Apple Hospitality REIT Inc (APLE) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Apple Hospitality Group fourth quarter and full year 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kelly Clarke, Vice President, Investor Relations for Apple Hospitality REIT. Thank you. You may begin.

大家好，歡迎參加 Apple Hospitality Group 2023 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、Apple Hospitality REIT 投資者關係副總裁 Kelly Clarke。謝謝。你可以開始了。

Thank you and good morning. Welcome to Apple Hospitality REIT fourth quarter and full year 2023 earnings call. Today's call will be based on the earnings release and Form 10-K, which we distributed and filed yesterday afternoon.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2023 年第四季和全年財報電話會議。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-K 表格。

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

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

Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including in our 2023 Annual Report on Form 10-K and speak only as of today. The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

任何此類前瞻性陳述均受我們向美國證券交易委員會 (SEC) 提交的文件中所述風險因素的限制，包括我們 2023 年 10-K 表格年度報告，並且僅代表截至今日的觀點。除法律要求外，本公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, non-GAAP measures of performance will be discussed during this call. Reconciliations of those measures to GAAP measures and definitions of certain items referred to in our remarks are included in yesterday's earnings release and other filings with the SEC. For a copy of the earnings release or additional information about the company, please visit applehospitalityreit.com.

此外，本次電話會議也將討論非公認會計準則績效衡量指標。這些指標與 GAAP 指標的對帳以及我們在評論中提到的某些項目的定義都包含在昨天的收益報告和向美國證券交易委員會提交的其他文件中。如需查看收益報告副本或有關該公司的更多信息，請訪問 applehospitalityreit.com。

This morning, Justin Knight, our Chief Executive Officer and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the fourth quarter and full year 2023 and an operational outlook for 2024. 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.

今天上午，我們的執行長賈斯汀奈特 (Justin Knight) 和財務長 Liz Perkins 將概述我們 2023 年第四季和全年的業績以及 2024 年的營運展望。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. We are pleased to report another year of strong operating performance, portfolio growth, and total returns for our shareholders. During the year, operating fundamentals continued to strengthen, and we thoughtfully grow our portfolio with the acquisition of six hotels, enhance the quality of our hotels through capital improvement projects, provided our shareholders with attractive distribution and positioned our balance sheet for continued growth by raising net proceeds of $216 million through our ATM program.

早安，感謝您今天加入我們。我們很高興地報告，我們又取得了強勁的經營業績、投資組合成長和股東總回報。在這一年中，經營基本面繼續加強，我們透過收購六家酒店精心擴大了我們的投資組合，透過資本改善項目提高了酒店的質量，為股東提供了有吸引力的分銷，並透過我們的 ATM 計劃籌集了 2.16 億美元的淨收益，為資產負債表的持續增長做好了準備。

Our accomplishments in 2023 and our outperformance since the onset of the pandemic are testament to the merits of our strategy of owning a diversified portfolio of rooms, focus hotels with broad consumer appeal while maintaining financial flexibility with low leverage and speak to the strength of the brands and management companies we worked with and the diligent efforts of our experienced team. With resilient leisure demand and steady improvements in business travel, we are pleased to report comparable hotels RevPAR growth of more than 2% for the fourth quarter and 7% for the full year 2023 as compared to the same periods of 2022, primarily driven by increases in comparable hotels, ADR of nearly 3% and 5%, respectively. Comparable hotels occupancy for the fourth quarter 2023 was essentially flat to the fourth quarter of 2022 and for the year was up approximately 2% as compared to 2022.

我們在 2023 年取得的成就以及自疫情爆發以來的出色表現證明了我們擁有多元化客房組合、專注於具有廣泛消費者吸引力的酒店同時保持低槓桿財務靈活性的戰略的價值，並證明了我們合作的品牌和管理公司的實力以及我們經驗豐富的團隊的勤奮努力。隨著休閒需求的強勁增長和商務旅行的穩步改善，我們很高興地報告，與 2022 年同期相比，2023 年第四季度可比酒店 RevPAR 增長超過 2%，全年增長 7%，這主要得益於可比酒店 ADR 分別增長近 3% 和 5%。2023 年第四季可比飯店入住率與 2022 年第四季基本持平，全年入住率較 2022 年成長約 2%。

Comparable hotels adjusted hotel EBITDA was $104 million for the quarter and $500 million for the year, down 2% and up 5%, respectively, as compared to the same periods of 2022. Our portfolio continues to perform ahead of pre-pandemic levels, with comparable hotels RevPAR up approximately 8% relative to both the fourth quarter and full year 2019, despite continued opportunity to rebuild occupancy especially mid-week.

可比飯店調整後飯店 EBITDA 本季為 1.04 億美元，全年為 5 億美元，與 2022 年同期相比分別下降 2% 和成長 5%。我們的投資組合表現繼續優於疫情前的水平，儘管入住率仍有恢復的機會，尤其是在周中，但同店可比酒店的平均可售房收入 (RevPAR) 仍比 2019 年第四季度和全年增長了約 8%。

Comparable hotels adjusted hotel EBITDA was up approximately 6% and 7% for the fourth quarter and full year 2019, respectively. Based on preliminary results, January comparable hotels occupancy increased just over 1% year over year and ADR grew over 2%. Overall, travel trends remained favorable with operating results continuing to be bolstered by limited near-term supply growth. We anticipate that we will be in a position to more meaningfully grow rate as we move through the first quarter and into seasonally stronger occupancy months.

2019 年第四季和全年可比飯店調整後飯店 EBITDA 分別成長約 6% 和 7%。根據初步結果，1 月同類型飯店入住率年增略高於 1%，平均房價成長超過 2%。整體而言，旅遊趨勢依然良好，有限的短期供應成長持續提振經營績效。我們預計，隨著第一季的到來以及入住率季節性的上升，我們的成長率將更加顯著。

Our revenue and asset management teams continue to leverage our scale ownership of rooms, focus hotels and our unparalleled access to performance data to benchmark and share best practices across our third-party management companies to drive strong margins despite continued inflationary and wage pressures. We are fortunate to be partnered with some of the best operators in the industry who monitor real-time performance and focus on-site efforts to maximize profitability to our hotels without sacrificing service, cleanliness, maintenance, or overall guest satisfaction.

我們的收入和資產管理團隊繼續利用我們對客房、重點酒店的規模所有權以及我們無與倫比的績效數據訪問權限，在我們的第三方管理公司之間進行基準測試和分享最佳實踐，以在持續的通脹和工資壓力下實現強勁的利潤率。我們很榮幸能與業內一些最優秀的運營商合作，他們監控實時性能並專注於現場努力，以在不犧牲服務、清潔度、維護或整體客人滿意度的情況下最大限度地提高我們酒店的盈利能力。

Through disciplined cost controls, we achieved comparable hotels adjusted hotel EBITDA margin of 32.9% for the quarter despite lower RevPAR growth and 36.4% for the full year. Supported by our strong operating performance, we continued to provide investors with strong dividend yield.

透過嚴格的成本控制，儘管 RevPAR 增幅較低，但本季我們實現了可比飯店調整後飯店 EBITDA 利潤率 32.9%，全年為 36.4%。在強勁的經營業績支持下，我們持續為投資者提供豐厚的股息殖利率。

We paid distributions totaling $0.24 per common share during the fourth quarter and $1.04 per common share during the year for a total of approximately $238 million. Based on Wednesday's closing price, our annualized regular monthly cash distribution of $0.96 per share represents an annual yield of approximately 6%. 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.

我們在第四季支付的分配總額為每股普通股 0.24 美元，全年支付的分配總額為每股普通股 1.04 美元，總計約 2.38 億美元。根據週三的收盤價，我們每股 0.96 美元的年度定期月現金分配相當於年收益率約為 6%。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。

During the fourth quarter, we sold approximately 12.8 million shares under our ATM program at a weighted average market sales price of approximately $17.05 per common share and received net proceeds of approximately $216 million. The $17.05 per share represents a 12.6 times multiple on 2023 EBITDA just under a turn and a half spread to the combined multiple for the five hotels we acquired in the fourth quarter.

第四季度，我們根據 ATM 計劃以每股約 17.05 美元的加權平均市場銷售價格出售了約 1,280 萬股股票，獲得淨收益約 2.16 億美元。每股 17.05 美元相當於 2023 年 EBITDA 的 12.6 倍，與我們在第四季度收購的五家酒店的總倍數相差不到 1.5 倍。

The proceeds were used to fund acquisitions and to reset our balance sheet, position us to be active in market, and to continue to pursue accretive opportunities. In 2023, we acquired a total of six hotels and an associated parking deck for a total of approximately $290 million.

所得將用於資助收購和重置我們的資產負債表，使我們能夠積極參與市場，並繼續尋求增值機會。2023 年，我們共收購了六家飯店及其相關停車場，總價值約 2.9 億美元。

As previously announced, in June, we acquired the Courtyard Cleveland University Circle for $31 million. In October, we acquired the Courtyard and Hyatt House Salt Lake City downtown together with a corresponding parking garage for a combined total of $91.5 million. We also acquired the residence in Seattle South Renton in October for $55.5 million. In November, we purchased the Embassy Suites South Jordan Salt Lake City for a total of approximately $37 million. And in December, we acquired the SpringHill Suites, Las Vegas Convention Center for $75 million.

正如之前宣布的那樣，今年 6 月，我們以 3100 萬美元的價格收購了克利夫蘭大學圈萬怡酒店。10 月份，我們收購了鹽湖城市中心的萬怡酒店和凱悅酒店以及相應的停車場，總價為 9,150 萬美元。我們也於 10 月以 5550 萬美元的價格收購了位於西雅圖南倫頓的住宅。11 月，我們以總價約 3700 萬美元的價格收購了鹽湖城南喬丹大使套房酒店。12月，我們以7,500萬美元收購了拉斯維加斯會議中心SpringHill Suites酒店。

We are pleased to expand and enhance our presence within these business-friendly markets that have seen significant economic growth and positive demographic trends in recent years. These markets are home to a wide variety of business group and leisure demand generators from healthcare, universities, technology, and manufacturing to outdoor recreation, professional sporting events, and world-renowned entertainment. The hotels complement our existing portfolio and reflect our proven-investment strategy.

我們很高興能夠擴大和加強我們在這些商業友善市場中的影響力，這些市場近年來經濟顯著增長，人口趨勢積極。這些市場匯集了各種各樣的商業團體和休閒需求，包括醫療保健、大學、科技、製造業、戶外娛樂、專業體育賽事和世界知名娛樂。這些酒店補充了我們現有的投資組合，並體現了我們行之有效的投資策略。

The combined purchase price for the recently acquired hotels represents a blended cap rate of just over 8% on 2023 year-end financials after an industry standard 4% FF&E reserve and an 11.3 times multiple on 2023 combined hotel EBITDA.

近期收購的飯店的總購買價格代表著，在業界標準 4% 的 FF&E 儲備和 2023 年綜合飯店 EBITDA 的 11.3 倍之後，2023 年年末財務狀況的混合資本化率略高於 8%。

We believe each of these assets is well-positioned within its respective market and has embedded upside that will enable it to be a meaningful contributor to our overall portfolio performance. We continue to have two hotels under contract for purchase that are currently under development and Embassy Suites in downtown Madison, Wisconsin for approximately $79 million and a motel in Downtown Nashville for approximately $98 million.

我們相信，這些資產在各自的市場中都處於有利地位，並具有內在的優勢，這將使其能夠為我們的整體投資組合表現做出有意義的貢獻。我們繼續簽訂了兩家酒店購買合同，目前正在開發中，位於威斯康星州麥迪遜市中心的 Embassy Suites 酒店售價約為 7900 萬美元，位於納什維爾市中心的一家汽車旅館售價約為 9800 萬美元。

We anticipate acquiring the Madison Embassy in mid-2024 and the Nashville Motel in late 2025, both following completion of construction. Our patience over the past several years has positioned us to be active in a market with limited competition where we can secure high-quality assets at pricing that meets our internal underwriting criteria.

我們預計將於 2024 年中期收購麥迪遜大使館，並於 2025 年底收購納許維爾汽車旅館，兩者均在建造完成後。過去幾年的耐心使我們能夠在競爭有限的市場中保持活躍，以符合我們內部承保標準的價格獲得高品質的資產。

Consistent with the strategy we articulated on past calls, we were able to fund a portion of our recent activity utilizing our ATM with equity issued at a spread to specific-targeted acquisitions, positioning us to generate incremental value for our existing shareholders. Of our reset our balance sheet, we are exceptionally well positioned to pursue additional accretive opportunities, and we continue to actively underwrite a number of potential acquisitions that could further enhance our unique and scalable platform and contribute to long-term shareholder return.

與我們在過去電話會議上闡明的策略一致，我們能夠利用 ATM 為我們最近的部分活動提供資金，並以一定價差發行股票進行特定目標收購，從而為現有股東創造增量價值。在重置資產負債表的過程中，我們處於非常有利的位置來尋求額外的增值機會，並且我們繼續積極承保一些潛在的收購，這些收購可以進一步增強我們獨特且可擴展的平台，並為長期股東回報做出貢獻。

As has been the case, historically, our acquisitions focus continues to be on high quality branded rooms, focus hotels in urban, high-density, suburban, and developing markets, supported by a broad variety of business and leisure demand drivers. Through our scale ownership of these hotels broadly diversified across markets and demand generators, we have unparalleled access to performance market and brand data, which we believe enhances the underlying strength of our due diligence efforts.

與以往一樣，從歷史上看，我們的收購重點仍然是高品質品牌客房，重點關注城市、高密度、郊區和發展中市場的酒店，並受到各種商務和休閒需求驅動因素的支持。透過我們對這些廣泛分佈於各個市場和需求來源的酒店的規模所有權，我們可以無與倫比地獲取績效市場和品牌數據，我們相信這增強了我們盡職調查工作的潛在實力。

Combined with our tremendous transaction experience, our available balance sheet capacity, and our deep industry relationships, we believe we continue to be well positioned relative to competitors in the current market environment and are optimistic that we will continue to be net acquirers in the coming months.

結合我們豐富的交易經驗、可用的資產負債表容量以及深厚的行業關係，我們相信在當前市場環境下，我們將繼續相對於競爭對手佔據有利地位，並樂觀地認為，我們將在未來幾個月繼續成為淨收購者。

We also actively seek opportunities to refine our portfolio and optimize our capital reinvestment program by disposing of older assets in lower growth markets. Earlier this month, we sold a Hampton Inn and Homewood Suites located in Rogers, Arkansas for a combined total of $33.5 million. We anticipate a portion of the proceeds from the sale of these two hotels will be used to complete a 1031 Exchange, which will result in the deferral of taxable gains of approximately $15 million.

我們也積極尋找機會，透過處置低成長市場的舊資產來完善我們的投資組合併優化我們的資本再投資計劃。本月初，我們以總價 3350 萬美元的價格出售了位於阿肯色州羅傑斯的漢普頓酒店和霍姆伍德套房酒店。我們預計出售這兩家酒店所得收益的一部分將用於完成 1031 交易，這將導致約 1500 萬美元的應稅收益延長。

The sales price represents an all in 8.6% cap rate on 2023 year-end financials, assuming $5.4 million or approximately $22,000 per key and PIP-related capital improvements. Since the onset of the pandemic, we have strategically transacted in ways that have refined and grown our portfolio. We have completed approximately $287 million in hotel sales and have invested approximately $848 million in new acquisitions while maintaining the strength of our balance sheet.

銷售價格代表 2023 年年末財務狀況的 8.6% 資本化率，假設為 540 萬美元或每個關鍵和 PIP 相關的資本改善約 22,000 美元。自從疫情爆發以來，我們採取了策略性交易，不斷改進和擴大我們的投資組合。我們已完成約 2.87 億美元的酒店銷售額，並已投資約 8.48 億美元用於新收購，同時保持了資產負債表的強勁。

These transactions have lowered the average age of our portfolio, increased revenue per available room, and margins help to manage near term CapEx needs and positioned us to continue to benefit from near-term economic and demographic trends. We also continued to reinvest in our existing portfolio to ensure our hotels remain competitive in their respective markets and are positioned to command premium rates.

這些交易降低了我們投資組合的平均年齡，增加了每間可用客房的收入，利潤率有助於管理近期的資本支出需求，並使我們能夠繼續受益於近期的經濟和人口趨勢。我們也繼續對現有投資組合進行再投資，以確保我們的酒店在各自的市場中保持競爭力，並能夠獲得更高的價格。

Over the past year, we invested approximately $77 million in capital expenditures. And in 2024, we expect to spend between $75 million and $85 million with major renovations at approximately 20 of our hotels. As we look ahead, the fundamentals of our business remain favorable, with continued strength in demand and limited new supply.

在過去的一年裡，我們投資了約 7700 萬美元的資本支出。到 2024 年，我們預計將花費 7,500 萬至 8,500 萬美元對大約 20 家飯店進行大規模翻修。展望未來，我們的業務基本面依然良好，需求持續強勁，新增供應有限。

As of year end, over half of our hotels did not have any new upper upscale or upper mid-scale product under construction within a five mile radius, providing us with the ability to meaningfully benefit from incremental demand and positively impacting the overall risk profile of our portfolio by both reducing potential downside and enhancing the upside impact from variability in lodging demand.

截至年底，我們超過一半的酒店在五英里半徑範圍內沒有在建任何新的高檔或中高檔產品，這使我們能夠從增量需求中獲得有意義的利益，並通過降低潛在的下行風險和增強住宿需求變化帶來的上行影響，對我們投資組合的整體風險狀況產生積極影響。

Over the past several years, we have demonstrated the value of a scaled investment and a broadly diversified portfolio of rooms focus hotels with low leverage. We are confident that this same strategy will continue to enable us to drive strong performance for shareholders in the coming year and over time. 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.

在過去的幾年中，我們已經證明了規模投資和低槓桿的多元化客房酒店組合的價值。我們相信，同樣的策略將繼續幫助我們在未來一年及未來為股東帶來強勁的業績。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 consistent reinvestment and effective portfolio management strategy and a dedicated corporate team with extensive industry experience. As we move further into 2024, we are optimistic about the trajectory of our industry and our portfolio specifically. It is now my pleasure to turn the call over to Liz for additional detail on our balance sheet, financial performance during the quarter, and the annual guidance.

我們投資組合實力的根本在於持續的再投資和有效的投資組合管理策略，以及擁有豐富產業經驗的專業企業團隊。隨著我們進一步邁入 2024 年，我們對產業發展軌跡以及投資組合的發展軌跡充滿樂觀。現在我很高興將電話轉給 Liz，以了解有關我們的資產負債表、本季度財務業績和年度指導的更多詳細資訊。

Thank you, Justin, and good morning. We are pleased to report another strong quarter for our portfolio of hotels. Comparable hotels total revenue was $315 million for the quarter and $1.4 billion for the year, up 3% and 7% as compared to the same periods of 2022, respectively.

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 3.15 億美元，全年可比飯店總營收為 14 億美元，分別比 2022 年同期成長 3% 和 7%。

Continued strength in leisure demand and recovery in business travel during the quarter enabled us to achieve comparable hotels RevPAR of $105 and $116, up 2% and 7% as compared to the same periods of 2022, with ADR of $151 and $157, up 3% and 5% with occupancy of 70% and 74%, essentially flat and up 2% to fourth quarter and full year 2022, respectively.

本季，休閒需求持續強勁，商務旅行復甦，使我們的可比飯店 RevPAR 分別為 105 美元和 116 美元，與 2022 年同期相比分別成長 2% 和 7%，ADR 分別為 151 美元和 157 美元，分別成長 3% 和 5%，ADR 分別為 151 美元和 157 美元，分別成長 3% 和 5%，ADR 分別為 151 美元和 157 美元，分別成長 3% 和 5%，ADR 分別為 151 美元和 157 美元，分別成長 3% 和 5%，ADR 分別為 70% 和全年同在第 202% 202% 202% 202% 202% 202% 和第 202% 202% 202%。

Looking day-over-day, leisure travel was resilient during the quarter with weekend occupancies stable compared to the fourth quarter of 2022, with continued improvement in business travel. We anticipate leisure demand will remain stable through 2024 and that most of our growth in occupancy will come from continued improvement in weekday demand, which while elevated relative to the prior year remains meaningfully below pre-pandemic levels.

從日環比來看，本季休閒旅遊表現強勁，週末入住率與 2022 年第四季相比保持穩定，商務旅遊持續改善。我們預計，到 2024 年，休閒需求將保持穩定，入住率的大部分增長將來自工作日需求的持續改善，儘管與前一年相比有所上升，但仍遠低於疫情前的水平。

Same-store room night channel mix remains relatively stable in the quarter, with brand.com bookings at 40%, OTA bookings at 13%, property direct at 25%, and GDS bookings at 16%. Our channel mix continues to highlight the power of our brands and the strength of our property direct sales efforts that our properties maintain in the field.

本季同店客房夜預訂通路組合保持相對穩定，其中品牌官網預訂佔 40%，OTA 預訂佔 13%，飯店直銷佔 25%，GDS 預訂佔 16%。我們的通路組合繼續凸顯我們品牌的力量以及我們的物業在該領域保持的物業直銷力度。

Fourth quarter same-store segmentation was largely consistent with the third quarter far remained strong at 33%. Other discounts remains seasonally elevated at 30%. Group continued to make up 14% of our mix, almost 200 basis points higher than the same period in 2019. And the negotiated segment was 17% of our mix in line with the same period in 2022, but still lower than 2019, which we believe represents opportunity for continued upside.

第四季同店銷售額細分與第三季基本一致，仍維持 33% 的強勁水準。其他折扣仍保持 30% 的季節性高點。該集團繼續占我們投資組合的 14%，比 2019 年同期高出近 200 個基點。協商部分占我們產品組合的 17%，與 2022 年同期持平，但仍低於 2019 年，我們認為這代表著持續上漲的機會。

Turning to expenses, total payroll per occupied room for our same-store hotels was under $41 for the quarter, up slightly to the third quarter 2023 and up 7% to the fourth quarter 2022. Contract labor remained stable at roughly 10% of wages during the quarter, a 13% improvement compared to the fourth quarter of 2022.

談到費用，本季我們同店飯店每間入住客房的總薪資低於 41 美元，比 2023 年第三季略有上升，比 2022 年第四季成長 7%。本季合約工工資保持穩定，約為薪資的 10%，與 2022 年第四季相比提高了 13%。

While we expect year-over-year growth in total payroll to moderate in 2024, given more stabilized operations in 2023, 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. We achieved comparable hotels adjusted hotel EBITDA of approximately $104 million during the quarter and $500 million for the full year, down 2% and up 5% to the same periods of 2022, respectively.

雖然我們預計 2024 年總工資的同比增長將放緩，但考慮到 2023 年運營更加穩定，我們預計全職和兼職員工的工資上漲以及合同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。本季度，我們實現的可比飯店調整後飯店 EBITDA 約為 1.04 億美元，全年實現 5 億美元，分別比 2022 年同期下降 2% 和成長 5%。

Comparable hotels adjusted hotel EBITDA margin was 32.9% for the quarter and 36.4% for the year, down 160 basis points and 90 basis points to the same periods of 2022, respectively. As we have stated on past calls, our ability to maintain and potentially grow margin will be largely conditioned on our ability to grow rates, though with more manageable inflation numbers and hotels appropriately staffed.

可比飯店調整後飯店 EBITDA 利潤率本季為 32.9%，全年為 36.4%，分別較 2022 年同期下降 160 個基點和 90 個基點。正如我們在過去的電話會議上所說的那樣，儘管通膨數字更加可控且酒店配備了適當的人員，但我們維持和潛在增加利潤的能力在很大程度上取決於我們提高房價的能力。

We expect near-term growth in operating expenses to moderate relative to the significant increases we saw over the past year. Adjusted EBITDA range for the fourth quarter was $91 million and for the year was $437 million, up 1% and 6% to the same periods of 2022, respectively. And FFO for the quarter was $72 million and for the year was $367 million, down 3% and up 4% as compared to the same period of 2022, respectively.

我們預計，相較於過去一年的大幅成長，近期營運費用的成長將會放緩。第四季調整後 EBITDA 範圍為 9,100 萬美元，全年調整後 EBITDA 範圍為 4.37 億美元，分別比 2022 年同期成長 1% 和 6%。本季的 FFO 為 7,200 萬美元，全年的 FFO 為 3.67 億美元，與 2022 年同期相比分別下降 3% 和成長 4%。

Looking at our balance sheet, as of December 31, 2023, we had approximately $1.4 billion in total outstanding debt net of cash, approximately 3.1 times our trailing 12 months EBITDA with a weighted average interest rate of 4.3%.

查看我們的資產負債表，截至 2023 年 12 月 31 日，我們的未償還債務總額（扣除現金）約為 14 億美元，約為過去 12 個月 EBITDA 的 3.1 倍，加權平均利率為 4.3%。

Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments was comprised of approximately $283 million in property-level debt secured by 15 hotels and approximately $1.1 billion outstanding on our unsecured credit facility.

未償還債務總額（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 2.83 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 year end, our weighted average debt maturities were just under four years. We had cash on hand of approximately $10 million and availability under our revolving credit facility of approximately $650 million, and approximately 89% of our total debt outstanding was fixed or hedged.

截至年底，我們的加權平均債務期限略低於四年。我們手頭上有大約 1000 萬美元的現金，循環信貸額度下可用的資金約為 6.5 億美元，而且我們未償還債務總額的約 89% 是固定的或對沖的。

As of December 31, we had approximately $105 million of debt maturing in the next 12 months, consisting of one $85 million term loan and a mortgage loan of approximately to $20 million. We plan to pay for these upcoming debt maturities using funds from operations, borrowing under our revolving credit facility, and our new financing.

截至 12 月 31 日，我們有大約 1.05 億美元的債務將在未來 12 個月內到期，其中包括一筆 8,500 萬美元的定期貸款和一筆約 2,000 萬美元的抵押貸款。我們計劃使用營運資金、循環信貸額度下的借款和新融資來償還這些即將到期的債務。

Acquisitions completed during the fourth quarter were funded using cash on hand, availability under our revolving credit facility, and net proceeds from the sale of shares under our ATM program. As Justin highlighted in his remarks, during the quarter, we sold approximately 12.8 million shares under our ATM program at a weighted average sales price of approximately $17.05 per share and received aggregate gross proceeds of approximately $219 million and proceeds net of offering costs of approximately $216 million.

第四季完成的收購資金來自庫存現金、循環信貸額度下的可用資金以及 ATM 計劃下出售股票的淨收益。正如賈斯汀在演講中所強調的那樣，在本季度，我們根據 ATM 計劃以每股約 17.05 美元的加權平均銷售價格出售了約 1280 萬股股票，並獲得總收益約 2.19 億美元，扣除發行成本後的收益約 2.16 億美元。

As of year end, we had approximately $5 million remaining under our ATM program and are in process with our Board and agents to reauthorize and extend our ATM program. We anticipate public filings related to the program to be filed later today.

截至年底，我們的 ATM 計劃剩餘資金約 500 萬美元，我們正在與董事會和代理商協商重新授權和延長我們的 ATM 計劃。我們預計與該計劃相關的公開文件將於今天稍後提交。

With the successful capital raise during the quarter, we were able to grow our portfolio with the acquisition of five attractive high quality hotels while maintaining full availability on our revolving credit facility to pursue additional accretive opportunities.

透過本季成功籌集資金，我們能夠透過收購五家具有吸引力的高品質酒店來擴大我們的投資組合，同時保持循環信貸額度的充分可用性，以尋求額外的增值機會。

Turning to our outlook for 2024 provided in yesterday's press release, for the full year, we expect net income to be between $191 million and $217 million. Comparable hotels RevPAR change to be between 2% and 4%. Comparable hotels adjusted hotel EBITDA margin to be between 34.6% and 35.6% and adjusted EBITDA rate to be between $452 million and $474 million.

談到我們昨天新聞稿中提供的 2024 年展望，我們預計全年淨收入將在 1.91 億美元至 2.17 億美元之間。可比較飯店的 RevPAR 變化在 2% 至 4% 之間。可比飯店調整後的飯店 EBITDA 利潤率在 34.6% 至 35.6% 之間，調整後的 EBITDA 稅率在 4.52 億美元至 4.74 億美元之間。

While our asset management and hotel teams are working diligently to mitigate cost pressures, we have assumed for purposes of guidance that hotel operating costs will increase by approximately 5% at the mid-point. This outlook is based on our current view and does not take into account any unanticipated developments in our business or changes in the operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions.

雖然我們的資產管理和酒店團隊正在努力減輕成本壓力，但為了指導目的，我們假設酒店營運成本在中間點將增加約 5%。該展望基於我們目前的觀點，並未考慮我們業務中任何意外的發展或經營環境的變化，也沒有考慮任何未宣布的酒店收購或處置。

The high end of our full year range reflects relatively steady macro economic conditions through 2024, with continued strength in leisure demand and improvement in business transient. The low end of our range reflects more modest lodging demand growth with a slight pullback in leisure demand offset by continued improvement in business transient and group.

我們全年預期的高端反映了到 2024 年相對穩定的宏觀經濟狀況，休閒需求持續強勁，商業瞬態改善。我們範圍的低端反映了較溫和的住宿需求增長，休閒需求略有回落，但被商務臨時和團體需求的持續改善所抵消。

It should be noted that because of calendar shifts with the Easter holiday and more challenging year-over-year comparisons, driven by the 2023 Super Bowl in Phoenix, where we have meaningful portfolio concentration, we anticipate first quarter performance for our portfolio to be below the low end of our range with performance improving as we move into higher occupancy months in the second and third quarters. As we begin 2024, we are pleased with our performance and confident we are well positioned for the year.

值得注意的是，由於復活節假期導致的日曆變化以及 2023 年鳳凰城超級碗比賽（我們的投資組合高度集中）帶來的更具挑戰性的同比比較，我們預計第一季我們的投資組合表現將低於我們預期範圍的低端，隨著第二季度和第三季度入住率的提高，表現將會改善。在 2024 年開始，我們對自己的表現感到滿意，並有信心為今年做好充分準備。

Our recent acquisitions activity has enabled us to drive incremental value for shareholders despite challenges in the operating environment, which continue to put pressure on margin. Implied modified funds from operations are up on a per share basis year over year at the midpoint and higher of our guidance range.

儘管經營環境充滿挑戰，利潤率仍面臨壓力，但我們最近的收購活動使我們能夠為股東創造增量價值。隱含的調整後營運資金以每股計算同比增長，達到我們指導範圍的中點或更高。

Our differentiated strategy has proven resilient through economic cycles. Our balance sheet is strong with ample liquidity, which we will continue to use opportunistically to pursue accretive transaction. Our assets are in good condition with consistent capital investments, ensuring that we maintain a competitive advantage over other product in our market.

事實證明，我們的差異化策略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，我們將繼續抓住機會，尋求增值交易。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。

And we believe the fundamentals of our business are sound with favorable supply dynamics, allowing us to benefit from incremental demand. Our team will continue to work to maximize the performance of our existing assets and pursue external growth where we can achieve favorable pricing. That concludes our prepared remarks. Justin and I will now be happy to answer any questions that you have for us this morning.

我們相信，我們的業務基本面良好，供應動態良好，使我們能夠從增量需求中受益。我們的團隊將繼續努力最大限度地提高現有資產的績效，並在能夠實現優惠定價的情況​​下追求外部成長。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上午提出的任何問題。

(Operator Instructions) Michael Bellisario, Baird.

（操作員指示）邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning, everyone (multiple speakers). Two questions for you, but first on capital allocation, and I know you mentioned it briefly in your prepared remarks. But again, maybe big picture, remind us of your math on kind of how and when you think about equity issuance and then also your targeted returns when underwriting acquisitions? And then sort of separately on the same topic, just regarding the dispositions, should we view those as one-off sales? Or do you have more older in need of CapEx hotels in the portfolio that you might look to sell at least over the near term? Thanks.

謝謝。大家早安（多位發言者）我想問您兩個問題，首先是關於資本配置的，我知道您在準備好的發言中簡要提到了這一點。但是，再說一次，也許從總體上看，請提醒我們您如何以及何時考慮股票發行，以及承銷收購時的目標回報？然後就同一主題分別進行討論，僅就處置而言，我們是否應該將其視為一次性銷售？或者您的投資組合中是否有更多需要資本支出的老酒店，您可能至少在短期內考慮出售它們？謝謝。

So to answer your first question, when looking to issue equity to fund acquisitions, we're mindful of the spread and look to issue equity only when we have confidence that we can drive incremental value for our existing shareholders.

因此，回答您的第一個問題，當尋求發行股票來資助收購時，我們會注意利差，並且只有當我們有信心為現有股東帶來增量價值時才會考慮發行股票。

I highlighted in my prepared remarks in the spread investment, the specifics to all of the assets that we acquired in the fourth quarter. But we've also released specifics to the Vegas asset, which if you remember was acquired at a [10, 7 multiple on trailing EBITDA] through November of last year, that hotel has continued to do exceptionally well.

我在利差投資的準備好的發言中強調了我們在第四季度收購的所有資產的具體情況。但我們也發布了有關維加斯資產的具體信息，如果您還記得的話，該資產的收購價格為去年 11 月的 [EBITDA 的 10.7 倍]，該酒店一直表現優異。

And as is the case with the majority of the assets that we acquired, our expectation is that they will continue to produce growth rates in excess of our portfolio average. Importantly, the acquisitions, when we look at acquisitions from the beginning of the pandemic, we've been looking to continue to position the portfolio for outperformance and making adjustments on the margin.

就像我們收購的大多數資產一樣，我們預計它們將繼續產生超過我們投資組合平均值的成長率。重要的是，當我們回顧疫情初期的收購時，我們一直在尋求繼續調整投資組合以獲得優異表現，並在邊際上進行調整。

And this will feed into our response to your second question. But on average, looking at all of our acquisitions activity and from the beginning of the pandemic, on average, the hotels that we've acquired were 10 years younger, produced $21 higher RevPAR and drove 5% higher margin. So when you look at the evolution of our portfolio over time, we're continuing to keep it fresh through acquisitions.

這將有助於我們回答您的第二個問題。但平均而言，縱觀我們所有的收購活動，從疫情開始以來，我們收購的酒店平均成立時間要短 10 年，每間可用客房收入 (RevPAR) 提高了 21 美元，利潤率提高了 5%。因此，當您觀察我們的投資組合隨時間的變化時，我們會繼續透過收購來保持其新鮮感。

I mean then that's supplemented through dispositions activity. The two hotels that we sold were on average at just over 20 years old and both in need of significant and franchise renovations, which is what drove the higher per key renovation dollars that I quoted in my prepared remarks.

我的意思是，這是透過處置活動來補充的。我們出售的兩家酒店平均已有 20 多年的歷史，都需要進行大規模的特許經營式翻修，這就是我在準備好的發言中引用的每間客房翻修費用較高的原因。

In terms of quantity of assets that fit that category within our portfolio, we think there's a manageable amount and it's our expectation that we'll continue to be opportunistic. We're continually exploring market conditions. The conditions are such today that there's a reasonable amount of competition that we can generate around some of the smaller, lower priced assets within our portfolio, and we'll continue to transact where that makes sense. We are on the two assets.

就我們投資組合中符合該類別的資產數量而言，我們認為這是一個可控的數量，我們預計我們將繼續抓住機會。我們正在不斷探索市場狀況。目前的條件是，我們可以圍繞投資組合中一些規模較小、價格較低的資產產生合理的競爭，並且我們將繼續在合理的範圍內進行交易。我們擁有這兩項資產。

We drove meaningful gains of our hold period and the hotels have done incredibly well. But when we looked at the market and our positioning relative to significant new supply that was coming online, we felt we would be best served by taking our chips off the table and we invest it elsewhere, and we'll continue to do that proactively where we see opportunities within our portfolio.

我們在持有期內獲得了有意義的收益，酒店的表現也非常好。但是，當我們審視市場以及我們相對於即將上線的大量新供應的定位時，我們認為最好的做法是放棄籌碼，將其投資到其他地方，並且我們會繼續積極地在我們的投資組合中看到機會。

Got it. That's very helpful. And then just one quick follow-up just on the guidance. Thinking about the high end of RevPAR of 4%. Maybe what needs to happen? What do you need to see in terms of pickup? Is it really just midweek business travel? Trying to understand what needs to happen to achieve that high end. Thank you.

知道了。這非常有幫助。然後只需對指導進行一次快速跟進。考慮 RevPAR 的高端 4%。也許需要發生什麼？在取貨方面您需要查看什麼？這真的只是周中商務旅行嗎？試著去了解需要做什麼才能達到那個高端目標。謝謝。

To achieve the high end, we'll need to see. And really throughout the guidance range, we're assuming continued recovery in BT. But I guess more strength and continued opportunity maybe on the leisure side, I think in general, our assumption is BT will grow and leisure we'll remain stable on the high end. I think you would not have as much potential pullback in leisure making up a continued strength there and some BT recovery.

為了達到高端，我們需要觀察。實際上，在整個指導範圍內，我們假設 BT 將繼續復甦。但我想休閒方面可能會有更大的優勢和持續的機會，我認為總的來說，我們的假設是 BT 將會成長，而休閒方面將保持穩定在高端。我認為，休閒領域不會出現太大的潛在回調，從而保持其持續的強勁勢頭並帶來一些 BT 復甦。

Thank you. Austin Wurschmidt, KeyBanc Capital Markets.

謝謝。Austin Wurschmidt，KeyBanc 資本市場。

Thanks, and good morning, everybody. Justin, you highlighted an ability to push rate more meaningfully into kind of the seasonally stronger months. And I'm just curious how much pricing power do you think you have today? What segments is going to be the primary drivers? Sounds like mid-week, maybe BT, but if you could confirm that, that would be helpful. And then how does occupancy play into managing kind of the rate versus occupancy on as you see things strengthen into the middle -- early to middle part of the year?

謝謝，大家早安。賈斯汀，你強調了在季節性較強的月份更有意義地推動利率的能力。我只是好奇，您認為您現在擁有多大的定價權？哪些部分將成為主要驅動力？聽起來像是周中，也許是 BT，但如果你能確認這一點，那將會很有幫助。那麼，當您看到情況在年初到年中逐漸好轉時，入住率在管理入住率方面將發揮什麼作用？

So starting with the last part of your question, we see rate tied very closely to occupancy. So as we compress the hotel as we fill the hotels, we were able to more aggressively price incremental rooms and our teams strategically work to fill hotels with base business and such that they can they can meaningfully drive rate as we continue to fill the hotels. In terms of where we think the opportunity exists, I guess, to the greatest extent, certainly you highlighted the opportunity we have midweek. And when we look at where we're running relative to pre-pandemic levels from an occupancy standpoint, we're pleased with the progress we've made over the past year, but certainly believe we have continued opportunity both from an occupancy standpoint and rate standpoint with business transient group and at mid-week, other midweek segments like government. I think we're pleased with how we progressed through the fourth quarter, which is one of our weaker occupancy quarters and yet we were still able to move rate.

從問題的最後一部分開始，我們發現房價與入住率密切相關。因此，當我們在酒店客滿時壓縮酒店空間時，我們能夠更積極地為增量客房定價，並且我們的團隊會策略性地努力為酒店注入基礎業務，這樣他們就可以在酒店繼續客滿時顯著提高房價。關於我們認為機會存在的地方，我想，在最大程度上，你肯定在周中強調了我們所擁有的機會。當我們從入住率的角度審視我們相對於疫情前水平的運營情況時，我們對過去一年取得的進展感到滿意，但我們確信，從入住率和費率的角度來看，我們在商務臨時團體以及周中和其他周中群體（如政府）方面仍有機會。我認為我們對第四季度的進展感到滿意，儘管第四季度是我們入住率較弱的季度之一，但我們仍然能夠提高入住率。

And even into January, I think we highlighted, which is also one of our weaker occupancy months. We were able to move rate in January. And as we move into February, we'll have more challenging comps just given our concentration in Phoenix and the Super Bowl having been in Phoenix last year. And certainly we're happy with the performance of Vegas, but we only have one asset in that market. And so there will be some trade-off as we look at February.

我認為，即使到了一月份，這也是我們入住率較低的月份之一。我們能夠在一月調整利率。隨著我們進入二月，我們將面臨更具挑戰性的比賽，因為我們專注於菲尼克斯，去年的超級碗也在菲尼克斯舉行。當然，我們對拉斯維加斯的表現感到滿意，但我們在市場上只有一項資產。因此，當我們展望二月時，將會有一些權衡。

But as we move into March, I'm excluding the calendar shift related to the Easter holiday and then move specifically into the second and third quarter, we're optimistic based on how business is shaping up, negotiated rates have moved.

但隨著我們進入三月，我排除與復活節假期相關的日曆變化，然後具體進入第二季度和第三季度，我們根據業務的發展情況、協商利率的變化感到樂觀。

And I think as we continue to build occupancy we'll be able to yield out some of our lower rated negotiated accounts. And then we're pleased with movement that we've seen in government per diems and within our group segment as well and believe that as we progress through the year, we'll be able to maximize performance in those segments to drive rate more meaningfully.

我認為，隨著入住率的不斷提高，我們將能夠提供一些評級較低的協商帳戶。我們對政府每日津貼和團體部分內的變化感到滿意，並相信隨著我們今年的進展，我們將能夠最大限度地提高這些部分的績效，以更有意義地推動費率。

So is it fair to say that guidance assumes a 50-50 split between ADR growth and occupancy?

那麼，是否可以公平地說，指導假設 ADR 成長和入住率各佔一半？

A little, at the mid-point, probably weighted more heavily to ADR, but some occupancy growth because really as Justin mentioned, occupancy and compression mid-week, that should help us drive rate.

稍微有點，在中間點，可能對 ADR 的權重更大，但入住率也有一些增長，因為正如賈斯汀提到的那樣，入住率和周中的壓縮率應該有助於我們提高利率。

Understood. And then just on maybe Liz, on expenses, what's really holding back from driving agency utilization lower seems like job growth has been pretty strong. I know it's just an overall industry phenomenon, but what do you think you need to see to really see that next leg down in agency utilization?

明白了。然後，也許就 Liz 而言，在費用方面，真正阻礙機構利用率下降的因素似乎是就業成長相當強勁。我知道這只是一個整體的行業現象，但您認為需要看到什麼才能真正看到代理利用率的下一步下降？

And that's a really good question where I think the teams are working really, really hard to continue to leverage in-house labor where markets allow for. I think that while there has been some improvement sort of nationally, I think it's really market dependent. And there are some markets where we have higher occupancies that have always relied on contract labor. And in today's environment, you unfortunately have to rely on even more.

這是一個非常好的問題，我認為團隊正在非常非常努力地在市場允許的情況下繼續利用內部勞動力。我認為，雖然全國範圍內已經有了一定程度的改善，但我認為這實際上還是依賴市場。在一些我們的佔用率較高的市場，我們一直依賴合約工。而在當今的環境下，不幸的是，你必須依賴更多。

So I think, you know, the efforts that the teams have made to bring labor -- more labor in-house and to really put themselves in a position where and we have flexibility, and we're maximizing the use of contract labor where if occupancies are seasonally lower, we can use less contract labor, and we're not having to flex to restrict in-house labor hours. I think we're benefiting from that standpoint on the culture side, but I think it's going to be slow and steady. I mean, if we'd like to see some more immigration reform, I don't know if we'll see that in the near term. But that would certainly be more helpful. And I do think that anecdotally, although it's been slower than we like, we continue to hear that availability is easier and easier, but it's just at a slower pace to normal C-band than we might like.

所以我認為，你知道，團隊已經做出了努力，將更多的勞動力引入公司內部，真正使自己處於一個具有靈活性的位置，我們正在最大限度地利用合約工，如果季節性入住率較低，我們可以使用更少的合約工，而且我們不必靈活地限制內部勞動時間。我認為我們從文化角度受益匪淺，但我認為這個過程會緩慢而穩定。我的意思是，如果我們想看到更多的移民改革，我不知道我們是否會在短期內看到。但這肯定會更有幫助。我確實認為，從傳聞來看，儘管它比我們希望的要慢，但我們繼續聽說可用性越來越容易，但它與正常 C 波段的比較速度比我們希望的要慢。

That's all for me. Thanks for the time.

對我來說就這些了。謝謝你的時間。

Absolutely.

絕對地。

Dori Kesten, Wells Fargo.

富國銀行的多麗‧凱斯滕 (Dori Kesten)。

Thanks, good morning. For some of the assets that you acquired in 2023, what was the difference between the trailing 12 EBITDA multiple and what you underwrote for the full over 12?

謝謝，早安。對於您在 2023 年收購的一些資產，過去 12 年的 EBITDA 倍數與您為 12 年全年承保的倍數之間有何差異？

We haven't provided that yet. We have provided guidance for the entire portfolio and on average our expectations for the newly acquired assets are at the high end or exceeding the high end of the range that we have provided. As I highlighted in response to one of the earlier questions, we're intentional in targeting hotels that we think will lift the portfolio from a growth standpoint.

我們尚未提供該資訊。我們為整個投資組合提供了指導，平均而言，我們對新收購資產的預期處於我們提供的範圍的高端或超過高端。正如我在回答之前的問題時所強調的那樣，我們有意瞄準那些我們認為可以從成長角度提升投資組合的酒店。

And have been on average leaning into markets that have benefited from recent economic and demographic shifts. I think if you look at our activity over the past year, we're pleased with how the hotels have done subsequent to our acquisition. And certainly, optimistic about how they'll perform near term and over the long term for us.

並且平均而言傾向於受益於近期經濟和人口結構變化的市場。我想，如果你看看我們過去一年的活動，你會發現我們對飯店在收購後的表現感到滿意。當然，我們對它們的短期和長期表現持樂觀態度。

Okay. And then you noted a 1.5 turn spread and where you issued equity versus where you acquired in Q4 based on the assets you noted you're underwriting today and where you're trading today, is that 1.5 turn around the same or has it come in?

好的。然後您注意到一個 1.5 週轉率的價差，並且根據您今天承銷的資產和您今天的交易情況，您發行的股票與您在第四季度收購的股票相比，1.5 週轉率是否相同，還是已經出現了？

So based on where we're trading today, I mean, certainly that impacts the multiple for the company overall and the assets have on average performed better than they did on a trailing basis. So you have kind of some shifts that would impact the math on that. But again, when we look at where we issue, we were able to lock in pricing at that higher multiple, which puts us in a position that drive incremental value through the acquisitions and the fact that they continue to perform incredibly well, we think it's advantageous too.

因此，根據我們今天的交易情況，這肯定會影響整個公司的本益比，而且資產的平均表現比過去的表現好。因此，某些轉變可能會對數學產生影響。但是，當我們考慮發行地點時，我們能夠將價格鎖定在更高的倍數，這使我們能夠透過收購來推動增量價值，而且它們繼續表現得非常好，我們認為這也是有利的。

No, sorry, I meant the assets that you're underwriting today. If there's --

不，對不起，我指的是您今天承保的資產。如果有--

Pricing today, oh sorry, a mix. So when we look at what we've acquired recently, we were able in the fourth quarter to take advantage, especially on larger assets of the lack of availability of financing, which put us in a position to have a meaningfully competitive advantage for assets that required larger levels of financing. And we think that, that continues to exist.

今天的定價，喔抱歉，有點混亂。因此，當我們回顧最近收購的資產時，我們能夠在第四季度利用這一優勢，特別是在較大的資產上，利用融資不足的優勢，這使我們能夠在需要更大融資水平的資產上獲得顯著的競爭優勢。我們認為，這種情況將繼續存在。

And so we're optimistic about our ability to continue to acquire assets in and around that price range. Certainly in-pricing varies by asset, and we're not at a point in the cycle where there are sufficient transactions to drive kind of at a constant market clearing price. Assets are being priced individually. And I think we'll continue to transact where we see the greatest ability to drive value.

因此，我們對繼續以該價格範圍及左右的價格收購資產的能力充滿信心。當然，定價因資產而異，而且我們還沒有達到週期中的某個階段，即有足夠的交易來推動某種恆定的市場清算價格。資產均單獨定價。我認為我們將繼續在最能帶來價值的領域進行交易。

I think you can expect on a go-forward basis that from a quality standpoint, we will be pursuing assets of similar quality and to the extent, financing continues to be a challenge for our competitors. You can expect us to pursue those assets, which are most challenging for our competitors to acquire and then to pivot as the market becomes more fluid as we move into the year. I think generally speaking, expectations are that we will see more transactions in 2024 than we did in 2023.

我認為，從品質的角度來看，您可以預期，我們將追求類似品質的資產，並且在某種程度上，融資對我們的競爭對手來說仍然是一個挑戰。您可以期待我們追求這些資產，這些資產對於我們的競爭對手來說最具挑戰性，並且隨著市場今年變得更加不穩定而進行調整。我認為總體而言，我們預計 2024 年的交易量將比 2023 年更多。

And certainly when we look at refinancings that are coming due and incremental pressure from the brands around capital improvements that they're adequate catalyst to drive more motivated sellers to market and certainly continues to be significant interest on the buy-side.

當然，當我們考慮即將到期的再融資和品牌在資本改善方面不斷增加的壓力時，它們足以成為推動更多積極賣家進入市場的催化劑，並且肯定會繼續引起買方的濃厚興趣。

Okay. And then one last one. There's a pretty large difference between consensus G&A and what you're guiding for the year. Liz, can you give us a little teach-in on how G&A is set at the beginning of the year? And then I guess just how like relative share price performance versus guidance changes can shift that as the year goes on?

好的。還有最後一個。一致的一般及行政開支和您對今年的指導之間存在很大差異。莉茲，你能給我們簡單講解一下年初如何設定 G&A 嗎？然後我想，隨著時間的推移，相對股價表現與指導變化將如何改變？

Absolutely. So at the beginning of the year, the way that we've historically approached it, though because I keep getting that question. But we definitely re-evaluate each time that guidance, but we typically set guidance at the target compensation. So at the midpoint of compensation and that aligns with the midpoint of guidance now because so much of both the executive team and the internal team here, compensation is tied to how our stock performs on a relative and total return basis that can fluctuate throughout the year.

絕對地。因此，在年初，我們按照以往的方式處理這個問題，因為我一直在問這個問題。但我們每次都會重新評估該指導，但我們通常會將指導設定為目標薪酬。因此，薪酬的中點與現在的指導中點一致，因為這裡的執行團隊和內部團隊的薪酬都與我們的股票在相對和總回報基礎上的表現掛鉤，而這種表現可能會在全年波動。

And so depending on how we perform, we will begin accruing based on how we're performing from a total relative shareholder return perspective. And as we rounded out last year and even updated guidance for with the Q3, really, we had a run-up at the end of the year which impacted actual for 2023. And resetting it for this year, we're at the midpoint and it could increase if we perform well. And it should align, generally speaking, we have how we're performing operationally as well.

因此，根據我們的表現，我們將根據從整體相對股東回報角度來看的表現開始累積。隨著我們去年的結束，甚至更新了第三季的指引，實際上，我們在年底出現了上漲，這對 2023 年的實際情況產生了影響。今年我們處於中間點，如果我們表現良好，它可能會上升。總體來說，它應該與我們的營運表現一致。

Okay. Thank you.

好的。謝謝。

Anthony Powell, Barclays.

巴克萊銀行的安東尼鮑威爾。

Hi, good morning. I guess in terms of organic growth, have you started to track, I guess, the mid-scale properties under construction in the markets? I'm asking because there's a lot of energy around a lot of the mid-scale brands that compete with larger brands that's got introduced. So I'm curious if you believe those properties may eventually creep up and prices start to compete with your property.

嗨，早安。我想，就有機成長而言，您是否已經開始追蹤市場上正在建設的中型房產？我之所以會問這個問題，是因為許多中型品牌都在與大型品牌展開激烈競爭。所以我很好奇，您是否相信這些房產的價格最終會上漲，並開始與您的房產競爭。

We have. So our internal modeling allows us to add or subtract different segments and to look at the potential impact of supply in a number of different ways. While there has been a significant amount of talk about the potential for mid-scale development, when we add mid-scale and look at the potential impact on our portfolio, it moves the needle very slightly on the margin, but keeps us right at and around 50% exposure.

我們有。因此，我們的內部模型允許我們添加或減去不同的部分，並以多種不同的方式查看供應的潛在影響。儘管人們對中等規模開發的潛力進行了大量討論，但當我們添加中等規模並考慮對我們投資組合的潛在影響時，它對利潤率的影響非常小，但仍使我們的風險敞口保持在 50％ 左右。

So slightly higher, but still not meaningfully higher than the larger -- the way we've historically looked at it. We will continue to monitor that and then make adjustments to the extent we begin to see more meaningful impact from mid-scale development. But to date, there's been a lot of talk. But very few projects have began construction, at least in the markets where we have ownership.

因此略高一些，但仍然沒有明顯高於更大值——這是我們歷史上所看到的結果。我們將繼續監測這一點，然後在我們開始看到中等規模開發帶來更有意義的影響時做出調整。但到目前為止，已經有很多討論。但至少在我們擁有所有權的市場中，很少有項目開始建造。

Got it. Okay. And then maybe on acquisitions in terms of where do you want to buy? I mean, you bought in a lot of the Western states with a high population growth, business-friendly areas, you also did some deals in markets like Portland, Oregon that were a bit more if it was a recover. Looking forward, you do more of those urban property deals, that markets that are a bit more challenging at pricing? Or are you going to focus mainly on kind of high growth Sunbelt kind of Western states that you've been doing so well recently?

知道了。好的。然後也許關於收購，你想在哪裡購買？我的意思是，你在許多人口增長率高、商業友好的西部各州購買了房產，你還在俄勒岡州波特蘭市等市場做了一些交易，如果經濟復甦的話，這些交易的價格會更高一些。展望未來，您會做更多城市房地產交易，那些定價更具挑戰性的市場？或者你們將主要關注你們最近表現良好的高成長陽光地帶西部各州？

I think you can expect us to look at all markets and to invest where we think pricing is appropriate to the potential upside. Importantly, the Portland, Oregon asset was acquired as part of a portfolio with two Fort Worth assets. And on a combined basis, we got comfortable with the growth profile and we have done incredibly well on that portfolio transaction overall. Certainly, Portland, Oregon has been slower to rebound and the returns that we've gotten to date on that asset are slightly lower than what we've gotten on average.

我想您可以期待我們關注所有市場並在我們認為定價適合潛在上漲空間的地方進行投資。重要的是，俄勒岡州波特蘭的資產是作為兩項沃斯堡資產的投資組合的一部分而收購的。從整體來看，我們對成長前景感到滿意，總體而言，我們在投資組合交易中表現非常出色。當然，俄勒岡州波特蘭市的反彈速度較慢，迄今為止我們從該資產中獲得的回報略低於平均水平。

But combined with the two Fort Worth assets which have performed at or near the high end of returns that we've gotten for all of our acquisitions together, we feel really good about that transaction and about our price of entry into that market. As we begin to see more of the urban markets that have been slower to recovery begin to turn a corner, I think we will look opportunistically to invest where pricing is appropriate.

但結合沃斯堡的兩處資產的表現，它們的回報率達到或接近我們所有收購的總回報率的高端，我們對這筆交易以及進入該市場的價格感到非常滿意。當我們開始看到更多復甦較慢的城市市場開始出現轉機時，我認為我們將抓住機會，在價格合適的地方進行投資。

And I think part of the beauty of our model is it's our design and intention to be broadly diversified. And so we are taking a broad view underwriting assets in all markets and looking for opportunities, where pricing we're able to achieve matches the upside potential for the assets within those markets.

我認為我們的模型的優點之一在於我們的設計和意圖是廣泛多樣化。因此，我們從廣泛的角度承保所有市場的資產並尋找機會，我們能夠實現的定價與這些市場內資產的上行潛力相匹配。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Thanks, Anthony.

謝謝，安東尼。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey, guys, thanks for taking my question. Justin, maybe can you talk a little bit about the amount of CMBS maturities in the select service segment this year? And what kind of opportunity set that could provide to your company?

嘿，夥計們，謝謝你們回答我的問題。賈斯汀，您能否談談今年精選服務領域的 CMBS 到期數量？這能為您的公司帶來什麼樣的機會？

Yeah, certainly, we watch that closely. We subscribe to a number of lists that provide us with asset level detail on maturing loans. I think it's important to note before I fully answer. This is a trend that has happened in the past, and I think it's the industry has a tendency to over anticipate the total number of transactions that are driven by it. That said, the dynamics are slightly different this time with interest rates being meaningfully higher than where most of these assets were originally financed.

是的，當然，我們會密切關注。我們訂閱了一些列表，這些列表為我們提供到期貸款的資產水平詳細資訊。我認為在完整回答之前需要注意的是。這是過去發生的趨勢，我認為行業傾向於高估由此推動的交易總數。話雖如此，但這次的情況略有不同，利率明顯高於這些資產最初融資時的利率。

And we already have experience with maturing loans, forcing assets to market in ways that have enabled us to transact at a very attractive purchase prices for us. So I think as I've highlighted for some time now for the foreseeable future, we believe that refinancings and really the capital investments required as part of those refinancings with loan coverage, I mean, higher interest rates being primary drivers, and then continued pressure from the brands around capital improvements to be meaningful drivers or motivators for potential sellers to bring assets to market.

而且我們已經擁有到期貸款的經驗，可以透過強制資產上市的方式讓我們能夠以對我們非常有吸引力的購買價格進行交易。因此，我認為，正如我一段時間以來所強調的那樣，在可預見的未來，我們相信再融資以及作為再融資一部分所需的真正資本投資（包括貸款覆蓋），我的意思是，更高的利率是主要驅動力，然後來自品牌在資本改進方面的持續壓力將成為潛在賣家將資產推向市場的有意義的驅動力或激勵因素。

And when we think about the need to bridge a bid-ask spread that's existed and suppressed total transaction volume, we think that those two things will increasingly be catalysts pushing increased transaction volume. And certainly, we're optimistic creating those two factors will create meaningfully greater opportunities for us as well.

當我們考慮需要彌合現有的買賣價差並抑制總交易量時，我們認為這兩件事將越來越成為推動交易量增加的催化劑。當然，我們樂觀地認為，創造這兩個因素也將為我們創造更大的機會。

And then maybe my thought, so by the way, in your view of the -- what's the total volume of the maturities in 2024 or what percentage do you think would be appropriate for you guys? I guess that's what I was trying to get at.

然後也許我的想法是，順便問一下，在你看來 - 2024 年到期的總量是多少，或者你認為對你們來說合適的百分比是多少？我想這就是我想要得到的。

Historically, we haven't given specific targets because assets coming to market can vary in quality and attractiveness to us based on price. I think when we look at total transaction volume over the past couple of years and correlate that with maturing financing, we're coming to a point where we should see significant increases in both. They are somewhat correlated and we see that being a meaningful driver for transactions going forward.

從歷史上看，我們沒有給出具體的目標，因為進入市場的資產的品質和對我們的吸引力會根據價格而有所不同。我認為，當我們回顧過去幾年的總交易量並將其與到期融資聯繫起來時，我們會看到兩者都顯著增長。它們之間有某種關聯，我們認為這將成為未來交易的重要驅動力。

And maybe my follow-up is on Vegas. I like that transaction. Maybe if you can talk about the rationale for getting into Vegas there are not many hotel rates anyway that they are active in that market to a lot of obviously, casino rights. But if you could talk a little bit about why you think this is good for Apple and also talk about the opportunity set and how you can expand in that market?

也許我的後續行程是去拉斯維加斯。我喜歡那筆交易。也許你可以談談進入拉斯維加斯的理由，無論如何，他們在該市場活躍的酒店價格並不高，顯然有很多賭場權利。但是，如果您可以稍微談談為什麼您認為這對蘋果有利，並談談其中的機會以及您如何在該市場擴張？

Absolutely. So Vegas is a market that we've liked for some time now. Given that the majority of rooms in Vegas are associated with casinos that there are limited opportunities to invest in rooms focus, hotels that fit our overall investment thesis and are a good fit for the profile of our portfolio. We have historically owned assets in Vegas. We owned a full-service Marriott Hotel and a Residence Inn hotel that we sold before the great financial crisis.

絕對地。所以我們最近一直很喜歡拉斯維加斯市場。鑑於拉斯維加斯的大多數客房都與賭場有關，因此投資客房的機會有限，適合我們整體投資理念的酒店也非常適合我們的投資組合。我們過去在拉斯維加斯擁有資產。我們擁有一家全方位服務的萬豪酒店和一家 Residence Inn 酒店，但在金融危機爆發前我們將其出售。

And so we have a significant amount of experience in markets and Vegas is unique in that, it generates its own demand and that demand takes many different forms. We found that there is significant demand for hotel rooms that are not associated with casinos and especially given proximity of this hotel, which is very similar to the hotels that we owned earlier relative to the convention center.

因此，我們在市場方面擁有豐富的經驗，而拉斯維加斯的獨特之處在於它能產生自己的需求，而這種需求有許多不同的形式。我們發現，與賭場無關的酒店客房的需求很大，尤其是考慮到這家酒店靠近會議中心，它與我們之前擁有的酒店非常相似。

We found we can do incredibly well in market. We were incredibly excited about the SpringHill Suites specifically and we highlighted in our press release and haven't had an opportunity necessarily to discuss it. The hotel came with planned that enables us to potentially develop up to 500 additional rooms. And we are in the process of currently exploring an opportunity to develop on that site. The purchase price for the site is included in the purchase price that we've quoted.

我們發現我們可以在市場上取得非常好的成績。我們對 SpringHill Suites 酒店特別興奮，我們在新聞稿中強調了這一點，但還沒有機會討論它。該酒店已製定計劃，使我們能夠開發多達 500 間額外的客房。我們目前正在探索在該網站上進行開發的機會。網站的購買價格已包含在我們報價的購買價格中。

And so it's not incremental and certainly given the scarcity of land and available opportunities for development in the Heart of Vegas with close proximity to the convention center, we think we have something very special there. I think it's reasonable to expect in the near future that we'll have something to say. We'll have more to say on that. But certainly excited to be there. I'm incredibly pleased with how the hotel has performed for us to date. And if you look at projections for the Vegas market, they're incredibly favorable.

因此，它不是漸進式的，考慮到拉斯維加斯中心地帶靠近會議中心的土地稀缺性和可用的開發機會，我們認為我們在那裡擁有一些非常特別的東西。我認為，在不久的將來，我們將會有一些話要說，這是合理的。對此我們還有更多要說的。但我確實很高興能去那裡。我對酒店迄今為止的業績感到非常滿意。如果你看一下拉斯維加斯市場的預測，你會發現它們的前景非常樂觀。

And I think Vegas, interestingly as we look at leisure specifically and how leisure trends have transitioned, Vegas is on the winning side of those transitions right now and certainly benefited early in the year from the Super Bowl, but even outside of the Super Bowl week has continued to produce incredibly strong numbers for us year over year. And I think, we feel we'll be meaningfully additive to the performance of our portfolio overall.

有趣的是，當我們特別關注休閒活動以及休閒趨勢的轉變時，我認為拉斯維加斯目前正處於這些轉變的勝利者一方，並且在今年年初受益於超級碗，但即使在超級碗週之外，拉斯維加斯也繼續為我們帶來逐年強勁的增長數據。我認為，我們認為這將對我們整體投資組合的表現產生重大的增值作用。

Thanks, Justin.

謝謝，賈斯汀。

Thank you.

謝謝。

Bryan Maher, B. Riley Securities.

布萊恩·馬赫 (Bryan Maher)，B. Riley 證券。

Thank you and good morning. Just two for me. Most of mine have been asked and answered, but when you're looking at trading out of properties, and I know you've discussed trading out of older properties and creating kind of a newer younger portfolio. But what considerations do you take with respect to kind of business unfriendly states, where taxes or laws might make it increasingly difficult to do business there. Is that working into your consideration as well?

謝謝，早安。對我來說只要兩個。我的大部分問題都已經被問過並得到解答，但是當您考慮交易房產時，我知道您已經討論過交易舊房產並創建一種較新的年輕投資組合。但是，對於對商業不友善的州，您會考慮什麼呢？在這些州，稅收或法律可能會使經商變得越來越困難。這也在您的考慮範圍內嗎？

It's certainly a factor we consider. And interestingly, when we look at our portfolio, by and large, we're indexed towards business friendly state. I'd say certainly we're continually looking at our Chicago presence, which is mostly outside of the city and submarkets have performed differently from each other. But overall, that's been an area of the country that's been slower to rebound.

這當然是我們考慮的因素。有趣的是，當我們審視我們的投資組合時，總體而言，我們傾向於商業友善狀態。我想說的是，我們當然會持續關注我們在芝加哥的業務，該業務主要在城外，而且各個子市場的表現也各不相同。但總體而言，該地區的復甦速度較慢。

Outside of that, we're generally happy with our concentration and the performance of our assets overall and really what we're looking to optimize around is ability to drive rate relative to potential cost increases.

除此之外，我們總體上對我們的集中度和資產的整體表現感到滿意，我們真正希望優化的是相對於潛在成本增加推動利率的能力。

And I think when we underwrite markets, we underwrite them very differently, depending on the dynamics there, both as we're looking to acquire new hotels and as we're assessing our existing portfolio for potential dispositions and I think it's reasonable to expect that we will continue to explore opportunities and pursue opportunities to shift the mix such that we're moving the needle from an overall performance standpoint.

我認為，當我們承保市場時，我們會根據那裡的動態以非常不同的方式承保，既因為我們在尋求收購新酒店，也因為我們正在評估現有投資組合的潛在處置，我認為我們有理由預期我們將繼續探索機會並尋求機會來改變組合，以便從整體績效的角度推動變革。

Liz and I both in our prepared remarks, highlighted challenges with margins and one of the ways, in addition to the efforts of our management companies and our asset management team to address those concerns, one of the ways that we can more holistically address those concerns is to adjust the mix of our portfolio. And I highlighted in response to one of the earlier questions, we've been purposeful in pursuing assets in markets where we can drive higher margins, which lead to greater profitability for our investors.

利茲和我都在準備好的發言中強調了利潤率面臨的挑戰，除了我們的管理公司和資產管理團隊努力解決這些問題之外，我們可以更全面地解決這些問題的方法之一就是調整我們的投資組合。我在回答先前的問題時強調，我們一直有目的地在能夠帶來更高利潤的市場中尋求資產，為我們的投資者帶來更高的獲利能力。

Thanks. I think that kind of segues well into my second question, which is, you talked a lot about the expense pressures, and inflationary, and wages in particular. But can you maybe or maybe better for Liz, kind of address the impact of property tax increases, maybe insurance increases, which we hear about repeatedly, and how much of a pressure is that? And do you think that, that will mitigate?

謝謝。我認為這很好地引出了我的第二個問題，也就是說，您談了很多關於支出壓力、通貨膨脹和薪資的問題。但是，您能否或更好地為 Liz 解決我們反覆聽到的房產稅增加和保險增加的影響，以及這會帶來多大的壓力？您認為這樣可以緩解嗎？

It's a good question. So in our guidance for 2024, we have assumed a higher growth rate around property taxes, insurance and other. So more your fixed cost than your variable crop cost. And we hope that, we're conservative there, but we've had a good a decent run with property taxes, and I think prudent to assume that we could have some increases there. And the property insurance, the market's still tough and hopefully not as tough as last year.

這是個好問題。因此，在我們對 2024 年的指導中，我們假設財產稅、保險和其他方面的成長率更高。因此，您的固定成本要高於您的變動動作物成本。我們希望，我們在這方面是保守的，但我們在房產稅方面已經取得了良好的成績，我認為謹慎地假設我們在這方面可能會增加。財產保險市場依然艱難，希望不會像去年那麼艱難。

We're hearing more positive things. I think the market isn't quite as challenging as last year, but still a harder market than we'd like. And so we've anticipated, you know, strong double digit increases on fixed cost expenses in the guidance range across the scenarios. We are from a variable cost standpoint, lapping ourselves 2023. When you look backwards it should be a more stable comp year for 2024. That said, really being able to overcome continued expense increases, even more moderate will require RevPAR growth.

我們聽到了更多正面的消息。我認為今年的市場挑戰性不如去年，但仍然比我們想像的要大。因此，我們預計，在各種情境的指導範圍內，固定成本支出將出現強勁的兩位數成長。從變動成本的角度來看，我們的預期目標是 2023 年。回顧過去，2024 年應該是個更穩定的年份。話雖如此，但要真正克服持續的費用成長，甚至更溫和地需要 RevPAR 的成長。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

(Operator Instructions) Tyler Batory, Oppenheimer & Company.

（操作員指示）Tyler Batory，Oppenheimer & Company。

Good morning. This is Jonathan on for Tyler. Thanks for taking our questions so far. First one for me. Just to clarify -- a clarification question on the guidance, probably for Liz, helpful commentary on the high end of the range. But maybe conversely, on the low end, is that assuming flat BT and stable leisure? Or does that low range still assume some level of recovery in BT?

早安.這是喬納森 (Jonathan)，代替泰勒 (Tyler)。感謝您迄今為止回答我們的問題。對我來說是第一個。只是為了澄清一下——關於指導的一個澄清問題，可能對 Liz 來說，對範圍高端有幫助的評論。但也許相反，在低端，是否假設 BT 平穩且休閒穩定？或者這個低範圍是否仍然假設 BT 有一定程度的復甦？

I still assume some continued improvement in BT, and that's what we're seeing. I mean, really, even as we crossed over into January, we've seen and we gave you an indication of where January ended up, which was an improvement from a RevPAR increase perspective to December. Where that really came from was leisure hanging in there, but recovery and mid-week occupancies, which we believe are related to business travel recovery. And so I think throughout the range we anticipate continued improvement midweek related to business transient.

我仍然認為 BT 會繼續改善，而這正是我們所看到的。我的意思是，實際上，即使我們已經進入 1 月份，我們也已經看到並向您介紹了 1 月份的最終情況，從 RevPAR 增長的角度來看，與 12 月份相比有所改善。真正的原因是休閒活動仍在繼續，但復甦和周中入住率，我們認為這與商務旅行的復甦有關。因此，我認為，我們預計本周中期與業務瞬態相關的情況將繼續改善。

Okay, great. Thank you for the detail there. And then switching gears, appreciate all the commentary on acquisitions, Justin, so far in light of that outlook for this year on picking up acquisition activity, any additional color on how you're thinking about new development acquisitions? And I guess with the anticipated acquisition dates of those two developments that are under contract to do more of these deals kind of makes sense for you going forward.

好的，太好了。感謝您提供的詳細資訊。然後換個話題，感謝你對收購的所有評論，賈斯汀，到目前為止，鑑於今年收購活動的前景，你對新開發收購有何看法？我想，根據合約中規定的兩個開發項目的預計收購日期，進行更多此類交易對於您未來的發展是有意義的。

Certainly, we continue to underwrite and I highlighted in response to one of the earlier questions, we are currently exploring an opportunity to build on the land adjacent to the Vegas asset that we recently acquired. The same challenges that are keeping supply growth low for the industry overall impact our underwriting. It's expensive to build hotels. And while we feel we have partnered with developers who have and a competitive advantage in that arena and are able to deliver assets at attractive pricing for us, there are very few markets where the underwriting makes sense.

當然，我們會繼續承保，我在回答先前的問題時強調，我們目前正在探索在我們最近收購的拉斯維加斯資產附近的土地上建造的機會。同樣的挑戰導致整個產業的供應成長處於低位，這也影響了我們的承保。建造酒店的成本很高。儘管我們認為我們已經與在該領域具有競爭優勢的開發商合作，並能夠以有吸引力的價格向我們提供資產，但承保合理的市場卻很少。

We're incredibly optimistic about the two projects that we have currently under contract, and they're super well located in markets that we think will be very strong for us long term. And I think it's reasonable to expect that in the near term, we could add one or two more to that group, but it's challenging. I think in the near term, while we will be active in underwriting, both new development deals and existing assets. It's more likely or it's likely that the majority of the transactions we complete over the next year or so will be around existing assets.

我們對目前簽訂合約的兩個項目非常樂觀，而且它們位於我們認為對我們長期有利的市場中。我認為，我們可以合理地預期在短期內為該組增加一到兩個人，但這很有挑戰性。我認為在短期內，我們將積極承銷新開發交易和現有資產。更有可能的是，或者很有可能，我們在未來一年左右完成的大部分交易將圍繞現有資產。

Okay. Very helpful. Thank you for all the color. That's all for me.

好的。非常有幫助。謝謝你帶來的所有色彩。對我來說就這些了。

Thank you.

謝謝。

Michael Herring, Green Street.

麥可赫林 (Michael Herring)，綠街。

Thanks. Good morning. Just a quick one on the Las Vegas acquisition again. Can you just talk about whether or not the union labor agreements in the market are impacting at hotel and how that's impacting your underwriting there entering in the market?

謝謝。早安.我再次簡單談談拉斯維加斯的收購。您能否談談市場上的工會勞工協議是否對酒店產生影響，以及這對您進入市場的承保有何影響？

Absolutely. So in a market where there's significant union activity that impacts pricing for labor within the market. And so I think relative to other markets, labor is more expensive in that market for us. That said, it's a market that also is positioned to drive higher rates. And so when we look at the margin profile, we feel very comfortable with that.

絕對地。因此，在工會活動活躍的市場中，勞動力定價將受到很大影響。因此我認為相對於其他市場，我們那裡的勞動成本更高。話雖如此，這個市場也有望推動利率上升。因此，當我們查看利潤率狀況時，我們對此感到非常滿意。

But we look at cost of labor in markets and the union activity in the market is only one factor that impacts those costs. The bigger factor in those markets is availability. And I think we have effectively underwritten assets. Looking at all of the assets we have acquired recently in a way that we feel very comfortable with better long-term profitability.

但我們關注的是市場中的勞動成本，而市場中的工會活動只是影響這些成本的因素。這些市場中更重要的因素是可用性。我認為我們已經有效地承保了資產。審視我們最近收購的所有資產，我們對更好的長期獲利能力感到非常滿意。

And just one other on -- I know you just updated us a little bit on the purchase contracts, but I'm just curious if the supply-demand dynamics in those markets have changed at all or if yes, if that's changed at all in the last six months or so and if you're still feeling pretty good about that?

還有一個問題——我知道您剛剛向我們通報了一些有關購買合約的最新情況，但我只是好奇這些市場的供需動態是否發生了變化，或者如果是的話，在過去六個月左右的時間裡是否發生了變化，您是否仍然對此感覺良好？

In our markets overall or in the markets very recently acquired assets?

在我們的整體市場還是在最近收購的資產市場中？

Sorry. For the ones that are under contract in Madison and Nashville. How much there have changed at all?

對不起。對於那些在麥迪遜和納什維爾簽訂了合約的人來說。到底發生了多大的變化？

Now they've remained relatively constant. I think Nashville is a market that's seen significant supply growth. We knew that going in and I think our selection of a site within Nashville reflected on our view of potential exposure. That said, supply has been coming down in most markets. And we spent a lot of time talking about Vegas on this call and Vegas is actually a market that has very little supply coming online near term. And across the board, we feel very good about supply.

現在它們保持相對穩定。我認為納許維爾是一個供應量顯著成長的市場。我們知道這一點，我認為我們在納許維爾選擇一個地點反映了我們對潛在曝光的看法。儘管如此，大多數市場的供應量都在下降。我們在這次電話會議上花了很多時間討論拉斯維加斯，而拉斯維加斯實際上是一個短期內供應量很少的市場。整體而言，我們對供應情況感到非常滿意。

And when we look at the overall trend for our portfolio, again, looking at a 5-mile radius to the assets that we owned, the supply picture has become increasingly favorable over time and not less so. And that's even taking into consideration the new acquisitions, which in some cases have been in markets that have performed incredibly well and that as a result, more attractive for new development.

當我們再次觀察投資組合的整體趨勢時，再看看我們所擁有的資產的 5 英里半徑範圍，供應情況隨著時間的推移變得越來越有利，而不是越來越不利。這甚至考慮到了新的收購，在某些情況下，這些收購發生在表現非常好的市場，因此對新開發項目更具吸引力。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Thank you.

謝謝。

Thank you. That concludes our question-and-answer session. I'll turn the floor back to Mr. Knight for any final comments.

謝謝。我們的問答環節到此結束。我將把發言權交還給 Knight 先生，請他發表最後的評論。

Thank you, and thanks, for spending time with us this morning. We appreciate your questions and your continued interest in our company. As always, as you have the opportunity to travel, we hope you'll take the opportunity to stay with us in one of our hotels. And we look forward to meeting with many of you here in the near future at conferences or in individual meetings.

非常感謝您今天上午抽出時間與我們在一起。我們感謝您的提問以及對我們公司的持續關注。像往常一樣，當您有機會旅行時，我們希望您能藉此機會入住我們的某家酒店。我們期待著不久的將來在會議或個人會議上與你們中的許多人見面。

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

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。