Ashford Hospitality Trust Inc (AHT) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ashford Hospitality Trust fourth quarter 2025 results conference Call. (Operator Instructions). I would now like to turn the call over to Allison Beach, Director of Public Relations. Please go ahead.

各位女士、先生，早安，感謝您撥冗等候。我叫 Kelvin，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Ashford Hospitality Trust 2025 年第四季業績電話會議。（接線員指示）。現在我將把電話交給公共關係總監 Allison Beach。請開始。

Good morning, and welcome to today's conference call to review results for Ashford Hospitality Trust for the fourth quarter and full year 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.

各位早安，歡迎參加今天的電話會議，我們將回顧 Ashford Hospitality Trust 2025 年第四季及全年業績，並向各位更新近期進展。今天出席電話會議的有：總裁兼執行長 Stephen Zsigray；財務長 Deric Eubanks；以及執行副總裁暨資產管理主管 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.

相關業績結果以及本次電話會議可透過網際網路以僅收聽方式參與之通知，已於昨日下午透過新聞稿發布。

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.

此刻提醒各位，本次電話會議中的若干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之安全港條款作出。

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.

此等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.

上述因素已在公司向美國證券交易委員會（SEC）提交的文件中更為完整地說明。本次電話會議所包含的前瞻性陳述僅截至本次通話日期為止，公司不負有公開更新或修訂之義務。

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

本次通話中所作之陳述不構成出售任何證券之要約或徵求購買任何證券之要約。證券僅會透過註冊聲明與公開說明書之方式發行，相關文件可於 www.sec.gov 查閱。

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 February 25, 2026, and may also be accessed through the company's website at www.ahtreit.com.

此外，本次通話中使用的若干術語屬於非 GAAP 財務衡量指標，其調節表已載於公司之盈餘新聞稿及隨附表格或附表中；該等文件已於 2026 年 2 月 25 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.

建議每位聽眾查閱盈餘新聞稿中所提供的調節表，並一併審閱新聞稿中提供的其他所有資訊。

Also, unless otherwise stated, all reported results discussed in this call compared to fourth quarter and full year ended December 31, 2025, with the full quarter and full year ended December 31, 2024. I will now turn the call over to Stephen Zsigray. Please go ahead.

另外，除非另有說明，本次通話所討論之所有已揭露結果，係將截至 2025 年 12 月 31 日止之第四季及全年，與截至 2024 年 12 月 31 日止之第四季及全年進行比較。現在我將把電話交給 Stephen Zsigray。請開始。

Good morning, and thank you for joining us on today's call. Following my introductory comments, Deric will provide a review of our financial results, and Chris will provide an operational update on our portfolio.

各位早安，感謝各位參加今天的電話會議。在我做完開場說明後，Deric 將回顧我們的財務結果，Chris 將就我們投資組合的營運情況提供最新進展。

Before we begin, I'd like to remind everyone that in early December, we announced that the company has formed a special committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction.

在開始之前，我想提醒各位：我們在 12 月上旬宣布，公司已成立特別委員會，以評估可使股東價值最大化的策略性替代方案，其中包括潛在交易。

As we highlighted in that press release, we remain frustrated by the discrepancy between the value of our underlying portfolio and the market value of our common stock.

如同我們在該新聞稿中所強調的，我們仍對我們底層投資組合價值與普通股市值之間的落差感到挫折。

And the Board has tasked the special committee was proactively exploring alternatives to bridge that gap. In the interim, we will continue to execute on our strategy of driving outsized performance while pursuing opportunistic dispositions to deleverage, improve cash flow and maximize shareholder value.

董事會已指派特別委員會主動探索各種替代方案，以彌合該落差。在此期間，我們將持續執行策略：在追求超額表現的同時，進行具機會性的資產處分以降低槓桿、改善現金流並使股東價值最大化。

Any material updates will be publicly disseminated, but we do not have further details to share at this time. Our fourth quarter and full year financial results reflect the combined impact of two competing realities.

任何重大更新都將對外公開發布，但目前我們沒有進一步細節可分享。我們第四季及全年財務結果反映了兩種相互競爭的現實所帶來的綜合影響。

On one hand, we felt the ongoing pressures across the lodging industry. industry-wide negative RevPAR growth and margin compression, substantial reductions in government spend, elevated interest rates and increased CapEx demands have created a challenging environment for owners.

一方面，我們感受到住宿產業持續存在的壓力。全產業 RevPAR 成長為負且利潤率遭到擠壓、政府支出大幅縮減、利率維持高檔以及資本支出（CapEx）需求增加，皆為業主帶來具挑戰性的環境。

On the other hand, we've made tremendous progress with our GRO AHT initiatives, and our property managers have worked diligently to maximize revenues and minimize expenses. Despite numerous headwinds in 2025, a we are pleased that for the full year, our portfolio delivered positive growth in comparable total revenues while achieving 2.4% growth in comparable hotel EBITDA.

另一方面，我們在 GRO AHT 計畫上取得了重大進展，且我們的物業管理團隊也勤勉地致力於最大化營收並將費用降至最低。儘管 2025 年面臨諸多逆風，我們仍很高興在全年層面，我們的投資組合在可比口徑下總營收實現正成長，同時可比飯店 EBITDA 成長 2.4%。

Our efforts also extended to corporate G&A, where we achieved more than $13 million in year-over-year improvement. In total, we estimate that the GRO AHT initiatives contributed over $40 million in EBITDA improvement in 2025, and we expect to continue building on these efforts moving forward.

我們的努力也延伸至公司層級的一般及行政費用（G&A），年對年改善超過 1,300 萬美元。整體而言，我們估計 GRO AHT 計畫在 2025 年帶來超過 4,000 萬美元的 EBITDA 改善，我們預期未來將持續在此基礎上推進。

Beyond our focus on driving outsized performance, we continue to execute on strategic dispositions to strengthen our capital structure, improve cash flow and maximize shareholder value.

除了專注於推動超額表現之外，我們也持續執行策略性資產處分，以強化資本結構、改善現金流並使股東價值最大化。

Since paying off our remaining corporate level debt last February, we've now completed the sale of 6 hotels, including the Hilton Houston Clear Lake, The Residence in Evansville, The Residence in Sorrento Mesa, the La Pavian Hotel in New Orleans, the Embassy Suites in Houston and the Embassy Suites in Austin.

自去年 2 月償清我們剩餘的公司層級債務以來，我們已完成出售 6 間飯店，包括：Hilton Houston Clear Lake、The Residence in Evansville、The Residence in Sorrento Mesa、位於紐奧良的 La Pavian Hotel、位於休士頓的 Embassy Suites，以及位於奧斯汀的 Embassy Suites。

In total, these sales generated approximately $145 million in sales proceeds, representing a blended 3.9% trailing cap rate while also eliminating nearly $50 million in anticipated capital expenditures. Proceeds were used primarily to pay down mortgage debt, resulting in approximately $5 million in improvement to annualized portfolio cash flow after debt service.

合計而言，這些出售案帶來約 1.45 億美元的出售所得，對應的混合過去 12 個月資本化率（trailing cap rate）為 3.9%，同時也消除了近 5,000 萬美元的預期資本支出。所得款項主要用於償還抵押貸款債務，使得在扣除債務償付後的投資組合年化現金流約改善 500 萬美元。

We also recently announced agreements to sell the La Posada de Santa Fe Resort & Spa for $57.5 million and the Hilton St. Petersburg Bayfront for $96 million, both of which we expect to close in the coming weeks.

我們近期也宣布已簽署協議，將以 5,750 萬美元出售 La Posada de Santa Fe Resort & Spa，並以 9,600 萬美元出售 Hilton St. Petersburg Bayfront；兩筆交易預期將於未來數週內完成交割。

And yesterday, signed an agreement to sell the Embassy Suites Palm Beach Gardens for $41 million. Collectively, these three sales represent a blended 6.9% trailing cap rate and are expected to save an additional $45 million in anticipated capital expenditures.

並於昨日簽署協議，以4,100萬美元出售 Embassy Suites Palm Beach Gardens。合計而言，這三筆出售交易的加權平均（混合）過去期資本化率為6.9%，並預期可額外節省4,500萬美元的預計資本支出。

Opportunistic dispositions will remain a core component of our strategy in 2026 as we believe there are several additional assets in the portfolio that can yield similarly positive impact on leverage, cash flow after debt service and future capital expenditures.

我們預期在2026年，機會型資產處分仍將是我們策略的核心組成，因為我們相信投資組合中尚有數項資產可對槓桿、償債後現金流以及未來資本支出帶來類似的正面影響。

While we may not ultimately transact on all of them, we are currently marketing or negotiating off-market transactions on 18 additional hotels. In addition to these sales, we recently announced the maturity default on our JPMA mortgage loan.

雖然我們未必最終會就所有資產完成交易，但我們目前正就另外18家飯店進行行銷推介或洽談場外交易。除上述出售外，我們近期亦宣布我們的JPMA抵押貸款已發生到期違約。

This $325 million loan is secured by 8 hotels that generated approximately $20.2 million of net operating income in 2025.

這筆3.25億美元的貸款以8家飯店作為擔保，該等飯店於2025年產生約2,020萬美元的淨營運收入。

While we have engaged with a special servicer and we'll continue to work towards a favorable resolution, disposition of these assets for the balance of the debt would represent a 6.2% trailing cap rate and would yield many of the same benefits for the portfolio as our ongoing sales efforts in terms of cash flow improvement and future CapEx savings.

雖然我們已與特別服務機構（special servicer）接洽並將持續努力達成有利的解決方案，但若以資產處分來清償剩餘債務餘額，將相當於6.2%的過去期資本化率，並可在改善現金流及節省未來資本支出方面，為投資組合帶來與我們持續出售努力相同的多項效益。

Looking ahead, while liquidity will remain constrained as we execute our plan, we expect that our continued focus on performance, combined with strategic low cap rate dispositions will result in a leaner, stronger portfolio and will position the company to pursue accretive growth opportunities in the future.

展望未來，雖然在我們執行計畫期間流動性仍將受限，但我們預期持續聚焦營運表現，並結合策略性、低資本化率的資產處分，將使投資組合更精簡、更強健，並使公司得以在未來追求具增益性的成長機會。

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

接下來我將把電話會議交給Deric，請他回顧我們第四季及全年財務表現。

Thanks, Stephen. For the fourth quarter, we reported a net loss attributable to common stockholders of $78.3 million or $1.33 per diluted share. For the full year, we reported a net loss attributable to common stockholders of $215 million or $35.99 per diluted share.

謝謝，Stephen。就第四季而言，我們報告歸屬於普通股股東的淨損為7,830萬美元，或每股稀釋後虧損1.33美元。就全年而言，我們報告歸屬於普通股股東的淨損為2.15億美元，或每股稀釋後虧損35.99美元。

For the quarter, we reported AFFO per diluted share of negative $2.45. And for the full year, we reported AFFO per diluted share of negative $5.66.

就本季而言，我們報告每股稀釋後AFFO為負2.45美元；全年則為每股稀釋後AFFO負5.66美元。

Adjusted EBITDA for the quarter was $40.4 million and $221.3 million for the full year. At the end of the fourth quarter, we had $2.6 billion of loans with a blended average interest rate of 7.7%, approximately 5% of our debt is fixed and 95% is floating.

本季調整後EBITDA為4,040萬美元，全年為2.213億美元。於第四季末，我們有26億美元的貸款，加權平均（混合）利率為7.7%；約5%的債務為固定利率，95%為浮動利率。

In January 2026, we extended our Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million or approximately 65% of the appraised value and has a final maturity date of July 9, 2026. We ended the quarter with cash and cash equivalents of $66.8 million and restricted cash of $149.6 million.

於2026年1月，我們延長了以18家飯店作為擔保的Highland抵押貸款。作為延長條件，該貸款償還1,000萬美元，當前餘額為7.236億美元，約為評估價值的65%，最終到期日為2026年7月9日。本季末我們的現金及約當現金為6,680萬美元，受限制現金為1.496億美元。

The vast majority of that restricted cash is comprised of lender and manager held reserve accounts. At the end of the quarter, we also had $25.7 million due from third-party hotel managers.

上述受限制現金的絕大部分由貸方及管理方持有的準備金帳戶所構成。於季末，我們亦有2,570萬美元應收自第三方飯店管理公司。

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 $103.2 million. As of December 31, 2025, our consolidated portfolio consisted of 68 hotels with 16,500 net rooms.

這主要代表由我們其中一位物業管理公司持有的現金，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1.032億美元。截至2025年12月31日，我們的合併投資組合包含68家飯店，淨客房數為16,500間。

Our share count currently stands at approximately 6.6 million fully diluted shares outstanding, which is comprised of 6.5 million shares of common stock and 0.1 million OP units.

我們目前的股數約為660萬股完全稀釋後流通股，包含650萬股普通股及10萬個OP單位。

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，接下來我想把電話會議交給Chris，請他說明本季的資產管理活動。

Thank you, Deric. During the fourth quarter, comparable hotel RevPAR decreased 1.8% compared to the prior year period. This performance was largely driven by the federal government shutdown that began in October, which resulted in decline in government-related demand.

謝謝你，Deric。第四季期間，可比飯店RevPAR較去年同期下降1.8%。此表現主要受10月開始的聯邦政府停擺影響，導致政府相關需求下滑。

Government room nights declined 27.9% during the fourth quarter compared to the prior year period. Given that Washington, D.C.

第四季政府住房晚數較去年同期下降27.9%。鑑於華盛頓特區

represents over 14% of our total key count. This shutdown had an outsized impact in our portfolio. Excluding Washington, D.C. comparable hotel RevPAR was flat and total revenue increased slightly compared to the prior year period.

占我們總房間數的14%以上，此次停擺對我們投資組合造成不成比例的影響。若排除華盛頓特區，可比飯店RevPAR持平，且總營收較去年同期略有增加。

Additionally, results were impacted by the absence of onetime events that benefited portfolio performance in the prior year, including the 2024, presidential election in Washington, D.C.

此外，業績亦受到去年曾帶動投資組合表現的一次性事件缺席所影響，包括2024年在華盛頓特區舉行的總統選舉。

The performance was further pressured by ongoing demand disruptions, including the closure of a major convention center in Austin, which constrained group and convention demand for three of our properties during the quarter.

業績亦進一步受到持續的需求干擾所壓抑，包括奧斯汀一座主要會展中心關閉，致使本季我們三項物業的團體與會展需求受限。

Despite these headwinds, we are pleased with the portfolio's performance for the full year 2025. Full year total revenue increased 0.8% compared to the prior year period, driven by growth in other revenue, which improved 12.9% compared to the prior year period.

儘管面臨這些逆風，我們仍對投資組合在2025年全年的表現感到滿意。2025年全年總營收較去年同期增加0.8%，主要由其他收入成長所帶動；其他收入較去年同期提升12.9%。

Full year hotel EBITDA increased 2.4% and hotel EBITDA margin expanded by over 40 basis points compared to the prior year period.

全年飯店EBITDA增加2.4%，且飯店EBITDA利潤率較去年同期擴大超過40個基點。

These results reflect the impact of our focused operational initiatives and positions us well as we move into 2025, group revenue declined 1.1% for full year 2025, compared to the prior year period, including a 3.8% decline in the fourth quarter compared to the prior year period.

這些結果反映我們聚焦的營運措施所帶來的影響，並使我們在邁入2025年時具備良好定位；2025年全年團體收入較去年同期下降1.1%，其中第四季較去年同期下降3.8%。

Excluding the Washington, D.C. market, group room revenue increased 1.6% for full year 2025, compared to the prior year period. Our resort assets performed particularly well in 2025, and with group room revenue increasing 9% to the prior year period.

排除華盛頓特區市場後，2025 全年團體客房收入較去年同期成長 1.6%。我們的度假型資產在 2025 年表現尤為出色，團體客房收入較去年同期成長 9%。

A standout performer was Renaissance Palm Springs, our second largest group hotel, which delivered a 16.9% increase in group room revenue compared to the prior year period. Proactive prospecting and upselling efforts along with strong partnerships, including visit, Greater Pulp Springs, drove a record year for the group segment at the property.

表現最突出的為 Renaissance Palm Springs（棕櫚泉萬麗酒店），作為我們第二大團體型飯店，其團體客房收入較去年同期成長 16.9%。主動開發客源與加價銷售（upselling）努力，加上與包括 Visit Greater Palm Springs 在內的強力合作夥伴關係，推動該物業團體業務創下紀錄的一年。

Looking ahead to 2026, group demand across the portfolio is gaining momentum with group room revenue pacing ahead 1% in the first quarter of 2026, and 3.3% in the second quarter of 2026 compared to the prior year period.

展望 2026 年，整體投資組合的團體需求正持續增溫：2026 年第一季團體客房收入的預訂進度（pacing）較去年同期領先 1%，第二季較去年同期領先 3.3%。

In addition, full year 2026, group rooms revenue pace has continued to accelerate on a quarter-over-quarter basis. Group ADR is also pacing ahead across all quarters in 2026, compared to the prior year period.

此外，就 2026 全年而言，團體客房收入的預訂進度持續以季對季加速。相較去年同期，2026 年各季度的團體 ADR（平均每日房價）也均呈領先態勢。

We anticipate strong group demand in 2026, supported by a robust pipeline of event-driven opportunities, including the Super Bowl in Santa Clara and a 2026 FIFA World Cup.

我們預期 2026 年團體需求將維持強勁，並受惠於充沛的活動驅動型機會管線，包括在聖塔克拉拉舉辦的超級盃，以及 2026 年 FIFA 世界盃。

The 2026, FIFA World Cup is expected to provide a meaningful boost to host city economies next summer and approximately 42% of our portfolio's room count is located within these markets, positioning us well to benefit from the anticipated increase in demand.

預期 2026 年 FIFA 世界盃將於明年夏天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需求上升所帶來的效益。

Our GRO AHT initiative drove meaningful operational and financial improvements across the portfolio during the full year 2025. As mentioned earlier, full year 2025, hotel EBITDA margin expanded by over 40 basis points compared to the prior year period, supported by disciplined cost controls and strong growth and high-margin ancillary revenues.

我們的 GRO AHT 計畫在 2025 全年為整體投資組合帶來顯著的營運與財務改善。如先前所述，2025 全年飯店 EBITDA 利潤率較去年同期擴張超過 40 個基點，主要受惠於嚴謹的成本控管，以及高成長且高毛利的附屬收入（ancillary revenues）表現強勁。

Close collaboration with our property managers, these initiatives generated approximately $7.7 million of incremental other revenue for the full year compared to the prior year period with other revenue increasing 11.5% on a per occupied room basis.

透過與各物業管理團隊的密切合作，這些措施在全年相較去年同期帶來約 770 萬美元的其他收入增量；以每間已入住客房計算，其他收入成長 11.5%。

GRO AHT is a strategic framework designed to improve hotel EBITDA and overall portfolio profitability through more diversified revenue generation and enhanced operational efficiency.

GRO AHT 是一套策略性框架，旨在透過更為多元化的收入來源與提升營運效率，改善飯店 EBITDA 並提高整體投資組合獲利能力。

In partnership with our largest property manager Remington and our key brand partners, we continue to execute targeted actions across the portfolio, including the rollout of new ancillary revenue streams and improvements in food and beverage profitability.

我們與最大物業管理商 Remington 以及主要品牌合作夥伴攜手，持續在投資組合推動具針對性的行動，包括導入新的附屬收入來源，以及提升餐飲（F&B）獲利能力。

Collectively, these actions help protect performance in a softer demand environment and position the portfolio for continued improvement.

整體而言，這些行動有助於在需求較疲弱的環境中保護營運表現，並使投資組合具備持續改善的有利位置。

During the fourth quarter, our recent hotel opening delivered strong results in the portfolio, underscoring the value created through disciplined capital investment and strategic brand positioning.

在第四季，我們近期新開幕的飯店為投資組合帶來強勁成果，凸顯透過嚴謹的資本投資與策略性的品牌定位所創造的價值。

Law Meridian Fort Worth Downtown, which opened in August 2024 as a newly redeveloped premium boutique hotel in the heart of Downtown completed its first full quarter with the comparable prior year period in the fourth quarter.

位於市中心核心地段的 Law Meridian Fort Worth Downtown 於 2024 年 8 月開幕，作為新近改造的高端精品飯店；在第四季完成了其第一個可與去年同期相比的完整季度。

The property benefited from a significantly improved group mix, which established a strong base of demand and resulted in group room revenue growth of 201.2% compared to the prior year period. This base layer of demand provided the opportunity to push rate in our direct booking channels.

該物業受惠於顯著改善的團體客源結構（group mix），建立了穩固的需求基礎，使團體客房收入較去年同期成長 201.2%。這一層基礎需求也讓我們得以在直訂渠道推升房價。

Additionally, we are seeing increased revenue from its food and beverage outlets, including a signature rooftop lounge, which continues to gain traction as a local destination.

此外，我們也看到其餐飲據點收入增加，包括一間招牌屋頂酒廊，作為在地目的地持續累積人氣。

Food and beverage revenue grew 59.4% in the fourth quarter compared to the prior year period and contributed to a 48.3% increase in total revenue compared to the prior year period.

第四季餐飲收入較去年同期成長 59.4%，並帶動總收入較去年同期增加 48.3%。

These results underscore the strong ramp trajectory of the asset as it continues to progress towards stabilization.

這些成果凸顯該資產強勁的爬坡（ramp）軌跡，並持續朝向穩定化（stabilization）推進。

Moving on to capital expenditures. In 2025, we completed guest room renovations at Courtyard Bloomington and Embassy Suites West Palm Beach, along with public space enhancements at Hilton Garden in Austin and Hampton and Evansville.

接下來談資本支出。2025 年，我們完成了 Courtyard Bloomington 與 Embassy Suites West Palm Beach 的客房翻新，並對 Austin 的 Hilton Garden 以及 Evansville 的 Hampton 的公共空間進行升級。

We also commenced a public space renovation at Westin Princeton in the fourth quarter to further enhance the property's competitive positioning. Additionally, I'd like to highlight upcoming brand conversions at two properties Sheraton Mission Valley and Sheraton Acreage, which are expected to convert to Hyatt Regency Hotels.

我們也在第四季啟動 Westin Princeton 的公共空間翻新，以進一步提升該物業的競爭定位。此外，我也想強調兩家物業即將進行品牌轉換：Sheraton Mission Valley 與 Sheraton Acreage，預計將轉換為 Hyatt Regency Hotels。

Across these three projects, we expect to invest over $70 million and both conversions are intended to benefit from high sales, distribution and loyalty platforms.

在這三個專案中，我們預計投資超過 7,000 萬美元；兩項品牌轉換皆旨在受惠於強大的銷售、分銷與會員忠誠平台。

In total for the portfolio, we invested approximately $71 million on capital expenditures in 2025 for 2026, we anticipate spending between million and $110 million on capital expenditures.

就整體投資組合而言，我們於 2025 年資本支出約 7,100 萬美元；至於 2026 年，我們預期資本支出將介於 百萬美元至 1.10 億美元之間。

In summary, our GRO AHT initiatives are delivering meaningful hotel EBITDA growth, underscored by a disciplined and targeted capital investment strategy. We remain optimistic about the outlook of this portfolio. This concludes today's call. Thank you for joining.

總結而言，我們的 GRO AHT 計畫正帶來具意義的飯店 EBITDA 成長，並由嚴謹且聚焦的資本投資策略所支撐。我們對此投資組合的前景仍保持樂觀。今天的電話會議到此結束。感謝各位參與。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating. You may now disconnect your lines.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。