店的吸引力並利用其優越的市中心位置。

Looking ahead, we plan to initiate additional capital projects later this year, including a guest room renovation at Hilton Garden in Virginia Beach, public space enhancements at the Weston Princeton, and the strategic brand conversions of Sheraton Mission Valley and Sheraton Anchorage into the Hyatt Regency Hotels. These initiatives are consistent with our disciplined capital deployment strategy and underscore our focus on long term value creation through portfolio quality and brand alignment. For full year 2025, we anticipate capital expenditures will range between $95 million and $115 million.

展望未來，我們計劃在今年稍後啟動更多資本項目，包括弗吉尼亞海灘希爾頓花園酒店的客房翻新、威斯頓普林斯頓酒店的公共空間改善，以及將米慎谷喜來登酒店和安克雷奇喜來登酒店戰略性地轉型為凱悅酒店。這些舉措符合我們嚴謹的資本配置策略，並強調了我們專注於透過投資組合品質和品牌協調創造長期價值。到 2025 年全年，我們預計資本支出將在 9,500 萬美元至 1.15 億美元之間。

Looking ahead, we are actively rolling out additional grow AD initiatives aimed at enhancing operational performance. We are also focused on reducing energy costs, optimizing contract labor utilization, and cutting travel expenses, all designed to drive efficiency, lower costs, and improve profitability. We remain optimistic about our portfolio's outlook for 2025 and are confident in our ability to unlock additional value.

展望未來，我們正積極推出更多旨在提高營運績效的成長 AD 計畫。我們也致力於降低能源成本、優化合約勞務利用率和削減差旅費用，所有這些都是為了提高效率、降低成本和提高獲利能力。我們對我們的投資組合在 2025 年的前景保持樂觀，並對我們釋放更多價值的能力充滿信心。

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

我們的準備好的演講到此結束，現在我們將開始問答環節。

We'll take our first question from the line of Jonathan Jenkins with Oppenheimer & Co. Please go ahead.

我們的第一個問題來自奧本海默公司的喬納森·詹金斯。請繼續。

Good morning. Thank you for taking my questions. First one for me wanted to dive into the portfolio trends. Can you maybe help us think about the monthly revPAR progression in the quarter and the impact of, calendar shifts, what impact that had on March and April, and what you're seeing more real time in demand trends given the industry at a somewhat volatile March coupled with, some calendar shifts and other factors?

早安.感謝您回答我的問題。我首先想深入了解投資組合趨勢。您能否幫助我們思考本季每月 revPAR 的進展以及日曆變化對 3 月和 4 月的影響，以及考慮到 3 月份行業波動較大，再加上一些日曆變化和其他因素，您看到的實時需求趨勢如何？

Yeah, Jonathan, I can take that this is Chris. January was the strongest month of the quarter right after inauguration when many of the doge initiatives went into effect is when we started to see, softening. There were some other headwinds within the quarter, February losing February 29 in the comparable to last year being the leap period certainly played an impact.

是的，喬納森，我知道那是克里斯。一月份是該季度表現最強勁的月份，就在總統就職典禮後，許多總督府舉措開始生效，我們開始看到經濟出現疲軟。本季還存在一些其他不利因素，2 月與去年同期相比少了 2 月 29 日，因為閏年，這無疑產生了影響。

Easter moving into April certainly helped March and will have an impact on April. In terms of the broader trends we mentioned, softening in certain markets from the group segment that's we're certainly seeing that it's not across the board. Corporate group and the entertainment, segments within our group customers are still fairly resilient, fairly strong.

復活節進入四月無疑對三月有幫助，並且會對四月產生影響。就我們提到的更廣泛的趨勢而言，從集團市場來看，某些市場確實出現了疲軟，但這並不是全面的。我們集團客戶中的企業集團和娛樂部門仍然相當有彈性，相當強大。

We did see some cancellations within the DC market. Cancellations outside of DC have subsided. We're not seeing a lot of cancellations outside of DC. There are some reductions in block, but a lot of the kind of softening is very short term, so we're not seeing anything really into 2026 at this time. I mentioned the government pulled back, that is primarily impacting DC.

我們確實看到 DC 市場出現了一些取消的情況。華盛頓特區以外地區的取消情況已減少。我們在華盛頓特區以外沒有看到很多取消航班的情況。區塊有一些減少，但許多軟化都是短期的，因此我們目前還沒有看到 2026 年有任何實質的變化。我提到政府撤軍，這主要影響的是華盛頓特區。

The good news is that, as we are working to back fill that business, we are seeing strength in other segments, especially in the DC market. So we're working very hard to go after new business transient accounts. We're revisiting some of the accounts that we weren't interested in before and business transient pace in DC is up significantly in Q2. And so we are being successful in kind of navigating those trends and backfilling that business.

好消息是，當我們努力填補這項業務的同時，我們也看到了其他領域的強勁表現，尤其是 DC 市場。因此，我們正在努力爭取新的業務臨時帳戶。我們正在重新審視一些我們之前不感興趣的帳戶，而華盛頓特區的業務瞬時速度在第二季顯著加快。因此，我們成功地引領了這些趨勢並填補了業務空白。

Our focus is heavily on labor and as Stephen said, kind of controlling what we can control. Very happy with productivity. We saw enhancements over last year in hours per occupied room. We're running much more efficient hotels still than we were in 2019. Our contract labor utilization is down, hourly wages are stabilizing and so a lot of those things are what drove and played a key role in our EBITDA gains, and we expect those to continue as we move ahead.

我們的重點是勞動力，正如史蒂芬所說，控制我們能夠控制的事情。對生產力非常滿意。我們發現每間客房的入住時間比去年有所提升。與 2019 年相比，我們現在營運的飯店效率要高得多。我們的合約勞動力利用率下降，小時工資趨於穩定，這些因素對我們的 EBITDA 成長起到了關鍵作用，我們預計這些因素將會繼續保持下去。

Okay, that's great color there, Chris. Maybe following up on that, and this might be difficult to quantify or estimate, but how much of the portfolio do you think is exposed to kind of international inbound travel and government demand? And it sounds like more recent demand volatility is attributable to, calendar shifts and the pause given the uncertainty versus any type of structural slowdown in demand. Is that a fair characterization of your comments?

好的，克里斯，顏色真棒。也許接下來會進一步討論，這可能很難量化或估計，但您認為有多少投資組合受到國際入境旅遊和政府需求的影響？聽起來，最近的需求波動似乎是由於日曆變化和不確定性導致的停頓，而不是任何類型的結構性需求放緩。這是對您評論的公正描述嗎？

Yes, it's definitely isolated in the short term. In terms of international, it's a very small percentage of this portfolio's demand. It's less than 5%. The government is a little bit larger but far less than group or leisure, and it's particularly isolated to DC.

是的，短期內肯定是孤立的。從國際角度來看，這只佔該投資組合需求的一小部分。不到5%。政府規模稍大一些，但比團體或休閒機構規模小得多，而且它與華盛頓特區特別隔離。

Again, we're where we're seeing declines in government outside of the DC market, it's more associated with government contractors. And that is such a small percentage of those hotel's business. So, we are seeing the declines in government in DC, -- we've been able to back fill with other segments and so we're fairly confident that'll be the case as we move forward as well.

再次，我們看到華盛頓特區市場以外的政府業務正在下滑，這更多是與政府承包商有關。而這僅佔飯店業務的一小部分。因此，我們看到華盛頓特區政府的衰落——我們已經能夠用其他部門來填補空缺，因此我們相當有信心，隨著我們前進，情況也會如此。

Yeah, that's very helpful and maybe switching gears to the AHT GRO initiative. It's already delivering impressive results, almost 60% of the way to the target. Can you help us think about how much of that low hanging fruit has been harvested and kind of your takeaways or areas of success and then what kind of areas or potential opportunities remain in your confidence to get to that $50 million dollar goal?

是的，這非常有幫助，也許可以轉向 AHT GRO 計劃。它已經取得了令人印象深刻的成果，幾乎完成了目標的 60%。您能否幫助我們思考一下，您已經收穫了多少唾手可得的成果，以及您有哪些收穫或成功的領域，然後您還有哪些領域或潛在機會可以有信心實現 5000 萬美元的目標？

Yeah, sure, I think certainly -- the low hanging fruits always kind of the first to go, but we do still have, we have some really chunky pieces of this. I think there's still, $10 million of improvement that we hopefully will be able to make at the corporate level and then you know the other piece of it is going to play out over time.

是的，當然，我認為低垂的果實總是最先被摘掉，但我們仍然擁有一些非常豐厚的果實。我認為，我們希望能夠在公司層面實現 1000 萬美元的改進，然後您知道，其餘部分的改進將隨著時間的推移而發揮作用。

It's growing, it's growing index and it's very difficult for us to kind of report on, okay, where do we think this lands as a percent of the goal. So my expectation is that we've actually probably already achieved a little bit more than that. It's just hard to quantify exactly what that is and we'll continue to make updates as we get further into the year, but still feel very good about our ability to deliver on that $50 million dollar goal.

它在不斷增長，它的指數不斷增長，我們很難報告，好吧，我們認為它達到了目標的百分比是多少。所以我的期望是，我們實際上可能已經取得了比這更多的成就。很難確切量化這個數字，隨著時間的推移，我們將繼續進行更新，但仍然對我們實現 5000 萬美元目標的能力感到非常滿意。

That's a great color there. And switching gears into the [Bael] Island loan. I'm sorry if I missed this. Is there any update there or update on conversation with lenders? How are you thinking about that maturity?

那裡的顏色真漂亮。並轉向 [Bael] 島貸款。如果我錯過了這個我很抱歉。那裡有任何更新訊息或與貸方對話的更新訊息嗎？您如何看待這種成熟度？

Yeah, so we do have a forbearance agreement in place. We've got an extension option to next month. We continue to work both with the existing lenders and other lenders on a potential refinancing, but I do expect that we'll come to a conclusion on that one that's favorable.

是的，我們確實有一份寬容協議。我們有延長至下個月的選擇。我們將繼續與現有貸款人和其他貸款人就潛在的再融資進行合作，但我確實希望我們能夠就有利的再融資達成結論。

Okay, I appreciate that. And then last one for me if I could, the Morgan Stanley loan extension in that press release there was some commentary about the potential for asset sales, any color about how you're thinking about potential dispositions, just broadly and, what the market's pricing, currently, any color? Would be helpful in that?

好的，我很感激。如果可以的話，最後一個問題是摩根士丹利貸款延期，在新聞稿中有一些關於資產出售潛力的評論，您對潛在處置的看法有什麼不同嗎？大致來說，目前的市場定價是多少？這樣會有幫助嗎？

Yeah, absolutely. So as it relates to sales, there have been two big developments lately that have allowed us to kind of shift our focus as it relates to sales. First, we paid off our oak tree over strategic financing in February that had us very focused on our biggest assets with the most equity because we were trying to generate cash proceeds to pay down that loan now that that's behind us, we've been able to shift that focus a bit.

是的，絕對是如此。因此，就銷售而言，最近有兩大發展使我們能夠將重點轉移到銷售上。首先，我們在二月份償還了戰略融資的橡樹貸款，這讓我們非常專注於擁有最多股權的最大資產，因為我們試圖產生現金收益來償還這筆貸款，現在這筆貸款已經還清了，我們已經能夠稍微轉移一下注意力。

And then secondly, as you mentioned with that particular loan pool as we've negotiated extensions on a lot of our existing loans, we've been very focused on obtaining flexibility on asset release prices. A lot of these loans are from pre-COVID and the portfolios have changed and the evaluations have changed significantly. And so, having flexibility to sell assets that isn't necessarily tied to where their values were seven or eight years ago has considerably expanded our flexibility across the portfolio to explore assets and be more opportunistic in what we're looking to sell.

其次，正如您所提到的，對於特定的貸款池，我們已經就許多現有貸款的延期進行了談判，我們一直非常注重獲得資產釋放價格的靈活性。許多貸款都是在新冠疫情之前發放的，其投資組合已經發生了變化，評估也發生了顯著變化。因此，擁有出售資產的靈活性，而不必依賴七、八年前的價值，這大大擴展了我們在整個投資組合中探索資產的靈活性，並在我們想要出售的資產上更具機會性。

We primarily are focused, I would say, the high end of the range is probably $50 million to $75 million of equity value right now. So primarily select service and some of our under-performing assets in the full service segment that we believe selling for relatively attractive cap rates. Relative to the cash flows those things we're throwing off will allow us to continue to deleverage and continue to make significant improvements to our capital structure overall.

我想說，我們主要關注的是目前股權價值的高端，大概是 5,000 萬美元到 7,500 萬美元。因此，我們主要選擇服務和全方位服務領域中一些表現不佳的資產，我們認為這些資產的出售資本化率相對有吸引力。相對於現金流，我們擺脫的那些東西將使我們能夠繼續去槓桿，並繼續對我們的整體資本結構進行重大改善。

That's perfect. Thank you for all the color and for everyone's time today. That's all from me.

那很完美。感謝大家今天所呈現的色彩和付出的時間。我要說的就這些。

And that will conclude our question and answer session. I'll hand the call back to management for any closing comments.

我們的問答環節到此結束。我會將電話轉回給管理層，以便他們發表任何結束語。

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

感謝您參加今天的電話會議，我們期待下個季度再次與您交談。

That will conclude today's meeting. Thank you all for joining. You may now disconnect.

今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。