Apple Hospitality REIT Inc (APLE) 2017 Q3 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT Third Quarter 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Clarke, Vice President, Investor Relations. Thank you, you may begin.

您好，歡迎參加 Apple Hospitality REIT 2017 年第三季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。謝謝，你可以開始了。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's Third Quarter 2017 Earnings Call on this, the 7th day of November 2017.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 於 2017 年 11 月 7 日舉行的 2017 年第三季財報電話會議。

Today's call will be based on the third quarter 2017 earnings release, which was distributed yesterday afternoon. As a reminder, 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 at Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Participants should carefully review our financial statements 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.

今天的電話會議將基於昨天下午發布的 2017 年第三季財報。提醒一下，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。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。

Any forward-looking statements 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.

Apple Hospitality 所做的任何前瞻性陳述僅代表今日的觀點，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陳述的義務。

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 reconciliation of those measures to GAAP measures as included in yesterday's earnings release and others 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 you will hear from Justin Knight, our Chief Executive Officer; Kristi Gathright, our Chief Operating Officer; and Bryan Peery, our Chief Financial Officer. We will provide an overview of our results for the third quarter of 2017 and then open the call for Q&A. At this time, it is my pleasure to turn the call over to our CEO, Justin Knight.

今天早上您將聽到我們的執行長 Justin Knight 的演講； Kristi Gathright，我們的營運長；以及我們的財務長 Bryan Peery。我們將概述 2017 年第三季的業績，然後開始問答環節。現在，我很高興將電話轉給我們的執行長賈斯汀奈特 (Justin Knight)。

Thank you, Kelly. Good morning, and welcome to Apple Hospitality REIT's Third Quarter 2017 Earnings Call, and thank you for joining us on Election Day.

謝謝你，凱利。早安，歡迎參加 Apple Hospitality REIT 2017 年第三季財報電話會議，感謝您在選舉日加入我們。

Our geographically diversified portfolio of hotels achieved an increase in comparable hotels RevPAR of 1.3% during the quarter which brought year-to-date comparable hotels RevPAR growth through September to 0.8%. Despite continued wage pressure and modest inflation, we maintained a strong comparable hotels adjusted -- hotel EBITDA margin of 38.9%, consistent with the third quarter of 2016.

我們地理分佈多元化的酒店組合在本季度實現了可比酒店 RevPAR 增長 1.3%，這使得截至 9 月份的年初至今可比酒店 RevPAR 增長率達到 0.8%。儘管薪資壓力持續存在且通貨膨脹率適中，我們仍保持了強勁的可比飯店調整後利潤率——飯店 EBITDA 利潤率為 38.9%，與 2016 年第三季一致。

During the quarter, our portfolio experienced disruption from 2 major storms. While the damage to our hotels from Hurricanes Harvey and Irma was not material, the storms had a devastating impact on numerous communities. We are incredibly proud of the tremendous service and hospitality that the operating teams at our hotels provided our guests in response to the storms. Our hotel associates, some with catastrophic damage to their own homes, worked tirelessly to ensure the safety and comfort of our guests. And we commend them for their hard work and continued efforts to aid in the rebuilding of their communities.

本季度，我們的投資組合遭遇了兩次重大風暴的破壞。雖然颶風哈維和颶風伊爾瑪對我們飯店造成的破壞並不大，但風暴對許多社區造成了毀滅性的影響。我們為飯店營運團隊在風暴期間為客人提供的優質服務和熱情款待感到無比自豪。我們的飯店員工，其中一些人的家也遭受了災難性的破壞，但他們仍然不知疲倦地工作，以確保客人的安全和舒適。我們讚揚他們為幫助重建社區所付出的辛勤工作和持續努力。

Although key macroeconomic indicators, including corporate profits, employment and real GDP are positive and continue to signal steady economic progress, growth in business travel remains modest. Overall, despite lackluster business demand, performance across the hotel industry was stable on average during the quarter, though operational dynamics varied widely from market to market.

儘管企業利潤、就業和實際GDP等關鍵宏觀經濟指標都呈現積極態勢，並繼續預示著經濟穩步發展，但商務旅行的成長仍然溫和。總體而言，儘管業務需求低迷，但本季整個旅館業的表現平均保持穩定，儘管不同市場的營運動態差異很大。

Given the broad diversity of our portfolio with locations in 88 U.S. markets, our focus on strong brands, upscale hotels, ongoing reinvestment in the quality of our hotels and a strong flexible balance sheet, we believe we are well positioned for any economic environment. As we head towards the end of the year, we've increased confidence in our ability to achieve operational and financial results near the higher end of our guidance for 2017.

鑑於我們的投資組合在美國 88 個市場中具有廣泛的多樣性，我們專注於強勢品牌、高檔酒店、持續對酒店質量進行再投資以及強大靈活的資產負債表，我們相信我們能夠適應任何經濟環境。隨著年底的臨近，我們更有信心實現 2017 年預期較高水準的營運和財務表現。

We're pleased to have recently acquired 4 hotels each consistent with our corporate strategy of owning high-quality Hilton and Marriott select service hotels in strong markets with robust demand generators. These acquisitions expand our reach into new markets and in so doing expand our geographic footprint and further diversify demand generators for our portfolio. In September, we closed on the newly constructed dual-branded Hilton Garden Inn and Home2 Suites by Hilton in Downtown Birmingham with a combined total of 210 rooms for a purchase price of approximately $38 million or $183,000 per key.

我們很高興最近收購了 4 家酒店，每家酒店都符合我們的企業策略，即在強勁的市場和強勁的需求生成器中擁有高品質的希爾頓和萬豪精選服務酒店。這些收購擴大了我們在新市場的影響力，從而擴大了我們的地理覆蓋範圍，並進一步豐富了我們產品組合的需求來源。 9 月份，我們完成了位於伯明翰市中心新建的雙品牌希爾頓花園酒店和希爾頓欣庭套房酒店的收購，這兩家酒店共有 210 間客房，收購價格約為 3800 萬美元，即每間客房 183,000 美元。

The properties are well located near the University of Alabama at Birmingham, Children's of Alabama Pediatric Hospital, The Birmingham VA Medical Center, Regions Financial Corporation headquarters, numerous corporate offices and a variety of guest amenities. We believe our attractive per key purchase price for these new hotels in a resurgent market highlights the benefits of selectively entering into fixed-price contracts with trusted developers for projects prior to construction.

該物業地理位置優越，靠近阿拉巴馬大學伯明翰分校、阿拉巴馬兒童醫院、伯明翰 VA 醫療中心、Regions Financial Corporation 總部、眾多公司辦公室和各種客用設施。我們相信，在復甦的市場中，我們對這些新酒店的每間客房購買價格很有吸引力，凸顯了在項目開工前與值得信賴的開發商有選擇地簽訂固定價格合約的好處。

In October, we acquired the Residence Inn by Marriott Portland Downtown Waterfront in Portland, Maine, for a purchase price of approximately $56 million or $312,000 per key. The hotel, which was built in 2009, is located on Portland's dynamic waterfront within walking distance of the city's cruise ship terminals. We also acquired The Residence Inn by Marriott, Salt Lake City, Murray, which is built in 2014, for a purchase price of approximately $26 million or $188,000 per key. In addition to its close proximity to Downtown Salt Lake City and numerous key results -- resorts, the hotel is ideally located near Intermountain Medical Center and a variety of dining and shopping options. In each case, these acquisitions are in markets with trailing and projected RevPAR growth exceeding national averages. Each hotel is well located within its respective market and benefits from a variety of business and leisure demand generators. We continue to pursue similar opportunities that we believe improve the quality of our portfolio and increase shareholder value.

10 月份，我們收購了位於緬因州波特蘭的波特蘭市中心濱水區萬豪 Residence Inn 酒店，收購價約為 5,600 萬美元，即每間客房 312,000 美元。該酒店建於 2009 年，位於波特蘭充滿活力的海濱，步行即可到達該市的遊輪碼頭。我們還收購了 2014 年建成的鹽湖城默里萬豪 Residence Inn 酒店，購買價格約為 2,600 萬美元，每間客房 188,000 美元。除了靠近鹽湖城市中心和眾多關鍵成果——度假村之外，飯店還地理位置優越，靠近 Intermountain 醫療中心和各種餐飲和購物場所。在每種情況下，這些收購都發生在 RevPAR 成長和預期成長均超過全國平均的市場。每家酒店都在各自的市場中佔據有利位置，並受益於各種商務和休閒需求的推動。我們將繼續尋求類似的機會，我們相信這些機會可以提高我們的投資組合品質並增加股東價值。

As I have mentioned in previous calls, we've also been working to reduce our ownership of full-service assets and redeploy proceeds into our core product where we believe we can generate stronger, more stable returns for our shareholders over time.

正如我在先前的電話會議中提到的，我們也一直在努力減少對全方位服務資產的所有權，並將收益重新部署到我們的核心產品中，我們相信我們可以隨著時間的推移為股東創造更強勁、更穩定的回報。

Consistent with this strategy, in October, we completed the sale of our full-service Marriott in Fairfax, Virginia for a gross sales price of $42 million. We will continue to seek opportunities to sell our remaining 3 full-service assets where we feel pricing is appropriate and proceeds can be redeployed into assets which benefit our long-term strategy.

按照這項策略，10月份，我們以4,200萬美元的總售價完成了位於維吉尼亞州費爾法克斯的全方位服務萬豪酒店的出售。我們將繼續尋找機會出售剩餘的 3 項全方位服務資產，我們認為這些資產的定價合適，且收益可以重新部署到有利於我們長期策略的資產中。

With debt-to-adjusted-EBITDA at 3x, our balance sheet is among the strongest in our industry, which provides us with increased stability during times of economic uncertainty and the flexibility to pursue accretive opportunities in the marketplace. We also continue to have in place both an ATM offering and share repurchase program to enable us the benefit from dislocations and trading our shares should they occur.

我們的債務與調整後 EBITDA 比率為 3 倍，資產負債表是業內最強勁的之一，這為我們在經濟不確定時期提供了更高的穩定性，並使我們能夠靈活地在市場上尋求增值機會。我們也將繼續實施 ATM 發行和股票回購計劃，以便在發生混亂和股票交易時，使我們能夠從中獲益。

In general, supply and demand continued to grow with similar rates across the country, though the balance can vary market to market. The supply outlook for our hotels has increased slightly from what we reported for the second quarter with just over 62% of our hotels expecting one or more upper midscale, upscale or upper upscale new construction projects within a 5-mile radius to be completed within the next 18 months.

總體而言，全國各地的供需繼續以相似的速度成長，儘管不同市場之間的平衡可能會有所不同。我們飯店的供應前景與我們第二季報告的情況相比略有增加，超過 62% 的飯店預計在未來 18 個月內，5 英里半徑範圍內將有一個或多個中高檔、高檔或超高檔新建築項目竣工。

As one of the largest owners of Marriott and Hilton branded hotels with a concentration in the upscale room-focused sector of the lodging industry, our team has unparalleled access to performance data. We benefit from visibility across different markets, brands and managers and utilize the information to implement the most efficient and effective practices across our portfolio, which along with purchasing scale, reduce operating costs and lead to our strong operating margins. It's now my pleasure to turn the call over to Kristi who will provide additional details regarding performance across our markets and the industry overall.

作為萬豪和希爾頓品牌酒店的最大所有者之一，我們的團隊專注於住宿業中以高檔客房為中心的領域，擁有無與倫比的績效數據訪問權限。我們受益於跨不同市場、品牌和管理人員的可見性，並利用這些資訊在我們的產品組合中實施最有效和最高效的實踐，這與採購規模一起，降低了營運成本並帶來了強勁的營運利潤率。現在我很高興將電話轉給克里斯蒂，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. We're pleased that we were able to achieve a 1.3% growth in comparable hotel RevPAR during the third quarter, while maintaining a robust occupancy of 80%. The combination of rate-driven RevPAR growth and a modest increase in operating expenses enabled us to maintain a strong EBITDA margin of 39%.

謝謝你，賈斯汀。我們很高興在第三季實現了可比飯店 RevPAR 成長 1.3%，同時維持了 80% 的強勁入住率。利率驅動的 RevPAR 成長和營運費用的適度增加相結合，使我們保持了 39% 的強勁 EBITDA 利潤率。

Both RevPAR and margin performance were better than expected and came in at the higher end of our full year guidance. After a slow start with the Fourth of July holiday falling midweek impacting business travel, performance improved over the course of the quarter. We experienced a small lift from elevated demand for hotels in the path of the solar eclipse. And a more material boost from the post-hurricane recovery efforts mainly in the Houston market and to a lesser extent in Austin and some Florida markets. We estimate that the hurricanes resulted in 60 to 70 basis points of additional RevPAR growth in the quarter. We expect the storm recovery demand to continue into at least the first quarter of 2018 for our hotels in the Houston area.

RevPAR 和利潤率表現都優於預期，達到了我們全年預期的高點。由於七月四日假期恰逢周中，影響了商務旅行，因此開局較為緩慢，但本季業績有所改善。由於日食路徑上的飯店需求增加，我們獲得了小幅提升。颶風過後的復原工作主要對休士頓市場產生了更實質的推動作用，對奧斯汀和佛羅裡達州的部分市場的影響較小。我們估計颶風導致本季 RevPAR 成長 60 至 70 個基點。我們預計，對於休士頓地區的飯店而言，風暴復原需求將至少持續到 2018 年第一季。

Outside of calendar shifts and the impact of natural disasters, we would characterize demand as stable with leisure outperforming business demand, as has been the trend throughout this year. Approximately 61% of our hotels had RevPAR growth during the quarter, which is up slightly from the 58% year-to-date and 2/3 of our hotels were able to grow average daily rate compared to just under 60% year-to-date.

除日曆變化和自然災害的影響外，我們認為需求穩定，休閒需求超過商務需求，這也是今年全年的趨勢。本季度，我們約有 61% 的飯店實現了 RevPAR 成長，較年初至今的 58% 略有上升，而我們約有 2/3 的飯店實現了平均每日房價增長，而年初至今這一比例略低於 60%。

Although no impact in the third quarter, with the LA market showing solid growth, as a reminder, the Porter Ranch comp has impacted our RevPAR growth approximately 40 to 50 basis points year-to-date, mostly in rate.

儘管第三季沒有受到影響，但洛杉磯市場呈現穩健成長，需要提醒的是，Porter Ranch 同類酒店今年迄今已對我們的 RevPAR 成長產生了約 40 至 50 個基點的影響，主要體現在房價方面。

Taking into consideration, contribution to EBITDA, our strongest RevPAR growth markets during the quarter were Houston, San Diego, Richmond and Kansas City. Our weakest markets were Dallas, Omaha and Oklahoma City, which have been challenged by new supply.

考慮到對 EBITDA 的貢獻，本季我們 RevPAR 成長最強勁的市場是休士頓、聖地牙哥、里士滿和堪薩斯市。我們最弱的市場是達拉斯、奧馬哈和俄克拉荷馬城，這些市場受到了新供應的挑戰。

For the fourth quarter, we expect RevPAR growth to come in at or above the high end of our full year range.

對於第四季度，我們預計 RevPAR 的成長將達到或超過全年預期的高端。

As mentioned in my earlier comments, we were very pleased to be able to maintain margin this quarter. Our asset management team and our operators continually work on revenue mix and expense control. And it is great to be able to highlight tangible benefits. Although labor market continues to be challenging, the payroll expense increase moderated to 2.2% during the quarter versus 3.6% year-to-date. Wage growth represented a 30 basis point margin impact compared to 60 basis points year-to-date. The rollout of the labor-management platforms, I have mentioned in the past, is going well with 70% of our hotels having implemented one of the platform. Our expectation is that these additional tools will continue to help mitigate payroll increases through improved productivity and reduction in overtime costs. Offsetting the wage increase this quarter, we achieved a 10 basis point savings in utility expense and a 20 basis point savings in real estate taxes due to favorable real estate tax appeal.

正如我之前的評論中提到的，我們很高興能夠在本季度保持利潤率。我們的資產管理團隊和營運商不斷致力於收入組合和費用控制。能夠突顯實際的利益真是太好了。儘管勞動市場仍充滿挑戰，但本季薪資支出增幅已從年初至今的 3.6% 放緩至 2.2%。薪資成長對利潤率的影響為 30 個基點，而年初至今的利潤率影響為 60 個基點。我之前提到過，勞動力管理平台的推廣進展順利，我們 70% 的飯店都已經實施了這個平台。我們期望這些額外的工具能夠透過提高生產力和減少加班成本來繼續幫助緩解工資成長。除了本季的薪資成長之外，由於房地產稅具有吸引力，我們在公用事業費用上節省了 10 個基點，在房地產稅上節省了 20 個基點。

I will now turn the call over to Bryan to provide additional detail on our financial results.

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. I will quickly summarize a few of the results Justin and Krissy touched on. Revenue for the quarter was $325 million bringing year-to-date to $950 million, increases of 18% and 25% respectively compared to the same period in 2016.

謝謝，克麗西，早安。我將快速總結賈斯汀和克莉絲提到的一些結果。本季營收為 3.25 億美元，年初至今營收達 9.5 億美元，與 2016 年同期相比分別成長 18% 及 25%。

Adjusted EBITDA increased 16% to $120 million during the third quarter of 2017 and 22% to $345 million year-to-date. Modified FFO per common share was $0.48 per share down 2% from the third quarter of 2016 and $1.38 year-to-date also down 2% compared to the first 9 months of 2016.

2017 年第三季調整後 EBITDA 成長 16% 至 1.2 億美元，年初至今成長 22% 至 3.45 億美元。每股普通股調整後 FFO 為 0.48 美元，較 2016 年第三季下降 2%，年初至今的 FFO 為 1.38 美元，較 2016 年前 9 個月下降 2%。

At the end of September, the company had $1.3 billion of outstanding debt with a combined weighted average interest rate of 3.5% for the remainder of 2017. Excluding debt issuance costs and fair value adjustments on acquired debt, our debt is comprised of $430 million in property level debt and $877 million of unsecured debt.

截至 9 月底，本公司未償還債務為 13 億美元，2017 年剩餘時間的綜合加權平均利率為 3.5%。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 4.3 億美元的房地產債務和 8.77 億美元的無擔保債務。

In July, the company entered into an unsecured $85 million 7-year term loan. The net proceeds from the term loan were used to pay down borrowings on the company's revolving credit facility. In conjunction with the term loan, we also entered into interest rate swap agreements to effectively fix the interest rate at 3.76%. Overall, approximately 3/4th of our debt is fixed rate. Our undrawn capacity on our unsecured credit facility at the end of October after completing the transactions Justin mentioned was approximately $300 million.

7 月份，該公司簽訂了一項 8,500 萬美元的 7 年期無擔保貸款。定期貸款的淨收益用於償還公司循環信貸額度的借款。結合定期貸款，我們還簽訂了利率互換協議，將利率有效地固定在 3.76%。整體而言，我們的債務中約有四分之三是固定利率。在完成賈斯汀提到的交易後，截至 10 月底，我們無擔保信貸額度的未動用額度約為 3 億美元。

We continue to consistently reinvest in our properties, investing $42 million in the first 9 months of 2017 with an additional $25 million planned for the remainder of the year. The average effective age of our portfolio, meaning time since built or last renovated, is approximately 4 years.

我們將繼續對我們的房地產進行持續再投資，2017 年前 9 個月投資了 4,200 萬美元，並計劃在今年剩餘時間內再投資 2,500 萬美元。我們的投資組合的平均有效年限（即自建成或上次翻新以來的時間）約為 4 年。

We believe that through consistent reinvestment we maintain the competitive positioning and relevance of our hotels and mitigate the impact of competing new supply in our individual markets.

我們相信，透過持續的再投資，我們可以維持飯店的競爭地位和相關性，並減輕我們各個市場中新供應競爭的影響。

With our scale and product focus, we're able to increase purchasing and operational efficiencies that reduce total renovation costs.

憑藉我們的規模和產品重點，我們能夠提高採購和營運效率，從而降低整體裝修成本。

During the third quarter the company paid distributions of $0.30 per share, bringing total distributions for the year to $201 million or $0.90 per share. The annualized $1.20 per common share represents an annual 6.4% yield based on our November 3rd closing price of $18.87.

第三季度，該公司支付了每股 0.30 美元的分配，使全年總分配金額達到 2.01 億美元或每股 0.90 美元。根據我們 11 月 3 日 18.87 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 6.4%。

We continue to focus on our core strategies and continue improvement on our execution of these strategies, further strengthening the value of our hospitality platform. Thank you for joining us this morning. We will now open up the call for questions.

我們繼續專注於我們的核心策略，並不斷改進這些策略的執行，進一步加強我們的酒店平台的價值。感謝您今天上午加入我們。我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Austin Wurschmidt with KeyBanc Capital Markets.

（操作員指示）我們的第一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

Krissy, I think you mentioned in the fourth quarter you are expecting to be at or above the full year range. How much of that would you attribute to the shift in the timing of the Jewish holidays versus anything you're seeing from an improved industry or market specific outlook across your portfolio?

克里斯西，我想你提到過，你預計第四季度的業績將達到或超過全年水準。您認為這在多大程度上是由於猶太節日時間的變化，還是由於您從投資組合中看到的行業或市場特定前景的改善？

I wouldn't attribute very much of it. First of all, Austin, thank you for your question. I wouldn't attribute very much of it to the shift in the holidays, because of our portfolio, geographically diversified, a little bit more suburban than urban, there is a little bit less and then also primarily being select service makes sense for the hotels. There is a little bit less reliance on group. So the -- both in looking at September versus October I would characterize the impact as being minimal. We did say last quarter we expected the fourth quarter to be the strongest quarter for us. And we still expect that to be the case based on the expectations for how our markets will perform. What we do have in addition to what we didn't expect last time, as we do have an additional lift that we received in September that continued -- that will continue into the fourth quarter, that continue into October from the hurricanes. So especially with Houston, Houston we expect that recovery to continue the longest. But we do also have some additional lift in Austin and some of the Florida markets.

我不會對此給予太多的評價。首先，奧斯汀，感謝您的提問。我不會將其歸咎於假期的轉變，因為我們的投資組合在地理上是多樣化的，郊區比城市稍微多一些，郊區稍微少一些，而且主要選擇服務對酒店來說是有意義的。對團體的依賴程度有所降低。因此 — — 無論是從 9 月還是 10 月來看，我都認為影響微乎其微。我們上個季度確實說過，我們預計第四季將是我們表現最強勁的一個季度。根據對市場表現的預期，我們仍然預期情況會如此。除了上次沒有預料到的情況之外，我們還獲得了額外的提振，這種提振將在 9 月持續，並將持續到第四季和 10 月颶風帶來的提振。因此，我們預計休士頓的復甦將持續最長時間。但我們在奧斯汀和佛羅裡達州的一些市場也確實獲得了一些額外的提升。

Appreciate the thoughts there. And then you mentioned you're continuing to evaluate acquisition opportunities. I mean how big is the acquisition pipeline today? And should we think about acquisitions being funded predominantly with proceeds from asset sales moving forward?

感謝您的想法。然後您提到您正在繼續評估收購機會。我的意思是今天的收購管道有多大？我們是否應該考慮主要利用資產出售所得來資助收購？

I will take your question, Austin. The acquisitions market really has remained largely unchanged. Our team came back from the Phoenix Lodging Conference and deals that are being brokered are still few and far between. So our expectation continues to be generally very high. And a significant portion of our internal pipeline is really made up of deals that we've sought out with groups that we've done business with in the past and/or in markets where we wanted to have a presence in, in essence made cold calls to existing owners. I think given continued optimism that exists among the ownership community and management community and the availability of debt financing for transactions on existing deals, I don't expect a lot to change there. You saw we transacted in the market taking advantage, I think, of the opportunity and it being a seller's market in many ways to reposition our portfolio, disposing -- continue to dispose of our full-service assets. And then acquiring assets in markets where we feel we can build value in the portfolio. I mentioned in my remarks the markets that we acquired hotels in all have growth rates above industry average and are projected to have growth rates above industry average into the coming year. The existing assets that we acquired both have opportunity, we feel, in terms of management, both on the market yield standpoint and from a cost standpoint. And we feel the Birmingham assets were incredibly attractive from our per key standpoint. And really highlights, as I mentioned before, the advantages to doing contracts for development deals with trusted partners. So, I think you will continue to see us look for opportunities to sell full-service assets and replace them with our select service assets that are more in keeping with our long-term strategy.

我來回答你的問題，奧斯汀。收購市場實際上基本上保持不變。我們的團隊剛從鳳凰城住宿會議回來，但達成的交易仍然很少。因此我們的期望總體上仍然很高。我們內部管道的很大一部分實際上是由我們與過去有過業務往來的團體和/或我們想要進入的市場所尋求的交易組成的，本質上是向現有所有者發出的電話。我認為，鑑於所有權群體和管理群體的持續樂觀情緒以及現有交易的債務融資可用性，我預計不會發生太大變化。您看到我們在市場上進行交易，我認為，我們利用了這個機會，而且在許多方面，它是一個賣方市場，我們可以重新定位我們的投資組合，處置——繼續處置我們的全方位服務資產。然後在我們認為可以在投資組合中創造價值的市場中收購資產。我在發言中提到，我們所收購酒店的所有市場的成長率均高於行業平均水平，預計明年的成長率也將高於行業平均水平。我們認為，從管理角度來看，我們所收購的現有資產都有機會，無論是從市場收益的角度或成本的角度。我們認為，從我們的關鍵角度來看，伯明罕的資產極具吸引力。正如我之前提到的，這真正凸顯了與值得信賴的合作夥伴簽訂開發合約的優勢。因此，我認為您將繼續看到我們尋找機會出售全方位服務資產，並用更符合我們長期策略的精選服務資產取而代之。

And I think what you've seen to date is that we have roughly matched acquisitions with dispositions. There exists the possibility we have sufficient capacity on our line of credit and potential access to the markets through an ATM given tougher market conditions to acquire more aggressively. But it takes a lot of work. For every deal we end up closing, we underwrite dozens of deals. And our team has been working incredibly hard. We feel incredibly good about the deals that we have closed on recently. We have several more that we're working on that may or may not go to contract in the foreseeable future. But we will continue to look for opportunities like the ones that we've closed on, where we feel we can add value to the portfolio.

我認為您迄今為止看到的是，我們的收購與處置大致匹配。在市場條件更加嚴峻的情況下，我們的信貸額度可能足夠，而且我們可以透過 ATM 進入市場，從而進行更積極的收購。但這需要大量的工作。對於我們最終達成的每一筆交易，我們都會承銷數十筆交易。我們的團隊一直非常努力地工作。我們對最近達成的交易感到非常滿意。我們正在進行其他一些工作，在可預見的未來可能會或可能不會簽訂合約。但我們將繼續尋找像我們已經達成的那些機會，我們認為這些機會可以為投資組合增加價值。

Appreciate that. And then your focus in these acquisitions has been more on geographic concentrations or markets you think that have maybe less supply and could continue to outperform. And then somewhat along the same lines but also I guess little bit separately is, how do you think about the right balance then between upscale versus upper midscale change scale at this point in the cycle?

非常感謝。然後，您在這些收購中重點關注的是地理集中度或您認為供應可能較少且可能繼續表現優異的市場。然後沿著同樣的思路，但我想也有點不同的是，您如何看待在這個週期階段高檔與中高檔變化規模之間的正確平衡？

Actually -- so 2 very good questions. We do look at the merits of individual acquisitions by themselves. But more importantly that fit with our existing portfolio. And we look to improve and enhance the geographic distribution of our portfolio, and more importantly the exposure to a variety of demand generators. We found in the past that overreliance on a single industry can add and increase volatility in the portfolio. And we've intentionally thought to avoid that. And so we do target markets where we feel we have potential for outsized growth and where we're adding something to our larger portfolio.

實際上——這是兩個非常好的問題。我們確實會單獨審視單一收購的優點。但更重要的是，這符合我們現有的投資組合。我們希望改善和加強我們投資組合的地理分佈，更重要的是，擴大對各種需求來源的覆蓋範圍。我們過去發現，過度依賴單一產業會增加並加劇投資組合的波動性。我們有意避免這種情況。因此，我們確實瞄準了那些我們認為具有超額成長潛力、並且能夠為我們更大的產品組合增添新內容的市場。

And I can add to that too. In terms of the upper midscale, some of the outperformance in the upper midscale segment has been really tied to the outperformance in the leisure side. So we're very pleased that these assets, Portland, Salt Lake City, are going to provide some additional leisure exposure. So we would expect that those would outperform consistently with what we've seen in that upper midscale segments.

我也可以補充這一點。就中高端飯店而言，中高端飯店市場的出色表現確實與休閒領域的出色表現息息相關。因此，我們很高興波特蘭、鹽湖城這些資產將提供一些額外的休閒機會。因此，我們預計這些酒店的表現將與我們在中高端酒店市場看到的表現一致。

And you will continue to see us pursue strong brands within those like Hampton Inn...

您將繼續看到我們追求強勢品牌，例如漢普頓酒店…

Absolutely.

絕對地。

Which has been one of our favorite brands from the beginning.

從一開始它就是我們最喜歡的品牌之一。

Our next question comes from the line of Jeff Donnelly with Wells Fargo.

我們的下一個問題來自富國銀行的傑夫唐納利。

I know you certainly haven't given 2018 guidance at this point. But I'm just curious how you guys are thinking about the prospects for next year? And maybe in broader strokes what are the kind of the puts and takes, if you will, that you guys are kind of thinking about either for the industry or even specific to your portfolio?

我知道您目前還沒有給出 2018 年的指導。但我只是好奇你們對明年的前景有何看法？也許從更廣泛的角度來看，如果你們願意的話，你們對於這個行業或甚至是具體的投資組合考慮的是什麼樣的看跌期權和看漲期權？

I will take a stab and then Krissy can add to it. Good morning, Jeff. We're still very much in the beginning phases of our budget process. I think because of the broad geographic diversification of our portfolio and because of the concentration with Hilton and Marriott, we take their guidance as kind of a starting cue and then make adjustments based on our specific market concentration and opportunities that we have within our specific portfolio. I think we anticipate that we will continue to see the benefit in markets like Houston of hurricane recovery business. Some of the Florida markets potentially though the damage in most of the markets where we have ownership was less significant. But we anticipate a lift going into the first quarter, potentially the second quarter in some of our markets. And then you have seen at least one of our major brands release guidance for the year roughly in line I think with guidance for this past year and barring something significant in terms of a stimulus that would push or inspire more business travel, I think that would be kind of a good starting expectation.

我會嘗試一下，然後克莉絲可以補充。早安，傑夫。我們的預算流程仍處於初始階段。我認為，由於我們的投資組合具有廣泛的地域多樣性，並且集中於希爾頓和萬豪，我們將他們的指導作為一種起始線索，然後根據我們特定的市場集中度和特定投資組合中的機會進行調整。我認為我們預計我們將繼續看到休士頓等市場颶風復育業務的好處。儘管我們擁有所有權的大多數市場受到的損害不那麼嚴重，但佛羅裡達州的一些市場可能仍受到影響。但我們預計，第一季度，甚至第二季度，部分市場的成長動能將有所提升。然後，您會看到我們至少有一個主要品牌發布了今年的指導，我認為這與去年的指導大致一致，除非出現推動或激勵更多商務旅行的重大刺激措施，否則我認為這將是一個很好的開始預期。

I would definitely look to the guidance at Hilton and Marriott are giving and we are deep in the midst of the budget process right now. The one thing that I can say in terms of request for proposal, it appears that in terms of corporate negotiated rates, we are hoping to be able to at least get kind of that 2% to 3% rate growth for corporate-negotiated accounts.

我肯定會參考希爾頓和萬豪給予的指導，我們現在正處於預算過程的深入之中。就提案請求而言，我可以說的一件事是，就公司協商利率而言，我們希望至少能夠獲得公司協商帳戶 2% 至 3% 的利率成長。

That's helpful. And I'm curious, I know you guys cover a lot of markets. But what's your outlook for the trend in supply in your markets? Do you think there is much change between 2017 and '18?

這很有幫助。我很好奇，我知道你們涵蓋了很多市場。但是您對您所在市場的供應趨勢有何展望？您認為 2017 年和 2018 年之間有很大變化嗎？

I think 2017 and 2018 will probably look very similar, with 2019 potentially showing a decline in the supply growth. If you look at our portfolio, we tend to follow very closely national averages in terms of percentage of supply growth. We talked earlier -- I talked earlier in my remarks about supply growth within a 5-mile radius of our assets, which we use as kind of a secondary measure. That's -- I mentioned it was up this quarter. It was actually down last quarter. So if you look at it over a more extended period of time that tended to be relatively stable as well. And what we're finding is with consistent demand growth over multiple years, supply growth has been fairly smart in most markets. I -- we could, I think, very easily point to a few markets where supply growth has exceeded demand, maybe in a significant way. But looking at our portfolio more broadly speaking, supply growth has followed demand in a way that I think has enabled us to maintain steady, if not stellar growth and we anticipate that to continue.

我認為 2017 年和 2018 年的情況可能非常相似，2019 年的供應成長可能會下降。如果你看一下我們的投資組合，你會發現我們在供應成長百分比方面非常接近全國平均。我們之前談過——我之前在演講中談到了我們資產 5 英里半徑範圍內的供應增長，我們將其作為次要衡量標準。這就是——我提到本季有所上漲。上個季度它實際上有所下降。因此，如果從較長的時間段來看，它也趨於相對穩定。我們發現，隨著多年來需求的持續成長，大多數市場的供應成長也相當強勁。我認為，我們可以很容易地指出幾個供應成長超過需求的市場，而且這種超過可能是顯著的。但從更廣泛的角度來看我們的投資組合，供應成長跟隨需求成長，我認為這使我們能夠保持穩定，即使不是出色的成長，我們預計這種情況將繼續下去。

And just maybe one last one from me. I suspect I'm going to know the answer here. But La Quinta keeps talking about spinning off a hotel REIT next year. If that brand was part of a larger brand family? Will those assets be of interest to you guys, or likely not?

這也許只是我最後一個問題。我想我會在這裡知道答案。但拉昆塔一直在談論明年剝離飯店房地產投資信託基金。如果該品牌是更大品牌家族的一部分？這些資產會引起你們的興趣嗎？或者可能不會？

I think the easiest way to answer that is to speak to the brands where we have significant ownership, Hilton and Marriott. And one of the things that attracts us to the Hilton and Marriott select service brands is the consistency of the product and service delivery across those assets. What we found is that translates into larger brand level contribution, greater RevPAR penetration in markets and ultimately greater profitability for us. I think we continuously explore options with other brands and have found over and over again as we underwrite brands outside of the Hilton and Marriott brand families that it's incredibly difficult to replicate the success that we have with the type of product that we currently own.

我認為回答這個問題最簡單的方式就是與我們擁有大量股份的品牌希爾頓和萬豪進行交談。希爾頓和萬豪精選服務品牌吸引我們的一個原因是，這些品牌提供的產品和服務具有一致性。我們發現，這意味著更大的品牌層面貢獻、更高的市場 ​​RevPAR 滲透率以及最終更高的獲利能力。我認為我們一直在探索與其他品牌的選擇，並且在我們承保希爾頓和萬豪品牌系列以外的品牌時一次又一次地發現，要複製我們目前擁有的產品類型的成功是極其困難的。

(Operator Instructions) Our next question comes from the line of Michael Bellisario with Robert W. Baird.

（操作員指示）我們的下一個問題來自羅伯特·W·貝爾德 (Robert W. Baird) 的邁克爾·貝利薩裡奧 (Michael Bellisario)。

Couple of questions for you. First on the Maine and Utah acquisitions. As you think about those, did anything change in the last few months on the macro front that got you more comfortable deploying capital on these 2 deals? Or was it really kind of market-specific criteria that has finally met your expectations?

我想問您幾個問題。首先是緬因州和猶他州的收購。當您考慮這些時，過去幾個月宏觀方面是否發生了任何變化，讓您更願意在這兩筆交易上部署資金？或者它真的是一種最終滿足了您的期望的特定市場標準？

I think market-specific criteria and deal-specific criteria that met our expectations. I mentioned in response to one of the earlier questions that we underwrite dozens of deals. In these instances, we were able to, I think in part because of the strength of the markets historically find a way to bridge the gap between seller expectations and our underwriting, which made sense for both parties. I think there are other instances where we're exploring similar opportunities in strong markets for high-quality assets. And we may be successful in signing those deals in coming months. But I think if you look at the markets themselves, they have good exposure to a variety of demand generators. The increase on the margin, our exposure to leisure, which we saw as being a value add. And then if you look at the performance of those 2 specific markets relative to the broader industry, they have been performing in high single digits in terms of RevPAR growth. And are anticipated to continue when we combine that with what we feel we can add from an asset management standpoint and in one instance the management transition, in terms of incremental value, we think the deals will be very strong performance within our portfolio.

我認為特定市場標準和特定交易標準符合我們的預期。我在回答之前的一個問題時提到，我們承銷了數十筆交易。在這些情況下，我認為部分原因是由於市場歷來強勁，我們能夠找到一種方法來彌合賣方期望與我們的承保之間的差距，這對雙方都有好處。我認為，我們也在強勁的優質資產市場中探索類似的機會。我們可能在未來幾個月內成功簽署這些協議。但我認為，如果你看市場本身，你會發現它們對各種需求產生因素都有很好的暴露。利潤的增加，以及我們對休閒的接觸，我們認為這是一種增值。如果你看一下這兩個特定市場相對於整個產業的表現，你會發現它們的 RevPAR 成長一直處於高個位數。並且，當我們將其與我們認為可以從資產管理的角度增加的內容相結合時，以及在管理轉型的情況下，就增量價值而言，我們認為這些交易將在我們的投資組合中表現非常強勁。

And you mentioned a bid-ask spread. Were these particular deals on the market for a while where you were you call it 5%, 10%, 15% off on pricing and they eventually came back to you? Or there is enough for us in that bucket?

您提到了買賣價差。這些特殊的交易在市場上是否存在過一段時間，您稱之為 5%、10%、15% 的折扣，最終他們又回到了您手中？或者說那個桶子裡有足夠的東西給我們？

Actually -- so one of the deals was not broadly marketed. We actually sort it out and negotiated off market. The other was marketed. And I think again, we tend to have a broader market focus and a number of participants in the space and saw value in this particular market, which I think will prove out both on an individual asset and as a fit with our portfolio.

實際上——其中一項交易並未廣泛推廣。我們實際上已經解決了這個問題並且進行了場外談判。另一個則已上市。我再次認為，我們傾向於關注更廣泛的市場和該領域的眾多參與者，並看到了這個特定市場的價值，我認為這將在單一資產和我們的投資組合中得到證明。

One more on the same kind of topic. You mentioned increased confidence to achieve results kind of at the high end of your full year guidance ranges. I mean how much of that is backward looking in that you've kind of been tracking better and we are already in November? So we already know the full year pretty much versus how much of it is kind of (inaudible) forward-looking optimism?

再說一個關於同一主題的。您提到，我們更有信心實現全年預期範圍內的高端成果。我的意思是，其中有多少是回顧性的，因為您一直在更好地跟踪，而我們已經到了 11 月？那麼，我們已經大致了解了全年的情況，其中有多少是（聽不清楚）前瞻性的樂觀情緒？

When we get a high degree of confidence, chances are we have a significant portion of that in the books already. And then we have October numbers and they were shrunk. And we anticipate, based I think on the strength of all of our markets but especially on the strength of markets like Houston, which continue to benefit post storms, from recovery efforts that November, December will likewise be very strong.

當我們獲得高度信心時，很可能我們已經在書中記錄了其中的很大一部分。然後我們得到了十月的數據，它們縮水了。我們預計，基於我們所有市場的強勁表現，特別是像休士頓這樣的市場，這些市場在風暴過後繼續受益於復原工作，因此 11 月和 12 月的表現也將非常強勁。

And maybe just to tease it out a little bit more. It's fairly unchanged kind of from the 30,000-foot view, it's just kind of the hurricane-related benefit and maybe some momentum from the third quarter continuing? Or is there more of a bigger picture shift on a forward-looking basis?

也許只是為了進一步探究一下。從 30,000 英尺的高度來看，它幾乎沒有什麼變化，這只是與颶風相關的好處，也許是第三季的一些勢頭在持續？或者從前瞻性角度來看，是否有更大的轉變？

I would characterize, and going back to my comments, that from a business demand standpoint that's still relatively stable. That the expectations going into the fourth quarter, we didn't have. We were held back again in the third quarter a little bit by the -- more by the Fourth of July holiday. And then the hurricane gave us -- the hurricane recovery business gave us some additional lift. That continued into the fourth quarter and maybe just a modest bump from earlier expectations. But again, I would say from an overall business standpoint, there is nothing really in the numbers that says as of yet that business demand itself has changed materially.

回到我的評論，我想說，從商業需求的角度來看，這仍然相對穩定。我們對第四季的預期並不成立。由於七月四日假期的影響，我們在第三季再次受到了一些阻礙。然後颶風為我們——颶風恢復業務為我們帶來了一些額外的推動。這種勢頭一直持續到第四季度，並且可能僅比早先的預期略有上升。但我還是要說，從整體商業角度來看，目前的數據還不足以顯示商業需求本身發生了實質的變化。

Got it. Then just one last one from me. Maybe how you are thinking about share repurchases today. Not necessarily thinking that you are going to buy back at $19.5. But in August, September the stock was $18, $17.5. You had been a buyer at those levels before. Is your kind of view on share repurchase has changed? Or was there just higher and better uses of capital, potentially these 2 acquisitions that came about that maybe prevented you from pulling the trigger on buybacks?

知道了。接下來我再說最後一個問題。也許您今天正在考慮股票回購。不一定認為你會以 19.5 美元的價格買回來。但8月、9月，該股股價分別為18美元、17.5美元。您以前也曾在這些價位購買過商品。您對股份回購的看法有變化嗎？或者只是因為資本的利用率更高、更好，這兩次收購可能會阻止你啟動回購？

I don't think broadly speaking our thinking related to share buybacks has changed. We've highlighted in past calls that we intend to use share buyback specifically when there is displacement in the trading of our stock. And we are less likely to use share buybacks to support our share price especially in an environment where the broader index of hotel stocks is moving consistently in one direction. I think at the same time, we were underwriting deals which we felt produced results in line, if not better, than our share repurchases at that particular point in time. And that would be an assessment that we will consistently make. We have that in place for a specific reason. I think it would be wrong to think that we wouldn't use it. But I think the circumstances under which we would use it are circumstances within which we have a high degree of confidence that we will be creating long-term shareholder value through the acquisition of our shares.

我認為從廣義上講，我們對股票回購的想法並沒有改變。我們在過去的電話會議中強調過，我們打算使用股票回購，特別是當我們的股票交易出現位移時。我們不太可能透過股票回購來支撐股價，尤其是在飯店股指數持續朝一個方向發展的環境下。我認為同時，我們承銷的交易產生的效果與當時股票回購的效果一致，甚至更好。我們將始終如一地做出這項評估。我們這樣做是有特定原因的。我認為認為我們不會使用它是錯誤的。但我認為，我們會在高度有信心透過收購我們的股份創造長期股東價值的情況下使用它。

Our next question comes from the line of Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

So the margins are good in the quarter, flat margins on a RevPAR growth of 1.3%. Is that a sustainable kind of a run rate going forward?

因此本季的利潤率良好，RevPAR 成長 1.3%，利潤率持平。這是一種可持續的未來運作率嗎？

I think we did have a little bit of a lift in real estate taxes. And so I wouldn't anticipate that is always going to be the case. I would expect real estate tax growth to go back to normal expectations sort of in that mid-single-digit range. In terms of wages, we did see those moderate a bit. We do anticipate that we'll continue to work hard with our management companies to try to mitigate increases as we said in payroll costs. But with that being said, it is still an environment where it's low unemployment. And certain markets will still be experiencing new supply. And that will continue to be a challenge and we want to make sure that we're keeping our wages appropriately set, so that we minimize turnover. What I would say is, on a go-forward basis I'm more comfortable if we get to a RevPAR growth of at least 2%. And with of more that being in rate growth versus occupancy growth that makes us more comfortable in general that we can maintain margins. I hope that answers your question.

我認為我們的房地產稅確實有所提高。因此我不會期望情況總是如此。我預計房地產稅增長將恢復到正常預期，大約在個位數的中等水平。就工資而言，我們確實看到工資有所緩和。我們確實預計，我們將繼續與我們的管理公司努力合作，試圖減輕工資成本的增加。但儘管如此，這裡的失業率仍然很低。某些市場仍將出現新的供應。這將繼續是一個挑戰，我們希望確保我們的工資保持在適當的水平，以最大限度地減少人員流動。我想說的是，從未來來看，如果 RevPAR 成長率至少達到 2%，我會更放心。而且，隨著房價成長與入住率成長的同步，我們整體上更有信心維持利潤率。我希望這能回答你的問題。

It does. And you mentioned a few times about increasing leisure exposure. Where is your leisure exposure now in terms of either room nights booked or hotels leveraged to leisure and where do you want to take that over time?

確實如此。您曾多次提到增加休閒機會。就預訂的客房晚數或休閒利用的飯店而言，您目前的休閒業務處於什麼水平？您希望隨著時間的推移將其提升到什麼水平？

We would -- we don't have an exact number. We look at obviously on our hotels on weekends and then during the summertime we get a lot of more leisure exposure. So we estimate that somewhere around 70% of our businesses is related to business travel with the remaining being leisure travel. But another way that we can increase our leisure exposure other than just focusing on what I mentioned in terms of weekends and adding additional family and sports and other type of group business that we can actually go out and target from an on-site standpoint. The other way to increase our leisure exposure is by investing in markets that has more exposure just because they are destinations. So you have hotels in Virginia Beach, for example, and then obviously the Portland asset will add additional leisure exposure. And Salt Lake City, you will get leisure in the summertime and you will get a ski season. So it's a dual-pronged approach in terms of working with our on-site, with our management companies to go after and focus on those that we call SMERF-type groups, which are more social and leisure-oriented groups as well as looking and incorporating that as part of our acquisition strategy.

我們會——我們沒有確切的數字。我們顯然會在週末去酒店，而在夏季，我們將有更多的休閒機會。因此，我們估計大約 70% 的業務與商務旅行有關，其餘的則是休閒旅行。但是，除了關注我提到的周末之外，我們還可以採用另一種方​​式來增加我們的休閒曝光度，並增加額外的家庭和體育以及其他類型的團體業務，我們實際上可以從現場的角度出發進行定位。增加休閒旅遊曝光的另一種方式是投資那些因為是旅遊目的地而有更高曝光度的市場。例如，你在維吉尼亞海灘有酒店，那麼顯然波特蘭資產將增加額外的休閒機會。在鹽湖城，你可以在夏天享受休閒，還可以享受滑雪季節。因此，這是一種雙管齊下的方法，我們與現場管理公司合作，追逐並關注那些我們稱之為 SMERF 類型的團體，這些團體更具社交和休閒導向，同時將其作為我們收購策略的一部分。

And then last one from me. It seems like the online travel agents have been reporting either lower than expected bookings growth or things like that. Are you seeing any change in the OTA environment over the past 3 months or couple of quarters that's notable?

接下來是我最後一個問題。看起來在線旅行社報告的預訂量增長要么低於預期，要么類似情況。您是否發現過去 3 個月或幾季內 OTA 環境發生了任何顯著的變化？

Not any material changes. We're still very pleased overall with the results from the direct booking campaigns. We're still seeing that our brand.com channels are growing strong. OTAs are growing. But we are still -- we're seeing that at a more moderate pace. They are still under 10% for our portfolio. We were very pleased, we were very actively involved in the input side with Hilton's recent negotiations and also very pleased with the results there. So -- and also there has been a report that Cavalry just released that has additional details that we also support and agree with. So we feel like there has been a lot of good progress made in terms of working with OTAs to get the incremental business when we need it at the right price. And we're going to continue to push that message.

沒有任何實質變化。總體而言，我們對直接預訂活動的結果仍然非常滿意。我們仍然看到我們的 brand.com 頻道正在強勁成長。 OTA 正在不斷成長。但我們仍然看到這一進程正在以較為溫和的速度發展。在我們的投資組合中，它們的比例仍然低於 10%。我們非常高興，我們非常積極地參與了希爾頓最近的談判，並且對結果非常滿意。所以——而且騎兵隊剛剛發布了一份報告，其中包含我們也支持和同意的更多細節。因此，我們覺得在與 OTA 合作以合適的價格獲得增量業務方面已經取得了很大進展。我們將繼續傳達這一訊息。

Mr. Knight, we have no further questions at this time, I would now like to turn the floor back over to you for closing comments.

奈特先生，我們現在沒有其他問題了，現在我想把發言權交還給您，請您發表最後評論。

Thank you. And thank you for joining us this morning. Despite an unpredictable operating environment with continued headwinds from restrained corporate spending and rise in labor cost, we delivered solid operating results and strong margins during the quarter. Our strategy was designed to reduce volatility and generate strong stable investor returns over time. And we believe we're well positioned for any economic environment. We appreciate you joining us today and we hope that as you travel you'll take opportunity to stay with us at one of our hotels. Have a great day.

謝謝。感謝您今天上午加入我們。儘管經營環境難以預測，企業支出受限和勞動成本上升等不利因素持續存在，但我們在本季仍實現了穩健的經營業績和強勁的利潤率。我們的策略旨在降低波動性並隨著時間的推移為投資者帶來強勁穩定的回報。我們相信，我們能夠適應任何經濟環境。我們非常感謝您今天加入我們，並希望您在旅途中能有機會入住我們的某家酒店。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與並祝您有美好的一天。