Apple Hospitality REIT Inc (APLE) 2016 Q4 法說會逐字稿

Greetings, and welcome to Apple Hospitality REIT fourth-quarter and full-year 2016 earnings call.

您好，歡迎參加 Apple Hospitality REIT 2016 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kelly Clarke, Vice President of Investor Relations. Please begin, Miss Clarke.

提醒一下，本次會議正在錄製中。 現在，我想將會議交給主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。 請開始，克拉克小姐。

Thank you. Good morning, and welcome to Apple Hospitality REIT's fourth-quarter and full-year 2016 earnings call, on this, February 28, 2017. Today's call will be based on the fourth-quarter and full-year 2016 earnings release which was distributed yesterday afternoon.

謝謝。 早安，歡迎參加 Apple Hospitality REIT 於 2017 年 2 月 28 日舉行的 2016 年第四季和全年財報電話會議。今天的電話會議將基於昨天下午發布的 2016 年第四季和全年財報。

I would like to remind everyone that today's call will contain forward-looking statements as defined by Federal Securities Laws, including statements regarding future operating results. These statements involve known and unknown risks and other factors which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

我想提醒大家，今天的電話會議將包含聯邦證券法定義的前瞻性陳述，包括有關未來營運績效的陳述。 這些聲明涉及已知和未知的風險和其他因素，可能導致 Apple Hospitality 的實際結果、業績或成就與此類前瞻性聲明表達或暗示的未來結果、業績或成就有重大差異。

Participants should carefully review our financial statement and the notes thereto as well as the risk factors described in Apple Hospitality's 2016 Form 10-K and other filings with the SEC. Any forward-looking statement that Apple Hospitality makes speaks only as of today, and the Company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

參與者應仔細審查我們的財務報表及其附註以及 Apple Hospitality 2016 年 10-K 表格和向美國證券交易委員會提交的其他文件中所述的風險因素。 Apple Hospitality 所做的任何前瞻性聲明僅代表今日的觀點，除非法律要求，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, certain non-GAAP measures of performance such as EBITDA, adjusted EBITDA, FFO and modified FFO will be discussed during this call. We encourage participants to review reconciliations of those measures to GAAP measures as included in yesterday's earnings release and other filings with the SEC. For a copy of the earnings release or additional information about the Company, please visit AppleHospitalityREIT.com.

此外，本次電話會議也將討論某些非 GAAP 績效指標，例如 EBITDA、調整後的 EBITDA、FFO 和修改後的 FFO。 我們鼓勵參與者審查昨天的收益報告和向美國證券交易委員會提交的其他文件中包含的這些指標與 GAAP 指標的對帳。 如需查看收益報告副本或有關該公司的更多信息，請訪問 AppleHospitalityREIT.com。

This morning, Justin Knight, our President and Chief Executive Officer; Krissy Gathright, our Chief Operating Officer; and Bryan Peery, our Chief Financial Officer, will provide an overview of our results for the fourth quarter and full year of 2016 and an outlook for the sector and for the Company. Following the overview, we will have a question-and-answer session. It is now my pleasure to turn the call over to Justin.

今天上午，我們的總裁兼執行長賈斯汀奈特 (Justin Knight)； Krissy Gathright，我們的營運長；我們的財務長 Bryan Peery 將概述我們 2016 年第四季和全年的業績以及行業和公司的前景。 概述之後，我們將進行問答環節。 現在我很高興將電話轉給賈斯汀。

Thank you, Kelly. Good morning, and welcome to Apple Hospitality REIT's fourth-quarter and full-year 2016 earnings call.

謝謝你，凱利。 早安，歡迎參加 Apple Hospitality REIT 2016 年第四季和全年財報電話會議。

During the fourth quarter, our portfolio of hotels increased comparable RevPAR by 1.8%, bringing comparable hotels RevPAR growth to 2.7% for the year. Continued top-line growth enabled us to realize comparable hotels EBITDA growth of 3.5%, and adjusted EBITDA growth of 17.6% for the full year. Consistent with our expectations and in line with our 2016 guidance.

第四季度，我們旗下飯店可比 RevPAR 成長了 1.8%，全年可比飯店 RevPAR 增加 2.7%。 持續的營收成長使我們實現了可比飯店 EBITDA 成長 3.5%，全年調整後 EBITDA 成長 17.6%。 與我們的預期一致，也符合我們 2016 年的指導。

Broad economic indicators posted modest gains in 2016, unemployment continued to decline, GDP growth showed some growth. Consumer spending continued to increase, and general consumer sentiment remained relatively positive. However, the latter half of the year was colored by both domestic and international uncertainties, which combined with increasing supply growth resulted in moderating top-line movement as we ended out the year.

2016年總體經濟指標小幅上漲，失業率持續下降，GDP成長率回升。 居民消費支出持續增加，整體消費信心保持相對樂觀。 然而，下半年受到國內和國際不確定性的影響，加上供應量增加，導致我們在年底時營收成長放緩。

In 2016, we dramatically expanded our Company through a merger with Apple REIT Ten, which added 56 hotels and 12 markets to our portfolio. The transaction involved the issuance of 49 million shares, and grew our equity market cap by 28%, while maintaining the strength of our balance sheet.

2016 年，我們透過與 Apple REIT Ten 合併大幅擴張了公司規模，為我們的投資組合增加了 56 家酒店和 12 個市場。 此次交易涉及發行 4,900 萬股股票，使我們的股票市值增長了 28%，同時保持了我們資產負債表的強勁。

We also added a 128-room Home2 Suites by Hilton Hotel in downtown Atlanta, Georgia, and earlier this month added a 124-room Courtyard by Marriott in the historic Stockyards just outside of downtown Fort Worth, Texas. Each of these hotels was acquired at opening, and adds to our strategic mix of high-quality, relatively young select service and extended-stay hotels.

我們還在喬治亞州亞特蘭大市中心增設了一家擁有 128 間客房的希爾頓欣庭套房酒店，並於本月初在德克薩斯州沃斯堡市中心外歷史悠久的牲畜飼養場增設了一家擁有 124 間客房的萬怡酒店。 這些酒店都是在開業時收購的，增強了我們高品質、相對年輕的精選服務和長住酒店的策略組合。

In order to further refine our portfolio, we sold the 226-room full-service Marriott Hotel in Chesapeake, Virginia, in December of 2016, and we entered into a contract for the sale of our full-service Hilton in Dallas, Texas. These transactions enhanced the value of our overall portfolio by increasing our geographic diversification, exposing the portfolio to a broader set of demand generators. And perhaps most importantly, focusing our efforts around our core product type where we benefit from extensive experience, a wealth of benchmarking data and economies of scale which drive both G&A and operational efficiencies.

為了進一步完善我們的投資組合，我們於 2016 年 12 月出售了位於弗吉尼亞州切薩皮克的擁有 226 間客房的全方位服務萬豪酒店，並簽訂了出售位於德克薩斯州達拉斯的全方位服務希爾頓酒店的合約。 這些交易提高了我們的地理多樣化，使投資組合接觸到更廣泛的需求來源，從而提高了我們整體投資組合的價值。 或許最重要的是，我們將努力集中在核心產品類型上，從中我們受益匪淺，擁有豐富的經驗、大量的基準數據和規模經濟，從而推動了 G&A 和營運效率的提高。

During the past year, we also invested approximately $63 million in renovations and property improvements, with major renovations at 28 of our hotels. This reinvestment in our existing portfolio enables us to maintain the competitive strength and relevance of our hotels in their individual markets.

在過去的一年裡，我們還投資了約 6,300 萬美元用於翻修和物業改善，其中 28 家酒店進行了大規模翻修。 對現有投資組合的再投資使我們能夠保持酒店在各自市場的競爭實力和相關性。

Renovations are carefully timed and effectively managed to minimize disruption. And while we utilize our scale to drive down total renovation costs, the scope of each renovation is tailored to the specific needs of the asset and its competitive position within a market.

裝修工程的時間安排經過精心設計，管理也十分有效，以最大程度地減少對環境的影響。 雖然我們利用規模來降低整體改造成本，但每次改造的範圍都是根據資產的具體需求及其在市場中的競爭地位量身定制的。

With an average effective age of four years across our portfolio, we believe our hotels are well-positioned to remain competitive within their local markets and maintain or grow market share despite an increase in competing hotel inventory. While much of the new supply currently under construction continues to be focused around a finite number of major markets, an increasing number of our hotels face competition from construction projects likely to open within the next 18 months. During the fourth quarter, just over 60% of our hotels had one or more upper mid-scale, upscale, our upper upscale projects under construction within a 5-mile radius.

我們酒店組合的平均有效年限為四年，我們相信，儘管競爭酒店庫存增加，但我們仍處於有利地位，能夠在當地市場保持競爭力，並維持或增加市場份額。 雖然目前正在建設的大部分新酒店供應仍然集中在有限數量的主要市場，但越來越多的酒店面臨著可能在未來 18 個月內開業的建設項目的競爭。 在第四季度，我們超過 60% 的酒店在 5 英里半徑範圍內擁有一個或多個中高檔、高檔和超高檔項目正在建設中。

As we enter 2017, we see meaningful increase in general economic optimism. Improving oil and gas prices bring the possibility for some strengthening in energy-dependent markets, which has struggled for some time now, and measures of CEO confidence have significantly improved. These two factors combined with continued consumer confidence and low unemployment bode well for our industry in the near term.

進入2017年，我們看到總體經濟樂觀情緒顯著提升。 石油和天然氣價格上漲為能源依賴型市場帶來了一些加強的可能性，這些市場已經掙扎了一段時間，而執行長信心指標也顯著改善。 這兩個因素加上持續的消費者信心和低失業率，預示著我們行業近期將呈現良好勢頭。

We are optimistic that proposed government actions on infrastructure, taxes, and general regulations, which many cite as reasons for shifting sentiment, could create an environment for reacceleration in the US economic growth. However, government under any administration tends to move slowly and we do not anticipate significant positive impact for our industry in the near term.

我們樂觀地認為，政府在基礎設施、稅收和一般法規方面擬採取的行動（許多人認為這些是市場情緒轉變的原因）可能為美國經濟成長重新加速創造環境。 然而，在任何政府的領導下，政府的行動往往都很緩慢，我們預計短期內不會對我們的產業產生重大的正面影響。

Given current supply and demand dynamics for our markets, we currently expect comparable hotels RevPAR growth of between 0% and 2% for the full year 2017. We anticipate that this will allow us to generate comparable hotels adjusted EBITDA margin of 37.3% to 38.3%, and adjusted EBITDA of $430 million to $450 million. It's worth noting that these projections are based on current market dynamics, and do not include any upside from potential economic acceleration and resulting demand increases in the back half of the year.

鑑於目前市場供需動態，我們目前預計 2017 年全年可比飯店 RevPAR 成長率將介於 0% 至 2% 之間。我們預計，這將使我們可比飯店調整後的 EBITDA 利潤率達到 37.3% 至 38.3%，調整後的 EBITDA 達到 4.3 億至 4.5 億美元。 值得注意的是，這些預測是基於當前的市場動態，並未包括下半年潛在的經濟加速和由此帶來的需求成長所帶來的任何好處。

While the near-term economic future for the country is not entirely certain, we are fortunate to have positioned ourselves to take advantage of a variety of potential scenarios in ways that will continue to enhance value for our shareholders. With leverage at 3 times adjusted EBITDA, we have one of the strongest balance sheets in the industry. As we have highlighted in past calls, our balance sheet provides us with stability during periods of uncertainty, while also enabling us to act quickly on opportunities to create value by purchasing shares when appropriate or pursuing accretive acquisitions.

雖然該國近期的經濟前景尚不完全確定，但我們很幸運能夠利用各種潛在情景，繼續為股東創造價值。 我們的槓桿率達到調整後 EBITDA 的 3 倍，是業界資產負債表最強勁的之一。 正如我們在過去的電話會議中所強調的那樣，我們的資產負債表為我們在不確定時期提供了穩定性，同時也使我們能夠透過在適當的時候購買股票或進行增值收購來迅速抓住創造價值的機會。

We also have a shelf registration statement in place which provides us a mechanism to efficiently issue shares when market conditions are appropriate. And use proceeds to further enhance the strength of our balance sheet in anticipation of future opportunities or to pursue individual asset transactions. Given the size of our targeted assets, we believe it is possible for us to match capital raised with deal activity in ways which will enable us to clearly demonstrate the value generated as a result of those transactions.

我們也制定了擱置註冊聲明，為我們提供了在市場條件適當時有效發行股票的機制。 並利用收益進一步增強我們的資產負債表實力，以期把握未來的機會或進行個別資產交易。 鑑於我們目標資產的規模，我們相信我們能夠將籌集的資金與交易活動相匹配，從而讓我們能夠清楚地展示這些交易所產生的價值。

We continue to have Board authorization for up to approximately $465 million in share buybacks. Providing us optionality should shares trade at a level that makes the purchase of our own shares significantly more attractive than opportunities available in the private market. Our clear simple strategy is designed to mitigate volatility and maximize risk-adjusted returns for our shareholders over time.

我們繼續獲得董事會授權，回購金額最高約 4.65 億美元。 為我們提供選擇權，股票交易水準應該使得我們購買自己的股票比私人市場上的機會更具吸引力。 我們清晰簡單的策略旨在減輕波動性並最大化股東的長期風險調整回報。

Broad geographic diversification enhanced by our significant scale exposes our portfolio to a variety of demand generators and inflates us from regional shifts in supply or demand. Investment in upscale rooms-focused product within the Hilton and Marriott brand families enables us to generate higher margins, which drive profitability in good times and limit downside risk during periods of economic difficulty. Scale and focus enables us to utilize robust benchmarking data to drive operating results at the property level and operating efficiencies at the corporate level.

我們龐大的規模增強了廣泛的地理多樣化，使我們的投資組合能夠接觸到各種需求來源，並使我們因供應或需求的區域變化而膨脹。 希爾頓和萬豪品牌系列中以高檔客房為中心的產品的投資使我們能夠產生更高的利潤率，從而在經濟繁榮時期提高盈利能力，並在經濟困難時期限制下行風險。 規模和專注使我們能夠利用強大的基準數據來推動物業層面的營運績效和公司層面的營運效率。

And our Management Team's extensive experience with these brands and this product type over multiple economic cycles informs our decision making for our acquisitions, dispositions, and reinvestment in our hotels. It is now my pleasure to turn the call over to Krissy who will provide additional detail regarding performance across our markets and the industry overall.

我們的管理團隊在多個經濟週期中對這些品牌和此類產品擁有豐富的經驗，為我們收購、處置和再投資酒店做出決策提供了參考。 現在我很高興將電話轉給 Krissy，她將提供有關我們整個市場和整個行業表現的更多詳細資訊。

Thank you, Justin. Comparable RevPAR improved from 1.5% growth in the third quarter to 1.8% in the fourth quarter. Consistent with the third quarter, transient room nights decreased 30 basis points, and transient rate grew approximately 1%.

謝謝你，賈斯汀。 可比 RevPAR 成長率從第三季的 1.5% 提高到第四季的 1.8%。 與第三季一致，短期間夜數下降了30個基點，短期利率成長了約1%。

Group production was stronger in the fourth quarter, with an 8% increase in room nights and approximately a 2% increase in rate year over year. Our group room night mix increased from 13% to 14%, as leisure-related group bookings remained strong and our management companies have targeted additional group base in reaction to modest growth in business transient demand.

第四季集團業績表現更為強勁，客房間夜數年增 8%，房價年增約 2%。 我們的團體客房夜數組合從 13% 增長至 14%，因為休閒相關的團體預訂依然強勁，而且我們的管理公司已瞄準額外的團體基礎以應對商務臨時需求的適度增長。

As for channel mix, we were encouraged to see that the fourth-quarter bookings were again stronger for brand.com than they were for online travel agents. Property direct bookings continued to decline as more guests are using digital channels to book. GDS business was down slightly, which is consistent with a slower business travel trend.

至於通路組合，我們很高興地看到，第四季度 brand.com 的預訂量再次高於線上旅行社的預訂量。 由於越來越多的客人使用數位管道預訂，飯店直接預訂量持續下降。 GDS業務略有下滑，與商務旅行放緩的趨勢一致。

We continue to see wide variability of performance throughout our geographically diversified portfolio. Considering that only one of our star markets, Los Angeles, had an EBITDA contribution greater than 5% in the quarter and for the year, we would consider the upscale industry average to be a good benchmark for our portfolio performance. Our results were slightly favorable to the industry RevPAR growth statistics for the upscale category of 1.2% for the quarter and 2.1% for the year.

我們繼續看到，我們地域多元化投資組合的表現有很大差異。 考慮到我們的明星市場之一洛杉磯在本季度和全年的 EBITDA 貢獻率超過 5%，我們認為高端行業平均值是我們投資組合表現的良好基準。 我們的業績略優於業界平均每間可用客房收入 (RevPAR) 成長統計數據，高檔飯店本季成長 1.2%，全年成長 2.1%。

Looking ahead to 2017, we face a tough comp year over year in the Los Angeles market, as business associated with the Porter Ranch gas leak lead to outsized growth in the first half of 2016. However, we are pleased to see that the additional markets we added from the Apple Ten portfolio are helping to offset some of this loss. Although growth in business transient demand continues to be modest, we are working closely with our Management Teams to ensure that we're well positioned to capitalize on an uptick in demand should some of the positive macro trends Justin mentioned translate into stronger business travel.

展望 2017 年，我們在洛杉磯市場面臨著同比嚴峻的挑戰，因為與波特牧場天然氣洩漏相關的業務導致 2016 年上半年出現了超額成長。然而，我們很高興地看到，從 Apple Ten 產品組合中新增的市場正在幫助抵消部分損失。 儘管商務臨時需求的成長仍然溫和，但我們正在與管理團隊密切合作，以確保如果賈斯汀提到的一些積極的宏觀趨勢轉化為更強勁的商務旅行，我們就能充分利用需求的成長。

Turning to profitability. Adjusted hotel EBITDA margin declined 20 basis points for the quarter and the year, but remained strong at 35% and 38% respectively. Excluding the $1.8 million settlement proceeds we received related to the 2010 BP oil spill and the $1.8 million impact of retail tenant turnover at our New York City hotel in 2015, we would've seen a slight increase in adjusted hotel EBITDA margin for the year.

轉向盈利能力。 調整後飯店 EBITDA 利潤率本季和年度下降了 20 個基點，但仍保持強勁，分別達到 35% 和 38%。 除去我們收到的與 2010 年 BP 漏油事件相關的 180 萬美元和解金以及 2015 年紐約市酒店零售租戶營業額 180 萬美元的影響，我們今年的調整後酒店 EBITDA 利潤率將略有增加。

Payroll expenses rose 3% for the quarter and the year, and we anticipate a similar increase in 2017. We benefited from lower utility costs in 2016, and we have factored in a moderate increase in our 2017 guidance as well as a mid-single-digit increase in real estate taxes.

本季和全年的薪資支出上漲了 3%，我們預計 2017 年也會出現類似的成長。 2016 年我們受益於公用事業成本的降低，並且我們已經將 2017 年指引中的適度增長以及房地產稅的中等個位數增長考慮在內。

Our data-driven asset Management Team is working diligently on minimizing margin loss in a low revenue growth environment. By identifying opportunities through detailed benchmarking, vendor contract renegotiation, implementation of new labor management tracking tools and other projects.

我們的數據驅動資產管理團隊正在努力在低收入成長環境中最大限度地減少保證金損失。 透過詳細的基準測試、供應商合約重新談判、實施新的勞動力管理追蹤工具和其他項目來識別機會。

Finally, we believe our unique management contract terms, which align management Company compensation more closely with operating performance, helps us maintain one of the strongest margins in the industry. We were very pleased with the results in the first year of these contracts. Although more hotels missed the budget operating profit target than did so in the prior year due to softer RevPAR growth than anticipated, more hotels met the target flex flow metrics by achieving a minimum savings on negative budget variances and maximizing flow of positive budget variances.

最後，我們相信，我們獨特的管理合約條款，使管理公司薪酬與經營業績更加緊密地結合起來，有助於我們保持業內最強勁的利潤率之一。 我們對這些合約第一年的結果非常滿意。 儘管由於 RevPAR 成長低於預期，未能實現預算營業利潤目標的酒店數量比上一年有所減少，但更多酒店透過實現負預算差異的最低節省和正預算差異的最大化，達到了目標彈性流量指標。

In 2017, we moved two additional managers to the new form and now have almost 80% of our contracts on this new form. I will now turn the call over to Bryan to provide additional detail on our financial results.

2017 年，我們又將兩位經理移轉到新表格，現在我們幾乎 80% 的合約都採用這種新表格。 現在我將把電話轉給布萊恩，讓他提供更多關於我們財務表現的細節。

Thanks, Krissy, and good morning. As both Justin and Krissy highlighted, growth across our portfolio and the industry is moderated. To summarize a few numbers, with the addition of 57 hotels during the year, we increased adjusted EBITDA to $95 million during the fourth quarter and $378 million for the full year. Modified FFO per share grew to $0.37 for the fourth quarter and $1.76 for the year, representing growth of 6% for the fourth quarter and almost 11% for 2016 compared to 2015.

謝謝，克麗西，早安。 正如賈斯汀和克莉絲所強調的，我們的投資組合和整個產業的成長都放緩了。 總結幾個數字，隨著年內新增 57 家飯店，我們在第四季將調整後的 EBITDA 提高至 9,500 萬美元，全年則提高至 3.78 億美元。 第四季每股調整後 FFO 成長至 0.37 美元，全年成長至 1.76 美元，與 2015 年相比，第四季成長 6%，2016 年成長近 11%。

Although as Krissy discussed, adjusted hotel EBITDA margins were down year over year during the quarter and for the year, adjusted EBITDA margins improved 90 basis points and 50 basis points, respectively, due primarily to the structure of our corporate incentive compensation plan. The Company's Senior Management annual performance incentive plan is based 50% on shareholder return metrics and 50% on operational metrics.

儘管正如 Krissy 所討論的，本季度和全年調整後的酒店 EBITDA 利潤率同比下降，但調整後的 EBITDA 利潤率分別提高了 90 個基點和 50 個基點，這主要歸功於我們企業激勵薪酬計劃的結構。 公司高階主管年度績效激勵計畫50%基於股東回報指標，50%基於營運指標。

These metrics were not met at the same levels as 2015, therefore G&A costs were down for the fourth quarter compared to the same period last year by approximately 80 basis points and down 50 basis points as a percentage of revenue for the full year of 2016 compared to 2015. With 2016 total G&A costs representing 1.6% of total revenue and on a pro forma basis including Apple Ten's historic G&A costs, 38 basis points of total market cap.

這些指標未達到 2015 年的水平，因此第四季度的 G&A 成本與去年同期相比下降了約 80 個基點，與 2015 年相比，2016 年全年的收入百分比下降了 50 個基點。 2016 年總 G&A 成本佔總營收的 1.6%，以備考基礎計算，包括 Apple Ten 的歷史 G&A 成本，佔總市值的 38 個基點。

At the end of 2016, the Company had approximately $1.3 billion of outstanding debt with a current combined weighted average interest rate of 3.4% for 2017. Excluding debt issuance costs and fair value adjustments on acquired debt, our debt is comprised of $494 million in property level debt and $845 million outstanding on our $1.1 billion of unsecured credit facilities.

截至 2016 年底，本公司未償還債務約 13 億美元，2017 年目前綜合加權平均利率為 3.4%。不包括債務發行成本和所收購債務的公平價值調整，我們的債務包括 4.94 億美元的房地產層面債務和 11 億美元無擔保信貸額度中的 8.45 億美元未償還債務。

As Justin mentioned, during December, we completed the sale of the Chesapeake Marriott for a total of $10 million. And are under contract to sell the Dallas Hilton for $56 million, with proceeds net of debt to be assumed by the buyer under the Dallas contract estimated to be $28 million to $29 million.

正如賈斯汀所提到的，12 月，我們以總價 1000 萬美元完成了切薩皮克萬豪酒店的出售。 並簽訂了以 5600 萬美元的價格出售達拉斯希爾頓酒店的合同，根據達拉斯合同，買方應承擔的債務淨額估計為 2800 萬至 2900 萬美元。

In September, the Company established a written trading plan that provides for share repurchases. The plan is intended to comply with Rule 10b5-1 of the Securities Exchange Act. Under the plan, during the fourth quarter, the Company repurchased 400,000 shares at an average price of $17.71. Our Board of Directors continually monitors the plan in relation to market conditions, and may suspend or terminate the plan at any time.

9月，公司製定了有關股票回購的書面交易計畫。 該計劃旨在遵守《證券交易法》第 10b5-1 條的規定。 根據該計劃，該公司在第四季以平均 17.71 美元的價格回購了 40 萬股。 我們的董事會將根據市場狀況持續監控該計劃，並可能隨時暫停或終止該計劃。

Also during the fourth quarter, the Company paid distributions of $0.30 per share. Our Board of Directors has authorized a regular monthly cash distribution of $0.10 per common share. The annualized $1.20 per common share represents an annual 5.9% yield based on our February 24 closing price of $20.19.

此外，在第四季度，該公司支付了每股 0.30 美元的分配。 我們的董事會已授權每月定期分配每股 0.10 美元的現金。 根據我們 2 月 24 日 20.19 美元的收盤價計算，每股普通股年化收益 1.20 美元，相當於年收益率 5.9%。

On a non-financial note, I wanted to highlight that our Board of Directors has once again recommended three corporate governance proposals to be considered by shareholders at our 2017 annual meeting. These proposals were voted on but not approved at our 2016 annual meeting, and include changes to our charter to, one, destagger our Board such that as the current Board members terms expire, our newly elected Board member's terms would be one year.

從非財務角度來看，我想強調的是，我們的董事會再次推薦了三項公司治理提案，供股東在 2017 年年度會議上審議。 這些提案已在我們的 2016 年年度會議上進行表決但未獲批准，其中包括對我們的章程進行修改，第一，取消董事會任期交錯，這樣當現任董事會成員的任期屆滿時，我們新當選的董事會成員的任期將為一年。

Two, to opt out of certain provisions of the Virginia Stock Corporation Act that among other things require a vote of two-thirds of disinterested shareholders to approve certain transactions that involve sale of the Company or similar events. By opting out, a majority vote of all shareholders would be required for these transactions. And three, provide for a majority vote on all amendments to our charter.

二、選擇不遵守《維吉尼亞州股份公司法》的某些條款，這些條款除其他外要求三分之二的無利害關係股東投票批准涉及出售公司或類似事件的某些交易。 透過選擇退出，這些交易需要全體股東的多數票才能通過。 第三，規定我們章程的所有修正案都必須經過多數票表決。

Thank you for joining us this morning. Despite a more moderate growth environment in 2016, we continued to execute against our core strategy and were able to implement a variety of strategic initiatives that we believe will enhance shareholder value over the long term.

感謝您今天上午加入我們。 儘管 2016 年的成長環境較為溫和，但我們仍繼續執行核心策略，並實施了各種策略舉措，我們相信這些舉措將長期提升股東價值。

As we begin 2017, we continue to see opportunity in overall domestic travel and we remain confident in the fundamentals of our hospitality platform. We will now open the call up for questions.

2017年開始，我們繼續看到國內旅遊業整體發展的機遇，並且我們對我們的酒店平台的基本面仍然充滿信心。 我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Ryan Meliker, Canaccord Genuity.

Canaccord Genuity 的 Ryan Meliker。

I just had a couple things I was hoping to get some color on from you. As it relates to guidance, I fully understand the idea of taking a bit of a conservative approach in terms of not building in any macroeconomic acceleration.

我只是想從您那裡得到一些資訊。 就指導而言，我完全理解採取稍微保守的方法，不引入任何宏觀經濟加速的想法。

And I appreciated the color on Los Angeles with the Porter Ranch gas leak comps. I'm wondering if you can walk through some of your other larger markets, Houston, et cetera, and give us an idea of what you are expecting from a RevPAR growth acceleration or deceleration level in 2017 from 2016? Thanks.

我很欣賞波特牧場瓦斯洩漏照片所呈現的洛杉磯色彩。 我想知道您是否可以介紹一下其他一些較大的市場，休士頓等，並讓我們了解一下您對 2017 年 RevPAR 成長加速或減速水準與 2016 年相比的預期？ 謝謝。

Good morning, Ryan. Houston, actually we do expect that Houston would still be negative year over year, and we did get a nice benefit from the Super Bowl in February. But beyond that, we are still seeing softness in that market as well as the other energy markets.

早安，瑞安。 休士頓，實際上我們確實預期休士頓的年比收入仍將為負值，而我們確實從二月的超級盃中獲得了不錯的收益。 但除此之外，我們仍然看到該市場以及其他能源市場的疲軟。

One thing that could be a little bit encouraging but it's not built into our numbers yet because we haven't seen it in the future bookings. But we have heard from our teams, our property teams, that there both in Houston, Houston as well as Lafayette, Louisiana, some in Mobile and Oklahoma City that there has been some pickup in inquiries from the energy from the oil and gas companies.

有一件事可能會令人鼓舞，但它還沒有計入我們的數據中，因為我們還沒有在未來的預訂中看到它。 但我們從我們的團隊、我們的房地產團隊那裡聽說，無論是在休士頓，還是在路易斯安那州的拉斐特，在莫比爾和俄克拉荷馬城，來自石油和天然氣公司的能源諮詢都有所增加。

But moving forward, we still expect Houston to be negative. We are hopeful that pick up translates into softening or an offset of some of the pain in the second part of the year.

但展望未來，我們仍預期休士頓的表現將呈現負面。 我們希望，這種回暖能夠轉化為下半年經濟情勢的緩和或部分緩解。

In terms of other markets, we still expect to Phoenix to be strong. There's quite a bit of project business in the Happy Valley markets related to the hospital, strong leisure demand. Chandler recently, although there is new supply coming into that market, it was recently announced that Intel is investing $7 billion to finish a factory that's located conveniently next to our properties. So we expect -- they are expecting to bring in 3,000 jobs, so in the second half of the year we expect that to help us there.

就其他市場而言，我們仍然預期菲尼克斯市場將會表現強勁。 跑馬地市場有不少與醫院相關的專案生意，休閒需求旺盛。 錢德勒最近，儘管有新的供應進入該市場，但最近有消息稱英特爾將投資 70 億美元來建造一座位於我們物業旁的工廠。 因此我們預計——他們預計將帶來 3,000 個就業崗位，因此我們預計下半年這將對我們有所幫助。

In terms of other industries, eCommerce, strong eCommerce business both from Amazon and Walmart is driving solid numbers in Seattle as well as Rogers which is near the Walmart location. San Diego we expect to continue to be strong, strong citywide production. Downtown, even though there is new supply, we still have a good leisure base and border patrol business.

在其他行業方面，電子商務，亞馬遜和沃爾瑪強大的電子商務業務正在推動西雅圖以及沃爾瑪附近的羅傑斯的穩健成長。 我們預計聖地牙哥將繼續保持強勁的全市生產動能。 市中心，儘管有新的供應，我們仍然擁有良好的休閒基地和邊境巡邏業務。

Knoxville is a market that actually underperformed last year in Apple Ten, but we are seeing pick up in automotive supplier business as well as sports business related to the college and there's a software project at the hospital. Other markets, Miami, we expect to continue to be soft, and Denver is a market that especially where Highlands Ranch properties are there is new supply there and so we expect that to be soft.

諾克斯維爾市場在去年的 Apple Ten 中實際上表現不佳，但我們看到汽車供應商業務以及與學院相關的體育業務正在回暖，醫院還有一個軟體專案。 其他市場，邁阿密，我們預計將繼續疲軟，丹佛是一個市場，特別是高地牧場的房產有新的供應，所以我們預計那裡會很疲軟。

Dallas, downtown primarily, the year-over-year convention calendar is a little bit softer and there is some new supply picking up there. Austin, the demand is still very strong in Austin, but we have been impacted by supply. So the downtown market supply which is driving less compression and as well as supply around our immediate properties. That is offset a little bit by Dell and the Dell EMC merger, so our Round Rock properties are outperforming our other Austin properties.

達拉斯，主要是市中心，與去年同期相比，會議日程稍微少了一些，而且那裡有一些新的供應。 奧斯汀，奧斯汀的需求仍然非常強勁，但我們受到了供應的影響。 因此，市中心市場供應的壓縮程度較小，我們週邊房產的供應也是如此。 戴爾和戴爾 EMC 合併稍微抵消了這一影響，因此我們的 Round Rock 物業表現優於我們在奧斯汀的其他物業。

Boston is another market where we with additional supply and a little bit of softness in demand, we expect that one to be a little challenged. And then again, I mentioned in my comments, Porter Ranch is -- we expect those LA markets to be strong with leisure and solid entertainment business. But the rates that we were able to drive last year with the additional business is going to make that comp a little bit challenging.

波士頓是另一個供應量較大、需求略微疲軟的市場，我們預期市場將面臨一些挑戰。 然後，我再次在評論中提到，波特牧場——我們預計洛杉磯市場將憑藉休閒和穩固的娛樂業務而表現強勁。 但去年我們透過增加業務而獲得的利潤率將使這場競爭變得有些困難。

That's really good color, thanks, Krissy. That makes a lot of sense. And from what you just highlighted, it sounds like the Houston Super Bowl isn't really having a big tailwind in the first quarter, and that sounds like it's partly because of the Porter Ranch comp but also because you guys had the Super Bowl in the Bay Area last year. Is that fair?

顏色真的很好，謝謝，克莉絲。 這很有道理。 從您剛才強調的內容來看，休士頓超級盃在第一季似乎並沒有太大的順風，這聽起來部分是因為波特牧場的競爭，但也因為你們去年在灣區舉辦了超級盃。 這樣公平嗎？

Yes, we had the Super Bowl, we benefited from the San Jose in our San Jose property from the Super Bowl last year. And where our locations of our hotels were in Houston, we weren't able to drive as much rate growth as if we were located right next to where the Super Bowl was (multiple speakers).

是的，我們舉辦了超級碗，去年超級碗期間，我們在聖荷西的物業也受益匪淺。 而且，由於我們的飯店位於休士頓，我們無法像位於超級盃比賽場地旁的飯店那樣帶來如此高的房價成長（多位發言人）。

Okay, that's great. Good, thank you. Then one last question with regards to margins. You guys are guiding to RevPAR growth to 0% to 2% and margins at the high end of that range or flat.

好的，太好了。 好的，謝謝。 最後一個問題與利潤有關。 你們預計 RevPAR 成長率為 0% 至 2%，利潤率將處於該範圍的高端或持平。

But this year, you guys did RevPAR growth almost at 3% and margins were down 20 basis points. Can you walk us through what gives you confidence that you are going to be able to even add RevPAR growth that's 70 basis points lower than this year you generate margin -- be able to hold margins as opposed to seeing continued deceleration?

但今年，你們的 RevPAR 成長率接近 3%，但利潤率卻下降了 20 個基點。 您能否向我們解釋一下，是什麼讓您有信心能夠實現甚至比今年利潤率低 70 個基點的 RevPAR 成長，能夠保持利潤率而不是持續減速？

One of the things that I mentioned in my comments earlier is that we did have some one-time payouts that we had relative to the BP oil spill in 2015 that came all the way through to the bottom line. Which definitely helped us in 2015, but hurt us a little bit in 2016 as well as the retail tenant turnover at Hotel 57.

我之前在評論中提到過，我們確實有一些與 2015 年 BP 漏油事件相關的一次性賠付，這些賠付一直影響到我們的利潤。 這無疑在 2015 年對我們有幫助，但在 2016 年卻對我們造成了一些影響，Hotel 57 的零售租戶營業額也受到影響。

I will tell you honestly, I'm much more comfortable with margin growth when we get above 2%, and the closer we get to 2.5% I feel a lot better. But some of the things that we are working on, we do still even though we have solid margins, high margins, we do think that we do have some additional opportunity with minimizing some turnover in some of our markets working with our Management Teams on that as well as maximizing productivity.

我會誠實地告訴你，當利潤率成長超過 2% 時，我會更放心，而當利潤率成長接近 2.5% 時，我感覺好多了。 但是，儘管我們擁有穩定的高利潤率，但我們仍在努力做一些事情，我們確實認為，我們確實有一些額外的機會，可以與我們的管理團隊合作，最大限度地減少我們在某些​​市場的營業額，並最大限度地提高生產力。

And one of the things that I mentioned in my comments, we are working with our Management Teams and trying out some different software solutions that will allow them to better forecast occupancy and adjust scheduling. And hold the Management Teams more accountable to those minutes per occupied room and those productivity goals.

我在評論中提到的一件事是，我們正在與管理團隊合作，嘗試一些不同的軟體解決方案，以便他們更好地預測入住率並調整日程安排。 並讓管理團隊對每個入住房間的時間和生產力目標承擔更多責任。

We constantly renegotiate contracts and use our benchmarking to pinpoint opportunities. The biggest challenge will be with margins, especially in the first half of the year, we were able to drive double-digit rate growth in the Porter Ranch market. So margins will be more challenged in the first half of the year than they are in the second half of the year.

我們不斷重新談判合約並利用基準來尋找機會。 最大的挑戰在於利潤率，尤其是在今年上半年，我們能夠推動波特牧場市場達到兩位數的成長率。 因此，上半年的利潤率將比下半年面臨更大的挑戰。

Okay. That's helpful. And then just real quickly on the Porter Ranch gas leak headwind. That's through the first two quarters? Is it heavily skewed towards the first quarter, balanced between both quarters, help us understand the timing of that?

好的。 這很有幫助。 然後很快就遇到了波特牧場天然氣洩漏的逆風。 那是前兩季嗎？ 它是否嚴重偏向第一季度，還是在兩個季度之間保持平衡，有助於我們了解其時間表嗎？

It is in the first half of the year, it's more skewed to the first quarter than the second quarter.

這是上半年的情況，第一季的偏差比第二季更明顯。

Great. Thanks, that's it for me. Appreciate all the time.

偉大的。 謝謝，對我來說就這樣了。 時刻感恩。

Appreciate it, Ryan.

非常感謝，瑞安。

Michael Bellisario, Robert W Baird.

麥可貝利薩裡奧、羅伯特W貝爾德。

Just to follow up on Ryan's question on LA. If you excluded LA from your guidance, what's the basis point impact to your 0% to 2% range for 2017 if you can quantify that?

只是想跟進瑞安關於洛杉磯的問題。 如果您將洛杉磯排除在您的指導之外，那麼如果您可以量化的話，這對您 2017 年 0% 到 2% 的範圍會產生什麼基點影響？

Well it's not a perfect science, but what we actually did was we went back and looked at what we had budgeted for LA in terms of growth and then we didn't quantify down to the exact dollar what the Porter Ranch impact is. But we estimate that on a year-over-year basis, about 50 basis points would be the year-over-year impact, approximately 125 basis points in the first quarter and 75 basis points in the second quarter.

嗯，這不是一門完美的科學，但我們實際上做的是回過頭來看看我們為洛杉磯的增長預算，然後我們沒有將波特牧場的影響量化到確切的金額。 但我們估計，與去年同期相比，年比影響約為 50 個基點，第一季約為 125 個基點，第二季約為 75 個基點。

That's helpful. Then how should we think about the Apple Ten portfolio versus the legacy portfolio in terms of the RevPAR growth spread? It sounds like you expect that to narrow relative to the 200 basis points spread that was in 2016. Is that fair?

這很有幫助。 那麼，從 RevPAR 成長差距來看，我們該如何看待 Apple Ten 產品組合與傳統產品組合呢？ 聽起來您預期這個差距會相對於 2016 年的 200 個基點縮小。這樣公平嗎？

Yes, and actually what I would say for right now, what we are seeing is a little bit of a reversal as we've entered the first part of this year. Another market that I didn't mention is Chicago. In Chicago, actually we don't expect a lot of strength but we do expect that market to perform better than it did last year.

是的，實際上我現在想說的是，隨著我們進入今年上半年，我們看到的情況出現了一些逆轉。 我沒有提到的另一個市場是芝加哥。 在芝加哥，我們實際上並不期望有太大的強勁表現，但我們確實預期該市場的表現會比去年更好。

But you have the ramp of the Cape Canaveral asset, as well as Rosemont, which also provides some tailwinds for us. Like I mentioned, the Knoxville market, the Phoenix market, which is strong, we've added some additional assets there. That will be again offset by still Houston and Oklahoma City and some of headwinds in the energy markets, as well as Dallas downtown with the less favorable demand picture there this year.

但是，我們有卡納維拉爾角資產坡道以及羅斯蒙特，這也為我們提供了一些順風。 正如我所提到的，諾克斯維爾市場、菲尼克斯市場表現強勁，我們在那裡增加了一些額外的資產。 但這一成長仍將受到休士頓、俄克拉荷馬城以及能源市場的一些不利因素的抵消，此外達拉斯市中心今年的需求前景也不太樂觀。

But we saw your note last night, we are actually benefiting from the Apple Ten transaction year to date.

但我們昨晚看到了您的來信，今年迄今為止，我們實際上從 Apple Ten 交易中受益。

Right.

正確的。

Got it. That's super helpful. Then, Justin, one for you. Just more broadly, what do you think you guys need to do to maintain your relative cost of capital advantage and add to your per share growth in shareholder value over the next 12, 18, 24 months as you think about capital allocation?

知道了。 這非常有幫助。 那麼，賈斯汀，給你一個。 更廣泛地說，當您考慮資本配置時，您認為您需要做些什麼才能保持相對的資本成本優勢，並在未來 12、18、24 個月內增加每股股東價值的成長？

I think continue to execute on our strategy is key to that. We have, I think, defined, clearly defined, over that past several years a strategy that has worked for us in a variety of economic conditions. If you look at the transaction activity that we have been focused on with the sales of the two full-service hotels and a continued effort on our part as we have signaled in the past to continue to move those assets out of our portfolio.

我認為繼續執行我們的策略是關鍵。 我認為，在過去的幾年中，我們已經明確地制定了在各種經濟條件下都行之有效的策略。 如果您看看我們一直在關注的交易活動，即兩家全方位服務酒店的銷售，以及我們過去所表示的持續努力，將繼續將這些資產從我們的投資組合中轉移出去。

And to double down, in essence, on our core product type the upscale product. Looking again to enhance the portfolio by entering into markets where we see outsized growth potential, that would be key. Beyond that, really I highlighted in my remarks that we intend to be opportunistic.

本質上，我們要加倍投入我們的核心產品類型——高檔產品。 再次尋求透過進入我們認為具有巨大成長潛力的市場來增強投資組合，這將是關鍵。 除此之外，我在我的發言中確實強調了我們打算把握機會。

We haven't placed a share buyback program to the extent our shares trade down and become more attractive than opportunities that exist in the private markets. You can expect us to be active in buying our shares. To the extent we trade up, we will use our shelf registration to issue shares and to grow the portfolio with accretive acquisitions.

我們尚未實施股票回購計劃，以致我們的股票價格下跌，變得比私人市場上的機會更具吸引力。 您可以期待我們積極購買我們的股票。 在我們交易的範圍內，我們將使用我們的擱置註冊來發行股票並透過增值收購來擴大投資組合。

We are benefited by the fact that we can move the needle through a series of small transactions that enhance our portfolio, but that are easy to execute on. And we have shown that we have been able to do that in the past. So cost to capital, maintaining our cost to capital I think for us means sticking to what we have been doing and continuing to enhance it and to do better.

我們的優勢在於，我們可以透過一系列小型交易來增強我們的投資組合，但這些交易很容易執行。 我們已經證明我們過去能夠做到這一點。 因此，我認為，資本成本，維持我們的資本成本對我們來說意味著堅持我們一直在做的事情，並不斷改進，做得更好。

Got it. That's helpful. That's all from me. Thank you.

知道了。 這很有幫助。 我要說的就這些。 謝謝。

Thanks.

謝謝。

(Operator Instructions)

（操作員指示）

Bryan Maher, FBR Capital Markets.

布萊恩·馬赫 (Bryan Maher)，FBR 資本市場。

So little bit more strategic as you look to grow, do you think that Ashford Trust move on FelCor and now the response that, that deal needs cash versus all shares potentially creates an opportunity for you guys to go to Ashford with a maybe more attractive or timely bid for their basket of select service hotels and be successful, given your strong balance sheet and their need for cash to get that deal done?

那麼，在尋求成長的同時，您有沒有更具策略性的想法？您是否認為阿什福德信託 (Ashford Trust) 會對 FelCor 採取行動？現在的反應是，這筆交易需要現金而不是所有股票，這可能為你們創造一個機會，以更具吸引力或更及時的出價收購阿什福德的精選服務酒店組合，並取得成功，因為你們的資產負債表強勁，而且他們需要現金來完成這筆交易？

That's certainly -- this is a possibility worth exploring. We won't, as has been our past practice, comment on specific transactions. But as I've mentioned in the past, our desire is to pursue individual assets and/or portfolios that are consistent with our strategy, and Ashford has a portion of their portfolio that would be a reasonably good fit.

這當然是──這是一個值得探索的可能性。 按照過去的慣例，我們不會對具體交易發表評論。 但正如我過去提到的那樣，我們的願望是追求符合我們策略的個別資產和/或投資組合，而 Ashford 的投資組合中有一部分非常合適。

Whether or not we pursue that would depend on pricing relative to our cost of capital, and fit with our existing portfolio. But we would explore that as we would explore any other opportunity that fit those criteria.

我們是否追求這一點取決於相對於我們的資本成本的定價，以及是否適合我們現有的投資組合。 但我們會探索這一點，就像我們探索任何其他符合這些標準的機會一樣。

So I guess maybe asked a slightly different way. It seems like M&A might be getting a little bit more interesting, a little bit more aggressive to get deals done.

所以我想也許可以用稍微不同的方式來提問。 看起來併購可能會變得更有趣一些，為了達成交易也變得更積極一些。

What you have done in the past acquiring Apple Ten, that was fairly easy and seamless, at least from our vantage point, maybe not internally, and one-off, that's low-hanging fruit to a degree. I guess my question is would you guys consider becoming a little bit more aggressive to grow the portfolio, or do you want to take more of a wait and see type of approach?

您過去收購 Apple Ten 的過程相當簡單且無縫，至少從我們的角度來看是如此，但從內部來看可能並非如此，而且一次性收購在某種程度上是唾手可得的。 我想我的問題是，你們是否會考慮採取更積極的方式來擴大投資組合，或者你們是否想採取更多的觀望態度？

Really, it depends on opportunities specifically. We are looking, as I've mentioned in the past, to add to our portfolio in ways that enhance the value of the portfolio, which means pursuing deals that are accretive to our current shareholders. The environment continues to be much as it was last year with sellers holding firm in anticipation I think of a reacceleration in business towards the back half of the year, which would further enhance the value of their assets.

確實，這取決於具體的機會。 正如我過去提到的那樣，我們正在尋求以提高投資組合價值的方式擴充我們的投資組合，這意味著尋求對我們現有股東有利的交易。 目前的環境與去年大致相同，賣家仍持堅態度，我認為下半年業務將再次加速，這將進一步提高其資產價值。

There still aren't a lot of deals, either on an individual asset basis of on a portfolio basis that make sense, even given our improved cost to capital. That being said, we are continually active in exploring opportunities and having conversations with potential sellers. And I think you will see us act when the opportunities make sense, whether they be individual asset transactions or larger portfolios.

即使我們的資本成本有所改善，但無論是從單一資產還是投資組合的角度來說，有意義的交易仍然不多。 話雖如此，我們仍在積極探索機會並與潛在賣家進行對話。 我認為，當機會出現時，您會看到我們採取行動，無論是單一資產交易還是更大的投資組合。

The biggest challenge for us with larger portfolios really is fit with our existing portfolio, and a consistency with our strategy. To the extent larger portfolios require us to take ownership of assets that don't fit, we factor in disposition risk for those assets into the financial equation for acquisitions, which really creates a gap in most instances that makes it difficult for us to execute on those larger transactions. There are very few large portfolios in the industry that we think are comparable from a quality and asset type to ours.

對我們來說，擁有較大投資組合的最大挑戰實際上是如何與我們現有的投資組合相適應，以及如何與我們策略保持一致。 如果較大的投資組合要求我們擁有不合適的資產，我們會將這些資產的處置風險納入收購的財務方程式中，這在大多數情況下確實會造成差距，使我們難以執行這些較大的交易。 我們認為，業界很少有大型投資組合在品質和資產類型上能與我們的投資組合相提並論。

That's helpful. Then just lastly, you guys have been fairly successful at tapping into newer product that's coming online via developers. How would you characterize your current pipeline of such deals as we look at 2017 and 2018?

這很有幫助。 最後，你們在利用開發人員上線的新產品方面取得了相當大的成功。 展望 2017 年和 2018 年，您如何描述當前此類交易的趨勢？

Really that's been a consistent part of our strategy, and the pipeline that we have in place is smaller than it might be at other points in the cycle given the cost of construction and land. We have been far more selective in pursuing opportunities that we feel represent or will represent long-term value for our shareholders. That being said, we are excited about the deals that we currently have under contract and are continuing to look at opportunities that way.

事實上，這一直是我們策略中一貫的一部分，考慮到建設和土地成本，我們現有的管道比周期中其他階段的管道要小。 我們更謹慎地尋求那些我們認為能夠或將能為股東帶來長期價值的機會。 話雖如此，我們對目前簽訂的交易感到興奮，並將繼續以這種方式尋找機會。

How we fund those deals I think will depend largely on where we are in the cycle and what options we have available to us. But we have the opportunity to fund them with proceeds from dispositions, through equity raise or especially the smaller deals utilizing our balance sheet in the short term.

我認為，我們如何為這些交易提供資金，很大程度上取決於我們所處的周期階段以及我們有哪些可用的選擇。 但我們有機會利用處置收益、股權融資或特別是短期利用我們的資產負債表的小額交易為他們提供資金。

The nice thing about those acquisitions is we are able to hand pick them in markets and with brands that we feel are a fit for consumers and demand within specific areas and a fit within our broader portfolio. And they help to maintain the younger age and relevance with consumers of our portfolio as a whole.

這些收購的好處在於，我們能夠在市場中精心挑選我們認為適合消費者、特定領域需求以及我們更廣泛產品組合的品牌。 它們有助於保持我們整個產品組合中消費者的年輕化和相關性。

All right. Thanks, Justin. That's helpful.

好的。 謝謝，賈斯汀。 這很有幫助。

Appreciate it.

非常感謝。

Ryan Meliker, Canaccord.

Ryan Meliker，Canaccord。

Just a quick follow up to Bryan's questions. I am just wondering with the scale that you guys have now with over 30,000 rooms, when you think about acquisitions and how much time you are spending underwriting different assets, can you give us an idea of a breakdown of how much time -- percentage of time spent on individual assets versus portfolios right now? Are you seeing portfolio time picking up just given your scale, or are you still very focused on the one-off assets that you know to be accretive?

這只是對 Bryan 的問題的一個快速跟進。 我只是想知道，鑑於您現在擁有超過 30,000 間客房的規模，當您考慮收購以及花費多少時間來承銷不同的資產時，您能否給我們詳細解釋一下目前在單一資產和投資組合上花費的時間百分比？ 考慮到你們的規模，你們是否看到投資組合時間在增加，或者你們仍然非常關注那些你們知道具有增值作用的一次性資產？

We will always look at individual assets. Bryan highlighted and I think he oversimplified, but Bryan highlighted the fact that they are easier to execute on. We are continually underwriting those deals.

我們將始終專注於個人資產。 布萊恩強調了這一點，我認為他過於簡單化了，但布萊恩強調了它們更容易執行的事實。 我們一直在核保這些交易。

The reality is, as I mentioned before, there are a finite number of larger portfolios that would be a fit for our portfolio. And what we find is that we end up underwriting those portfolios over and over again, looking for an opportunity to acquire them at a price that makes sense for our existing shareholders. So in terms of time spent, I would say a greater portion of our time is probably spent on individual assets but not to the neglect of portfolios that we think would be a good strategic fit.

事實是，正如我之前提到的，適合我們的投資組合的大型投資組合數量是有限的。 我們發現，我們最終會一次又一次地承銷這些投資組合，尋找以對現有股東合理的價格收購它們的機會。 因此，就所花費的時間而言，我想說我們可能將更多的時間花在單一資產上，但不會忽視我們認為具有良好策略契合的投資組合。

Okay. And has the portfolio time picked up following the acquisition of Apple Ten or no?

好的。 收購 Apple Ten 後，投資組合時間是否有增加？

I would say it's consistent. At the time, we highlighted when we pursued the Apple Ten portfolio that we were exploring opportunities with several other companies that were similar from a scale standpoint. At the time, the Apple Ten portfolio made the most sense to pursue because of its strategic fit and pricing, but again we continue to explore those same opportunities and a few others.

我想說這是一致的。 當時，我們在追求 Apple Ten 投資組合時強調，我們正在探索與其他幾家從規模角度相似的公司合作的機會。 當時，Apple Ten 產品組合因其策略契合度和定價而成為最值得追求的產品，但我們仍會繼續探索同樣的機會以及其他一些機會。

Okay, that's helpful. Thanks.

好的，這很有幫助。 謝謝。

Thanks, Ryan.

謝謝，瑞安。

Thank you. At this time, I will turn the floor back to Justin Knight for closing remarks.

謝謝。 現在，我會把發言權交還給賈斯汀奈特 (Justin Knight)，請他作最後發言。

Thanks for joining us this morning. With a strong balance sheet and stable portfolio as a foundation and tools in place to proactively pursue opportunities to further enhance shareholder value, we look forward to the months ahead. We hope that as you travel, you take the opportunity to stay with us, and thanks again for joining us this morning

感謝您今天上午加入我們。 憑藉強勁的資產負債表和穩定的投資組合作為基礎，以及到位的工具，我們積極尋求機會進一步提升股東價值，我們對未來充滿期待。 我們希望您在旅途中有機會與我們在一起，並再次感謝您今天早上加入我們

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。 現在您可以斷開線路。 感謝您的參與。