Apple Hospitality REIT Inc (APLE) 2019 Q3 法說會逐字稿

Greetings. Welcome to Apple Hospitality REIT Third Quarter 2019 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Apple Hospitality REIT 2019 年第三季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Kelly Clarke, Vice President, Investor Relations. Thank you. You may begin.

現在我將會議交給主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。謝謝。你可以開始了。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's Third Quarter 2019 Earnings Call on this the 5th day of November 2019.

謝謝，早安。歡迎您參加 2019 年 11 月 5 日舉行的 Apple Hospitality REIT 2019 年第三季財報電話會議。

Today's call will be based on the third quarter 2019 earnings release and Form 10-Q, which were distributed and filed yesterday afternoon.

今天的電話會議將基於昨天下午分發和提交的 2019 年第三季財報和 10-Q 表。

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.

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 EBITDAre, 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 EBITDAre、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 third quarter 2019 as well as an outlook for the sector and for the company.

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 年第三季的業績以及該行業和公司的前景。

Following the overview, we will open the call for Q&A. At this time, it is my pleasure to turn the call over to our CEO, Justin Knight.

概述之後，我們將開始問答環節。現在，我很高興將電話轉給我們的執行長賈斯汀奈特 (Justin Knight)。

Thank you, Kelly. Good morning, and thank you for joining us today. During the third quarter of this year, performance across our portfolio of hotels was generally in line with our expectations, positively impacted by favorable calendar shifts and solid transient demand. We are pleased to report that our diversified portfolio of high-quality rooms-focused hotels outperformed the industry overall as well as our chain scales during the quarter based on STAR data.

謝謝你，凱利。早安，感謝您今天加入我們。今年第三季度，受有利的日曆變化和強勁的臨時需求的積極影響，我們旗下酒店的表現總體符合我們的預期。我們很高興地報告，根據 STAR 數據，我們多元化的、以高品質客房為中心的酒店組合在本季度的表現優於整個行業以及我們的連鎖酒店規模。

For our portfolio, comparable hotels RevPAR increased by 1.1% for the quarter and 0.4% year-to-date. Comparable hotels ADR increased by 0.2% for the quarter and 0.6% year-to-date, and occupancy improved by 70 basis points for the quarter and declined by 20 basis points year-to-date. We remain diligently focused on maximizing profitability and are pleased to report a comparable hotels adjusted hotel EBITDA margin of approximately 38% for the quarter and year-to-date despite ongoing cost and supply pressures.

就我們的投資組合而言，可比飯店的 RevPAR 本季成長了 1.1%，年初至今成長了 0.4%。本季可比飯店 ADR 上漲 0.2%，年初至今上漲 0.6%，入住率本季提高 70 個基點，年初至今下降 20 個基點。我們始終致力於實現盈利能力最大化，並高興地報告，儘管面臨持續的成本和供應壓力，但本季和年初至今可比酒店調整後的 EBITDA 利潤率約為 38%。

Adjusted EBITDAre was down 5.7% for the quarter and 3.1% year-to-date due primarily to corporate incentive plan outperformance. Total adjusted hotel EBITDA was down approximately 1% for the quarter and year-to-date.

調整後 EBITDAre 本季下降 5.7%，年初至今下降 3.1%，主因是企業激勵計畫表現優異。本季及年初至今，調整後飯店 EBITDA 總額下降約 1%。

As we highlighted in our second quarter call, we anticipate a decline in RevPAR during the fourth quarter as compared to the same period in 2018, primarily as a result of more challenging year-over-year comparisons and the potential for some softening in demand tied to macroeconomic and geopolitical factors.

正如我們在第二季電話會議上所強調的那樣，我們預計第四季度的 RevPAR 將與 2018 年同期相比有所下降，這主要是因為同比比較更具挑戰性，以及宏觀經濟和地緣政治因素導致需求可能有所減弱。

We are tightening the ranges of our full year 2019 RevPAR guidance, slightly lowering the midpoint. In addition, we are reducing the midpoint of the company's guidance for net income and adjusted EBITDAre to match top line guidance and to reflect higher anticipated general and administrative expenses associated with the outperformance of the company's relative shareholder return metrics, which are components of the company's incentive plans.

我們正在收緊 2019 年全年 RevPAR 指引範圍，稍微降低中間點。此外，我們正在降低公司淨收入和調整後 EBITDAre 指導的中點，以匹配頂線指導並反映與公司相對股東回報指標（公司激勵計劃的組成部分）的優異表現相關的更高的預期一般和行政費用。

At the end of the third quarter, approximately 65% of our properties had one or more upper midscale, upscale or upper-upscale new construction projects underway within a 5-mile radius, which represents a decrease of 340 basis points from what we reported at the end of the second quarter.

截至第三季末，我們約有 65% 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，這比我們在第二季末報告的數字減少了 340 個基點。

Although new supply presents challenges in some of our markets, our consistent reinvestment, the strength of our brands, our locations within markets and the quality of our on-site management teams, position us to remain competitive over the long term.

儘管新的供應給我們的一些市場帶來了挑戰，但我們持續的再投資、我們品牌的實力、我們在市場中的位置以及我們現場管理團隊的素質使我們能夠長期保持競爭力。

With the intent to provide our investors with attractive dividends and appreciation in the value of their underlying investment over time, we developed a strategy of hotel ownership to mitigate volatility and provide consistency in operations. Over our 20-year history in the lodging industry, the Apple REIT companies have owned more than 400 hotels, and our team has underwritten hundreds more. Today, Apple Hospitality owns 235 rooms-focused hotels that are aligned with industry-leading brands and located across 34 states and 87 markets.

為了給我們的投資者提供有吸引力的股息，並隨著時間的推移提高其基礎投資的價值，我們制定了酒店所有權策略，以減輕波動性並確保營運的一致性。在我們涉足住宿業 20 年的歷史中，Apple REIT 公司擁有超過 400 家酒店，我們的團隊還承保了數百家酒店。如今，Apple Hospitality 擁有 235 家以客房為主的酒店，這些酒店與行業領先品牌合作，遍布 34 個州和 87 個市場。

Our broad diversification reduces volatility and provides the portfolio exposure to a wide variety of industries and demand generators. Our highest EBITDA producing market, Los Angeles, is under 7% of our total comparable hotels adjusted hotel EBITDA. More than 50% of our EBITDA comes from high-density suburban assets, just over 25% from urban assets and less than 15% from the top U.S. global gateway markets, which overlap both categories.

我們的廣泛多元化降低了波動性，並使投資組合接觸到各種各樣的行業和需求產生者。我們的 EBITDA 最高的市場是洛杉磯，其占我們可比較飯店調整後 EBITDA 總額的 7% 以下。我們的 EBITDA 有 50% 以上來自高密度郊區資產，有 25% 多一點來自城市資產，還有不到 15% 來自美國頂級全球門戶市場，這兩個類別都有重疊。

From a guest standpoint, the value proposition for our hotels is strong. We typically offer loyalty members free WiFi, free or reasonably priced breakfast, free or low-cost parking, loyalty points and access to fitness facilities and other amenities without incremental resort destination or amenity fees. While this value proposition is consistently recognized by our guests, it becomes increasingly relevant during periods where business and leisure travelers are focused on expense control.

從客人的角度來看，我們酒店的價值主張非常強大。我們通常為忠誠會員提供免費 WiFi、免費或價格合理的早餐、免費或低成本停車、忠誠度積分以及健身設施和其他便利設施的使用權，而無需增加度假目的地或便利設施費用。雖然這個價值主張一直受到我們客人的認可，但在商務和休閒旅客注重費用控制的時期，它變得越來越重要。

With unemployment low and average wages increasing, the propensity to travel is high and our well-located relatively young portfolio of branded rooms focused hotels has broad appeal. We place a tremendous amount of focus on acquisitions, dispositions and capital reinvestments and continue to pursue transactions that will enhance the market concentration and overall performance of our portfolio, all of which play a key role in driving shareholder value.

隨著失業率低和平均工資上漲，人們的旅行傾向很高，我們地理位置優越、相對年輕的以品牌客房為主的酒店組合具有廣泛的吸引力。我們非常重視收購、處置和資本再投資，並繼續尋求能夠提高市場集中度和投資組合整體表現的交易，所有這些都在推動股東價值方面發揮關鍵作用。

As highlighted by the 9 hotels we sold earlier this year, current market dynamics make potential sales attractive to us. We are pleased to report that we have 3 additional hotels under contract for sale, and we continue to explore additional disposition opportunities, both through broker transactions and a response to reverse inquiries.

正如我們今年稍早售出的 9 家酒店所強調的那樣，當前的市場動態使潛在的銷售對我們具有吸引力。我們很高興地報告，我們還有另外 3 家酒店正在簽訂銷售合同，並且我們將繼續探索其他處置機會，包括透過經紀交易和回應反向詢問。

Through opportunities like these, we are able to strategically reduce our concentration in certain markets, optimize our CapEx spend and improve the overall quality and relevance of our portfolio. We were purposeful as we assembled and structured our portfolio so that we could maximize flexibility and value over time. We have intentionally avoided encumbrances, whether long-term management contracts, land leases or cross-collateralized financing, which might limit our ability to dispose of individual properties or negatively impact valuation on sale.

透過這樣的機會，我們能夠策略性地降低在某些市場的集中度，優化我們的資本支出，並提高我們投資組合的整體品質和相關性。我們有目的地組建和建立我們的投資組合，以便隨著時間的推移最大限度地提高靈活性和價值。我們有意避免任何產權負擔，無論是長期管理合約、土地租賃或交叉抵押融資，這些都可能限制我們處置個人財產的能力或對銷售估價產生負面影響。

Over 80% of our management contracts are readily terminable on sale and only 6% of our properties are encumbered with land leases. The size of our assets and alignment with industry-leading brands makes them attractive to a wide range of potential investors, including large private equity groups, regional owner-operators and even small local investors. These characteristics enable us to be both flexible and opportunistic in pursuing transactions, 2 key determinants of long-term value creation.

我們 80% 以上的管理合約在出售時可隨時終止，只有 6% 的房產受到土地租賃的約束。我們的資產規模以及與行業領先品牌的合作使其對廣泛的潛在投資者俱有吸引力，其中包括大型私募股權集團、區域業主經營者甚至小型本地投資者。這些特點使我們在進行交易時既靈活又抓住機會，這是長期價值創造的兩個關鍵決定因素。

In October, we completed the acquisition of an independent boutique hotel in Downtown Richmond for approximately $7 million. It is our intention that the hotel room will remain independent, and we are currently developing plans for its full renovation and repositioning. During the first quarter of 2020, we plan to convert our 208-room Renaissance Hotel in Midtown, New York to an independent hotel. While our intent with the Richmond hotel is to use it as a test property for new technologies, services and entities and customer acquisition methodologies, our conversion of the Renaissance in New York to an independent will allow us greater flexibility to manage our capital reinvestment and operating model to mitigate losses on an asset that has been particularly challenging for us. This is our only asset in the New York market, our only Union hotel and 1 of only 3 remaining full-service hotels in our portfolio. We will work with the existing management team to limit disruption during the transition, however, given the hotel's current brand contribution and market forecast for next year, we expect it to be challenged as the team works to establish a new customer base.

10 月份，我們以約 700 萬美元的價格完成了里士滿市中心一家獨立精品酒店的收購。我們的目的是讓飯店房間保持獨立，目前正在製定全面翻新和重新定位的計劃。2020 年第一季度，我們計劃將位於紐約市中城擁有 208 間客房的萬麗酒店改建為獨立酒店。雖然我們對里士滿酒店的目的是將其用作新技術、服務和實體以及客戶獲取方法的試驗場所，但將紐約的文藝復興酒店轉變為獨立酒店將使我們能夠更靈活地管理我們的資本再投資和運營模式，以減輕對我們特別具有挑戰性的資產的損失。這是我們在紐約市場的唯一資產、我們唯一的 Union 酒店，也是我們投資組合中僅存的三家全方位服務酒店之一。我們將與現有的管理團隊合作，以減少過渡期間的干擾，但是，考慮到酒店目前的品牌貢獻和明年的市場預測，我們預計在團隊努力建立新的客戶群時將面臨挑戰。

We continue to have 6 hotels under contract for acquisition that are currently under development for a total expected purchase price of $209 million. From a timing perspective, the projects remain on track for expected completion in 2020 and 2021.

我們繼續簽訂了 6 家酒店的收購合同，這些酒店目前正在開發中，預計總收購價為 2.09 億美元。從時間角度來看，這些項目仍有望於 2020 年和 2021 年完工。

Our balance sheet allows us to be opportunistic in our approach to capital allocation, with just 3.1x net debt to EBITDA, no significant maturities over the next 3 years and a relatively young portfolio, we are in a position to be both patient and flexible as we work to capitalize on dislocations in the market from time to time.

我們的資產負債表使我們能夠在資本配置方法上採取機會主義態度，淨債務與 EBITDA 之比僅為 3.1 倍，未來 3 年內沒有重大到期債務，而且投資組合相對年輕，我們既有耐心，又有靈活性，努力利用市場不時出現的錯位。

Over the 12 months ending in September, we have repurchased over $100 million in our shares, paid over $270 million in total dividends and optimized our portfolio through both asset sales and acquisitions.

截至 9 月的 12 個月內，我們回購了超過 1 億美元的股票，支付了超過 2.7 億美元的股息，並透過資產出售和收購優化了我們的投資組合。

As business conditions and pricing warrant, we will continue to be both responsible and nimble in our approach to capital allocation.

根據業務條件和定價需要，我們將繼續採取負責任且靈活的資本配置方法。

With expectations that GDP growth will continue to slow as we enter 2020, the added volatility and uncertainty that typically accompany election years and ongoing property-level cost and supply pressures, we are cautious in our expectations for the coming year. However, we are confident in our ability to drive strong results during periods of growth as well as to outperform during periods of economic uncertainty.

由於預計進入 2020 年，GDP 成長將繼續放緩，選舉年通常伴隨的波動性和不確定性增加，以及持續的房地產成本和供應壓力，我們對來年的預期持謹慎態度。然而，我們有信心，我們有能力在成長時期取得強勁業績，並在經濟不確定時期表現出色。

STAR data across the last 2 cycles clearly shows the chain affiliated hotels outperform in times of contraction. And with Apple Hospitality 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, we believe we will continue to drive above peer average results for our company.

過去兩個週期的 STAR 數據清楚地表明，連鎖飯店在經濟萎縮時期表現優異。Apple Hospitality 的策略是將地段優越的品牌與高於平均水平的需求驅動因素相結合，再加上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，我們相信我們將繼續為公司帶來高於同行平均水平的業績。

It's now my pleasure to turn the call over to Krissy to give more detail on operations.

現在我很高興將電話轉給克麗絲，讓她提供更多有關營運的細節。

Thank you, Justin. With the benefit of favorable calendar shifts and continued storm recovery business, we expected our comparable hotel RevPAR growth for the third quarter to be the highest of the year. While we did experience a modest negative impact from Hurricane Dorian in September, it was more than offset by recovery business from 2018 natural disasters.

謝謝你，賈斯汀。由於有利的日曆變化和持續的風暴恢復業務，我們預計第三季可比飯店 RevPAR 增幅將達到全年最高。雖然我們確實在 9 月受到了颶風多里安的輕微負面影響，但 2018 年自然災害的復原業務足以抵消這一影響。

We estimate that the net lift from recovery business was approximately 40 basis points in the quarter. As communicated previously, we anticipate that the fourth quarter will be more challenging with tougher comparisons related to nonrepeat business from the Boston area gas explosion and decreased disaster recovery business.

我們估計本季回收業務的淨提升約為 40 個基點。正如之前所傳達的，我們預計第四季度將面臨更大的挑戰，因為與波士頓地區煤氣爆炸事件的非重複業務以及災難恢復業務的減少相關的比較將更加嚴格。

Our estimate of the year-over-year impact from the reduced business in these markets is approximately 150 basis points in the fourth quarter.

我們估計，第四季度這些市場業務減少對年比的影響約為 150 個基點。

In October, our comparable hotel RevPAR declined around 2%. Consistent with industry trends, markets outside the top 25 markets are outperforming, benefiting from more favorable supply-demand dynamics. In the third quarter, RevPAR growth for our hotels in the top 25 markets, representing about half of our EBITDA was essentially flat, while RevPAR growth for our nontop 25 markets was approximately 2%. Grew RevPAR in almost 60% of our markets. Some of our more impactful top-performing markets included Boise, Dallas, Denver, Norfolk/Virginia Beach, Phoenix, Richmond, Rogers and Washington, D.C.

10月份，我們同檔飯店的RevPAR下降了約2%。與產業趨勢一致，前 25 個市場以外的市場表現優異，受益於更有利的供需動態。第三季度，我們在前 25 個市場的飯店的 RevPAR 成長（約占我們 EBITDA 的一半）基本上持平，而非前 25 個市場的 RevPAR 成長約為 2%。我們近 60% 的市場中的 RevPAR 均有所成長。我們一些影響力較大的表現最佳的市場包括博伊西、達拉斯、丹佛、諾福克/維吉尼亞海灘、鳳凰城、里士滿、羅傑斯和華盛頓特區。

5 of our top 20 EBITDA contribution markets experienced RevPAR declines in the quarter, including Chicago, Nashville, Oklahoma City, San Diego and Seattle, primarily as a result of supply outpacing demand.

本季度，我們 20 大 EBITDA 貢獻市場中有 5 個市場經歷了 RevPAR 下滑，包括芝加哥、納許維爾、俄克拉荷馬城、聖地牙哥和西雅圖，這主要是因為供應超過需求。

We are excited to share that in October, we started an extensive renovation of our full-service Marriott in Richmond, Virginia. The lobby area and existing food and beverage outlets will be transformed to provide expanded, enhanced dining and gathering options. In addition to a full renovation of existing rooms inventory, 3 new guest rooms will be added, bringing the total number of rooms to 413. The rooms portion of the renovation is expected to be completed by the end of the first quarter of 2020, with the remainder scheduled to be completed in the second quarter of 2020.

我們很高興地告訴大家，我們在十月開始對位於維吉尼亞州里士滿的全方位服務萬豪酒店進行大規模翻新。大堂區域和現有的餐飲店將進行改造，以提供更多、更好的餐飲和聚會選擇。除了對現有客房進行全面翻新外，還將增加 3 間新客房，使客房總數達到 413 間。客房部分的裝修工程預計將於 2020 年第一季末完成，其餘部分預計將於 2020 年第二季完成。

After a slower group production year in 2019 at our Richmond Marriott, group room nights on the books for the full year 2020 are pacing up double digits compared to this time last year, with a headwind from ongoing renovations in the first quarter, followed by a tailwind in the fourth quarter. We anticipate displacing revenues of almost $1 million in the fourth quarter of 2019 with slightly more than half of those revenues attributable to rooms and the remainder being food and beverage.

繼 2019 年里士滿萬豪酒​​店的團體生產放緩之後，2020 年全年的團體間夜量與去年同期相比增長了兩位數，第一季正在進行的裝修帶來了阻力，而第四季度則迎來了順風。我們預計 2019 年第四季的營收將接近 100 萬美元，其中略多於一半的收入來自客房，其餘收入來自餐飲。

Portion of the displaced rooms will be absorbed by our other hotels in the Richmond market. We are pleased with our portfolio market share growth, with 56% of our hotels gaining share during the quarter, especially with our Marriott-branded hotels showing nice improvement over the prior year when the loyalty programs were combined.

部分被取代的客房將被我們在里士滿市場的其他酒店吸收。我們對我們的投資組合市場份額的增長感到滿意，本季度我們 56% 的酒店的市場份額都有所增長，尤其是我們的萬豪品牌酒店在合併忠誠度計劃後比上一年有顯著的改善。

As for segmentation, group and transient revenues both increased around 1% during the quarter. Aided by the calendar shifts and our strategic focus on increasing base business and supply impacted markets, our corporate negotiated business mix continued to increase.

就細分而言，本季團體和臨時收入均成長了約 1%。由於日曆的變化以及我們對增加基礎業務和供應影響市場的策略重點，我們的企業協商業務組合繼續增加。

Group mix was flat, representing an improvement from the year-to-date trend of a modest decline. Consistent with industry trends, weekday RevPAR growth outperformed weekend RevPAR growth.

集團組合持平，較年初至今的小幅下滑趨勢有所改善。與行業趨勢一致，平日 RevPAR 成長超過週末 RevPAR 成長。

Turning to profitability. Continued solid cost control on the part of our operators, assisted by our asset management team, helped us to produce a strong comparable hotel EBITDA margin of 38% during the quarter. In line with our guidance expectations and the full year trend, same-store total payroll costs increased just under 4% per occupied room.

轉向盈利能力。在資產管理團隊的協助下，我們的營運商繼續嚴格控製成本，幫助我們在本季實現了 38% 的強勁可比飯店 EBITDA 利潤率。根據我們的指導預期和全年趨勢，同店每間入住客房的總薪資成本成長略低於 4%。

Our on-site labor management systems, which we began implementing 2 years ago, continue to produce positive results, enabling our operators to offer competitive wages, increased productivity, reduce unnecessary overtime and decrease costly turnover expenses. At the same time, we are working with our operators to fill open positions quickly and to strategically invest in talent, especially in key leadership positions.

我們兩年前開始實施的現場勞動力管理系統持續產生積極效果，使我們的操作員能夠提供有競爭力的工資、提高生產力、減少不必要的加班並降低昂貴的營業額費用。同時，我們正在與營運商合作，迅速填補空缺職位，並對人才進行策略性投資，特別是在關鍵領導職位上。

Over the long term, this has proven to be a winning strategy for driving increases in guest satisfaction, market share and ultimately, profitability.

從長遠來看，事實證明這是提高客人滿意度、市場份額以及最終盈利能力的成功策略。

Outside of payroll costs, our same-store controllable operating expenses increased less than 1% per occupied room, also consistent with the year-to-date trend. Notably, our focus sustainability efforts are resulting in lower utility costs.

除薪資成本外，我們同店可控營運費用每間客房增幅不到 1%，這也與年初至今的趨勢一致。值得注意的是，我們重點關注的永續發展工作正在降低公用事業成本。

Our revenue strategy and business intelligence teams are continuously enhancing our performance analytics to help our asset management team and our operators focus on the areas of greatest impact. We are well positioned to implement winning revenue and profit strategies in dynamic market conditions.

我們的收入策略和商業智慧團隊正在不斷增強我們的績效分析，以幫助我們的資產管理團隊和營運商專注於影響最大的領域。我們有能力在動態的市場條件下實施成功的收入和利潤策略。

I will now turn the call over to Rachael to provide additional detail 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. As Justin mentioned, we are narrowing our full year RevPAR comparable hotel adjusted hotel EBITDA margin percent and adjusted EBITDA outlook. We now expect our full year 2019 comparable RevPAR to be in a range of positive 25 basis points to negative 50 basis points, just below flat for the year at the midpoint. The midpoint of our previous RevPAR guidance called for flat RevPAR year-over-year. Correspondingly, we are reducing our comparable hotel adjusted EBITDA margin percentage by 10 basis points at the high end or a 5 basis point reduction at the midpoint.

謝謝你，克麗西，大家早安。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 利潤率百分比和調整後 EBITDA 前景。我們現在預計 2019 年全年可比 RevPAR 將在正 25 個基點至負 50 個基點之間，略低於全年中點的持平水平。我們先前的 RevPAR 指導中點要求 RevPAR 同比持平。相應地，我們將可比飯店調整後的 EBITDA 利潤率百分比上限降低 10 個基點，中位數降低 5 個基點。

We're lowering our full year 2019 adjusted EBITDAre by $3 million at the midpoint and narrowing the full year range to $425 million to $435 million. Our prior outlook called for $425 million to $441 million. We're reducing the midpoint of the company's guidance for net income and adjusted re -- EBITDAre to match top line guidance and to reflect higher anticipated general and administrative expenses associated with the outperformance of the company's relative shareholder return metrics through a component of the company's incentive plan.

我們將 2019 年全年調整後 EBITDAre 中位數下調 300 萬美元，並將全年範圍縮小至 4.25 億美元至 4.35 億美元。我們先前的預測是 4.25 億美元至 4.41 億美元。我們正在降低公司淨收入和調整後息稅折舊攤銷前利潤（EBITDA）的中點，以符合營收指導，並反映透過公司激勵計劃的一部分，與公司相對股東回報指標的優異表現相關的更高的預期一般和行政費用。

As we have highlighted in the past, core underpinning of our Board's approach to executive compensation is its unwavering commitment to the alignment between the goals of our shareholders and our management team. 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.

正如我們過去所強調的那樣，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股東目標和管理團隊目標之間的一致性。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, with our efficient operating platform, our total expected G&A is roughly 70 basis points of enterprise value and 2.7% of revenue, putting both metrics at the low end of our peers.

正如我們過去所強調的那樣，憑藉我們高效的營運平台，我們預期的 G&A 總額約為企業價值的 70 個基點和收入的 2.7%，這兩個指標都處於同行的低端。

Our 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.

我們的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。

Year-to-date through September, the company reinvested approximately $47 million in our hotels. Plan to spend an additional $30 million to $40 million during the remainder of 2019, which includes various scheduled renovation projects at approximately 20 properties, including, as Krissy mentioned, the first phase of the renovation at our full-service Marriott in Richmond.

截至今年 9 月，公司已向酒店再投資約 4,700 萬美元。計劃在 2019 年剩餘時間內額外花費 3000 萬至 4000 萬美元，其中包括在大約 20 處酒店進行各種預定的翻新項目，正如 Krissy 提到的，其中包括位於里士滿的全方位服務萬豪酒店的第一階段翻新工程。

Through September of this year, we have returned over $200 million to shareholders in the form of dividends. And as of last Friday's closing price, our dividend represented a 7.3% yield. The end of the third quarter, we had approximately $1.3 billion of total outstanding indebtedness, with a current combined weighted average interest rate of approximately 3.6% for the remainder of 2019.

截至今年9月，我們已以股利的形式向股東返還了超過2億美元。截至上週五收盤價，我們的股息殖利率為 7.3%。截至第三季末，我們的未償還債務總額約為 13 億美元，2019 年剩餘時間的當前綜合加權平均利率約為 3.6%。

Excluding unamortized debt issuance costs and fair value adjustments, total outstanding indebtedness is comprised of approximately $458 million in property-level debt secured by 29 hotels and $887 million outstanding on our unsecured credit facilities. The undrawn capacity on our unsecured credit facilities at September 30, 2019, was approximately $274 million.

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 4.58 億美元的房地產級債務和 8.87 億美元的無擔保信貸額度。截至 2019 年 9 月 30 日，我們無擔保信貸額度的未提取額度約為 2.74 億美元。

Our total debt to total capitalization at September 30, 2019, approximately 27% which provides us the financial flexibility to fund capital requirements and pursue strategic opportunities in the marketplace.

截至 2019 年 9 月 30 日，我們的總債務與總資本的比率約為 27%，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。

Weighted average debt maturities are 5 years. And the weighted average maturity of effectively fixed-rate debt is 4 years at a weighted average interest rate of 3.7%.

加權平均債務期限為5年。有效固定利率債務的加權平均期限為 4 年，加權平均利率為 3.7%。

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 is from 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。

Justin, you mentioned that you were cautious about next year. Could you maybe comment on some of the guidance that's been put out there by your 2 major brands, Hilton and Marriott, Hilton at 0% to 1% and Marriott at 0% to 2%? Are those numbers reasonable for the industry? And how do you think you may perform relative to those guidance targets?

賈斯汀，你提到你對明年持謹慎態度。您能否對您的兩大品牌希爾頓和萬豪給出的一些指導意見發表評論，希爾頓為 0% 至 1%，萬豪為 0% 至 2%？這些數字對該行業來說合理嗎？您認為相對於這些指導目標，您的表現會是如何？

I appreciate the question. It's early for us to give guidance specific to our company. We [just got] budgeting process and are in continuous conversations with our various management companies, speaking to the dynamics of their individual markets. Hilton and Marriott have a tremendous amount of data. I think the tone in their releases is appropriate and consistent with our sense for how things might play out next year. But I think it's important to note that now, as we look going forward, and what I tried to highlight in my remarks was we're getting somewhat mixed signals as we look at the economy there, and certainly things that are going incredibly well, and there are other things that are going less well.

我很感謝你提出這個問題。現在就針對我們公司給予具體指導還為時過早。我們剛開始預算流程，並正在與各個管理公司進行持續對話，討論各自市場的動態。希爾頓和萬豪擁有大量數據。我認為他們發布的基調是恰當的，並且與我們對明年事態發展的看法一致。但我認為現在需要注意的是，當我們展望未來時，我在演講中試圖強調的是，當我們觀察那裡的經濟時，我們得到了一些混合信號，當然有些事情進展得非常好，但也有其他事情進展得不那麼順利。

And as we look across our portfolio, Krissy highlighted that we have a number of markets where we continue to see meaningful growth. And then we have other markets where despite stable demand, we've seen some drop in performance because of increases in new supply. So I think what you'll find as we go into the year -- this next year is something very similar to what we saw this last year with kind of national numbers being generally in line with what the brands are seeing right now, but individual markets performing in a broader range around those national numbers.

當我們審視我們的投資組合時，克里斯西強調，我們在許多市場中繼續看到有意義的成長。然後我們來看看其他市場，儘管需求穩定，但由於新供應的增加，我們看到業績下降。因此，我認為，當我們進入新的一年時，你會發現，明年的情況與去年非常相似，全國數據與品牌目前看到的數據基本一致，但各個市場的表現會在全國數據周圍出現更廣泛的波動。

Got it. And is there any reason to expect the trend of the nontop 25 markets outperforming? Should that change at all next year? Or do you expect that to continue?

知道了。是否有理由預期非前 25 大市場走勢將優於大盤？明年這種情況會有所改變嗎？或者您預計這種情況會持續下去？

It will be interesting. I think absent macro changes, that's a trend that seems to have traction. I think we feel a significant reason for the outperformance in markets outside the top 25 is the impact of trade wars and a strong dollar on foreign travel, which has particularly impacted gateway markets. That could clear up, which would adjust the balance. And because of the diversity of our portfolio, we benefit in that case as well.

這將會很有趣。我認為，如果沒有宏觀變化，這種趨勢似乎會很有吸引力。我認為，我們認為前 25 名以外的市場表現優異的一個重要原因是貿易戰和強勢美元對出國旅遊的影響，這對門戶市場的影響尤其嚴重。這可以澄清事實，調整平衡。而且由於我們投資組合的多樣性，我們在這種情況下也會受益。

I think on a relative basis, we've outperformed because of our exposure outside of gateway markets, but it's important to remember that we do have exposure to those markets as well. And to the extent they perform well, that benefits our portfolio.

我認為，相對而言，我們的表現優異是因為我們在門戶市場之外有敞口，但重要的是要記住，我們也在這些市場有敞口。如果它們表現良好，我們的投資組合就會受益。

And supply growth in the top 25 markets is projected to still be elevated relative to markets outside of the top 25 next year as well.

預計明年前 25 個市場的供應成長仍將高於前 25 個市場以外的市場。

Got it. And the supply growth metrics you talk about every quarter, that decelerated pretty meaningfully this quarter. What drove that change, that reduction in competitive supply pressure?

知道了。您每季都會談到的供應成長指標，本季卻明顯放緩。是什麼推動了這種變化，推動了競爭供應壓力的減少？

We've highlighted in the past several calls that individual construction projects were taking longer to be delivered. What appears to have happened over the past quarter is we saw delivery of a number of projects that have been in the development pipeline for some period of time and those projects weren't replaced at the same pace that they had been earlier. So we see that as a positive indicator.

我們在過去的幾次電話會議中強調，個別建築項目的交付時間更長。過去一個季度發生的情況是，我們看到一些已經處於開發流程中一段時間的專案已經交付，而且這些專案並沒有以與之前相同的速度被取代。因此我們認為這是一個正面的指標。

Remember, we've been reporting that statistic for some period of time, and there has been some volatility in the number. It has moved up and down. But we've highlighted in a number of calls now that we continue to see construction costs increasing. And with a number of the markets beginning to soften in terms of struggle with an ability to keep up with the supply that's already in the pipeline, we see new construction starts beginning to slow in the near future.

請記住，我們已經報告該統計數據一段時間了，並且該數字存在一些波動。它上下移動。但我們在多次電話會議中都強調，建築成本仍在持續上升。隨著許多市場開始疲軟，難以跟上已經在建的供應量，我們預計新建築開工速度在不久的將來會開始放緩。

Our next question is from Austin Wurschmidt with KeyBanc Capital Markets.

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

Just kind of tagging on to Anthony's supply question there. I guess I'm curious if you have any sense what percent of your hotels are exposed to recently completed projects that are still in lease-up versus maybe a year ago because it certainly does seem that the projects under construction are at the lowest level since I think the fourth quarter you reported of last year. So to the extent that the pipeline is decreasing, as you said, it seems like we should see that moderate over time?

這只是安東尼供應問題的補充。我想我很好奇，您是否知道與一年前相比，您的酒店中有多少比例是最近完工的、仍在出租中的項目，因為自您報告去年第四季度以來，在建項目數量確實處於最低水平。那麼，正如您所說，就管道減少的程度而言，我們似乎應該看到這種減少隨著時間的推移而趨於緩和？

Well, I don't have an exact percentage for you, but what I can tell you is that -- well, first of all, on the individual markets when the supply comes into the market, depending on, obviously, the demand in the market, the supply, in some cases, it takes the market 6 months to absorb that supply. In some cases, it might take that market 2 years to absorb that supply. But what we have seen as we move through the course of the year is a slight favorability in terms of the gap between the supply that has -- the increase in supply and increase in demand. So overall, we've seen a little bit more positivity in terms of the absorption.

嗯，我沒有確切的百分比給你，但我可以告訴你的是——首先，在各個市場上，當供應進入市場時，顯然取決於市場需求，在某些情況下，市場需要 6 個月的時間來吸收這些供應。在某些情況下，該市場可能需要兩年的時間來吸收這些供應。但隨著時間推移，我們看到供應量增加和需求量增加之間的差距略有縮小。因此總體而言，我們在吸收方面看到了更多的積極性。

And as we look out, at least for the near future, it seems to be fairly consistent in terms of that.

正如我們觀察的那樣，至少在不久的將來，這似乎是相當一致的。

Great. I appreciate the thoughts there. And then you guys have lined up $40 million of proceeds or so with the 3 dispositions you highlighted that are under contract. Seemingly, that's going to be used to prefund the over $200 million in acquisition pipeline you've got. So I guess can you -- should we continue to assume additional dispositions to fund the remaining $170 million or so? And what do you really view as best execution today for portfolio deals or one-offs?

偉大的。我很欣賞這些想法。然後，你們透過合約中強調的 3 項處置獲得了約 4000 萬美元的收益。看起來，這將用於預先資助你們已有的超過 2 億美元的收購計畫。所以我想，我們是否應該繼續承擔額外的處置費用來資助剩餘的 1.7 億美元左右？您認為目前投資組合交易或一次性交易的最佳執行方式是什麼？

So I'll start with the last question first. We continue to see a stronger market for individual properties than for larger portfolios.

我先從最後一個問題開始。我們繼續看到個人房地產市場比大型投資組合市場更強勁。

In terms of use of proceeds, remember, again, that the pipeline that we have currently under contract will be delivered over the next 2 years. And so the specific funding source will depend somewhat on market conditions as we round out 2020 and go into 2021.

在收益使用方面，請再次記住，我們目前簽訂合約的管道將在未來兩年內交付。因此，具體的資金來源將在一定程度上取決於 2020 年結束和 2021 年的市場狀況。

Near-term use of the proceeds from this particular sale are likely to be -- to fund assets that we currently have under contract. But we are continuing to participate in the market, looking at both sale transactions and underwriting potential acquisitions. And I think in today's environment, we see the potential to do both with the balance more likely to be for us to be net sellers given the strength of demand for assets, like the assets that we have, but with us being mindful of a need to maintain sufficient cash flow to sustain a dividend payout that's attractive to our shareholders.

此次出售所得的近期用途可能是－為我們目前合約中的資產提供資金。但我們仍在持續參與市場，關注銷售交易並承銷潛在收購。我認為，在當今環境下，我們看到了同時採取這兩種做法的潛力，但考慮到對資產（例如我們擁有的資產）的強勁需求，我們更有可能成為淨賣家，但我們也要注意需要保持足夠的現金流，以維持對股東有吸引力的股息支付。

So it sounds like based on that response, that share buybacks in your mind are less attractive than maybe 3 to 6 months ago? And that proceeds are more likely to be geared towards funding that pipeline or potential new acquisitions?

因此，根據該回應，您認為股票回購的吸引力似乎不如 3 到 6 個月前那麼大了？且收益更有可能用於資助該管道或潛在的新收購？

That's something that we monitor. And we've seen increased volatility in share prices, not only for our company but across the hospitality space. We did buy some shares during the quarter. We continue to have a program in place, and we'll be opportunistic in purchasing our shares.

這是我們監控的事情。我們發現股價波動加劇，不只我們公司，整個飯店業的股價也都如此。我們確實在本季購買了一些股票。我們將繼續實施一項計劃，並抓住機會購買我們的股份。

I've highlighted in past calls and in our past conversations, that as we look at potential acquisitions, we'll look and compare them from a relative -- on a relative basis to purchase of our shares and look to deploy capital where we feel we can generate the highest returns for our investors.

我在過去的電話會議和談話中都強調過，當我們考慮潛在的收購時，我們會從相對的角度來看待和比較它們——在相對的基礎上購買我們的股票，並尋求在我們認為可以為投資者創造最高回報的地方部署資本。

Our next question is from Bryan Maher with B. Riley FBR.

我們的下一個問題來自 B. Riley FBR 的 Bryan Maher。

So a little bit more on the acquisition thoughts. It seems like you guys have been more focused on the new builds, and that's fine. But is it really a function of the fact that you're just not seeing anything in the existing supply that you're willing to pay for? Can you elaborate on that a little bit?

關於收購我還有更多想法。看起來你們更加關注新版本，這很好。但這真的是因為您在現有供應中沒有看到任何您願意支付的東西嗎？能詳細說明一下嗎？

Yes. Sure. We've highlighted in the past couple of calls, pricing for the types of assets that we would be interested in buying continues to be elevated. And our reason for continuing to purchase and to sign up new development deals is the pricing that we have been able to get on those particular assets is meaningfully better. I've highlighted in past calls, comp trades in markets where we had recently acquired assets, and that continues to be the case as we look at assets that trade, in Denver, for example, relative to pricings that we have for the assets that we currently have under contract or even in Cape Canaveral or some of the other markets. We're signing up new deals at a meaningful discount to comparable trades on older assets in the same market. And we see that as being long-term beneficial for our portfolio.

是的。當然。我們在過去的幾次電話會議中強調，我們有興趣購買的資產類型的價格持續上漲。我們繼續購買和簽署新的開發協議的原因是我們能夠獲得的這些特定資產的定價明顯更優惠。我在過去的電話會議中強調過，我們最近收購了資產的市場中進行的補償交易，當我們查看交易的資產時，情況仍然如此，例如在丹佛，相對於我們目前簽訂合約的資產的定價，甚至在卡納維拉爾角或其他一些市場。我們正在以比同一市場上舊資產同類交易有顯著折扣的價格簽署新交易。我們認為這對我們的投資組合來說是長期有利的。

We're additionally advantaged as we pursue those assets in that we're active participants in the design of those products and have an ability to adjust those designs to ensure that they will be competitive and have a competitive advantage in the marketplace, whether it's the layout of the rooms and configuration of the rooms by room type or the amenities that the hotel offers, which as we're building hotels include things like significantly larger exercise facilities and in some cases, rooftop bars and things of the sort. We feel very good about that particular type of investment.

我們在追求這些資產的過程中還具有額外的優勢，因為我們積極參與這些產品的設計，並有能力調整這些設計，以確保它們具有競爭力並在市場上具有競爭優勢，無論是房間的佈局和按房間類型配置的房間，還是酒店提供的設施，在我們建造酒店時，這些設施包括更大的健身設施，在某些情況下，還包括屋頂酒吧等。我們對這種特定類型的投資感到非常滿意。

That said, we continue to underwrite deals that are consistent with our investment strategy. And there exists the possibility that we find a deal that we find equally attractive based on our underwriting. But today, there continues to be incredible demand for high-quality select-service assets. And as I highlighted in my remarks, that demand comes from a broad range of potential buyers. And I think that's why you've seen in our portfolio and others, a propensity to explore dispositions as well as kind of the select acquisitions. The market for a long period of time, this cycle was relatively quiet. And while it's not as deep as it might have been as we approach peak of the last cycle, it's significantly more open than it has been over the past [several] years.

也就是說，我們持續承銷符合我們投資策略的交易。並且我們有可能根據承保情況找到同樣有吸引力的交易。但如今，對高品質精選服務資產的需求仍然龐大。正如我在演講中強調的那樣，這種需求來自廣泛的潛在買家。我認為這就是為什麼您在我們的投資組合和其他投資組合中看到探索處置以及選擇性收購的傾向。市場在相當長的時間內，這個週期都比較平靜。儘管在接近上一個週期的頂峰時，它的深度還沒有達到預期，但它比過去[幾年]的任何時候都更加開放。

Right. So when we think of companies like, let's say, Ashford Trust, who also has a bunch of select-service hotels and they've kind of shifted gears towards going after full-service hotels in maybe second-tier cities where they're finding pricing advantages to acquire although their balance sheet is much more stretched than yours, is that anything that management at Apple or the Board has or would consider it as a vehicle to grow other than what you're doing currently?

正確的。那麼，當我們想到像阿什福德信託 (Ashford Trust) 這樣的公司時，他們也擁有一批精選服務酒店，並且已經轉向在二線城市尋求全方位服務酒店，因為他們發現收購具有價格優勢，儘管他們的資產負債表比你們的要緊張得多，但除了你們目前正在做的事情之外，蘋果管理層或董事會是否已經或將把它視為一種增長工具？

We've been consistent in saying that we underwrite both the individual assets and larger portfolios. I highlighted in my remarks that as we assemble our portfolio, there are certain criteria that are important to us. And one of those is limiting the number of encumbrances, whether it'd be cross-collateralized debt or long-term management contracts in our portfolio in order to maximize flexibility as we manage the portfolio over time. Those are things that we consider as we look at larger portfolios and take into consideration our pricing of those portfolios.

我們一直堅持認為，我們既承保單一資產，也承保更大的投資組合。我在發言中強調，當我們組成投資組合時，有一些標準對我們來說很重要。其中之一就是限制投資組合中的抵押數量，無論是交叉抵押債務還是長期管理合同，以便在我們長期管理投資組合時最大限度地提高靈活性。當我們審視更大的投資組合並考慮這些投資組合的定價時，我們會考慮這些事情。

Okay. And then shifting gears to the Renaissance in New York. Do you guys have like a name and kind of product type for that independent hotel, up or upscale or upscale -- where do you want to position it? And is there any way to get those labor costs down in that market?

好的。然後轉向紐約的文藝復興。你們對這家獨立飯店有什麼名稱和產品類型嗎？是高檔還是高端？你們想把它定位在哪裡？有什麼辦法可以降低該市場的勞動成本嗎？

The name we will announce in the not-too-distant future. But in terms of operating model, I think our expectation is they'll be roughly consistent with where it has operated historically. Recognizing that one of the reasons for us transitioning to an independent away from the brand is to gain additional flexibility as we look at our operating model.

我們將在不久的將來公佈這個名字。但就營運模式而言，我認為我們的預期是它們將與歷史營運模式大致一致。我們認識到，從品牌轉向獨立運營的原因之一是，在審視我們的營運模式時獲得額外的靈活性。

I don't know in response to the second part of your question related to labor, reducing labor cost is a challenge for us across the entire United States, so while there are nuances particular to New York and the fact that this is a union hotel, in some ways it's not any more difficult to manage labor there than it is in some of our other markets where we see incredibly low unemployment and are competing heavily with new hotel supply.

我不知道您問題的第二部分關於勞動力的問題，降低勞動力成本對我們整個美國來說都是一個挑戰，所以雖然紐約有一些特殊的細微差別，而且這是一家工會酒店，但在某些方面，那裡的勞動力管理並不比我們其他一些市場更困難，在這些市場中，失業率極低，而且新酒店供應競爭激烈。

So I think we are fortunate to have an operator at that hotel that has a tremendous amount of experience in the New York market, and that benefits us I think, both as we look at driving top line outside of brand channels, but it also benefits us as we look at bottom line. Highgate has a tremendous amount of experience interacting with labor in that particular market and to date, has been very effective in helping to ensure that we have exceptional employees at the hotel and that we manage labor effectively there.

因此，我認為我們很幸運能夠擁有一家在紐約市場擁有豐富經驗的酒店運營商，我認為這對我們有利，因為我們既可以從品牌管道之外推動營收成長，也可以從盈利角度考慮。Highgate 在與特定市場中的勞動力互動方面擁有豐富的經驗，並且迄今為止，它非常有效地幫助確保我們酒店擁有優秀的員工，並且我們在那裡有效地管理勞動力。

Great. And then just last for me. You commented on how good employment is in the country, which we all know and wages heading up, and what have you. Why do you think it is, not just for you guys but for the industry, and when we're talking about an industry running at near-record occupancies, that it seems like everybody is having a problem driving rate higher? Is it simply the new supply? Or is something else going on?

偉大的。然後就為我持續下去。您評論說，我們都知道，該國的就業狀況有多好，工資也在上漲，等等。您認為為什麼不僅對你們而言，而且對整個行業而言，當我們談論一個入住率接近歷史最高水平的行業時，似乎每個人都在提高入住率方面遇到了問題？這僅僅是新的供應嗎？還是有其他事情發生？

I'll go ahead and answer that. There are a lot of different factors that go into that. One of the strategies that we've implemented, and we started implementing this last year, as we looked at -- well we -- we're consistently implementing strategies to look at these different supply-demand dynamics in individual markets and adjusting mix and strategy. But as we started to see transient slow down a little bit more in order to -- in order to shift the mix to protect and make sure that we had decent base occupancy, we have worked with our operators to layer on additional group and corporate base. And that allows us to shrink the hotel and then to be less reliant on additional transient pickup, which may or may not happen, depending on what's going on in the market.

我會繼續回答這個問題。有很多不同的因素都會影響這個結果。我們實施的策略之一是，我們從去年開始實施，我們正在不斷實施策略，研究各個市場中不同的供需動態，並調整組合和策略。但是，當我們開始看到瞬時速度稍微放緩時，為了改變組合以保護並確保我們擁有良好的基礎入住率，我們已經與運營商合作，在額外的團體和企業基礎上進行分層。這樣一來，我們就可以縮小飯店規模，從而減少對額外臨時接待的依賴，但這種情況可能會發生，也可能不會發生，這取決於市場的情況。

And then with that, then if we're able to, then we're allowed to -- then we're able to drive higher rates on the remaining inventory. But in doing so, strategically in individual markets, in some cases, we're sacrificing a bit of rate to build that occupancy, whether it be on the group or the negotiated side.

然後，如果我們能夠，那麼我們就被允許 - 那麼我們就可以提高剩餘庫存的利率。但在這樣做時，從策略上講，在個別市場中，在某些情況下，我們會犧牲一點價格來建立入住率，無論是團體入住還是協商入住。

So on one side, is a strategic initiative. Other areas that you -- as our brands have continued to grow loyalty occupancy as their programs have continued to get stronger with the Marriott, Starwood integration, we are seeing a pickup in -- although it's not hugely material. We are seeing an increase in redemption business. And in some cases, redemption business comes in when the hotels are full and you get a higher rate, higher reimbursement. In some cases, the redemptions come in when the hotels aren't full, and it's incremental. So you're building that incremental occupancy. But when the business comes in when it's not a peak night, then you're getting a lower rate. So some of it's also shift in mix there.

因此，一方面，這是一項策略性舉措。其他領域——隨著我們的品牌忠誠度入住率不斷提高，隨著與萬豪、喜達屋的整合，他們的計劃也變得越來越強大，我們看到了回升——儘管這不是很重要。我們看到贖回業務正在增加。在某些情況下，當飯店客滿時，就會出現兌換業務，您可以獲得更高的價格和更高的報銷金額。在某些情況下，當飯店尚未滿房時，就會進行兌換，而且是漸進式的。所以您正在建立增量佔用率。但如果業務發生在非尖峰時段，那麼您獲得的費率就會較低。因此，其中的一些成分也發生了變化。

As well as if you look at the overall industry stats, I mentioned earlier that weekday has been -- weekday has been stronger than weekend. And if you look at our breakdown of rate growth day by day, on those higher occupancy nights, midweek nights, we're still able -- that's where most of our RevPAR growth is still coming. We're able to compress. We're able to drive rate.

如果你看一下整個行業的統計數據，我之前提到過，工作日的表現比周末更強勁。如果你看一下我們每天的房價成長情況，你會發現在那些入住率較高的夜晚，也就是周中夜晚，我們仍然能夠實現大部分 RevPAR 的成長。我們可以壓縮。我們能夠提高速度。

Where we're seeing some additional softness on the weekends, we have to assume the majority of that is leisure. Then we're having to work with our management teams with our marketing strategies to drive additional business into the hotels. And often that business is discounted business. So it's going to come in at a little bit lower rate. But it's going to, again, protect our occupancy so that we can manage our hotels effectively from a labor standpoint.

我們看到週末的銷售情況有些疲軟，我們必須假設其中大部分是休閒活動。然後，我們必須與我們的管理團隊合作，制定行銷策略來為飯店帶來更多業務。而這種業務往往是折扣業務。因此利率會稍微低一點。但這將再次保護我們的入住率，以便我們能夠從勞動力的角度有效地管理我們的酒店。

There are multiple other things that I could point to. I mean you have your regular supply, you have -- also you have a supply impact from alternative lodging accommodations. You have revenue management systems that are set up to drive RevPAR, but often that skews towards driving occupancy versus rate.

我還可以指出其他多件事。我的意思是，你有常規供應，你也有－替代住宿對供應的影響。您設立了收入管理系統來推動 RevPAR，但該系統通常偏向於推動入住率而非房價。

But let me assure you, we are 100% focused on where we can to drive the business and our hotels to the highest-rated, highest-profit channel. And we have been extremely pleased with the efforts of both of our hotels and the brands and being able to increase brand.com contribution, which has helped on our operating costs. We -- year-to-date, we're still seeing a channel shift with basically OTA growth being flat, slightly up -- 10 basis points up and brand.com being up 70 basis points. So that's a 60 basis point shift -- channel shift.

但我向你們保證，我們會全力以赴，推動我們的業務和酒店走向評級最高、利潤最高的管道。我們對酒店和品牌的努力感到非常滿意，並且能夠增加 brand.com 的貢獻，這有助於降低我們的營運成本。今年迄今為止，我們仍然看到通路轉變，OTA 成長基本上持平，略有上升 - 上升了 10 個基點，brand.com 上升了 70 個基點。因此，這是一個 60 個基點的轉變──通路轉變。

Our next question is from Michael Bellisario with Robert W. Baird & Company.

下一個問題來自 Robert W. Baird & Company 的 Michael Bellisario。

Justin, you mentioned your development projects are still on time, but all the brands are talking about longer time tables, delayed openings. I know you've touched on it a little bit, but maybe why aren't you seeing that with the projects that you have in the pipeline? And then what specifically might cause your time lines to get pushed out potentially?

賈斯汀，你提到你的開發項目仍按時進行，但所有品牌都在談論更長的時間表和延遲的開業。我知道您已經稍微談及了這一點，但為什麼您在籌備的專案中沒有看到這一點呢？那麼具體什麼原因可能會導致您的時間表被延後呢？

It's a good question. To some extent, we've built a cushion into the time lines that we've initially given. And so given the track record of deals taking longer than they did at one point in time, we have, I think more realistic expectations on timing for deliveries. We have seen a few projects over the years push past that, and we're somewhat sensitive to that. But remember, these are projects that are not being developed on our balance sheet and are specifically structured such that the developer takes risk for any cost overruns, including those associated with delays for delivery.

這是個好問題。在某種程度上，我們在最初給出的時間表中預留了緩衝空間。因此，考慮到以往交易耗時比以往更長的記錄，我認為我們對交付時間的期望更加現實。多年來，我們已經看到一些項目超越了這個目標，我們對此有些敏感。但請記住，這些項目不在我們的資產負債表上開發，且其結構特殊，開發商將承擔任何成本超支的風險，包括與交付延遲相關的風險。

So we have some protection, regardless of the timing of delivery in terms of impact to us in our portfolio. We have partnered with a couple of groups. If you look at the deals that we currently have under contract that we have a good track record with, and there are groups that have consistently delivered for us.

因此，無論交付時間如何，就對我們的投資組合的影響而言，我們都有一定的保護。我們已經與幾個團體建立了合作關係。如果你看一下我們目前簽訂的合同，你會發現我們有著良好的業績記錄，而且有一些團體一直在為我們提供服務。

Got it. That's helpful. And then maybe just directionally, how are you guys thinking about 2020 CapEx spend, maybe relative to what you guys are thinking about spending for 2019?

知道了。這很有幫助。然後也許只是從方向來看，你們如何考慮 2020 年的資本支出，也許相對於你們考慮的 2019 年的支出而言？

Interestingly, and we've highlighted this in past calls, we tend to be relatively consistent in our CapEx spend from year-to-year. There are occasions when we have larger projects, which skew that number somewhat. And this year and partially in next year, our total CapEx number will be impacted by our renovation from the full-service Marriott here in Richmond, Virginia. And the scope of that renovation is extensive, given that it's an end of franchise relicensing PIP and involves a complete remodel and redesign of the lobby and food and beverage outlets as well as -- and essentially full renovation, including significant investment in bathrooms of the guestrooms. And so projects like that will move our total investment higher.

有趣的是，我們在過去的電話會議中強調過這一點，我們的資本支出每年都保持相對一致。有時我們的專案規模會更大，這會導致這個數字有所偏差。今年以及明年的部分時間，我們的總資本支出數字將受到位於維吉尼亞州里士滿的全方位服務萬豪酒店的翻新工程的影響。鑑於這是特許經營權重新授權 PIP 的結束，此次改造的範圍非常廣泛，涉及大堂和餐飲店的徹底改造和重新設計以及基本上全面的翻新，包括對客房浴室的大量投資。因此，這樣的項目將會提高我們的總投資。

Historically, we've been in the 5% to 6% of sales range. And while we may skew in some years marginally higher, we continue to feel that that's a reasonable average for a relatively young, select-service portfolio like ours.

從歷史上看，我們的銷售額一直處於 5% 至 6% 的範圍內。儘管在某些年份我們的數據可能會略高一些，但我們仍然認為，對於像我們這樣的相對年輕的精選服務投資組合來說，這是一個合理的平均值。

Our next question is from Neil Malkin with Capital One Securities.

我們的下一個問題來自 Capital One Securities 的 Neil Malkin。

Just kind of -- given your performance for, I guess stability compared to some of the [post] full-service rhetoric and performance, do you feel that -- I know it's hard to quantify, that your hotels have actually gained share or taken share from those types of hotels, just given the focus now on businesses to cut costs or be more prudent with their T&E?

只是有點 - 鑑於您的表現，我想與[後]全方位服務的言論和表現相比，您的表現是穩定的，您是否覺得 - 我知道這很難量化，您的酒店實際上已經獲得了份額或從這些類型的酒店中獲得了份額，只是考慮到現在企業的重點是削減成本或在差旅和費用方面更加謹慎？

Well, we're -- we haven't seen a broad shift, so to speak, of hearing from our hotels anecdotally out in the field that they're saying that their accounts are coming back to them, saying that we need to cut costs, and we need to move down from upscale -- upper upscale hotel to an upscale hotel. In past cycles, as -- when the economy has had a little bit more of a pullback, we have seen where there is a -- in a couple of cases. And it's not necessarily the chain scale, but more the rates focused on looking at what particular rate the hotel is charging. And in some cases, if that's an upper-upscale hotel, and we're charging a little bit lower rate or we're charging the same rate or even potentially an increased rate, but then we're able to provide because of the amenity package we offer, free parking, free breakfast and no destination or other amenity type fees, we do see that we -- our particular product type can be more compelling in an environment where companies are starting to cut back and implement cost controls.

嗯，我們 - 我們還沒有看到一個廣泛的轉變，可以這麼說，我們從酒店那裡聽到的傳聞是，他們的帳戶正在回到他們身邊，說我們需要削減成本，我們需要從高檔酒店轉向高檔酒店。在過去的周期中，當經濟出現一些回調時，我們曾經看到過一些情況。這不一定是連鎖規模，而是更專注於飯店收取的具體價格。在某些情況下，如果那是一家高檔飯店，我們收取的費用會稍微低一些，或者收取相同的費用，甚至可能增加費用，但我們能夠提供便利設施套餐，例如免費停車、免費早餐，並且不收取目的地或其他便利設施類型的費用，我們確實看到，在公司開始削減開支和實施成本控制的環境中，我們的特定產品類型會更具吸引力。

And as we have -- we're in the midst of the budget season right now. And as we're going out to particular accounts, we are definitely making sure to reiterate the value that we're able to provide in our hotels. But for the most part, we haven't heard of any -- there's some isolated circumstances here or there where hotels are saying, we have to reduce the number of preferred hotels, and we're going to cut down to -- from 5 hotels to 3 hotels, but we haven't heard anything systemic as of yet. But of course, we obviously keep our ear to the ground for that.

正如我們所見——我們現在正處於預算季節。當我們面向特定客戶時，我們一定會重申我們能夠在酒店中提供的價值。但在大多數情況下，我們還沒有聽說任何消息——有一些個別情況，酒店說，我們必須減少首選酒店的數量，我們將從 5 家酒店減少到 3 家酒店，但到目前為止，我們還沒有聽到任何系統性的消息。但當然，我們顯然會密切關注這一點。

Appreciate that. And then could you just give maybe a high-level view of what sort of your segmentation has looked like in terms of pace heading into the fourth quarter from the beginning of the year until now? And then just maybe high-level commentary on -- in general, any notable trends in the small group -- short-term group-type of guest versus business versus leisure would be great?

非常感謝。然後，您能否從整體上介紹一下，從今年年初到現在，貴公司的細分情況在第四季度的進展如何？然後也許只是高層評論 - 總的來說，小團體中的任何值得注意的趨勢 - 短期團體類型的客人與商務客人或休閒客人會很棒嗎？

Yes. So as we went into the beginning of the year, with our outlook, we essentially in the midpoint estimated that we're going to be flattish. And if you factor out calendar shifts and disaster recovery comps, that's essentially the environment that we're seeing.

是的。因此，當我們進入年初時，根據我們的展望，我們基本上在中期估計我們將保持穩定。如果你將日曆變更和災難復原因素考慮在內，這基本上就是我們所看到的環境。

The booking window is short and continues to decrease somewhat. For the most part as we have gone into 30, 60, 90 days as we look at our forecast and our booking window, we start out a little bit -- slightly declining just because of the shortening booking window, but we're usually able to pick up. And like I said, outside of the calendar shifts, we haven't seen any material degradation as we look at the pace and our booking window.

預訂窗口很短，而且還在繼續減少。在大多數情況下，當我們查看預測和預訂窗口時，我們已經進入 30、60、90 天，一開始只是因為預訂窗口縮短而略有下降，但我們通常能夠回升。正如我所說的那樣，除了日曆變化之外，從速度和預訂窗口來看，我們沒有看到任何實質的下降。

In terms of different business segments, as I mentioned in the call, that we're still seeing positive growth in our corporate negotiated, which is encouraging. And we're continuing to push that with our hotels as well -- as for leisure -- excuse me, as for group and transient, transient's been pretty consistent all year. And then group has -- on the smaller group has been slightly down year-over-year. But as we've moved throughout the year, in the fourth -- I mean excuse me, in the third quarter, it did actually pick up a bit, and some of that was -- or a majority of it was more leisure-driven [SMERF] type group that our particular hotels actually do a really good job with. But overall, fairly consistent trends, group and transient. Is there anything I missed in that?

就不同的業務部門而言，正如我在電話會議中提到的，我們的企業談判仍然呈現積極成長，這是令人鼓舞的。我們也將繼續在飯店領域推行這項舉措——至於休閒——對不起，至於團體和臨時客運，臨時客運全年都保持著相當穩定的狀態。然後，較小群體的人數同比略有下降。但隨著我們全年的發展，在第四季度——對不起，是在第三季度，它確實有所回升，其中一部分——或者說大部分是休閒驅動的 [SMERF] 類型的團體，我們的特定酒店實際上在這方面做得非常好。但整體來看，趨勢比較一致，群體性、短暫性較強。我是否遺漏了什麼？

I think that certainly covers that. I think it's important to note, going back to your earlier comment. Demand for our chain scales has been incredibly strong throughout this cycle. And while the economy continues to be relatively strong, we're not going to see trade down as much as we will in a more challenging economic environment. The fact that, and I highlighted this in my remarks that we have low unemployment, and then you have wage growth. Those are factors in increasing demand, specifically for the types of assets that we own. And we feel, to date, we've been beneficiaries of those trends.

我認為這確實涵蓋了這一點。我認為有必要回顧一下您之前的評論。在整個週期中，對我們的鍊式秤的需求一直非常強勁。儘管經濟持續保持相對強勁，但在更具挑戰性的經濟環境下，貿易不會大幅下滑。事實是，我在演講中強調了這一點，我們的失業率很低，而且工資還在增加。這些都是需求增加的因素，特別是對於我們所擁有的資產類型而言。我們覺得，到目前為止，我們一直是這些趨勢的受益者。

And then last one from me. Maybe you can just give us some more color around the Renaissance going independent. Maybe just some -- you said -- I think you're only going to spend $1 million, which seems kind of light. I imagine that's just maybe computer systems or signage. But how does that typically work when you have to switch to a new brand or go independent in terms of GDS codes, setting up internal systems? And then how do you sort of negotiate or correspond with existing corporate-based business so you can retain at least that part of it when you switch?

接下來是我最後一個問題。也許您可以告訴我們一個文藝復興時期的獨立故事。也許只是一些——您說——我認為您只會花 100 萬美元，這似乎有點少。我想那可能只是電腦系統或標誌。但是，當您必須轉換到新品牌或在 GDS 代碼、設定內部系統方面獨立時，通常該如何運作？那麼，您如何與現有的公司業務進行協商或溝通，以便在轉換時至少可以保留其中的一部分？

So it's a good question. A significant portion of the funds that we currently have budgeted are related to system transitions and signage. There are some branding pieces related to items in the rooms and things of that sort, which are also captured by that number. We're fortunate, again, and I highlighted this earlier, to be working with the management group that has extensive experience in the city, both managing branded and independent hotels and has managed transitions for several hotels within the market. And we're relying heavily on their experience in this particular market to ensure as smooth a transition as possible, recognizing that moving away from brand loyalty programs and replacing that type of guest with different guests is always going to be a challenge of sorts. We're working with a group who has done that effectively several times now within the city.

所以這是一個好問題。我們目前預算的資金中很大一部分與系統轉換和標牌有關。有一些與房間內的物品和諸如此類的東西相關的品牌標記也被該數字捕獲。我們再次感到幸運，我之前也強調過這一點，能夠與在這座城市擁有豐富經驗的管理團隊合作，他們既管理品牌酒店，也管理獨立酒店，並且已經管理過市場上多家酒店的過渡。我們非常依賴他們在這個特定市場的經驗來確保盡可能順利的過渡，我們認識到放棄品牌忠誠度計劃並用不同的客人取代那種類型的客人始終是一種挑戰。我們正在與一個團體合作，該團體已在城市內多次有效地進行此類活動。

(Operator Instructions) Our next question is from Dori Kesten with Wells Fargo.

（操作員指示）我們的下一個問題來自富國銀行的 Dori Kesten。

What are your expectations for increases in labor cost per occupied room in 2020 as compared to 2019?

與 2019 年相比，您預計 2020 年每間入住客房的勞動成本會增加多少？

Well, we're going through the budget process right now. And so we're still really early there. I would say it's been pretty consistent and the labor costs have been in line with our expectations thus far this year. We are focused on, as we've gone through with our managers, we've done a pretty good deep dive of individual markets to see where we might have potential additional risk. And while we aren't giving guidance at this point in terms of overall cost or margin, for the most part, it looks fairly consistent. We're not expecting any large increases or anything like that.

嗯，我們現在正在進行預算流程。所以我們現在還處於早期階段。我想說的是，今年到目前為止，勞動成本一直相當穩定，符合我們的預期。正如我們與經理們討論的那樣，我們專注於對各個市場進行深入研究，以了解哪些地方可能存在潛在的額外風險。雖然我們目前沒有就整體成本或利潤率提供指導，但在大多數情況下，它看起來相當一致。我們並不期望出現任何大幅增長或類似情況。

Or reductions, I'd say.

或者說是減少。

Or reductions at this point.

或此時減少。

Have you seen an increase in inbound calls for portfolio sales?

您是否發現投資組合銷售的來電數量增加？

That's been relatively constant. So I've been highlighting the fact that we have been fielding inbounds for portfolios and for individual assets, for some time. I'd say the portfolio increase are still smaller than they would be or have been in prior periods. So generally, in that -- the $100 million to $200 million range. And the number of inquiries has remained relatively constant, though the specific potential buyers have changed over the cycle.

這一直相對穩定。因此，我一直在強調這樣一個事實：一段時間以來，我們一直在為投資組合和個人資產提供入站服務。我想說投資組合的增幅仍然小於或低於前幾個時期的增幅。所以一般來說，這個範圍在 1 億到 2 億美元之間。儘管具體的潛在買家在整個週期內發生了變化，但諮詢數量仍然保持相對穩定。

We have concluded our question-and-answer session. I would like to turn the call back over to Justin for closing remarks.

我們的問答環節已經結束。我想將電話轉回給賈斯汀，請他做最後發言。

Thank you, and thanks for joining us this morning. We look forward to seeing many of you at the NAREIT conference next week. And we hope that as you travel, as always, you'll take the opportunity to stay with us at one of our hotels. Have a great day.

謝謝，感謝您今天早上加入我們。我們期待下週在 NAREIT 會議上見到你們。我們希望您在旅行時能像往常一樣，有機會入住我們的某家酒店。祝你有美好的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。