Apple Hospitality REIT Inc (APLE) 2022 Q3 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Apple Hospitality REIT Third Quarter 2022 Earnings Call.

女士們、先生們，大家好，歡迎參加 Apple Hospitality REIT 2022 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Clarke, Vice President, Investor Relations. Please go ahead.

（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。請繼續。

Thank you, and good morning. Welcome to Apple Hospitality REIT's Third Quarter 2022 Earnings Call. Today's call will be based on the earnings release and Form 10-Q, which we distributed and filed yesterday afternoon.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2022 年第三季財報電話會議。今天的電話會議將基於我們昨天下午分發和提交的收益報告和 10-Q 表。

Before we begin, please note that today's call may include forward-looking statements as defined by federal securities laws. These forward-looking statements are based on current views and assumptions, and as a result, are subject to numerous risks, uncertainties and the outcome of future events that could cause actual results, performance or achievements to materially differ from those expressed, projected or implied.

在我們開始之前，請注意，今天的電話會議可能包含聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述是基於當前的觀點和假設，因此受眾多風險、不確定性和未來事件的結果的影響，可能導致實際結果、績效或成就與表達、預測或暗示的結果、績效或成就有重大差異。

Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including our 2021 annual report on Form 10-K and speak only as of today. The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

任何此類前瞻性陳述均受我們向美國證券交易委員會 (SEC) 提交的文件中所述風險因素的限制，包括我們 2021 年 10-K 表格年度報告，並且僅代表截至今日的觀點。除法律要求外，本公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, non-GAAP measures of performance will be discussed during this call. Reconciliations of those measures to GAAP measures and definitions of certain items referred to in our remarks are 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非公認會計準則績效衡量指標。這些指標與 GAAP 指標的對帳以及我們在評論中提到的某些項目的定義都包含在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。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; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the third quarter 2022. 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)；我們的財務長 Liz Perkins 將概述我們 2022 年第三季的業績。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 Justin.

現在，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us today. As we approach the end of 2022 and think back over our accomplishments this year and since the onset of the pandemic, we are incredibly grateful for the quality and dedication of our corporate team and for our relationships with best-in-class brands and management companies. .

早安，感謝您今天加入我們。隨著 2022 年即將結束，我們回顧今年以及疫情爆發以來的成就，我們非常感謝公司團隊的品質和奉獻精神，以及我們與一流品牌和管理公司的合作關係。 。

We have executed against a straightforward strategy since our inception through multiple economic cycles over 2 decades. While we are mindful of the potential headwinds ahead of us. We remain confident in the merits of our investment strategy, the strength of our portfolio of hotels and our ability to outperform and maximize shareholder value in any macroeconomic environment. Demand trends for our portfolio remain positive. And with the backdrop of historically low supply growth, the lodging industry and our portfolio specifically are poised for a countercyclical recovery.

自成立以來，我們經歷了二十多年來的多個經濟週期，一直執行著一個簡單的策略。同時，我們也意識到未來可能面臨的阻力。我們對我們的投資策略的優點、我們酒店組合的實力以及在任何宏觀經濟環境下超越和最大化股東價值的能力充滿信心。我們的產品組合的需求趨勢依然正面。在歷史性低供應成長的背景下，住宿業和我們的投資組合尤其有望實現逆週期復甦。

Top line performance for our portfolio was our strongest since the onset of the pandemic with third quarter RevPAR of approximately $120, up 19% as compared to the third quarter of 2021 and up 8% as compared to the third quarter of 2019. With the shift in consumer spending towards experiences and more robust business travel boost in midweek demand, we continue to see occupancy rebound.

我們飯店組合的營收表現是自疫情爆發以來最強勁的，第三季每間可用客房營收 (RevPAR) 約為 120 美元，較 2021 年第三季成長 19%，較 2019 年第三季成長 8%。隨著消費者支出轉向體驗式支出，以及周中商務旅行需求的強勁增長，我們繼續看到入住率反彈。

Occupancy for the quarter was strong at 76%, up 6% to 2021 and down only 5% to 2019. Strong occupancy allowed our hotels to mix manage and push rates. ADR for our portfolio was $158 for the quarter, up 13% to the third quarter of both 2021 and 2019.

本季入住率強勁，達 76%，較 2021 年成長 6%，較 2019 年僅下降 5%。強勁的入住率使我們的飯店能夠混合管理價格和推動價格。本季度，我們投資組合的 ADR 為 158 美元，較 2021 年和 2019 年第三季均上漲 13%。

Positive business and leisure demand trends continued post Labor Day, with September RevPAR up 12% to 2019 and our October occupancy of approximately 78% at rates that continue to surpass pre-pandemic levels. We are confident there is additional upside for our portfolio as corporate travel improves, additional markets fully recover and occupancy across our portfolio continues to strengthen. We continue to benefit from historically low supply growth.

勞動節後，商務和休閒需求持續呈現正面趨勢，9 月每間可用客房收入較 2019 年同期成長 12%，10 月入住率約為 78%，持續超過疫情前的水準。我們相信，隨著商務旅行的改善、更多市場的全面復甦以及我們投資組合的入住率持續增強，我們的投資組合還將具有更大的上升空間。我們繼續受益於歷史最低的供應成長。

At the end of the third quarter, approximately 50% of our portfolio did not have any exposure to new hotels under construction within a 5-mile radius. High construction costs, supply chain disruption, labor challenges and difficult debt markets continue to limit new construction starts in most markets. Given the current environment and the typical time from start of construction to completion, we expect supply growth to be below historical averages for the foreseeable future.

截至第三季末，我們投資組合中約有 50% 未涉及半徑 5 英里範圍內正在建設的新酒店。高昂的建築成本、供應鏈中斷、勞動力挑戰以及困難的債務市場繼續限制大多數市場的新建築開工。鑑於當前的環境以及從開工到竣工的典型時間，我們預計在可預見的未來供應成長將低於歷史平均水平。

Turning to the bottom line results. During the quarter, we achieved adjusted EBITDAre of $119 million and modified funds from operations of $103 million or $0.45 per share, in line with third quarter 2019 results. With comparable hotels total revenue up 20% relative to the third quarter of 2021 and more than 6% compared to the third quarter of 2019, we achieved comparable hotels adjusted hotel EBITDA of $129 million, up 19% to the same period of 2021 and up 4% to the same period of 2019, despite modest margin declines of 40 basis points and 80 basis points compared to the same period in 2021 and 2019, respectively.

轉向最終結果。本季度，我們實現調整後息稅折舊攤銷前利潤 1.19 億美元，調整後經營活動利潤 1.03 億美元或每股 0.45 美元，與 2019 年第三季度的業績一致。可比飯店總營收較 2021 年第三季成長 20%，較 2019 年第三季成長 6% 以上，儘管利潤率與 2021 年和 2019 年同期相比分別下降了 40 個基點和 80 個基點，但我們實現的可比飯店調整後飯店 EBITDA 191.年同期成長 4%。

Comparable hotels adjusted hotel EBITDA margin for the quarter was 38%. Actual adjusted hotel EBITDA margin for the third quarter was also 38%, down slightly to the same period in 2021, but up 30 basis points to 2019. We interact frequently with our management companies and use our unique data-driven business intelligence platform to drive performance across our portfolio of hotels.

本季可比飯店調整後飯店 EBITDA 利潤率為 38%。第三季實際調整後飯店 EBITDA 利潤率也為 38%，較 2021 年同期略有下降，但較 2019 年上升 30 個基點。我們與管理公司頻繁互動，並使用我們獨特的數據驅動商業智慧平台來推動我們酒店組合的表現。

Our asset managers and in-house revenue management teams continue to work closely with our management companies to balance cost controls with efforts to maintain guest satisfaction in order to support a strong value proposition with customers and create an environment for sustainable rate growth.

我們的資產經理和內部收入管理團隊繼續與我們的管理公司密切合作，以平衡成本控制和維持客人滿意度的努力，從而支持強大的客戶價值主張並創造可持續的價格成長環境。

In August, we hosted leaders of each of our management companies for a 2-day Revenue and Operations Summit in Richmond, creating a forum focused on sharing best practices, experiences and strategies for improving operations and addressing current and anticipated challenges at our hotels.

8 月份，我們在里士滿舉辦了為期兩天的收入和營運高峰會，邀請了各管理公司的領導，創建一個論壇，重點分享最佳實踐、經驗和策略，以改善營運並應對酒店當前和預期的挑戰。

Given our size and scaled ownership of branded rooms-focused hotels, we are uniquely positioned to utilize our unparalleled access to operational data and benchmark both statistical metrics and best practices to identify opportunities across our portfolio and maximize the performance of our assets.

鑑於我們的規模以及對以品牌客房為中心的酒店的大規模所有權，我們擁有獨特的優勢，可以利用我們無與倫比的運營數據訪問權限，並對統計指標和最佳實踐進行基準測試，以識別我們投資組合中的機會並最大限度地提高我們資產的績效。

While we are still early in the budget process, we are pleased with early indications from our managers, which project continued growth in 2023. The strength of our balance sheet further contributes to the long-term stability and optionality of our platform. The recent refinancing of our primary unsecured credit facility, bolstered our already strong liquidity position, extended maturities, improved pricing and increased the size of both our revolving credit facility and term loans.

雖然我們仍處於預算流程的早期階段，但我們對管理層的早期跡象感到滿意，他們預測 2023 年將繼續成長。我們資產負債表的強勁進一步促進了我們平台的長期穩定性和可選性。我們最近對主要無擔保信貸額度進行了再融資，增強了我們本已強大的流動性狀況，延長了期限，改善了定價，並增加了循環信貸額度和定期貸款的規模。

Faced with the prospect of potentially greater macroeconomic uncertainty and volatility in capital markets over the coming years, the increased liquidity positions us to be opportunistic in ways that will drive incremental value for our shareholders. We are fortunate to have entered the pandemic with a relatively young and well maintained portfolio. And as a result, we're able to strategically reduce renovation spend to preserve capital in 2020 and 2021.

面對未來幾年宏觀經濟不確定性和資本市場波動性可能加大的前景，流動性的增強使我們能夠抓住機會，為股東創造增量價值。我們很幸運，在疫情爆發時就擁有一個相對年輕且維護良好的投資組合。因此，我們能夠策略性地減少裝修支出，以在 2020 年和 2021 年保留資本。

During the first 9 months of 2022, we invested approximately $32 million in capital expenditures and anticipate spending a total of $55 million to $65 million during the year. This year's spend will more closely approximate our historical investment of between 5% and 6% of revenues, which we feel is appropriate for our portfolio and a meaningful differentiator for us, which contributes to total shareholder returns over time.

2022 年前 9 個月，我們投資了約 3,200 萬美元的資本支出，預計全年總支出將達到 5,500 萬至 6,500 萬美元。今年的支出將更接近我們歷史上佔收入 5% 至 6% 的投資，我們認為這對我們的投資組合來說是合適的，並且對我們來說是一個有意義的差異化因素，有助於長期的股東總回報。

Through our scale ownership of branded rooms-focused properties over more than 2 decades, we have significant experience in determining the most effective scope and timing of our investments to ensure minimal disruption to property operations and maximum impact for dollar spend.

透過二十多年來對以品牌客房為重點的物業的大規模所有權，我們在確定最有效的投資範圍和時機方面擁有豐富的經驗，以確保對物業運營的干擾最小，並對美元支出產生最大影響。

During the quarter, we sold a 55-room independent boutique hotel in Richmond Virginia for $8.5 million, resulting in a gain on sale of approximately $1.8 million. The sale enabled us to forgo more than $4 million in planned capital expenditures and transact at a meaningful premium to our original investment.

本季度，我們以 850 萬美元的價格出售了位於維吉尼亞州里士滿的一家擁有 55 間客房的獨立精品酒店，銷售收益約為 180 萬美元。此次出售使我們放棄了超過 400 萬美元的計劃資本支出，並以高於我們原始投資的價格進行交易。

In October, we acquired the AC Hotel Louisville Downtown for $51 million and the AC Hotel Pittsburgh Downtown for $34 million. Both hotels opened in 2018 and are uniquely positioned within vibrant downtown areas where they benefit from a variety of business and leisure demand drivers. The combined purchase price represents a 6.5% cap rate on full year 2019 and a similar cap rate on trailing 12-month financials through August after an industry standard 4% FF&E reserve.

10 月份，我們以 5,100 萬美元收購了路易斯維爾市中心 AC 酒店，並以 3,400 萬美元收購了匹茲堡市中心 AC 酒店。兩家酒店均於 2018 年開業，位於充滿活力的市中心，地理位置獨特，受益於各種商務和休閒需求驅動因素。合併後的購買價格代表了 2019 年全年 6.5% 的資本化率，以及在行業標準 4% 的 FF&E 儲備之後截至 8 月的過去 12 個月財務狀況的類似資本化率。

Given additional ramp in the individual assets and the robust performance of their respective markets, we anticipate that both will produce stabilized returns in excess of 8%. Recent numbers for both properties have been strong with September RevPAR for the Louisville AC, up 8% to 2019 and the Pittsburgh AC up 36%. These acquisitions increased our ownership of AC Hotels, a brand with strong appeal for both business and leisure travelers and provide exposure to Louisville and increase our presence in Pittsburgh, both of which have seen strong post-COVID recovery.

鑑於個別資產的進一步成長和各自市場的強勁表現，我們預計兩者都將產生超過 8% 的穩定回報。兩家酒店近期業績表現強勁，路易斯維爾 AC 酒店 9 月份的每間可用客房收入較 2019 年同期增長 8%，匹茲堡 AC 酒店 9 月份的每間可用客房收入增長 36%。這些收購增加了我們對 AC Hotels 的所有權，該品牌對商務和休閒旅客都具有很強的吸引力，並提高了路易斯維爾的知名度並增加了我們在匹茲堡的影響力，這兩個地方都經歷了 COVID 後的強勁復甦。

As we have built and refined our portfolio over time, we have intentionally sought to create exposure to markets that benefit from a mix of business and leisure demand and to concentrate our ownership in markets that have been and will be beneficiaries of macroeconomic and demographic shifts. Since the onset of pandemic, we have invested approximately $558 million in 14 hotels. Excluding the 2 ACs acquired subsequent to the end of the third quarter. These recent acquisitions exceeded our original underwriting by more than $9 million in hotel EBITDA during the first 9 months of the year, contributing meaningfully to our year-to-date outperformance.

隨著我們逐漸建立和完善我們的投資組合，我們有意尋求進入那些受益於商務和休閒需求的市場，並將我們的所有權集中在那些已經並將繼續受益於宏觀經濟和人口結構變化的市場。自疫情爆發以來，我們已在 14 家酒店投資約 5.58 億美元。不包括第三季結束後收購的 2 家 AC。這些最近的收購使我們今年前 9 個月的酒店 EBITDA 超出了最初的承保額 900 多萬美元，為我們今年迄今為止的優異表現做出了重大貢獻。

On a trailing 12-month basis through September, these 12 hotels produced an 8% return on our investment after CapEx despite COVID impact on first quarter numbers and with meaning upside remaining as assets continue to ramp and markets improve, 1/3 of these hotels continue to produce yields in excess of 10%.

截至 9 月的過去 12 個月中，儘管 COVID 對第一季的數據產生了影響，但這 12 家酒店在扣除資本支出後仍產生了 8% 的投資回報率，而且隨著資產繼續增加和市場改善，仍有上行空間，其中 1/3 的酒店繼續產生超過 10% 的收益率。

Higher interest rates and disruption broadly in debt markets continue to impact the transaction market. We expect total transaction volume to be somewhat muted between now and the end of the year, but we continue to underwrite deals and engage with potential sellers. Given our outperformance since the onset of the pandemic, the strength and flexibility of our balance sheet, and the additional borrowing capacity under our amended credit facility, we are incredibly well positioned as assets come to market and in conversations with ownership groups about potential off-market deals.

更高的利率和債務市場的普遍混亂繼續影響交易市場。我們預計從現在到年底總交易量會有所下降，但我們將繼續承銷交易並與潛在賣家接觸。鑑於我們自疫情爆發以來的優異表現、資產負債表的強勁和靈活性，以及​​修訂後的信貸安排下的額外借貸能力，我們在資產進入市場以及與所有權集團就潛在的場外交易進行對話時處於非常有利的地位。

With just 3.3x net debt to EBITDA, extended and staggered maturities, a relatively young portfolio and over $700 million in total liquidity, we are able to be both patient and flexible as we work to capitalize on dislocations in the market.

由於淨債務與 EBITDA 比率僅為 3.3 倍、期限延長和交錯、投資組合相對較新且總流動資金超過 7 億美元，我們能夠既耐心又靈活地利用市場錯位。

We have been and will continue to be highly selective and intentional in the build-out of our portfolio, pursuing assets that are additive to those that we currently own where we can achieve attractive pricing.

我們一直以來都並將繼續在建立我們的投資組合時保持高度選擇性和專注性，追求那些可以補充我們目前所擁有資產的資產，並能實現具有吸引力的定價。

Future acquisitions will be consistent with our strategy of investing in high-quality rooms-focused hotels located in strong RevPAR markets with attractive cost structures and meaningful growth potential.

未來的收購將符合我們的策略，即投資位於強勁的 RevPAR 市場、具有誘人的成本結構和可觀的成長潛力的高品質、以客房為中心的酒店。

Recent market volatility has also provided us with the opportunity to purchase our own shares at a meaningful discount to their intrinsic value. Through October, we had purchased just under 200,000 shares at a weighted average market purchase price of approximately $14.21 per share for an aggregate purchase price of approximately $2.7 million. Shares were purchased under a written trading plan as part of our share repurchase program.

最近的市場波動也為我們提供了以低於其內在價值的折扣價購買我們自己股票的機會。截至 10 月份，我們已以每股約 14.21 美元的加權平均市場購買價購買了近 20 萬股，總購買價約為 270 萬美元。作為我們股票回購計劃的一部分，股票是根據書面交易計劃購買的。

As of October 31, 2022, we had approximately $342 million remaining under this program. We will continue to be opportunistic buying shares where we see market dislocations create opportunity for value creation. We have also led our peers in post pandemic dividend payments. Supported by strong operating fundamentals. In August, our Board of Directors approved an increase in our regular monthly cash distribution from $0.05 to $0.07 per common share beginning with our September payment.

截至 2022 年 10 月 31 日，該計劃下我們還剩下約 3.42 億美元。當市場混亂為價值創造創造機會時，我們將繼續抓住機會購買股票。我們在疫情後的股息支付方面也領先同業。受到強勁營運基本面的支持。 8 月份，我們的董事會批准從 9 月份的付款開始將每月定期現金分配從每股 0.05 美元增加到 0.07 美元。

We were able to pay dividends of $0.17 per share during the third quarter for a total of approximately $39 million. Subsequent to the quarter end, our Board approved an additional increase in our monthly distribution from $0.07 to $0.08 per common share, beginning with our November distribution.

我們在第三季支付了每股 0.17 美元的股息，總計約 3,900 萬美元。季度結束後，董事會批准從 11 月的分配開始，將每月分配額從每股 0.07 美元增加到 0.08 美元。

Based on our closing price on Friday, November 4, the annualized distribution of $0.96 per common share represents an annual yield of approximately 5.9%. Together with our Board, we assess our payout monthly in the context of the current operating environment, our expectations for the future and other investment opportunities to ensure that we are allocating capital to drive the strongest total returns for our shareholders.

根據我們 11 月 4 日星期五的收盤價，每股普通股 0.96 美元的年化分配金額相當於年收益率約為 5.9%。我們與董事會一起，根據當前的營運環境、對未來的預期和其他投資機會，每月評估我們的支出，以確保我們分配資本，為股東帶來最強勁的總回報。

While we are cognizant of potential headwinds as the Fed takes action to mitigate inflationary pressures, we remain confident in the resiliency of travel and our ability to drive strong results and maximize shareholder value in any macroeconomic environment. With nearly every operating metric exceeding pre-pandemic levels, additional upside remaining in business travel, new supply at a historically low levels, recent acquisitions adding to the strength of our existing portfolio and a strong balance sheet with significant liquidity, we are incredibly optimistic about the future of our business.

儘管我們意識到聯準會採取行動緩解通膨壓力可能帶來的阻力，但我們仍然對旅行的彈性以及在任何宏觀經濟環境下推動強勁業績和實現股東價值最大化的能力充滿信心。由於幾乎所有營運指標都超過了疫情前的水平，商務旅行仍有額外的上升空間，新增供應量處於歷史低位，最近的收購增強了我們現有投資組合的實力，並且資產負債表強勁且流動性充足，我們對業務的未來充滿信心。

It is now my pleasure to turn the call over to Liz for additional detail on our balance sheet, operations and financial performance during the quarter.

現在我很高興將電話轉給 Liz，以了解有關本季資產負債表、營運和財務業績的更多詳細資訊。

Thank you, Justin, and good morning. Top line performance for the third quarter continued to be strong with total portfolio revenues of approximately 23% to prior year and 3% to the third quarter 2019. RevPAR growth for the quarter was driven primarily by ADR, which improved 13% to the same period in both 2021 and 2019.

謝謝你，賈斯汀，早安。第三季的營收表現持續強勁，總投資組合營收比上年成長約 23%，比 2019 年第三季成長 3%。本季 RevPAR 的成長主要由 ADR 推動，ADR 比 2021 年和 2019 年同期均提高了 13%。

Occupancy was up meaningfully to 2021 but came in approximately 5% lower than the third quarter of 2019. While the gap to 2019 occupancy widened to approximately 8% in August, September occupancy was down only 2% to 2019.

2021 年入住率大幅上升，但比 2019 年第三季下降了約 5%。雖然 8 月與 2019 年入住率的差距擴大至約 8%，但 9 月入住率僅比 2019 年下降了 2%。

Preliminary results for October show continued strength in demand with occupancy increasing to 78% and RevPAR growth relative to 2019, trending in line with results for the third quarter, bolstered by another month of double-digit ADR growth as compared to October of 2019.

10 月的初步結果顯示，需求持續強勁，入住率上升至 78%，RevPAR 相對於 2019 年有所增長，趨勢與第三季度的結果一致，而與 2019 年 10 月相比，ADR 又實現了兩季的增長。

We are now consistently producing top line results above pre-pandemic levels with meaningful upside remaining in our portfolio. While we expect occupancy in November and December to be lower than October, consistent with historical seasonality for our portfolio. Booking data through the end of the year remains strong, and we anticipate we will continue to produce RevPAR ahead of 2019 through the remainder of the year.

目前，我們的營收業績持續高於疫情前的水平，且我們的投資組合仍具有顯著的上升空間。我們預計 11 月和 12 月的入住率將低於 10 月，這與我們投資組合的歷史季節性一致。截至今年年底的預訂數據依然強勁，我們預計在 2019 年剩餘時間內我們將繼續創造 RevPAR。

Recent performance reflects both continued strength in leisure and a meaningful recovery in business demand. July, August and September weekend occupancies were 82%, 79% and 81%, respectively. Weekday occupancy remained stable around 74% during the quarter, down less than 9% on average to 2019.

最近的表現既反映了休閒產業的持續強勁，也反映了商業需求的顯著復甦。 7月、8月和9月週末入住率分別為82%、79%和81%。本季平日入住率維持穩定在 74% 左右，較 2019 年平均下降不到 9%。

As we entered the fourth quarter, October weekday occupancy notably improved over September, surpassing weekday occupancy in July and further shrinking the gap to 2019. Weekday ADR for the quarter was $153, up nearly 6% to 2019 rate levels.

進入第四季度，10月份工作日入住率較9月份明顯提升，超過7月份工作日入住率，與2019年相比差距進一步縮小。本季平日平均房價153美元，較2019年房價水準上漲近6%。

As we look at demand segments and business transient trends, travel patterns are beginning to normalize with Tuesday and Wednesday occupancy regularly above 80% during the quarter. 61% of our portfolio produced RevPAR above pre-pandemic levels during the quarter with improvement in demand impacting nearly every market. 70 of our hotels had RevPAR improvement of 10% or more relative to the same period in 2019.

當我們觀察需求細分和業務瞬態趨勢時，旅行模式開始正常化，本季週二和週三的入住率通常超過 80％。本季度，我們 61% 的投資組合飯店的 RevPAR 高於疫情前的水平，需求的改善幾乎影響了所有市場。我們有 70 間飯店的 RevPAR 與 2019 年同期相比成長了 10% 或更多。

Top performers included hotels from a variety of markets, including Portland, Maine, Downtown Atlanta, Huntsville, Phoenix, Oceanside, Greenville, Anchorage, Syracuse and San Diego and included a mix of both urban and suburban locations.

表現最佳的飯店包括來自不同市場的飯店，包括波特蘭、緬因州、亞特蘭大市中心、亨茨維爾、鳳凰城、歐申賽德、格林維爾、安克雷奇、錫拉丘茲和聖地牙哥，包括市區和郊區的飯店。

While results improved across the portfolio, we continue to see slower recovery in a number of markets, including our assets in Northern Virginia, Philadelphia, Houston, Chicago and St. Paul. These high-quality hotels are well located within their respective markets, and we expect their performance to improve over time, providing additional upside for our portfolio.

雖然整個投資組合的表現都有所改善，但我們仍然看到一些市場的復甦速度放緩，包括我們在北維吉尼亞、費城、休士頓、芝加哥和聖保羅的資產。這些高品質飯店在各自的市場中佔據有利位置，我們預計它們的業績將隨著時間的推移而改善，從而為我們的投資組合帶來額外的上升空間。

Our hotels in markets impacted by Hurricane Ian did not sustain any material damage and remained open during and after the storm.

我們位於受颶風伊恩影響市場的酒店沒有遭受任何物質損失，並且在風暴期間和之後仍然營業。

In terms of room night channel mix, brand.com bookings increased to over 39% during the quarter. OTA bookings remained stable at 13%, property direct bookings declined to 25% but remained elevated to third quarter 2019, a testament to the continued efforts of our property and management company sales support teams. And GDS bookings continued to increase showing growth in corporate demand and represented 16% for the quarter, a 100 basis point increase from the second quarter.

就客房晚數通路組合而言，本季 brand.com 預訂量成長至 39% 以上。 OTA預訂量維持穩定在13%，飯店直接預訂量下降至25%，但仍高於2019年第三季度，證明了我們的飯店和管理公司銷售支援團隊的持續努力。 GDS 預訂量持續增加，顯示企業需求成長，本季成長 16%，較第二季增加 100 個基點。

Preliminary revenue data shows further improvement in October as well indicating a continuation in the trend of return of business travel.

初步收入數據顯示，十月份收入進一步改善，顯示商務旅行回升趨勢延續。

Looking at third quarter same-store segmentation, [far] continue to be elevated to 2019 levels and in line with the second quarter at 34%. Other discounts remained at 28% in the third quarter. Negotiated also remained stable at 18% during the quarter and group was 14%, still slightly higher than the third quarter of 2019.

從第三季同店細分來看，[far] 繼續上升至 2019 年的水平，與第二季持平，為 34%。第三季其他折扣仍為28%。本季度，協商利率也維持穩定在 18%，集體利率為 14%，仍略高於 2019 年第三季。

Turning to expenses. Total payroll per occupied room for our same-store hotels was around $36 for the quarter, slightly higher than the second quarter and up 11% to the third quarter of 2019. A tight labor market continued to create operational challenges and third quarter results were impacted by higher wages for full and part-time employees, training costs and higher utilization of contract labor.

談到費用。本季度，我們同店飯店每間入住客房的總薪資約為 36 美元，略高於第二季度，比 2019 年第三季成長 11%。緊張的勞動力市場繼續帶來營運挑戰，第三季的業績受到全職和兼職員工薪資上漲、培訓成本增加以及合約工利用率提高的影響。

While we anticipate wages will remain elevated relative to pre-pandemic levels, we believe a portion of the overall increase in labor cost is temporary and that year-over-year growth rates will come down as in-house staffing stabilizes, and we are able to reduce training costs and reliance on contract labor.

雖然我們預計薪資仍將高於疫情前的水平，但我們認為勞動成本整體上漲的部分原因是暫時的，隨著內部人員配置的穩定，同比增長率將會下降，我們能夠減少培訓成本和對合約工的依賴。

As we have always done, we will continue to balance productivity initiatives with our efforts to uphold a positive work environment conducive to attracting and retaining top talent. These efforts better position us to support the high levels of service and cleanliness necessary to sustain rate growth and maximize the long-term profitability of our assets.

正如我們一直以來所做的那樣，我們將繼續在生產力計劃與維護有利於吸引和留住頂尖人才的積極工作環境的努力之間取得平衡。這些努力使我們能夠更好地支持維持費率成長和最大限度地提高資產的長期獲利能力所必需的高水準的服務和清潔度。

Our asset management and on-site teams were able to keep increases in same-store rooms expenses, excluding payroll on a per occupied room basis to 3% relative to 2019, despite significant inflationary pressure.

儘管通膨壓力巨大，我們的資產管理和現場團隊仍能將同店客房費用（不包括每間入住客房的工資）的成長控制在 2019 年的 3% 左右。

Strong rate growth and effective cost control despite the challenging labor and inflationary environment, enabled us to achieve third quarter comparable adjusted hotel EBITDA of approximately $129 million and comparable adjusted hotel EBITDA margin of approximately 38%, down 80 basis points to the third quarter of 2019.

儘管面臨嚴峻的勞動力和通膨環境，強勁的房價增長和有效的成本控制使我們在第三季度實現了可比調整後酒店 EBITDA 約 1.29 億美元，可比調整後酒店 EBITDA 利潤率約 38%，較 2019 年第三季度下降 80 個基點。

Actual adjusted hotel EBITDA margin for the third quarter was also 38%, but up 30 basis points to 2019, highlighting the positive impact of our transactional activity. As we have stated on past calls, we believe that long-term margin expansion for the industry and for our portfolio will be largely conditioned on our ability to grow rate. While we expect a portion of our recent expense growth to be temporary, driven by elevated training costs and short-term increases in our use of contract labor. We anticipate continued near-term pressure on wages and other expenses, offset in part by alterations to our operating model, which should create opportunity for increased efficiency as we stabilize property level operations.

第三季實際調整後飯店 EBITDA 利潤率也為 38%，但比 2019 年上漲了 30 個基點，突顯了我們交易活動的正面影響。正如我們在過去的電話會議上所說的那樣，我們相信產業和我們投資組合的長期利潤率擴張將在很大程度上取決於我們的成長率能力。雖然我們預期近期部分費用成長是暫時的，但這是受培訓成本上升和短期內合約工使用量增加所致。我們預計短期內工資和其他支出仍將面臨壓力，但營運模式的改變將部分抵消這種壓力，隨著我們穩定物業層面的運營，這將為提高效率創造機會。

MFFO was approximately $103 million or $0.45 per share for the quarter, up 36% compared to the third quarter of 2021 and in line with the third quarter 2019.

本季 MFFO 約為 1.03 億美元，即每股 0.45 美元，較 2021 年第三季成長 36%，與 2019 年第三季持平。

Looking at our balance sheet. As of September 30, 2022, we had $1.3 billion in total outstanding debt, approximately 3.3x our trailing 12 months EBITDA, with a weighted average interest rate of 3.7%. Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments is comprised of approximately $332 million in property-level debt secured by 19 hotels and approximately $1 billion outstanding on our unsecured credit facilities.

查看我們的資產負債表。截至 2022 年 9 月 30 日，我們的未償還債務總額為 13 億美元，約為過去 12 個月 EBITDA 的 3.3 倍，加權平均利率為 3.7%。未償還債務總額（不包括未攤銷的債務發行成本和公允價值調整）包括由 19 家酒店擔保的約 3.32 億美元的房地產級債務和我們無擔保信貸額度的未償還債務約 10 億美元。

The company's weighted average debt maturities are almost 5 years. At the end of the quarter, we had cash on hand of approximately $26 million, availability under our revolving credit facility of approximately $650 million and term loan availability of $100 million. 87% of our total debt outstanding was fixed or hedged. Valuable swap agreements and low overall leverage levels mitigate the impact of the current rising interest rate environment.

該公司的加權平均債務期限接近5年。截至本季末，我們手頭現金約為 2,600 萬美元，循環信貸額度下的可用資金約為 6.5 億美元，定期貸款可用資金為 1 億美元。我們的未償債務總額的 87% 是固定的或對沖的。有價值的掉期協議和較低的整體槓桿水準減輕了當前利率上升環境的影響。

As Justin highlighted, in July, we amended and restated our existing $850 million credit facility, increasing the borrowing capacity to approximately $1.2 billion, extending maturity dates and achieving improved pricing across the facility. These updates provide for additional capacity of $150 million under the term loan and $225 million under the revolving credit facility. The agreement includes an accordion feature in which the amount of the total credit facility may be increased from approximately $1.2 billion to $1.5 billion.

正如賈斯汀所強調的，7 月份，我們修改並重申了現有的 8.5 億美元信貸額度，將借款能力提高至約 12 億美元，延長了到期日，並實現了整個信貸額度的定價改善。這些更新為定期貸款提供了 1.5 億美元的額外容量，為循環信貸額度提供了 2.25 億美元的額外容量。該協議包括一個可伸縮功能，其中總信貸額度可以從約 12 億美元增加到 15 億美元。

At closing, we borrowed $475 million under the term loan and used the proceeds to repay the $425 million outstanding under the term loans of the previous credit facility and $50 million outstanding under the revolving credit facility.

交易結束時，我們根據定期貸款借入了 4.75 億美元，並用所得款項償還了先前信貸安排中未償還的 4.25 億美元定期貸款和未償還的 5000 萬美元循環信貸安排。

On August 1, 2022, we repaid in full an additional 3 secured mortgage loans for a total of approximately $32 million. Through the refinance of our primary credit facility, the additional 7-year senior notes facility closed in June, and the recent repayment of 9 secured mortgages, we achieved our key balance sheet objectives of managing and continuing to stagger our debt maturity, increasing access to liquidity through upsizing our revolving credit facility and shifting a portion of our secured debt to unsecured and as a result, increasing the unencumbered pool of assets in our portfolio. And we are extremely grateful for our lenders and their continued support.

2022 年 8 月 1 日，我們全額償還了另外 3 筆擔保抵押貸款，總額約 3,200 萬美元。透過對我們的主要信貸安排進行再融資、6 月份完成的額外 7 年期優先票據安排以及最近償還的 9 筆擔保抵押貸款，我們實現了關鍵的資產負債表目標，即管理和繼續錯開債務到期日、透過增加循環信貸安排來增加流動性管道、將部分擔保債務轉為無擔保債務，從而增加我們投資組合中無抵押資產池。我們非常感謝我們的貸款人及其持續的支持。

The strength of our balance sheet, combined with robust cash flow from operations has uniquely positioned us to allocate capital in ways that we believe will drive long-term value for our shareholders. Over the past months, we have acquired assets, purchased shares of our own stock and increased our monthly dividend from $0.05 per share to $0.07 during the third quarter and then to $0.08 in October, effective with the November payment. We will continue to allocate capital in ways that we believe will optimize our performance and maximize total returns for our shareholders over time.

我們強勁的資產負債表加上強勁的經營現金流，使我們能夠以獨特的方式配置資本，相信這將為股東帶來長期價值。在過去的幾個月裡，我們收購了資產，購買了自己的股票，並將月度股息從每股 0.05 美元增加到第三季的 0.07 美元，然後從 11 月的支付開始，增加到 10 月的 0.08 美元。我們將繼續以我們認為能夠優化業績並最大化股東總回報的方式分配資本。

In yesterday's press release, we provided 2022 guidance regarding certain corporate expenses, including G&A expenses, interest expense and capital expenditures. We expect total G&A expense, including all corporate level expenses and both cash and share-based compensation to be $40 million at the midpoint of the range. This estimate is based on operational and shareholder return performance through September 30, 2022.

在昨天的新聞稿中，我們提供了有關某些公司費用的 2022 年指導，包括一般及行政費用、利息費用和資本支出。我們預計，包括所有公司層級的費用以及現金和股票薪酬在內的總 G&A 費用將達到該範圍的中間值 4,000 萬美元。該估計值基於截至 2022 年 9 月 30 日的營運和股東回報表現。

Total interest expense is expected to be between $58 million and $63 million or $60.5 million at the midpoint. And full year capital expenditures are anticipated to be between $55 million and $65 million. All projects have been approved, and we expect to be at the high end of our range, assuming limited delay.

預計總利息支出將在 5,800 萬美元至 6,300 萬美元之間，中間值為 6,050 萬美元。預計全年資本支出將在 5,500 萬美元至 6,500 萬美元之間。所有項目均已獲得批准，我們預計其價格將處於我們預期範圍的高端（假設延遲有限）。

As we consider the outlook for the final months of 2022, we remain confident in the broader industry recovery and the performance of our company specifically. We saw strong performance from our portfolio in the third quarter. Preliminary results for October RevPAR show continued strength relative to 2019 and average daily booking trends continue to be elevated relative to pre-pandemic levels. Although macroeconomic and pandemic-related factors continue to add a layer of complexity to the current operating environment, leisure demand within our portfolio is strong and business travel continues to improve.

當我們考慮 2022 年最後幾個月的前景時，我們仍然對更廣泛的行業復甦以及我們公司的業績充滿信心。我們的投資組合在第三季表現強勁。 10 月 RevPAR 的初步結果顯示，相對於 2019 年而言，其持續保持強勁勢頭，且平均每日預訂趨勢相對於疫情前的水平持續上升。儘管宏觀經濟和疫情相關因素繼續為當前的經營環境增添複雜性，但我們投資組合中的休閒需求強勁，商務旅行持續改善。

As we build back midweek occupancy, we are gaining pricing power, which should enable us to further grow RevPAR for our portfolio. Third quarter bottom line operating results were ahead of the same period in 2019, and we expect continued strength through the end of the year.

隨著我們恢復周中入住率，我們正在獲得定價權，這將使我們能夠進一步提高我們投資組合中的每間可用客房收入 (RevPAR)。第三季的底線經營業績高於 2019 年同期，我們預計這一強勁勢頭將持續到年底。

As we move through the remainder of the fourth quarter and into 2023, we believe we are well positioned for any macroeconomic environment. We have weathered the most challenging period in our industry's history and demonstrated the resiliency of our differentiated strategy.

隨著我們進入第四季度剩餘時間並進入 2023 年，我們相信我們已做好充分準備應對任何宏觀經濟環境。我們度過了行業歷史上最具挑戰性的時期，並展示了我們差異化策略的彈性。

Our balance sheet is strong, and our recent restructuring provides extended maturities and additional liquidity, which we intend to use opportunistically to pursue accretive opportunities. Our assets are in good condition with recent dispositions and planned renovations, ensuring that we maintain a competitive advantage over other products in our markets. The supply picture is favorable and should help to bolster the performance of our existing portfolio through the coming year. And our team has used our recent experience to enhance our internal systems and processes in ways that will enable us to further maximize the performance of our current holdings.

我們的資產負債表強勁，我們最近的重組提供了延長的期限和額外的流動性，我們打算抓住機會尋求增值機會。我們的資產狀況良好，最近進行了處置併計劃進行翻新，確保我們在市場上保持相對於其他產品的競爭優勢。供應情況良好，應有助於在來年提升我們現有投資組合的表現。我們的團隊利用最近的經驗來增強我們的內部系統和流程，使我們能夠進一步最大限度地提高現有資產的表現。

Justin and I will now be happy to answer any questions that you have for us this morning.

賈斯汀和我很樂意回答您今天上午提出的任何問題。

(Operator Instructions)

（操作員指示）

Our first question comes from the line of Austin Wurschmidt from KeyBanc Capital Markets.

我們的第一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

Liz, with respect to expenses, I guess, how much expense do you think you can take out of wages and benefits as you reduce contract labor and look to hire more permanent staff and sort of limit turnover, and I'm just curious, how long do you think that can take? And do you think that you can see hotel EBITDA margins, profitability reaccelerate versus the comparable periods in 2019?

利茲，關於費用，我想，當您減少合約工並尋求僱用更多長期員工並限制人員流動時，您認為您可以從工資和福利中拿出多少費用？我只是好奇，您認為這需要多長時間？您是否認為與 2019 年同期相比，飯店 EBITDA 利潤率和獲利能力將再次加速成長？

So you asked a fully-loaded question there. The labor market is very dynamic. There are a lot of moving pieces. Obviously, there are even broader macroeconomic impacts to what may happen in the future related to wage growth, particularly and what may happen with unemployment long term. But as we look at our results and dig in with our management companies on site as to where we have opportunity, I think the team is doing a really good job balancing labor needs with what's available in market today. Unfortunately, we are having to use more contract labor.

所以你問了一個很有內涵的問題。勞動市場非常活躍。有很多活動部件。顯然，未來與薪資成長相關的情況，特別是長期失業情況，將產生更廣泛的宏觀經濟影響。但是，當我們審視我們的成果並與現場的管理公司深入探討我們的機會時，我認為團隊在平衡勞動力需求和當今市場供應方面做得非常好。不幸的是，我們不得不使用更多的合約工。

Historically, we have not had to use the levels of contract labor that we are today. And our management companies and our asset management team both believe that we will be able to reduce that over time. But it will take time. How quickly? That's yet to be seen. I can tell you that everyone is working really, really hard to do that as quickly as possible and to attract and retain top talent in-house. Not only does that help with the overall wage rate levels. Contract labor is more expensive, can be 30-plus percent more expensive than in-house labor, but also it helps with productivity and it helps keeping morale up and keeping people motivated.

從歷史上看，我們從來沒有像今天這樣使用過合約工。我們的管理公司和資產管理團隊都相信，隨著時間的推移，我們將能夠減少這個數字。但這需要時間。多快？這還有待觀察。我可以告訴你們，每個人都在非常非常努力地盡快實現這一目標，並吸引和留住公司內部的頂尖人才。這不僅有助於提高整體工資水準。合約工更昂貴，可能比內部勞動力貴 30% 以上，但它也有助於提高生產力，有助於保持士氣並保持人們的積極性。

And so I think everyone is trying to do that as quickly as possible. As we looked at the quarter, I think you can see, too, when you look at September margins relative to August, September improved. Part of that was we did see, broadly speaking, wage rates moderate, but also some improvement. I think whether -- how long it will take to mitigate the overall impact of what we have going on from a labor perspective, we'll see. We're entering slower months typically from a seasonality perspective. And we're going to be really mindful of demand trends over the next coming -- next few months. We want to make sure that, again, we retain top talent. We keep people staffed, but we won't need to utilize the same level of contract labor even in those months to the extent occupancies decrease seasonally.

所以我認為每個人都在努力盡快做到這一點。當我們回顧本季時，我想您也會發現，當您查看 9 月相對於 8 月的利潤率時，9 月的利潤率有所提高。部分原因是我們確實看到，從總體上看，薪資水平有所緩和，但也有一些改善。我認為，從勞工角度來看，需要多長時間才能減輕我們正在發生的事情的整體影響，我們拭目以待。從季節性角度來看，我們通常正在進入較為緩慢的月份。我們將密切關注未來幾個月的需求趨勢。我們希望再次確保留住頂尖人才。我們保留員工，但即使在入住率隨季節下降的月份，我們也不需要使用相同等級的合約工。

So we're mindful there are a lot of puts and takes. And I can tell you that the team is really focused on making improvements as quickly as possible.

因此，我們意識到還有很多事情要做。我可以告訴你，團隊確實專注於盡快做出改進。

As we think about long-term margins relative to 2019, we're still optimistic that as an industry, there's long-term growth rate perspective from an ADR standpoint and that we believe that as some of the actions the Fed is taking sort of moderate some of the expense creep from an inflationary perspective, we'll be able to maintain rate levels, that will take a cognizant focus on delivering an exceptional experience.

當我們考慮相對於 2019 年的長期利潤率時，我們仍然樂觀地認為，作為一個行業，從 ADR 的角度來看，存在長期增長率，並且我們相信，隨著美聯儲採取的一些行動從通膨角度緩和一些費用的增長，我們將能夠維持利率水平，這將需要有意識地專注於提供卓越的體驗。

And so again, when we think about staffing, that first -- comes first to mind as to what we need to do. And that's really, really make sure that we have staff in-house and creating a work environment that is conducive to staff that cares about the hotel, cares about our associates and really can drive a premium guest experience to maximize rate long term. So we're optimistic there's still opportunity to 2019 margins so long as we can continue to grow rate on the top line.

因此，當我們考慮人員配備時，我們首先想到的是我們需要做什麼。這確實是為了確保我們擁有內部員工，並創造一個有利於員工關心酒店、關心我們的同事的工作環境，並真正能夠推動優質的客人體驗，從而最大限度地提高長期房價。因此，我們樂觀地認為，只要我們能夠繼續維持營收成長率，2019 年的利潤率仍然有機會。

And I do think that some of the impacts that we're seeing related to contract labor, training and even hiring costs should come down over time.

我確實認為，我們看到的與合約工、培訓甚至招募成本有關的一些影響應該會隨著時間的推移而下降。

And maybe putting a finer point on it, what percent of labor expense days contract versus where you've been historically at sort of the comparable occupancy you're at today?

也許可以更詳細地說明一下，與您目前所處的類似入住率相比，勞動成本天數合約的百分比是多少？

We are probably over double where we have been historically from a contract labor perspective as a percentage of wages. So low double digits, probably is where we are right now.

從合約工角度來看，我們的薪資佔比可能比歷史上高出一倍以上。所以低兩位數可能就是我們現在的狀況。

Got it. That's helpful. And then how much do you think weekday occupancy can continue to improve without losing some of the benefits of the leisure demand that you've enjoyed heretofore in the recovery? And that will do it for me.

知道了。這很有幫助。那麼，您認為在不失去經濟復甦過程中享受到的休閒需求帶來的一些好處的情況下，工作日入住率還能繼續提高多少？對我來說這就夠了。

I'm not confident that there's an inverse correlation there. I think our expectations are that we can continue to see improvement in midweek occupancies while maintaining a strong leisure business on weekends. I think certainly, many of our peers have spoken to the fact that business trips have been extended and from time to time, combined with leisure trips, which has helped to (inaudible) our shoulder nights, which were traditionally lower occupancy nights. But really, I think our expectation is that we will continue to see improvement in midweek Tuesday, Wednesday night occupancies and that with that improvement, we'll gain incremental pricing power and an ability to further drive top line.

我不確定其中是否有反比關係。我認為我們的期望是，我們可以繼續看到周中入住率的提高，同時在周末保持強勁的休閒業務。我想，當然，我們的許多同行都談到了這樣的事實：商務旅行已經延長，並且不時與休閒旅行相結合，這有助於（聽不清）我們的肩夜，傳統上肩夜的入住率較低。但實際上，我認為我們的預期是，我們將繼續看到週二中期、週三晚上的入住率有所改善，隨著這種改善，我們將獲得增量定價權和進一步推動營收的能力。

It's also worth noting that not every one of our markets has recovered evenly. Liz highlighted that over half of our markets now are performing -- our properties are performing above 2019 levels. But we still have a number of markets that were slower to begin the recovery process where we continue to see a meaningful pickup in overall occupancy, both weekend and midweek occupancy. And we anticipate that the continued improvement in those markets will further prop up the performance of our overall portfolio.

另外值得注意的是，並非我們每個市場都實現了均衡復甦。利茲強調，我們目前一半以上的市場表現良好——我們的房產表現高於 2019 年的水平。但我們仍有一些市場復甦較慢，我們繼續看到整體入住率（週末和周中入住率）顯著回升。我們預計這些市場的持續改善將進一步支撐我們整體投資組合的表現。

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

我們的下一個問題來自 Capital One 的 Neil Malkin。

So I guess the first one, Liz, maybe similar to Austin's is, you talked about further upside in the portfolio in terms of occupancy as markets different -- have been different cadences of recovery. But I think, obviously, everyone knows that it's really a corporate issue, and that's going to probably get you over the hump. It would seem like you would need the least amount of incremental growth in that travel segment to get back to pre-COVID occupancy. But can you maybe just help us understand the difference between what you're hearing from like the local-regional negotiated versus the sort of like coastal, national, publicly traded segment? Just maybe that will help us understand how you could kind of like see it out there and maybe the cadence to get back to pre-COVID occupancy?

所以我想第一個問題，利茲，可能與奧斯汀的類似，你談到了投資組合在入住率方面的進一步上漲，因為不同的市場有不同的復甦節奏。但我認為，顯然每個人都知道這實際上是一個公司問題，這可能會幫助你度過難關。看起來，您需要在該旅遊領域實現最少的增量成長，才能恢復到疫情之前的入住率。但是，您能否幫助我們理解您所聽到的本地區域談判與沿海、全國、公開交易部分之間的差異？這或許能幫助我們了解您對此的看法，以及恢復疫情前的入住率的節奏？

I think we have some of the conversations, particularly with our local-negotiated accounts more directly than some of the corporate-negotiated accounts and businesses that the brands negotiate directly with. I think the brands have spoken to positive rate growth conversations as well as volume -- and room night contribution conversations with some of the corporate-negotiated accounts, with some industries moving forward more quickly than others with their rebound.

我認為我們與一些本地協商帳戶的對話比與一些企業協商帳戶以及品牌直接協商的企業的對話更加直接，特別是與我們的本地協商帳戶的對話。我認為各品牌已經與一些企業協商的帳戶就房價增長、客房數量和客房晚數貢獻進行了積極的對話，一些行業的反彈速度比其他行業更快。

I think as we approach '23, everyone understands the inflationary environment we're in. So I think from a rate perspective, we're in good shape from both local-negotiated and corporate-negotiated standpoint.

我認為，隨著 2023 年的臨近，每個人都了解我們所處的通膨環境。因此，我認為從利率的角度來看，無論是從地方協商還是企業協商的角度來看，我們都處於良好狀態。

From the occupancy side of things, we have started to see corporate-negotiated accounts grow volume. Again, it depends largely by market and sector. But we have seen technology and financial services start to come back more recently, still not at pre-COVID levels, but we've started to see their volumes increase. I think the beauty of what has happened for our portfolio as a silver lining for the past couple of years is, we have broadened the reach of accounts that we work with, appealing to a wide variety of industries and demand generators broadly.

從入住率來看，我們開始看到企業協商帳戶數量的成長。同樣，這在很大程度上取決於市場和行業。但我們最近看到科技和金融服務開始復甦，雖然仍未達到疫情之前的水平，但我們已開始看到它們的數量正在增加。我認為，過去幾年我們的投資組合所取得的進展的美好之處在於，我們擴大了合作帳戶的範圍，廣泛地吸引了各種行業和需求產生者。

And so as our individual hotel teams approach, corporate negotiations, they're balancing high transient and bar volume with the benefit of somewhat negotiated rates for base business. And each market and each hotel will be different. But I think as Justin mentioned in his prepared comments, we so far from our management companies as part of the initial budgeting process, I believe we're going to see future growth in 2023.

因此，當我們的各個飯店團隊進行公司談判時，他們會在高臨時客流量和酒吧客流量與基本業務協商價格的利益之間取得平衡。每個市場和每家酒店都會有所不同。但我認為，正如賈斯汀在他的準備好的評論中提到的那樣，到目前為止，作為初始預算過程的一部分，我們的管理公司將在 2023 年看到未來的成長。

And when you think about our expectation that we'll continue to exceed RevPAR levels relative to 2019 through the end of the year if things continue the way our booking data shows it to be today that bodes well. I think incremental corporate-negotiated recovery for our portfolio will only help further accelerate our growth. But I think we've shown with our performance relative to 2019 to date, an ability to grow midweek occupancy steadily as some of the corporate negotiated comes back but also filling in with other accounts and incremental [bar] business as well.

而且，如果您考慮到我們的預期，如果情況按照我們今天的預訂數據所顯示的方式繼續發展，到今年年底，我們的 RevPAR 水平將繼續超過 2019 年的水平，那麼這是一個好兆頭。我認為，透過公司協商逐步恢復我們的投資組合只會進一步加速我們的成長。但我認為，相對於 2019 年迄今為止的表現，我們已經證明了我們有能力穩步提高周中入住率，因為一些公司協商的回歸，同時也填補了其他帳戶和增量 [酒吧] 業務的空缺。

Okay. I appreciate all that insight. Liz. Justin, other one I have is for you. You've been pretty vocal, especially for you guys of the opportunities that you feel like are going to come. You think about a tough debt market, elevated maturities over the next 24 months, lenders aren't going to keep taking it out, brands are kind of getting pits back or mandating that they do them in short order. And can you just maybe talk about the landscape for the transaction market? It looks like the two assets you acquired are I think, fairly lower cap rates than I would have thought just given the rise in interest rates, maybe those were put under contract earlier. But maybe just talk about generally how you see your opportunity set, again, next, call it, 12 to 18 months, just given the landscape I laid out, particularly with portfolio opportunities?

好的。我很欣賞所有這些見解。莉茲。賈斯汀，我還有另一份給你。你們一直都很直言不諱，特別是對於你們覺得即將到來的機會。想像艱難的債務市場，未來 24 個月的到期日不斷增加，貸方不會繼續借款，品牌商會收回貸款或要求他們在短時間內收回貸款。能談談交易市場的狀況嗎？我認為，您收購的兩項資產的資本化率比我想像的要低得多，因為利率上升了，也許這些資產早些時候就已經簽訂了合約。但也許只是總體上談談您如何看待您的機會集，再說一次，接下來，稱之為 12 到 18 個月，只是考慮到我所列出的前景，特別是投資組合機會？

Absolutely. And I'll start with the second question first related to the cap rates for the new acquisitions. Important to note there is -- that we were highlighting trailing and 2019 cap rates. These are hotels that opened midway through '18. So we're ramping in '19 and our expectations based on incremental ramp for those assets, and the fact that there are markets that have recently performed exceptionally well relative to '19 and we will, in the near term, achieve yields in excess of 8%, which puts the performance of those hotels over time in line with where we've been performing on our other recent acquisitions.

絕對地。我首先從第二個問題開始，該問題與新收購的資本化率有關。值得注意的是——我們重點關注的是過去和 2019 年的資本化率。這些酒店於 2018 年中期開業。因此，我們將在 2019 年加大投資，我們的預期基於這些資產的增量增長，而且事實上，有些市場最近相對於 2019 年表現異常出色，我們將在短期內實現超過 8% 的收益率，這使得這些酒店的長期表現與我們近期收購的其他酒店的表現保持一致。

Speaking to the acquisition market more broadly, I highlighted in my prepared remarks that our expectation is that transaction volume will be down for the industry as a whole between now and the end of the year. That said, we continue to be active in dialogue with potential sellers of assets. and feel that a number of those conversations could yield fruit over coming months. But I think to the point you were making more broadly speaking, our expectation going into 2023, is that we will see a meaningful uptick in industry transaction volume with sellers coming to market as a result of refinancings and increased pressure from the brands around capital improvements.

更廣泛地談到收購市場，我在準備好的發言中強調，我們預計從現在到年底整個產業的交易量將會下降。儘管如此，我們仍將繼續積極與潛在的資產賣家進行對話。並認為未來幾個月內這些對話可能會取得成果。但我認為，就您更廣泛地說的觀點而言，我們對 2023 年的預期是，隨著賣家因再融資和品牌在資本改善方面施加的更大壓力而進入市場，我們將看到行業交易量顯著上升。

I think acquiring assets in an environment where sellers are motivated to sell assets is always a better place for us to be. And we have been, I think, very disciplined and targeted in our acquisitions throughout the pandemic and maintained our balance sheet capacity to become more aggressive at a point in time when deals were better priced and we could acquire assets in scale in a way that would further drive the performance of our shares over time.

我認為，在賣家有動力出售資產的環境中收購資產對我們來說總是更好的選擇。我認為，在整個疫情期間，我們在收購方面一直非常自律且有針對性，並保持了我們的資產負債表能力，以便在交易價格更優惠的時候變得更加積極，我們可以大規模收購資產，從而進一步推動我們股票的長期表現。

Our next question comes from the line of Floris Van Dijkum from Compass Point.

我們的下一個問題來自 Compass Point 的 Floris Van Dijkum。

Your business is not typically known for it's room driven. It's not really known for food and beverage revenues, but I noticed your food and beverage revenues almost doubled for the quarter. Maybe if you can just talk a little bit about some of the ancillary revenue opportunities potentially that you see ahead?

您的業務通常不以房間驅動而聞名。它的食品和飲料收入並不出名，但我注意到本季你們的食品和飲料收入幾乎翻了一番。您是否可以稍微談談您所預見的未來可能出現的一些輔助收入機會？

Absolutely. So for us, food and beverage for our portfolio is driven in large part by performance of our full-service asset here in Richmond, the Richmond full-serve Marriott. And we did see a pickup at that hotel in food and beverage revenue, both from our restaurant and from increased meetings and catering business.

絕對地。因此，對我們來說，我們投資組合中的食品和飲料很大程度上取決於我們在里士滿的全方位服務資產——里士滿全方位服務萬豪酒店的表現。我們確實看到該酒店的餐飲收入有所回升，這既來自我們的餐廳，也來自不斷增長的會議和餐飲業務。

Looking more broadly at our portfolio, I think the select-service brands have curated a very efficient food and beverage offering that's enabled us to grow revenues even at our select-service hotels related to food and beverage. And we anticipate continued opportunity, both at the Richmond Marriott and across our portfolio more broadly in that area.

更廣泛地審視我們的產品組合，我認為精選服務品牌已經策劃了非常高效的食品和飲料服務，這使得我們即使在與食品和飲料相關的精選服務酒店也能增加收入。我們預計里士滿萬豪酒​​店以及我們在該地區更廣泛的投資組合中都將繼續存在機會。

Looking at huge successes, though, we've been incredibly productive in generating parking revenues. And I think our efforts there began prior to the pandemic but we've seen continued improvement there, and that has helped to bolster other revenues. And then outside of that, we have worked with the brands to modify other on-site offerings to generate incremental revenue. But to the point that you made earlier, our primary revenue source is rooms, and we're focused incredibly intently on our primary business and continuing to move room rates in ways that drive overall revenues for our portfolio.

然而，從巨大的成功來看，我們在創造停車收入方面取得了令人難以置信的成效。我認為我們在那裡的努力在疫情爆發之前就已經開始，但我們看到那裡持續改善，這有助於增加其他收入。除此之外，我們也與品牌合作修改其他現場產品以創造增量收入。但正如您之前所說，我們的主要收入來源是客房，我們非常專注於我們的主要業務，並繼續以推動我們投資組合整體收入的方式調整客房價格。

And maybe a question for Liz. You did give obviously some guidance in terms of G&A and interest expense for the fourth quarter. Presumably, your -- I hope -- I think the market sort of expects you to resume earnings guidance for next year when you report your fourth quarter. Maybe if you can comment on that? And maybe also talk about the pricing. I love the refinancing, your balance sheet is in great shape. The grid appears the same, but there's another 10 basis points that the bank sort of snuck in there. Maybe that's an extra, just spread that they get or whatever. But maybe if you can comment a little bit on the pricing of debt and what you see happening there over the next 12 months?

也許還有一個問題想問 Liz。您確實就第四季度的一般及行政費用和利息支出給出了一些指導。據推測，我希望——我認為市場預計您在報告第四季度時會恢復明年的盈利預期。也許您可以對此發表評論？也許還會談論定價。我喜歡再融資，你的資產負債表狀況很好。網格看起來是一樣的，但銀行又偷偷地加了 10 個基點。也許這只是額外的收入，只是他們得到的傳播或其他什麼。但是，您能否就債務定價以及您認為未來 12 個月將發生什麼發表一點評論？

I'll start with the guidance question. I think we have certainly a desire to be in a position to feel comfortable and confident issuing 2023 guidance. We will see what happens over the next few months here. But I think we've historically given guidance. Operations do seem to be more stable and booking data continues to be strong. So I think as we approach 2023, we would certainly have the intent to reestablish guidance just as we move forward, we still believe that there is some variability to the potential of outcomes, but certainly appreciate that the market would like some directional guidance. So we'll cross that bridge as we enter 2023.

我將從指導問題開始。我認為我們確實希望能夠安心、自信地發布 2023 年指引。我們將拭目以待未來幾個月會發生什麼。但我認為我們歷史上已經給過指導。營運確實似乎更加穩定，預訂數據持續強勁。因此，我認為，隨著 2023 年的臨近，我們肯定會有意在前進的過程中重新建立指導，我們仍然相信結果的可能性存在一些變化，但肯定會意識到市場需要一些方向性的指導。因此，當我們進入 2023 年時，我們將跨越這座橋樑。

Going to the second part of your question around the pricing of debt. Yes, as we move from LIBOR to SOFR as part of the amendment. I think an industry-wide approach to making that transition was the 10 basis points SOFR adjustment. Over time, as bank debt moves away from LIBOR, and as it is broadly relying on SOFR, I think we'll see some of those spread adjustments dissipate and we'll get priced into the grid. But today, I think that was sort of a blanket approach to adjusting from LIBOR to SOFR.

轉到您問題的第二部分，有關債務定價。是的，作為修訂的一部分，我們從 LIBOR 轉向 SOFR。我認為整個產業實現這一轉變的方法是 10 個基點的 SOFR 調整。隨著時間的推移，隨著銀行債務逐漸脫離 LIBOR，並廣泛依賴 SOFR，我認為我們會看到部分利差調整逐漸消失，價格將被納入電網。但今天，我認為這是一種從 LIBOR 調整為 SOFR 的全面方法。

As far as the cost of debt over the next 12 months, I think the Fed has indicated that they will change how they're looking at their December announcement, maybe a more moderate increase to rates. I think right now, I think consensus is that they may take them up 50 basis points in December. And then should we be in a position to be able to start to moderate rates over time that, that's what at least is getting signaled today. But we'll see. I think the Fed also believed that the actions that they've taken to date would have had more of an impact. I think it's a very interesting environment and one that's new to all of us. But at this point, I think we may continue to see a little bit of an increase before we see rates pull back.

就未來 12 個月的債務成本而言，我認為聯準會已經表示他們將改變對 12 月公告的看法，或許會更溫和地提高利率。我認為現在大家的共識是他們可能會在 12 月將利率提高 50 個基點。那麼，我們是否應該能夠隨著時間的推移開始緩和利率，這至少是今天所發出的信號。但我們會看到。我認為聯準會也相信他們迄今為止的行動將產生更大的影響。我認為這是一個非常有趣的環境，對我們所有人來說都是全新的。但目前，我認為在利率回落之前，我們可能會繼續看到利率小幅上漲。

Our next question comes from the line of Bryan Maher from B. Riley Securities.

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

Just two questions for me. On the AC hotels that you purchased, if memory serves me, there is a little bit maybe more upscale in some of the select serve that you own. Can you talk about if there's kind of a concerted effort to move a little bit more upscale? Or how do you think about the AC hotels going forward? And should we expect more of those in the pipeline?

我只有兩個問題。關於您購買的 AC 酒店，如果我沒記錯的話，您擁有的一些精選服務可能更高檔一些。您能否談談是否有某種共同努力來使產品更加高檔？或者您如何看待 AC 酒店的未來發展？我們是否應該期待有更多這樣的項目正在籌備中？

Sure. So AC fits into Marriott's lifestyle upscale select service category. And I think because the brand is new and because of certain design elements, we've found the brand plays incredibly well, especially in urban settings with both leisure and business guests. And at those particular hotels, I think you've seen and we've talked about in the past, our experience in Portland with our AC there. .

當然。因此，AC 符合萬豪高檔生活風格精選服務類別。我認為，由於該品牌是新的，並且由於某些設計元素，我們發現該品牌表現得非常好，特別是在城市環境中，無論是休閒客人還是商務客人，都可以享受。我想您已經看到過這些特定的酒店，而且我們過去也討論過我們在波特蘭使用空調的經歷。 。

But having followed the brand now for many years, we believe that our experience in Portland isn't unique and that these hotels have an ability to generate meaningful rate premiums within their markets, while maintaining an incredibly efficient operating model. Certainly, an operating model that fits squarely within the select service space with limited food and beverage.

但在關注該品牌多年後，我們相信我們在波特蘭的經歷並不是獨一無二的，這些酒店有能力在其市場中產生有意義的價格溢價，同時保持極其高效的營運模式。當然，這種營運模式完全適合提供有限食品和飲料的精選服務領域。

I think as is the case with many of the newer lifestyle brands, the food and beverage concept is focused more heavily on the beverage component, which tends to be higher margin. But again, staffing models for our AC hotels are comparable to our courtyards within the same portfolio. And so with higher rate, we're able to generate very strong and attractive margins, the particular design elements further that, as I highlighted earlier.

我認為，與許多較新的生活方式品牌一樣，食品和飲料概念更側重於飲料部分，因為飲料部分的利潤率往往更高。但同樣，我們 AC 酒店的人員配備模式與同一系列中的庭院酒店相當。因此，透過更高的利率，我們能夠產生非常強勁和有吸引力的利潤率，特定的設計元素進一步增強了這一點，正如我之前所強調的。

I think in response to the second part of your question, certainly, based on our experience with the AC hotels that we own today, we would be very interested in continuing to expand our ownership in that brand.

我認為，在回答您問題的第二部分時，當然，根據我們目前擁有的 AC 酒店的經驗，我們非常有興趣繼續擴大我們在該品牌的所有權。

And then my second question relates to this forum that you talked about that you hosted with some of your managers. How are you and they thinking about pushing rate further? I mean we have seen clearly personally and professionally, people start to push back on rate and not take trips once you layer on crazy airfare prices, rental car prices that are ridiculous, hotel rooms that keep moving up in F&B. I mean how do you think about kind of walking that fine line between trying to get what you think you can versus turning off the consumer, especially if we head into a weaker economy?

我的第二個問題與您提到的您與一些經理共同主持的論壇有關。您和他們如何考慮進一步提高利率？我的意思是，我們在個人和職業方面都清楚地看到，一旦機票價格瘋狂上漲、租車價格荒謬、酒店房間餐飲價格不斷上漲，人們就會開始拒絕旅行，不再出行。我的意思是，您認為如何在努力獲取您認為可以獲得的東西和拒絕消費者之間找到平衡，尤其是在我們進入經濟疲軟時期？

I think that's a fair question for the industry broadly speaking. Looking at our portfolio specifically, our hotels tend to have a fairly even mix of business and leisure demand. And I think pricing for leisure follows market trends. And in the markets where we own assets, we have not to date seen meaningful pushback on leisure pricing around weekend business.

我認為從整個行業來看這是一個合理的問題。具體來看我們的投資組合，我們的飯店往往有相當均衡的商務和休閒需求。我認為休閒的定價遵循市場趨勢。在我們擁有資產的市場中，迄今為止我們尚未看到週末休閒業務定價出現明顯回落。

Remembering that we never got to a point at the majority of our hotels where we were doubling and tripling historical rates. But when we think about midweek business, which tends to be more heavily business client or our negotiated accounts. We are heavily focused on the mix of business in our hotels and the conversations that we're having are around how much base business we should take at our hotels and how much we should allow to float with the market in order to maximize the total rate opportunity. Base business tends to be consistent and often has longer length of stay, but also tends to come at a lower price point.

請記住，我們大多數飯店的房價從未達到歷史價格的兩倍或三倍。但是當我們考慮周中業務時，我們往往更關注的是業務客戶或我們協商的帳戶。我們非常關注酒店的業務組合，我們正在討論的是我們應該在酒店開展多少基礎業務，以及我們應該允許多少業務隨市場浮動，以最大限度地提高總房價機會。基礎業務往往比較穩定，持續時間也較長，但價格也較低。

And so most of the conversations with our managers were not around specific pricing strategies, but around managing the mix of business and our hotels in order to maximize overall profitability. And in part, we're not only focused on driving the top line, we're focused on driving total profitability at our hotels. So a significant portion of the conversation was also around costs associated with various types of business and ensuring that we were pricing different accounts appropriate to the cost relative to those accounts.

因此，我們與經理的大多數對話不是圍繞具體的定價策略，而是圍繞管理業務和酒店組合以最大化整體盈利能力。在某種程度上，我們不僅著重於提高營業收入，也著重在提高飯店的整體獲利能力。因此，對話的很大一部分也涉及與各種業務相關的成本，並確保我們根據與這些帳戶相關的成本為不同的帳戶定價。

Our next question comes from the line of Dany Asad from Bank of America.

我們的下一個問題來自美國銀行的 Dany Asad。

My question is just as we wrap up this year and head into next year, can you give us a sense for where you're expecting cost inflation to run in the portfolio where maybe some of the pain points can be and what can act as offsets? And then I have a follow-up question.

我的問題是，在我們結束今年並進入明年之際，您能否告訴我們，您預計成本通膨將在投資組合中走向何處，可能存在一些痛點，以及哪些因素可以起到抵消作用？然後我有一個後續問題。

I think in terms of expecting cost to run, as Liz highlighted, I think, in our prepared remarks and in response to an earlier question, to date in part because it's one of our larger expense line items. A huge amount of focus internally has been around labor and cost increases that we have seen there. Our expectation on a go-forward basis is that, that growth rate slows and that potentially through increased productivity and lower training and recruiting costs, we see those costs come in line.

我認為就預期成本運行而言，正如 Liz 在我們準備好的評論中以及在回答之前的問題時所強調的那樣，到目前為止，部分原因是因為它是我們較大的支出項目之一。我們內部的焦點主要集中在勞動和成本的增加。我們對未來的預期是，成長率將會放緩，並且透過提高生產力和降低培訓和招募成本，我們可能會看到這些成本趨於穩定。

Outside of that, we're watching utility expenses, which are our primary focus. Relative to labor, it's a smaller line item. But the potential for growth in utility costs is meaningful, I think, in today's environment. And then taxes, another line item that we're watching closely. But in terms of runaway expenses, we feel largely were at a point in time where operations are normalizing and stabilizing. And we're in a better position based on the staff and leadership that we currently have on site to begin to look for ways to mitigate expenses and improve productivity, which should combine with continued growth in top line performance put us in a position to continue to generate strong margins from our properties.

除此之外，我們也正在關注公用事業費用，這是我們關注的重點。相對於勞動力而言，這是一個較小的項目。但我認為，在當今環境下，公用事業成本的成長潛力是巨大的。然後是稅收，這是我們密切關注的另一個項目。但就失控的費用而言，我們感覺基本上處於營運正常化和穩定的階段。基於我們目前現場的員工和領導，我們處於更有利的地位，開始尋找降低費用和提高生產力的方法，再加上營業額的持續成長，我們將能夠繼續從我們的資產中獲得豐厚的利潤。

Got it. And then Justin, we've talked about hotel margins being 100 to 200 basis points better than pre-pandemic in the past. How does this inflationary environment that we're in today, kind of make you feel about the target as we look ahead?

知道了。然後賈斯汀，我們談到酒店利潤率比疫情前高出 100 到 200 個基點。我們今天所處的通膨環境讓您對未來的目標有何感想？

I think there have been a number of our peers that have thrown out various targets for long-term margin improvement. I think from the beginning, we've been clear that while we will continue to focus on managing expenses as we always have, ultimately, margin expansion is at least as heavily dependent on our ability to drive rate at our hotels. And as Liz mentioned in her earlier remarks, we're intently focused on ensuring that we maintain staffing levels such that we can provide a level of service that drives the value proposition such that we're able to maintain and continue to increase rate at our hotels.

我認為我們的許多同行都已經提出了各種長期利潤率提高的目標。我認為從一開始我們就明確表示，雖然我們將一如既往地繼續專注於管理費用，但最終利潤率的擴大至少在很大程度上取決於我們提高酒店房價的能力。正如 Liz 在她之前的評論中提到的那樣，我們專注於確保維持人員配備水平，以便我們能夠提供推動價值主張的服務水平，從而能夠維持並繼續提高我們酒店的價格。

I think Liz commented earlier and I completely agree that there continues to exist an opportunity for us to move margins higher for our portfolio, but it will be through a combination of cost controls, increased productivity and intent focus on driving top line results.

我認為 Liz 之前已經評論過了，而且我完全同意，我們仍然有機會提高投資組合的利潤率，但這將透過成本控制、提高生產力和專注於推動營收績效等方式實現。

Our next question comes from the line of Tyler Batory from Oppenheimer.

我們的下一個問題來自奧本海默公司的泰勒·巴托里 (Tyler Batory)。

This is Jonathan on for Tyler. Just one from me today, a multipart question on the common dividend and understanding it's a Board decision, but any additional details you can share in terms of what factors were contributing to the decision to raise the monthly dividend twice over the past few months. Is that an increasing sign of the confidence and the sustainability of the recovery? And I'm also interested in your thoughts on the perspective or perspective on potential payout ratios going forward?

這是喬納森 (Jonathan)，代替泰勒 (Tyler)。今天我只問一個關於普通股股息的多部分問題，請問這是董事會的決定，您能否分享一些額外的細節，說明過去幾個月中促使董事會兩次提高月度股息的因素是什麼。這是否顯示復甦的信心和永續性不斷增強？我還想知道您對未來潛在派息率的看法或觀點？

So I think to answer your first question first. The increases in dividend are a direct result of continued strength in the operating performance of our hotels and expectation. The current trends would continue into the future.

所以我想先回答你的第一個問題。股息的增加直接源自於我們酒店經營業績和預期的持續強勁。當前的趨勢將會持續到未來。

I think to your second question, our payout ratios are lower than they were prior to the pandemic. And we have, in addition to being in a position to increase dividends, been also able to preserve capital to reinvest in our business and to fund share repurchases and partially fund acquisitions and our capital improvement. I think we performed relatively well in the worst of the pandemic and as a result, had lower operating losses to carry forward into this year.

對於您的第二個問題，我認為我們的派息率低於疫情之前的水平。除了能夠增加股利之外，我們還能夠保留資本，用於再投資於我們的業務、資助股票回購以及部分資助收購和資本改善。我認為我們在疫情最嚴重時期表現相對較好，因此今年的經營虧損較少。

And our primary focus to date has been a payout ratio that puts us in a position to maintain REIT status and minimize tax obligations. .

迄今為止，我們的主要關注點是派息率，這使我們能夠維持房地產投資信託基金的地位並最大限度地減少納稅義務。 。

I think you've seen our performance year-to-date and Liz commented on our expectations that -- that performance would continue into the fourth quarter. Early indications from our management companies are -- that their expectations are for continued growth in the coming year. And with all of that as a backdrop, we feel very comfortable with our current payout.

我想您已經看到了我們今年迄今為止的表現，並且 Liz 對我們的預期進行了評論——這種表現將持續到第四季度。我們的管理公司早期跡象表明，他們預計來年將繼續成長。有了這些背景，我們對目前的支出感到非常滿意。

Our next question comes from the line of Chris Darling from Green Street.

我們的下一個問題來自 Green Street 的 Chris Darling。

Going back to the labor environment, is there any appreciable difference in either the availability or cost of labor between, say, larger, smaller markets, urban suburban, any other kind of similar trends that maybe you can tease out of the portfolio?

回到勞動力環境，在較大的市場、較小的市場、城市郊區之間，勞動力的可用性或成本是否存在明顯差異，或者您可以從投資組合中梳理出任何其他類似的趨勢？

I wish it was that simple. I think certainly, we have seen more pressure on wages in markets that have seen the most robust growth. And that includes a mix of both urban and suburban markets. I think we felt the pressure first in markets that were earliest in the recovery and that pressure has spread as incremental markets have begun the recovery. But it tends to be a function of availability of labor in individual markets and the pressure is most acute in markets that have seen meaningful growth over the past several years.

我希望事情就這麼簡單。我認為，我們確實看到，在成長最強勁的市場中，薪資面臨更大的壓力。其中包括城市和郊區市場。我認為，我們首先在復甦最早的市場感受到壓力，並且隨著增量市場開始復甦，這種壓力已經蔓延開來。但它往往取決於各市場的勞動力供應情況，而過去幾年出現有意義成長的市場壓力最為嚴重。

Okay. Yes. I understand that it's not so simple, but that's helpful in any case. And then maybe switching gears quickly, last one for me. You gave some helpful thoughts around the AC brands in response to an earlier question. But just curious, are there any other brands out there that you might like to gain exposure to over time?

好的。是的。我知道這不是那麼簡單，但無論如何這都是有幫助的。然後也許快速切換檔位，這對我來說是最後一個。您在回答先前的問題時針對空調品牌給出了一些有益的看法。但只是好奇，有其他品牌值得您隨著時間的推移去接觸嗎？

We have been active in dialogue with Marriott, Hilton and Hyatt about new brands that they are proposing. And some of the brands that they've launched over the past several years. And I'd say within those families of brands, we continue to be interested in the legacy brand assets to include brands like Hampton Inn and Residence Inn that have been around for decades and in some of the newer brands. I think our experience with AC has been incredibly positive, and we've seen strong performance from another -- a number of other brands within those brand families.

我們一直積極與萬豪、希爾頓和凱悅就他們提議的新品牌進行對話。以及他們在過去幾年推出的一些品牌。我想說，在這些品牌家族中，我們繼續對傳統品牌資產感興趣，包括漢普頓酒店 (Hampton Inn) 和 Residence Inn 等已經存在幾十年的品牌，以及一些較新的品牌。我認為我們與 AC 的合作體驗非常積極，我們也看到了其他品牌的強勁表現——該品牌家族中的許多其他品牌。

At this point, while we have explored opportunities outside of those 3 brand families, we continue to feel that there's adequate opportunity for us to continue to expand our ownership and relationships with those 3 brands. Within the select-service space, they continue to have the strongest brand reputation, and that, combined with loyalty programs that drive top line performance for the assets, we feel is the best recipe for our success in our space.

目前，雖然我們已經探索了這 3 個品牌系列之外的機會，但我們仍然認為有足夠的機會讓我們繼續擴大我們對這 3 個品牌的所有權和關係。在精選服務領域，他們繼續擁有最強大的品牌聲譽，並且，結合推動資產頂線業績的忠誠度計劃，我們認為這是我們在該領域取得成功的最佳秘訣。

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

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

Just a follow up to that comment. You did sell the independent hotel in Richmond. If I remember correctly, you took that independent to maybe learn something about independent hotels. Maybe you can talk about some conclusions you drew from the experience?

只是對該評論的後續。你確實賣掉了里士滿的獨立飯店。如果我沒記錯的話，你參加那個獨立活動也許是為了了解一些獨立飯店的知識。也許您可以談談從這次經歷中得出的一些結論？

Yes, we did sell that hotel. And looking at the operating environment that we're in now, we felt our time and attention was better spent on focusing on our core business. But to the point you made earlier, we did acquire that hotel with a hope that we would or with a plan and intention of learning about operations outside of the brand families where we have a tremendous amount of experience. And I think high level I would be happy to engage in a more extensive conversation offline at some point.

是的，我們確實賣掉了那家旅館。看看我們現在的營運環境，我們認為我們應該把時間和精力花在核心業務上。但正如您之前所說，我們收購這家酒店確實是希望或計劃，目的是學習我們在品牌家族之外的營運經驗。我認為高層很樂意在某個時候進行更廣泛的線下對話。

But high level, what we have found is that cost of customer acquisition varies. And did the non-branded hotels have significantly higher reliance on intermediated business through OTAs, which has a price associated with it. But I think beyond that, what we discovered is that in addition to incremental spend on sales and marketing, there's a need to maintain and to position the hotels from a capital investment standpoint, that's greater than what we would, on average, spend or need to spend in our branded select-service hotels to maintain the same level of quality and to drive the same level of demand.

但從高層次來看，我們發現客戶獲取成本各不相同。非品牌酒店是否對透過 OTA 進行的中介業務的依賴程度更高，而這需要支付相應的價格。但我認為除此之外，我們發現，除了增加銷售和行銷支出外，還需要從資本投資的角度來維護和定位酒店，這比我們平均在品牌精選服務酒店上花費或需要花費的資金要大，以保持相同的品質水平並推動相同水平的需求。

I think it's an opportunity we may come back to at some point in the future, but based on the current operating environment, and I think specifically what we're looking at in terms of near-term supply and the potential impact of supply on the hotels that we own, we see greater opportunity to drive returns for our investors by focusing on our core business and ensuring that we're yielding the best possible results from our existing portfolio.

我認為，在未來某個時候，我們可能會再次抓住這個機會，但基於當前的營運環境，特別是考慮到我們所關注的短期供應以及供應對我們旗下酒店的潛在影響，我們認為，透過專注於核心業務並確保從現有投資組合中獲得最佳收益，我們將有更大的機會為投資者帶來回報。

Got it. And maybe one more. I guess, when you talk to your development partners, what are they looking for in order for them to get a bit more confident in starting or identifying new projects? I know it's been a source of deals for you, but also I guess supply broadly. So I'm curious what they're thinking about and what they're saying as you discussed with them?

知道了。也許還有一個。我想，當您與開發夥伴交談時，他們在尋找什麼，以便他們在啟動或確定新專案時更有信心？我知道它是你的交易來源，但我猜它的供應範圍也很廣泛。所以我很好奇當你與他們討論時他們在想什麼以及他們說了什麼？

I think certainty is the primary impediment to new construction today. And it's in part around future performance of individual markets, but less that and more certainty around the actual final cost of construction. Certainly, interest rates and availability of debt are impacting new supply. .

我認為確定性是當今新建築的主要障礙。這在一定程度上取決於各市場的未來表現，但更重要的是取決於實際的最終建設成本。當然，利率和債務的可用性正在影響新的供應。 。

But as we talked to development partners that we've worked with in the past the bigger deterrence are availability of labor, supply chain disruption and really uncertainty around total cost with an unwillingness for most subs in market to sign fixed price contracts that really is keeping people from building at a faster pace than they are today.

但正如我們與過去合作過的開發夥伴所交談的那樣，更大的阻礙因素是勞動力的可用性、供應鏈中斷以及總成本的不確定性，而市場上大多數潛艇都不願意簽署固定價格合同，這確實阻礙了人們以比現在更快的速度進行建設。

Over time, I think to the extent we're able to stabilize the environment that we're operating in, we could see an increase in construction sites. And certainly, there is no lack of interest. And I think the brands have highlighted that they continue to sign a significant number of new deals. But in terms of those deals actually getting in the ground, the biggest impediment today is the lack of certainty around construction costs driven by the factors that I highlighted.

隨著時間的推移，我認為，只要我們能夠穩定營運環境，我們就會看到建築工地數量的增加。當然，人們並不缺乏興趣。我認為這些品牌已經強調，他們將繼續簽署大量新協議。但就這些交易的實際達成而言，目前最大的障礙是我所強調的因素所導致的建設成本缺乏確定性。

Got it. Maybe one more. In terms of brands requiring, new costs being reintroduced into the model, like more kind of housekeeping and breakfast. Are we done with that? Or is there anything else that needs to be added that could be headwind for costs next year?

知道了。也許還有一個。就品牌要求而言，新的成本被重新引入到模型中，例如更多種類的客房清潔和早餐。我們已經完成了嗎？或者是否還需要添加其他內容，以致於明年的成本可能會受到阻礙？

Based on the conversations that we've had to date with the brands, our expectation is that the current operating model will be the operating model going forward. And it is a more efficient operating model in terms of services and amenities than the model that we came into the pandemic with. So I think to the point Liz made earlier related to labor, our expectation is that as we stabilize the employee base at our hotels, there is opportunity to gain incremental efficiency from an operations standpoint based on current standards.

根據我們迄今為止與各品牌的對話，我們預計當前的營運模式將成為未來的營運模式。就服務和便利性而言，這是一種比我們應對疫情時所採用的模式更有效率的營運模式。因此，我認為，正如 Liz 之前提到的有關勞動力的問題，我們的期望是，隨著我們酒店員工基礎的穩定，我們就有機會在現有標準的基礎上，從營運的角度提高效率。

(Operator Instructions)

（操作員指示）

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

我們的下一個問題來自羅伯特·W·貝爾德公司的邁克爾·貝利薩裡奧。

Actually a couple of questions. Just first on the RevPAR in the comments around October that's all referring to actual growth versus the actual portfolio at the time 3 years ago, right now same-store or comparable? Just want to clarify that.

實際上有幾個問題。首先，關於 10 月左右的評論中提到的 RevPAR，都是指實際成長，與 3 年前當時的實際投資組合相比，現在是同店成長還是可比成長？我只是想澄清一下。

Yes.

是的。

Got it. So assuming the trend holds the couple of comparable same-store has been several hundred basis points lower than actual. I just wanted to confirm that. Justin, back to your comment just on the maybe having less base business when you look out to 2023. Conceptually, does that make revenues and profits may be more volatile or harder to predict next year if you are taking less base business?

知道了。因此，假設趨勢保持不變，那麼可比較的同店銷售額將比實際情況低幾百個基點。我只是想確認一下。賈斯汀，回到你剛才的評論，展望2023年，基礎業務可能會減少。從概念上講，如果基礎業務減少，這是否會導致明年的收入和利潤更加不穩定或更難預測？

I think theoretically, there would be a potential for that. But when you look practically at how our hotels tend to operate, we only reduce base business in an environment where we anticipate and have strong confidence in our ability to replace that with various forms of transient. And I think more often, we will be replacing the existing base business with multiple accounts at higher price points. So I think there's not a view that we would radically change the way we're doing business at individual properties. But in assessment of the accounts that we currently have in house and our need for lower-rated accounts moving into the future.

我認為從理論上來說，這是有可能的。但當你實際觀察我們酒店的運作方式時，你會發現我們只會在預期並有信心用各種形式的臨時業務來取代基本業務的情況下才會減少基本業務。我認為更常見的情況是，我們將用更高價位的多個帳戶取代現有的基礎業務。因此，我認為我們不會徹底改變我們在個別酒店的經營方式。但在評估我們目前擁有的帳戶以及未來對低評級帳戶的需求時。

Got it. Understood. And then you mentioned seller motivations in one of the earlier questions. Can you just talk about the seller motivation for the AC deals that you just did? And then just broadly the acquisition process and time line for those deals and how they come about?

知道了。明白了。然後您在之前的問題中提到了賣家的動機。您能談談您剛完成的 AC 交易的賣方動機嗎？那麼這些交易的收購流程和時程大致是怎麼樣的呢？它們是如何產生的？

So the 2 AC deals were motivated by a desire for liquidity by the partners and the deals. They were marketed as part of a broader package that was broken up ultimately, and we selected from the broader package of the assets that were the best fit for us and our portfolio. The deals were brokered, but we were able to secure the assets below the highest bid with the primary determining factor being (inaudible) around closing. We unlike the higher bidders do not have financing contingencies our offer. And in today's environment, that's proven to be a competitive advantage for us.

因此，兩家 AC 的交易是出於合作夥伴和交易對流動性的渴望。它們作為最終被拆分的更廣泛的一攬子計劃的一部分進行行銷，我們從更廣泛的一攬子計劃中選擇了最適合我們和我們的投資組合的資產。交易是透過經紀達成的，但我們能夠以低於最高出價的價格獲得資產，主要決定因素是（聽不清楚）在交易完成前後。與出價較高的投標者不同，我們的報價不包含融資應急計劃。在當今環境下，這已被證明是我們的競爭優勢。

I think looking more broadly at conversations we're having, we continue to explore opportunities through broker transactions but are also having conversations with individuals and groups outside of the brokered environment around potential transactions. I think most will decide to hold and go slow between now and the end of the year. But as I highlighted in my earlier remarks, our expectation is that we'll see a meaningful pickup in transaction volume moving into next year.

我認為，從更廣泛的角度來看，我們正在進行的對話，我們將繼續透過經紀交易探索機會，但也在與經紀環境之外的個人和團體就潛在交易進行對話。我認為大多數人會決定從現在到年底保持現狀並放慢腳步。但正如我在之前的評論中所強調的那樣，我們預計明年交易量將大幅回升。

I think importantly, we feel incredibly good about the transactions that we've completed to date. We still have a tremendous amount of capacity, and we have preserved that capacity for an environment where we can acquire attractively priced assets in scale.

我認為重要的是，我們對迄今為止完成的交易感到非常滿意。我們仍然擁有巨大的產能，我們保留了這種產能，以便在一個環境中能夠大規模收購價格誘人的資產。

Got it. That's helpful there. And then just one more on those 2 deals. Could you maybe talk about the supply outlook in both Pittsburgh and Louisville? And what's on the horizon there in terms of new hotels potentially opening up?

知道了。這很有幫助。然後再談一下這兩筆交易。您能談談匹茲堡和路易斯維爾的供應前景嗎？那麼，那裡可能有哪些新酒店開幕呢？

Yes. Relative to other markets that we've explored or even where we own assets, the supply picture is favorable in both markets. And certainly, I highlighted in my prepared remarks, recent performance of the assets has been incredibly strong with the ACM Pittsburgh, up 36% to 2019 numbers in September and the Louisville AC up 8%.

是的。相對於我們探索過的其他市場，甚至我們擁有資產的市場，這兩個市場的供應狀況都是有利的。當然，我在準備好的發言中強調過，近期資產表現非常強勁，ACM 匹茲堡 9 月份的數據較 2019 年同期增長了 36%，路易斯維爾 AC 增長了 8%。

Our expectation is that in addition, to individual asset level ramp that the remains in these assets that opened shortly before the beginning of the pandemic. Those markets will continue to improve over time. Both have a mix of demand generators and on both the business and leisure side. And we feel really good about the potential over time.

我們的預期是，除了個人資產水準上升之外，在疫情開始前不久開設的這些資產的餘額也會增加。隨著時間的推移，這些市場將會不斷改善。兩者都有多種需求來源，既有商務方面，也有休閒方面。而我們對於未來發展的潛力感到非常樂觀。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And now I would like to turn the conference over to Mr. Justin Knight, President and CEO, for closing comments.

女士們、先生們，問答環節已經結束。現在，我想將會議交給總裁兼執行長賈斯汀奈特先生，請他發表最後評論。

We appreciate you joining us today, recognizing its election day. I would encourage you to get out and vote. And as always, to the extent you're traveling, we hope you'll take an opportunity to stay with us at one of our hotels. Have a great day. We look forward to talking to you soon.

我們感謝您今天加入我們，紀念我們的選舉日。我鼓勵你出去投票。像往常一樣，如果您要旅行，我們希望您能有機會入住我們的酒店。祝你有美好的一天。我們期待很快與您交談。

Thank you. The conference of Apple Hospitality REIT has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。 Apple Hospitality REIT 發表會現已結束。感謝您的參與。現在您可以斷開線路了。