Apple Hospitality REIT Inc (APLE) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Apple Hospitality REIT Second Quarter 2023 Earnings Call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Apple Hospitality REIT 2023 年第二季財報電話會議。 （操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Kelly Clarke, Vice President, IR. Please go ahead.

現在我想將會議交給 IR 副總裁 Kelly Clarke。請繼續。

Thank you, and good morning. Welcome to Apple Hospitality REIT's Second 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.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2023 年第二季財報電話會議。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. Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including in 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.

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。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（包括 2022 年 10-K 表格年度報告）中所述風險因素的限制，並且僅截至今天有效。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 referenced 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 second quarter of 2023 and an operational outlook for the remainder of the year. 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 2023 年第二季度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。

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 move into the back half of 2023, we are incredibly pleased with our performance year-to-date. And though we have limited visibility into the future, we have reason to be optimistic based on recent trends. Demand across our geographically diversified portfolio of rooms-focused hotels remain strong and drove year-over-year improvements in occupancy, ADR and RevPAR for the quarter.

早安，感謝您今天加入我們。隨著我們進入 2023 年下半年，我們對今年迄今為止的表現感到非常滿意。儘管我們對未來的預見有限，但根據最近的趨勢，我們有理由感到樂觀。我們地理分佈多樣化、以客房為中心的酒店組合的需求依然強勁，推動本季入住率、平均房價和每間可用客房收入同比增長。

Comparable hotels ADR increased by 5%, occupancy was up nearly 1% and RevPAR improved by 5% as compared to the second quarter of 2022. With occupancy still down 4% to second quarter 2019, comparable hotels ADR was 11% higher, and quarterly RevPAR was up 7%, our highest quarterly comparable hotels RevPAR growth relative to 2019 since the onset of the pandemic. Continued top line growth enabled us to achieve second quarter comparable hotels adjusted hotel EBITDA of $142 million, a 2% improvement over second quarter 2022.

與 2022 年第二季相比，可比飯店平均房價 (ADR) 上漲 5%，入住率上漲近 1%，每間可用客房收入 (RevPAR) 上漲 5%。儘管入住率較 2019 年第二季仍下降 4%，但可比飯店平均房價 (ADR) 上漲 11%，季度每間可用客房收入 (RevPAR) 上漲 7%，這是自疫情爆發以來，我們季度可比酒店每間可用客房收入 (RevPAR) 相對於 2019 年的最高增幅。持續的營收成長使我們第二季可比飯店調整後飯店 EBITDA 達到 1.42 億美元，比 2022 年第二季成長 2%。

With a fundamental shift in consumer spending, leisure travel continues to be robust, driving strong occupancies during the quarter and allowing for continued growth in rate. Steady improvement in business travel has bolstered midweek occupancy and rates for our hotels, further lifting overall portfolio performance. Based on preliminary results for the month of July and despite weaker performance around the 4th of July holiday, occupancy for our portfolio was 77%, and we continue to see growth in ADR.

隨著消費者支出的根本性轉變，休閒旅遊持續強勁，推動本季入住率強勁成長，並推動房價持續成長。商務旅行的穩定改善提高了我們飯店的周中入住率和房價，進一步提升了整體投資組合的表現。根據 7 月的初步結果，儘管 7 月 4 日假期期間業績表現較弱，但我們投資組合的入住率為 77%，並且 ADR 繼續增長。

Excluding the first week, preliminary portfolio RevPAR growth for July was comparable to second quarter driven both by rate and occupancy growth year-over-year. So we will have increasingly difficult top line comparisons as we progress through the second half of the year. Forward booking trends remained favorable. Leisure demand continues to be elevated to pre-pandemic levels, and we see steady improvement in business travel demand.

除第一週外，七月初步的投資組合 RevPAR 成長與第二季相當，這得益於房價和入住率的年增率。因此，隨著下半年的到來，我們的營收比較將會變得越來越困難。預訂趨勢依然良好。休閒需求持續升至疫情前的水平，商務旅行需求也穩定改善。

We have adjusted our annual guidance to reflect portfolio performance through the first half of the year and recent adjustments to consensus economic forecast resulting in a 100 basis point increase in comparable RevPAR growth guidance at the midpoint and a 10 basis point increase in the implied midpoint of comparable hotels adjusted hotel EBITDA margin.

我們已調整年度指引，以反映上半年的投資組合表現和近期對一致經濟預測的調整，導致可比 RevPAR 增長指引中點增加 100 個基點，可比酒店調整後酒店 EBITDA 利潤率的隱含中點增加 10 個基點。

Through continued rate growth and disciplined cost controls, we achieved a comparable hotels adjusted hotel EBITDA margin for the quarter of over 39% despite inflationary pressures and a challenging labor environment. Our corporate team works with industry-leading management companies at our hotels to share best practices, monitor real-time performance and focus on-site efforts to drive incremental profitability at our hotels without sacrificing cleanliness or overall guest satisfaction. As we move into the back half of the year, we expect both top line growth and expense growth to moderate with year-over-year comparisons impacted by more stabilized operations in the third and fourth quarter of 2022.

透過持續的房價成長和嚴格的成本控制，儘管面臨通膨壓力和嚴峻的勞動力環境，我們本季的可比飯店調整後飯店 EBITDA 利潤率仍達到 39% 以上。我們的公司團隊與我們酒店的行業領先管理公司合作，分享最佳實踐，監控實時性能並專注於現場努力，以在不犧牲清潔度或整體客人滿意度的情況下提高酒店的盈利能力。隨著進入下半年，我們預計營收成長和費用成長都將放緩，年增率將受到 2022 年第三季和第四季營運更加穩定的影響。

In order to ensure that our portfolio remains relevant and that our hotels compete effectively within their markets, we make regular strategic reinvestments, leveraging our scale and experience to maximize the value of dollars spent. During the first 6 months of the year, we invested approximately $28 million in various capital projects, and we anticipate spending a total of $70 million to $80 million during 2023. Planned capital expenditures include comprehensive renovations at 20 to 25 of our hotels.

為了確保我們的投資組合保持相關性並且我們的酒店在其市場中有效競爭，我們定期進行策略性再投資，利用我們的規模和經驗來最大化所花費資金的價值。今年前六個月，我們在各種資本項目上投資了約 2,800 萬美元，預計 2023 年的總支出將達到 7,000 萬至 8,000 萬美元。計劃中的資本支出包括對我們 20 至 25 家酒店進行全面翻新。

During the quarter, we transitioned hotel operations at our noncore independent hotel in New York City to a third party through a triple-net lease. As a result of the lease agreement, this property is excluded from our hotel and room counts effective May 2023 and will be considered a non-hotel property during the lease term. While not material to our overall consolidated performance, the terms of the agreement are financially beneficial to us and transfer responsibility for both day-to-day operations and ongoing capital expenditures to the tenant. We hold a security deposit and additional corporate level guarantee. In addition, we reserved the right to retain operational control should the third party not fulfill obligations under the lease.

在本季度，我們透過三重淨租賃將紐約市非核心獨立酒店的酒店營運權轉讓給第三方。根據租賃協議，自 2023 年 5 月起，該房產將不計入我們的酒店和客房數量，並在租賃期內被視為非酒店房產。雖然該協議的條款對我們的整體合併表現並不重要，但它對我們在財務上有利，並將日常營運和持續資本支出的責任轉移給承租人。我們持有保證金和額外的公司級擔保。此外，如果第三方不履行租賃義務，我們保留保留營運控制權的權利。

Overall, the transaction market, while still relatively quiet, seems to be opening up, and we anticipate deal volume will increase as the year progresses. We continue to underwrite numerous potential acquisitions opportunities, seeking hotels in business-friendly markets with multiple demand generators, where we anticipate future growth. We have tremendous transaction experience, which combined with our available balance sheet capacity and deep industry relationships positions us to drive incremental shareholder value by enhancing and growing our portfolio when conditions are optimal.

總體而言，交易市場雖然仍然相對平靜，但似乎正在開放，我們預計隨著時間的推移，交易量將會增加。我們將繼續承保眾多潛在的收購機會，尋找位於商業友善市場且擁有多個需求產生器的飯店，我們預計這些市場未來將實現成長。我們擁有豐富的交易經驗，再加上我們可用的資產負債表能力和深厚的行業關係，使我們能夠在最佳條件下透過增強和擴大我們的投資組合來推動股東價值的增加。

In June, we acquired the previously announced and newly renovated 154-room Courtyard Cleveland University Circle for $31 million or approximately $201,000 per key. The hotel is in the heart of the University Circle District, a premier educational, medical and social district on the east side of Cleveland.

6 月份，我們以 3,100 萬美元（每間客房約 201,000 美元）收購了先前宣布並新裝修的克利夫蘭大學圈萬怡酒店，該酒店擁有 154 間客房。該飯店位於大學圈區中心，這是克利夫蘭東部首屈一指的教育、醫療和社會區。

During the quarter, we also entered into a contract for the purchase of a to-be-developed Motto by Hilton in Downtown Nashville with an estimated 256 guestrooms for approximately $97 million. The hotel will be located in the heart of Downtown Nashville, near well-known leisure attractions, including the Country Music Hall of Fame and Bridgestone Arena. This will be our first hotel under the Motto flag, and we believe the brand's offerings are ideal for this particular location, providing flexible guestrooms, curated bar and dining experiences and an overall great landing spot for both business and leisure travelers. We currently anticipate development will be complete in 2025.

本季度，我們還簽訂了購買位於納許維爾市中心的希爾頓 Motto 酒店的合同，該酒店預計擁有 256 間客房，售價約為 9,700 萬美元。該飯店位於納許維爾市中心，靠近鄉村音樂名人堂和普利司通競技場等著名休閒景點。這將是我們旗下第一家 Motto 品牌飯店，我們相信品牌的產品非常適合這個特定的地點，提供靈活的客房、精心策劃的酒吧和餐飲體驗，以及商務和休閒旅客的絕佳落腳點。我們目前預計開發將於 2025 年完成。

Construction at the Embassy Suites in Madison, Wisconsin, which we also have under contract, is on track for completion in early 2024. The hotel will be located in the heart of Downtown Madison within walking distance of the Monona Terrace Community and Convention Center, the State Capital and the University of Wisconsin.

位於威斯康辛州麥迪遜的 Embassy Suites 酒店也已簽約建設，預計將於 2024 年初竣工。飯店位於麥迪遜市中心，步行即可抵達莫諾納露台社區和會議中心、州首府和威斯康辛大學。

As we underwrite potential acquisitions opportunities, we are also mindful of our ability to drive incremental shareholder value through the repurchase of our shares when there are dislocations in the market. During the quarter, we repurchased approximately 226,000 shares at a weighted average purchase price of approximately $14.47 per share for an aggregate purchase price of approximately $3 million. The shares were repurchased in open market transactions under the share repurchase program, including pursuant to written trading plans intended to comply with rule 10b5-1. We have approximately $335 million remaining under this program.

當我們承保潛在的收購機會時，我們也會留意在市場出現混亂時透過回購股票來推動股東價值成長的能力。本季度，我們以每股約 14.47 美元的加權平均購買價回購了約 226,000 股，總購買價約為 300 萬美元。這些股票是根據股票回購計劃在公開市場交易中回購的，包括根據旨在遵守規則 10b5-1 的書面交易計劃。該計劃下我們還剩下大約 3.35 億美元。

Supported by our strong operating performance, we have led our peers in post-pandemic dividend payments. During the quarter, we paid distributions totaling $0.24 per share. Based on Wednesday's closing stock price, our annualized distribution of $0.96 per share represents an annual yield of approximately 6.4%. Together with our Board of Directors, we will continue to monitor our distribution rate and timing relative to the performance of our hotels and other potential uses of capital.

在強勁的經營業績支撐下，我們在疫情後的股息支付方面領先於同業。本季度，我們支付的分配總額為每股 0.24 美元。根據週三的收盤股價，我們的每股 0.96 美元的年化分配金額相當於年收益率約為 6.4%。我們將與董事會一起，繼續監控相對於酒店業績和其他潛在資本用途的分配率和時間。

As we enter the second half of the year, the fundamentals of our business remain favorable with continued strength in demand and limited near-term supply growth. 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 incremental demand. And our combined acquisitions and dispositions activity has positioned us to produce better portfolio margins and to drive greater profitability over time.

進入下半年，我們的業務基本面依然良好，需求持續強勁，短期供應成長有限。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，這使我們能夠從增量需求中獲得有意義的利益。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。

Our strategy was designed to create an asymmetrical risk profile, mitigating downside risk while providing significant opportunity for upside. Our portfolio of upscale rooms-focused hotels is broadly diversified across a wide variety of markets and demand generators. 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.

我們的策略旨在創造一個不對稱的風險狀況，減輕下行風險，同時提供巨大的上行機會。我們的以高檔客房為主的飯店組合廣泛分佈於各種市場和需求來源。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。

Underlying the strength of our portfolio is a balance sheet with low leverage and financial flexibility, a consistent reinvestment in effective portfolio management strategy and a dedicated corporate team with extensive industry experience. While we have reason to be optimistic about the trajectory of our industry and our portfolio specifically, I am confident we are well positioned to continue to outperform and maximize shareholder value in any macroeconomic environment.

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、對有效投資組合管理策略的持續再投資以及擁有豐富行業經驗的專業企業團隊。雖然我們有理由對我們的產業和投資組合的發展軌跡感到樂觀，但我相信，在任何宏觀經濟環境下，我們都有能力繼續表現出色並實現股東價值最大化。

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. We are pleased to report another strong quarter for our portfolio of hotels. Comparable hotels total revenue was $361 million for the quarter and $671 million (sic) [$673 million] for the first half of the year, up 6% and up more than 11% as compared to the same periods of 2022, respectively. Continued strength in leisure demand and recovery in business travel during the quarter enabled us to achieve comparable hotels RevPAR of $126, a 5% increase over second quarter 2022, ADR of $161, up 5%, and occupancy of 78%, up nearly 1% to second quarter 2022.

謝謝你，賈斯汀，早安。我們很高興地報告，我們的酒店組合又一個季度表現強勁。本季可比飯店總營收為 3.61 億美元，上半年可比飯店總營收為 6.71 億美元（原文如此）[6.73 億美元]，與 2022 年同期相比分別成長 6% 和成長 11% 以上。本季休閒需求持續強勁及商務旅遊復甦，使我們實現了可比飯店每間可用客房收入 (RevPAR) 達到 126 美元，較 2022 年第二季度增長 5%；平均房價 (ADR) 達到 161 美元，增長 5%；入住率達到 78%，較 2022 年第二季度增長近 1%。

Year-to-date through June, comparable hotels ADR was up 7% and occupancy was up 4%, with RevPAR up 11% compared to the same period of 2022. As a reminder, comparable RevPAR for our portfolio stabilized with performance generally at or above 2019 levels during the second quarter 2022. Having moved past the first quarter where comparisons to the prior year were heavily impacted by Omicron-related travel disruptions, we believe comparisons to 2022 are, in most cases, more useful and relevant. As a result, we have largely transitioned away from comparisons to 2019.

截至 6 月，年初至今，可比飯店 ADR 上漲 7%，入住率上漲 4%，RevPAR 上漲 11%，比 2022 年同期相比。需要提醒的是，我們投資組合中的可比 RevPAR 在 2022 年第二季表現穩定，業績基本上達到或超過 2019 年的水準。在第一季度，與去年的比較受到與 Omicron 相關的旅行中斷的嚴重影響，我們認為，在大多數情況下，與 2022 年的比較更有用、更相關。因此，我們基本上已經不再與 2019 年進行比較。

Leisure travel continued to be elevated during the quarter. April, May and June weekend occupancies were 82%, 84% and 83%, respectively. Increased business demand gradually improved year-over-year, supporting average weekday occupancies of 75% in April, 74% in May and 79% in June. Midweek occupancies have continued to strengthen the last 3 weeks in July, indicative of improvements in business travel with continued strength in shoulder nights and weekend leisure demand.

本季休閒旅遊持續升溫。四月、五月和六月的週末入住率分別為 82%、84% 和 83%。商業需求的成長與去年同期相比逐漸改善，支持 4 月工作日平均入住率達到 75%，5 月達到 74%，6 月達到 79%。 7 月最後 3 週，周中入住率持續走高，顯示商務旅行有所改善，夜間和週末休閒需求持續強勁。

In terms of same-store room night channel mix, brand.com bookings increased slightly at 40% for the quarter. OTA bookings increased from 11% in the first quarter to 12% in the second quarter, likely driven by some leisure travel. Property direct bookings moved from 26% in the first quarter to 25%, and GDS bookings remained in line with the first quarter at 17% during the second quarter and up 1.5 points compared to the second quarter 2022, showing continued strength in business travel demand.

就同​​店客房住宿通路組合而言，本季 brand.com 預訂量小幅成長 40%。 OTA預訂量從第一季的11%增長至第二季度的12%，這可能是受到一些休閒旅遊的推動。飯店直接預訂量從第一季的 26% 上升至 25%，GDS 預訂量在第二季與第一季持平，為 17%，較 2022 年第二季上升 1.5 個百分點，顯示商務旅遊需求持續強勁。

Looking at second quarter same-store segmentation, VaR remained strong at 33% in the second quarter. Other discounts increased seasonally from 27% to 28% in the quarter and group remained stable at 15%, which is still elevated to the same period in 2019. And the negotiated segment was 18% of our mix, up slightly to the same period in 2022, but down to 2019.

從第二季同店細分來看，第二季的 VaR 仍保持強勁，為 33%。本季度，其他折扣從 27% 季節性增長至 28%，集團折扣保持穩定在 15%，但仍高於 2019 年同期的水平。協商部分占我們產品組合的 18%，略高於 2022 年同期，但低於 2019 年。

Turning to expenses. Total payroll per occupied room for our same-store hotels was just under $37 for the quarter, down slightly to the first quarter, but up meaningfully to the same period in 2022, when challenges rehiring associates resulted in our hotels being temporarily understaffed. While third and fourth quarter year-over-year comparisons will reflect more stable staffing levels in the back half of 2022, we anticipate that higher wages for full and part-time employees and higher utilization of contract labor will continue to result in elevated cost per occupied room relative to pre-pandemic levels.

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 37 美元，較第一季略有下降，但與 2022 年同期相比有顯著上升，當時由於重新僱用員工的困難導致我們的飯店暫時人手不足。雖然第三季和第四季的同比數據將反映出 2022 年下半年更穩定的人員配備水平，但我們預計，全職和兼職員工的工資上漲以及合約工的利用率提高將繼續導致每間客房的成本相對於疫情前的水平上升。

We will continue to balance productivity initiatives with our efforts to train and celebrate associates and 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.

我們將繼續在生產力計劃與培訓和表彰員工的努力之間取得平衡，並維持有利於吸引和留住頂尖人才的積極工作環境。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。

Strong rate growth and a focus on cost controls in a challenging labor and inflationary environment enabled us to achieve comparable hotels adjusted hotel EBITDA of approximately $142 million for the quarter and $249 million for the 6 months ended June 30, up 2% and 9% to the same periods of 2022, respectively. Comparable hotels adjusted hotel EBITDA margin was strong at 39.3% for the quarter and 37.2% year-to-date through June, down 160 basis points and 80 basis points to the same periods in 2022, respectively.

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，使我們實現了可比酒店調整後酒店 EBITDA（本季度約為 1.42 億美元）和截至 6 月 30 日的 6 個月約為 2.49 億美元，分別比 2022 年同期增長 2% 和 9%。可比飯店調整後飯店 EBITDA 利潤率在本季表現強勁，為 39.3%，年初至今（截至 6 月）為 37.2%，分別比 2022 年同期下降 160 個基點和 80 個基點。

As we have stated on past calls, we believe that long-term margin expansion for the industry and our portfolio will be largely conditioned on our ability to grow rate. So with inflation figures coming down and hotels more appropriately staffed, we expect near-term growth in operating expenses to moderate relative to the significant increases we have seen in recent quarters.

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。因此，隨著通膨數據下降和飯店人員配備更加合理，我們預計近期營運費用的成長相對於最近幾季的大幅成長將會有所放緩。

Adjusted EBITDAre for the second quarter was $129 million and year-to-date was $224 million, up 2% and 10% to the same periods of 2022, respectively. MFFO for the quarter was $111 million and year-to-date was $190 million, up nearly 1% and 9% as compared to the same periods of 2022, respectively.

第二季調整後 EBITDAre 為 1.29 億美元，年初至今為 2.24 億美元，分別比 2022 年同期成長 2% 和 10%。本季 MFFO 為 1.11 億美元，年初至今為 1.9 億美元，與 2022 年同期相比分別成長近 1% 和 9%。

Looking at our balance sheet. As of June 30, 2023, we had $1.4 billion in total outstanding debt, approximately 3.2x 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 $287 million in property-level debt secured by 15 hotels and approximately $1.1 billion outstanding on our unsecured credit facility.

查看我們的資產負債表。截至 2023 年 6 月 30 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 3.2 倍，加權平均利率為 4.3%。總未償債務（不包括未攤銷債務發行成本和公允價值調整）包括由 15 家酒店擔保的約 2.87 億美元的房地產級債務和我們無擔保信貸額度的未償債務約 11 億美元。

At the end of the quarter, our weighted average debt maturities were 4.1 years. We had cash on hand of approximately $6 million and availability under our revolving credit facility of approximately $626 million, and approximately 79% of our total debt outstanding was fixed or hedged. In July, we entered into an amendment of our $225 million term loan facility, which extended the maturity of the existing $50 million term loan by 2 years to August 2, 2025 and aligned to the maturity date with the other term loan in the broader $225 million facility.

截至本季末，我們的加權平均債務期限為 4.1 年。我們手頭上有大約 600 萬美元的現金，循環信貸額度下可用的現金約為 6.26 億美元，而且我們未償還債務總額的約 79% 是固定的或對沖的。 7 月份，我們對 2.25 億美元定期貸款協議進行了修訂，將現有 5,000 萬美元定期貸款的到期日延長 2 年至 2025 年 8 月 2 日，並與更廣泛的 2.25 億美元貸款協議中其他定期貸款的到期日保持一致。

We continue to be grateful for our supportive and long-standing lender relationship as further demonstrated by this recent amendment. Valuable swap agreements and most importantly, low overall leverage levels helped mitigate the impact of the current interest rate environment.

我們繼續感謝我們長期以來的支持性貸款關係，最近的修訂進一步證明了這一點。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 year-to-date performance for our portfolio and a slightly more favorable consensus economic view for the back half of the year, we have made the following adjustments to our annual guidance.

轉變我們的視角。鑑於我們投資組合今年迄今的表現以及對下半年略微樂觀的經濟預期，我們對年度指引做出了以下調整。

We now anticipate comparable hotels RevPAR growth to be between 4% and 8%, 100 basis points higher on both the high and low end; comparable hotels adjusted hotel EBITDA margin to be between 35.4% and 37%, an increase of 10 basis points on both the high and low end; adjusted EBITDAre to be between $417 million and $452 million, a decrease of $5 million on the high end and $3 million on the low end of our previously provided guidance range; net income to be between $163 million and $202 million, a decrease of $7 million on the high end and $2 million on the low end relative to our previously provided guidance; and capital expenditures to be between $70 million and $80 million.

我們現在預計可比飯店的 RevPAR 成長率將在 4% 至 8% 之間，高端和低端均高出 100 個基點；可比飯店調整後飯店 EBITDA 利潤率在 35.4% 至 37% 之間，高端和低端均增加了 10 個基點；調整後的 EBITDA 將在高端萬美元，低端減少 300 萬美元；淨收入在 1.63 億美元至 2.02 億美元之間，與我們之前提供的指導相比，高端減少 700 萬美元，低端減少 200 萬美元；資本支出在7000萬美元至8000萬美元之間。

The reduction in the midpoint of our guidance for net income and adjusted EBITDAre is primarily a result of higher anticipated general and administrative expenses associated with outperformance of our relative shareholder return metrics, which are components of our incentive plan. Note that comparable hotels RevPAR change and comparable hotels adjusted hotel EBITDA margin guidance include properties acquired as if the hotels were owned as of January 1, 2022, exclude dispositions and assets held for sale since January 1, 2022, and exclude 1 non-hotel property, our New York asset, Hotel 57, where hotel operations have been leased to a third party.

我們對淨收入和調整後 EBITDA 的預期中點的減少，主要是由於預期一般和行政費用增加，這與我們的相對股東回報指標的優異表現有關，而這些指標是我們激勵計劃的組成部分。請注意，可比飯店 RevPAR 變化和可比較飯店調整後飯店 EBITDA 利潤率指引包括自 2022 年 1 月 1 日起收購的物業，如同飯店擁有所有權一樣，不包括自 2022 年 1 月 1 日起處置和持有待售的資產，並且不包括 1 處非飯店物業，即我們的紐約飯店資產。

Our outlook continues to reflect a broader range of comparable hotels RevPAR change and other key metrics for 2023 due to our lack of visibility given the short-term booking window for our hotels and some continued macroeconomic uncertainty. As a reminder, we expect top line comparisons to be more challenging in the back half of the year, given the strength of our portfolio's performance over the same period in 2022. We are encouraged by recent trends and the strength of fundamentals for our business, and we'll continue to assess guidance in the context of actual performance for our hotels and changing consensus views related to the broader economy.

由於我們酒店的短期預訂窗口和持續存在的宏觀經濟不確定性，我們缺乏可見性，因此我們的展望將繼續反映 2023 年可比酒店 RevPAR 變化和其他關鍵指標的更廣泛的變化。提醒一下，鑑於我們投資組合在 2022 年同期的強勁表現，我們預計下半年的營收比較將更具挑戰性。近期趨勢和業務基本面的強勁令我們感到鼓舞，我們將繼續根據酒店的實際表現和與整體經濟相關的不斷變化的共識觀點來評估指引。

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

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。我們的差異化策略已證明其在經濟週期中具有韌性。我們的資產負債表強勁，流動性充足，我們打算把握機會進行增值交易。我們的資產狀況良好，持續的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。我們相信，我們的業務基本面繼續保持良好，供應動態良好，使我們能夠從增量需求中受益。

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) The first question comes from Austin Wurschmidt with KeyBanc Capital Markets.

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

I wanted to start off a little bit on the midweek travel comments. Your July commentary felt a lot like your commentary about April, and that both months started out a little bit soft due to some holiday weakness around the holiday. And then midweek demand kind of accelerated through each respective month in the following weeks. What are sort of the latest thoughts and optimism that there's upside and sustainable strength in midweek demand? And what does that say about pricing power? Because I believe this was kind of a big component of your ability to drive rate.

我想先簡單談談周中旅行的評論。您對 7 月的評論與對 4 月的評論非常相似，並且由於假期期間的一些假期疲軟，這兩個月的開局都有些疲軟。在隨後的幾週內，每個月的周中需求都會加速成長。您對周中需求具有上行潛力和可持續實力的最新想法和樂觀看法是什麼？這說明定價權怎麼樣？因為我相信這是你推動速度的能力的一個重要組成部分。

So you're correct. The trends that we saw after the first week in July were meaningfully different than that week. And part of it is the timing of the holiday. As you know, as operations for our portfolio become more normal, we see -- we have greater dependence on business travel. And with the 4th of July holiday falling midweek, we were unable to push midweek occupancies. And as a result, that particular week was softer.

所以你是對的。七月第一週之後我們看到的趨勢與那一週有顯著不同。其中一部分原因在於假期的時間。如您所知，隨著我們投資組合的運作變得更加正常，我們發現—我們對商務旅行的依賴越來越大。而且由於 7 月 4 日假期恰逢周中，我們無法提高周中的入住率。因此，那一週的業績比較疲軟。

If you peel out the first week of July and look only at the remaining weeks, Liz highlighted in her remarks that performance for those weeks was in line with the growth that we saw in the quarter, which was significant, so with the weak flat performance essentially year-over-year and without meaningful growth in RevPAR. And I think for that reason, it would be a mistake to look at the month as a whole and draw conclusions about business travel.

如果只看 7 月的第一周，剩下的幾週，Liz 在她的評論中強調，這幾週的業績與我們在本季度看到的增長一致，這是非常顯著的，因此業績同比基本持平，RevPAR 沒有出現明顯增長。因此，我認為，僅從整個月的情況來判斷商務旅行情況是錯誤的。

We've continued to see, as we move into August, good year-over-year growth in midweek occupancy and continue to feel good about the return of business travel.

進入八月份，我們繼續看到周中入住率同比增長良好，並且繼續對商務旅行的回歸感到樂觀。

And Austin, related to your question on rate, we have started to see where midweek occupancies are in the high-80s and low-90s are approaching the 90s on Tuesday, Wednesday nights. We've seen a little bit incremental rate on those nights from a growth perspective from what we had been seeing. So we're continuing to see some improvement there. Similarly to what we've said about business trends overall, it's not as quick as we'd like, but we're still seeing positive trends. So that certainly gives us optimism.

奧斯汀，關於您關於房價的問題，我們已經開始看到周中入住率在 80 多歲和 90 多歲出頭，週二、週三晚上的入住率接近 90 多歲。從成長角度來看，與以往相比，這些夜晚的成長率略有增加。因此，我們繼續看到那裡的一些改善。與我們所說的整體商業趨勢類似，它並不像我們所希望的那麼快，但我們仍然看到積極的趨勢。這確實為我們帶來了樂觀。

As we think about the 4th of July holiday and the fact that it fell on a Tuesday, the fact that it did impact our results so much that week, and we bounced back again, it's just a really positive trend for sort of normalized performance for our portfolio overall with business transient coming back. We did feel that week for the month overall and then rebounded nicely. As we look forward, average daily bookings for August are up, which is a positive as we look forward. And indications from our management companies to have August and the fall looking better.

當我們考慮到 7 月 4 日假期恰逢星期二，這確實對我們的那一周業績產生了很大影響，但我們又恢復了，這對我們整體投資組合的正常表現來說是一個非常積極的趨勢，業務瞬時回升。整個月我們確實感受到了那種感覺，然後又很好地反彈了。展望未來，八月份的平均每日預訂量將會上升，這對我們而言是一個正面的訊號。我們的管理公司表示，八月和秋季的情況會更好。

So I think we still remain encouraged. It's interesting and it's -- you're looking at the results week-to-week, as are we. And you have 4th of July week and then you see it bounce back. The growth rates have moderated, but we are continuing to approach high-80s, low-90 occupancies on Tuesday, Wednesday nights, which is encouraging.

所以我認為我們仍然受到鼓舞。這很有趣，而且——你們和我們一樣，每週都在查看結果。然後到了 7 月 4 日那週，你會看到它反彈。成長率已經放緩，但週二、週三晚上的入住率仍然接近 80 多、90 多，這是令人鼓舞的。

And so with kind of the ADR growth driving RevPAR in the second quarter, maybe softening a little bit in June, I guess what is the RevPAR guide in the back half of the year, RevPAR and margin guide? I assume it -- is it more heavily weighted towards ADR still? Or does it become a little more balanced between occupancy and ADR?

因此，由於 ADR 成長推動了第二季的 RevPAR，6 月可能會略有減弱，我猜下半年的 RevPAR 指南、RevPAR 和利潤率指南是什麼？我認為——它是否仍然更傾向於 ADR？或者入住率和 ADR 之間會變得更加平衡？

Yes. Austin, sorry to catch off, yes, more balanced. I mean, overall, when you look at how we're projecting the back half of the year, we continue to see an ability to grow rate, but certainly have some occupancy growth built in as well, where you're starting to see business travel demand come back or continue to come back and assuming that you're not seeing meaningful pullback in leisure. Certainly, variations on the high and low end from that, but...

是的。奧斯汀，很抱歉打斷了你，是的，更加平衡了。我的意思是，總的來說，當你看看我們對下半年的預測時，我們繼續看到增長率的能力，但肯定也有一些內置的入住率增長，你開始看到商務旅行需求回升或繼續回升，假設你沒有看到休閒方面的明顯回落。當然，高端和低端會有所不同，但是...

The next question comes from Dori Kesten with Wells Fargo.

下一個問題來自富國銀行的 Dori Kesten。

As your occupancy continues to rise in the second half, are you still comfortable with your current staffing levels?

隨著下半年入住率持續上升，您對目前的員工水準還滿意嗎？

Generally, yes. When we look across our portfolio, and obviously, there are variations by market, we've been able to largely restaff our hotels to levels that we feel comfortable with, given the adjustments that have been made to overall brand standards. And I think on the margin, incremental occupancy should lead to some productivity gains as we have greater utilization of existing staff.

一般來說是的。當我們審視我們的投資組合時，顯然每個市場都存在差異，考慮到對整體品牌標準所做的調整，我們已經能夠將酒店人員配置到我們感到舒適的水平。我認為，從邊際上來說，隨著現有員工利用率的提高，入住率的提高應該會帶來一些生產力的提高。

The trick for our portfolio is it's a blend. And so, certainly, within that portfolio, we have some markets that have been slower to rebound, that are just now beginning to see more significant increases in occupancy. And obviously, in those markets, we would be hiring to accommodate the incremental demand. But by and large, we see our portfolio as being stable. And for that reason, we've highlighted that we expect overall expense growth to begin to moderate as we move into the back half of the year.

我們的投資組合的訣竅在於混合。因此，當然，在該投資組合中，我們的部分市場反彈較慢，現在才開始看到入住率更顯著的成長。顯然，在這些市場，我們會招募員工來滿足不斷成長的需求。但總體而言，我們認為我們的投資組合是穩定的。因此，我們強調，預計進入下半年，整體支出成長將開始放緩。

Okay. And I mean you have a history of acquiring portfolios. But what's your level of interest today? And are there any of interest out there?

好的。我的意思是說你有收購投資組合的歷史。但是您今天的興趣程度如何？那裡有什麼有趣的東西嗎？

I think we continue to underwrite individual assets and larger portfolios. We know that the most significant governor for us is fit with our existing portfolio. And so as we look at larger portfolios, we're looking or narrowing our focus to those portfolios that provide product and market concentration that fits well with the portfolio that we currently own. So I think we're most interested in a subset of the potential transactions that happened there.

我認為我們會繼續承保個人資產和更大的投資組合。我們知道，對我們來說最重要的調節器是適合我們現有的投資組合。因此，當我們審視更大的投資組合時，我們會將重點縮小到那些提供與我們目前擁有的投資組合非常契合的產品和市場集中度的投資組合。所以我認為我們最感興趣的是那裡發生的部分潛在交易。

In the near term, I think we continue to assume that the bulk of the transactions that happened in the overall market and certainly, the bulk of transactions that we will be involved in, will be smaller transactions, either involving individual assets or smaller portfolios less than 10 hotels. But as we continue to move through the next several months that could certainly change.

在短期內，我認為我們繼續假設整個市場中發生的大部分交易，當然，我們將參與的大部分交易將是較小的交易，涉及單一資產或少於 10 家酒店的較小投資組合。但隨著未來幾個月的繼續推進，情況肯定會改變。

Generally speaking, larger portfolios come to market when the financing environment is more supportive of them. But the challenges in the financing market could also drive some of those larger portfolios to market as groups are looking at refinancing at higher cost. So I think our interest continues to be there. There are a number of portfolios that we feel would be reasonably good fits for our portfolio. And I think we're uniquely positioned to pursue those as they become available.

一般來說，當融資環境更支持時，更大的投資組合就會進入市場。但由於各大集團正在考慮以更高的成本進行再融資，融資市場的挑戰也可能迫使一些較大的投資組合進入市場。所以我認為我們的興趣依然存在。我們認為有許多投資組合相當適合我們的投資組合。我認為，我們擁有獨特的優勢，可以在這些技術可用時追求它們。

The next question comes from Tyler Batory with Oppenheimer.

下一個問題來自奧本海默公司的泰勒·巴托里。

So there's been a lot of focus on leisure travel the past couple of days. And in the prepared comments, you mentioned that leisure travel continues to be strong. Any more details you could provide on that? What does weekend travel look like? What does pricing power look like?

因此，過去幾天人們非常關注休閒旅遊。在準備好的評論中，您提到休閒旅遊持續強勁。能提供更多詳細資訊嗎？週末旅行是什麼樣的？定價權是什麼樣的？

And then additionally, can you ballpark what percentage of your mix you would consider to be leisure transient right now? And if I could just squeeze in one more. Most of your leisure demand, I'm assuming it's partially people on vacation, but I would also assume that you may have some different drivers than peers that have larger resort hotels. So if you could just talk about what really drives your leisure mix and your leisure travel, I think that would be helpful, too.

另外，您能否估算一下目前您的組合中有多少比例是屬於休閒短暫的？如果我能再擠進一個就好了。我認為，你們的大部分休閒需求部分來自度假的人，但我還認為，與擁有較大度假酒店的同行相比，你們可能有一些不同的驅動因素。因此，如果您能談論真正推動您的休閒組合和休閒旅行的因素，我認為這也會有所幫助。

Maybe we'll work backwards with those questions. And certainly, to the extent we fail to address any of them, feel free to raise them, and I'll start and maybe Liz can chime in. But speaking to the types of leisure business that we have in our hotels, given the broad diversification of our portfolio, that varies somewhat by market, but broadly speaking, includes people who are traveling on vacation. And certainly, we have certain assets like Virginia Beach assets or the hotels that we own in Portland, Maine, that see a greater percentage of leisure travelers traveling for vacations.

也許我們可以反過來思考這些問題。當然，如果我們未能解決其中任何一個問題，請隨意提出，我會開始，也許莉茲可以插話。但談到我們酒店的休閒業務類型，鑑於我們投資組合的多樣化，這因市場而異，但從廣義上講，包括度假旅行的人。當然，我們擁有某些資產，例如維吉尼亞海灘資產或我們在緬因州波特蘭擁有的飯店，這些資產吸引了更多休閒旅客前來度假。

But outside of that, we see significant leisure travel associated with major family events like weddings and a tremendous amount of sports team related business. And outside of that, there are a number of other categories. But broadly speaking, those tend to be the biggest leisure demand drivers for our portfolio.

但除此之外，我們也看到與婚禮等重大家庭活動相關的大量休閒旅遊以及大量與運動團隊相關的業務。除此之外，還有許多其他類別。但從廣義上講，這些往往是我們投資組合中最大的休閒需求驅動因素。

Looking at demand across our portfolio, and I think partly perhaps because we're not solely dependent on vacation goers for leisure travel. We've seen stability in occupancies, looking at the past 3 or 4 months together on the weekends and I think reflecting continued strength in demand there. Obviously, we saw meaningful improvement early in the recovery in leisure travel, which propped up our weekend occupancies and even pushed them beyond pre-pandemic levels. Those occupancies have held relatively stable with obvious variations from market to market, and it put us in a position to continue to drive rates.

從我們整個投資組合的需求來看，我認為部分原因可能是我們不完全依賴度假者進行休閒旅遊。我們看到入住率保持穩定，回顧過去 3 或 4 個月的周末情況，我認為這反映出那裡的需求持續強勁。顯然，我們在休閒旅遊復甦初期就看到了有意義的改善，這支撐了我們的周末入住率，甚至超過了疫情前的水平。這些入住率保持相對穩定，但各個市場之間存在明顯差異，這使我們能夠繼續提高入住率。

So looking at RevPAR specific to the weekends in the quarter, we continued to see growth and even as we pushed past the quarter into July. And I'm trying to remember what your first question was now that I've worked backwards to the 3.

因此，從本季週末的具體 RevPAR 來看，我們繼續看到成長，甚至在本季進入 7 月之後也是如此。現在我試著回想你的第一個問題是什麼，我已經回溯到 3 了。

Yes, just maybe ballpark the percentage of your transient guests that you would consider leisure versus corporate.

是的，也許可以估算一下您認為休閒旅客和商務旅客的臨時旅客的比例。

Yes. I think we still estimate right around 50-50 split, which skews heavier to leisure than our business was pre-pandemic. And a portion of that, I think, is a shift in the makeup of our portfolio. But more significantly, I think that mix continues to be influenced by the higher weekend occupancies that have been maintained even as we've moved into the year.

是的。我認為我們仍然估計業務佔比在 50-50 左右，這比疫情前的業務更偏向休閒業務。我認為，其中一部分是我們投資組合構成的轉變。但更重要的是，我認為這種組合繼續受到週末入住率較高的影響，即使進入今年，這種入住率仍然保持不變。

The next question comes from Anthony Powell with Barclays.

下一個問題來自巴克萊銀行的安東尼·鮑威爾。

I guess a question on supply growth. I just know it's going to be pretty limited in most of your markets for the next couple of years, but it seems like you're able to do some developer deals like Motto in Nashville. I guess when do you think supply growth may tick back up across your markets? Is it '24 or '25? Or just broadly comment on that would be really helpful.

我想問的是有關供應成長的問題。我只知道未來幾年在你們的大多數市場上，這將會非常有限，但看起來你們能夠像納許維爾的 Motto 那樣進行一些開發商交易。我想您認為什麼時候您的市場供應量會回升呢？是 '24 還是 '25？或者只是廣泛地評論一下這一點就會很有幫助。

I mean, I highlighted in my prepared remarks that we still have roughly 50% of our markets that don't have any new supply under construction within a 5-mile radius of our assets. I think given time from start to completion, that pushes the potential for new supply in those markets out a couple of years, so beyond kind of the framework that you set. And then in the other 50 -- roughly 50% of our markets, we'll have 1 or 2 assets generally under construction.

我的意思是，我在準備好的演講中強調過，我們資產周圍 5 英里範圍內仍有大約 50% 的市場沒有正在建造的新供應。我認為，從開始到完成的時間會將這些市場的新供應潛力推遲幾年，超出您設定的框架。而在另外 50% 左右的市場中，我們通常會有 1 或 2 項資產正在興建中。

And I think all of that meaningfully below what we saw pre-pandemic, where roughly 70% of our portfolio had exposure. As we look at impediments to supply, there continue to be several. Certainly, some of the uncertainty from a cost standpoint has come out of the equation, meaning that developers and GCs are in a better position today, I think, to estimate costs, which have and we believe will continue to be higher than they were pre-pandemic. But looking back 6 to 12 months, most of those groups were hedging just based on the significant run-up that had happened over a short period of time and some unpredictability based on availability of labor and supply chain challenges.

我認為所有這些都明顯低於疫情前的水平，當時我們投資組合中約有 70% 存在風險敞口。當我們審視供應障礙時，我們發現仍然存在一些障礙。當然，從成本角度來看，一些不確定性已經消失，這意味著我認為開發商和總承包商現在能夠更好地估算成本，而我們認為，成本已經並且將繼續高於疫情前的水平。但回顧過去 6 到 12 個月，大多數集團只是根據短時間內出現的大幅上漲以及勞動力可用性和供應鏈挑戰帶來的一些不可預測性來進行對沖。

I think, today, the cost of construction continues to be a limiter on new supply growth in individual markets. And a significant portion of that cost, and a meaningful component of it, is the increased financing costs. So to the extent financing is available and it's still more limited than it has been at other points in the cycle, it comes at a higher cost, and that cost further inflates what are already costs that are inflated to pre-pandemic levels.

我認為，今天，建築成本仍然是個別市場新供應成長的限制因素。其中很大一部分成本，以及一個有意義的組成部分，是增加的融資成本。因此，在融資可行的範圍內，如果融資仍然比週期中的其他階段更有限，那麼成本就會更高，而這些成本會進一步推高已經膨脹到疫情前水準的成本。

And what that tends to do is limit the number of markets where you can justify construction projects. It also, and I think, importantly, makes our construction takeout more attractive because in some cases, it puts developers in a position to obtain more reasonably priced financing and at the very least, provides assurances of a takeout above their cost to the extent they control and manage costs effectively on the projects.

而這往往會限制可以證明建設項目合理性的市場數量。而且我認為，重要的是，它使我們的建築外賣更具吸引力，因為在某些情況下，它使開發商能夠獲得更合理的融資價格，並且至少在他們有效控制和管理項目成本的範圍內，保證獲得高於成本的外賣。

And I think because of the way the outlook is shaped up, our expectations are that for the foreseeable future, new construction will be muted. And I think that shouldn't be mistaken to be -- or be stretched to an assumption that there won't be any new supply. Obviously, we anticipate in our best markets that we will continue to see supply. And for that reason, we continue to seek out assets that are incredibly well located within those markets and have the amenities that guests are looking for. But by and large, we anticipate that for the foreseeable future, we will be in a meaningfully better position than we were coming into the pandemic in terms of supply growth. And as Liz and I both highlighted in our prepared remarks, that puts us in a position to benefit in a more meaningful way from incremental demand on both leisure and business side.

我認為，由於前景的形成，我們預計在可預見的未來，新建築建設將會減少。我認為這不應該被誤解為——或延伸為不會有任何新供應的假設。顯然，我們預計在我們最好的市場中我們將繼續看到供應。因此，我們將繼續尋找位於這些市場內位置極佳且擁有客人所需設施的資產。但總的來說，我們預計在可預見的未來，我們的供應成長狀況將比疫情爆發時好得多。正如利茲和我在我們的準備好的發言中所強調的那樣，這使我們能夠從休閒和商務方面的增量需求中以更有意義的方式獲益。

And I think importantly, though, we don't foresee a meaningful downturn in the near term, should also put us in a much better position to the extent there were to be a pullback in the overall economy.

但我認為重要的是，我們預期短期內不會出現嚴重的經濟衰退，如果整體經濟出現回調，我們也能處於更有利的地位。

Yes. And maybe one more RevPAR. So you took up your RevPAR guidance by 1 percentage point. What was better than your original outlook? Was it business travel, leisure travel, certain markets? Maybe go through the guidance increases so we can understand what's kind of like driving kind of the upside here.

是的。也許 RevPAR 還會更高。因此，您將 RevPAR 指導價提高了 1 個百分點。什麼比你原來的觀點更好？是商務旅行、休閒旅行還是特定市場？也許透過增加指導，我們可以了解這裡的上行動力是什麼。

We have been slightly above the midpoint. As we reported Q1, we were slightly ahead at that time. I think from that point forward, we continued to see strength and trends and not indications of a pullback, at least as quickly as the macroeconomic consensus view was earlier in the year. And I think coupled our year-to-date performance, plus sort of consensus slowing pushing out some gave us incremental confidence to increase at the midpoint. And again, given the trends we continue even to see in July, post July 4 holiday week, I think, are encouraging. So we're optimistic that we'll continue to see strong performance.

我們略高於中點。正如我們報告第一季的情況一樣，當時我們略微領先。我認為從那時起，我們繼續看到實力和趨勢，而不是回調的跡象，至少沒有像今年早些時候的宏觀經濟共識那麼快。我認為，結合我們今年迄今的表現，再加上某種共識放緩的推動，我們逐漸增強了在中期增加的信心。而且，考慮到我們在 7 月繼續看到的趨勢，我認為 7 月 4 日假期後的趨勢是令人鼓舞的。因此，我們樂觀地認為我們將繼續看到強勁的表現。

The next question comes from Michael Bellisario with Baird.

下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Just wanted the big picture focus on '24, but really focused on brand standards and what might come back as you look out to '24. It's not that you can maybe quantify it at this point, but directionally, it would be interesting to hear your color. But how many more stayover rooms do you think we'll need to be clean next year? Are the brands pushing for the happy hours to come back? I guess maybe how much of a headwind do you think all the extras on the brand side will be as we flip the calendar into '24?

只是想從大局上關注 24 年，但真正關注的是品牌標準以及展望 24 年可能出現的情況。並不是說你現在就可以量化它，但從方向上來說，聽聽你的顏色會很有趣。但是您認為明年我們還需要清潔多少間過夜房間呢？各大品牌是否正在努力讓歡樂時光重新回歸？我想，當我們翻開日曆進入 24 年後，您認為品牌方面的所有額外內容將會帶來多大的阻力？

That's an interesting question. Certainly, we have dialogue with the brands on an ongoing basis about how to further improve the experience for consumers at our hotels. Generally speaking, as of today, those conversations are absent significant references to increases in amenities or services at the hotels. I think by and large, the majority of the conversations that we're having today with brands. And as you know, we sit on a number of brand advisory boards. So these conversations extend beyond specifics related to our -- the owned portfolio. But the focus has tended to be much more around the condition of the assets.

這是一個有趣的問題。當然，我們會持續與各品牌對話，探討如何進一步改善我們飯店消費者的體驗。總體而言，截至今天，這些對話中還沒有提到增加飯店的設施或服務。我認為，總的來說，我們今天與品牌進行的大部分對話都是這樣的。如您所知，我們是多個品牌顧問委員會的成員。因此，這些對話超越了與我們所擁有的投資組合相關的具體內容。但人們的關注點往往更集中在資產狀況上。

And I think the need for, as an industry, reinvestment in the hotels and greater emphasis and attention paid to repairs and maintenance. So I think in the near term, meaning in the next 12 to 18 months, much more likely that we'll see continued focus on those areas, which, for our business, put us in a very good position, having reinvested in our portfolio consistently. We have assets that are in very good condition. But as an industry, I think a more significant amount of attention will be going to that than expanding dinner offerings or returning to pre-pandemic housekeeping models.

我認為，作為一個行業，需要對酒店進行再投資，並更加重視和關注維修和保養。因此，我認為在短期內，也就是在未來 12 到 18 個月內，我們更有可能繼續關注這些領域，這對我們的業務而言，使我們處於非常有利的地位，因為我們會持續對我們的投資組合進行再投資。我們的資產狀況非常好。但我認為，作為一個行業，人們會更加關注這一點，而不是擴大晚餐供應或恢復疫情前的客房服務模式。

By and large, the adjustments in housekeeping have really furthered a trend that had begun pre pandemic, and we're still making accommodations for guests who would like their room cleans every day in order to maintain guest satisfaction. So I think I see very little movement on that part impacting our ability to drive profit. And because of the position of our hotels, I think we will -- given how brand pressure is likely to be focused or for the near term, we're in a very good position.

總的來說，客房服務的調整確實進一步推動了疫情前就已開始的趨勢，我們仍在為希望每天清潔房間的客人提供住宿，以保持客人的滿意度。因此我認為，這方面的變動對我們提高利潤的能力影響很小。而且由於我們酒店所處的位置，我認為我們會——考慮到品牌壓力可能會集中於短期，我們處於非常有利的地位。

Okay. Helpful there. And then just second question, just on the development deals more broadly. Can you remind us of the math you do on a development deal like Nashville and what type of excess return you're targeting over buying a stabilized asset like Cleveland? And then secondarily, kind of how big are you willing to take your development commitment dollars at this point?

好的。很有幫助。然後是第二個問題，涉及更廣泛的發展問題。您能否提醒我們一下，您在納許維爾這樣的開發交易中所做的計算，以及您希望透過購買克利夫蘭這樣的穩定資產獲得什麼樣的超額回報？其次，您現在願意投入多少開發承諾資金？

So the answer to the first part of your question is a little bit complicated. Technically, we target a return that's equal to the return we could achieve on existing assets. Functionally, because we tend to be more conservative in underwriting market growth in out years, we tend to be more conservative overall in our underwriting and new development deals. And the result has been that when we look at our acquisitions in total, by and large, our acquisitions of new development deals have outperformed the properties that we acquired that were stable and operating prior to our acquisition. That's more of a function of conservatism in our underwriting for markets than a specific target yield. But the result ends up being about the same, certainly taking into consideration the incremental market risk or theoretical incremental market risk we're taking.

因此，你問題第一部分的答案有點複雜。從技術上講，我們的目標是獲得與現有資產相當的回報。從功能上講，由於我們在未來幾年承保市場成長方面傾向於更加保守，因此我們在核保和新開發交易方面總體上也傾向於更加保守。結果是，當我們從總體上看我們的收購時，總體而言，我們收購的新開發項目的表現優於我們在收購前已經穩定運營的房產。這更多的是我們在核保市場時的保守主義表現，而不是特定的目標報酬率。但最終結果大致相同，當然要考慮到我們所承擔的增量市場風險或理論上的增量市場風險。

But remember, in every case, we do not take any risk related to cost overruns on the project. Those have borne 100% by the developer. And then remind me what your other question was?

但請記住，在任何情況下，我們都不會承擔與專案成本超支相關的任何風險。這些費用100%由開發商負擔。然後提醒我你的另一個問題是什麼？

Generally speaking, we would, given the size of our portfolio, like to have a pipeline of 3 to 5 deals. I think given the scale of the current deals that we're doing, that would be an appropriate level with delivery over a 2- to 3-year period. To the extent we were to pursue development deals smaller than the 2 we currently have under contract, we could scale in terms of number of deals slightly higher than that.

一般來說，考慮到我們的投資組合規模，我們希望有 3 到 5 筆交易。我認為，考慮到我們目前正在進行的交易的規模，這將是一個合適的水平，交付週期為 2 至 3 年。如果我們追求的開發交易規模小於目前簽訂的 2 筆合同，那麼我們可以將交易數量擴大到略高於該數量的水平。

And again, remembering that as we think about funding development deals on a go-forward basis, we certainly have, at least for the deals we have under contract, ample capacity on our line of credit. But the bulk of those acquisitions, we intend to fund utilizing excess cash from operations and/or disposition proceeds and hopefully, at some point, with potential equity raise, though, obviously, given today's valuation, that would not be attractive to us.

再次提醒，當我們考慮為未來的開發交易提供資金時，我們當然擁有充足的信貸額度，至少對於我們簽訂的合約而言。但是，我們打算利用營運和/或處置收益中的多餘現金來為大部分收購提供資金，並希望在某個時候實現潛在的股權增值，但顯然，考慮到今天的估值，這對我們來說並不具有吸引力。

Got it. And then just one follow-up on Nashville. Where do you think your basis is going to be relative to where select service hotels are trading today in the market?

知道了。然後只跟進納許維爾的情況。您認為相對於精選服務飯店目前在市場上的交易情況，您的基準是什麼？

Meaningfully lower. I mean we've disclosed -- and again, remembering that the property is still under development, meaning we're still finalizing actual key count and some of the amenities. But we've given what we anticipate to be the highest potential purchase price and a good approximation for where we think the number of keys will line up. And that puts us well over 100,000 a key less than comparably marketed select service hotels in the same area. So I think we feel very good about our basis in the market and incredibly good about the location, which is really in the heart of Downtown Nashville within very close proximity to major demand generators.

明顯較低。我的意思是我們已經披露了——再次提醒，該物業仍在開發中，這意味著我們仍在確定實際的鑰匙數量和一些設施。但我們已經給出了我們預期的最高潛在購買價格，並對我們認為的鑰匙數量將排列的位置進行了很好的估計。這意味著我們每間客房的價格比同一地區同類精選服務酒店低 10 萬多美元。所以我認為，我們對自己的市場基礎非常滿意，對地理位置也非常滿意，它位於納許維爾市中心，非常靠近主要需求發電機。

(Operator Instructions) The next question comes from Chris Darling with Green Street.

（操作員指示）下一個問題來自 Green Street 的 Chris Darling。

Justin, going back to the transaction market, you previously talked about, call it, 5% to 10% bid-ask spread. Your comments make it sound like that spread is beginning to close. So is that accurate? And any way for you to quantify the changes you might be seeing?

賈斯汀，回到交易市場，您之前談過，買賣價差為 5% 至 10%。您的評論聽起來好像這種差距正在開始縮小。那麼這是準確的嗎？您有什麼方法可以量化您可能看到的變化嗎？

It is, I think, and has been driving our increased interest in specific transactions. Interestingly, while we've seen a slight movement in cap rates, in most cases, that movement has been offset by improved fundamentals for the assets. So we haven't seen a corresponding adjustment by and large in terms of valuations for assets. That said, we're competing with fewer people in the marketplace, at least at price points where sellers would be willing to transact, which has put us in a position to really have serious conversations with potential sellers about where a transaction might happen.

我認為，這是並且一直在推動我們對特定交易的興趣日益濃厚。有趣的是，雖然我們看到資本化率略有變動，但在大多數情況下，這種變動已被資產基本面的改善所抵消。因此，我們總體上還沒有看到資產估值有相應的調整。也就是說，我們在市場上的競爭對手較少，至少在賣家願意交易的價格點上，這使我們能夠與潛在賣家進行認真的對話，討論交易可能發生的地點。

I think as has always been the case, as we look at and underwrite potential acquisitions, we're looking to achieve near-term yields comparable to the yields we've achieved on recent transactions. But as importantly, pursuing assets where we anticipate future growth to be in excess of our larger portfolio or the anticipated growth rate for our larger portfolio and generally, where we anticipate the hotel to need less in the way of near-term CapEx.

我認為，正如往常一樣，當我們審視和承銷潛在收購時，我們希望實現與近期交易收益相當的短期收益。但同樣重要的是，我們追求那些我們預期未來成長將超過我們更大投資組合或更大投資組合預期成長率的資產，並且一般而言，我們預期飯店在短期資本支出方面需要較少的資產。

Looking at the 2 projects we have under contract, I think they're great examples. And the asset we recently closed on in Cleveland had just come out of a full renovation. And so I think near-term CapEx needs for that hotel will be close to 0. And it's been effectively repositioned in a way that we think will enable it to increase market share in a market where we see meaningful growth on a go-forward basis.

看看我們簽約的兩個項目，我認為它們都是很好的例子。我們最近在克利夫蘭完成的資產剛剛完成全面翻新。因此，我認為該酒店的短期資本支出需求將接近 0。並且它已經進行了有效的重新定位，我們認為這將使其能夠在我們看到未來有意義成長的市場中增加市場份額。

Got it. That's all very helpful. And then maybe switching gears, just thinking about some of the new brand concepts that Marriott and Hilton have introduced recently, can you speak to your level of interest in gaining some exposure there? And are you in discussions with any of your development partners to pursue some of those newer concepts?

知道了。這一切都非常有幫助。然後也許換個話題，想想萬豪和希爾頓最近推出的一些新品牌概念，您能否談談您對在那裡獲得曝光的興趣程度？您是否正在與任何開發夥伴討論如何實現其中一些較新的概念？

So well, Motto is, I guess, technically a new concept for Hilton, meaning that there are very few of them that exist. And certainly, we've demonstrated interest there. Speaking specifically to the lower tier new brands that have been announced, whether it's Spark or any of the lower tier extended stay brands, we are not currently actively pursuing deals in that space, though we have regular conversations with the brands about the positioning of that new product and how it relates to other assets within our existing portfolio.

所以，我猜，從技術上講，Motto 對希爾頓來說是一個新概念，也就是說，現在存在的 Motto 非常少。當然，我們已經表現出了對此的興趣。具體來說，對於已經宣布的較低級別的新品牌，無論是 Spark 還是任何較低級別的長住品牌，我們目前都沒有積極尋求該領域的交易，儘管我們會定期與這些品牌討論新產品的定位以及它與我們現有產品組合中其他資產的關係。

I think we're likely to track that space. But generally speaking, I think our model and our strategy has been very successful for us, and it's been to invest in the product, in the upscale and upper mid-scale space, where we feel we can achieve the best balance of rate potential while -- with our ability to drive strong cash flow and margins.

我認為我們很可能會追蹤那個空間。但總的來說，我認為我們的模式和策略對我們來說非常成功，我們一直在投資產品、投資高檔和中高檔領域，我們認為我們可以在這些領域實現利率潛力的最佳平衡，同時我們有能力推動強勁的現金流和利潤率。

This concludes our question-and-answer session. I would like to turn the conference back over to Justin Knight for any closing remarks.

我們的問答環節到此結束。我想將會議交還給賈斯汀奈特 (Justin Knight) 來做結束語。

We appreciate you joining us today. And as is always the case, we hope that as you travel, you'll take the opportunity to stay with us at one of our hotels. Have a great day, and we look forward to meeting with many of you in the near term on the road.

感謝您今天加入我們。像往常一樣，我們希望您在旅行時能有機會入住我們的某家酒店。祝大家有愉快的一天，我們期待著不久的將來在路上與你們中的許多人見面。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。