Apple Hospitality REIT Inc (APLE) 2024 Q1 法說會逐字稿

Greetings and welcome to the Apple Hospitality REIT first-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Apple Hospitality REIT 2024 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Kelly Clarke, Vice President of Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。謝謝。你可以開始了。

Thank you and good morning. Welcome to Apple Hospitality REIT's first-quarter 2024 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 2024 年第一季財報電話會議。今天的電話會議將基於我們昨天下午分發和提交的收益報告和 10-Q 表。

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 2023 Annual Report on Form-10K and speak only as of today.

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提交的文件中所述風險因素的限制，包括我們 2023 年 10K 表格年度報告，並且僅代表截至今日的觀點。

The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. 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.

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。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。

For a copy of the earnings release or additional information about the company, please visit applehospitalityreit.com. This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer will provide an overview of our results for the first quarter 2024 and an operational outlook for the remainder of the year. Following the overview, we will open the call for Q&A.

如需查看收益報告副本或有關該公司的更多信息，請訪問 applehospitalityreit.com。今天上午，我們的執行長賈斯汀奈特 (Justin Knight)；我們的財務長 Liz Perkins 將概述我們 2024 年第一季的業績以及今年剩餘時間的營運展望。概述之後，我們將開始問答環節。

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. Consistent with our expectations performance for the first quarter remained strong with adjusted EBITDAre of approximately $101 million, an increase of 6% year-over- year and modified funds from operation of $83 million, an increase of 5% year-over-year.

早安，感謝您今天加入我們。與我們的預期一致，第一季的業績表現依然強勁，調整後的 EBITDAre 約為 1.01 億美元，年成長 6%，調整後營運資金為 8,300 萬美元，年成長 5%。

Comparable hotels, ADR of $154 occupancy of 72% and RevPAR of $111 were all in line with results for the first quarter of 2023, despite challenging year-over-year comparisons related to the Super Bowl and an unfavorable shift in timing of the Easter holiday, which was consistent with the industry overall and ahead of our blended chain scales for the quarter.

可比飯店方面，平均房價 (ADR) 為 154 美元，入住率為 72%，每間可用客房收入 (RevPAR) 為 111 美元，均與 2023 年第一季度的業績一致，儘管超級碗相關的同比數據具有挑戰性，且復活節假期的時間發生了不利變化，但這與整個行業的情況一致，並且領先於我們本季度混合的酒店。

Our portfolio continues to perform ahead of pre-pandemic levels, with comparable hotels RevPAR for the quarter up approximately 8% relative to the first quarter of 2019. And we see continued upside opportunity to rebuild occupancy in many markets, especially midweek.

我們的投資組合表現持續優於疫情前的水平，本季可比飯店的平均可出租客房收入 (RevPAR) 較 2019 年第一季成長約 8%。我們看到許多市場仍有重建入住率的上升機會，尤其是在周中。

Despite the tough comparison from a top line perspective, comparable hotels adjusted hotel EBITDA was $112 million for the quarter, down only 3% as compared to the same period of 2023, but still up approximately 4% to the first quarter 2018, bolstered in part by the Easter holiday shift and with growth in both weekday and weekend occupancies.

儘管從營收角度來看，可比飯店調整後的本季飯店 EBITDA 為 1.12 億美元，與 2023 年同期相比僅下降 3%，但仍比 2018 年第一季度增長約 4%，部分原因是復活節假期轉變以及工作日和周末入住率的增長。

Preliminary results for our portfolio show comparable hotels RevPAR for the month of April 2024 above the high end of our full year guidance range. We anticipate that we will be in a position to more meaningfully grow rate as we move into our seasonally stronger occupancy months in the second and third quarters, and that continued strength in leisure demand and further recovery in corporate demand, combined with limited near-term supply growth will position us for stronger year-over-year performance as we progress through the year.

我們投資組合的初步結果顯示，2024 年 4 月同類酒店的 RevPAR 高於我們全年指導範圍的高端。我們預計，隨著第二季和第三季進入季節性入住率較高的月份，我們的成長率將更加顯著，而休閒需求的持續強勁和企業需求的進一步復甦，加上短期供應成長有限，將使我們在今年實現更強勁的同比業績。

Our revenue and asset management teams, together with our third party operators continue to work to maximize efficiencies and drive profitability across our hotels, achieving strong margins despite the current inflationary environment and ongoing wage pressures.

我們的收入和資產管理團隊以及第三方營運商繼續努力最大限度地提高效率並提高我們酒店的盈利能力，儘管當前通膨環境和持續的工資壓力，但仍實現了強勁的利潤率。

During the first quarter, we achieved a comparable hotels adjusted hotel EBITDA margin of 33.7% with year-over-year margin declines in line with expectations for the first quarter at the midpoint of our previously provided guidance range. Stronger rates during the summer months should help margins by offsetting in part continued inflationary pressure on wages and other operating expenses.

在第一季度，我們實現了可比飯店調整後飯店 EBITDA 利潤率為 33.7%，年比利潤率下降符合第一季度預期，處於我們先前提供的指導範圍的中點。夏季利率走高應能部分抵銷薪資和其他營運費用持續的通膨壓力，有助於提高利潤率。

Our operators are among the best in the industry and monitor real-time performance to focus on-site efforts on maximizing profitability at our hotels without sacrificing service, cleanliness, maintenance or overall guest satisfaction.

我們的操作員是業內最優秀的，他們監控即時性能，集中現場努力最大限度地提高酒店的盈利能力，同時不犧牲服務、清潔度、維護或整體客人滿意度。

Supported by our strong operating performance, we continued to provide investors with an attractive dividend yield. Modified funds from operations for the first quarter was $0.34 per share, in line with first quarter 2023.

在強勁的經營業績支持下，我們持續為投資者提供具有吸引力的股息殖利率。第一季調整後營運資金為每股 0.34 美元，與 2023 年第一季持平。

And during the quarter, we paid distributions totaling $0.29 per common share, including a special cash distribution of $0.05 per common share that was paid in January. Based on Friday's closing stock price, our annualized regular monthly cash distribution of $0.96 per share represents an annual yield of approximately 6.5%. 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.

本季度，我們支付的分配總額為每股普通股 0.29 美元，其中包括 1 月份支付的每股普通股 0.05 美元的特別現金分配。根據週五的收盤股價，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 6.5%。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。

We recently acquired the AC Hotel, Washington DC convention center for $116.8 million or $499,000 per key. In addition to its ideal location, premium amenities and modern guestrooms, the asset generates additional revenue through its rooftop bar and restaurant with stunning views of the city and through its ground floor retail space and a large billboard that are leased to third parties.

我們最近以 1.168 億美元或每間客房 499,000 美元的價格收購了華盛頓特區會議中心的 AC 酒店。除了理想的地理位置、一流的設施和現代化的客房外，該資產還透過其享有城市壯麗景色的屋頂酒吧和餐廳以及出租給第三方的底層零售空間和大型廣告看板創造額外收入。

Our purchase price represents a 7.7% cap rate after an industry standard 4% FF&E reserve and an EBITDA yield of 8.5% on trailing 12 month numbers through March of this year. The DC market is among the lowest supply growth markets in the country with a robust convention calendar and a broad base of government business and leisure demand.

我們的購買價格代表了業界標準 4% FF&E 儲備後的 7.7% 資本化率，以及截至今年 3 月的過去 12 個月的 EBITDA 收益率 8.5%。華盛頓特區市場是全國供應成長最低的市場之一，擁有豐富的會議日程和廣泛的政府商務和休閒需求。

The AC is exceptionally well positioned relative to attractions within the city, and we believe it will be a significant contributor to our long-term performance. Our recent acquisitions have been meaningfully additive, creating increased exposure to high-growth markets, lifting overall portfolio performance and driving incremental profitability. The hotels complement our existing portfolio and reflect our proven investment strategy.

AC 相對於城市內的景點而言具有極其優越的地理位置，我們相信它將對我們的長期業績做出重大貢獻。我們最近的收購具有重大意義，增加了對高成長市場的曝光度，提升了整體投資組合的表現並推動了獲利能力的提升。這些飯店補充了我們現有的投資組合，反映了我們行之有效的投資策略。

Recent acquisitions, including the seven hotels we acquired since June of last year, together with the parking garage adjacent to our downtown Salt Lake City hotels are yielding approximately 9% after capital improvements on a trailing 12 month basis through March of this year with meaningful upside from projected market growth and improvements in operations driven by the transition of management companies at five of the seven assets.

最近的收購，包括我們自去年 6 月以來收購的 7 家酒店以及毗鄰鹽湖城城市中心酒店的停車場，在截至今年 3 月的過去 12 個月中，經過資本改善後的收益率約為 9%，預計市場增長將帶來有意義的上升空間，而七項資產轉型中的五項的管理公司將推動運營改善。

We continue to have two additional hotels under contract for purchase. The Embassy Suites in downtown Madison, Wisconsin for approximately $79 million and a Motto in downtown Nashville for approximately $98 million, both of which are currently under construction. And Madison embassy is on track to open this summer and construction recently began on the Nashville Motto with an anticipated completion and acquisition state in late 2025.

我們還有另外兩家酒店正在簽訂購買合約。位於威斯康辛州麥迪遜市中心的 Embassy Suites 酒店售價約為 7,900 萬美元，位於納許維爾市中心的 Motto 酒店售價約為 9,800 萬美元，這兩座酒店目前均在建設中。麥迪遜大使館預計將於今年夏天開放，納許維爾座右銘的建設也已開始，預計將於 2025 年底竣工並投入使用。

As has been the case historically, our acquisitions focus continues to be on high quality branded rooms, focused hotels and urban high-density suburban and developing markets supported by a broad variety of business and leisure demand drivers.

與以往一樣，我們的收購重點仍然是高品質品牌客房、重點酒店以及受到各種商業和休閒需求驅動因素支持的城市高密度郊區和發展中市場。

Our discipline over the past several years positioned us to be active in a market with limited competition, where we were able to secure a high-quality assets at pricing that met our internal underwriting criteria. Our balance sheet remains strong with ample liquidity to pursue additional acquisitions, and we are actively underwriting deals that would further enhance and add to our unique and scalable platform.

過去幾年來，我們一直嚴格遵守紀律，在競爭有限的市場中保持活躍，我們能夠以符合內部承保標準的價格獲得高品質的資產。我們的資產負債表仍然強勁，擁有充足的流動性來進行額外的收購，並且我們正在積極承銷能夠進一步增強和擴大我們獨特且可擴展的平台的交易。

We are, of course, mindful of where our stock is trading, and we'll continue to assess these deals relative to the opportunity to repurchase our own shares and allocate capital where we believe we can achieve the most desirable results for our shareholders.

當然，我們會留意我們股票的交易情況，並將繼續評估這些交易，以尋找回購我們自己股票的機會，並將資本配置到我們認為可以為股東實現最理想結果的地方。

We also continually monitor the performance of our existing hotels and work strategically dispose of select assets in order to optimize our portfolio concentration within markets we believe have higher growth potential, manage our long-term CapEx needs and maximize returns on individual assets.

我們還持續監控現有飯店的業績，並策略性地處置精選資產，以優化我們在我們認為具有更高成長潛力的市場中的投資組合集中度，管理我們的長期資本支出需求並最大化單一資產的回報。

As previously announced during the quarter, we sold a Hampton Inn at the Homewood Suites in Rogers, Arkansas for a combined total of $33.5 million, resulting in a gain on the sale of approximately $18 million. The assets were older prototypical hotels that had performed well during our period of ownership, but we're facing significant new competition with 15% supply growth under construction and an additional 14% in final planning and had near term CapEx needs estimated at approximately $22,000 per key.

正如本季早些時候宣布的那樣，我們以總計 3,350 萬美元的價格出售了位於阿肯色州羅傑斯的 Homewood Suites 的漢普頓酒店，銷售收益約為 1,800 萬美元。這些資產是一些老式的典型酒店，在我們擁有這些資產期間表現良好，但我們正面臨著嚴峻的新競爭，在建酒店的供應量增長了 15%，最終規劃酒店的供應量增長了 14%，短期資本支出需求估計為每間客房約 22,000 美元。

A portion of the proceeds from the sale of these two assets was used to complete a 1031 exchange with the acquisition of the AC Hotel in Washington, DC, which resulted in the deferral of taxable gains of $15.1 million. Since the onset of the pandemic, we have completed approximately $287 million in hotel sales and have invested nearly $1 billion in new acquisitions while maintaining the strength of our balance sheet.

出售這兩項資產所得收益的一部分用於完成 1031 交換，收購華盛頓特區的 AC 酒店，從而遞延了 1510 萬美元的應稅收益。自疫情爆發以來，我們已完成約 2.87 億美元的酒店銷售額，並在保持資產負債表強勁的同時，投資了近 10 億美元進行新收購。

These transactions have lowered the average age of our portfolio, increased revenue per available room and margins help to manage near-term CapEx needs, grown the size of our platform and positioned us to continue to benefit from near-term economic and demographic trends.

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和利潤率，有助於管理短期資本支出需求，擴大了我們平台的規模，並使我們能夠繼續受益於短期經濟和人口趨勢。

We continue to reinvest in our existing portfolio to ensure our hotels remain competitive in their respective markets and are positioned to command premium rates and further drive EBITDA growth. Our experienced team utilizes advantages made possible by our scale ownership to control costs and maximize the impact of dollar spent while implementing projects during periods of seasonally lower demand to minimize revenue displacement.

我們將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，進一步推動 EBITDA 成長。我們經驗豐富的團隊利用規模所有權帶來的優勢來控製成本，並最大限度地發揮資金投入的影響，同時在季節性需求較低的時期實施項目，以最大限度地減少收入流失。

During the quarter, we invested approximately $20 million in capital expenditures, and we expect to spend between $75 million and $85 million during 2024, 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.

本季度，我們投資了約 2,000 萬美元的資本支出，預計 2024 年將花費 7,500 萬至 8,500 萬美元，對約 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, more than 56% 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 improve 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 56% 以上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酒店產品，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來改善我們投資組合的整體風險狀況。

Our investment strategy has proven resilient across economic cycles, yielding compelling total returns for our shareholders. We are confident that with our portfolio of high-quality rooms, focused hotels, broadly diversified across markets and demand generators, the effect and newness of our brands and management companies. The strength and flexibility of our balance sheet and the depth of our corporate team, we are well positioned for continued outperformance.

事實證明，我們的投資策略能夠抵禦經濟週期的衝擊，為股東帶來豐厚的總回報。我們相信，憑藉我們的高品質客房、專注的酒店、廣泛多樣化的市場和需求生成器組合，我們的品牌和管理公司的影響力和新穎性。我們資產負債表的實力和靈活性以及我們公司團隊的深度，使我們有能力繼續取得優異的業績。

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

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 hotel. Comparable hotels, total revenue was $332 million for the first quarter 2024, up 1.5% as compared to the first quarter of 2023.

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。可比飯店 2024 年第一季總營收為 3.32 億美元，較 2023 年第一季成長 1.5%。

Continued strength in leisure demand and recovery in business travel during the first quarter enabled us to achieve comparable hotels RevPAR of $111, flat as compared to the first quarter of 2023, with ADR of $154 and occupancy of 72%, both consistent with the first quarter of 2023.

第一季休閒需求持續強勁，商務旅行復甦，使我們的可比飯店 RevPAR 達到 111 美元，與 2023 年第一季持平，ADR 為 154 美元，入住率為 72%，均與 2023 年第一季持平。

As we anticipated because of the 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, performance for our portfolio for the first quarter was below the low end of our guidance range. RevPAR for the 10 hotels that we own in the Phoenix market was down 8.5% for the quarter with a 7% decline in ADR and a 1.7% decline in occupancy.

正如我們預期的那樣，由於復活節假期導致的日曆變化，以及 2023 年菲尼克斯超級碗帶來的更具挑戰性的同比比較（我們的投資組合集中度很高），我們第一季的投資組合表現低於我們指導範圍的低端。本季度，我們在鳳凰城市場擁有的 10 家飯店的 RevPAR 下降了 8.5%，ADR 下降了 7%，入住率下降了 1.7%。

Given our significant ownership in Phoenix, we estimate that the shift in Super Bowl venues negatively impacted portfolio RevPAR by approximately 40 basis points and revenues by $1.2 million during the quarter, even after taking into consideration the partially offsetting gains realized at our newly acquired SpringHill Suites in Las Vegas, which grew RevPAR 14.5% during the quarter.

鑑於我們在鳳凰城擁有的大量股權，我們估計超級盃比賽場地的轉移對本季度的投資組合 RevPAR 產生了約 40 個基點的負面影響，收入減少了 120 萬美元，即使考慮到我們新收購的拉斯維加斯 SpringHill Suites 酒店實現的部分抵消收益（該酒店在本季度的 RevPAR 增長了 14.5%）。

We saw similarly strong year-over-year results at our two assets in Anchorage, Alaska, which were up 22% for the quarter and the five assets we own in the broader DC market, which were up 11.5% year-over-year. Preliminary results for the month of April show RevPAR for our full portfolio above the high end of our guidance range and forward bookings show continued strength in both leisure and business demand. We expect operations to continue to strengthen as we move into the peak travel months in the second and third quarters.

我們在阿拉斯加安克拉治的兩處資產也取得了同樣強勁的同比業績，本季度增長了 22%，我們在華盛頓特區大市場擁有的五處資產也同比增長了 11.5%。四月份的初步結果顯示，我們全部飯店組合的每間可用客房收入均高於我們預期範圍的高端，而預訂量則表明休閒和商務需求持續強勁。我們預計，隨著進入第二季和第三季的旅遊高峰期，營運將繼續加強。

Looking day over day, leisure travel has been relatively resilient year-to-date through April, while weekend occupancies were down over 2% for the first quarter compared to the first quarter 2023. This was driven mostly by the declines in March related to the unfavorable calendar shift, and we saw a rebound in April with weekend occupancies up over 5%.

從日復一日的情況來看，截至 4 月份，今年迄今的休閒旅遊業一直相對有彈性，而第一季的周末入住率與 2023 年第一季相比下降了 2% 以上。這主要是由於 3 月因日曆變化不利而導致的入住率下降，而 4 月則出現反彈，週末入住率上漲超過 5%。

Weekday occupancies were flat for the first quarter with the negative drag from the Easter holiday, but business travel continued to improve steadily in April with weekday occupancies up over 2%, led by improvements on Monday, Tuesday and Wednesday night.

受復活節假期負面影響，第一季工作日入住率持平，但 4 月份商務旅行繼續穩步改善，工作日入住率上漲超過 2%，其中周一、週二和周三晚上的入住率上漲最為顯著。

We have been pleased to see steady improvement in midweek occupancies, an area where we continue to have meaningful upside relative to pre-pandemic levels. And weekend occupancies have remained relatively stable, indicative of continued strength in leisure demand. Forward bookings remain strong and we are optimistic that increased occupancy in the second and third quarters will better position us to drive incremental rate growth.

我們很高興看到周中入住率穩定提高，與疫情前的水平相比，這一領域的入住率持續保持顯著上升。週末入住率保持相對穩定，顯示休閒需求持續強勁。遠期預訂量依然強勁，我們樂觀地認為，第二季和第三季入住率的提高將使我們更好地推動增量費率的成長。

Same store room night channel mix quarter-over-quarter remained relatively stable with brand.com bookings at 40%, OTA bookings and property direct down slightly at 12% and 24% respectively, and GDS bookings up over 100 basis points at 18%.

同店客房夜間通路組合較上季維持相對穩定，其中brand.com預訂量為40%，OTA預訂量和飯店直銷分別小幅下降12%和24%，GDS預訂量上漲超過100個基點，達到18%。

Our overall channel mix continues to highlight the power of our brands and the continued improvement in business transient. First quarter same-store segmentation was largely consistent with the first quarter of 2023. Bar remained strong at 33%. Other discounts represented 28% of our occupancy mix, group was 15%, and the negotiated segment represented 18% of our mix in line with the same period in 2023, which implies growth if adjusted for the Easter holiday shift. But it's still nearly 200 basis points lower than 2019, which we believe represents opportunity for continued upside.

我們的整體通路組合持續凸顯我們品牌的力量以及業務瞬態的持續改善。第一季同店細分情況與 2023 年第一季基本一致。酒吧依然保持強勁勢頭，達到 33%。其他折扣占我們入住率的 28%，團體折扣佔 15%，協商部分占我們入住率的 18%，與 2023 年同期持平，這意味著如果根據復活節假期調整，入住率將會增長。但仍比 2019 年低近 200 個基點，我們認為這代表著繼續上漲的機會。

Turning to expenses, total payroll per occupied room for our same-store hotels was $40 for the quarter, up approximately 5% to the first quarter 2023, but decelerating as compared to the fourth quarter of 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, though year-over-year growth should continue to moderate to levels that are more in line with historical norms, we're pleased to have meaningfully reduced our use of contract labor, which represented roughly 8.5% of wages during the quarter, a 10% reduction compared to the first quarter of 2023.

談到費用，本季我們同店飯店每間入住客房的總薪資為 40 美元，比 2023 年第一季成長約 5%，但與 2023 年第四季相比有所下降。我們預計，全職和兼職員工的工資上漲以及合約工利用率的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，儘管同比增長應繼續放緩至更符合歷史標準的水平，但我們很高興大幅減少了合約工的使用，合約工的使用約佔本季度工資的 8.5%，與 2023 年第一季度相比減少了 10%。

With lower turnover and decreased reliance on contract labor, we are better positioned to drive incremental property-level productivity. We will continue to work with our management companies to enhance the efficiency of our operations over time. We achieved comparable hotels adjusted hotel EBITDA of approximately $112 million for the first quarter, down 3% compared to the first quarter 2023.

隨著人員流動率的降低和對合約工的依賴的減少，我們更有能力推動物業層面生產力的提升。我們將繼續與我們的管理公司合作，逐步提高我們的營運效率。我們第一季實現的可比飯店調整後飯店 EBITDA 約為 1.12 億美元，與 2023 年第一季相比下降 3%。

Comparable hotels adjusted hotel EBITDA margin was 33.7% for the quarter, down 160 basis points to the first quarter 2023, consistent with what we assumed in the first quarter at the midpoint of our guidance range, despite top line growth below the low end of our full year guide.

本季可比飯店調整後的飯店 EBITDA 利潤率為 33.7%，較 2023 年第一季下降 160 個基點，與我們在第一季度指導範圍中點的假設一致，儘管營業收入增長低於我們全年指導的低端。

Our ability to maintain or potentially grow margin will be largely conditioned on our ability to grow rate that we have been pleased with our management company's ability to manage operating costs in the current inflationary environment. Adjusted EBITDAre for the first quarter was $101 million, up 6% to the first quarter 2023, and MSFO for the quarter was $83 million, up 5% as compared to the first quarter of 2023.

我們維持或潛在增加利潤的能力在很大程度上取決於我們的成長率的能力，我們對管理公司在當前通膨環境下管理營運成本的能力感到滿意。第一季調整後 EBITDAre 為 1.01 億美元，較 2023 年第一季成長 6%，本季 MSFO 為 8,300 萬美元，較 2023 年第一季成長 5%。

Looking at our balance sheet, as of March 31, 2024, we had approximately $1.5 billion in total outstanding debt net of cash, approximately 3.4 times our trailing 12 months EBITDA with a weighted average interest rate of 4.6%. Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments, was comprised of approximately $281 million in property level debt secured by 15 hotels and approximately $1.2 billion outstanding on our unsecured credit facility.

查看我們的資產負債表，截至 2024 年 3 月 31 日，我們的未償還債務總額（扣除現金）約為 15 億美元，約為過去 12 個月 EBITDA 的 3.4 倍，加權平均利率為 4.6%。總未償還債務（不包括未攤銷的債務發行成本和公允價值調整）包括由 15 家酒店擔保的約 2.81 億美元的房地產債務和約 12 億美元的無擔保信貸額度未償還債務。

At quarter end, our weighted average debt maturities were 3.4 years. We had cash on hand of approximately $5 million availability under our revolving credit facility of approximately $519 million and approximately 78% of our total debt outstanding was fixed or hedged. We have approximately $105 million of debt maturing in 2024, consisting of $185 million term loan and a mortgage loan of approximately $20 million.

截至季末，我們的加權平均債務期限為 3.4 年。我們手頭上有大約 500 萬美元的現金，可用於大約 5.19 億美元的循環信貸額度，並且我們未償還債務總額的約 78% 是固定的或對沖的。我們有大約 1.05 億美元的債務將於 2024 年到期，其中包括 1.85 億美元的定期貸款和約 2000 萬美元的抵押貸款。

If we elect not to extend the maturity date, we plan to pay for these upcoming debt maturities using funds from operations, borrowings under our revolving credit facility and our new financing. During the quarter, we entered into an equity distribution agreement which reauthorized and extended our ATM program, providing us availability for the issuance of common shares up to $500 million. No shares were sold under the current or prior ATM program during the quarter. We also have $335 million remaining on our share repurchase program.

如果我們選擇不延長到期日，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支付即將到期的債務。在本季度，我們簽訂了股權分配協議，重新授權並延長了我們的 ATM 計劃，使我們能夠發行高達 5 億美元的普通股。本季未根據目前或先前的 ATM 計劃出售任何股票。我們的股票回購計畫還剩餘 3.35 億美元。

Turning to our updated full year outlook for 2024 as compared to previously provided guidance, the company is increasing net income at the midpoint by $16 million, maintaining comparable hotels RevPAR change, increasing comparable hotels adjusted hotel EBITDA margin by 20 basis points at the midpoint and increasing adjusted EBITDAre by $9 million at the midpoint.

與先前提供的指引相比，我們更新了 2024 年全年展望，公司淨收入中位數增加了 1,600 萬美元，可比飯店 RevPAR 變更保持不變，可比飯店調整後飯店 EBITDA 利潤率中位數增加了 20 個基點，調整後 EBITDAre 中位數增加了 900 萬美元。

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 midpoint. For the full year 2024, we anticipate the results will be in the following range.

雖然我們的資產管理和飯店團隊正在努力減輕成本壓力，但為了指導目的，我們假設飯店營運成本中點將增加約 5%。對於 2024 年全年，我們預計業績將在以下範圍內。

Net income of $207 million to $233 million. Comparable hotels RevPAR change of 2% to 4%. Comparable hotels adjusted hotel EBITDA margin of 34.8% to 35.8% and adjusted EBITDA rate between $461 million and $483 million.

淨收入為2.07億美元至2.33億美元。可比飯店 RevPAR 變動 2% 至 4%。可比飯店調整後飯店 EBITDA 利潤率為 34.8% 至 35.8%，調整後 EBITDA 稅率在 4.61 億美元至 4.83 億美元之間。

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.

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。

Operational results for the first quarter of 2024 were in line with our expectations at the previously provided midpoint. And the increases to guidance are driven by the acquisition of the AC Hotel, Washington, DC Convention Center in March, the high end of the full year range reflects relatively steady macro economic conditions throughout 2024, with continued strength in leisure demand and improvement in business transient. The low end of the range reflects more modest lodging demand growth with a slight pullback in leisure demand, offset by continued improvement in business transient and group.

2024 年第一季的營運表現符合我們先前提供的中點預期。指引的提高是由於 3 月收購了華盛頓特區會議中心 AC 酒店，全年高端反映了 2024 年宏觀經濟狀況相對穩定，休閒需求持續強勁，業務瞬時改善。該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。

As we begin 2024, we are pleased with our performance and confident we are well positioned for the remainder of the year. 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 margins. Implied modified funds from operations are up on a per-share basis year-over-year at the midpoint in higher of our guidance range and our balance sheet provides us with meaningful optionality to drive incremental value.

在 2024 年開始，我們對自己的表現感到滿意，並有信心為今年剩餘時間做好充分準備。儘管經營環境充滿挑戰，利潤率持續承壓，但我們最近的收購活動使我們能夠為股東創造增量價值。隱含的調整後經營活動資金同比增長，處於我們指導範圍中點的較高水平，我們的資產負債表為我們提供了有意義的選擇權，以推動增量價值。

Our differentiated strategy has proven resilient through economic cycles. Our assets are in good condition with consistent capital investments ensuring that we maintain a competitive advantage over other product in our market. 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 to allocate capital and ways that further enhance returns for our shareholders.

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，我們的業務基本面良好，良好的供應動態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，並分配資本和方式，進一步提高股東的回報。

We would now like to open the line for any questions that you may have for us this morning.

我們現在想開通熱線來解答您今天上午可能向我們提出的任何問題。

Thank you. We will now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Thanks, and good morning, everybody. Liz, you highlighted some of the negative impact that the Easter holiday shift had on 1Q, but any sense how much of a benefit that shift on April's performance, and just how April is kind of compared versus budget? And then I recall last year you're talking about some really strong midweek strength in late April. And I'm just curious when you remove some of that holiday noise maybe from the April performance, what did you see towards the latter half of April on a year-over-year basis? Thank you.

謝謝，大家早安。利茲，你強調了復活節假期變化對第一季度產生的一些負面影響，但你是否知道這種變化對四月份的業績有多大的好處，以及四月份的表現與預算相比如何？然後我記得去年您談到四月下旬的一些非常強勁的周中實力。我只是好奇，當您從 4 月的表現中去除一些假期噪音時，您看到 4 月下半月的表現與去年同期相比如何？謝謝。

Good morning, Austin. It's a good question trying to isolate trends between March and April, given the calendar shift. We were pleased with April overall, when we look at the day of week trends for the full months, seeing growth in both weekday and weekend occupancies and RevPAR, it was heavily weighted, particularly from a growth rate perspective on the first two weeks of the month.

早上好，奧斯汀。考慮到日曆的變化，試圖分離三月和四月之間的趨勢是一個很好的問題。我們對四月份的整體表現感到滿意，當我們查看整個月份的周內趨勢時，發現工作日和周末的入住率和每間可用客房收入 (RevPAR) 均有所增長，特別是從本月前兩週的增長率來看，這一增長佔了很大比重。

But as we rounded out towards the end and potentially had cleaner weeks to look at, we saw continued strength in midweek demand. And one of the trends, I think that we may see and may be experiencing is some normalization between a pickup in midweek potentially offsetting some leisure on the weekends. When we look year-to-date, we're slightly positive, driven by that midweek demand and some weak softening on the leisure side. But overall, the midweek growth is resulting in a positive result.

但隨著我們接近尾聲，並有可能迎來更乾淨的幾週，我們看到周中需求持續強勁。我認為我們可能會看到並且正在經歷的趨勢之一是，周中回升可能會抵消週末的一些休閒時間，從而實現某種正常化。回顧今年迄今為止的情況，我們略感樂觀，這主要受到周中需求和休閒方面的一些疲軟影響。但總體而言，周中成長正在產生積極的結果。

It's helpful. And then wanted to hit one on the transaction landscape. Justin, given kind of the evolving interest rate environment or interest rate expectations, maybe have you seen any changes in seller expectations and sort of the volume of opportunities that are coming to the transaction market?

這很有幫助。然後想在交易領域取得突破。賈斯汀，考慮到不斷變化的利率環境或利率預期，您是否看到賣方預期發生了變化，以及交易市場出現的機會數量發生了變化？

Really from a total transaction volume, we've seen very little change in that area. We continue, the bulk of the deals that we're underwriting today are with groups who are exploring a potential sale, either because of pending financing, either specific to the asset or some of their larger portfolio or in some cases, upcoming renovations that has been less of a driver to date than we had anticipated would be. We continue to feel that will bring additional assets to market in the near term.

實際上，從總交易量來看，我們發現該領域的變化很小。我們繼續說，今天我們承銷的大部分交易都是與那些正在探索潛在銷售的團體進行的，這些銷售要么是因為待定融資，要么是針對資產或其較大投資組合中的部分資產，或者在某些情況下，即將進行的裝修迄今為止的驅動力低於我們的預期。我們仍然認為，這將在短期內為市場帶來更多資產。

But total transaction volume continues to be low across the industry. I think if you look at our performance over the past 12 months, we've taken more than our fair share of total transactions and certainly continue to view ourselves as well positioned relative to potential competition.

但整個產業的總交易量仍然很低。我想，如果你看看我們過去 12 個月的表現，你會發現我們在總交易量中所佔的份額已經超過了我們應得的份額，而且我們仍然認為自己在潛在競爭中處於有利地位。

Those I highlighted in my prepared remarks, I think with the pullback in our share price and the relative valuations that we're doing, we also see value there. I think looking forward, I highlighted, we continue to add to underwrite a number of potential transactions assets, I think that we feel will be meaningfully additive to our portfolio.

我認為，我在準備好的發言中強調了這一點，隨著我們股價的回落以及我們所做的相對估值，我們也看到了其中的價值。我認為展望未來，我強調，我們將繼續增加承銷一些潛在的交易資產，我認為這將對我們的投資組合產生重大的補充作用。

And I think we'll continue to see how that plays out as the year progresses. We're fortunate, I think, given our strategy to have a broad palette to paint with. I think there are a lot of markets where we have interest and a lot of assets that would fit our investment criteria. So given the appropriate cost of capital, I think we could continue to be meaningfully acquisitive in the current environment.

我認為，隨著時間的推移，我們將繼續觀察這種情況將如何發展。我認為，我們很幸運，因為我們的策略擁有廣泛的選擇空間。我認為有很多市場我們都感興趣，而且有很多資產符合我們的投資標準。因此，考慮到適當的資本成本，我認為我們可以在當前環境中繼續進行有意義的收購。

It's helpful. And then just last one for me. On the ACDC, can you remind us given when that was completed where that stands relative to kind of stabilization versus a comp set of hotels in the DC market?

這很有幫助。對我來說，這是最後一個。關於 ACDC，您能否提醒我們，考慮到它是在什麼時候完成的，與 DC 市場上的同類酒店相比，它的穩定性如何？

So the hotel was stabilized from when we acquired it. The bulk of the growth and I see that hesitancy only because as you know, the DC market was slower to recover. And so a significant portion of the growth that we have seen year-to-date and that we expect to continue to see will come from continued growth in the market.

因此，從我們收購酒店起，酒店就已穩定下來。我看到的大部分成長和猶豫只是因為如你所知，DC 市場復甦較慢。因此，我們今年迄今所看到的成長以及我們預計將繼續看到的成長很大一部分將來自市場的持續成長。

That said, this is one of the assets where we transitioned management and the new management team has done an exceptional job, both in driving top line performance for the asset and flowing the top line performance to the bottom line.

也就是說，這是我們過渡管理的資產之一，新管理團隊在推動資產的頂線表現和將頂線表現轉化為底線績效方面做得非常出色。

So I think, despite the hotel haven't been open for a period of time and ramping within the market, we see incremental opportunity both as the market continues to grow, bolstered by a strong convention calendar and increasingly a return of government workers to the city. And improvement in our share and the efficiency of our property level operations with the management transition.

因此，我認為，儘管酒店已經有一段時間沒有開業，並且在市場中不斷擴張，但隨著市場持續增長，在強大的會議日程和越來越多的政府工作人員返回城市的推動下，我們看到了增量機會。隨著管理層的過渡，我們的份額和物業層面營運的效率也提高了。

Right. Thanks for the time.

正確的。謝謝你的時間。

Anthony Powell, Barclays.

巴克萊銀行的安東尼鮑威爾。

Hi, good morning. It's a question on the overall, I guess, (inaudible) or other consumer in your eyes, we've heard a lot about kind of leisure, I guess hesitancy or softness of other calls. You seem to be pretty optimistic there. So what are you seeing from your leisure customers or small groups and social groups and maybe your SMEs on their willingness to travel right now?

嗨，早安。我想，這是一個關於整體的問題，（聽不清楚）或您眼中的其他消費者，我們聽到了很多關於休閒方面的言論，我想是其他呼聲的猶豫或軟弱。您似乎非常樂觀。那麼，您從休閒客戶、小團體、社交團體以及中小企業的現況來看，他們的旅行意願如何？

Good morning, Anthony. Generally, I would say that what the industry has seen and what we've seen doesn't immediately point to a weaker consumer note, specifically around leisure, broadly, whether traveling domestically or internationally, the consumer still appears to be preferencing travel, which is a positive for the industry overall.

早安，安東尼。總的來說，我想說，業界和我們所看到的並不會立即表明消費者情緒減弱，特別是在休閒方面，廣義上，無論是國內旅行還是國際旅行，消費者似乎仍然偏愛旅行，這對整個行業來說是一個利好。

We've said on past calls and I mentioned in response to one of Austin's questions that as people begin picking up midweek corporate travel and normal travel patterns materialize, there could be a potential, a partial offset to leisure on the weekends.

我們在過去的電話會議中說過，我在回答奧斯汀的一個問題時也提到，隨著人們開始在周中安排商務旅行，並且正常的旅行模式逐漸實現，週末的休閒時間可能會受到部分抵消。

Again, when booking year-to-date through April at our trends, that's what we're seeing broadly. We've also said on past calls that Q1 is a really tough time to draw broad conclusions about how the strongest travel quarters for our portfolio and the industry may play out, especially with our Super Bowl comp and the Easter shift.

再次，根據我們截至四月份的預訂趨勢，我們看到的情況大致如此。我們在過去的電話會議上也說過，第一季是一個非常艱難的時期，很難得出關於我們的投資組合和行業最強勁的旅遊季度將如何發展的廣泛結論，尤其是在超級碗比賽和復活節轉變的情況下。

It just makes it makes drawing broad conclusions, it's a little tricky. We did assume guidance at the beginning of the year and still feel that we'll have the most opportunity to drive incremental RevPAR in our strongest occupancy quarter here in the second and third.

這只是讓我們得出廣泛的結論，這有點棘手。我們確實在年初做出了預測，並且仍然認為，在第二和第三季度入住率最高的時候，我們將有最大機會推動每間可用客房收入 (RevPAR) 的成長。

And, Anthony, it's important to recognize too, that while we can zoom out and generalize overarching trends, that the trends vary pretty significantly from market to market. And so I think even with weekend occupancies for several weeks been flat to slightly down.

安東尼，同樣重要的是要認識到，雖然我們可以縮小並概括整體趨勢，但不同市場的趨勢差異很大。因此我認為即使週末入住率連續幾週保持平穩或略有下降。

We have a number of markets where we continue to see very strong weekend performance and year-over- year growth. And the same is true midweek, meaningful variance market to market. And I think adding to what Liz said earlier for that reason, and given the overall strength in demand that we've continued to see through April. I think it's early to peg a specific trend in that area.

我們在許多市場持續看到非常強勁的周末表現和年成長。周中情況也是如此，各市場之間存在顯著差異。我認為，出於這個原因，我要補充 Liz 之前所說的內容，並考慮到我們在 4 月持續看到的整體需求強勁。我認為現在就確定該領域的具體趨勢還為時過早。

Okay. So following up on that, most of your other peers have talked about May and June being a lot better than April, and your April was better than most of your peers. I'm curious what you is new to the rest of the cadence for the rest of the quarter here?

好的。因此，接下來，您的大多數同行都表示 5 月和 6 月的表現比 4 月好很多，而您的 4 月表現比大多數同行都要好。我很好奇您對本季剩餘時間的節奏有什麼新看法？

As we look at average daily bookings and as we look at manager forecasts will speak to the field. I think that they remain encouraged for the quarter overall. April was promising and strong. I think, we believe that there's incremental. There's growth that we'll see both in May and June as well. Hopefully similarly to what we saw in April.

當我們查看平均每日預訂量和經理預測時，就會明白這一領域的情況。我認為他們對本季整體仍然充滿信心。四月充滿希望，充滿力量。我認為，我們相信這是一個漸進的過程。五月和六月我們也將看到成長。希望與我們四月看到的情況類似。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning, everyone. Just one more on the leisure commentary vis a vis the softer trends that come on the demand side? Or was it really related to some pricing sensitivity? And then, I know, Justin, you said big variances across markets, but any particular market that you can point to that were surprisingly weak?

謝謝。大家早安。關於休閒評論中關於需求方面疲軟趨勢的評論還有什麼嗎？或者它真的與某些價格敏感性有關嗎？然後，我知道，賈斯汀，您說不同市場之間存在很大差異，但您能指出哪個特定市場表現出意料的疲軟嗎？

I don't think the variances are within a fairly narrow band. And I would say the occupancy and rate dynamic is somewhat related. I think we've commented for some time that pre-pandemic, leisure was our most rate sensitive segment, and we've been incredibly pleased and I think the entire industry has benefited from that segment being less price sensitive.

我認為差異並不在一個相當狹窄的範圍內。我想說入住率和房價動態是有一定的關聯的。我想我們已經評論過一段時間了，在疫情之前，休閒是我們對價格最敏感的部分，我們感到非常高興，我認為整個行業都受益於這個部分對價格的敏感度降低。

It has always been our thought that over time, we will revert towards more normal behavior with a greater ability to drive rate with our corporate customers as we achieve stronger occupancies midweek and ability to drive rate with leisure customers around compression nights in markets where demand was strong.

我們一直認為，隨著時間的推移，我們將恢復到更正常的行為，隨著我們在周中實現更高的入住率，我們將更有能力提高企業客戶的利率，並在需求強勁的市場中，在緊張的夜晚提高休閒客戶的利率。

I think we're assessing what we're seeing right now. And as I highlighted, there is some variance from market to market. What we've seen overall is the extent there has been a pullback in some markets on weekends from an occupancy standpoint. It's been largely offset or more than wholly offset by a pickup in midweek business.

我認為我們正在評估目前所看到的情況。正如我所強調的，不同市場之間存在一些差異。整體而言，從入住率的角度來看，週末一些市場出現了一定程度的回落。這一損失在很大程度上被周中業務的回升所抵消，甚至完全抵消。

And that's a trend we feel very comfortable with. When we look at overall profitability of our business and how we historically split the business between business travelers and leisure, reversion to more normal behavior with stronger performance midweek with an overall profitability standpoint be a favorable shift for us.

我們對這一趨勢感到非常滿意。當我們審視我們業務的整體盈利能力以及我們過去如何在商務旅客和休閒旅客之間分配業務時，從整體盈利能力的角度來看，恢復到更正常的行為並在周中表現更強勁對我們來說是一個有利的轉變。

Yes, Mike, as Justin mentioned, when we look year-to-date, at sort of the split between occupancy and rate, they're closely aligned directionally.

是的，麥克，正如賈斯汀所提到的，當我們回顧年初至今的情況時，我們會發現入住率和房價之間的差距在方向上是緊密一致的。

That's helpful. And then just switching gears on the DC transaction. Could you quantify how much of the $10 million trailing EBITDA comes from that rooftop retail space in the billboard? And then also just any more color on the transaction process, the background, other bidders and seller motivation would be helpful. Thank you.

這很有幫助。然後只需切換 DC 交易即可。您能否量化一下 1000 萬美元的過往 EBITDA 中有多少來自廣告看板上的屋頂零售空間？另外，只要對交易流程、背景、其他競標者和賣家動機有更多的了解，就會很有幫助。謝謝。

When we look at AC, DC on a trailing basis, the rooftop and retail income is significantly more than our average portfolio. It's closer to 20% of total revenue with close to 80% coming from rooms.

當我們回顧 AC、DC 的歷史時，屋頂和零售收入明顯高於我們的平均投資組合。它接近總收入的 20%，其中近 80% 來自客房收入。

And then from a background standpoint, this was a group, strong developer multi-market developers that has investments across segments of real estate. And I think was struggling a bit in an unrelated office portfolio.

從背景角度來看，這是一群實力雄厚的多市場開發商，在房地產領域都有投資。我認為在不相關的辦公室投資組合中遇到了一些困難。

And I think you saw an opportunity to gain some incremental liquidity through the sale of this asset. This was an asset that was built by the group to be held long term. And I think if you have an opportunity to visit it, you'll recognize that and the quality of construction and the premier location.

我認為您看到了透過出售該資產來獲得一些增量流動性的機會。這是該集團為長期持有而建立的資產。我想，如果您有機會參觀，您就會認識到這一點以及其建築品質和優越的地理位置。

Then I think we are fortunate as we have been in several instances to be the right group at the right time and purchase the asset at a price that we believe we will feel, we already feel very good about, but we feel will look even better as we move into the future.

然後我認為我們很幸運，因為我們在許多情況下都是在正確的時間成為正確的團體，並以我們相信會感覺的價格購買資產，我們已經感覺非常好，但我們感覺隨著我們走向未來會看起來更好。

Got it. And then just one clarification. Let's just 20% of total revenues presumably that's a 100% margin so a much higher percentage of EBITDA. Is that a correct assumption?

知道了。然後只需澄清一點。我們假設總收入只有 20%，那麼利潤率大概是 100%，因此 EBITDA 的百分比要高得多。這是一個正確的假設嗎？

It's not 100% margin that the restaurant is managed so it would be near 100% margin for the other outlets, but the restaurant is managed by a third party. And so there are expenses associated with that.

該餐廳的管理利潤率並非 100%，因此其他門市的利潤率接近 100%，但該餐廳由第三方管理。因此這會產生相關費用。

Helpful.

很有幫助。

(Operator Instructions)

（操作員指示）

Tyler Batory, Oppenheimer.

泰勒·巴托里，奧本海默。

Good morning. This is Jonathan on for Tyler, thanks for taking my questions. First one for me. Just a follow-up on that leisure demand discussion, more clarification questions. Can you remind us how you define laser demand? Is that commentary interchangeable with weekend occupancy?

早安.我是喬納森，代替泰勒，感謝您回答我的問題。對我來說是第一個。這只是對休閒需求討論的後續，還有更多澄清問題。您能否提醒我們一下您是如何定義雷射需求的？該評論可以與週末入住率互換嗎？

There is close alignment when we look at it to weekend occupancy, not exclusively. We also look at negotiated accounts separate apart from that. But when we look at our hotels, I'm outside of a few markets where the majority of our business, regardless of when it occurs during the week tends to be leisure. Most of our hotels are skewed towards heavily towards leisure on the weekends and towards business travel midweek.

當我們從週末入住率的角度來看時，兩者之間存在著密切的一致性，但並非唯一。除此之外，我們也會單獨審查協商帳戶。但當我們審視我們的酒店時，我發現有些市場之外，在這些市場中，我們的大部分業務，無論發生在一周中的什麼時間，都傾向於休閒業務。我們的大多數飯店都專注於週末的休閒旅客和周中的商務旅客。

Okay, helpful. Thank you for that. And then was helpful commentary on the labor side. Can you talk about the other cost inflation in the business and what areas of the expenses are seeing kind of the greatest year-over-year growth outside of labor?

好的，有幫助。謝謝你。然後是關於勞動力方面的有益評論。您能談談業務中的其他成本通膨情況嗎？除了勞動力之外，哪些領域的支出較去年同期成長幅度最大？

We were pleased with the first quarter overall. If you look at comparable results, the team did a reasonably good job with costs outside of labor and including labor, we saw a deceleration and labor expenses, our total cost per occupied room from a payroll perspective in Q1 relative to Q4 and really as we looked at guidance at the midpoint, we were right in line on the top line slightly ahead on the bottom line and took that into account to some extent about $1 million with the change in the guidance range.

我們對第一季的整體表現感到滿意。如果你看一下可比結果，你會發現團隊在勞動力以外的成本（包括勞動力）方面做得相當不錯，我們看到勞動力費用有所下降，從工資角度來看，第一季度每間入住客房的總成本相對於第四季度有所下降，實際上，當我們查看中間點的指導時，我們的頂點略高於底線，並且在一定程度上考慮到了指導範圍變化約 100 萬美元。

It was really broad based, where we saw some deceleration, utilities were down, a lot of the overhead departments decelerated there in increases relative to Q4 and so it was really broad-based. We were pleased to see overall, the impact of the efforts that our teams have put in place and some stabilization in the cost environment.

它確實是廣泛的，我們看到了一些減速，公用事業下降，許多管理部門的開支相對於第四季度的增長有所減速，所以它確實是廣泛的。整體而言，我們很高興看到我們的團隊所付出的努力產生了影響，成本環境也趨於穩定。

Okay, great. Appreciate the color there. And then last one for me, if I could. Justin on the acquisition in DC, you talked about the favorable market dynamics and how you wanted to have a presence in that market for some time I think the release said. Are there any other markets that you still like to expand to? And maybe can you rank order, the criteria you look for in new markets?

好的，太好了。欣賞那裡的色彩。如果可以的話，這是我的最後一個。賈斯汀，關於華盛頓的收購，你談到了有利的市場動態，以及你希望在該市場佔有一席之地，我想新聞稿中已經提到了這一點。還有其他您還想拓展的市場嗎？您能否對您在新市場中尋找的標準進行排序？

There are a number of other markets where we would like to have a presence. It's interesting. Our strategy has always been to focus on on rooms focused hotels, predominantly in the upscale and upper midscale segments and to broadly diversify our portfolio across a variety of markets and market types. In order to achieve that objective, we need to be in both urban, larger than, smaller than and as well as high density suburban markets. Pricing in large urban markets has made it challenging for us to find an appropriate entry point.

我們也希望在許多其他市場佔有一席之地。這很有趣。我們的策略一直是專注於以客房為中心的酒店，主要集中在高檔和中高檔酒店領域，並在各種市場和市場類型中廣泛實現投資組合的多元化。為了實現這一目標，我們需要進入城市市場、較大、較小以及高密度郊區市場。大型城市市場的定價使我們很難找到合適的切入點。

The cost dynamics in urban markets are different. And historically a market like DC and an asset of this quality would have traded at 150 basis point lower cap rate, which, given the dynamics of the market would have put it outside of kind of the return threshold that we target.

城市市場的成本動態有所不同。從歷史上看，像 DC 這樣的市場和這種品質的資產的交易價格會低 150 個基點，考慮到市場的動態，這會使其超出我們所針對的回報門檻。

I think over and I've talked about this a little bit on our last call, but over the past several months with a meaningful increase in interest rates and the pullback from many lenders, we found ourselves in a position to be very competitive around larger assets.

我想了一下，在上次電話會議上我已經談過這個問題，但在過去幾個月裡，隨著利率的大幅上升和許多貸款機構的撤資，我們發現自己在大額資產方面非常具有競爭力。

In some of these urban markets where ordinarily we would have seen very stiff competition predominately from private equity, but from a variety of potential buyers and given our ready access to capital and our ability to bid on assets without financing contingencies, we've been more successful. And when you look at DC acquisition or the Vegas acquisition, which was another market where we wanted to, where we've looked for an appropriate entry point for some period of time.

在一些城市市場中，我們通常會看到非常激烈的競爭，主要來自自私募股權，但來自各種潛在買家的競爭，以及我們隨時可以獲得資本和在沒有融資意外事件的情況下競標資產的能力，我們取得了更大的成功。當您考慮 DC 收購或 Vegas 收購時，這是我們想要的另一個市場，我們已經在那裡尋找合適的切入點一段時間了。

Those are great examples of that. And importantly, though, we're not exclusively focused on large urban markets, that's a piece of our strategy, but not the entirety of it. And so we're equally attracted to high-density suburban markets with the primary criteria that we're looking for been relative growth trajectory relative to the national average.

這些都是很好的例子。但重要的是，我們並不只關注大型城市市場，這是我們策略的一部分，但不是全部。因此，我們同樣對高密度郊區市場感興趣，我們尋找的主要標準是相對於全國平均的相對成長軌跡。

And I think positioning, these are the demand generators with a view towards having a broad base of demand generators such that we're not subject to fluctuations within a single source of demand. And I think if you look at the entirety of the acquisitions that we completed last year, starting with Cleveland and moving through towards Vegas at the end of the year and then DC following that, you get a good sense for the range of assets that we're looking for in the types of markets that we're looking to buy assets there.

我認為定位是需求產生器，目的是擁有廣泛的需求產生器基礎，這樣我們就不會受到單一需求來源波動的影響。我認為，如果你看一下我們去年完成的所有收購，從克利夫蘭開始，到年底轉移到拉斯維加斯，然後是華盛頓特區，你就會很好地了解我們在尋找哪些類型的資產以及我們想在那裡購買哪些類型的資產。

Okay, that's excellent color. I appreciate that. Thank you for all the color this morning (inaudible). That's all for me.

好的，顏色很棒。我很感激。謝謝你今天早上帶來的所有色彩（聽不清楚）。對我來說就這些了。

Thank you.

謝謝。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Hey, thanks, good morning. Just in going back to the last question, actually, you mentioned just higher interest rates in the past couple of months and that putting Apple really into competitors position that have a competitive advantage in terms of acquiring properties.

嘿，謝謝，早安。回到上一個問題，實際上，您提到了過去幾個月利率上升，這使得蘋果在收購房產方面真正處於具有競爭優勢的競爭對手地位。

On the flip side, how does that impact your ability or willingness perhaps to bring incremental assets to market for disposition perhaps as a source of funds in the near term?

另一方面，這會如何影響您將增量資產推向市場進行處置（或作為短期資金來源）的能力或意願？

Actually a great question. And I think we have a super example in looking at what we've done recently as well, where we have seen meaningful competition and continued strong appetite is around smaller assets, where the total purchase price is lower. And in today's environment and again, the market shifts quickly, and we adjust our strategy accordingly to be opportunistic.

這確實是一個很好的問題。我認為，回顧我們最近所做的事情，我們有一個非常好的例子，我們看到了有意義的競爭，並且對較小資產的需求持續強勁，因為總購買價格較低。在當今環境下，市場瞬息萬變，我們會相應地調整策略以抓住機會。

But in today's market, we see ourselves in a position to sell quality assets in smaller markets potentially assets where we have near-term CapEx needs and to redeploy into assets. That are larger where we have less competition. Like I said, we continue to monitor markets, and we'll adjust our strategy appropriately as kind of the market dynamics shift. But looking at the two assets we sold recently and the asset we bought, I think you can get a sense for where we feel the opportunities are.

但在當今市場，我們認為自己可以在較小的市場中出售優質資產，這些資產可能是我們近期有資本支出需求的資產，然後重新部署到資產中。在競爭較少的地方，規模更大。正如我所說，我們會繼續監測市場，並根據市場動態的變化適當調整我們的策略。但看看我們最近出售的兩項資產和我們購買的資產，我想你就能明白我們認為的機會在哪裡。

And that's all helpful comments. And then just one more and maybe following up with Liz on some of the operating expense comments. How are you thinking about expense growth over a longer term timeframe over the next few years is 3% to 4%, and still a decent bedding line to be thinking about or how would you characterize and the setup?

這些都是很有幫助的評論。然後再問一個問題，也許可以跟進 Liz 對一些營運費用的評論。您如何看待未來幾年內較長時期內的費用增長率是 3% 到 4%，這是否仍是一個值得考慮的合理底線，或者您如何描述和設置？

We were pleased with, especially on the payroll side, what we saw. Total total expenses came in on a comparable basis, up 4%, that's down from 5% that we saw in Q4. So I think we are starting to see some normalization. I think in part it depends on the broader economy and sort of how inflation evolves and certainly we're starting to see and some benefit from lapping tougher comps.

我們對所看到的情況感到滿意，特別是在工資方面。總支出以可比較基礎計算成長了 4%，低於第四季的 5%。所以我認為我們開始看到一些正常化。我認為，這在一定程度上取決於整體經濟狀況以及通膨如何演變，當然，我們已經開始看到，並從更嚴格的競爭中獲得一些好處。

Historically 3% to 4% has been reasonable. And guidance we anticipated, especially on the payroll side between four and five with some continued cost pressures around some of the other line items like insurance and taxes. But I think over the long term, if we continue to see the trends that we're seeing now is 3% to 4% over an extended period of time wouldn't be unreasonable.

從歷史上看，3%到4%是合理的。我們預計，尤其是在工資方面，預計將在四到五年之間，而保險和稅收等其他一些項目的成本壓力則會持續存在。但我認為從長遠來看，如果我們繼續看到現在的趨勢，那麼在較長時間內成長 3% 到 4% 並不是不合理的。

And I would add to that. Over an extended period of time, our expenses tend to track reasonably closely with inflation. The charges in an environment like the environment we've been in recently where inflation numbers move more radically and more significantly, there tends to be a lag around those.

我想補充一點。在較長時期內，我們的支出往往與通貨膨脹保持相當密切的聯繫。在我們最近所處的環境中，通膨數字的變化更加劇烈、更加顯著，往往會出現滯後現象。

But zooming out, I think dependent on where we end up from an overall inflation standpoint, we would expect to be in the range that's highlighted or to the extent that successful and reining in inflation and that were to come down more significantly. We could even see expense growth below that.

但從宏觀角度來看，我認為取決於我們從整體通膨角度最終處於什麼位置，我們預期通膨將處於突出顯示的範圍內，或者在成功控制通膨的程度上，通膨將大幅下降。我們甚至可能會看到低於這一水平的支出成長。

I appreciate the thoughts. Thank you.

我很欣賞這些想法。謝謝。

There are no further questions at this time. I would now like to turn the floor back over to Justin Knight for closing comments.

目前沒有其他問題。現在我想把發言權交還給賈斯汀奈特 (Justin Knight) 來做最後評論。

We appreciate your continued interest for you taking the time to spend with us this morning. As I always say, as you have an opportunity to travel, we hope you'll take the opportunity to visit and to stay with us in some of our hotels.

我們非常感謝您今天上午抽出時間與我們一起參加這項活動。正如我常說的，當您有機會旅行時，我們希望您能藉此機會參觀並入住我們的一些酒店。

We're incredibly pleased with the quality of our portfolio and the recent additions to it through new acquisitions. And we look forward to meeting with many of you here in the coming weeks as we get out on the road.

我們對我們的投資組合的品質以及最近透過新收購而增加的資產感到非常滿意。我們期待在未來幾週的行程中與你們中的許多人會面。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。