Ashford Hospitality Trust Inc (AHT) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Ashford Hospitality Trust third-quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 Ashford Hospitality Trust 2025 年第三季業績電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to Allison Beach, Director of Public Relations. Thank you. Please go ahead.

現在我想把電話交給公共關係總監 Allison Beach。謝謝。請開始。

Good morning, and welcome to today's conference call to review results for Ashford Hospitality Trust for the third-quarter of 2025, and to update you on recent developments. On the call today will be Stephen Zsigray, President and Chief Executive Officer; Deric Eubanks, Chief Financial 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，我們將回顧 Ashford Hospitality Trust 2025 年第三季的業績，並向各位更新近期發展。今天與會者包括：總裁兼執行長 Stephen Zsigray；財務長 Deric Eubanks；以及資產管理執行副總裁暨主管 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 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.

相關業績以及本次電話會議可透過網際網路以僅收聽方式收聽的通知，已於昨日下午以新聞稿形式發布。此刻提醒各位，本次電話會議中的某些陳述與假設包含或係基於前瞻性資訊，並依據聯邦證券法規的「安全港」條款作出。此類前瞻性陳述受多項假設、不確定性以及已知或未知風險影響，可能導致實際結果與預期存在重大差異。

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. 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 a means of registration statement and prospectus, which can be found at www.sec.gov.

這些因素在公司向美國證券交易委員會（SEC）提交的文件中有更完整的討論。本次電話會議所包含的前瞻性陳述僅截至本次會議日期為止，公司無義務公開更新或修訂。本次會議中的陳述不構成出售任何證券之要約或購買任何證券之要約邀請。證券僅會透過註冊聲明與公開說明書方式發行，相關文件可於 www.sec.gov 查閱。

In addition, certain terms in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release, and accompanying tables or schedules, which have been filed on Form 8-K with the SEC on November 4, 2025, and may also be accessed through the company's website at www.ahtreit.com.

此外，本次會議中的某些用語屬於非 GAAP 財務衡量指標，其調節表已載於公司盈餘新聞稿及隨附表格或附表中；該等資料已於 2025 年 11 月 4 日以 Form 8-K 向 SEC 提交，亦可透過公司網站 www.ahtreit.com 取得。

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 third quarter ended September 30, 2025, with the third quarter ended September 30, 2024.

建議每位聽眾查閱盈餘新聞稿中提供的調節表，並一併閱讀新聞稿所提供的其他所有資訊。另外，除非另有說明，本次會議所討論之所有已公布結果，係比較截至 2025 年 9 月 30 日止第三季與截至 2024 年 9 月 30 日止第三季。

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

現在我把電話交給 Stephen Zsigray。請開始。

Good morning, everyone, and thank you for joining us today. After my introductory comments, Deric will review our third quarter financial results, and then Chris will provide an operational update on our portfolio. Our third quarter performance was highlighted by comparable hotel EBITDA growth of 2%, with continued economic headwinds driving the RevPAR declines and pressuring margins industry-wide in the quarter, we're very pleased with our resilient operating performance, which reflects 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.

各位早安，感謝今天加入我們。在我做完開場說明後，Deric 將回顧我們第三季的財務結果，接著 Chris 將就我們投資組合的營運狀況提供最新進展。我們第三季表現的一大亮點是同店飯店 EBITDA 成長 2%。在本季持續的經濟逆風帶動 RevPAR 下滑並使全產業利潤率承壓之際，我們對自身具韌性的營運表現感到非常滿意；這反映了團隊過去數季所做策略決策的成效，以及我們高品質、地理分布多元的投資組合之優勢。

In late 2024, we announced a transformative initiative aimed at driving $50 million in run rate EBITDA improvement that we refer to as GRO AHT. Realizing outsized improvement in property level performance is critical to achieving that goal.

在 2024 年底，我們宣布一項具轉型意義的計畫，目標是推動 EBITDA 以年化（run rate）計算改善 5,000 萬美元，我們稱之為 GRO AHT。要達成該目標，實現物業層級績效的超額改善至關重要。

Despite challenging industry conditions, we are continuing to see the benefits of the tremendous efforts that our asset management team and property managers have made to drive total revenue growth while aggressively managing operating expenses.

儘管產業環境充滿挑戰，我們仍持續看到資產管理團隊與物業管理團隊在推動總營收成長、同時積極控管營運費用方面所付出巨大努力所帶來的成果。

In addition to solid property level performance, we've also benefited from a number of corporate cost saving measures that our adviser, Ashford Inc., has implemented for Ashford Trust. Several GRO AHT initiatives remain underway, and we've seen meaningful impact from these efforts through the third quarter. Year-to-date, despite dispositions accounting for a $65.5 million decline in total hotel revenue compared to the prior year, corporate adjusted EBITDAre declined just $10.1 million. We have also continued to make improvements to our capital structure.

除了穩健的物業層級表現外，我們也受惠於顧問公司 Ashford Inc. 為 Ashford Trust 所推行的多項企業成本節省措施。多項 GRO AHT 計畫仍在推進中，截至第三季我們已從這些努力中看到顯著成效。年初至今，儘管因處分資產使總飯店營收較去年減少 6,550 萬美元，公司企業調整後 EBITDAre 僅下降 1,010 萬美元。我們也持續改善資本結構。

In July, we extended our Highland mortgage loan secured by 18 hotels. The extension provides for an initial maturity in January 2026, and an additional six-month extension options subject to the satisfaction of certain conditions with a final maturity date in July 2026.

7 月，我們延長了以 18 家飯店作為擔保的 Highland 抵押貸款。此次展期使初始到期日延至 2026 年 1 月，並在符合特定條件下提供額外兩次各六個月的展期選擇權，最終到期日為 2026 年 7 月。

Following substantial tightening in CMBS spreads over the past several months, we are actively pursuing a longer-term refinancing of this loan, and recently completed the refinancing of the Renaissance Nashville that we expect to save the company $2 million to $3 million per year in interest expense.

在過去數月 CMBS 利差大幅收斂後，我們正積極推動該筆貸款的長期再融資；同時，我們近期完成 Renaissance Nashville 的再融資，預期可為公司每年節省 200 萬至 300 萬美元的利息費用。

Lastly, we continued to make progress on strategic dispositions. Reflecting our continued focus on creating shareholder value via multiple avenues, in early August, we completed the previously announced sale of the Hilton Houston NASA Clear Lake for $27 million, and the sale of the Residence in Evansville for $6 million.

最後，我們在策略性處分方面持續取得進展。反映我們透過多元途徑創造股東價值的持續聚焦，我們於 8 月初完成先前公告的交易：以 2,700 萬美元出售 Hilton Houston NASA Clear Lake，並以 600 萬美元出售 Evansville 的 Residence。

Separately, during the quarter, we signed a definitive agreement to sell the 150-room residents in San Diego Sorrento Mesa for $42 million, or $280,000 per key. The sale was completed in October. Combined, these three sales achieved a very attractive blended cap rate of 5.3% on trailing 12-month net operating income.

另外，在本季期間，我們簽署具約束力的最終協議，出售位於聖地牙哥 Sorrento Mesa、150 間客房的 Residence，交易金額 4,200 萬美元，折合每間客房（per key）28 萬美元。該交易已於 10 月完成。合計而言，這三筆出售以過去 12 個月（trailing 12-month）的淨營運收入計算，達成非常具吸引力的加權平均資本化率（blended cap rate）5.3%。

With the majority of sales proceeds applied to paying off mortgage debt, we expect these sales to improve annualized cash flow after debt service by approximately $2 million. We also expect to save an additional $36 million in projected capital expenditures that would have been spent on these assets in the coming years.

由於大部分出售所得已用於償還抵押貸款債務，我們預期這些出售將使扣除債務償付後的年化現金流增加約 200 萬美元。我們也預期可額外節省未來幾年原本將投入於這些資產的約 3,600 萬美元預估資本支出。

We have also identified several additional potential asset sales that we believe could have a similarly positive impact on leverage, cash flow after debt service and future capital expenditures. While we may not ultimately transact on all of them, we currently have eight additional assets being marketed for sale, and have potential buyers conducting diligence on two off-market transactions. Looking ahead to the remainder of 2025 and into early 2026, we expect to benefit significantly from recent and potential future interest rate cuts.

我們亦已識別出數項額外的潛在資產出售案，我們相信這些交易可對槓桿比率、償債後現金流以及未來資本支出帶來同樣正面的影響。雖然我們最終未必會就所有項目完成交易，但目前我們正推售另外八項資產，並且已有潛在買方就兩宗非公開市場交易進行盡職調查。展望2025年餘下時間及至2026年初，我們預期將可顯著受惠於近期及未來可能的降息。

With approximately $2.5 billion of floating rate mortgage debt, and none of our interest rate caps currently in the money, each 25 basis points cut in interest rates would save the company over $6 million in annual interest expense, or approximately $1 per fully diluted share.

我們約有25億美元的浮動利率抵押貸款債務，且目前我們的利率上限合約均未處於價內；因此，每降息25個基點，將可為公司每年節省超過600萬美元的利息費用，約相當於每股完全稀釋後1美元。

That said, we remain focused on controlling what we can control by driving outsized performance while strengthening our capital structure and exploring opportunistic dispositions to better position the company moving forward.

儘管如此，我們仍專注於掌控可控事項：在推動超額營運表現的同時，強化資本結構，並探索具機會性的資產處分，以便讓公司在未來發展上處於更有利的位置。

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

接下來我將把電話會議交給Deric，請他回顧我們第三季的財務表現。

Thanks, Stephen. For the third quarter, we reported a net loss attributable to common stockholders of $69 million, or $11.35 per diluted share. For the quarter, we reported AFFO per diluted share of negative $2.85. Adjusted EBITDAre for the quarter was $45.4 million. At the end of the third quarter, we had $2.6 billion of loans with a blended average interest rate of 8%. Approximately 5% of our debt is fixed, and approximately 95% is floating.

謝謝你，Stephen。第三季，我們錄得歸屬於普通股股東的淨虧損6,900萬美元，或每股稀釋後虧損11.35美元。本季每股稀釋後AFFO為負2.85美元；本季調整後EBITDAre為4,540萬美元。截至第三季末，我們有26億美元的貸款，綜合平均利率為8%。約5%的債務為固定利率，約95%為浮動利率。

We ended the quarter with cash and cash equivalents of $81.9 million and restricted cash of $166.9 million. The vast majority of that restricted cash is comprised of lender and manager held reserve accounts. Our restricted cash increased $12 million from the previous quarter, and the vast majority of that cash is set aside for future capital expenditures.

本季末，我們的現金及約當現金為8,190萬美元，受限制現金為1.669億美元。其中絕大部分受限制現金由貸方及管理方持有的準備金帳戶構成。我們的受限制現金較上一季增加1,200萬美元，而其中絕大部分資金已預留用於未來資本支出。

At the end of the quarter, we also had $27.4 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 $144.3 million.

季末，我們亦有2,740萬美元應收第三方飯店管理公司款項。這主要代表由我們其中一位物業管理方持有的現金，亦可用於支付飯店營運成本。本季末我們的淨營運資金約為1.443億美元。

As of September 30, 2025, our consolidated portfolio consisted of 70 hotels, with 16,876 net rooms. Our share count currently stands at approximately 6.3 million fully diluted shares outstanding, which is comprised of 6.2 million shares of common stock, and 0.1 million OP units. While we are currently paying our preferred dividends quarterly or monthly, we do not anticipate reinstating a common dividend in 2025.

截至2025年9月30日，我們的合併投資組合包含70家飯店，淨客房數為16,876間。我們目前的股數約為630萬股完全稀釋後流通股，由620萬股普通股及10萬個OP單位組成。雖然我們目前按季或按月支付優先股股息，但我們預期不會在2025年恢復普通股股息。

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.

以上為我們的財務回顧，接下來我想把時間交給Chris，請他說明本季的資產管理活動。

Thank you, Deric. Third quarter comparable hotel RevPAR decreased 1.5%, and comparable total revenue increased 0.2% compared to the prior year period. Additionally, during the third quarter, comparable hotel EBITDA grew 2% compared to the prior year period. We continue to collaborate closely with our property managers on initiatives designed to enhance profitability, driving high-margin ancillary revenue growth and achieving meaningful expense reductions across the portfolio.

謝謝你，Deric。第三季可比飯店RevPAR較去年同期下降1.5%，可比總營收較去年同期增加0.2%。此外，第三季可比飯店EBITDA較去年同期成長2%。我們持續與物業管理方緊密合作，推動旨在提升獲利能力的各項措施，包括帶動高毛利的附加收入成長，並在整體投資組合範圍內實現具實質意義的費用降低。

These revenue streams grew by approximately $1.7 million during the third quarter compared to the prior year period. Additionally, labor efficiency improved 2.6% on a per occupied room basis compared to the prior year period. These improvements underscore the strong execution of our strategy to drive higher margin, diversified revenue and sustained profitability gains.

與去年同期相比，這些收入來源在第三季約增加170萬美元。此外，以每間已入住客房為基礎衡量，勞動效率較去年同期改善2.6%。這些改善凸顯我們策略執行有力：推動更高毛利、更多元的收入來源，並持續提升獲利能力。

Government room nights declined approximately 18.8% during the third quarter compared to the prior year period. The Washington, D.C. market represents just over 14% of our total key count. Excluding the Washington, D.C. market, third quarter comparable hotel RevPAR was down only 0.3%, which outperformed the broader US upper upscale segment.

第三季政府客房夜數較去年同期約下降18.8%。華盛頓特區市場的客房數占我們總客房數略高於14%。若排除華盛頓特區市場，第三季可比飯店RevPAR僅下降0.3%，表現優於美國更高檔（upper upscale）整體分部。

Additionally, several onetime events that benefited our portfolio performance in 2024, further muted performance in 2025, such as the 2024 Democratic National Convention in Chicago, and closure of a major convention center in Austin this year, creating additional headwinds for certain properties this quarter. Despite these headwinds, during the third quarter, our portfolio was successful in expanding hotel EBITDA margin by 46 basis points compared to the prior year period.

此外，若干在2024年曾一次性帶動我們投資組合表現的事件，在2025年反而進一步壓抑表現，例如2024年於芝加哥舉行的民主黨全國代表大會，以及今年奧斯汀一座大型會展中心關閉，為本季部分物業帶來額外逆風。儘管面臨這些逆風，第三季我們的投資組合仍成功將飯店EBITDA利潤率較去年同期提升46個基點。

Group room revenue is currently pacing ahead of 0.5% for the full year 2025 compared to the prior year. During the third quarter, group revenue decreased 0.4% compared to the prior year period. Excluding the Washington, D.C. market, group room revenue increased 1.3% during the third quarter compared to the prior year period, underscoring the strength of demand across the portfolio.

就2025年全年而言，團體客房收入目前較去年全年進度領先0.5%。第三季團體收入較去年同期下降0.4%。若排除華盛頓特區市場，第三季團體客房收入較去年同期增加1.3%，凸顯整體投資組合需求的韌性。

Our resort assets performed particularly well during the third quarter with group room revenue having increased 11% compared to the prior year period. A standout performer was the Renaissance Palm Springs, our highest group volume resort property, which achieved a 34.5% increase in group room revenue during the third quarter compared to the prior year period. Proactive prospecting and strong partnerships with Visit Greater Palm Springs led to key group wins.

我們的度假型資產在第三季表現尤其亮眼，團體客房收入較去年同期增加11%。其中表現突出的為Renaissance Palm Springs，作為我們團體量最高的度假型物業，其第三季團體客房收入較去年同期增加34.5%。積極的客源開發以及與Visit Greater Palm Springs的強力合作夥伴關係，促成多項關鍵團體訂單。

Looking ahead to the fourth quarter of 2025, the portfolio's group demand remained strong, with group room revenue pacing ahead 4.4% in the prior year period. Additionally, our sales pipeline is strengthened with group leads increasing compared to the prior year quarter. We expect strong group demand across the portfolio in 2026, supported by a robust pipeline of event-driven opportunities, most notably the 2026 FIFA World Cup.

展望2025年第四季，投資組合的團體需求仍然強勁，團體客房收入較去年同期進度領先4.4%。此外，我們的銷售管線亦更為強化，團體潛在客源（leads）較去年同季增加。在一系列以活動帶動的機會所支撐下，我們預期2026年整體投資組合的團體需求將維持強勁，其中最值得關注的是2026年FIFA世界盃。

This global event is anticipated to deliver a significant boost to host city economies next summer, and approximately 42% of our portfolio's room count are located within these markets, positioning us well to capture the anticipated surge in demand.

預期這項全球性活動將於明年夏季為主辦城市經濟帶來顯著提振，而我們投資組合約 42% 的客房數位於這些市場，使我們具備良好條件把握預期的需求激增。

Our GRO AHT initiative has driven meaningful operational and financial improvements across the portfolio. As mentioned earlier, third quarter hotel EBITDA margin expanded by approximately 46 basis points compared to the prior year period.

我們的 GRO AHT 計畫已在整體投資組合推動具實質意義的營運與財務改善。如先前所提，第三季飯店 EBITDA 利潤率較去年同期擴張約 46 個基點。

Additionally, other revenue increased 9% on a per occupied room basis, reflecting continued success in our efforts to capture ancillary revenue opportunities. The GRO AHT initiative is a strategic framework aimed at improving hotel EBITDA and portfolio profitability through stronger cost controls and more diverse revenue generation.

此外，以每間已入住客房計算，其他收入增加 9%，反映我們持續成功掌握附加收入機會。GRO AHT 計畫是一套策略性架構，旨在透過更強的成本控管與更多元的收入來源，提升飯店 EBITDA 與投資組合獲利能力。

In collaboration with our largest property manager, Remington, and our key brand partners, we have continued to execute a focused strategy aimed at expanding high-margin revenue streams and driving greater operational efficiency throughout the portfolio.

我們與最大物業管理商 Remington 以及主要品牌合作夥伴協作，持續執行聚焦策略，旨在擴大高毛利收入來源並提升整體投資組合的營運效率。

These efforts include new ancillary revenue streams, improved food and beverage margin performance plans and cuts to contracted services and centralized overhead that's allocated to the company. These targeted initiatives have been instrumental in mitigating the efforts -- mitigating the effects of softer market conditions and preserving overall portfolio performance.

這些努力包括新增附加收入來源、改善餐飲毛利表現計畫，以及削減外包合約服務與分攤至公司的集中式管理費用。這些具針對性的措施在緩解市場環境轉弱的影響並維持整體投資組合表現方面，發揮了關鍵作用。

I would like to highlight a few additional third quarter success stories from across our portfolio. Both the Atlanta and Dallas Fort Worth markets delivered solid performance during the third quarter, reflecting healthy demand and disciplined operational execution.

我想再分享幾個來自我們投資組合、第三季的成功案例。亞特蘭大與達拉斯—沃斯堡兩個市場在第三季均交出穩健表現，反映需求健康以及嚴謹的營運執行。

In the Atlanta market, during the third quarter, total revenue increased 3.7%, and hotel EBITDA improved 7.9%, underscoring the effectiveness of our asset management team and their continued focus on cost control and margin expansion.

在亞特蘭大市場，第三季總營收成長 3.7%，飯店 EBITDA 提升 7.9%，凸顯我們資產管理團隊的成效，以及其持續聚焦成本控管與利潤率擴張。

The Ritz Carlton Atlanta located in the heart of Downtown Atlanta was a standout performer, achieving a 13% increase in hotel EBITDA during the third quarter compared to the prior year period. Recent changes in commercial leadership have driven improved operational focus and strategic execution. The team has concentrated on transient and retail growth initiatives, and revenues for these segments have increased 10.9% and 42.6%, respectively, compared to the prior year period, helping to offset softness in group demand.

位於亞特蘭大市中心核心地段的麗思卡爾頓亞特蘭大表現突出，第三季飯店 EBITDA 較去年同期成長 13%。近期商務領導層的變動帶動更佳的營運聚焦與策略執行。團隊專注於散客與零售成長計畫，這兩個分部的營收分別較去年同期增加 10.9% 與 42.6%，有助於抵消團體需求走弱。

Property also continues to strengthen its positioning as the only true luxury destination in the heart of Downtown Atlanta, reinforcing the Ritz Carlton brands presence in this key urban market. Similarly, the Dallas Fort Worth market delivered steady gains with transient growth across all retail, corporate and leisure segments.

該物業亦持續強化其作為亞特蘭大市中心唯一真正奢華目的地的定位，進一步鞏固麗思卡爾頓品牌在此關鍵都會市場的能見度。同樣地，達拉斯—沃斯堡市場亦穩步成長，散客在零售、企業與休閒各分部皆呈現增長。

Our hotels in the market reported a 19.9% increase in hotel EBITDA. The Embassy Suites Dallas Galleria, which completed a comprehensive guest room renovation in late 2024, delivered a standout performance during the third quarter, achieving RevPAR growth of 22.5%, and hotel EBITDA growth of 638.7% compared to the prior year period. We are encouraged by the continued growth trajectory of this asset and the strong early returns on the capital we have invested following the renovation. Moving to capital expenditures.

我們在該市場的飯店回報顯示，飯店 EBITDA 成長 19.9%。達拉斯蓋樂利亞 Embassy Suites 於 2024 年底完成全面客房翻新，第三季表現亮眼，RevPAR 成長 22.5%，且飯店 EBITDA 較去年同期大增 638.7%。我們對該資產持續的成長軌跡，以及翻新後我們投入資本所帶來的強勁早期回報感到鼓舞。接下來談資本支出。

During the third quarter of 2025, we completed the renovation of the restaurant and meeting space at the Hilton Garden in Austin, aimed at modernizing the property and fully leveraging its premier downtown location. Model rooms were also completed at both Sheraton Anchorage and Sheraton Mission Valley, supporting our planned strategic conversion of these assets to the Hyatt Regency brand.

在 2025 年第三季，我們完成奧斯汀希爾頓花園飯店的餐廳與會議空間翻新，旨在使物業現代化並充分發揮其優越的市中心地段。Sheraton Anchorage 與 Sheraton Mission Valley 亦完成樣板房，支援我們規劃將這些資產策略性轉換為 Hyatt Regency 品牌。

Additionally, we began a guest room renovation at the Hilton Garden Inn, Virginia Beach to elevate guest experience and support the brand franchise agreement renewal. Later this year, we plan to start the public space renovation at Sheraton Anchorage to support the strategic brand conversion into a Hyatt Regency Hotel, along with public space enhancements at Westin Princeton and Courtyard Bloomington, an alignment with brand franchise agreement renewals. These initiatives reflect our disciplined capital deployment strategy and continue to focus on long-term value creation through portfolio quality and brand alignment. For 2025, we anticipate spending between $70 million and $80 million on capital expenditures.

此外，我們已在維吉尼亞海灘的希爾頓花園飯店啟動客房翻新，以提升住客體驗並支援品牌特許經營協議續約。今年稍晚，我們計畫啟動 Sheraton Anchorage 的公共空間翻新，以支援其策略性品牌轉換為 Hyatt Regency 飯店；同時也將進行 Westin Princeton 與 Courtyard Bloomington 的公共空間改善，以配合品牌特許經營協議續約。這些措施反映我們嚴謹的資本配置策略，並持續聚焦透過提升投資組合品質與品牌一致性來創造長期價值。就 2025 年而言，我們預期資本支出介於 7,000 萬至 8,000 萬美元。

In summary, our GRO AHT initiatives continued to deliver meaningful hotel EBITDA growth supported by a disciplined capital investment strategy that aligns with our long-term value creation goals. As we look ahead, we remain focused on driving sustained performance and enhancing the long-term value of our portfolio for shareholders.

總結而言，我們的 GRO AHT 計畫在嚴謹的資本投資策略支持下，持續帶來具實質意義的飯店 EBITDA 成長，並與我們長期價值創造目標一致。展望未來，我們仍將專注於推動持續表現，並為股東提升投資組合的長期價值。

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

以上為我們的準備發言，接下來我們將開放問答。

(Operator Instructions)

(接線員指示)

As we have no questions. I would like to turn the call back over to management for closing remarks.

由於目前沒有提問。我想把電話交回管理層作結語。

Thank you for joining today's call, and we look forward to speaking with you all again next quarter. This concludes today's conference call. Thank you for your participation. You may now disconnect.

感謝各位參與今天的電話會議，我們期待在下個季度再次與各位交流。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。