Apple Hospitality REIT Inc (APLE) 2019 Q2 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT Second Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Apple Hospitality REIT 2019 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。

It is now my pleasure to introduce your host, Kelly Clarke, Vice President, Investor Relations. Thank you. You may begin.

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 Second Quarter 2019 Earnings Call on this the 6th day of August 2019.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 於 2019 年 8 月 6 日舉行的 2019 年第二季財報電話會議。

Today's call will be based on the second quarter 2019 earnings release and Form 10-Q, which were distributed and filed 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 of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

今天的電話會議將基於昨天下午分發和提交的 2019 年第二季財報和 10-Q 表。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。

Participants should carefully review our financial statements and the notes thereto as well as the risk factors described in Apple Hospitality's 2018 Form 10-K and other filings with the SEC. 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.

參與者應仔細審查我們的財務報表及其附註以及 Apple Hospitality 2018 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, EBITDAre, adjusted EBITDA, adjusted hotel 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、EBITDAre、調整後的 EBITDA、調整後的飯店 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 Rachael Rothman, our Chief Financial Officer, will provide an overview of our results for the second quarter 2019 as well as an outlook for this 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 Rachael Rothman 將概述我們 2019 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. Good morning, and thank you for joining us today. Before we get into the results for the quarter, I would like to take a moment to introduce everyone to Rachael Rothman, who we welcomed as CFO on July 1. We are pleased to have her join us, and we know that her extensive experience within the hotel industry and among the financial community will complement our existing team.

謝謝你，凱利。早安，感謝您今天加入我們。在我們了解本季的業績之前，我想花點時間向大家介紹 Rachael Rothman，我們在 7 月 1 日歡迎她擔任財務長。我們很高興她加入我們，我們知道她在酒店業和金融界的豐富經驗將補充我們現有的團隊。

I'm incredibly proud of our entire team and their dedication to our shareholders, the industry, our community, our management teams, the associates at our hotels and our guests. We have built a dynamic organization over the past 20 years and look forward to what we can achieve in the next 20.

我為我們整個團隊以及他們對我們的股東、行業、社區、管理團隊、酒店員工和客人的奉獻精神感到無比自豪。過去 20 年，我們建立了一個充滿活力的組織，並期待未來 20 年的成就。

During the second quarter of this year, performance across our portfolio of hotels was steady. Through portfolio optimization, we were able to increase actual RevPAR 1.1%, and comparable hotels RevPAR was essentially flat at a nominal decline of 0.1%, better than our expectations communicated on our last call, which contemplated RevPAR at the lower end of the full year outlook.

今年第二季度，我們旗下飯店業績表現穩定。透過投資組合優化，我們能夠將實際 RevPAR 提高 1.1%，而可比酒店的 RevPAR 基本持平，名義下降 0.1%，好於我們上次電話會議中表達的預期，該預期將 RevPAR 定為全年前景的低端。

Comparable ADR for the quarter increased 0.5%, offset by 50 basis points of occupancy decline. Adjusted EBITDA was down 3% for the quarter and 2% year-to-date. Comparable hotels adjusted hotel EBITDA margin was 39.6% for the quarter and 37.9% year-to-date, down 40 basis points and 30 basis points, respectively.

本季可比平均房價上漲 0.5%，但入住率下降 50 個基點，抵消了這一影響。本季調整後的 EBITDA 下降 3%，年初至今下降 2%。可比飯店調整後飯店 EBITDA 利潤率本季為 39.6%，年初至今為 37.9%，分別下降 40 個基點和 30 個基點。

We are now more than halfway through the year, and 2019 is unfolding largely as we had expected. Our relatively young, geographically diverse portfolio of branded, market-leading, rooms-focused hotels, combined with our in-house expertise, flexible management contract structure and diligent collaboration with our third-party managers have enabled us to help mitigate the impacts of supply growth as well as property-level cost pressures in labor, property taxes and insurance.

如今，2019 年已過一半多，2019 年的發展基本上符合我們的預期。我們擁有相對年輕、地域分散的品牌酒店組合，這些酒店在市場中處於領先地位，專注於客房，再加上我們的內部專業知識、靈活的管理合約結構以及與第三方管理機構的密切合作，使我們能夠幫助減輕供應增長的影響以及勞動力、房產稅和保險等物業層面的成本壓力。

Last quarter, we updated our full year 2019 guidance to reflect our performance during the quarter and the adoption of the new lease accounting standard. This quarter, we are tightening the ranges on our full year operating guidance without adjusting the midpoint to reflect performance during the second quarter and anticipated operations during the second half of the year. We have not seen a meaningful shift in the industry trends as they relate to our portfolio, and we believe the demand will remain steady through the remainder of the year, offsetting continued supply growth in many of our markets.

上個季度，我們更新了 2019 年全年指引，以反映我們本季的業績和新租賃會計準則的採用。本季度，我們將收緊全年營運指引範圍，但不調整中點，以反映第二季度的業績和下半年的預期營運情況。我們尚未看到與我們的投資組合相關的行業趨勢發生重大轉變，我們相信今年剩餘時間內需求將保持穩定，從而抵消我們許多市場持續的供應成長。

At the end of the second quarter, approximately 69% of our properties had one or more upper midscale, upscale or upper upscale new construction projects underway within a 5-mile radius, which represents an uptick of 260 basis points from what we reported at the end of the first quarter. Despite growth in projects under construction, actual deliveries in our markets have remained relatively stable, supporting our assertion that a portion of the pipeline growth is attributable to projects taking longer to reach completion.

截至第二季末，我們約有 69% 的物業在 5 英里半徑範圍內擁有一個或多個正在進行的中高檔、高檔或超高檔新建築項目，這比我們在第一季末報告的數字上升了 260 個基點。儘管在建專案有所成長，但我們市場的實際交付量仍然相對穩定，這支持了我們的論斷，即部分在建專案成長歸因於專案需要更長時間才能完工。

Although the new supply presents challenges, our portfolio has continued to produce strong results, a testament to the strength of our brands, our consistent reinvestment, our locations within markets and the quality of our on-site management teams, which we are confident will uniquely position us to remain competitive over the long term.

儘管新的供應帶來了挑戰，但我們的產品組合繼續產生強勁的業績，證明了我們品牌的實力、我們持續的再投資、我們在市場中的位置以及我們現場管理團隊的素質，我們相信這將使我們在長期內保持獨特的競爭力。

We remain selective as we consider new acquisitions and dispositions. While we see more opportunities to underwrite high quality existing select-service hotels when we did a year ago, strong pricing for those assets relative to implied public market valuations and to replacement costs, which are also elevated, combined with continued supply growth and the likelihood for increased volatility in headlines around the 2020 election cycle have made it more difficult for us to find deals that satisfy our underwriting criteria. These same dynamics make potential sales more attractive for us. We continue to explore potential dispositions opportunities through both broker transactions and in response to reverse inquiries.

在考慮新的收購和處置時，我們仍會保持選擇性。雖然與一年前相比，我們看到了更多承保高品質現有精選服務酒店的機會，但這些資產相對於隱含公開市場估值和重置成本的強勁定價也較高，再加上供應持續增長以及 2020 年選舉週期前後頭條新聞波動加劇的可能性，使我們更難找到滿足承保標準的交易。這些相同的動力使得潛在銷售對我們來說更具吸引力。我們將繼續透過經紀交易和回應反向詢問來探索潛在的處置機會。

Debt financing appears readily available for buyers of both individual hotels and small portfolios, which supports dispositions efforts. As we continue to evaluate all capital allocation options, our balance sheet is among the strongest in the industry and allows us tremendous flexibility to pursue opportunities now and in the future. Our net debt to EBITDA at the end of the second quarter 2019 stood at 3.2x, 3 turns better than our select-service peers. We currently have 7 hotels under contract for acquisition for a total expected purchase price of $216 million. We highlighted 5 of the hotels under contract on previous calls, all of which are under construction, including the Hyatt Place and Hyatt House in Tempe, Arizona, the Hampton Inn & Suites and Home2 Suites in Cape Canaveral, Florida, and the Courtyard in Denver, Colorado.

對於單一飯店和小型投資組合的買家來說，債務融資似乎很容易獲得，這支持了處置工作。隨著我們繼續評估所有資本配置方案，我們的資產負債表在業界名列前茅，並使我們能夠靈活地尋求現在和未來的機會。截至 2019 年第二季末，我們的淨負債與 EBITDA 比率為 3.2 倍，比我們的精選服務同業高出 3 倍。目前，我們已經簽訂了 7 家酒店的收購合同，預計總收購價為 2.16 億美元。我們在先前的電話中重點介紹了 5 家已簽約的酒店，這些酒店均在建設中，包括亞利桑那州坦佩的凱悅嘉軒酒店和凱悅嘉寓酒店、佛羅裡達州卡納維拉爾角的漢普頓酒店及套房和 Home2 Suites 酒店以及科羅拉多州丹佛的庭院酒店。

In July, we entered into a purchase contract for a Hilton Garden Inn to be built in Downtown Madison, next to the University of Wisconsin-Madison, for approximately $50 million. This expected 176-room nonprototypical urban asset will have a 250 space parking deck, generous meeting and pre-function space and other amenities to offer visitors to the hotel the university and surrounding businesses. We expect the hotel would be completed in late 2020 or early 2021. We look forward to entering the vibrant growing Downtown Madison market and increasing our geographic diversity with this acquisition.

7 月份，我們簽訂了一份購買合同，將在麥迪遜市中心威斯康辛大學麥迪遜分校旁建造一家希爾頓花園酒店，價格約為 5,000 萬美元。這座預計擁有 176 間客房的非典型城市資產將擁有 250 個停車位的停車場、寬敞的會議和前廳空間以及其他便利設施，為酒店遊客、大學和周邊企業提供服務。我們預計飯店將於 2020 年底或 2021 年初完工。我們期待透過此次收購進入蓬勃發展的麥迪遜市中心市場並增強我們的地理多樣性。

Also, in July, we entered into a contract for the potential purchase of an existing independently owned and operated 55-room boutique hotel in Downtown Richmond, Virginia. The hotel is located in the Shockoe Slip area of Richmond, 4 blocks from our headquarters and a block from our Courtyard and Residence Inn hotels. Purchase price is approximately $7 million, and we anticipate that after renovating and repositioning the hotel, we will be well below replacement value. We plan to operate the hotel as an independent property, and we'll leverage our operational expertise to structure the services and amenities to be consistent with our rooms-focused portfolio.

此外，7 月份，我們簽訂了一份合同，可能購買位於弗吉尼亞州里士滿市中心的一家現有的獨立擁有和經營的 55 間客房的精品酒店。飯店位於里士滿的 Shockoe Slip 區，距離我們的總部 4 個街區，距離我們的 Courtyard 和 Residence Inn 酒店有一個街區。購買價格約為 700 萬美元，我們預計在對酒店進行翻新和重新定位後，價格將遠低於重置價值。我們計劃將酒店作為獨立物業來運營，並將利用我們的營運專業知識來建造服務和設施，以與我們以客房為中心的組合保持一致。

The acquisition is a unique, low-risk opportunity to gain additional insight into what drives consumer preferences, royalty and guest satisfaction at independent and boutique hotels, within the comfort of a market that we know well. We remain committed to proactively evaluating and responding to industry trends. And this potential acquisition is an attractive opportunity to learn new things and use our scale and expertise to leverage those takeaways to improve the appeal and performance of our branded portfolio and inform our interactions within the broader scope of our industry influence. Much of Apple Hospitality's success over the years has been predicated on our team's active and informed involvement in brand and the industry councils and advisory boards. We appreciate these opportunities and take prides in the fact that collectively we sit on more than 30 councils and advisory boards. It is through our active participation that our voices as owners and stewards of capital in the hospitality industry are heard. And in collaboration with our brand and the industry partners, we help shape the direction and future of the hospitality industry.

這項收購是一個獨特的、低風險的機會，讓我們能夠在我們熟悉的市場中，進一步了解推動獨立酒店和精品酒店消費者偏好、忠誠度和客人滿意度的因素。我們始終致力於積極評估和回應行業趨勢。這次潛在的收購是一個極具吸引力的機會，讓我們可以學習新事物，並利用我們的規模和專業知識來利用這些收穫來提高我們品牌組合的吸引力和性能，並在更廣泛的行業影響範圍內為我們的互動提供資訊。多年來，Apple Hospitality 的成功很大程度得益於我們團隊積極且知情地參與品牌和產業委員會及顧問委員會。我們珍惜這些機會，並為我們共同擔任 30 多個理事會和顧問委員會成員而感到自豪。透過我們的積極參與，我們作為酒店業資本所有者和管家的聲音才能被聽到。透過與我們的品牌和行業合作夥伴的合作，我們幫助塑造酒店業的方向和未來。

Given our strategy, the types of assets we own, the diversity of our markets, our asset management platform, our consistent reinvestment and the strength of our balance sheet, we believe we are positioned to maximize profitability and enhance shareholder value throughout the economic cycle. In the upcycle, it can be harder to see the benefits of portfolio optimization through disciplined reinvestment, effective capital recycling and skillful brand, geographical and chain scale selections. However, this precisely in times like these, when RevPAR growth is tepid, that our lower volatility, rooms-focused business model, broad geographic diversification and modest leverage position us to drive more visible outperformance.

鑑於我們的策略、我們擁有的資產類型、我們市場的多樣性、我們的資產管理平台、我們持續的再投資以及我們資產負債表的實力，我們相信我們能夠在整個經濟週期中實現盈利能力最大化並提高股東價值。在上升週期中，透過嚴格的再投資、有效的資本循環以及巧妙的品牌、地理和連鎖規模選擇來實現投資組合優化的效益可能會比較難。然而，正是在 RevPAR 成長不溫不火的時期，我們較低的波動性、以客房為中心的業務模式、廣泛的地域多元化和適度的槓桿率使我們能夠實現更明顯的優異表現。

Apple Hospitality's strategy of combining premier brands in locations with above average demand drivers, together with best-in-class third-party managers and our 20 years of asset management and business analytics experience, continues to drive above peer average results.

Apple Hospitality 的策略是將位於具有高於平均水平的需求驅動因素的地區的頂級品牌、一流的第三方管理者以及我們 20 年的資產管理和業務分析經驗相結合，繼續推動高於同行平均水平的業績。

It's now my pleasure to turn the call over to Krissy for additional color on our results for the quarter.

現在我很高興將電話轉給克麗西，讓她進一步介紹我們本季的業績。

Thank you. As Justin mentioned, our comparable RevPAR growth for the quarter and year-to-date was essentially flat, as continued moderate demand growth was balanced with moderate supply increases across our markets. As expected, due to the shift in the 4th of July holiday and an extra Sunday, our monthly RevPAR growth in June was the weakest of the quarter. Conversely, we expect that our July RevPAR growth will be the strongest month of the third quarter. Neutralizing for the calendar impact, June and July combined had a RevPAR growth of around 1%.

謝謝。正如賈斯汀所提到的，本季和年初至今我們的可比 RevPAR 成長基本上持平，因為持續溫和的需求成長與我們各個市場溫和的供應成長相平衡。正如預期的那樣，由於 7 月 4 日假期和額外一個星期日的影響，我們 6 月份的月度 RevPAR 增長是本季度最弱的。相反，我們預計 7 月 RevPAR 成長將是第三季最強勁的月份。扣除日曆因素的影響，6 月和 7 月的 RevPAR 總計增加了 1% 左右。

We're pleased to see that through the last full week of July, our July RevPAR growth exceeded upscale and overall industry results. We're also pleased that our corporate negotiated segment mix increased moderately in the quarter and year-to-date.

我們很高興地看到，截至 7 月的最後一周，我們 7 月份的 RevPAR 成長超過了高端酒店和整個行業的業績。我們也很高興看到，本季和年初至今，我們公司協商的細分市場組合均有適度成長。

With the favorable calendar shift and easier storm-related comparisons, we expect a modest improvement in our third quarter revenue growth from the year-to-date trend. We anticipate that the fourth quarter will be the most challenging with tougher comparisons related to nonrepeat business from the Boston area gas explosions and natural disasters in the prior year.

由於日曆的有利轉變和與風暴相關的比較更容易，我們預計第三季的營收成長將比年初至今的趨勢略有改善。我們預計第四季度將是最具挑戰性的季度，因為與去年波士頓地區發生的煤氣爆炸和自然災害導致的非重複業務相比，第四季度的業績將更加艱難。

As for individual market performance, given our broad geographically diversified portfolio, there were only 2 markets with an EBITDA contribution above 5% for the quarter: Los Angeles and San Diego. Excluding the Santa Clarita Hampton Inn hotel, which was under renovation during the quarter, both of those markets had approximately 3% RevPAR growth, above our portfolio average.

至於個別市場的表現，鑑於我們廣泛的地理多元化投資組合，本季只有 2 個市場的 EBITDA 貢獻超過 5%：洛杉磯和聖地牙哥。除本季正在進行裝修的聖塔克拉麗塔漢普頓酒店外，這兩個市場的 RevPAR 成長率均約為 3%，高於我們的投資組合平均值。

The Phoenix market continues to perform well, with healthy demand, both business and leisure, exceeding increases in new supply. We're also benefiting from the ramp of our downtown Hampton Inn & Suites, which opened in the second quarter of last year. The outlook for this market is expected to be positive for the foreseeable future.

鳳凰城市場持續表現良好，商務和休閒需求旺盛，超過新增供應量的成長。我們也受惠於去年第二季開幕的市中心漢普頓酒店及套房的坡道。在可預見的未來，該市場的前景預計是積極的。

Our North Carolina East and Florida Panhandle markets continue to benefit from prior year storm recovery business, which should dissipate in the third quarter for the former, but will continue through year-end for the latter.

我們的北卡羅來納州東部和佛羅裡達州狹長地帶市場繼續受益於去年的風暴恢復業務，前者的這種影響將在第三季度消散，但後者的這種影響將持續到年底。

Despite healthy demand, our Austin, Chicago, Dallas, Nashville and Seattle markets have been challenged by the absorption of new supply. Our Austin market outlook is improving, especially in the Palmer Lane area, where Apple is leasing additional space in preparation for its new $1 billion campus targeted to open in 2021.

儘管需求旺盛，但我們的奧斯汀、芝加哥、達拉斯、納許維爾和西雅圖市場面臨吸收新供應的挑戰。我們對奧斯汀市場的前景正在改善，尤其是在帕爾默巷地區，蘋果正在那裡租賃更多空間，為其計劃於 2021 年開放的價值 10 億美元的新園區做準備。

Our Seattle Lake Union submarket is expected to benefit long term from the convention center expansion and from increasing business demand generators, including Google and Apple's ongoing campus expansions adjacent to our hotel.

我們的西雅圖湖聯盟子市場預計將長期受益於會議中心的擴建以及不斷增長的商業需求產生器，包括谷歌和蘋果在我們酒店附近正在進行的園區擴建。

Moving to other revenue. Our non-room revenue grew 3% in the second quarter as opposed to decline in food and beverage revenue and the increase in other revenue moderated during the quarter from the year-to-date trend.

轉向其他收入。與食品和飲料收入下降相比，我們的非客房收入在第二季度增長了 3%，而本季其他收入的增幅與年初至今的趨勢相比有所放緩。

Turning to profitability, commendable cost control on the part of our operators, assisted by our asset management team, helped to produce a strong comparable hotel EBITDA margin of 39.6% during the quarter, representing a modest 40 basis point decline from the previous year. In line with our guidance expectations, same-store total payroll increased 4% for occupied rooms. Controllable operating expenses, excluding payroll increase, were less than 1% for occupied rooms.

談到獲利能力，在資產管理團隊的協助下，我們的營運商進行了值得稱讚的成本控制，幫助本季度實現了 39.6% 的強勁可比酒店 EBITDA 利潤率，比上年小幅下降了 40 個基點。根據我們的指導預期，同店入住客房總薪資成長了 4%。可控營運費用（不包括薪資成長）低於已入住客房的 1%。

We are excited to share that our newly hired head of revenue strategy has been working in tandem with our asset management and business intelligence teams to develop even more robust revenue reporting and management tools that will enable us to more easily identify and proactively act on pricing, segment and channel mix management opportunities. We're also performing an in-depth benchmarking analysis of the above property revenue support teams collaboratively working with our operators to improve upon identified opportunity areas while sharing best practices to enhance performance across our portfolio, as always.

我們很高興地告訴大家，我們新聘請的收入策略主管一直與我們的資產管理和商業智慧團隊合作，開發更強大的收入報告和管理工具，使我們能夠更輕鬆地識別並主動採取行動，抓住定價、細分和通路組合管理機會。我們也對上述房地產收入支援團隊進行了深入的基準分析，與我們的營運商合作，改進已確定的機會領域，同時分享最佳實踐，以提高我們整個投資組合的績效，一如既往。

I will now turn the call over to Rachael to provide additional details on our financial results.

現在我將把電話轉給雷切爾，讓她提供有關我們財務業績的更多詳細資訊。

Thank you, Krissy, and good morning, everyone. Before we turn to the outlook for 2019 and an update on our balance sheet, I would like to take a moment to thank Brian for his mentorship; they are certainly big shoes to fill; and thank Justin, the Board and my colleagues here at Apple Hospitality for welcoming me to the team. There are many of you on this call today that I've known in various capacities throughout my career in lodging or as a sell-side analyst. And for those of you that I have yet to meet, I look forward to working with you.

謝謝你，克麗西，大家早安。在我們展望 2019 年並更新資產負債表之前，我想花點時間感謝 Brian 的指導；他們確實很難勝任；並感謝賈斯汀、董事會以及 Apple Hospitality 的同事們歡迎我加入團隊。今天參加電話會議的各位中有很多人都是我在住宿業或賣方分析師的職業生涯中以各種身份認識的。對於那些我尚未見過的人，我期待與你們合作。

As a former analyst for nearly 20 years, I always wondered if the perceptions the investment community had of a management team were consistent with how they actually were they today. Although it's early in my journey with Apple Hospitality, I'm pleased to say that the special balance of warmth and diligence and positivity and discipline that always made Apple Hospitality stand out to me as an analyst is real. It's palpable and is pervasive throughout the organization. I'm excited to be here, and it is an honor to be a part of the team.

作為一名擁有近 20 年經驗的前分析師，我一直想知道投資界對管理團隊的看法是否與他們今天的實際情況一致。儘管我加入 Apple Hospitality 才剛起步，但我很高興地說，熱情、勤奮、積極性和紀律性之間的特殊平衡確實讓 Apple Hospitality 在我這個分析師眼中脫穎而出。這種感覺是顯而易見的，並且在整個組織中普遍存在。我很高興來到這裡，我很榮幸能成為團隊的一員。

As Justin mentioned, we are narrowing our full year RevPAR comparable hotels adjusted hotel EBITDA margin percent and comparable hotel EBITDA outlook while maintaining our midpoint as compared to the beginning of the year. We now expect our full year 2019 comparable RevPAR growth to be in a range of plus or minus 75 basis points, a narrowing of 25 basis points at both the top and the bottom end.

正如賈斯汀所提到的，我們正在縮小全年 RevPAR 可比酒店調整後酒店 EBITDA 利潤率百分比和可比酒店 EBITDA 前景，同時保持與年初相比的中點。我們現在預計 2019 年全年可比 RevPAR 成長率將在正負 75 個基點的範圍內，最高和最低端均收窄 25 個基點。

Correspondingly, we are narrowing our comparable hotel adjusted EBITDA margin percentage by 20 basis points at both the low and the high end. At the property level, the narrowing of our RevPAR and margin ranges had the effect of narrowing our adjusted EBITDA range by $2 million at both the low and the high end. At the midpoint, our revised full year guidance range implies RevPAR in the second half of 2019 roughly flat with last year and an approximate 100 basis point decline in hotel margins in the back half of the year.

相應地，我們將可比飯店調整後的 EBITDA 利潤率百分比（低端和高端）均縮小了 20 個基點。在飯店層面，RevPAR 和利潤率範圍的縮小導致調整後的 EBITDA 範圍（低端和高端）均縮小了 200 萬美元。從中點來看，我們修訂後的全年指導範圍意味著 2019 年下半年的 RevPAR 與去年基本持平，而下半年酒店利潤率將下降約 100 個基點。

On an adjusted EBITDA basis, after taking into consideration corporate G&A, we're narrowing our guidance to a revised range of $425 million to $441 million, a $2 million reduction at the midpoint.

在調整後的 EBITDA 基礎上，考慮到企業一般及行政費用後，我們將預期範圍縮小至 4.25 億美元至 4.41 億美元的修訂範圍，中間減少了 200 萬美元。

We have highlighted in the past a core underpinning of our Board's approach to executive compensation with its unwavering commitment to the alignment between the goals of our shareholders and our management team.

我們過去曾強調，董事會對高階主管薪酬方法的核心基礎是堅定不移地致力於實現股東目標和管理團隊目標的一致性。

Full 50% of the executive team's incentive-based compensation is tied to absolute and relative total shareholder return. Year-to-date, our shares have outperformed our peers on a relative basis. Assuming this outperformance holds and combined with the recent leadership realignment within our organization, we anticipate our 2019 G&A will continue to outpace our prior year run rate.

高階主管團隊的激勵性薪酬有 50% 與絕對和相對總股東回報掛鉤。今年迄今為止，我們的股票表現相對優於同業。假設這種優異表現能夠持續下去，再加上我們組織內部最近的領導層調整，我們預計 2019 年的 G&A 將繼續超過前一年的運作率。

As we have highlighted in the past, as our efficient operating platform, our total G&A is roughly 60 basis points of enterprise value and 2.5% of revenue, putting both metrics at the low end of our peers. The team is continually evaluating opportunities to enhance the competitive positioning of our properties and drive incremental return on our investments. Through consistent reinvestment in our hotels, we maintain competitive positioning within our markets and help mitigate the impact of competing new supply.

正如我們過去所強調的那樣，作為我們高效的營運平台，我們的總 G&A 約為企業價值的 60 個基點和收入的 2.5%，這兩個指標都處於同行的低端。該團隊正在不斷評估機會，以增強我們物業的競爭地位並推動投資的增量回報。透過持續對飯店進行再投資，我們在市場中保持競爭地位，並幫助減輕新供應競爭的影響。

During the first half of the year, the company reinvested approximately $33 million in our hotels, including the completions of extensive property improvement planned at our Hampton hotels in Atlanta and Memphis. These hotels are well located and strong performers and will benefit from the reinvestment as each of their markets continues to draw increased demand from demographic shifts in city-wide investments in amenities and attractions.

今年上半年，該公司對酒店業務再投資約 3,300 萬美元，其中包括已完成亞特蘭大和孟菲斯漢普頓酒店計劃的大規模物業改善工程。這些酒店地理位置優越、業績強勁，並將受益於再投資，因為其各自市場將繼續從全市對設施和景點的投資的人口結構變化中吸引越來越多的需求。

We plan to spend an additional $45 million to $55 million during the remainder of 2019, which includes the beginning of the renovation at our full-service Marriott in Richmond. We expect the pacing of our remaining CapEx spend to be somewhat back-end loaded as we have traditionally capitalized on a seasonally slower fourth quarter to accelerate our renovations in an effort to minimize disruption. The remaining scope includes starting renovation projects in 20 hotels.

我們計劃在 2019 年剩餘時間內額外投入 4,500 萬至 5,500 萬美元，其中包括開始對位於里士滿的全方位服務萬豪酒店進行翻新。我們預計剩餘資本支出的節奏將在一定程度上受到後端影響，因為我們傳統上會利用季節性較慢的第四季來加速我們的翻新工程，以盡量減少干擾。剩餘範圍包括啟動20家酒店的翻新工程。

Through July of this year, we have returned over $115 million to shareholders in the form of dividend. And as of Friday's closing price, our dividend represented a 7.9% yield. As of June 30, 2019, we had approximately $1.4 billion of total outstanding indebtedness, with a current combined weighted average interest rate of approximately 3.8% for the remainder of 2019.

截至今年7月，我們已以股利的形式向股東返還了超過1.15億美元。截至週五收盤價，我們的股息殖利率為 7.9%。截至 2019 年 6 月 30 日，我們的未償還債務總額約為 14 億美元，2019 年剩餘時間的當前綜合加權平均利率約為 3.8%。

Excluding unamortized debt issuance cost and fair value adjustments, total outstanding indebtedness is comprised of approximately $462 million in property-level debt secured by 29 hotels and $928 million outstanding on our unsecured credit facilities. The undrawn capacity on our unsecured credit facilities at June 30, 2019, was approximately $232 million. Our total debt to capitalization at June 30, 2019, was approximately 28%, which provides us with the financial flexibility to fund capital requirements and pursue strategic opportunities in the marketplace. Weighted average debt maturities are 5 years and the weighted average maturity of our effectively fixed debt is 4 years at a weighted average interest rate of 4%.

不包括未攤銷的債務發行成本和公允價值調整，未償還債務總額包括由 29 家酒店擔保的約 4.62 億美元的房地產級債務和 9.28 億美元的無擔保信貸額度未償還債務。截至 2019 年 6 月 30 日，我們無擔保信貸額度的未提取額度約為 2.32 億美元。截至 2019 年 6 月 30 日，我們的總債務與資本化率約為 28%，這為我們提供了財務靈活性，以滿足資本需求並尋求市場策略機會。加權平均債務期限為 5 年，有效固定債務的加權平均期限為 4 年，加權平均利率為 4%。

We believe we continue to operate effectively against our strategy and that over the long term, we are well positioned to meaningfully increase shareholder value.

我們相信，我們將繼續按照我們的策略有效運作，並且從長遠來看，我們有能力顯著提高股東價值。

Thank you for joining us this morning, and we will now open the call for questions.

感謝您今天早上加入我們，我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Anthony Powell with Barclays.

（操作員指示）我們的第一個問題來自巴克萊銀行的安東尼·鮑威爾。

Rachael, welcome. Good to hear from you.

蕾切爾，歡迎光臨。很高興收到你的來信。

Thank you, Anthony, likewise.

同樣地，謝謝你，安東尼。

Question on, I guess, transient demand. A lot of the other REITs talked about a sharp slowing in transient demand on the corporate side in June and July. It seems like you haven't seen that magnitude of a slowdown. Could you maybe go into why that would be for your portfolio?

我想，這個問題是關於瞬時需求的。許多其他房地產投資信託基金 (REIT) 談到 6 月和 7 月企業方面的短期需求急劇放緩。看起來你還沒有看到如此程度的放緩。您能否解釋為什麼這會成為您的投資組合的一部分？

Anthony, thank you. It's a great question. And actually, as I -- I talked about in my comments that throughout the year, we've seen -- even with flat RevPAR growth, our growth has actually come from transient demand. The transient has been better than the group. For us, transient demand is up approximately 1%. Group for our select-service hotels is typically (inaudible) type group. And while that demand is actually out there, we have to be a little bit more strategic about capturing that demand with the increased new supply. So one of the initiatives that we've really been working on is working with our new director of revenue strategy and with our asset management team really on focusing with the management company to layer in some additional group. And as a result, in June, we actually saw our group mix was the highest level at 16% of our room nights. So we were pleased with that, and looking forward, our group looks a little bit better as we move into the third quarter. What that also allows us to do is to focus on being able to drive some additional rate on the transient side.

安東尼，謝謝你。這是一個很好的問題。實際上，正如我在全年的評論中提到的那樣，我們已經看到，即使 RevPAR 成長持平，我們的成長實際上也來自於短暫的需求。瞬態比群體好。對我們來說，瞬時需求成長了約 1%。我們的精選服務酒店的團體通常是（聽不清楚）類型團體。雖然這種需求確實存在，但我們必須採取更具策略性的措施，透過增加新的供應來滿足這種需求。因此，我們一直在努力的舉措之一是與我們的新收入策略總監和資產管理團隊合作，真正專注於與管理公司合作，增加一些額外的團隊。結果，6 月份，我們的團體住宿組合達到了最高水平，占到客房晚數的 16%。因此我們對此感到高興，展望未來，隨著我們進入第三季度，我們的團隊看起來會更好一些。這也使我們能夠集中精力在瞬態方面推動一些額外的速率。

And if you look at the industry results most recently, what we've seen in June as well as in July month to date, is actually, the transient RevPAR is up. In June, it was up about 4 -- 40 basis points, where group was down -- group RevPAR was down 2%. And in the running 28, transient RevPAR was slightly down at 30 basis points on a day-over-day basis versus group RevPAR of down 2.5%.

如果你看一下最近的行業結果，你會發現，截至目前，6 月和 7 月的瞬時 RevPAR 實際上有所上升。6 月份，飯店平均每間可用客房收入 (RevPAR) 上漲了約 4 至 40 個基點，而集團平均每間可用客房收入 (RevPAR) 則下降了 2%。在過去的 28 個季度中，臨時 RevPAR 每日較上季略有下降 30 個基點，而集團 RevPAR 則下降了 2.5%。

As we -- for us, with select-service hotels, of course, our booking window, we have limited visibility. But as we look out at our transient pace in the next month, what we saw in June and the next month, we see consistency with our corporate customer and -- as well as with our transient. So one of the other pieces that I think that might play into that is that if you remember from last year, the first part of the year, the suburban hotels, in particular, had more of a negative comp related to hurricanes from a year before as well as the impact of new supply. As we are moving into the latter part of the year, there is a bit of a lifting of that negative comp. And actually, if you look at urban versus suburban performance in June and July, you're seeing urban actually trails suburban a bit. So more favorable comps. Our portfolio tends to be -- well, is more suburban. And another factor that we think also plays into that is that with our mix, the stronger dollar has less of an impact, the impact both in terms of international demand coming in but then also for the leisure travelers who would potentially choose destinations in the United States, but because their dollar can go further overseas, they might choose to go overseas. Those would be the reasons that I think that we're seeing a little bit of a different story relative to some of our peers.

對我們來說，對於精選服務酒店來說，我們的預訂窗口當然是有限的。但是，當我們觀察下個月的瞬時速度，以及我們在 6 月和下個月所看到的，我們看到了與企業客戶的一致性 - 以及我們的瞬時性。因此，我認為可能造成這種情況的另一個因素是，如果您還記得去年，也就是今年上半年，郊區飯店尤其受到前一年颶風以及新供應的影響，出現了更大的負面影響。隨著我們進入今年下半年，這種負面情緒減輕。實際上，如果你觀察一下 6 月和 7 月城市與郊區的表現，你會發現城市的表現實際上略微落後於郊區。因此，比較結果更為有利。我們的投資組合更傾向於郊區。我們認為另一個影響因素是，在我們的組合中，美元走強的影響較小，這種影響不僅體現在國際需求方面，還體現在休閒遊客方面，他們可能會選擇美國的目的地，但由於他們的美元可以在海外更進一步，他們可能會選擇去海外旅遊。我認為，這些就是我們看到的情況與我們的一些同行略有不同的原因。

Just on brands, I guess, going even more into the urban, suburban question here, Marriott's Moxy seems to be getting a lot of traction and Hilton Inn is launching a new, I guess, upscale lifestyle brand. Will these type of brands in, I guess, more urban markets be appealing to you over the long run?

就品牌而言，我想，如果更深入地探討城市和郊區的問題，萬豪的 Moxy 似乎獲得了很大的發展，而希爾頓酒店正在推出一個新的高檔生活方式品牌。我想，從長遠來看，這些類型的品牌在更多的城市市場中會吸引您嗎？

Definitely. We've been heavily involved with both Marriott and Hilton, as they've looked at expanding their brand portfolios, especially into the lifestyle area, and we're continually looking at and underwriting new brands within that space. I think there is a bit of a difference between Moxy and some of the other lifestyle brands within the Marriott brand family and the lifestyle brand that Hilton intends to launch, making Moxy a little bit more of a niche play for particular urban markets. But that said, we think the new concept will have broad appeal, address some changes in consumer preferences and, certainly, are interested in potentially adding those in the future.

確實。我們與萬豪和希爾頓都保持著密切合作，因為他們一直在尋求擴大其品牌組合，尤其是在生活方式領域，而我們也在不斷尋找和承保該領域的新品牌。我認為 Moxy 與萬豪品牌家族中的其他一些生活方式品牌以及希爾頓打算推出的生活方式品牌之間存在一些差異，這使得 Moxy 更像是針對特定城市市場的利基品牌。但話雖如此，我們認為新概念將具有廣泛的吸引力，解決消費者偏好的一些變化，並且當然有興趣在未來增加這些變化。

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

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)。

You guys didn't buy back any stock in the quarter. Was there any particular reason for that?

你們本季沒有回購任何股票。有什麼特別的原因嗎？

No. I think you saw us more aggressive than a number of our peers early as we looked to redeploy proceeds from sale into share repurchases. I think as we discussed in our last call, we're more apt to buy shares and/or assets at this point utilizing proceeds from sale than we are to lever our balance sheet. But I think given the recent pullback in our stock price, it's reasonable to assume that we would view -- that we would see value given current pricing and that share repurchases would be more attractive to us.

不。我認為，您早期就發現我們比許多同行更加積極，因為我們希望將出售所得重新用於股票回購。我認為，正如我們在上次電話會議中所討論的那樣，我們現在更傾向於利用出售所得購買股票和/或資產，而不是利用我們的資產負債表。但我認為，鑑於我們股價近期回落，我們可以合理地假設，我們會看到——根據當前定價，我們會看到價值，而股票回購對我們來說更具吸引力。

That's helpful. Maybe just kind of on the same topic, can you give us your updated view on buybacks versus acquisitions versus new development deals or takeout deals? And anything changed with your prioritization over the last 90 days or so?

這很有幫助。也許只是在同一話題上，您能否向我們提供您對回購、收購、新開發交易或收購交易的最新看法？在過去 90 天左右的時間裡，您的優先順序有什麼變化嗎？

This is a very good question. I think as I mentioned in my prepared remarks, pricing for existing assets by and large continues to be very strong. In fact, in most cases, we found it to be -- to exceed pricing on a relative basis for new built assets. I think relative to existing assets, we see new built as being a better opportunity for us at this point in time. And given the recent pullback in our shares, we view share repurchases at least on equal footing with those particular types of projects.

這是一個非常好的問題。我認為，正如我在準備好的發言中提到的那樣，現有資產的定價總體上仍然非常強勁。事實上，在大多數情況下，我們發現它——超過了新建資產的相對定價。我認為相對於現有資產，我們認為新建資產目前對我們來說是一個更好的機會。鑑於我們股票近期的回調，我們認為股票回購至少與這些特定類型的項目處於同等地位。

That's helpful. And then just lastly on the development deal in Madison versus your prior development deals. I know you had previously partnered with a developer. You found the site. You picked the brand. Is that how the Madison deal came about? And are you seeing any shift in kind of how you're sourcing those deals?

這很有幫助。最後，關於麥迪遜的開發協議與您先前的開發協議有何不同。我知道您之前曾與一位開發商合作過。您找到了該網站。您選擇了品牌。麥迪遜交易就是這樣發生的嗎？您是否發現您尋找這些交易的方式有任何轉變？

So the Madison project is with a developer that has built for us in the past and, actually, built for us the Phoenix assets, is building the 2 Hyatt properties in Arizona and the Colorado asset for us, the Downtown Denver asset. So the relationship we have with the group is one where they find sites for us, we find sites for them, but a group that we found can produce quality assets for us at a perky price that enables us to continue to underwrite deals even in an environment where we've seen construction costs rising.

因此，麥迪遜計畫是與過去曾為我們建造建築的開發商合作的，實際上，他為我們建造了鳳凰城資產，正在為我們建造亞利桑那州的 2 家凱悅酒店和科羅拉多州的資產，即丹佛市中心資產。因此，我們與該集團的關係是，他們為我們尋找地點，我們為他們尋找地點，但我們找到的集團可以以優惠的價格為我們生產優質資產，使我們能夠繼續承銷交易，即使在建築成本上升的環境下。

Our next question comes from the line of Austin Wurschmidt with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Austin Wurschmidt。

Just curious, Justin, given your comments on dispositions being more attractive, I guess, as you think about the best uses, either share buybacks or acquisitions, how should we think about the volume of assets you're marketing or in negotiations on today?

只是好奇，賈斯汀，鑑於你對處置更具吸引力的評論，我想，當你考慮最佳用途時，無論是股票回購還是收購，我們應該如何考慮你今天營銷或談判的資產量？

I appreciate the question. We've highlighted in the past that we're opportunistic as we look at dispositions. I think the total volume will depend on the continued strength of that market. I highlighted in my remarks that we continue to see a significant interest, I think, in large part, fueled by the availability of attractive financing for existing assets, especially of the quality that we have. I think given the recent pullback in our stock and continued strength in the market for assets of the type that we have, assuming that continues to hold, you should expect us to be more active in that space or expect us to continue to be active in that space. But again, we're fortunate in that our portfolio is high quality and wholly consistent with our overarching strategy. And so our desire to pursue that type of transaction is wholly dependent on pricing within the marketplace, which today is very good, but we all know that those dynamics can change over time.

我很感謝你提出這個問題。我們過去曾強調，我們在看待處置時是機會主義的。我認為總量將取決於該市場的持續實力。我在演講中強調，我們繼續看到人們的濃厚興趣，我認為，這在很大程度上是由於現有資產（尤其是我們現有的優質資產）可以獲得有吸引力的融資。我認為，鑑於我們股票近期的回調以及我們所持有的資產類型的市場持續走強，假設這種情況繼續保持，你應該預期我們會在該領域更加活躍，或者預期我們會繼續在該領域活躍。但我們很幸運，因為我們的投資組合品質很高，完全符合我們的整體策略。因此，我們追求這種交易的願望完全取決於市場定價，今天的定價非常好，但我們都知道這些動態會隨著時間而改變。

Certainly. Should we view, I guess, dispositions as sort of a leading indicator towards the volume of perhaps share buybacks to the extent that the stock stays around at current levels?

當然。我想，我們是否應該將處置視為一種領先指標，以顯示股票回購量是否足以維持在當前水準？

I think it would be indicative. But as we showed last year in the fourth quarter, when we have clear line of sight to a potential disposition, which you may or may not know about at a particular point in time, we're willing to move with share repurchases in advance of that, knowing that we'll have an ability to essentially utilizing our balance sheet and paying that down with proceeds from sale.

我認為這是有指示意義的。但正如我們去年第四季所展示的那樣，當我們清楚地看到潛在的處置方式時，您可能在某個特定時間點知道或不知道，我們願意提前進行股票回購，因為我們知道我們將有能力利用我們的資產負債表並用銷售收益來償還這筆款項。

That's helpful. And then you mentioned the acquisition of the small independent hotel as a means to kind of gaining additional insights into the independent hotel business. But how should we think about your willingness, I guess, to jump further into the boutique hotel business or your view toward premium-branded assets today?

這很有幫助。然後您提到收購小型獨立酒店是為了進一步了解獨立酒店業務。但是我想，我們應該如何看待您進一步進軍精品酒店業務的意願，或者您對當今高端品牌資產的看法？

Well, I think you should continue to view us as a company heavily focused on premium-branded assets. We continue to see significant value in that space. And this 55 unit -- room hotel should not be viewed as a departure from our overarching strategy. We have a unique opportunity in this particular market where we own the full-service Marriott, have 2 very high qualities like service hotels and now soon to have this small boutique hotel to really get additional insights, which will, we believe, help us to manage our business more effectively.

嗯，我認為你應該繼續把我們看作是一家專注於高端品牌資產的公司。我們繼續看到該領域的巨大價值。這家擁有 55 間客房的飯店不應被視為背離我們的整體策略。我們在這個特定的市場中擁有獨特的機會，我們擁有全方位服務的萬豪酒店，擁有兩家非常高品質的服務酒店，現在很快就會擁有這家小型精品酒店，以真正獲得更多見解，我們相信這將有助於我們更有效地管理我們的業務。

As you know, and the brands have signaled, there are shifts in consumer preferences, which are causing brands to look at ways they can modify the product and services that they provide consumers in ways that address -- or make them more local or appeal to changing consumer preferences. This hotel provides us with a very unique low-risk opportunity to explore some of those opportunities outside of the confines of brand-mandated structures and then to take those wordings and use them as we interact with brands and as we manage our broader portfolio. Over time, we may decide that that's something that's interesting to us on a larger scale, but in the near term, you shouldn't expect us to meaningfully change our strategy. We continue to see ownership of high-quality, select-service branded hotels as being the best use of our capital and the way to generate highest returns for our investors.

如您所知，品牌已經發出信號，消費者的偏好正在發生變化，這促使品牌尋找方法修改他們為消費者提供的產品和服務，以適應消費者的需求——或者使它們更加本地化或迎合不斷變化的消費者偏好。這家酒店為我們提供了一個非常獨特的低風險機會，讓我們能夠在品牌授權結構的範圍之外探索一些機會，然後在我們與品牌互動以及管理更廣泛的投資組合時採用這些措辭並加以利用。隨著時間的推移，我們可能會認為這在更大範圍內對我們來說是有趣的事情，但在短期內，你不應該期望我們有意義地改變我們的策略。我們始終認為，擁有高品質、精選服務的品牌飯店是我們資本的最佳利用方式，也是為投資者創造最高回報的方式。

That's helpful. And then just last one around supply. You did discuss a pickup in the construction pipeline, but the fact that actual deliveries have remained fairly stable. I guess do you expect that the pipeline will remain stable or could remain elevated for a longer period than you previously expected given that recent pickup in new construction?

這很有幫助。然後就剩下最後一個關於供應的問題了。您確實討論了建築管道的回升，但事實上實際交付量仍然相當穩定。我想，考慮到近期新管道建設的回升，您是否預計管道將保持穩定或維持高位的時間比您之前預期的更長？

Yes. We anticipated that new construction starts would peak before now. But we signaled this much. And in fact, what we saw was new construction starts beginning to decline with interest rates coming back down again and continued push by the major brands or new developments. We've seen a slight uptick in new construction starts. It is and continues to take longer for those deals to be completed, which is mitigating somewhat the impact of new construction on our existing portfolio, but we don't anticipate that we will reach the peak in the near term.

是的。我們預計新開工建築數量將在現在之前達到高峰。但我們發出了這麼多訊號。事實上，我們看到，隨著利率再次下降以及主要品牌或新開發項目的持續推動，新開工數量開始下降。我們看到新建築開工數量略有上升。這些交易需要更長的時間才能完成，這在一定程度上減輕了新建築對我們現有投資組合的影響，但我們預計短期內不會達到頂峰。

Our next question comes from the line of Neil Malkin with Capital One.

我們的下一個問題來自 Capital One 的 Neil Malkin。

So I think just to start with the revenue or operating optimization you talked about, can you maybe talk about some of those initiatives, new or current, that are starting to bear fruit? And then I was reading about an economy operator who has dynamic pricing almost by the minute or hour based on things like flight patterns and things like that. Are you looking at those types of things? And again, if you could speak to some of the optimization strategies you are currently looking at, that'd be great.

因此，我認為，從您談到的收入或營運優化開始，您能否談談一些開始取得成果的舉措，無論是新的還是現有的？然後我讀到一篇關於經濟運營商的文章，該運營商根據航班模式等因素幾乎按分鐘或小時進行動態定價。您正在看那些東西嗎？再說一次，如果您能談談您目前正在研究的一些最佳化策略，那就太好了。

Neil, so for the second part of your question, we are working in tandem with the brands and their revenue management teams as well as their corporate strategy teams on looking at opportunities to continue to improve the revenue management systems that they have. As we've talked about in the past, they are looking to optimize the systems even further to even move closer to a more personalized pricing, attribute-based pricing, which will give us more opportunities to upsell and drive additional rate and to continue to preference direct channels where we have the highest profitability. So we will continue to work with the brands on that.

尼爾，對於你問題的第二部分，我們正在與各品牌及其收益管理團隊以及企業策略團隊合作，尋找機會繼續改善他們現有的收益管理系統。正如我們過去所討論的，他們正在尋求進一步優化系統，以更接近個人化定價、基於屬性的定價，這將為我們提供更多機會進行追加銷售和提高額外費率，並繼續優先考慮我們盈利能力最高的直接管道。因此我們將繼續與各品牌合作。

For our own internal team, we are really excited about some of the initiatives that we have in place. I spoke a little bit in the call in the prepared remarks about being able to go in and really work with our management teams and their above property revenue management and revenue strategy teams and drill down on where that there's areas of opportunity in a couple of areas that we're really focused on. Number one is we have improved our forecast model corporately and really looking at the data that we get from the brands on booking position and when comparing that individually to the individual management companies and have been able to help them better optimize their model, which not only helps with revenue strategy because they can more proactively identify opportunities, but it also helps from a labor management standpoint from better forecasting of occupancy.

對於我們自己的內部團隊來說，我們對已經實施的一些措施感到非常興奮。我在電話會議的準備好的發言中稍微談到了能夠真正與我們的管理團隊以及他們的上述財產收入管理和收入戰略團隊合作，並深入研究我們真正關注的幾個領域中的機會領域。首先，我們改進了我們的預測模型，真正查看了從各品牌獲得的預訂情況數據，並將其與各個管理公司進行比較，並能夠幫助他們更好地優化模型，這不僅有助於收入策略，因為他們可以更主動地識別機會，而且從勞動力管理的角度來看，它也有助於更好地預測入住率。

We're also, and I mentioned a little earlier, targeting with additional supply the group businesses absolutely out there. But what we saw is that some of our management companies weren't as dynamic as we would like to see, so we're helping them put tools in place to more dynamically price first to make sure that they are going out and having really solid understanding of the group businesses that's in the market using those what I would call old school tools of going and shopping their comp set, but also leveraging tools or different reports that you show their competitive share versus the comp set and group or utilizing Cvent or just all of the different tools that are available to target group and then adjust rates as needed to be more competitive and also to adjust booking goals and then make sure they have good accountability, plans and programs in place to make sure that our sales teams out in the field are really driving the mix that we want.

正如我之前提到的，我們還將透過額外的供應來瞄準絕對存在的集團企業。但我們看到，我們的一些管理公司並不像我們希望的那樣具有活力，因此，我們正在幫助他們實施工具，首先以更具活力的方式定價，以確保他們能夠真正了解市場上的團體業務，使用那些我稱之為老式的工具去他們的競爭對手那裡購物，同時也利用工具或不同的報告來顯示他們相對於競爭對手和團體的競爭份額，或者利用 Cvent或所有可用於目標群體的不同工具，然後根據需要調整價格以提高競爭力，並調整預訂目標，然後確保他們有良好的問責制、計劃和方案，以確保我們在外地的銷售團隊真正推動我們想要的組合。

On the ancillary income, we continue to push for that. We have seen some really strong increases in parking revenue as well as late cancellation revenue. Now the late cancellation revenue is starting to moderate somewhat because we had a strong push at the beginning part of last year and so we're starting to lap comps there. But we're still, on a same-store basis, up 11% in overall other income, which includes late cancellation revenue and parking revenue.

在附加收入方面，我們將繼續努力。我們看到停車收入和延遲取消收入都有了顯著的成長。現在，由於去年年初我們大力推廣，所以延遲取消收入開始放緩，因此我們開始在那裡競爭。但以同店計算，我們的整體其他收入（包括延遲取消收入和停車收入）仍然增加了 11%。

One other area that we're working on is premium room upsells, and essentially that is by putting some upgraded amenities in certain room types. We're having quite a bit of success in being able to drive $20 to $40 more per night and really working on incentive programs with the management companies to follow through with that. There's more to come, but those are just some of the things that we're currently working on, and we'll be excited to tell you more in the future.

我們正在進行的另一個領域是高級客房追加銷售，本質上就是在某些房型中添加一些升級的設施。我們取得了相當大的成功，每晚可以多賺 20 到 40 美元，我們正在與管理公司合作制定激勵計劃來落實這一目標。接下來還會有更多內容，但這些只是我們目前正在進行的一些工作，我們將很高興在未來告訴您更多。

Appreciate the detail there. I guess going back to the first question asked about business transient trend. Would you say that -- or I think you had to guess the reason why you are faring relatively better. Is that potentially the type of business coming to your hotels versus maybe some of your peers who are more on the coast, just given the nature of the demand or businesses that they cater to or, again, using as more of a sort of suburban/comp issue that's driving that outperformance?

感謝那裡的細節。我想回到第一個問題，關於業務瞬態趨勢。你會這麼說嗎——或者我認為你必須猜測你表現相對較好的原因。相對於一些位於沿海地區的同行，這是否可能是您酒店面臨的業務類型，僅僅是考慮到需求的性質或他們所迎合的業務，還是再次使用某種郊區/可比問題來推動這種優異表現？

I would say, there's a couple of things. First, we're seeing healthy demand across the majority of our markets, so increases in demand. We have very few markets that have declined in demand year-over-year. So the individual market performance is highly correlated to the supply relative to the demand in the market. So that's the first piece. So if that gap is closing and we're doing a better job absorbing the supply, then we're doing a better job also of being able to layer on that corporate business. There's more opportunity to do that.

我想說，有幾件事。首先，我們看到大多數市場的需求都很旺盛，因此需求增加。我們很少有市場的需求較去年同期下降。因此，單一市場的表現與市場供給與需求高度相關。這是第一部分。因此，如果差距正在縮小，並且我們能夠更好地吸收供應，那麼我們也能更好地開展企業業務。有更多的機會可以做到這一點。

I do think that there is a -- on the individual markets, we're in markets all throughout the country. And in each of those markets, there are different business demand generators. But what I can say is that in looking across the markets and looking at the drivers of the markets, we're seeing business increases in multiple different segments. Some segments or some industries are a little bit more flat than others. But one of the areas where we are seeing decent growth year-over-year is consulting-type business, accounting-type business, project-type business. And I will say that for select-service hotels, that type of select servicing extends the stay at hotels. Those services -- when those companies are coming in and working with larger companies, they tend to like to stay and extend their stay in select-service hotels. But I do believe that you do need to look at each individual market, what's their international mix, what are their supply/demand drivers. There's also government military spending that we're seeing being healthy in certain markets that we have as well that we might have a stronger concentration in relative to the national average.

我確實認為——在個別市場上，我們的市場遍布全國各地。在每個市場中，都有不同的業務需求產生者。但我可以說的是，縱觀整個市場並觀察市場的驅動因素，我們看到多個不同領域的業務正在成長。有些領域或行業比其他領域或行業稍微平穩一些。但我們看到同比成長良好的領域之一是諮詢類業務、會計類業務和專案類業務。我想說的是，對於精選服務酒店來說，這種精選服務可以延長酒店的住宿時間。這些服務——當這些公司進來並與大公司合作時，他們往往喜歡入住並延長在精選服務酒店的住宿時間。但我確實認為你確實需要關注每個單獨的市場，它們的國際組合是什麼樣的，它們的供需驅動因素是什麼。我們還發現，在我們擁有的某些市場中，政府的軍事開支也保持健康，相對於全國平均水平，我們的軍事集中度可能更高。

Okay. And then last one for me. I know you talked a fair bit about dispositions. You had a portfolio of about 16 assets. You're going to sell to someone. I think something like 7 or 9 were sold, so that leaves the other, I guess, more or less half. Is that something that's on the forefront or something that's more imminent in closing? Any talks on that? And then in terms of just, I guess, your mix of interest for single-asset rich portfolios?

好的。這是我的最後一個。我知道您談了不少有關性格的問題。您的投資組合包含約 16 項資產。你要賣給某人。我認為大約售出了 7 或 9 份，因此剩下的大約是一半。這是目前最迫切的事情還是即將結束的事情？有討論這個嗎？那麼，就您對單一資產豐富投資組合的興趣組合而言，我想問一下？

So I highlighted earlier that we're very opportunistic in a way we view dispositions that the original portfolio was put together in response to reverse inquiry. So there wasn't particular magic around the assets that we selected for that portfolio. That said, I also highlighted that we continue to see strong interest in the types of assets that we own, and we are having conversations both with potential portfolio buyers and buyers of individual assets related to assets within our portfolio. We're fortunate in that we have the ability to act only when we see pricing has been advantageous in both instances.

因此，我之前強調過，我們非常重視機會主義，因為我們認為最初的投資組合是為了回應反向調查而組成的。因此，我們為該投資組合所選的資產並沒有特別的魔力。話雖如此，我還強調，我們繼續看到人們對我們所擁有的資產類型的濃厚興趣，並且我們正在與潛在的投資組合買家以及與我們投資組合中的資產相關的單一資產的買家進行對話。我們很幸運，只有當我們看到兩種情況下的定價都有利時，我們才有能力採取行動。

(Operator Instructions) Our next question comes from the line of Bryan Maher with B. Riley FBR.

（操作員指示）我們的下一個問題來自 B. Riley FBR 的 Bryan Maher。

Rachael, welcome aboard. I'm sure you'll be a great addition to the team. Quick question on -- and most of my questions have been answered this morning. But I wanted to get a little color on this new supply. If you could share with us who's behind the development of the competitive product that you're seeing? Is it one-off owners? Is it private equity? Is it spec? And at the end of the day, is there any opportunity for you guys to take that out -- some of that product out via purchases if the product doesn't work out to the developer's expectations?

瑞秋，歡迎加入。我確信你會成為團隊的優秀補充。快速提問——今天早上我的大部分問題都已得到解答。但我想對這個新供應品有一點了解。您能否與我們分享您所看到的競爭產品的開發幕後推手？是一次性業主嗎？是私募股權嗎？這是規格嗎？最後，如果產品沒有達到開發者的期望，你們是否有機會透過購買的方式將部分產品取出？

I can speak to that and, Krissy, feel free to add. But really, we're seeing -- and you might imagine, based on the total volume of new development, we're seeing all of the groups you mentioned as participants in new supply growth. Interestingly, we've seen a pullback in terms of the volume from groups that have been historically large developers of assets, so a pullback by owner operators who have been in the business for several decades. We're seeing increased participation on the development side by groups who have less tenure in this space, but not exclusively. A pipeline only reaches peak when you have participants at variety of different places acting on new development projects.

我可以談論這一點，克麗西，請隨意補充。但實際上，我們看到——你可以想像，根據新開發項目的總量，我們看到你提到的所有群體都是新供應成長的參與者。有趣的是，我們看到歷史上大型資產開發商的開發量有所回落，也就是從事該行業數十年的業主運營商的開發量有所回落。我們看到，在這個領域任職時間較短的團體在開發方面的參與度有所提高，但並不局限於此。只有當來自不同地方的參與者參與新的開發專案時，管道才能達到頂峰。

Also, just add to that, you have strong brands using Hilton as an example. They have the existing operators that have had a lot of success with Hilton's brand and the royalty contribution they bring. And they have launched some new brands recently and so those are continuing to ramp. So -- although we haven't invested in Tru because it's not in our teams' [go home to.] It's another brand that's solid and performing very well, and there's opportunity to develop that in markets. So you continue to see some of that, I think.

另外，補充一點，以希爾頓為例，您擁有強大的品牌。他們擁有現有的營運商，這些營運商憑藉希爾頓品牌及其帶來的特許權貢獻取得了巨大成功。他們最近推出了一些新品牌，因此這些品牌的銷售量仍在持續成長。所以——儘管我們沒有投資 Tru，因為它不在我們團隊的[歸屬地]範圍內。但它是另一個穩健且表現良好的品牌，並且有機會在市場上發展它。所以我認為你會繼續看到其中的一些。

And that's an important point. The brands have, as they launch new product offering, taken into consideration rising construction costs and structured new offerings such that they can be produced at a lower cost than the traditional hotels, smaller room, smaller common areas, things of the sort, which make them attractive even in an environment where we're seeing rising comps.

這是一個重要的觀點。這些品牌在推出新產品時，已經考慮到了不斷上漲的建築成本，並構建了新產品，以便能夠以比傳統酒店更低的成本生產，提供更小的房間、更小的公共區域等，這使得它們即使在我們看到同店銷售額不斷上漲的環境下也具有吸引力。

Okay. Great. And then just to make sure I get this right on the boutique hotel that you bought in Richmond. Did you share how much you are going to spend to renovate that property?

好的。偉大的。然後只是為了確保我正確理解你在里士滿購買的精品酒店。您有沒有透露過您打算花多少錢來翻新該房產？

So a point of clarification, we have the project under contract right now, so we're currently in diligence. And we have not yet disclosed how much we intend to spend on renovation.

因此需要澄清的是，我們現在已經簽訂了該項目的合同，因此我們目前正在盡職調查。我們尚未透露打算花多少錢進行翻修。

Okay. And to be clear, this is kind of an experiment for you in your own backyard, market that you're comfortable in to kind of get your hands around the whole boutique asset and kind of how it operates. Has there been any thought of adding anybody to the staff there that has a background in maybe boutique REIT work from a Pebblebrook or a LaSalle or some entity like that? Or is it still too early for that? And how long do you think it will take for you to either get comfortable or not comfortable pursuing more in the boutique area?

好的。需要明確的是，這是您在自己的後院、在您熟悉的市場中進行的一種實驗，讓您能夠掌握整個精品資產及其運作方式。有沒有想過增加一些有 Pebblebrook 或 LaSalle 或類似實體的精品 REIT 工作背景的員工？或者說現在還太早？您認為需要多長時間才能適應或不再適應在精品領域追求更多？

So a lot of good questions there. I think it's important to clarify. This is a unique opportunity and one of the advantages in addition to the entry perky price and where we think we will be in terms of total investment in the product and the fact that it's in our backyard. We're uniquely positioned to leverage an operating company that manages 3 other hotels for us in market in ways that way think will help this property to drive very strong bottom line results. I highlighted in my earlier remarks it's a block -- it's actually a little less than a block away from our Courtyard, Residence Inn and less than 10 blocks probably from our full-service Marriott. We have an opportunity with this particular hotel to use cost of sales to potentially share laundry and other management services with those companies, which will uniquely position us to ensure that this property is profitable.

那裡有很多好問題。我認為澄清這一點很重要。這是一個獨特的機會，也是除了入門價格之外的優勢之一，而且我們認為我們將在產品的總投資方面以及它就在我們後院的事實方面取得進展。我們擁有獨特的優勢，可以利用一家在市場上為我們管理其他 3 家酒店的營運公司，認為這種方式將有助於該酒店實現非常強勁的盈利業績。我在之前的評論中強調過，它是一個街區——實際上距離我們的庭院酒店、Residence Inn 酒店不到一個街區，距離我們全方位服務的萬豪酒店可能不到 10 個街區。我們有機會利用這家酒店的銷售成本與這些公司分享洗衣和其他管理服務，這將使我們處於獨特的地位，確保這家酒店能夠盈利。

I think we have, in this particular market, gained additional insights, which have helped to support our underlying investment thesis by owning the full-service Richmond Marriott. So having real-time comparisons from an operating standpoint between that and our Courtyard and Residence Inn in the same market has been incredibly valuable for us and has informed both our investment decisions and in large part our asset management activities. We see this as an opportunity to further enhance that understanding and our efforts related to our larger portfolio. Whether or not we decide to proceed with unbranded boutique hotels, that's at this point not imminent and, I'd say, not even at this point highly likely, though it's important to understand that they were always looking at the changing landscape of our industry and looking to ensure that we're ahead of trends.

我認為，在這個特定的市場中，我們獲得了額外的見解，透過擁有全方位服務的里士滿萬豪酒​​店，這有助於支持我們的基本投資論點。因此，從營運的角度對同一市場中的 Courtyard 和 Residence Inn 進行即時比較對我們來說非常有價值，並且為我們的投資決策以及很大程度上的資產管理活動提供了參考。我們認為這是一個進一步加強理解和與更大投資組合相關的努力的機會。無論我們是否決定繼續經營無品牌精品酒店，目前都還不會很快實現，而且我想說，甚至現在也不太可能，但重要的是要明白，他們一直在關注我們行業的變化，並希望確保我們走在潮流的前沿。

It's also important to understand, because you highlighted, the potential for hiring talent from companies that have pursued the lifestyle space in a slightly different way than our intent is around this particular asset. I highlighted in my earlier remarks, it is our intent to run from an operational standpoint this hotel similar to the way we run our rooms focus like service product. So you should assume, as we're running this hotel, that we will look to an operating model much more similar to a Courtyard than to a Kimpton or other hotel that's going to have significantly more robust food and beverage operations and things of this sort. Really what we're wanting to experiment with here is an opportunity to uniquely position a product within a market to have appeal and to fill a gap within that market while still leveraging an operating model, which has proven to produce stronger margins than any of the other operating models that we've explored within the hospitality space.

理解這一點也很重要，因為你強調了，從那些以與我們圍繞這一特定資產的意圖略有不同的方式追求生活方式領域的公司中聘用人才的潛力。我在先前的評論中強調過，從營運的角度來經營這家酒店，我們的目的是以類似於經營客房的方式來經營服務產品。因此，您應該認為，當我們經營這家酒店時，我們將採用與萬怡酒店更相似的營運模式，而不是金普頓酒店或其他酒店，這些酒店的餐飲運營和諸如此類的業務將更加強勁。我們真正想要嘗試的是，在一個市場中對產品進行獨特的定位，使其具有吸引力，並填補該市場的空白，同時仍然利用一種運營模式，事實證明，這種模式比我們在酒店業探索過的任何其他運營模式都能產生更高的利潤。

And as Justin mentioned, it gives us the opportunity, which we're excited about to be able to access some different initiatives right in our backyard without having to sit within that confines of brand standard. Whether it be some technology-type initiatives or some additional product offerings, we're looking forward to doing that and then being able to walk right down the street and kind of see the results first hand.

正如賈斯汀所提到的，它為我們提供了機會，我們很高興能夠在我們自己的後院進行一些不同的舉措，而不必局限於品牌標準的限制。無論是一些技術型舉措還是一些額外的產品，我們都期待著這樣做，然後能夠走在街上親眼看到結果。

Our next question comes from the line of Dori Kesten with Wells Fargo.

我們的下一個問題來自富國銀行的 Dori Kesten。

What percent of your hotels are nonprototypical? And what do you see the benefits of those being?

你們的飯店中有多少是非典型性的？您認為這些有什麼好處？

Right now, just under half probably depending on how you define nonprototypical of our assets. So -- and it's interesting. The advantages of prototype are generally construction and operating efficiencies. The brands put a lot of work and effort into designing product based on identified consumer needs and desired operating efficiencies. And so historically, we've pursued more prototypical product, especially in markets outside of major urban areas where we may be somewhat limited in the rate that we can generate. And we've been able to produce incredibly strong results with that type of asset. As our portfolio has become slightly more urban, as we have continued to enter into higher densities of urban markets, we found that by stretching away from prototypes, taking what's best about the prototype by customizing for the local market, we were able, in markets that will support it, to garner additional rate, which layered on top of an operating model for rooms focus like service product, which is incredibly efficient and generates even stronger bottom line results. And that has been incredibly attractive to us.

目前，可能略低於一半，這取決於您如何定義我們的資產的非原型。所以——這很有趣。原型的優勢一般在於建造和運作效率。品牌根據已確定的消費者需求和期望的營運效率投入了大量的工作和精力來設計產品。因此，從歷史上看，我們一直追求更多的原型產品，特別是在主要城市地區以外的市場，在這些市場中，我們的生產速度可能會受到一定限制。我們已經能夠利用此類資產來產生令人難以置信的強勁業績。隨著我們的投資組合變得更加城市化，隨著我們繼續進入更高密度的城市市場，我們發現，透過擺脫原型，透過針對當地市場進行定制，發揮原型的最佳優勢，我們能夠在支持它的市場中獲得額外的費率，這種費率建立在以客房為中心的運營模式之上，例如服務產品，這種模式非常高效，並能產生更強勁的盈利結果。這對我們來說極具吸引力。

I think looking long term, nonprototypical assets allow us slightly greater flexibility as we look at future renovations and things of the sort. And we're able to, in many instances, leverage our understanding of the product and markets to build a product that is uniquely positioned to have a sustainable competitive advantage. So whether that's pushing beyond prototypical specs for fitness centers in markets where we see that as being a particularly important demand driver or adding rooftop bars in some of our markets where we think that we can generate incremental revenue and create higher perceived value for the product overall, that's where we're really pushing beyond prototype and finding incremental value.

我認為從長遠來看，非原型資產可以讓我們在考慮未來的改造和類似的事情時擁有更大的靈活性。在許多情況下，我們能夠利用我們對產品和市場的了解來打造具有獨特優勢的產品，從而獲得可持續的競爭優勢。因此，無論是在我們認為是特別重要的需求驅動因素的市場中突破健身中心的原型規格，還是在某些我們認為可以產生增量收入並為產品整體創造更高感知價值的市場中增加屋頂酒吧，這都是我們真正超越原型並尋找增量價值的地方。

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

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

Thank you. We recognize that for many of you, it's a very busy morning, and we appreciate you taking time to join us. We hope, as always, that as you travel, you'll take an opportunity to stay with us at one of our hotels. Have a great day. Look forward to talking to you soon.

謝謝。我們認識到，對你們中的許多人來說，這是一個非常忙碌的早晨，我們感謝你們抽出時間加入我們。我們一如既往地希望，您在旅行時能有機會入住我們的某家酒店。祝你有美好的一天。期待很快與您交談。

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，祝您有美好的一天。