Apple Hospitality REIT Inc (APLE) 2018 Q2 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT's Second Quarter 2018 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Apple Hospitality REIT 2018 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Kelly Clarke, Vice President, Investor Relations. Please go ahead.

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)。請繼續。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's Second Quarter 2018 Earnings Call on this, the 7th day of August 2018. Today's call will be based on the second quarter 2018 earnings release, which was distributed yesterday afternoon.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 於 2018 年 8 月 7 日舉行的 2018 年第二季財報電話會議。今天的電話會議將基於昨天下午發布的 2018 年第二季財報。

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 of 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 2017 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 statement, except as required by law.

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 2017 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 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 second quarter of 2018 and an outlook for the sector and for the company. Following the overview, we will open the call for Q&A.

今天上午，我們的執行長賈斯汀奈特 (Justin Knight)； Krissy Gathright，我們的營運長；我們的財務長 Bryan Peery 將概述我們 2018 年第二季的業績以及該行業和公司的前景。概述之後，我們將開始問答環節。

At this time, it is my pleasure to turn the call over to our CEO, Justin Knight.

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, and good morning.

謝謝你，凱利，早安。

Hotel operations for our portfolio remained solid during the second quarter of this year, with comparable hotels RevPAR growth of 1.3% for the quarter and 1.1% for the first half of the year. Although there was an -- there is increased geopolitical uncertainty, macroeconomic trends within the U.S. remain strong and unemployment levels continue to indicate a robust workforce. Amid to steady economic growth environment with high occupancy levels and a tight labor market, we remain focused on driving rate and cost-effective operations. We are pleased with our ability to achieve a strong hotel EBITDA margin of 40% for the quarter and 38% for the 6 months ended June 30.

我們投資組合中的飯店營運在今年第二季保持穩健，同店可比飯店 RevPAR 本季成長 1.3%，上半年成長 1.1%。儘管地緣政治不確定性增加，但美國的宏觀經濟趨勢仍然強勁，失業率持續顯示勞動市場強勁。在經濟穩定成長、入住率高、勞動力市場緊張的環境下，我們仍專注於提高飯店入住率和實現具有成本效益的營運。我們很高興能夠實現本季 40% 的飯店 EBITDA 利潤率，並在截至 6 月 30 日的 6 個月內實現 38% 的利潤率。

As a result of increased demand related to hurricane recovery and restoration efforts in Houston and Florida from September through the end of 2017, we expect challenging year-over-year comps for the latter part of this year. However, we remain confident in the full year 2018 guidance we provided with our year-end 2017 earnings.

由於 2017 年 9 月至年底休士頓和佛羅裡達州颶風恢復和重建工作相關需求增加，我們預計今年下半年的年比業績將面臨挑戰。不過，我們仍然對我們根據 2017 年年末收益提供的 2018 年全年指引充滿信心。

In addition to our focus on operations, we continue to refine and strengthen our portfolio of hotels through meaningful transactions and renovations that we feel will enhance shareholder value over the long term. Since the beginning of the year, we have acquired 4 hotels for an aggregate purchase price of approximately $137 million. The Hampton Inn & Suites Memphis-Beale Street and the Hampton Inn & Suites Atlanta-Downtown, both in exceptional locations, were acquired during the first quarter of this year. We anticipate that the new management teams in place and significant renovations planned for 2019 will further enhance the competitive position of these hotels within their respective markets.

除了專注於營運之外，我們還透過有意義的交易和翻新來不斷改進和加強我們的酒店組合，我們認為這將長期提高股東價值。自今年年初以來，我們已收購了 4 家飯店，總收購價約為 1.37 億美元。孟菲斯比爾街漢普頓酒店及套房 (Hampton Inn & Suites Memphis-Beale Street) 和亞特蘭大市中心漢普頓酒店及套房 (Hampton Inn & Suites Atlanta-Downtown) 均位於優越的地理位置，於今年第一季收購。我們預計，2019 年新管理團隊的到位和計劃進行的重大翻新將進一步提升這些酒店在各自市場中的競爭地位。

On May 2, we acquired the newly built Hampton Inn & Suites Phoenix Downtown. This exceptionally well-located hotel has exposure to a wide variety of corporate, academic, medical, government and leisure demand generators. The hotel is adjacent to Arizona State University's Downtown Phoenix campus and in close proximity to numerous corporate offices and attractions, including Talking Stick Resort Arena and Chase Field.

5 月 2 日，我們收購了新建的鳳凰城市中心漢普頓酒店及套房。飯店地理位置優越，可滿足各類企業、學術、醫療、政府和休閒需求。該飯店毗鄰亞利桑那州立大學鳳凰城市中心校區，鄰近許多公司辦公室和景點，包括 Talking Stick Resort Arena 和 Chase Field。

More recently, on June 28, we acquired the existing Hampton Inn & Suites Atlanta Perimeter Dunwoody. The Perimeter Center area is home to numerous well-known corporate operations, including State Farm, Mercedes-Benz, Cox Enterprises, UPS, First Data, Cisco Systems and more. With several MARTA stations near the hotel, guests also have convenient access to Downtown Atlanta and Hartsfield-Jackson Atlanta International Airport. We currently have 5 additional hotels under contract for a potential purchase, all of which are new construction projects with trusted developers for a total purchase price of approximately $131 million.

最近，6 月 28 日，我們收購了現有的亞特蘭大鄧伍迪周界漢普頓酒店及套房 (Hampton Inn & Suites Atlanta Perimeter Dunwoody)。週邊中心區是許多知名企業的所在地，包括 State Farm、Mercedes-Benz、考克斯企業、UPS、First Data、思科系統等。飯店附近有多個 MARTA 車站，客人還可以輕鬆前往亞特蘭大市中心和哈茲菲爾德-傑克遜亞特蘭大國際機場。目前，我們還有 5 家飯店正在洽談購買事宜，這些飯店均為新建項目，開發商均值得信賴，總購買價格約為 1.31 億美元。

We entered into forward commitments for all of these projects prior to construction, and we believe we locked in attractive per key pricing in the current rising cost environment. The hotels under construction include a Home2 Suites at Orlando Airport, a Hampton Inn & Suites and Home2 Suites dual-branded property in Cape Canaveral, Florida, and a Hyatt House and Hyatt Place dual-branded property in Tempe, Arizona.

我們在建造之前就對所有這些項目做出了遠期承諾，我們相信，在當前成本上升的環境下，我們鎖定了具有吸引力的關鍵定價。正在興建的飯店包括位於奧蘭多機場的 Home2 Suites 飯店、位於佛羅裡達州卡納維拉爾角的漢普頓酒店及套房和 Home2 Suites 雙品牌酒店，以及位於亞利桑那州坦佩的凱悅嘉寓酒店和凱悅嘉軒雙品牌酒店。

We anticipate the Orlando project will be completed in early 2019, and the 4 additional hotels will open in the latter half of 2020. We are pleased to announce our expansion into the Hyatt family of brands and the Tempe market. We've been researching the Hyatt select service brands for several years and feel confident that these hotels and their ideal location in Tempe, adjacent to Arizona State University's main campus and football stadium and in close proximity to a variety of corporate offices, including State Farm and others, will complement our existing portfolio. The Hyatt House and Hyatt Place brands, Hyatt's only select service and extended-stay offerings, and the World of Hyatt loyalty program with more than 10 million members align with our ownership strategy and will provide us with exposure to a third loyalty program. We will continue to seek additional opportunities to acquire high-quality, select service hotels within the Hyatt, Marriott and Hilton brand families that align with our core strategy and strengthen our geographic diversity.

我們預計奧蘭多專案將於 2019 年初完工，另外 4 家飯店將於 2020 年下半年開幕。我們很高興地宣布我們將業務擴展到凱悅品牌系列和坦佩市場。我們對凱悅精選服務品牌進行了多年的研究，並相信這些酒店及其在坦佩的理想地理位置，毗鄰亞利桑那州立大學主校區和足球場，並且靠近包括 State Farm 等在內的各種公司辦事處，將補充我們現有的投資組合。凱悅嘉寓和凱悅嘉軒品牌是凱悅旗下唯一的精選服務和長住酒店，而擁有超過 1000 萬會員的凱悅天地忠誠度計劃與我們的所有權戰略相一致，並將為我們帶來第三個忠誠度計劃的曝光機會。我們將繼續尋求更多機會收購凱悅、萬豪和希爾頓品牌旗下符合我們核心策略並加強我們地理多樣性的高品質精選服務酒店。

As I mentioned in our first quarter call, we have recently seen an uptick in interest for select service assets, fueled in part by continued strength in the debt markets, creating wide availability of financing for existing hotels. As a result of our current market conditions and long-term CapEx needs for the hotels, on July 13, 2018, we opportunistically sold our 86-room TownePlace Suites and our 89-room SpringHill Suites, both located in Columbus, Georgia, for a total combined gross sales price of $10 million.

正如我在第一季電話會議上提到的，我們最近看到對精選服務資產的興趣有所上升，部分原因是債務市場持續走強，為現有酒店創造了廣泛的融資管道。由於我們目前的市場狀況和酒店的長期資本支出需求，2018 年 7 月 13 日，我們趁機出售了位於喬治亞州哥倫布的擁有 86 間客房的 TownePlace Suites 酒店和擁有 89 間客房的 SpringHill Suites 酒店，總售價為 1000 萬美元。

In addition, we continue to purchase -- or, pursue the sale of our Residence Inn in Springdale, Arkansas, and have received multiple offers for the property from unrelated parties. We have also received inbound increase for other assets in our portfolio and will continue to evaluate those and other disposition opportunities that have the potential to allow us to benefit from current market conditions and to enhance the long-term strength of our hotel portfolio.

此外，我們繼續購買——或者說，尋求出售位於阿肯色州斯普林代爾的 Residence Inn 酒店，並且已經收到了來自無關方的多個房產報價。我們也獲得了投資組合中其他資產的入帳增加，並將繼續評估這些資產和其他可能讓我們從當前市場條件中受益並增強我們酒店投資組合的長期實力的處置機會。

We believe the consistent reinvestment in our hotels further adds to the operational stability and competitiveness of our portfolio, and we have a team of experienced in-house project managers that oversee renovations at our hotels. Together with our asset managers and our third-party operators, these project managers work to deliver cost-effective, outstanding results, while minimizing property-level disruption. Our scale ownership within specific Marriott and Hilton brands also helps reduce the cost of major renovations by increasing our purchasing power and enabling us to develop process efficiencies.

我們相信，對飯店的持續再投資將進一步增強我們投資組合的營運穩定性和競爭力，並且我們擁有一支經驗豐富的內部專案經理團隊，負責監督我們飯店的翻新工程。這些專案經理與我們的資產經理和第三方營運商一起努力，提供具有成本效益的出色成果，同時最大限度地減少財產層面的干擾。我們對特定萬豪和希爾頓品牌的規模所有權也有助於透過提高我們的購買力和提高流程效率來降低重大翻修的成本。

During the 6 months ended June 30, 2018, we invested approximately $31 million in capital expenditures. As we highlighted last quarter, given the current rising cost environment and limited availability of construction financing, we are beginning to see a moderation in new construction starts in our markets, and based on the supply outlook for our markets, we anticipate new construction starts will peak this year. At the end of the second quarter, approximately 62.7% of our properties had one or more upper-midscale, upscale or upper-upscale new construction projects within a 5-mile radius, a slight decrease from what we reported at the end of the first quarter. While we do expect to be challenged in some markets by new supply in the near term, the current level of demand across the majority of our markets, the strength of our hotel brands and a low effective and actual age of our hotels should allow us to remain competitive within our markets and help offset the impact of new hotel openings.

在截至 2018 年 6 月 30 日的 6 個月內，我們投資了約 3,100 萬美元的資本支出。正如我們上個季度所強調的那樣，鑑於當前成本上升的環境和建築融資的有限性，我們開始看到我們市場的新建築開工量有所放緩，並且根據我們市場的供應前景，我們預計新建築開工量將在今年達到頂峰。截至第二季末，我們約有 62.7% 的物業在 5 英里半徑範圍內擁有一個或多個中高檔、高檔或超高檔新建項目，與第一季末報告的數字相比略有下降。雖然我們確實預計短期內某些市場將面臨新酒店供應的挑戰，但目前我們大多數市場的需求水平、我們酒店品牌的實力以及較低的酒店有效和實際使用年限應能讓我們保持在市場中的競爭力，並有助於抵消新酒店開業的影響。

Subsequent to the close of the second quarter, we successfully refinanced 2 of our primary credit facilities, extending maturities and securing attractive spreads. Many thanks -- or, my thanks to Bryan and his team for their work on this project. I would also like to express my appreciation to our lenders for their continued support and confidence.

第二季結束後，我們成功地為兩筆主要信貸安排進行了再融資，延長了期限並確保了有吸引力的利差。非常感謝——或者說，我感謝 Bryan 和他的團隊為這個專案所做的工作。我還要對我們的貸款人的持續支持和信任表示感謝。

I want to reiterate that we are and have always been focused on providing our investors with consistent dividends and appreciation in the value of their underlying investment. We are intentionally structured to mitigate volatility and generate strong, stable relative margins despite shift in the economy. Our portfolio of select service hotels are aligned with industry-leading brands, geographically diversified and managed by leading operators. And with the strength and flexibility of our balance sheet, we are well positioned to maximize the value of opportunities as they arise.

我想重申，我們目前和過去一直致力於為我們的投資者提供持續的股息和其基礎投資價值的升值。我們特意建構結構以減輕波動性，並在經濟變化時產生強勁、穩定的相對利潤率。我們的精選服務酒店組合與業界領先品牌保持一致，地理分佈多樣化，並由領先的營運商管理。憑藉我們資產負債表的實力和靈活性，我們能夠最大限度地利用出現的機會的價值。

Today, with 241 hotels diversified across 88 U.S. markets, we have the largest publicly traded REIT focused on the select service segment of the lodging industry. We continue to be optimistic about the prospects for the year and remain confident in the fundamentals of our portfolio and our company.

如今，我們在美國 88 個市場擁有 241 家多元化飯店，擁有最大的專注於住宿業精選服務領域的公開交易房地產投資信託基金 (REIT)。我們繼續對今年的前景持樂觀態度，並對我們的投資組合和公司的基本面充滿信心。

I would now like to hand the call over to Krissy to provide additional detail on performance across our markets. Our asset management team's experience, operational expertise and innovative use of performance data made possible by our deep ownership in Marriott and Hilton rooms-focused brands continue to play a key role in driving our industry-leading margin performance in this increasingly challenging operating environment.

現在，我想將電話交給克莉絲，讓她提供更多關於我們各個市場表現的細節。憑藉我們對萬豪和希爾頓客房品牌的深度所有權，我們的資產管理團隊擁有豐富的經驗、營運專業知識以及對績效數據的創新使用，這些在日益嚴峻的營運環境中繼續發揮關鍵作用，推動我們實現業界領先的利潤率。

It is now my pleasure to hand the call over to Krissy.

現在我很高興將電話交給克莉絲。

Thank you, Justin. As anticipated, our RevPAR growth improved from the first quarter to the second, and we were very pleased to achieve an industry-leading 40% comparable hotel EBITDA margin.

謝謝你，賈斯汀。正如預期的那樣，我們的 RevPAR 成長從第一季到第二季有所改善，我們非常高興地實現了業界領先的 40% 可比飯店 EBITDA 利潤率。

Our weekday RevPAR grew more than weekend RevPAR, consistent with the sustained modest improvement in business transient demand and our operators' ability to drive higher rate growth on peak occupancy mid-weeknight. Our overall occupancy remained strong at 81.8%, with increased rate accounting for substantially all of our RevPAR growth.

我們工作日的 RevPAR 增幅超過了週末的 RevPAR，這與商務臨時需求的持續適度改善以及我們的運營商在工作日中旬高峰入住率上推動更高增長率的能力相一致。我們的整體入住率仍然保持強勁，達到 81.8%，其中房價的提升幾乎佔了 RevPAR 成長的全部。

From a monthly trend perspective, RevPAR growth for April and June were largely on target with expectations, while less-than-expected transient pickup in the latter part of May surrounding the Memorial Day holiday resulted in RevPAR growth lower than forecast. To help boost demand over holiday time periods, we are working with our operators to increase marketing spend, targeting holidays moving forward. And although group represents only about 15% of our mix, our asset management team continues to work with our operators to strategically target additional group bookings, when needed, to compress the hotels, especially on the weekends, shoulder nights and holidays when demand for business travel is lower.

從月趨勢來看，4月和6月的RevPAR成長基本上符合預期，而5月下旬陣亡將士紀念日假期前後的短暫回升低於預期，導致RevPAR成長低於預期。為了幫助提升假日期間的需求，我們正在與營運商合作增加行銷支出，並瞄準未來的假日。儘管團體預訂僅占我們預訂總量的 15% 左右，但我們的資產管理團隊仍會繼續與運營商合作，在需要時戰略性地瞄準額外的團體預訂，以壓縮酒店數量，尤其是在商務旅行需求較低的周末、平日夜晚和節假日。

While performance continues to vary widely across our geographically diversified portfolio, the number of hotels with RevPAR growth has remained relatively consistent with the prior year. 57% of our hotel had increases in RevPAR for the first half of the year compared to 56% over the same period in 2017.

儘管我們地域多元化飯店組合的業績表現依然存在很大差異，但 RevPAR 成長的飯店數量與前一年相比保持相對穩定。今年上半年，我們 57% 的飯店的平均可出租客房收入 (RevPAR) 有所成長，而 2017 年同期這一比例為 56%。

For the quarter, our markets with stronger performance included: Knoxville, Houston, Miami, Fort Lauderdale, Norfolk/Virginia Beach, Arlington/Fort Worth and Montgomery. Markets with lagging performance included: Seattle, Richmond, Dallas, Denver, Boston, Boise and Kansas City, primarily as a result of ramping new supply.

本季度，我們表現較好的市場包括：諾克斯維爾、休士頓、邁阿密、勞德代爾堡、諾福克/維吉尼亞海灘、阿靈頓/沃斯堡和蒙哥馬利。表現落後的市場包括：西雅圖、里士滿、達拉斯、丹佛、波士頓、博伊西和堪薩斯城，主要原因是新增供應增加。

Four of our Dallas market hotels also underwent a management transition in the quarter, which has caused some short-term disruption. Our Phoenix market results were impacted by the ramp of our new Downtown Phoenix Hampton Inn & Suites, which opened in May, creating a minor drag on portfolio results this year, which should provide upside in 2019. With a similar phenomenon currently impacting overall U.S. RevPAR growth, where we believe U.S. numbers are somewhat elevated as a result of ramping new supply, which in the U.S. averages -- which in the U.S. averages represents a greater percentage of the overall sample set than it does for our portfolio.

我們位於達拉斯市場的四家酒店在本季度也經歷了管理層變動，這造成了一些短期混亂。我們鳳凰城市場的業績受到了 5 月份開業的鳳凰城市中心漢普頓酒店及套房擴張的影響，對今年的投資組合業績造成了輕微拖累，但 2019 年應該會帶來上行空間。目前，類似的現像也影響美國整體的 RevPAR 成長，我們認為，由於新增供應的增加，美國的 RevPAR 數據有所上升，這在美國平均值中佔整體樣本的比例比我們的投資組合中要大。

As Justin mentioned, the second half of this year will have more challenging comps. Our July RevPAR declined slightly with the Fourth of July falling on a Wednesday, negatively impacting business travel. We also benefited in the prior year from a lift in demand from the solar eclipse in August and hurricane recovery efforts beginning in September and continuing through the end of the year. With that being said, we still feel comfortable that our RevPAR growth for the year will fall within our guidance range of 0% to 2%, as we remain focused on driving rate on peak occupancy nights and layering on additional base business as needed.

正如賈斯汀所提到的，今年下半年將面臨更具挑戰性的競爭。由於 7 月 4 日恰逢星期三，7 月份我們的每間可用客房收入 (RevPAR) 略有下降，這對商務旅行產生了負面影響。去年我們也受惠於 8 月日食帶來的需求提升以及 9 月開始並持續到年底的颶風復原工作。話雖如此，我們仍然相信，今年的 RevPAR 成長率將在 0% 至 2% 的指導範圍內，因為我們仍然專注於提高入住高峰夜數的比率，並根據需要增加額外的基礎業務。

From a profitability standpoint, we had another strong quarter. Our focused efforts on collecting cancellation revenues helped drive a 15% increase in same-store other revenues. As for expenses, our targeted labor management efforts continue to produce solid results. For the fourth quarter in a row, same-store wages per occupied rooms grew less than 3% in a challenging labor environment. Total payroll increased 2% for occupied rooms, and the remaining expenses outside of payroll increased just over 1% per occupied room.

從獲利角度來看，我們又度過了一個強勁的季度。我們專注於收取取消收入，幫助同店其他收入成長了 15%。至於費用，我們有針對性的勞動力管理工作持續取得堅實的成果。在充滿挑戰的勞動力環境下，連續四個季度，每間入住客房的同店薪資增幅不足 3%。已入住客房的總薪資增加了 2%，每間已入住客房的薪資以外的其餘支出增加了 1% 多一點。

Our energy management initiatives are helping to keep utility costs in check. We are also benefiting from a successful distribution strategy as OTA growth has moderated and commissions per OTA transactions are lower. Our brand.com channel mix continues to grow and represents a 34.4% of our revenue in the second quarter, an increase of 120 basis points.

我們的能源管理措施有助於控制公用事業成本。由於 OTA 成長放緩且每筆 OTA 交易的佣金較低，我們也受益於成功的分銷策略。我們的brand.com通路組合持續成長，佔第二季營收的34.4%，成長了120個基點。

To recap, we are seeing increases in demand as well as supply resulting in modest RevPAR growth. The RevPAR growth is rate driven, which helps with maintaining margin. We are in a challenging labor environment, but our diligent efforts benchmarking labor standard, sharing best practices and helping implement on-site technology solutions to assist with labor sourcing, retention and productivity management have provided us an advantage to help maintain margins. Finally, our unique management contracts better align owner-operator objectives to help us maximize profitability regardless of market conditions.

總而言之，我們看到需求和供應都在增加，導致 RevPAR 略有成長。RevPAR 的成長是由利率驅動的，這有助於維持利潤率。我們處於充滿挑戰的勞動力環境中，但我們勤奮努力，對標勞工標準，分享最佳實踐，並幫助實施現場技術解決方案，以協助勞動力採購、保留和生產力管理，為我們提供了保持利潤率的優勢。最後，我們獨特的管理合約更好地協調了業主-經營者的目標，幫助我們在任何市場條件下實現盈利能力最大化。

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'll quickly summarize a few numbers for the quarter. Total revenue was $345 million, an increase of 4% from the second quarter of 2017. Adjusted EBITDA was $131 million, also an increase of 4% from last year. And modified FFO per share was $0.51, flat to the second quarter of 2017.

謝謝，克麗西，早安。我將快速總結本季的一些數字。總營收為 3.45 億美元，較 2017 年第二季成長 4%。調整後的 EBITDA 為 1.31 億美元，較去年同期成長 4%。調整後每股 FFO 為 0.51 美元，與 2017 年第二季持平。

Year-to-date through June, revenue was $643 million, an increase of 3% from the same period in 2017. Adjusted EBITDA was $231 million, a 3% increase. And modified FFO per share was $0.89, down $0.01 from 2017. Year-to-date, we have made approximately $31 million in capital investment and anticipate an additional $35 million to $45 million throughout the remainder of the year.

截至 6 月份，年初至今的營收為 6.43 億美元，較 2017 年同期成長 3%。調整後的 EBITDA 為 2.31 億美元，成長 3%。調整後每股 FFO 為 0.89 美元，較 2017 年下降 0.01 美元。今年迄今為止，我們已進行了約 3,100 萬美元的資本投資，預計今年剩餘時間將再投入 3,500 萬至 4,500 萬美元。

As Justin mentioned, we recently completed the refinancing of over $1 billion of our credit facilities. We very much appreciate the support of our lenders and believe we were once again able to create value for our shareholders due to the portfolio we have built and the philosophy under which we operate the company.

正如賈斯汀所提到的，我們最近完成了超過 10 億美元信貸額度的再融資。我們非常感謝貸款方的支持，並相信憑藉我們建立的投資組合和經營公司的理念，我們能夠再次為股東創造價值。

The new facilities effectively extend the maturities of the previous facilities, spread the maturities, reduce the applicable spreads and provide additional flexibility in terms.

新貸款有效地延長了先前貸款的期限，分散了期限，降低了適用利差，並在條款上提供了額外的靈活性。

After giving effect to the new facilities, the weighted average maturity of our $1.4 billion of outstanding debt is 6 years, with the current weighted average interest rate of 3.7%. The weighted average maturity of our effectively fixed rate debt currently 80% of our outstanding debt is 5 years, with the weighted average rate of 3.9%.

實施新貸款後，我們 14 億美元未償債務的加權平均期限為 6 年，目前加權平均利率為 3.7%。我們有效固定利率債務的加權平均期間（目前占我們未償債務的 80%）為 5 年，加權平均利率為 3.9%。

During the second quarter, we recorded a $3.1 million impairment charge related to the disposition and potential disposition of 3 hotels: a $0.5 million related to the sale of 2 hotels, the SpringHill Suites and TownePlace Suites in Columbus, Georgia, both classified as held-for-sale at June 30 and sold in July; and $2.6 million related to the Residence Inn in Springdale, Arkansas, where we believe our whole period has been reduced as we actively pursue offers on this property.

在第二季度，我們記錄了與 3 家酒店處置和潛在處置相關的 310 萬美元的減值費用：與出售兩家酒店（位於佐治亞州哥倫布市的 SpringHill Suites 和 TownePlace Suites）相關的 50 萬美元，這兩家酒店均在 6 月 30 日被歸類為持有阿肯色州的 7 月出售，並於 7 月的 26036699993599353年被歸類為持有，以及與阿肯色州的 206 月 260 部分出售，以及與阿肯色州的 2636 月 2603；萬美元，我們認為，由於我們積極尋求對該物業的報價，我們的整個期間的收入已經減少。

Continuing to reiterate our operational guidance for 2018 that we provided in February and May. Based on our operating performance to date, our visibility into business drivers for the remainder of the year and announced transactions, we anticipate net income between $193 million and $217 million, comparable hotel RevPAR growth between 0% and 2%, comparable hotel -- adjusted hotel EBITDA margin between 36.8% and 37.8% and adjusted EBITDA between $437 million and $457 million.

繼續重申我們在 2 月和 5 月提供的 2018 年營運指引。根據我們迄今為止的經營業績、對今年剩餘時間業務驅動力的了解以及已宣布的交易，我們預計淨收入在 1.93 億美元至 2.17 億美元之間，可比酒店 RevPAR 增長率在 0% 至 2% 之間，可比酒店 - 調整後酒店 EBITDA 利潤率在 36.8% 至 37.8% 之間，調整後酒店 EBITDA 利潤率在 36.8% 至 37.8% 之間，億美元之間。

During the second quarter, the company paid distributions of $0.30 per share or a total of approximately $69 million. This year through June, the company has paid distributions of $0.60 per share or a total of $138 million. The annualized $1.20 per common share represents an annual 6.7% yield based on our August 3 closing price.

第二季度，該公司支付了每股 0.30 美元的分配，總計約 6,900 萬美元。今年截至 6 月，該公司已支付每股 0.60 美元的股息，總計 1.38 億美元。根據 8 月 3 日的收盤價計算，每股普通股年化收益 1.20 美元，相當於年收益率 6.7%。

Since we have mentioned it a couple of times on our calls, I wanted to close the loop and highlight that the proposal to de-stagger our board was approved by shareholders at our annual meeting in May. As a result, director nominees that are elected to the board will have 1-year terms. We believe this is an important provision that benefits shareholders and highlights our continual efforts to align operations and structure to benefit our shareholders.

由於我們在電話會議上已經多次提到這一點，因此我想最後強調一下，取消董事會交錯安排的提議已在 5 月份的年度會議上獲得股東批准。因此，當選為董事會成員的董事候選人的任期為 1 年。我們認為這是一項有利於股東的重要規定，並凸顯了我們不斷努力調整營運和結構以使股東受益。

Thank you, again, for joining us this morning. Although the second half of the year will present some tough year-over-year comps on the top line as a result of last year's onetime increases from hurricane restoration and recovery efforts, we do believe we have opportunity to continue to improve value for our shareholders.

再次感謝您今天早上加入我們。儘管由於去年颶風災後復原工作帶來的一次性成長，今年下半年的營業收入同比將出現一些艱難的同比變化，但我們確實相信我們有機會繼續為股東提高價值。

Thank you, again, for joining us this morning. We will now open the call up for questions.

再次感謝您今天早上加入我們。我們現在開始回答問題。

(Operator Instructions) Our first question comes from 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。

So I wanted to touch first on the acquisitions. I mean, you've discussed interest in adding the Hyatt brand to the portfolio for some time. And first, just curious, why now? And then secondly, I guess, how do you plan to gain scale in Hyatt brand hotels? And what would you consider to be sufficient scale, I guess, to benefit from the operating and purchase efficiencies that you've talked about?

所以我想先談談收購。我的意思是，你們已經討論過一段時間將凱悅品牌添加到投資組合中的興趣。首先，我很好奇，為什麼是現在？其次，我想，您計劃如何擴大凱悅品牌酒店的規模？那麼，您認為什麼樣的規模才足夠，才能從您談到的營運和採購效率中受益呢？

Happy to talk about the Hyatt brands. As you know, we've been discussing and investigating potential addition of the Hyatt select service brands to our portfolio for some time. We've been attracted really largely because of the quality of the product -- the Hyatt brand itself has broad recognition -- but have been limited to date by the availability of assets really. As you highlighted, we've always wanted to have scale ownership in the brand so that we could benefit from our ownership in the same way we benefit from our ownership of Hilton and Marriott select service brands. There are a few things that we like about this particular transaction. One, the location is exceptional, and I think that combined with what we feel will be an exceptional product delivered by the same group that delivered our recent Arizona -- Phoenix -- acquisition, we think would be a good combination for us. The fact that the property comes online in 2020 also gives us additional time to build out a pipeline of assets and to establish the scale ownership that we'll need. For us, a target round number would be 10-ish assets within the brand, at which point we feel we could fully benefit. Remember and again that there will be some benefit that we'll have because of the similarities between these brands, in the Marriott and Hilton brands, that we already own. The Hyatt brands are attractive to us from a development standpoint just because they aren't as fully built out. And it's not coincidental that our entry into the Hyatt brands coincides with a reemphasis and an increased focus by Hyatt on the development of these specific brands. But there are a tremendous number of sites available for us to build out where we're beginning to see some saturation on the development side within the Hilton and Marriott select service brand families. As we look to acquire existing assets, we feel that there's some margin opportunity that will help us to also improve and to add value to those assets over time. So from an expectation standpoint, over the next 2 to 3 years, we'd hope to be -- to own in the neighborhood of 10 assets within the Hyatt brands, and we'll see how things work from there.

很高興談論凱悅品牌。如您所知，我們一直在討論和調查將凱悅精選服務品牌添加到我們的產品組合中的可能性。我們之所以被吸引，很大程度上是因為產品的品質——凱悅品牌本身俱有廣泛的知名度——但迄今為止，我們確實受到資產可用性的限制。正如您所強調的，我們一直希望擁有該品牌的規模所有權，以便我們可以從所有權中獲益，就像我們從擁有希爾頓和萬豪精選服務品牌中獲益一樣。對於這筆特定的交易，我們有幾點喜歡的地方。首先，地理位置優越，而且我認為，再加上我們認為由最近收購亞利桑那州鳳凰城的同一團隊提供的卓越產品，我們認為這對我們來說是一個很好的組合。該資產將於 2020 年投入使用，這也為我們提供了更多時間來建立資產管道並確定我們所需的規模所有權。對我們來說，目標數字是品牌內的資產達到 10 個左右，此時我們覺得我們可以充分受益。請記住，由於我們已經擁有的萬豪和希爾頓品牌之間存在相似性，我們將獲得一些好處。從開發的角度來看，凱悅品牌對我們很有吸引力，因為它們還沒有完全建成。我們進入凱悅品牌恰逢凱悅重新強調並更加重視這些特定品牌的發展，這並非巧合。但是，我們有大量場地可供建設，我們開始看到希爾頓和萬豪精選服務品牌系列的開發方面出現飽和。當我們尋求收購現有資產時，我們認為存在一些利潤機會，這些機會將幫助我們隨著時間的推移改善和增加這些資產的價值。因此，從預期的角度來看，在未來 2 到 3 年內，我們希望在凱悅品牌內擁有約 10 項資產，然後我們將看看事情如何發展。

So I guess -- I appreciate all the detail there. And given kind of this limited exposure -- and you mentioned some margin opportunity. But given, as I said, your limited exposure, do you require a premium yield on these? Or do you think that you've identified enough of the opportunity in margin that, that will drive enough of a return as you look down or the -- or add this brand -- additional assets in this brand?

所以我想——我很欣賞那裡的所有細節。鑑於這種有限的風險敞口——您提到了一些保證金機會。但是，正如我所說，鑑於您的風險敞口有限，您是否需要獲得溢價收益？或者您是否認為您已經發現了足夠的利潤機會，當您向下看或添加這個品牌時，這將帶來足夠的回報 - 或添加這個品牌 - 這個品牌中的額外資產？

Because we feel there's -- so -- and again, it depends on whether we're building these assets or whether we're acquiring existing assets. To the extent we're acquiring existing assets, we've spent a tremendous amount of time with our operators, many of whom operate Hyatt brands, and feel that we've identified areas of opportunity which would enable us to enhance margins. I think our going-in yield expectations would be similar, but we would feel there would be incremental upside as we achieved margin improvement in those assets. As we look at development deals, we've been working closely with Hyatt on incentives that the brand might be willing to offer to help us overcome somewhat of a hurdle in the early years as we ramp and develop the hotels.

因為我們覺得——所以——這取決於我們是否正在建立這些資產，或者是否正在收購現有資產。就我們收購現有資產而言，我們花了大量時間與我們的營運商（其中許多營運商經營凱悅品牌）進行溝通，並認為我們已經發現了能夠讓我們提高利潤率的機會領域。我認為我們的初始收益率預期會相似，但我們認為，隨著這些資產的利潤率提高，收益率將會出現逐步上升的趨勢。當我們考慮開發交易時，我們一直與凱悅密切合作，尋求該品牌可能願意提供的激勵措施，以幫助我們在擴大和開發酒店初期克服一些障礙。

Great. And just one on operations. You mentioned you've seen increases in demand and referenced that weekday RevPAR is now outperforming weekend. But I guess, RevPAR overall is still tracking fairly stable, I'd say, versus last year. And so maybe what's kind of holding back from driving stronger ADR growth or maybe an acceleration in RevPAR growth? Any thoughts there?

偉大的。僅就營運而言。您提到您已經看到需求增加，並提到工作日的 RevPAR 現在比週末表現更好。但我想，與去年相比，RevPAR 整體仍保持相當穩定。那麼，是什麼阻礙了 ADR 的強勁成長或 RevPAR 的加速成長呢？有什麼想法嗎？

Absolutely. So I'll talk a little bit in general about the broader markets and then I'll give you a little bit more detail on specific submarkets. So in our results, actually our top 20 EBITDA markets underperformed the markets outside of the top 20. And within those top 20, there were 7 markets that actually in the quarter supply exceeded demand. It is important to note that the demand is growing in each and every one of those markets, and we feel good about them long term, but RevPAR growth will be impacted in those markets until the new supply is absorbed. And a good example, just to drill down on that, would be Seattle. So Seattle, we own 3 properties. And in individual submarkets, there's different performance. Tukwila is still very strong, with the Boeing business and government business. It's less impacted by new supply. Lake Union is -- we have a Residence Inn there -- is Seattle's fastest-growing neighborhood. So you have Amazon's urban campus, which continues to grow; Google's new building is under construction 2 blocks from our hotel. The convention center is being expanded and will double in capacity by 2021. The Seattle Central Business District demand is still very healthy. And then during the quarter, the demand was actually 4%, but the supply was 7%. Our occupancy was still very strong at 91%, but that was a 3% decline year-over-year. And rate was still strong at $250, but that was 2% down from a total RevPAR decrease of 5%. But as you look at some of the individual submarkets, there's also some unique stories in there. So Dallas is one of our larger market. If you look at downtown, downtown was very strong, strong group business, good city-wise. It was up 15%. The Allen, Denton, Lewisville submarket, which we have some hotels in actually was down. The overall market was down 4% with ramping new supply. We actually grew 140 basis points in market share in Dallas overall. But in that particular submarket, we declined 160 basis points, and that was as a result of the ramping new supply. We also -- and I also mentioned in my comments, in that submarket we have some hotels where we have transitioned management. As we get that team stabilize, we do feel like there's some upside there. LA is -- other than the Porter Ranch impact, has traditionally been a pretty strong market for us. Burbank is a market we feel great about long term. There's lots of entertainment business. It's a good leisure market, but there has been some supply impact. And temporarily, Glendale -- the Burbank market competes with the Glendale submarket. And Nestlé has moved their headquarters, and that's creating some temporary disruptions in demand. And we had some project business year-over-year with the largest IKEA opening. So that we are working to replace. Santa Clarita is another market that falls in that LA area. In the spring, there actually was some colder weather year-over-year that negatively impacted us. And Magic Mountain, which is a large demand generator for that particular market, they had a new ride that was opening that actually was delayed until July. So that did impact some of the demand there. Phoenix, we feel great about that market long term, especially downtown. But the opening of the new hotel outside of season is -- it's a low RevPAR and is continuing to ramp, and that created a 30-basis point drag overall in our portfolio. Once we get into season, that will actually improve. But until we get into season and as that hotel continues to ramp, that negatively impacts our Phoenix numbers. Denver is also a solid market long term, but the new supply -- we have a Hilton Garden in downtown, and the conversion of the Hilton City Center from a Marriott -- is directly impacting us. And so we're working on absorbing that supply and continuing to focus our sales team on being aggressive and shifting share. Plus the overall market was very weak in May, which also goes to my comments about May. And Highlands Ranch is another submarket in Denver, where we actually have some new supply impact, but that is in advance of the new hospital that should bring some decent demand beginning in 2019. So we -- the good news is demand is there, and we're still seeing across the board -- it's modest improvements. We wish it were more, but modest improvement and business demand. The focus is really working on with our management teams on driving and improving market share and making sure in those times when business travel is actually lower that we’d be a little bit more focused on adding some base business and group business to protect us more if there's a drop off in transient demand.

絕對地。因此，我將概括地談論更廣泛的市場，然後再向您詳細介紹具體的子市場。因此，在我們的結果中，實際上我們的前 20 個 EBITDA 市場表現不如前 20 名之外的市場。在這前 20 名中，有 7 個市場在本季實際上供應超過了需求。值得注意的是，每個市場的需求都在成長，我們對它們的長期前景持樂觀態度，但在新的供應被吸收之前，這些市場的 RevPAR 成長將會受到影響。深入探討這一點，西雅圖就是一個很好的例子。在西雅圖，我們有 3 處房產。而在各個子市場中，表現也有所不同。塔克維拉仍然非常強大，擁有波音業務和政府業務。受新供應的影響較小。聯合湖是西雅圖發展最快的社區，我們在那裡有一家 Residence Inn 酒店。因此，亞馬遜的城市園區仍在不斷擴大；谷歌的新大樓正在我們酒店兩個街區的地方建設中。該會議中心正在擴建，到 2021 年容量將增加一倍。西雅圖中央商務區的需求仍然非常健康。然後在本季度，需求實際上為 4%，但供應為 7%。我們的入住率仍然很高，達到 91%，但與去年同期相比下降了 3%。價格仍保持在 250 美元的較高水平，但比 RevPAR 整體下降 5% 下降了 2%。但當你觀察一些單獨的子市場時，你也會發現其中有一些獨特的故事。達拉斯是我們較大的市場之一。如果你看看市中心，市中心非常強勁，團體業務強勁，城市狀況良好。上漲了15%。我們所在的艾倫、登頓、路易斯維爾子市場的一些酒店實際上處於下滑狀態。隨著新增供應量增加，整體市場下跌了 4%。實際上，我們在達拉斯的整體市佔率成長了 140 個基點。但在那個特定的子市場，我們下降了 160 個基點，這是由於新供應增加的結果。我們也——我也在我的評論中提到過，在那個子市場中，我們已經對一些酒店進行了管理轉型。隨著團隊的穩定，我們確實感覺到一些好處。除了波特牧場的影響之外，洛杉磯一直以來都是我們相當強勁的市場。我們對伯班克市場有著長期的信心。有很多娛樂業務。這是一個很好的休閒市場，但也受到了一些供應的影響。暫時而言，格倫代爾—伯班克市場與格倫代爾子市場競爭。雀巢已搬遷總部，導致需求暫時中斷。隨著宜家最大的開業，我們每年都有一些專案業務。因此我們正在努力進行替換。聖塔克拉麗塔是洛杉磯地區的另一個市場。春季的天氣實際上比往年更冷，這對我們產生了負面影響。魔術山是該特定市場的巨大需求來源，他們新開放的遊樂設施實際上被推遲到了 7 月。所以這確實影響了那裡的一些需求。鳳凰城，我們對該市場的長期前景看好，尤其是市中心。但由於新酒店在淡季開業，其每間可用客房收入 (RevPAR) 較低，並且還在持續攀升，這給我們的投資組合帶來了 30 個基點的拖累。一旦我們進入賽季，情況實際上就會改善。但直到我們進入旺季並且酒店業務持續增長之前，這都會對我們鳳凰城的業績產生負面影響。丹佛也是一個長期穩固的市場，但新的供應——我們在市中心有一家希爾頓花園酒店，而且希爾頓城市中心由萬豪酒店改建而成——對我們產生了直接影響。因此，我們正在努力吸收這些供應，並繼續專注於讓我們的銷售團隊積極進取，轉移市場份額。另外，五月整體市場非常疲軟，這也符合我對五月的評論。高地牧場 (Highlands Ranch) 是丹佛的另一個子市場，我們實際上在那裡受到了一些新的供應影響，但這是在新醫院開業之前，新醫院應該會在 2019 年開始帶來一些不錯的需求。因此，好消息是需求是存在的，而且我們仍然看到全面改善。我們希望它能有更多，但有適度的改進和業務需求。我們的重點是與管理團隊一起努力推動和提高市場份額，並確保在商務旅行實際上較低的時期，我們會更加專注於增加一些基礎業務和團體業務，以便在臨時需求下降時為我們提供更多保護。

Our next question comes from 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。

Just another question on the RevPAR. So you mentioned that your weekday RevPAR outperformed your weekend RevPAR. Going back to your expectations as of May, did your weekday RevPAR meet your expectations and the softness really was concentrated on weekend? Or do they kind of both kind of underperform a bit relative to what you were hoping for?

關於 RevPAR 的另一個問題。您提到，平日的 RevPAR 表現優於週末的 RevPAR。回顧您 5 月的預期，平日的 RevPAR 是否滿足您的預期，並且疲軟是否確實集中在週末？或者它們的表現是否都比你所期望的要差一些？

They both underperformed a bit relative to what we were hoping for because that whole week around the Memorial Day week, we just -- we didn't have the business travel, and we weren't able to -- with the less -- with the slower-than-expected transient pickup, going into the forecast was very strong. And then just as we got closer and closer, the transient business just didn't pick up.

它們的表現都比我們所希望的要差一些，因為陣亡將士紀念日那一周，我們只是——我們沒有商務旅行，而且我們無法——由於瞬時回升速度低於預期，預測結果非常強勁。然後，當我們越來越接近目的地時，短暫的旅行業務卻沒有起色。

Got it. The holiday effect seems to be getting a bit larger every year: Memorial Day, Fourth of July. What can you do -- or what can your operators do to kind of mitigate that besides adding group business. Is there marketing maybe to be done, maybe some more pricing, what's the strategy to kind of mitigate these holiday shifts?

知道了。節日效應似乎每年都在增強：陣亡將士紀念日、獨立紀念日。除了增加團體業務之外，您或您的運營商可以做什麼來緩解這種情況？是否需要進行行銷，是否需要調整價格，有什麼策略可以緩解這些假期變化？

Yes. All of the above. So one of the things that we can and what we are focusing on and what we were doing with our management teams, we saw the Memorial Day, you're going to hear it again in -- on July commentary because July was -- the first week of July was weak. It should improve next year because of the -- this year July actually fell on a Wednesday, which completely destroys business travel. But what we can do is that we can increase digital spend targeting the holidays. We can also strategize their management teams for future and upcoming holidays to make sure that they are -- where they have opportunity, be aggressive on layering on group, especially since we have seen a trend. With the shorter booking window, it makes it a little bit harder to forecast too. The booking window continues to compress. But we have seen a trend in drop-off around this holiday time period. The hotels that did the best over the holiday time period did do a better job of being protective and going out and layering on additional group base or other negotiated base. So that is one thing that we are definitely focusing on moving forward, even if in the end we sacrifice a little rate in doing so. We think it better protects us, and it would also help us better manage expenses and things like that as well.

是的。上述所有的。因此，我們能做的事情之一、我們正在關注的事情以及我們與管理團隊正在做的事情之一就是，我們看到了陣亡將士紀念日，你會在 7 月份的評論中再次聽到它，因為 7 月份——7 月份的第一周表現疲軟。明年情況應該會有所改善，因為今年 7 月恰逢星期三，這徹底破壞了商務旅行。但我們可以做的是增加針對假期的數位支出。我們還可以為他們的管理團隊制定未來和即將到來的假期策略，以確保他們在有機會的地方積極地分層組團，特別是因為我們已經看到了一種趨勢。由於預訂窗口較短，預測也變得更加困難。預訂窗口繼續壓縮。但我們發現假期期間出現了下降趨勢。假期期間表現最好的飯店確實在保護措施、拓展和增加額外團體基礎或其他協商基礎方面做得更好。因此，這是我們未來肯定會重點關注的一件事，即使最終我們會因此犧牲一點利率。我們認為它能更好地保護我們，也能幫助我們更好地管理開支等等。

Got it. And on the margin side, margins did better than you would expect given the 1.3% RevPAR growth. I know you said before that you really need kind of 2% or higher to really maintain margins. But is there a way to keep this margin outperformance, given the lower RevPAR growth that we're expecting in the back half of the year?

知道了。從利潤率來看，考慮到 1.3% 的 RevPAR 成長率，利潤率表現優於預期。我知道您之前說過，您確實需要 2% 或更高的利潤率才能真正維持利潤率。但是，考慮到我們預計下半年 RevPAR 增幅會較低，有沒有辦法維持這種利潤率呢？

We are going to continue to do our best to do so. We were very pleased with the results, and we are very excited to see our efforts pay off. Now at some point, the toughs become comper -- I mean, the comps become tougher. And -- but our goal is to continue to try to do our best to, at most, have a 3% payroll increase per occupied room year-over-year. We're continuing to focus on multiple different areas. We're going to continue to push, and we do think there's additional upside on the other income side with our managers to continue to increase the cancellation revenue. And eventually -- Hilton is actually before Marriott -- the brands will be helping us with that by automating the collection or the -- or it's not the collection of it but automating the processing of it. So it's a less cumbersome process.

我們將繼續盡最大努力做到這一點。我們對結果非常滿意，並且很高興看到我們的努力得到了回報。現在到了某種程度，強者會變得更強大——我的意思是，強者會變得更強大。而且——但我們的目標是繼續盡最大努力，使每間入住客房的薪水比去年同期最多增加 3%。我們將繼續關注多個不同領域。我們將繼續努力，我們確實認為，我們的管理人員將繼續增加取消收入，從而為其他收入帶來額外的好處。最終——希爾頓實際上領先萬豪——這些品牌將透過自動化收集來幫助我們實現這一目標——或者不是收集資訊而是自動化處理資訊。因此這是一個不太繁瑣的過程。

Our next question comes from Michael Bellisario with Robert W. Baird.

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)。

One last one on 2Q RevPAR. I just kind of want to go back to the weakness that you saw in the quarter, particularly relative to last quarter's comment that you'd be at 2% or greater, I think. Where outside the last week of May did you see weakness that drove that 70-plus basis point delta versus your prior expectation?

最後一個問題是關於第二季度 RevPAR 的問題。我只是想回到您在本季度看到的疲軟情況，特別是相對於上個季度的評論，我認為您將達到 2% 或更高。除了 5 月最後一週以外，您認為哪些因素導致了與您先前預期相比出現 70 多個基點的波動？

When we went into May, we actually -- the forecasts were much higher. The forecast for May RevPAR growth was closer to 3%, and it dropped pretty substantially. For the first 15 days, forecast dropped, and then it dropped again, but it was mainly those last 10 days of the month that -- where we really saw a dropoff.

當我們進入五月時，我們的預測實際上要高得多。5 月 RevPAR 成長預測接近 3%，但實際下降幅度相當大。在最初的 15 天裡，預測值下降，然後再次下降，但主要是在本月的最後 10 天——我們真正看到了下降。

Got it. And then as you look out to the back half of the year, any other challenging aside from the Fourth of July holiday shifts that you see maybe a similar impact for the remaining, call it, 5 months of the year?

知道了。然後，當您展望下半年時，除了 7 月 4 日的假期之外，您還會看到其他任何挑戰，對剩下的 5 個月產生類似的影響嗎？

Well, the Fourth of July is -- definitely had an impact. So July was softer. Obviously, the hurricane impact in third quarter last year we had 60 to 70 basis points. We estimated 60 to 70 basis points of lift. They eclipse in those markets. Over those 4 days in August, we experienced RevPAR increase of 38% higher than the previous year, which is obviously higher than your average growth rate. So we would estimate the eclipse impact for the quarter would be about 20 to 30 basis points. Phoenix will continue to impact us probably another 30 basis points or so in the third quarter before we start to get into season and the hotel continues to ramp. And in the fourth quarter, 150 basis points is what we estimated the hurricane impact was last year. Houston, in the fourth quarter, our line was up 41% last year. And Miami, Fort Lauderdale was up 16%. Now with that being said, we have seen improvements outside of hurricane in Houston and Miami. And we do feel we'll be able to make up some of that, but it's still going to be a negative impact year-over-year.

嗯，七月四日——肯定是有影響的。因此 7 月表現較為疲軟。顯然，去年第三季颶風的影響達到了 60 到 70 個基點。我們估計升幅為 60 至 70 個基點。他們在這些市場上黯然失色。8月的這4天裡，我們的RevPAR比去年同期成長了38%，這顯然高於你們的平均成長率。因此，我們估計本季日食的影響約為 20 至 30 個基點。在進入旺季並且酒店業務繼續增長之前，鳳凰酒店可能會在第三季度繼續對我們產生約 30 個基點的影響。在第四季度，我們估計去年颶風的影響為 150 個基點。休士頓，去年第四季度，我們的生產線成長了 41%。邁阿密和勞德代爾堡的股市上漲了 16%。話雖如此，我們已經看到休士頓和邁阿密颶風之外的情況有所改善。我們確實認為我們能夠彌補其中的一些損失，但與去年同期相比，這仍然會產生負面影響。

That's helpful. And then just switching gears on the asset sale front, maybe can you help us get our arms around the low per-key pricing for the deals that you announced and kind of what are the main drivers as you think about valuation and offloading those hotels relative to the other assets in your portfolio and really the lower per-key pricing?

這很有幫助。然後，再談談資產出售方面的問題，您能否幫助我們了解一下您宣布的交易中每間客房的低價，以及您在考慮估值和出售這些酒店（相對於您投資組合中的其他資產）時的主要驅動因素是什麼，以及每間客房的低價到底是多少？

So -- and I think you highlighted in your comments. We don't feel, obviously, that the per-key pricing for the assets that we've sold is anyway indicative of the value of assets within our portfolio. It's worth noting that the assets that we sold were less than 100 keys in what we would consider to be more tertiary markets. As we evaluate our portfolio, we'll look at potential for the markets and for assets within those markets. And as we opted to sell those assets and continue to explore the sale of one other that we had under contract at one point and continue to explore opportunities to sell with a couple of other interested buyers, we're looking at potentially the asset long-term capital needs and operational efficiency, as well as whether or not the asset is additive to our overall portfolio. Those sales are -- sales of assets on, I guess, the outside of what our total portfolio is like, and I think that's reflected in the per-key prices, I think what you should anticipate is that on a go-forward basis there are pure and pure assets on our portfolio that are similar to these assets. And as we look at transactions and contemplate transactions with other buyers, I think it's reasonable to expect that you would see different results in terms of per-key pricing. But from a yield standpoint, on those particular assets, we feel we are able to achieve market cap rates on the sale and we will be able to redeploy proceeds from the sales more effectively to drive operating results in our product portfolio.

所以——我認為您在評論中強調了這一點。顯然，我們並不認為我們出售的資產的每把鑰匙定價能夠反映我們投資組合中資產的價值。值得注意的是，我們出售的資產在我們認為的三級市場中不到 100 把。在評估我們的投資組合時，我們會關注市場以及市場內資產的潛力。當我們選擇出售這些資產並繼續探索出售我們曾經簽訂合約的另一項資產並繼續探索與其他幾個感興趣的買家一起出售的機會時，我們正在考慮資產的潛在長期資本需求和營運效率，以及該資產是否可以添加到我們的整體投資組合中。我想，這些銷售是——我們的整個投資組合之外的資產銷售，我認為這反映在每個關鍵價格上，我認為你應該預料到，從未來來看，我們的投資組合中會有與這些資產類似的純資產。當我們查看交易並考慮與其他買家的交易時，我認為可以合理地預期您會看到每把鑰匙定價方面的不同結果。但從收益的角度來看，對於這些特定資產，我們認為我們能夠在銷售中實現市場資本化率，並且我們將能夠更有效地重新部署銷售收益，以推動我們產品組合的經營業績。

And then just maybe ballpark, is it 5 hotels or 25 hotels that are like these few that you've sold or are selling?

然後大概估計一下，您已經出售或正在出售的酒店有 5 家還是 25 家呢？

It's a handful of hotels that would fit this profile within our portfolio.

在我們的投資組合中，只有少數飯店符合此條件。

Got it. And then you've mentioned maybe a portfolio premium coming back for $100 million, $200 million small portfolios. Do you continue to see that? Do you continue to believe that? And what's kind of the outlook for you to transact on more of a larger scale basis rather than one-off and two-off transactions going forward?

知道了。然後您提到，也許 1 億美元、2 億美元的小型投資組合會帶來投資組合溢價。你還繼續看到這一點嗎？你還繼續相信這一點嗎？您未來進行更大規模交易而不是一次性或兩次交易的前景如何？

We continue to have conversations with groups about potential portfolios in that same size range. The groups that we're interacting with are newer to the space and so have less of a firmly established track record. And so I'd say we continue to be optimistic that the results of those conversations will be a transaction. But again, because we're interacting with groups, that we have not had dealings within the past, we're reluctant to commit in advance to transaction that we don't currently have under contract. That being said, the debt markets, as I think Bryan demonstrated in the refinancing of our corporate level debt, continue to be incredibly strong for existing assets, and that continues to drive interest on potential portfolio transactions. And we continue to feel very good about the prospects for transactions in the $100 million to $200 million range for us and for others in the industry as we get into the back half of the year.

我們繼續與各團體討論同一規模範圍內的潛在投資組合。與我們互動的團體是該領域的新成員，因此缺乏穩固的業績記錄。因此我想說，我們仍然樂觀地認為這些對話的結果將會是一筆交易。但是，由於我們正在與過去沒有打過交道的團體互動，因此我們不願意提前承諾目前沒有簽訂合約的交易。話雖如此，債務市場，正如我認為布萊恩在我們公司層面債務的再融資中所展示的那樣，對現有資產來說仍然非常強勁，並且繼續推動人們對潛在投資組合交易的興趣。隨著下半年的到來，我們以及業內其他公司對 1 億至 2 億美元交易的前景仍然非常樂觀。

And what do you think is the portfolio premium in terms of percentage higher on valuation versus a one-off?

您認為與一次性投資相比，投資組合溢價的估價百分比是多少？

Well, the terms -- and, again, it's going to vary. If you look at the assets that we've sold from our portfolio on a one-off basis and the interested parties for assets like that, the premiums, mostly because of the buyer type and the availability of financing for that buyer, could be as much as 100 to 150 basis points on in terms of cap rate spread.

嗯，條款——而且，它會有所不同。如果您查看我們一次性從投資組合中出售的資產以及對此類資產感興趣的各方，則溢價（主要是由於買家類型和該買家的融資可用性）可能高達 100 至 150 個基點（以資本化率利差計算）。

Our next question comes from Jeff Donnelly with Wells Fargo.

下一個問題來自富國銀行的傑夫唐納利。

Maybe just a two-part around Marriott -- I mean, on Hyatt. I think you might have touched on some of this, but your competitive advantage has always been pretty extensive and intensive benchmarking across the Hilton and Marriott brands you're associated with. Do you think that, that knowledge is directly applicable to the Hyatt product that you're working with? And I guess, and maybe a second one is, you talked about sort of the pull of the Hyatt brand is one of the reasons why you're now looking at those assets. Was there anything maybe pushing you there as well? Or is there anything that Hilton or Marriott is doing, maybe getting more aggressive with renovations or upgrades, that might be causing you to look for other brands?

也許只是圍繞萬豪酒店（我的意思是凱悅酒店）的兩部分。我想您可能已經談到了其中的一些內容，但您的競爭優勢一直是對您所關聯的希爾頓和萬豪品牌進行相當廣泛和深入的基準測試。您是否認為這些知識可以直接應用於您正在使用的凱悅產品？我想，也許第二個問題是，您談到凱悅品牌的吸引力是您現在關注這些資產的原因之一。是不是有什麼因素促使你這麼做的？或者希爾頓或萬豪正在採取什麼行動，例如更積極地進行翻新或升級，這可能會促使您尋找其他品牌？

I'd say, on the first point, we will certainly benefit from our experience with Marriott and Hilton select service hotels as we develop scale ownership within the Hyatt brands. Looking at the performance of deals that we underwrite for acquisitions and/or interacting with the management companies that we work with it, it's easy to identify areas of opportunity where we feel together with the Hyatt brand we can add value in the near term. In terms of things pushing us, I think the biggest push really is for us and the area of opportunity is, the addition of a third loyalty program, which we feel continues to get stronger. As we look at the development pipelines for both Hilton and Marriott, those pipelines -- while those pipelines represent opportunities for future acquisitions for us and while we're a participant, to some extent, as we have 5 hotels under redevelopment within those brand family now, we also see potential risk as -- to the extent Hilton and Marriott are unable to grow their loyalty programs at the pace that they can grow their development pipeline. And we felt as a result and in addition to the merits of the brands themselves, which I highlighted earlier in response to one of the earlier questions that I got, it was time for us to begin to add Hyatt properties to our portfolio. And again, recognizing our first acquisition that's currently under contract is scheduled for the end of 2020, we have a significant amount of time to build out a pipeline both of development assets and of existing assets, which will enable us to gain scale within those brands specifically. In the meantime, we do feel we'll benefit in a significant way by being able to use benchmarking from their peers within the Hilton and Marriott brand family.

我想說，關於第一點，隨著我們在凱悅品牌內發展規模所有權，我們肯定會受益於我們在萬豪和希爾頓精選服務酒店的經驗。透過查看我們承銷的收購交易的表現和/或與我們合作的管理公司的互動，我們很容易發現我們認為可以與凱悅品牌一起在短期內增加價值的機會領域。就推動我們前進的因素而言，我認為對我們而言最大的推動力和機會是增加第三個忠誠度計劃，我們認為該計劃會變得越來越強大。當我們審視希爾頓和萬豪的開發管道時，這些管道——雖然這些管道代表著我們未來收購的機會，而且我們在某種程度上是參與者，因為我們現在在這些品牌家族中擁有 5 家正在重建的酒店，但我們也看到了潛在的風險——希爾頓和萬豪無法以他們擴大開發渠道的速度擴大他們的忠誠度計劃。因此，我們認為，除了品牌本身的優點（我之前在回答我之前的問題時強調過這一點）之外，現在是時候將凱悅酒店添加到我們的投資組合中了。再次，我們認識到我們目前正在簽訂合約的第一次收購計劃於 2020 年底進行，我們有大量時間來建立開發資產和現有資產的管道，這將使我們能夠在這些品牌內實現規模化。同時，我們確實認為，透過利用希爾頓和萬豪品牌家族中同行的標桿，我們將受益匪淺。

That's great. And concerning this cancellation fees, brands have been certainly rolling out new cancellation policies. And I'm curious in the past. few quarters, have you seen any change in consumer booking behavior or cancellation activity or even the fees that you've collected from cancellations?

那太棒了。關於取消費用，各大品牌肯定已經推出了新的取消政策。我過去也很好奇。幾個季度以來，您是否發現消費者預訂行為或取消活動，甚至您從取消預訂中收取的費用有任何變化？

The fees that we've collected from cancellations have definitely gone up. And also, we had seen some with Hilton moving to the semi-flex pricing and extending out the cancellation window, early results are that we are shrinking the -- or, reducing the cancellations in the mid-single digits, which is great. And also moving -- we are moving from several of the -- I think, it's approximately 40 -- mid-40% range of the bar. The retail reservations actually to a longer booking window. So that has definitely helped, and it allows our revenue management teams more opportunity to then resell those rooms. So we've been pleased with the results so far and expect that, that would continue to improve.

我們因取消而收取的費用肯定增加了。此外，我們已經看到希爾頓轉向半彈性定價並延長取消窗口，早期的結果是，我們正在縮小 - 或者將取消率減少到中等個位數，這很好。而且我們還在移動 — — 我們正在從幾個 — — 我認為，大約在 40 — — 40% 中間的範圍內移動。零售預訂實際上需要更長的預訂窗口。這確實有幫助，它讓我們的收入管理團隊有更多的機會轉售這些房間。因此，我們對目前的結果感到滿意，並期望結果會繼續改善。

Do you think that that's ultimately going to lead to better yield management? I mean, aside from just the realization of cancellation fees, I mean is it too early to say, I'm just curious, but how do you think that manifests itself?

您認為這最終會帶來更好的收益管理嗎？我的意思是，除了實現取消費用之外，現在說還為時過早嗎，我只是好奇，但您認為這會如何體現出來？

Yes. I do think it will continue to lead to better yield management.

是的。我確實認為它將繼續帶來更好的收益管理。

And I might have missed this in your remarks. I apologize if I do. But I think last quarter you talked about some of the benefits of labor management technology. Did you mention that in your remarks? And I guess, where do you think you are in the process of realizing the benefits of that initiative?

我可能在你的評論中忽略了這一點。如果我這樣做了，我深感抱歉。但我認為上個季度您談到了勞動力管理技術的一些好處。您在發言中提到過這一點嗎？我想問一下，您認為您在實現這項措施的益處的過程中處於什麼階段？

Yes. We did realize -- we continue to realize the benefits of these tools, and we are probably about, I guess, you could say halfway through, if I had to. The majority of our management companies are on a new labor tracking tool. But in terms of fully implementing and fully utilizing to the maximum capabilities, I would say our management companies are about halfway through that process. And so we expect to continue to see positive results from that for at least the next couple of quarters. And then at some point, we do get to the point where we've achieved the majority of the low-hanging fruit, and then we just have to continue to work with our managers to identify other opportunity areas. But we're also, in addition to those technology, the productivity programs, we continue to work on refining and improving the benchmarking around labor management and even to a minute level of detail. And we're doing another project right now, where we're looking at individual labor models by brand, by position to sort of highlight that where we think the gold standard is now for a particular brand and working with our outlying management companies on where we can adjust the models to get us to where we think we should be across the board. So we think there is some additional opportunity in that as well.

是的。我們確實意識到了——我們繼續意識到這些工具的好處，而且，如果必須這麼說的話，我想，我們可能已經完成了一半。我們的大多數管理公司都採用了新的勞動力追蹤工具。但就全面實施和充分利用最大能力而言，我想說我們的管理公司已經完成了一半。因此，我們預計至少在接下來的幾個季度內將繼續看到積極成果。然後，在某個時候，我們確實達到了實現大部分唾手可得的成果的地步，然後我們只需要繼續與我們的經理合作，以確定其他機會領域。但是，除了這些技術和生產力計劃之外，我們還將繼續致力於改善和改善勞動力管理的基準，甚至達到細節的水平。我們目前正在進行另一個項目，我們正在按品牌、按職位研究個人勞動力模型，以強調我們認為特定品牌目前的黃金標準，並與我們的外圍管理公司合作，調整模型以使我們達到我們認為應該全面達到的水平。因此我們認為其中也存在一些額外的機會。

Great. And just one last question. I think last quarter you said, I think, 63% of your property you've had new construction within 5 miles. I know construction activity hasn't changed too dramatically. But I was just curious if there has been any change in that. Just wondering if the labor costs that are certainly rising out there is making more difficult for people to start projects? Have you seen any shift in that?

偉大的。最後一個問題。我認為上個季度您說過，我認為您 63% 的房產在 5 英里範圍內都有新建築。我知道建築活動並沒有太大的改變。但我只是好奇這是否有任何變化。我只是想知道，不斷上漲的勞動成本是否會使人們啟動專案變得更加困難？您看到其中有什麼變化嗎？

And I highlighted in my earlier comments, we saw a slight decline within the quarter in terms of new development projects that were under construction within a 5-mile radius. And, again, it wasn't significant enough to call it a trend, but we've seen a slight uptick prior to that this past quarter we saw a slight decline.

我在先前的評論中強調過，本季我們發現 5 英里半徑範圍內正在建設的新開發項目數量略有下降。而且，再次強調，這還不足以稱之為一種趨勢，但在此之前我們已經看到了輕微的上升，而在上個季度，我們看到了輕微的下降。

Next question comes from Bryan Maher with B. Riley.

下一個問題來自 B. Riley 的 Bryan Maher。

Most of my questions have been answered already. But can you kind of drill down on how you think about your pretty low leverage level, which I know gives you comfort and your shareholders comfort. But relative to where the share price is trading a little over a turn EV to EBITDA discount to the peers and weighing that against buying opportunities whether they are existing assets or new assets?

我的大部分問題都已經得到解答了。但是，您能否深入闡述您如何看待如此低的槓桿水平？我知道，這會讓您和您的股東感到安心。但是，相對於股價略高於同業的企業價值與息稅折舊攤銷前利潤 (EV/EBITDA) 折扣的情況，並將其與購買機會進行權衡，無論是現有資產還是新資產？

Certainly. So -- and we've highlighted this in past calls. But we look at share buybacks as we look at the purchase of new assets for our portfolio, and we're continually weighing the pros and cons of both. I think we have shown a willingness to buy shares of our company when we feel the pricing is equally attractive or more attractive the buying assets and we'll continue to do that. It's certainly more attractive to us at today's levels, but it was a few months ago, and we'll continue to watch it. I think what you've seen is that we've been conservative on both fronts. And where we do acquire assets, we're doing so because we feel the implied multiple for those assets and the embedded growth rate in those assets is superior to what we can do in our own stock.

當然。所以——我們在過去的電話會議中已經強調過這一點。但是，我們將股票回購視為為我們的投資組合購買新資產，並不斷權衡兩者的利弊。我認為，當我們覺得定價與購買資產同樣有吸引力或更有吸引力時，我們已經表現出購買公司股票的意願，並且我們會繼續這樣做。在今天的水平上，它對我們來說當然更有吸引力，但那是幾個月前的事了，我們會繼續關注它。我想你看到的是我們在這兩方面都比較保守。我們之所以收購資產，是因為我們認為這些資產的隱含倍數和內含成長率要高於自己股票的成長率。

And then when you think about acquisitions in your pipeline, given what's going on with pricing, cap rates, et cetera, and the thought process between locking in a build opportunity for 2020 versus buying now, has your pipeline been expanding, contracting, staying the same as we move through 2018? We continue to hear that the pipeline of assets available for sale has definitely increased.

然後，當您考慮您的管道中的收購時，考慮到定價、資本化率等情況，以及鎖定 2020 年的建設機會與現在購買之間的思考過程，您的管道在 2018 年是否一直在擴大、收縮或保持不變？我們不斷聽到可供出售的資產數量肯定有所增加。

So we're underwriting significantly more assets now than we underwrote same time last year. That being said, only a small portion of the deals we underwrite meet our investment criteria. And of those deals that we underwrite, we're the winning bids on an even smaller portion. So we'll continue to be active on that front. I think being active on the acquisitions front gives us a good sense for what the market is and enables us to make intelligent decisions on the dispositions front as well. And quite frankly, it puts us in a better position to assess the relative value of share repurchases at any point in time. But in terms of deals that we're seeing available on the market, there are significantly more deals available on the market than they were same time last year.

因此，我們現在承保的資產比去年同期多得多。話雖如此，我們承銷的交易中只有一小部分符合我們的投資標準。在我們承銷的交易中，我們得標的份額甚至更小。因此，我們將繼續積極進行這方面的工作。我認為積極參與收購可以讓我們更了解市場狀況，並使我們能夠在處置方面做出明智的決策。坦白說，它使我們能夠更好地評估任何時間點股票回購的相對價值。但就我們在市場上看到的交易而言，市場上的交易數量比去年同期明顯多得多。

(Operator Instructions) Our next question comes from Anthony Powell with Barclays.

（操作員指示）我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

Just a follow-up on a comment you made about the Hilton and Marriott pipelines relative to the loyalty rewards programs. Do you think they're growing faster in terms of development than they are adding new customers in their loyalty programs?

這只是您關於希爾頓和萬豪忠誠度獎勵計劃相關管道的評論的後續跟進。您是否認為他們的發展速度比其忠誠度計劃中增加新客戶的速度更快？

I don't think necessarily they're doing that yet, but we feel that it exists as a potential threat in the future. So this is part of the conversation that we have on a regular basis [with] Marriott and Hilton as we discuss incremental assets in our market. We're notified by both brands of everything, Hilton or Marriott, that will be developed within close proximity to any of the hotels that we own. And because of the size of our portfolio and geographic diversification, that gives us very good insight into what is being contemplated. It also gives us an opportunity to have robust conversations with them about specific assets and the impact those assets will have on our portfolio and on the market at large. I think there is receptivity on their side. I think both groups recognize that in order to maintain the value of their brands over time, it's important to invest significantly in the loyalty program and to grow it at least in line with the development of their pipeline. And to increase the value of those brands, it needs to grow faster. And I think there is a concerted effort on both sides to make that happen. But as they continue to grow, that's something that we watch very carefully.

我認為他們現在不一定會這樣做，但我們認為這在未來是一個潛在的威脅。這是我們與萬豪和希爾頓定期討論我們市場中的增量資產的一部分。希爾頓和萬豪這兩個品牌都會通知我們，任何在我們旗下飯店附近開發的專案都會通知。由於我們的投資組合規模和地理多樣化，我們可以很好地了解正在考慮的事情。這也使我們有機會與他們就具體資產以及這些資產對我們的投資組合和整個市場的影響進行深入的對話。我認為他們有接受能力。我認為這兩個群體都認識到，為了長期保持其品牌的價值，重要的是對忠誠度計劃進行大量投資，並至少使其與管道的發展同步增長。為了提高這些品牌的價值，它需要更快地發展。我認為雙方正在共同努力實現這一目標。但隨著它們不斷成長，我們會非常密切地關注這一點。

And we do -- as Justin said, we watch very carefully. And as of right now, the loyalty occupancy percentage for those brands is growing. So that's something that we definitely pay attention to. And if we start to see that erode, then we will be surely following up with the brand and have a conversation about it. But as of now, it's still growing.

正如賈斯汀所說，我們確實觀察得很仔細。截至目前，這些品牌的忠誠度入住率正在成長。所以這是我們一定會關注的事情。如果我們開始看到這種現像出現，那麼我們肯定會跟進該品牌並進行討論。但截至目前，它仍在成長。

Got it. And have you seen an increase in, I guess, former Starwood customers engaging with the Marriott's select service property? Or could you even see that if that happened?

知道了。我想，您是否發現喜達屋以前的客戶與萬豪精選服務酒店的互動有所增加？或者如果發生這種情況，你能看到嗎？

To this point, we haven't seen a large increase. And overall, if you look at the -- what Marriott will even report, there hasn't been a lot of transfer of points and things like that back and forth. But we're very anxious because this month we'll actually have the assuming that everything goes through on the 18th, we will have the loyalty platform and the reservation platform merged. And so we are looking forward to being able to take advantage in those markets, where there wasn't distribution in the Starwood select service product to being able to pull through more of the Starwood guest.

到目前為止，我們還沒有看到大幅的成長。整體而言，如果你看萬豪的報告，你會發現積分的轉移和類似的事情並不多。但我們非常焦慮，因為這個月我們實際上假設一切都在 18 日順利完成，我們將合併忠誠度平台和預訂平台。因此，我們期待在那些尚未分銷喜達屋精選服務產品的市場中發揮優勢，從而吸引更多的喜達屋客人。

I would like to turn the floor over to Justin for closing comments.

我想把發言權交給賈斯汀來做最後評論。

I'd like to express our appreciation to all of you for joining us this morning, and hope that as you travel, you take the opportunity to stay with us at one of our hotels. Have a great day.

我想對各位今天早上的到來表示感謝，並希望大家在旅途中能有機會入住我們的酒店。祝你有美好的一天。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路。