Apple Hospitality REIT Inc (APLE) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Kelly Clarke, Vice President, Investor Relations.

您好，歡迎參加 Apple Hospitality REIT 收益電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。

Welcome to Apple Hospitality REIT First Quarter 2023 Earnings Call. Today's call will be based on the earnings release and Form 10-Q, which we distributed and filed yesterday afternoon. 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. Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including our 2022 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.

歡迎參加 Apple Hospitality REIT 2023 年第一季財報電話會議。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。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目前的觀點和假設，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、績效或成就與所表達、預測或暗示的結果、績效或成就有重大差異。任何此類前瞻性陳述均受我們向美國證券交易委員會提交的文件中所述風險因素的限制，包括我們 2022 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. This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the first quarter 2023 and an operational outlook for the remainder of the year. Following the overview, we will open the call for Q&A. At this time, it is my pleasure to turn the call over to Justin.

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。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 2023 年第一季的業績以及今年剩餘時間的營運展望。概述之後，我們將開始問答環節。現在，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us today. 2023 is off to a strong start with continued strength in leisure demand and increased business travel. While we are mindful of the potential for macroeconomic headwinds later in the year, at this time, the fundamentals of our business remain strong. Improvements in business travel have lifted midweek occupancies in recent weeks and new supply remains muted across -- hotel ADR increased by 11% over 2022 and 9% over 2019, and comparable hotels occupancy was up more than 7% over 2022 and down just 2% to 2019. First quarter comparable hotels adjusted hotel EBITDA was $107 million, a 21% improvement over 2022 and a 4% improvement over 2019. Through strong rate growth and effective cost control, we achieved a comparable hotels adjusted hotel EBITDA margin for the quarter of 34% despite inflation and wage pressures. We have always been prudent with cost controls, leveraging our scale and diversification to operate as efficiently and cost-effectively as possible without sacrificing service, cleanliness or overall guest satisfaction.

早安，感謝您今天加入我們。 2023 年開局強勁，休閒需求持續強勁，商務旅遊增加。雖然我們意識到今年稍後宏觀經濟可能面臨逆風，但目前我們的業務基本面依然強勁。最近幾週，商務旅行的改善提高了周中入住率，但新增供應仍然保持低迷——酒店平均房價比 2022 年增長了 11%，比 2019 年增長了 9%，可比酒店入住率比 2022 年增長了 7% 以上，比 2019 年僅下降了 2%。第一季可比飯店調整後的飯店 EBITDA 為 1.07 億美元，比 2022 年成長了 21%，比 2019 年成長了 4%。透過強勁的價格成長和有效的成本控制，儘管面臨通貨膨脹和薪資壓力，我們本季的可比飯店調整後飯店 EBITDA 利潤率仍達到 34%。我們始終謹慎地控製成本，利用我們的規模和多樣化，盡可能高效、經濟地運營，同時又不犧牲服務、清潔度或整體客人滿意度。

Our investment in select service hotels, a key element of our ownership strategy provides us with an incredibly efficient operating model with limited F&B, efficient public spaces, low energy consumption, few departments to manage and a focus on essential services and amenities. Our hotels were among the first to recover from pandemic disruption, and we were early in working to restaff to meet rapidly increasing demand in most of our markets. With guest services and amenities restored to modified brand standards, average FTEs for our portfolio have generally stabilized 5% to 10% lower relative to the same period pre-pandemic. Despite incremental operational efficiencies, higher wages and inflationary pressures on other expense line items continue to put pressure on margins. While we will continue to look for ways to drive incremental profitability at our hotels, our ability to protect and grow margins in the future will be largely dependent on our ability to grow rate.

我們對精選服務酒店的投資是我們所有權策略的關鍵要素，它為我們提供了一種極其高效的營運模式，包括有限的餐飲、高效的公共空間、低能耗、管理的部門很少，並且專注於基本服務和便利設施。我們的酒店是首批從疫情中恢復的酒店之一，我們很早就開始重新安排員工，以滿足大多數市場快速增長的需求。隨著賓客服務和設施恢復到調整後的品牌標準，我們投資組合的平均全職當量 (FTE) 總體穩定在比疫情前同期低 5% 至 10% 的水平。儘管營運效率提高，但薪資上漲以及其他支出項目的通膨壓力繼續對利潤率造成壓力。雖然我們將繼續尋找方法來提高我們酒店的獲利能力，但我們未來保護和增加利潤的能力在很大程度上取決於我們的成長率。

We continue to work with our management companies to foster work environments at our hotels that focus on culture, associate engagement and training to develop and retain skilled associates in today's challenging labor environment. Strategic investments in our on-property teams position us to maintain the quality of our hotels, both in terms of product and service levels necessary to support continued growth in market share, in particular, through rate premiums, which we believe will be key to our long-term profitability. As our managers reduce turnover at our hotels and invest in on-site training, we expect to realize efficiencies through lower recruiting costs less reliance on contract labor and improved productivity, which should act as a partial offset to higher wages.

我們繼續與我們的管理公司合作，在我們的酒店中營造注重文化、員工參與和培訓的工作環境，以便在當今充滿挑戰的勞動力環境中培養和留住熟練的員工。對我們酒店團隊的策略性投資使我們能夠保持酒店的質量，無論是在產品和服務水平方面，以支持市場份額的持續增長，特別是透過價格溢價，我們相信這將是我們長期盈利的關鍵。隨著我們的管理人員減少酒店的人員流動並投資於現場培訓，我們期望透過降低招聘成本、減少對合約工的依賴和提高生產力來實現效率，這應該可以部分抵消工資上漲的影響。

We continue to look for and underwrite potential acquisitions. And during the first quarter, we entered into a contract for the purchase of the newly renovated 154-room Courtyard by Marriott, Cleveland University Circle for $31 million or approximately $200,000 per key. The hotel opened in April of 2013 and recently underwent a complete renovation of its guestrooms and interior public spaces. It is located in the heart of Cleveland's University Circle District, a premier educational, medical and social district on the east side of Cleveland. As we have indicated on prior calls, we have intentionally sought acquisitions in markets that benefit from a mix of business and leisure demand and that have been and will be beneficiaries of macroeconomic and demographic shifts. The Cleveland market fits well within this criteria. It is business-friendly with a favorable cost of living, offers a wide variety of demand generators and is positioned well for future growth.

我們將繼續尋找並承保潛在的收購。在第一季度，我們簽訂了一份合同，以 3100 萬美元或每間客房約 20 萬美元的價格收購了新裝修的克利夫蘭大學圈萬怡酒店，該酒店擁有 154 間客房。該酒店於 2013 年 4 月開業，最近對其客房和內部公共空間進行了全面翻新。它位於克利夫蘭大學圈區的中心地帶，這是克利夫蘭東部首屈一指的教育、醫療和社會區。正如我們在先前的電話會議中所指出的，我們有意在那些受益於商務和休閒需求的市場中尋求收購，這些市場已經並將繼續受益於宏觀經濟和人口結構的變化。克利夫蘭市場非常符合這項標準。這裡商業環境友好，生活成本低廉，提供各種各樣的需求產生器，為未來成長做好了準備。

Overall, the transaction market continues to be relatively quiet, but we anticipate deal volume will increase as the year progresses. Our team will continue to actively explore acquisition opportunities that refine, enhance and grow our existing portfolio while further increasing our exposure to markets with strong growth trajectories and attractive cost structures. Since the onset of the pandemic, we have invested approximately $558 million in 14 hotels. On a trailing 12-month basis through the first quarter, these hotels produced a total unlevered return on our investment after CapEx of over 9%, with meaningful upside remaining as assets continue to ramp and markets improve. With more than 20 years of transaction history and ample liquidity, we are optimally positioned to scale our acquisitions activity to take advantage of strategic opportunities as market conditions become more favorable.

總體而言，交易市場繼續相對平靜，但我們預計隨著時間的推移，交易量將會增加。我們的團隊將繼續積極探索收購機會，以完善、增強和擴大我們現有的投資組合，同時進一步增加我們在具有強勁成長軌跡和有吸引力的成本結構的市場中的曝光率。自疫情爆發以來，我們已在 14 家酒店投資約 5.58 億美元。截至第一季的過去 12 個月中，這些飯店扣除資本支出後的總無槓桿投資報酬率超過 9%，隨著資產持續增加和市場改善，其仍有顯著的上升空間。憑藉著超過 20 年的交易歷史和充足的流動性，我們擁有最佳優勢來擴大收購活動，以便在市場條件變得更加有利時利用策略機會。

As we underwrite potential acquisition opportunities, we are also mindful of our ability to drive incremental shareholder value through the repurchase of our shares. We have a share repurchase program that is intended to comply with rule 10b5-1. And during the first quarter, we repurchased 250,000 shares at a weighted average purchase price of approximately $14.22 per share for an aggregate purchase price of $3.6 million. We have approximately $339 million remaining under our share repurchase program. During the quarter, we also invested approximately $18 million in capital expenditures, and we anticipate spending a total of $70 million to $80 million during 2023. The planned capital projects include comprehensive renovations at 20 to 25 of our hotels. We have invested over $1 billion in renovations and capital improvements over our 24-year history in hospitality and 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.

當我們承保潛在的收購機會時，我們也注意到透過回購股票來推動股東價值成長的能力。我們有一個股票回購計劃，旨在遵守規則 10b5-1。第一季度，我們以每股約 14.22 美元的加權平均購買價回購了 25 萬股，總購買價為 360 萬美元。我們的股票回購計畫還剩餘約 3.39 億美元。本季度，我們也投資了約 1,800 萬美元的資本支出，預計 2023 年的總支出將達到 7,000 萬至 8,000 萬美元。計劃中的資本項目包括對我們 20 至 25 家酒店進行全面翻新。我們在酒店業 24 年的發展歷程中，已投資超過 10 億美元用於翻新和資本改進，並且在確定最有效的投資範圍和時機方面擁有豐富的經驗，以確保對酒店運營的干擾最小，並最大限度地發揮資金支出的作用。

Consistent with our historical investment, we anticipate 2023 CapEx spend to be between 5% and 6% of revenues, which we believe is an appropriate long-term average for our portfolio and a meaningful differentiator contributing to total shareholder returns over time. Low leverage and attractively structured debt have been key contributors to our outperformance over the years and have positioned us to allocate capital efficiently at appropriate points in the cycle to maximize shareholder returns. Our significant liquidity position, staggered maturities and conservative secured debt exposure provide us with flexibility to be both thoughtful and opportunistic to drive incremental value for our shareholders. As we enter our seasonally stronger months of the year, the fundamentals of our business remain favorable with continued improvement in demand and limited near-term supply growth. Preliminary comparable top-line numbers for April are solid with occupancy flat to last year and ADR up 5%.

與我們的歷史投資一致，我們預計 2023 年的資本支出將佔收入的 5% 至 6%，我們認為這是我們投資組合的適當長期平均值，也是對長期股東總回報做出貢獻的有意義的差異化因素。多年來，低槓桿率和結構有吸引力的債務一直是我們業績優異的關鍵因素，並使我們能夠在周期的適當時間點有效地配置資本，以最大化股東回報。我們充足的流動性狀況、交錯到期日和保守的擔保債務風險為我們提供了靈活性，讓我們能夠深思熟慮並抓住機會，為股東創造增量價值。隨著我們進入一年中季節性較強的月份，我們的業務基本面依然良好，需求持續改善，短期供應成長有限。 4 月初步可比營業額數字穩健，入住率與去年持平，平均房價上漲 5%。

Nearly half of our hotels do not have any new supply under construction within a 5-mile radius, providing us with the ability to meaningfully benefit from continued increases in demand. In many of our markets that were slow to rebound from pandemic lows have shown improvement in recent months. Our combined acquisitions and dispositions activity has positioned us to produce better portfolio margins and to drive greater profitability over time. While we are mindful of recent headlines pointing to elevated levels of macroeconomic uncertainty, we are optimistic that current trends will continue and position us to drive strong results over the coming months. Consistent execution against our proven investment strategy has enabled us to succeed through economic cycles. Our portfolio of select service hotels is broadly diversified across high-end suburban, urban and developing markets that are home to a wide variety of demand generators.

我們近一半的酒店在 5 英里半徑範圍內沒有任何正在建造的新酒店，這使我們能夠從持續增長的需求中獲得有意義的利益。我們許多市場從疫情低谷中緩慢反彈，但近幾個月來已經出現好轉。我們的合併收購和處置活動使我們能夠產生更好的投資組合利潤率，並隨著時間的推移實現更高的獲利能力。雖然我們注意到最近的頭條新聞指出宏觀經濟不確定性水平上升，但我們樂觀地認為，目前的趨勢將會持續下去，並使我們能夠在未來幾個月取得強勁的業績。始終如一地執行我們行之有效的投資策略使我們能夠在經濟週期中取得成功。我們的精選服務酒店組合廣泛分佈於高端郊區、城市和發展中市場，這些市場擁有各種各樣的需求來源。

Our hotels are franchised with industry-leading brands, managed by some of the best management companies in the industry and provide a strong value proposition with broad consumer appeal. Underlying the strength of our portfolio is a balance sheet with low leverage and financial flexibility, a consistent reinvestment and portfolio management strategy and a corporate team with tremendous experience. Having recovered more quickly than the majority of our peers and stabilized operations with industry-leading margins, we are uniquely positioned to meaningfully benefit from incremental top line growth. We are confident we are well-positioned to continue to outperform and maximize shareholder value in any macroeconomic environment.

我們的酒店是行業領先品牌的特許經營酒店，由業內一些最好的管理公司管理，並提供強大的價值主張，具有廣泛的消費者吸引力。我們投資組合實力的背後是低槓桿和財務靈活性的資產負債表、一致的再投資和投資組合管理策略以及經驗豐富的企業團隊。我們比大多數同行恢復得更快，並以行業領先的利潤率穩定了運營，因此我們具有獨特的優勢，可以從增量營收成長中獲得顯著收益。我們有信心，無論在任何宏觀經濟環境下，我們都有能力繼續保持優異表現並實現股東價值最大化。

Before I turn the call over to Liz, I would like to take this opportunity to welcome our newest Board member, Carolyn Hamlin, with 35 years of leadership experience with Marriott, Carolyn brings tremendous financial acumen and hotel industry experience, and we look forward to further advancing the company's corporate governance and oversight with her insight and leadership. I will now turn the call over to Liz for additional details on our balance sheet, operations and financial performance during the quarter.

在我將電話轉給 Liz 之前，我想藉此機會歡迎我們最新的董事會成員 Carolyn Hamlin，她在萬豪擁有 35 年的領導經驗，Carolyn 帶來了豐富的財務敏銳度和酒店行業經驗，我們期待著憑藉她的洞察力和領導力進一步推進公司的公司治理和監督。現在，我將把電話轉給 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. Performance across our portfolio steadily improved each month during the quarter, resulting in comparable hotels total revenue of $311 million, up approximately 19% to first quarter 2022 and 10% to first quarter 2019. Seasonally adjusted continued strength in leisure demand and recovery in business travel during the quarter enabled us to achieve comparable hotels RevPAR of $109, a 19% increase over first quarter 2022 and a 6% increase over first quarter 2019. Comparable hotels ADR for the quarter was $152, 11% ahead of first quarter 2022 and 9% ahead of first quarter 2019. Comparable hotels occupancy was 72%, up over 7% to 2022 and down only 2% to 2019, our strongest occupancy performance relative to 2019 since the onset of the pandemic.

謝謝你，賈斯汀，早安。本季度，我們投資組合的業績每月穩步提升，可比酒店總收入達到 3.11 億美元，較 2022 年第一季增長約 19%，較 2019 年第一季增長 10%。經季節性調整後，本季休閒需求持續強勁且商務旅行復甦，使我們的可比飯店 RevPAR 達到 109 美元，較 2022 年第一季成長 19%，較 2019 年第一季成長 6%。本季可比飯店 ADR 為 152 美元，比 2022 年第一季成長 11%，比 2019 年第一季成長 9%。可比飯店入住率為 72%，比 2022 年成長 7% 以上，比 2019 年僅下降 2%，這是自疫情爆發以來相對於 2019 年最強勁的入住率表現。

April started out with a softer week leading into the Easter holiday, but subsequently rebounded well with Tuesday occupancies even approaching 90% in the following weeks. For the month, preliminary comparable results for April show continued strength in demand with occupancy of approximately 77%, in line with 2022 and 5% shy of April 2019. ADR growth for the month of April was up approximately 5% as compared to 2022 and 9% as compared to 2019. Occupancy and ADR grew sequentially each month during the quarter, reflective of continued strength in leisure demand, a meaningful recovery in business travel and the transition towards our seasonally stronger month. January, February and March weekend occupancies were 67%, 78% and 84%, respectively. Weekday occupancies grew significantly from 62% in January to 71% in February and then 77% in March.

四月份，復活節假期前一周酒店入住率較低，但隨後出現強勁反彈，隨後幾週週二的入住率甚至接近 90%。就本月而言，4 月的初步可比結果顯示需求持續強勁，入住率約為 77%，與 2022 年持平，比 2019 年 4 月低 5%。 4 月的平均房價 (ADR) 成長率與 2022 年相比成長了約 5%，與 2019 年相比成長了 9%。本季度，入住率和平均房價每月均環比增長，反映出休閒需求持續強勁、商務旅行顯著復甦以及我們正向季節性強勁月份過渡。一月、二月和三月的週末入住率分別為 67%、78% 和 84%。工作日入住率大幅成長，從 1 月的 62% 上升至 2 月的 71%，3 月則達 77%。

Mid-week occupancies have continued to strengthen in the latter part of April, further bridging the gap to 2019 with continued strength in shoulder nights and weekend leisure demand. In terms of room night channel mix, brand.com bookings increased from 39% during the fourth quarter to 40% in the first quarter. OTA bookings declined from 12% in the fourth quarter to 11% in the first quarter. Property direct bookings remained strong at 26%, a testament to the continued efforts of our property and management company sales teams. And lastly, GDS bookings increased from 16% for the fourth quarter to 17% in the first quarter, showing continued improvement in business travel demand. Looking at first quarter same-store segmentation, far continue to be elevated to 2019 levels at 34%. The Other discounts decreased slightly to 27% in the quarter but remained elevated to 2019. Group was up slightly to the fourth quarter at 15%, meaningfully higher than the first quarter of 2019. And the negotiated segment was 18% of our mix.

4 月下旬，周中入住率持續走高，進一步縮小了與 2019 年的差距，平日夜晚和週末休閒需求持續強勁。從客房晚數通路組合來看，brand.com預訂量從第四季的39%成長至第一季的40%。 OTA預訂量從第四季的12%下降到第一季的11%。房地產直接預訂量保持強勁，達到 26%，證明了我們的房地產和管理公司銷售團隊的持續努力。最後，GDS預訂量從第四季的16%成長至第一季的17%，顯示商務旅遊需求持續改善。從第一季同店細分來看，遠高於2019年的34%的水準。本季其他折扣略有下降，為 27%，但到 2019 年仍保持高位。集團第四季的折扣略有上升，為 15%，顯著高於 2019 年第一季。協商部分占我們產品組合的 18%。

Turning to expenses. Total payroll per occupied room for our same-store hotels was just under $39 for the quarter, in line with the fourth quarter but up 12% and 14% to first quarter 2022 and 2019, respectively. Higher wages for full and part-time employees, training costs and higher utilization of contract labor continued to impact comparisons to prior years and act as an offset to productivity gains resulting from adjustments and brand standards. While we anticipate wages will remain elevated relative to prepandemic levels, we have seen the rate of growth moderate and believe we have opportunity to improve efficiency as turnover stabilizes and we are able to reduce recruiting and onboarding costs as well as reliance on 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略低於 39 美元，與第四季持平，但分別比 2022 年第一季和 2019 年第一季成長 12% 和 14%。全職和兼職員工的工資上漲、培訓成本增加以及合約工利用率提高繼續影響與前幾年的比較，並抵消了調整和品牌標準帶來的生產力增長。雖然我們預計工資相對於疫情前的水平仍將保持較高水平，但我們已經看到增長率放緩，並相信隨著營業額穩定，我們有機會提高效率，並且我們能夠降低招聘和入職成本以及對合約工的依賴。

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, cleanliness and maintenance necessary to sustain rate growth and maximize the long-term profitability of our assets. Strong rate growth and a focus on cost controls in a challenging labor and inflationary environment enabled us to achieve first quarter comparable adjusted hotel EBITDA of approximately $107 million, up 21% to 2022 and 4% to 2019. First quarter comparable adjusted hotel EBITDA margin was strong at approximately 34%, up 60 basis points to 2022 and down 190 basis points for the first quarter of 2019.

我們將繼續在生產力措施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、清潔和維護。在充滿挑戰的勞動力和通膨環境下，強勁的價格增長和對成本控制的關注，使我們在第一季實現了可比調整後酒店 EBITDA 約 1.07 億美元，比 2022 年增長 21%，比 2019 年增長 4%。第一季可比調整後飯店 EBITDA 利潤率強勁，約 34%，比 2022 年上升 60 個基點，比 2019 年第一季下降 190 個基點。

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 employee recruiting and onboarding costs and short-term increases in our use of contract labor, we anticipate continued near-term pressure on wages and other operating expenses. First quarter adjusted EBITDA was $95 million, up 22% to the same period in 2022 and down 5% to 2019. MSFO for the quarter was approximately $79 million, up 24% compared to the first quarter of 2022 and down 7% compared to the first quarter of 2019.

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。雖然我們預計近期部分費用增長是暫時的，這是由於員工招聘和入職成本上升以及短期內合約工使用量增加所致，但我們預計短期內工資和其他營運費用仍將面臨壓力。第一季調整後的 EBITDA 為 9,500 萬美元，比 2022 年同期成長 22%，比 2019 年下降 5%。本季的 MSFO 約為 7,900 萬美元，比 2022 年第一季成長 24%，比 2019 年第一季下降 7%。

Looking at our balance sheet. As of March 31, 2023, we had $1.4 billion in total outstanding debt, approximately 3.3x our trailing 12-month EBITDA with a weighted average interest rate of 4.3%. Total outstanding debt, excluding unamortized debt issuance cost and fair value adjustments is comprised of approximately $290 million in property-level debt secured by 15 hotels and approximately $1.1 billion outstanding on our unsecured credit facilities, including the remaining $50 million term loan availability, which was drawn down in January 2023. Our weighted average debt maturities are 4.4 years.

查看我們的資產負債表。截至 2023 年 3 月 31 日，我們的未償還債務總額為 14 億美元，約為過去 12 個月 EBITDA 的 3.3 倍，加權平均利率為 4.3%。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 15 家酒店擔保的約 2.9 億美元的物業級債務和我們無擔保信貸安排的未償還金額約 11 億美元，其中包括剩餘的 5000 萬美元定期貸款，該貸款於 2023 年 1 月提取。我們的加權平均債務期限為 4.4 年。

At the end of the quarter, we had cash on hand of approximately $6 million and availability under our revolving credit facility of approximately $610 million. During the quarter, we repaid in full 4 secured mortgage loans for a total of approximately $37 million, increasing the number of unencumbered hotels in our portfolio to 205 out of 220. Also during the quarter, a $100 million swap expired and we entered into 2 new $50 million swaps. At the end of the quarter, 78% of total debt outstanding was fixed or hedged. Valuable swap agreements and most importantly, low overall leverage levels helped mitigate the impact of the current interest rate environment.

截至本季末，我們手頭現金約為 600 萬美元，循環信貸額度下可用現金約為 6.1 億美元。在本季度，我們全額償還了 4 筆擔保抵押貸款，總額約為 3,700 萬美元，使我們投資組合中無抵押酒店的數量增加到 220 家中的 205 家。此外，在本季度，一筆 1 億美元的掉期合約到期，我們又簽訂了兩筆新的 5,000 萬美元掉期合約。截至本季末，78% 的未償還債務總額已固定或對沖。有價值的掉期協議以及最重要的低整體槓桿水準有助於減輕當前利率環境的影響。

Shifting to our outlook. Given limited visibility into future performance due to short-term booking windows and elevated macroeconomic uncertainty, we have not adjusted guidance though first quarter performance for our portfolio was at the higher end of our internal projection. Our outlook continues to reflect a broader range of comparable hotels RevPAR change and other key metrics for 2023 and anticipate that the lodging industry recovery will be impacted by macroeconomic headwinds in the latter portion of the year. Though top line performance for April remained strong and forward bookings continue to be elevated to prepandemic levels.

轉變我們的視角。由於短期預訂窗口和宏觀經濟不確定性增加導致未來業績的可見度有限，儘管我們投資組合第一季的業績處於我們內部預測的高端，但我們尚未調整指引。我們的展望繼續反映 2023 年更廣泛的可比飯店 RevPAR 變化和其他關鍵指標，並預計住宿業復甦將受到今年下半年宏觀經濟逆風的影響。儘管 4 月營收表現依然強勁，且預訂量持續升至疫情前的水平。

While we have limited visibility based on the current booking window, we are encouraged by recent trends and the strength of fundamentals for our business, which, if sustained, would put us in a position to perform at the high end of our guidance range. We will continue to assess guidance in the context of actual performance for our hotels and changing consensus views related to the broader economy. As has been the case in the past, we expect RevPAR growth for our portfolio to generally align with actual growth rates for our brands and chain scales. As a reminder, for the full year, we expect net income to be between $165 million and $209 million, comparable hotels RevPAR change to be between 3% and 7%; comparable hotels adjusted hotel EBITDA margin to be between 35.3% and 36.9% and adjusted EBITDAre to be between $420 million and $457 million.

雖然根據目前的預訂窗口，我們的可見性有限，但近期趨勢和業務基本面的強勁令我們感到鼓舞，如果這些趨勢和基本面能夠持續下去，我們將能夠達到指導範圍的高端。我們將繼續根據酒店的實際業績以及與整體經濟相關的不斷變化的共識觀點來評估指導。與過去的情況一樣，我們預計我們酒店組合的 RevPAR 成長將與我們品牌和連鎖規模的實際成長率基本一致。提醒一下，我們預計全年淨收入在 1.65 億美元至 2.09 億美元之間，可比酒店 RevPAR 變化在 3% 至 7% 之間；可比酒店調整後酒店 EBITDA 利潤率在 35.3% 至 36.9% 之間，調整後的 EBITDA 在 4.27 億美元之間。

Our differentiated strategy has proven resilient through economic cycles. As we move through 2023, we are confident we are well-positioned for any macroeconomic environment. Our balance sheet is strong with ample liquidity, which we intend to use opportunistically to pursue accretive opportunities. Our assets are in good condition with recent dispositions and capital investments, ensuring that we maintain a competitive advantage over other products in our market. And the fundamentals of our business continue to be sound with favorable supply dynamics, allowing us to benefit from continued strength and improvement in demand.

事實證明，我們的差異化策略在經濟週期中具有韌性。隨著我們進入 2023 年，我們有信心我們已做好充分準備應對任何宏觀經濟環境。我們的資產負債表強勁，流動性充足，我們打算抓住機會尋求增值機會。我們的資產狀況良好，最近的處置和資本投資確保我們在市場上保持相對於其他產品的競爭優勢。我們的業務基本面持續保持良好，供應動態良好，使我們能夠從需求的持續強勁和改善中受益。

And that concludes our prepared remarks. Justin and I will now be happy to answer any questions that you may have for us this morning.

我們的準備好的演講到此結束。賈斯汀和我很樂意回答您今天早上可能提出的任何問題。

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

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

I guess Liz or Justin, how important is the recovery in midweek demand to sustain the ADR growth you're achieving? It feels like we've been pretty stable kind of on that relative to '19 comp the last couple of quarters. And I'm just wondering if it could even accelerate as well if leisure holds and you do see BT demand continue to improve?

我想問 Liz 或 Justin，周中需求的復甦對於維持你們所實現的 ADR 成長有多重要？感覺過去幾個季度，相對於 19 年同期而言，我們的表現相當穩定。我只是想知道，如果休閒生活持續下去，並且您確實看到 BT 需求持續改善，那麼它是否也會加速？

It's a great question. Coming into the year, certainly, the greatest opportunity we had for continued growth was midweek. And we're incredibly pleased with what we've seen, especially as we rounded out March and moved into April in terms of midweek occupancy growth. With that growth, we're better positioned to manage the mix of business in our hotels and to move rates. We've continued as well to see strength on the weekends and shoulder nights, demonstrating the resiliency of the travel demand in the markets where we have hotels. And I think as Liz commented in her prepared remarks, that puts us in a position where we're incredibly optimistic about our ability to continue to drive performance for our portfolio as we move into the coming months.

這是一個很好的問題。進入新的一年，我們繼續成長的最大機會無疑就是周中。我們對所看到的情況感到非常滿意，特別是在三月底和四月中旬入住率成長方面。隨著這種成長，我們可以更好地管理酒店業務組合併調整價格。我們也繼續看到週末和夜間的強勁成長，這表明我們酒店所在市場的旅遊需求具有彈性。我認為，正如莉茲在準備好的演講中所說，這讓我們對未來幾個月繼續推動投資組合績效的能力感到非常樂觀。

Are you seeing any signs that leisure guests or weekend demand is beginning to be priced out or starting to trade down at all?

您是否看到任何跡象表明休閒遊客或週末需求開始因價格過高而無法負擔或開始下降？

We are not. And I mentioned in our prepared remarks that April's performance while on the face of it may look like it took a step back relative to March, it was really around the Easter holiday week and business travel even the week following Easter but leisure bounced back quickly and dramatically and overcame the deficit that we saw that week, that Easter weekend. And so we continue to see strength on the weekends, both from an occupancy perspective and rate growth perspective.

我們不是。我在準備好的發言中提到，四月份的表現雖然表面上看起來相對於三月份有所退步，但這實際上是在復活節假期周和復活節後一周的商務旅行期間，但休閒業迅速而顯著地反彈，克服了我們在那一周，也就是復活節週末看到的赤字。因此，無論從入住率或房價成長角度來看，我們都看到週末的強勁勢頭。

And then midweek as we got closer to the end of the month, Tuesdays, Wednesdays, pre-pandemic were some of our strongest occupancy nights. And in terms of growth, we saw meaningful growth on Tuesdays and Wednesdays in the final weeks of April, which put us somewhere close to 90% for those sites from an occupancy standpoint. It was only slightly down to pre-pandemic levels. So really April ended up being a very good month for us outside of that first week.

然後，隨著我們接近月底，在周中，即疫情爆發前的週二、週三，是我們入住率最高的幾個晚上。就成長而言，我們在 4 月最後幾週的週二和週三看到了顯著的成長，從入住率的角度來看，這些網站的入住率接近 90%。它僅略微下降至疫情前的水平。所以，除了第一週之外，四月對我們來說真的是一個非常好的月份。

Was that pick in midweek demand more prevalent in any regions? Or do you have a sense if it was more of the SMB business traveler or more -- or are you seeing some also improvement in the larger corporate accounts?

任何地區在周中採摘的需求是否更為普遍？或者您覺得這更多的是針對中小企業商務旅行者或更多——或者您是否看到大型企業帳戶也有所改善？

No notable impact to one segment versus the other or even regionally, we have seen urban, which had lagged some relative to suburban. We have seen that tick up for our portfolio in some of our urban markets. But small business versus corporate are still seeing similar trends, a slow recovery in accounts.

我們發現，相對於郊區而言，一個部分或甚至一個區域都沒有受到明顯的影響，城市地區的情況有所滯後。我們發現，在一些城市市場，我們的投資組合有所成長。但小型企業與大企業仍呈現類似的趨勢，即帳戶復甦緩慢。

And really to get to the 90% occupancy portfolio-wide, the trend has to be widespread.

而要真正實現整個投資組合 90% 的入住率，這一趨勢必須廣泛傳播。

Our next question comes from Bryan Maher with B. Riley Securities.

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

Maybe to ask one of Austin's questions a different way. We're seeing some ADR softening among the higher-end leisure luxury hotels, are you seeing any trade down or any evidence of trade down from that class of hotels to your class within the leisure segment?

也許可以用不同的方式來詢問奧斯汀的一個問題。我們發現高端休閒豪華酒店的 ADR 有所下降，您是否看到休閒領域中該級別的酒店與您所在級別的酒店之間出現任何價格下降的跡象？

I don't know that we could attribute the continued strength we're seeing to trade down. I don't know that we have perfect visibility in that. But I can say that we've continued to see strength both from an occupancy and rate standpoint around weekends and leisure events like spring break and things of the sort. Indicative, I think, of the resiliency of the particular demand for our hotels, what we've seen in past cycles is that as consumers become more price sensitive, our hotels benefit based on the better value proposition that they provide guests.

我不知道我們是否可以將我們所看到的持續強勁勢頭歸因於貿易下滑。我不知道我們對此是否有完美的認識。但我可以說，從入住率和房價的角度來看，週末和春假等休閒活動期間的入住率和房價都持續強勁。我認為這體現了我們酒店特定需求的彈性，我們在過去的周期中看到的情況是，隨著消費者對價格更加敏感，我們的酒店將因向客人提供的更好的價值主張而受益。

Okay. And kind of shifting gears to the acquisition side. And I asked this because clearly, Apple is probably one of the best-positioned lodging REITs to make acquisitions later this year. But are you starting to see any portfolios being marketed? That's question one. And question two is how real is the owner refinancing issue in your segment of the market as opposed to say, full-service, gateway hotels, New York, San Fran, et cetera, that might have real problems getting refinancing later this year?

好的。並將重點轉向收購方面。我之所以問這個問題，是因為很明顯，蘋果可能是今年稍後最適合進行收購的住宿房地產投資信託基金之一。但是您是否開始看到任何投資組合被行銷？這是第一個問題。第二個問題是，與紐約、舊金山等地提供全方位服務的門戶飯店相比，您所在的細分市場的業主再融資問題有多現實，這些飯店在今年稍後可能在再融資方面遇到真正的問題？

So to respond to the first question, we have actually for some time, seen a mix of portfolio and individual assets. And while transaction volume has been muted for the industry overall, we have been continually underwriting deals, looking at deal flow and what we've worked on to date, we've underwritten almost 100 hotels since the beginning of the year and really continue to be very active pursuing and underwriting both deals that are being broadly and narrowly marketed and off-market potential transactions. And the makeup of that mix has been both individual assets and smaller portfolios. The challenge that we have, and I think why we're not seeing industry-wide more transactions is that there continues to be a fairly significant bid-ask spread somewhere in the 5% to 10% range on average.

因此，為了回答第一個問題，我們實際上已經看到了投資組合和個人資產的混合。儘管整個行業的交易量一直不溫不火，但我們一直在承銷交易，關注交易流程和迄今為止的工作，自今年年初以來，我們已經承銷了近 100 家酒店，並且繼續積極地尋求和承銷廣泛和狹義營銷的交易以及場外潛在交易。這種組合的組成既包括個人資產，也包括較小的投資組合。我們面臨的挑戰，以及我認為我們沒有看到全行業交易增加的原因，是因為買賣價差仍然相當大，平均在 5% 到 10% 的範圍內。

And with the greater uncertainty that exists in the market today, there's been an unwillingness on both sides to meaningfully work to bridge that gap, at least broad scale. I think we're advantaged in addition to having the liquidity that you highlighted by our track record of performing against the commitments that we've made in the space. And as a result, have, in a number of cases, secured assets below the high bid or where we are not the most competitively priced bid in a transaction just because of the surety that we will close. The second part of your question, remind me, Bryan?

由於當今市場存在的不確定性較大，雙方都不願意做出有意義的努力來彌補這一差距，至少是大範圍內的差距。我認為，除了您強調的流動性之外，我們的優勢還在於我們在該領域履行承諾的良好記錄。因此，在很多情況下，我們只是因為我們保證會完成交易，所以就獲得了低於最高出價的資產，或者在交易中我們並不是最具競爭力的出價。布萊恩，提醒我你問題的第二部分？

Refinancing stress among sellers. Do you think that, that -- how is that your class of product versus gateway full-service assets?

賣家的再融資壓力。您是否認為，您的產品類別與門戶全方位服務資產相比有何不同？

It's interesting for some time now. I've been speaking on the call to sources of future transactions and highlighted the fact that we believe that refinancings and brand-mandated renovations would both drive sellers to become more motivated for transactions, which would help to bridge the bid-ask gap. We have not yet interestingly seen at least in scale, a large number of deals come to market because of brand pressure related to CapEx, though we continue to anticipate that that will become more pronounced as we move towards the end of the year.

一段時間以來這很有趣。我在電話會議上向未來交易的來源強調，我們相信再融資和品牌強制裝修都會促使賣家更有動力進行交易，這將有助於彌補買賣差距。有趣的是，我們尚未看到至少在規模上，由於與資本支出相關的品牌壓力而出現大量交易進入市場，但我們仍然預計，隨著接近年底，這種情況將變得更加明顯。

We have, though, on the other hand, begun to see a number of deals where ownership groups are looking at challenging refinancing at some point in the not-too-distant future. And those challenges are a combination of things. One, a significant movement in rate beyond kind of where they are currently. And related to those rate increases, there are concerns that the lenders have related to coverage, which impacts value. And in the cases where we have recently underwritten deals, the ownership groups are looking at a refinancing scenario where they would need to come up with additional capital in order to retain the asset. We're still in the early stages of that. And I'd say the deals that we've seen have come to us largely over the past 4 to 6 weeks. But that is a trend that we anticipate will continue in our space.

然而，另一方面，我們開始看到一些交易，其中所有權集團正在考慮在不久的將來的某個時候進行具有挑戰性的再融資。這些挑戰是多種因素共同作用的結果。一是利率出現了顯著變化，超出了目前的水平。與利率上調相關的是，貸款方擔心承保範圍會影響價值。在我們最近承銷的交易中，所有權集團正在考慮再融資方案，他們需要籌集額外資本才能保留資產。我們仍處於早期階段。我想說，我們看到的交易大部分都是在過去四到六週內達成的。但我們預計這一趨勢將會在我們的領域持續下去。

Our next question comes from Dori Kesten with Wells Fargo.

下一個問題來自富國銀行的 Dori Kesten。

With respect to the difference in your view on the remainder of the year versus what Hilton and Marriott have provided over the last 2 weeks, is it your sense the difference is just a difference in opinion on the trajectory of the economy? Is it a shorter booking window in your portfolio? Or is there something else you'd want to point out?

至於您對今年剩餘時間的看法與希爾頓和萬豪在過去兩週提供的看法之間的差異，您是否認為這種差異僅僅是對經濟走勢的看法不同？您的投資組合中的預訂窗口是否更短？或者您還有什麼想指出的嗎？

I mean we don't have perfect insight into how they structure their guidance, though, as Liz highlighted in her prepared remarks, we have historically tracked roughly in line with our brands, at least the U.S. performance of our brands and our chain scale. So I think as Liz highlighted, we continue to have limited visibility into the future. Our assumption is that the brands have greater visibility based on a broader portfolio. And within that portfolio, a broader concentration of hotels that have large groups that book in advance. And so as we think about the delta, it's much more likely to be driven by macro assumption differences rather than anything that would be appropriately specific. And as we highlighted in our prepared remarks, we continue to see incredibly strong performance in our portfolio with April, again, continue to show strength in business and leisure demand. And if those trends were to continue, our expectation would be that that would meaningfully benefit our portfolio.

我的意思是，我們並不完全了解他們如何構建他們的指導，儘管如此，正如利茲在她的準備好的發言中所強調的那樣，我們歷來大致按照我們的品牌進行跟踪，至少是我們品牌在美國的表現和我們的連鎖規模。因此我認為，正如 Liz 所強調的那樣，我們對未來的預見仍然有限。我們的假設是，基於更廣泛的產品組合，品牌具有更高的知名度。且在該組合中，有大量團體提前預訂的飯店較為集中。因此，當我們考慮增量時，它更有可能是由宏觀假設差異驅動的，而不是任何適當的特定因素。正如我們在準備好的演講中所強調的那樣，我們的投資組合在 4 月繼續表現出令人難以置信的強勁表現，商務和休閒需求再次顯示出強勁勢頭。如果這些趨勢持續下去，我們預計這將對我們的投資組合產生重大影響。

Okay. Have you seen any improvement in reducing contract labor in, I guess, in any of your markets?

好的。我想，在您的任何市場中，您是否看到在減少合約工方面有任何進展？

We remain focused on reducing contract labor. We have not seen any notable decrease in the usage of contract labor relative to how we were towards the end of the year.

我們仍然致力於減少合約工。與年底的情況相比，我們並未看到合約工的使用量明顯減少。

Okay. And I guess some of the brands have announced new brands, bordering kind of economy and mid-scale. Do you have any interest in these? Or would you expect to maintain your current swim lane?

好的。我想有些品牌已經宣布推出新品牌，接近經濟型和中型飯店。您對這些有興趣嗎？還是您希望保留您目前的泳道？

I think at this point, given -- and remembering that 2 of the brands were soft announced so that there are limited details related to those brands publicly available. But given what we know about the extended state brands likely to be started by Hyatt, Hilton and Marriott. They would not be of interest to us in the short term. We have, for some time, focused our efforts around upscale and upper mid-scale assets and continue to feel like that is the area where we can generate the strongest and most stable returns for our investors. That said, we do love extended state product, and we will be watching these brands and how they evolve over time.

我認為在這一點上，考慮到——並且記得其中兩個品牌是軟宣布的，因此與這些品牌相關的公開細節有限。但根據我們對凱悅、希爾頓和萬豪可能創立的擴展國家品牌的了解。短期內我們不會對它們感興趣。一段時間以來，我們一直將精力集中在高檔和中高檔資產上，並繼續認為這是我們能夠為投資者創造最強勁、最穩定回報的領域。話雖如此，我們確實喜歡擴展狀態產品，並且我們將關注這些品牌以及它們隨著時間的推移如何發展。

Our next question comes from Tyler Batory with Oppenheimer.

我們的下一個問題來自奧本海默公司的泰勒·巴托里。

Given the commentary, Justin, you made on the acquisition landscape, does share repurchases make more sense here? I know you bought back a little bit in Q1. But would you like to maybe lean into that a little bit more or perhaps conserve some capital for potential opportunities that might be coming later this year?

賈斯汀，鑑於您對收購情勢的評論，股票回購在這裡是否更有意義？我知道您在第一季回購了一點。但是，您是否願意在這方面多做一些努力，或者為今年晚些時候可能出現的潛在機會保留一些資金？

As demonstrated by the fact that we were buying shares under our written trading plan, we see tremendous value in our shares at current valuation. And really, our -- the volume of our purchases has been governed by an assumption that we've had internally that pricing would change for attractive acquisitions in the near term. If we were not to see that as we move through the year and we were to continue to see pricing at or around levels where we've been trading recently, it's certainly reasonable to assume that we would become much more aggressive in purchasing our shares.

正如我們根據書面交易計劃購買股票的事實所表明的那樣，我們認為當前估值的股票具有巨大的價值。實際上，我們的採購量一直受到我們內部的一個假設的支配，即短期內有吸引力的收購的定價將會改變。如果我們在年內沒有看到這種情況，並且我們繼續看到價格處於或接近我們最近的交易水平，那麼我們有理由假設我們會更積極地購買我們的股票。

Okay. And then just a follow-up, the Marriott Cleveland assets, apologies if I missed this. Can you provide a little more background on how you came about that opportunity, perhaps what you're expecting in terms of yield there as well?

好的。接下來是克利夫蘭萬豪酒店的資產，如果我錯過了這一點，請見諒。您能否提供一些背景信息，說明您是如何獲得這個機會的，以及您對收益的期望是什麼？

Absolutely. The general partner in the deal is -- and management company is the same as the 2 assets that we closed at the end of last year. So in part, this is an expansion on that relationship, which we've worked to foster for well over a decade now and are beginning to grow now. We were not the high bidder on that particular asset. In fact, it had gone under LOI at a much higher price and had fallen out and was brought back to a small group of which we were a part. We see tremendous value in the asset. It's high quality was recently renovated, a full-scale renovation of public spaces and guest rooms completed at the end of last year. And part of that renovation included expansion of the fitness center improvement in the bar area and the addition of 1 key, so moving from 153 to 154 keys. We have a tremendous amount of confidence in the management company and feel really good about our entrance into the Cleveland market, which has, as I mentioned in my prepared remarks, the potential for outsized growth relative to the national average with a cost structure that would position us to continue to drive strong operating margins and profitability.

絕對地。該交易的普通合夥人是－管理公司與我們去年年底完成的兩項資產相同。因此，從某種程度上來說，這是對這種關係的擴展，我們十多年來一直致力於培養這種關係，現在這種關係開始發展。我們並不是該項特定資產的最高出價者。事實上，它以高得多的價格被意向書收購，後來又被我們所在的一個小集團收購。我們看到該資產的巨大價值。酒店近期進行了高品質的翻新，公共區域和客房的全面翻新於去年年底完成。此次改造的一部分包括擴大酒吧區的健身中心並增加 1 間客房，因此客房數量從 153 間增加到 154 間。我們對管理公司充滿信心，對我們進入克利夫蘭市場感到非常高興，正如我在準備好的發言中提到的那樣，相對於全國平均水平，克利夫蘭市場具有超額增長的潛力，其成本結構將使我們能夠繼續實現強勁的營業利潤率和盈利能力。

Our next question comes from Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

I guess a question on the transaction environment. How has price evolved the past several quarters? Have you seen cap rates increase sellers or buyers moving more?

我想問的是有關交易環境的問題。過去幾季價格如何變動？您是否看到資本化率的提高導致賣家或買家的流動加劇？

Interestingly, as I highlighted earlier, there continues to be a bid ask spread, and it ranges by asset. But I'd say, on average, it tends to be between 5% and 10%. And that's fairly universal. I think demonstrated by the fact that we've seen very little transactions occurring despite the fact that there continues to be a meaningful amount of inventory that's either being marketed or being considered by a small number of potential buyers. I think our expectation is that as we move through the year, that bid-ask spread will shrink. And with that, there exists the potential for greater transaction volume.

有趣的是，正如我之前強調的那樣，買賣價差仍然存在，並且因資產而異。但我想說，平均而言，這個比例往往在 5% 到 10% 之間。這是相當普遍的。我認為，儘管仍有大量庫存正在銷售或被少數潛在買家考慮，但我們看到的交易卻很少。我認為我們的預期是，隨著時間的推移，買賣價差將會縮小。這樣一來，交易量就有可能增加。

And certainly, we see ourselves in an optimal position to take advantage of that. I should highlight that outside of that, and we've spoken to this on some of our past calls, we are beginning to get incremental traction around potential development deals, which had not been a possibility for us for some period of time-based on the significant run-up in construction costs and uncertainty related to those costs and supply chain issues with some stability coming back, albeit at higher prices than what we saw pre-pandemic.

當然，我們認為我們處於最佳位置來利用這一點。我應該強調的是，除此之外，我們在過去的一些電話會議上也談到了這一點，我們開始在潛在的開發交易方面獲得越來越多的關注，這在一段時間內對我們來說是不可能的——基於建築成本的大幅上漲以及與這些成本和供應鏈問題相關的不確定性，儘管價格高於疫情前的價格，但情況正在逐漸穩定下來。

The pricing related to some potential development deals has become more rational and potentially attractive to us and in an environment where construction financing continues to be restrained and limited, our takeout is more valuable to developers than it would be in periods of time when construction financing is readily available. And so in addition to seeing -- or in addition to having an anticipation that we will see incremental deal flow for existing assets as we move through the rest of the year. We do expect to be in a position to make forward commitments for developments, which would be delivered in future years.

與一些潛在開發交易相關的定價已經變得更加合理，對我們來說也更具吸引力，並且在建築融資繼續受到限制和限制的環境下，我們的收購對開發商來說比在建築融資隨時可用的時期更有價值。因此，除了看到——或者除了預期在今年剩餘時間內我們將看到現有資產的交易流增加之外。我們確實希望能夠對未來幾年將要實現的發展做出前瞻性的承諾。

That was my next question actually because I would have assumed, given all the regional bank worries that lending for development deals will be drying up very quickly here in that there will be fewer opportunities, but it sounds like you're saying that because of your ability to take out deals that, at least for you, you expect to see more of those opportunities?

這實際上是我的下一個問題，因為我本來以為，鑑於所有地區性銀行都擔心開發交易貸款將很快枯竭，因此機會也會減少，但聽起來您是說，由於您有能力達成交易，至少對您而言，您預計會看到更多這樣的機會？

Absolutely. I think, particularly because of the challenge that you highlight, we anticipate that we will see more deals. And really, when you think about the risk profile for a typical construction lender, that includes refinancing risk at the completion of construction or within a year or 2 following construction, our takeout at a price point above raw construction that is not contingent on financing and is backed by our balance sheet provides significant value to that equation and puts developers in a position where they can more readily obtain the financing that they need to complete deals. So while we expect industry supply to continue to be muted, we do see ourselves in a unique window where we could be much more active on signing up new development deals than we have been over the past couple of years.

絕對地。我認為，特別是由於您強調的挑戰，我們預計將看到更多的交易。實際上，當您考慮典型建築貸款人的風險狀況時，其中包括在建築完工時或建築完工後一兩年內的再融資風險，我們以高於原始建築的價格收購，不依賴於融資，並由我們的資產負債表支持，為該等式提供了重要價值，並使開發商能夠更容易地獲得完成交易所需的融資。因此，儘管我們預計行業供應將繼續低迷，但我們確實認為自己正處於一個獨特的窗口期，我們可以比過去幾年更加積極地簽署新的開發協議。

And maybe one more in terms of the contract labor. What do you think has to happen for that to improve, just in general softening labor market? I mean we're still seeing a lot of user job being created or is there anything else you can do now to get that contract labor situation under control?

就合約工而言，也許還有更多。您認為需要採取什麼措施才能改善這種狀況，只是勞動市場整體疲軟嗎？我的意思是我們仍然看到大量用戶工作正在被創建，或者現在您還能做些什麼來控制合約工的情況？

I think a general softening in the labor market would be helpful and certainly would be more helpful broadly to the industry as it relates to contract labor. I think for us, the longer that we go with stable operations and stable management and training and lowering turnover, I think the more likelihood we have to bring new associates in-house as we rebuild teams internally. Turnover has been higher generally too for in-house labor. And so I think as things continue to stabilize for our portfolio, that should improve. But I think more meaningfully will be when the labor market stabilizes. But that does not prohibit us from making -- or gaining some traction beforehand. I think we're really focused on it. We see value, especially from a service, cleanliness and cultural standpoint to get associates in-house.

我認為勞動市場的普遍疲軟將會有所幫助，而且肯定會對與合約工相關的行業更有幫助。我認為，對我們來說，穩定的營運、穩定的管理、培訓和降低人員流動率的時間越長，我們在內部重建團隊時引進新員工的可能性就越大。內部員工的流動率普遍也較高。因此我認為，隨著我們的投資組合繼續穩定，情況應該會有所改善。但我認為更有意義的是勞動市場穩定的時候。但這並不妨礙我們提前做出或獲得一些進展。我認為我們確實非常關注這一點。我們看到了價值，特別是從服務、清潔和文化的角度來看，讓員工留在公司內部。

It's worth noting as well that a number of our management companies have added additional HR and recruiting resources in market to begin to more aggressively recruit employees to our hotels. And I think with operations stabilizing, more of their day-to-day focus has been on transitioning to captive labor such that they can begin to, as Liz highlighted, focus on building culture and really focus on enhancing service for our guests in a way that we were able to achieve prior to the pandemic.

值得注意的是，我們的許多管理公司已經在市場上增加了人力資源和招募資源，開始更積極地為我們的飯店招募員工。我認為，隨著營運的穩定，他們日常工作的重點將更多地放在向俘虜勞工的過渡上，這樣他們就可以開始像利茲強調的那樣，專注於建設文化，真正專注於以我們在疫情之前能夠實現的方式，為我們的客人提供更好的服務。

And our next question comes from Dany Asad with Bank of America.

我們的下一個問題來自美國銀行的 Dany Asad。

Justin and Liz you both called out the ability to drive rate as the primary way to offset higher operating costs. And we saw kind of rates slipping to up 9% versus '19 this quarter that from -- down from up 12% last quarter. And it sounds like April directionally is in a similar spot. So I guess my question is, can rate accelerate from here? And what would be some of the segments or markets that would drive -- could be the drivers behind that?

賈斯汀和利茲都指出，提高駕駛率的能力是抵銷更高營運成本的主要方式。我們發現本季利率較 2019 年同期下滑至 9%，而上一季利率則上漲了 12%。聽起來四月的方向也處於類似的位置。所以我想我的問題是，利率能從現在開始加速嗎？那麼，哪些細分市場或市場會推動這股趨勢呢？這背後的驅動力是什麼？

I would go back to what we said generally about April trends and that really the rate step back is in part attributable to that first week in April. As we look at the back half of the month where occupancies were in line from comparison to 2019 perspective with March are actually slightly better those weeks. Rate rebounded as well and was in lockstep with that. And so I think we remain optimistic that we can continue to drive rate at least relative to where we've been with continued trends. Now to the extent we see more consistent and continued -- more consistent and continuous growth in midweek occupancies approaching 90%, the more we'll be able to shift mix, drive rate and the revenue management systems will be able to really maximize midweek rates as well. We started to see an improvement, but not to the extent we've seen on the weekends, and we certainly hope that if there's consistent midweek occupancy gains that we can grow rate there as well. Also, where we had seen -- speaking to your regional question, where we have seen urban start to recover more as well, as those occupancies continue to improve, we should see subsequent rate opportunity there as well.

我想回顧一下我們對四月份趨勢的總體看法，利率回落實際上部分歸因於四月份的第一周。讓我們來看看本月下半月的入住率，與 2019 年 3 月相比，入住率實際上略有提高。利率也出現反彈並與之保持同步。因此，我認為我們仍然保持樂觀，我們可以繼續推動利率，至少相對於我們目前的持續趨勢。現在，我們看到周中入住率持續穩定地成長接近 90%，我們就越有能力改變組合、提高入住率，收入管理系統也就越能真正實現周中入住率的最大化。我們開始看到改善，但還沒有達到週末的程度，我們當然希望，如果周中入住率持續上升，那麼我們也能提高周中入住率。此外，在談到您的區域問題時，我們看到城市地區也開始復甦，隨著入住率的不斷提高，我們也應該會看到後續的利率機會。

And it's also worth noting the first and fourth quarter, our lowest overall occupancy quarters for our portfolio based on seasonality. And so we're just now moving into the stronger occupancy months where we should have meaningfully better ability to drive rate than we would in the early phases of the year.

值得注意的是，根據季節性因素，第一季和第四季是我們投資組合中整體入住率最低的季度。因此，我們現在正進入入住率較高的月份，在此期間，我們應該比今年年初有更好的能力來提高入住率。

(Operator Instructions) And our next question comes from Michael Bellisario with Baird.

（操作員指示）我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

I just want to go back to April, one more time because why not I mean, Easter was in April in 2019 and 2022. So maybe just take a step back, is the Easter performance may be more indicative of the new normal travel pattern of leisure strong and business weaker, and that's what we should expect around major holiday period going forward?

我只是想再一次回到四月份，因為我的意思是，2019 年和 2022 年的復活節都在四月。所以，也許退一步來看，復活節的表現是否更能體現出休閒強勁、商務疲軟的新常態旅遊模式，而這正是我們在未來主要假期期間應該期待的？

I think as we look at our portfolio in the past, depending on the holiday, we have historically seen business travel leading up to and the week following, depending on where the holiday landed impacted. And then performance rebounds. I think what's interesting is just how dramatically leisure rebounded post Easter holiday. It was quick. And certainly, when we looked at the calendar shift relative to 2019, it was meaningful, those holiday weekends. So I think more upside from a leisure perspective when you look at those calendar shifts but some impact to business travel.

我認為，當我們回顧過去的投資組合時，根據假期的不同，我們歷史上看到過假期前一周和假期後一周的商務旅行，這取決於假期受到的影響。然後業績就會反彈。我認為有趣的是復活節假期後休閒產業的大幅反彈。很快。當然，當我們查看相對於 2019 年的日曆變化時，那些假日週末是有意義的。因此，我認為從休閒的角度來看這些日曆變化會帶來更多好處，但對商務旅行也會造成一些影響。

I think the fact that those trends are normalizing is a positive sign around business travel that we rebound from those weeks and business travel comes back, but that some of those historical patterns remain relevant. Now I will say we continue to see, and this is a little bit outside of holiday weekends or holidays as they follow what the new normal may be. But shoulder nights continue to be strong despite the fact that midweek occupancies are normalizing and travel patterns are normalizing. We are continuing to see Monday and Thursday strength, which is really encouraging as we look at sort of total occupancy gains and continued improvement.

我認為這些趨勢正在正常化，這對商務旅行來說是一個積極的信號，表明我們已經從那幾週的困境中恢復過來，商務旅行也回來了，但其中一些歷史模式仍然具有現實意義。現在我要說的是，我們繼續觀察，這有點超出假日週末或假期的範圍，因為他們遵循新的常態。但儘管周中入住率和出行模式正在恢復正常，平夜客流量仍然強勁。我們繼續看到週一和週四的強勁勢頭，這確實令人鼓舞，因為我們看到總入住率的成長和持續改善。

Got it. That's helpful. And then you made a comment on group, I think, meaningfully improved, I think, is what you said about 1Q performance versus 2019. I know it's a small part of your business, but what's the driver there? And then if group is at a slightly higher go-forward rate, does that have any impact on overall RevPAR or margins for your portfolio that we should consider?

知道了。這很有幫助。然後您對集團發表了評論，我認為，您所說的第一季業績與 2019 年相比有了顯著改善。我知道這只是您業務的一小部分，但其驅動力是什麼？那麼，如果集團的未來利率略高一些，這是否會對整體 RevPAR 或您的投資組合的利潤率產生我們應該考慮的影響？

Well, a couple of things. Group is strategic. I mean we had more group on the books related to a couple of things. Just an effort on our part, knowing that Q1 is typically softer from an occupancy perspective, ensuring that we layered on some groups. So really a benefit and a testament to our on-site sales team. Group rate was favorable. And so I think as we continue to see strength and have the opportunity since group is short term and booked short term, to the extent we layer that on and higher demand times, we'll be able to charge higher rates. So I think that that should be helpful.

嗯，有幾件事。集團具有戰略意義。我的意思是，我們有更多的小組在討論與幾件事相關的書籍。這只是我們的一項努力，因為我們知道從入住率的角度來看，第一季通常比較疲軟，因此確保我們對一些群體進行分層。這對我們的現場銷售團隊來說確實是一個好處和證明。團體價格優惠。因此，我認為，隨著我們繼續看到實力並有機會，因為該團體是短期的並且預訂時間很短，只要我們分層考慮這一點，並且需求時間更長，我們就能收取更高的費用。所以我認為這應該是有幫助的。

And to the extent we're able to layer on group the compression in hotels and high demand times will give us the benefit of driving thing higher bar rates as well, theoretically should. So I think all in all, it would be viewed as a positive if we can continue to maintain some of the small corporate and smart related group business, especially at competitive group rates. So I think we're encouraged by the activity on our hotel teams. We're encouraged by the group that we had on the books in the first quarter. And I think as we progress through the year, as we carefully monitor travel patterns and occupancy on the books, we'll layer and group where we can.

並且，從理論上講，如果我們能夠對酒店進行分層壓縮，那麼高需求時段也會為我們帶來好處，從而提高酒吧價格。因此，我認為總的來說，如果我們能夠繼續維持一些小型企業和智慧相關團體業務，特別是以具有競爭力的團體價格，這將被視為一件好事。所以我認為我們酒店團隊的活動令我們感到鼓舞。我們對第一季的業績感到鼓舞。我認為，隨著我們一年來的進展，隨著我們仔細監控旅行模式和書籍的入住率，我們將盡可能地分層和分組。

Understood. And then just last one for me for Justin. Just back to your comments on the 5% to 10% bid-ask spread, maybe your best guess at this point what breaks? Is it seller expectations come down? Or do you think buyers get more aggressive?

明白了。最後，我要為賈斯汀說一句話。回到您對 5% 至 10% 買賣價差的評論，也許您現在最好的猜測是什麼突破了？是賣家期望值下降了嗎？或者您認為買家變得更加積極了嗎？

My best guess is that seller expectations break first and then buyers bridge whatever of the gap remains at that point. I think, certainly, internally, our expectation is that the 2 factors that I highlighted earlier, CapEx needs and refinancing risk will create greater motivation for sellers to transact. And with that motivation, our expectation is that we would begin to see greater flexibility around pricing. And some of that when we think about total transaction volume, to the extent we were to see a meaningful disruption in the macro that could set transaction volume back again to the extent we continue to see performance similar to what we're seeing today. So relative stability in the macro. And we begin to see increased pressure from the 2 factors that I've highlighted. My expectation would be that we would see a fairly dramatic increase in transaction volume as we move to the end of the year.

我最好的猜測是，賣方的期望首先被打破，然後買方彌補當時仍然存在的差距。我認為，當然，從內部來看，我們的預期是，我之前強調的兩個因素，即資本支出需求和再融資風險，將為賣家的交易創造更大的動力。有了這種動力，我們期望看到定價方面有更大的彈性。當我們考慮總交易量時，我們會看到宏觀層面出現重大中斷，這可能會使交易量再次回落到我們繼續看到與今天類似的表現的程度。因此宏觀上相對穩定。我們開始看到我所強調的兩個因素所帶來的壓力不斷增加。我的預期是，到年底時，交易量將會出現相當顯著的成長。

Our next question comes from Chris Darling with Green Street.

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

Justin, I know you're focused on growing opportunistically, but given how your equity cost of capital has trended in recent months, what are your current thoughts around selectively monetizing a portion of the portfolio potentially as a source of capital? Is that a consideration today? Or would you say that's pretty unlikely just given the state of the transaction market?

賈斯汀，我知道您專注於機會主義的成長，但考慮到最近幾個月您的股權資本成本趨勢，您目前如何考慮選擇性地將部分投資組合貨幣化作為潛在的資本來源？今天是否也考慮到了這一點？或者您認為，考慮到交易市場的現狀，這種情況不太可能發生？

I think our -- when we look at our portfolio, broadly speaking, we like the assets that we own. And so for strategic reasons, don't have a need to sell assets to purify the portfolio or to rightsize it with our existing strategy. That said, we are constantly in market having discussions with potential buyers around potential dispositions on an individual asset basis and on a portfolio basis. And to the extent we were to see incremental strength on the buy side, we would certainly be open to selling assets and redeploying capital into share repurchases, development deals and using the capital that we got from those transactions to fund CapEx. Because of the cash that our portfolio is currently generating, our expectation is that we will produce cash in excess of our dividend, which is and has been for some time, industry-leading. And I think current yield is somewhere around 6.5% for us.

我認為——當我們審視我們的投資組合時，廣義上講，我們喜歡我們擁有的資產。因此，出於策略性原因，我們不需要出售資產來淨化投資組合或根據現有策略調整其規模。也就是說，我們一直在市場上與潛在買家討論單一資產和投資組合的潛在處置。如果我們看到買方實力增強，我們肯定會願意出售資產，將資本重新部署到股票回購、開發交易中，並利用從這些交易中獲得的資本來資助資本支出。由於我們的投資組合目前正在產生現金，我們預計產生的現金將超過我們的股息，而股息在一段時間內一直處於行業領先地位。我認為我們目前的收益率大約在 6.5% 左右。

And so we will have cash to deploy either into new assets or share repurchases just from operations as well. So I think a tremendous amount of flexibility. Given debt markets today and what I've highlighted from a bid-ask spread, that bid-ask spread impacts us as potential sellers as well. And I think based on an expectation that we will see greater and more actually priced deal flow as we move through the year. We've been patient in pursuing other uses of capital to the extent we do not see changes in the environment, as I highlighted in my earlier response to one of the questions, we would pivot and become more aggressive in purchasing shares and potentially selling assets to fund those purchases. We believe there's a tremendous amount of value in our shares where they are currently purchased -- where they are currently priced. And really, our patience and pacing related to share buybacks has been largely related to what we anticipate will be incremental opportunities to drive even greater shareholder value through acquisitions in the near term.

因此，我們將有足夠的現金來部署到新資產或僅透過營運來回購股票。所以我認為這具有極大的靈活性。考慮到當今的債務市場以及我從買賣價差中強調的情況，買賣價差也會對我們作為潛在賣家產生影響。我認為，基於這樣的預期，隨著時間的推移，我們將看到更多、更實際定價的交易流。我們一直在耐心地尋求資本的其他用途，只要我們沒有看到環境的變化，正如我在之前回答其中一個問題時所強調的那樣，我們將轉向並更積極地購買股票，並可能出售資產來為這些購買提供資金。我們相信，我們的股票在目前的購買價位和定價下具有巨大的價值。實際上，我們在股票回購方面的耐心和節奏很大程度上與我們預期在短期內透過收購來推動更大股東價值的增量機會有關。

We are closing our question-and-answer session. Now I would like to turn the floor back over to Justin for closing comments.

我們的問答環節即將結束。現在我想把發言權交還給賈斯汀，請他發表最後評論。

We appreciate you taking time to join us for our first quarter earnings call. And as always, we hope that as you travel, you'll take the opportunity to stay with us at one of our hotels. And we look forward to seeing many of you in the not-too-distant future as we travel and meet with you on the road.

感謝您抽空參加我們的第一季財報電話會議。像往常一樣，我們希望您在旅行時能有機會入住我們的酒店。我們期待在不久的將來，在旅途中與你們相見。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。