Apple Hospitality REIT Inc (APLE) 2024 Q2 法說會逐字稿

Greetings and welcome to the Apple Hospitality REIT second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Clarke, Vice President of Investor Relations. Thank you. You may begin.

歡迎參加 Apple Hospitality REIT 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁凱莉克拉克。謝謝。你可以開始了。

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

謝謝你，早安。歡迎參加 Apple Hospitality REIT 的 2024 年第二季財報電話會議。今天的電話會議將基於我們昨天下午分發並提交的收益報告和 10-Q 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. 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.

在開始之前，請注意，今天的電話會議可能包含聯邦證券法定義的前瞻性陳述。這些前瞻性陳述是基於當前的觀點和假設，因此受到眾多風險、不確定性和未來事件結果的影響，這些風險、不確定性和未來事件的結果可能導致實際結果、績效或成就與明示的預測或暗示的結果存在重大差異。任何此類前瞻性陳述均受到我們向 SEC 提交的文件（包括 10-K 表格 2023 年年度報告）中描述的風險因素的限制，並且僅在今天發表。

The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. And in addition, non-GAAP measures of performance will be discussed during this call. Reconciliations of those measures to GAAP measures and definitions of certain terms 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.

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 GAAP 績效衡量標準。這些措施與 GAAP 措施的協調以及我們言論中提到的某些術語的定義包含在昨天的收益報告和向 SEC 提交的其他文件中。如需收益報告的副本或有關該公司的其他信息，請訪問 applehospitalityreit.com。

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the second quarter 2024 and an operational outlook for the remainder of the year. Following the overview, we will open the call for Q&A.

今天早上，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 年第二季的業績以及今年剩餘時間的營運前景。在概述之後，我們將開始問答環節。

At this time, it is my pleasure to turn the call over to Justin.

此時，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us today for our second quarter earnings call. As we move into the back half of 2024, the fundamentals of our business remains strong. The rate of new supply growth in our markets is muted relative to historical levels, allowing us to benefit more fully than we have in past cycles from incremental demand growth.

早安，感謝您今天參加我們的第二季財報電話會議。進入 2024 年下半年，我們業務的基本面依然強勁。與歷史水準相比，我們市場的新增供應成長率較低，這使我們能夠比過去的週期更充分地從需求增量成長中受益。

We were able to grow Comparable Hotels occupancy more than 2% year over year during the quarter and achieved overall portfolio occupancy of 80%. While we believe that our greatest opportunity for growth will come as a result of the steady improvement we are seeing in midweek business travel demand, we were able to grow occupancy on both weekdays and weekends during the quarter, demonstrating the resilience of leisure travel demand and the upside we continue to realize as corporate small and medium sized business travel normalizes.

本季度，我們的可比飯店入住率年增超過 2%，整體投資組合入住率達 80%。雖然我們相信周中商務旅行需求的穩定改善將帶來我們最大的成長機會，但我們在本季度的工作日和週末的入住率均有所增長，這證明了休閒旅行需求的彈性和隨著中小型企業商務旅行的正常化，我們將繼續實現這一優勢。

Comparable Hotels RevPAR for the quarter grew 2.5%, with ADR up slightly year over year. Our revenue and asset management teams, together with our third party operators, are intently focused on maximizing the profitability of our assets and optimizing their performance within their respective markets. Expense growth is moderating, supporting strong bottom line performance for our portfolio. For the quarter, we achieved a Comparable Hotels adjusted hotel EBITDA margin of 39%, a year over year decline of 50 basis points.

可比飯店本季的 RevPAR 成長了 2.5%，平均房價較去年同期略有上升。我們的收入和資產管理團隊與我們的第三方營運商一起，專注於最大限度地提高我們資產的盈利能力並優化其在各自市場中的表現。費用成長正在放緩，為我們的投資組合提供了強勁的底線表現。本季度，我們的可比飯店調整後飯店 EBITDA 利潤率為 39%，年減 50 個基點。

Second quarter adjusted EBITDAre was $141 million and modified funds from operations was $121 million, both up 9% as compared to the second quarter of 2023. Our portfolio continued to perform ahead of pre-pandemic levels, with Comparable Hotels RevPAR for the quarter up 11% and Comparable Hotels adjusted hotel EBITDA up 12% as compared to the second quarter of 2019.

第二季調整後 EBITDA 為 1.41 億美元，調整後營運資金為 1.21 億美元，均較 2023 年第二季成長 9%。我們的投資組合的表現繼續領先大流行前的水平，與 2019 年第二季度相比，本季度可比酒店的 RevPAR 增長了 11%，可比酒店調整後的酒店 EBITDA 增長了 12%。

Supported by our strong operating performance, we continue to provide investors with an attractive dividend yield. Modified funds from operations for the second quarter was $0.50 per share up 2% to the second quarter of 2023. During the quarter, we paid distributions totaling $0.24 per common share. Based on Friday's closing stock price, our annualized regular monthly cash distribution of $0.96 per share represents an annual yield of approximately 6.6%.

在我們強勁的經營業績的支持下，我們繼續為投資者提供有吸引力的股息殖利率。第二季修正後的營運資金為每股 0.50 美元，較 2023 年第二季成長 2%。本季度，我們支付了每股普通股 0.24 美元的股息分配。根據週五的收盤價，我們的年化定期每月現金分配為每股 0.96 美元，年收益率約為 6.6%。

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. Our transaction activity has further enhanced our already well positioned portfolio, creating increased exposure to high-growth markets, lifting overall portfolio performance and driving incremental profitability.

我們將與董事會一起繼續監控與酒店業績和其他潛在資本用途相關的分配率和時間表。我們的交易活動進一步增強了我們已經定位良好的投資組合，增加了對高成長市場的曝險，提升了整體投資組合績效並推動了獲利能力的增量。

Recent acquisitions complement our existing portfolio and reflect our proven investment strategy. The seven hotels we acquired since June of last year, together with the parking garage adjacent to our Downtown Salt Lake City hotels and excluding the recently opened Embassy Suites in Madison, are yielding approximately 9% after capital improvements on a trailing 12 month unlevered basis with meaningful upside from projected market growth and operational improvements.

最近的收購補充了我們現有的投資組合，並反映了我們行之有效的投資策略。我們自去年6 月以來收購的7 家酒店，連同鹽湖城市中心酒店附近的停車場（不包括最近開業的麥迪遜大使館套房酒店），在過去12 個月的無槓桿基礎上進行資本改善後，收益率約為9%。

The Embassy Suites by Hilton in Downtown Madison, Wisconsin, which we acquired during the quarter upon completion of construction is ramping in line with our expectations. Through our long-standing relationship with the developer, we secured a fixed price takeout contract prior to the start of construction, which enabled us to acquire the asset at an attractive price despite rising construction costs over the course of development.

我們在本季竣工後收購的位於威斯康辛州麥迪遜市中心的希爾頓大使館套房酒店正在按照我們的預期進行擴建。透過我們與開發商的長期合作關係，我們在施工開始前獲得了固定價格外購合同，這使我們能夠以有吸引力的價格收購該資產，儘管在開發過程中建築成本不斷上升。

We continue to feel good about the overall strength of the Madison market and the location and position of this hotel. We have one additional hotel under contract for purchase, a model by Hilton, which is under construction in downtown Nashville for approximately $98 million. Similar to the Embassy in Madison, the asset is being developed under a fixed price contract, and we anticipate acquiring the hotel upon completion of construction in late 2025.

我們繼續對麥迪遜市場的整體實力以及這家酒店的位置和地位感到滿意。我們還有另外一家酒店正在簽訂購買合同，是希爾頓的一個型號，正在納什維爾市中心建設，耗資約 9,800 萬美元。與麥迪遜大使館類似，該資產是根據固定價格合約開發的，我們預計在 2025 年底竣工後收購該酒店。

We continually evaluate acquisition opportunities relative to returns that we can achieve through the purchase of our own shares and work to allocate capital in ways that maximize total returns for our shareholders. During the quarter and the month of July, with the recent pullback in our stock price, we repurchased approximately 1.6 million shares at a weighted average market purchase price of $14.29 per share for an aggregate purchase price of approximately $23 million.

我們不斷評估與購買自己的股票可以獲得的回報相關的收購機會，並努力以最大化股東總回報的方式分配資本。在本季和 7 月份，隨著近期股價的回調，我們以每股 14.29 美元的加權平均市場購買價格回購了約 160 萬股股票，總購買價格約為 2,300 萬美元。

We are disciplined in our approach to capital allocation, seeking opportunities where we believe we can achieve the most desirable results for our shareholders given market conditions. Our recent activity highlights the strength and flexibility provided by our balance sheet and our ability to opportunistically allocate capital in the current environment.

我們在資本配置方面遵守紀律，在市場條件下尋找我們相信能夠為股東實現最理想結果的機會。我們最近的活動凸顯了我們的資產負債表所提供的實力和靈活性，以及​​我們在當前環境下機會主義地配置資本的能力。

We remain focused on maximizing long-term value for our shareholders and continue to be active underwriting additional opportunities that align with our investment strategy where we believe we can achieve desirable investment returns. We also continually monitor the performance of our existing hotels and work to strategically dispose of select assets to optimize our portfolio concentration within markets we believe to have higher growth potential, manage our long-term CapEx needs and maximize returns on individual assets.

我們仍然專注於為股東實現長期價值最大化，並繼續積極承銷符合我們投資策略的額外機會，我們相信我們可以實現理想的投資回報。我們也不斷監控現有飯店的業績，並努力策略性地處置精選資產，以優化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個別資產的回報。

Since the beginning of 2024, we have sold three hotels for a combined gross sales price of approximately $41 million, resulting in a gain on sale of approximately $18 million, including the 82 room Spring Hill Suites by Marriott Greensboro, which we sold during the second quarter for a gross sales price of approximately $7 million.

自2024 年初以來，我們已以總銷售價格約4100 萬美元出售了三家酒店，銷售收益約為1800 萬美元，其中包括我們在第二季度出售的擁有82 間客房的格林斯伯勒萬豪春季山丘套房飯店(Spring Hill Suites by Marriott Greensboro)。

Since the onset of the pandemic, we have completed approximately $294 million in hotel sales and have invested $1 billion in new acquisitions while maintaining the strength of our balance sheet. 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.

自疫情爆發以來，我們已完成約 2.94 億美元的酒店銷售，並投資了 10 億美元進行新收購，同時保持了資產負債表的實力。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，有助於管理近期資本支出需求，擴大了我們平台的規模，並使我們能夠繼續受益於近期經濟和人口趨勢。

During the first six months of the year, we also invested approximately $33 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. These reinvestments in our portfolio are a key component of our overall strategy to ensure that our hotels remain competitive in their respective markets to further drive EBITDA growth.

今年前六個月，我們還投資了約 3,300 萬美元的資本支出，預計 2024 年將支出 7,500 萬至 8,500 萬美元，對我們約 20 家酒店進行重大翻修。這些對我們投資組合的再投資是我們整體策略的關鍵組成部分，以確保我們的酒店在各自市場上保持競爭力，進一步推動 EBITDA 成長。

The fundamentals of our business remain favorable, with continued strength in demand and limited new supply. At the end of the second quarter, approximately 55% of our hotels did not have any new upper-upscale 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 margin demand.

我們業務的基本面仍然有利，需求持續強勁，新增供應有限。截至第二季末，我們約 55% 的酒店在五英里半徑內沒有任何新的超高檔或中高檔產品在建，這使我們能夠從增量需求和通過減少潛在的下行風險並增強保證金需求變化帶來的上行影響，改善我們投資組合的整體風險狀況。

We remain focused and disciplined in the execution of our investment strategy, which has proven resilient across economic cycles. We are confident that with our portfolio of high-quality rooms, focus, hotels broadly diversified across markets and demand generators, the strength of our brands and effectiveness of our management companies, the stability and flexibility provided by our balance sheet and the depth and experience of our corporate team. We are exceptionally well positioned for the future.

我們在執行投資策略時保持專注和自律，事實證明該策略在跨經濟週期中具有彈性。我們相信，憑藉我們的高品質客房組合、重點關注、跨市場和需求發生器的廣泛多元化酒店、我們品牌的實力和管理公司的有效性、我們資產負債表提供的穩定性和靈活性以及深度和經驗我們的企業團隊。我們為未來做好了非常有利的準備。

It's 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，以了解有關本季度資產負債表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 $387 million for the second quarter 2024 and $718 million year to date through June, up 3% and 2% as compared to the same periods of 2023. With continued strength in leisure demand and additional recovery and business demand.

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強勁的季度。可比飯店 2024 年第二季的總營收為 3.87 億美元，截至今年 6 月的總營收為 7.18 億美元，較 2023 年同期成長 3% 和 2%。隨著休閒需求的持續強勁以及額外的復甦和商業需求。

Second quarter Comparable Hotels RevPAR was $130, up 2.5%. ADR was $163 up slightly, and occupancy was 80%, up 2% as compared to the second quarter 2023. A strong second quarter brought year to date through June, Comparable Hotels RevPAR to $121, up more than 1%, occupancy to 76%, up more than 1% and ADR to $159, essentially flat to the same period of 2023. Because of calendar shifts with the Easter holiday, April was our strongest month during the quarter with year-over-year Comparable Hotels RevPAR growth of nearly 5%.

第二季可比飯店 RevPAR 為 130 美元，成長 2.5%。ADR 略有上漲 163 美元，入住率為 80%，較 2023 年第二季上漲 2%。截至6 月份，第二季表現強勁，可比飯店平均每間客房收入(RevPAR) 為121 美元，成長超過1%，入住率達76%，成長超過1%，平均房價為159 美元，與2023 年同期基本持平。由於復活節假期的日曆變化，4 月是我們本季表現最強勁的月份，可比飯店的 RevPAR 較去年同期成長近 5%。

This shifted the Juneteenth holiday to midweek this year as well as having five Sundays during the month impacted performance for June, with year-over-year RevPAR growth of just under 1%. With a challenging start to the month with the fourth of July holiday, preliminary results for July show essentially flat occupancy year over year with continued pressure on ADR resulting in modest declines in RevPAR.

這使得今年 6 月節假期移至周中，並且該月有 5 個週日影響了 6 月的業績，RevPAR 同比增長略低於 1%。由於 7 月 4 日假期，本月開局充滿挑戰，7 月份的初步結果顯示，入住率同比基本持平，平均房價 (ADR) 持續面臨壓力，導致每間可用客房收入 (RevPAR) 略有下降。

Looking at day-over-day trends, leisure travel continues to be resilient. Weekend occupancies were up 2.3% during the second quarter as compared to the same period last year. We also saw steady improvement in weekday occupancies with growth of 2.3% during the second quarter as compared to the same period of 2023.

從日常趨勢來看，休閒旅遊持續保持彈性。第二季度週末入住率較去年同期成長 2.3%。我們也看到第二季工作日入住率穩定改善，與 2023 年同期相比成長了 2.3%。

While we have been pleased to see steady improvement in overall demand, leisure demand, which has produced the strongest rate growth post pandemic, showed signs of increased rate sensitivity during the quarter and midweek demand came at lower absolute rates than those achieved on weekends, with the combined effect weighing on our overall ADR growth for the quarter.

雖然我們很高興看到整體需求穩步改善，但休閒需求在大流行後產生了最強勁的增長率，在本季度顯示出利率敏感性增加的跡象，周中需求的絕對增長率低於週末的絕對成長率，綜合效應影響了我們本季的整體 ADR 成長。

Weekend ADR was up 1.1% in April, but down 1.9% and 2.3% in May and June, respectively. Weekday ADR was up 1.1% in April and up slightly year over year in May and June. Our strongest rate growth came on Monday nights followed by Tuesdays and Wednesdays, where we achieved 86% occupancy during the quarter. Weekend ADR was $170 and weekday ADR was $156 for the quarter. We believe that future growth will come largely from continued improvement in midweek occupancy, which will support more significant midweek rate growth, both of which have lagged the leisure recovery post pandemic.

4 月週末 ADR 上漲 1.1%，但 5 月和 6 月分別下降 1.9% 和 2.3%。4 月平日 ADR 上漲 1.1%，5 月和 6 月較去年同期小幅上漲。我們最強勁的成長率出現在周一晚上，然後是週二和週三，本季入住率達到 86%。本季週末 ADR 為 170 美元，平日 ADR 為 156 美元。我們認為，未來的成長將主要來自周中入住率的持續改善，這將支持周中入住率更顯著的成長，而這兩者都落後於疫情後的休閒復甦。

Same-store room night channel mix quarter over quarter remained relatively stable, with brand.com bookings at 40%, OTA bookings and property direct at 13% and 24% respectively, and GDS bookings representing 17% of our mix.

同店間夜間通路組合較上季保持相對穩定，brand.com 預訂佔 40%，OTA 預訂和飯店直接預訂分別佔 13% 和 24%，GDS 預訂占我們組合的 17%。

Second quarter same-store segmentation was largely consistent with the second quarter of 2023. PAR remained strong at 32%, discounts represented 29% of our occupancy mix, group was 15%, and the negotiated segment represented 18% of our mix.

第二季同店細分與 2023 年第二季大致一致。PAR 維持在 32% 的強勁水平，折扣占我們入住組合的 29%，團體佔 15%，協商部分占我們入住組合的 18%。

Turning to expenses, Comparable Hotels total hotel expenses increased year over year by 3.5% for the second quarter, decelerating from year over year total hotel expense growth of 4.2% in the first quarter. The deceleration was largely driven by a 100 basis point improvement in year-over-year growth in operating expenses.

費用方面，可比飯店第二季飯店總費用年增 3.5%，較第一季 4.2% 的年增幅放緩。減速主要是由於營運費用年增 100 個基點改善所致。

Total expense growth on a per occupied room basis also declined from 3.1% in the first quarter to 1.2% in the second quarter. A significant driver of operating expenses to total payroll per occupied room for our same-store hotels was $38 for the quarter, up 3.4% to the second quarter 2023, but with a rate of growth decelerating as compared to the 5.1% growth in the first quarter of 2024.

每間入住客房的總費用成長也從第一季的 3.1% 下降至第二季的 1.2%。本季度，我們同店飯店每間入住客房總薪資的營運支出的一個重要推動因素是38 美元，比2023 年第二季度增長3.4%，但與第一季的5.1% 成長率相比，成長率有所放緩2024 年第四季。

We anticipate the near term growth in payroll cost per occupied room will be more in line with the modest increases we saw during the second quarter with labor market stabilizing and overall inflation numbers coming down. Contract labor remained relatively stable during the quarter at 8.6% of total wages and was down 230 basis points or 17% versus the same period in 2023.

我們預計，隨著勞動力市場穩定和整體通膨數據下降，每間已入住房間的工資成本的近期增長將與第二季度的小幅增長更加一致。本季合約工維持相對穩定，佔總薪資的 8.6%，與 2023 年同期相比下降了 230 個基點，即 17%。

With lower turnover and less 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. Also contributing to total hotel expense growth deceleration, property taxes, insurance and other expense decreased year over year by nearly 1% with a favorable property insurance renewal April first, and a decline in property taxes year over year due to successful appeals.

由於營業額較低，對合約工的依賴減少，我們更有能力推動房地產層面的生產力增量。我們將繼續與我們的管理公司合作，隨著時間的推移提高我們的營運效率。財產稅、保險和其他費用年減近 1%，4 月 1 日財產保險續保有利，以及由於上訴成功而財產稅同比下降，也導致酒店總費用增長放緩。

As a result, we achieved Comparable Hotels adjusted hotel EBITDA of approximately $152 million for the quarter and $263 million year to date, up 1.5% and down less than 1% as compared to the same periods of 2023, with RevPAR growth coming through occupancy over rate growth. We are especially pleased with our Comparable Hotels adjusted hotel EBITDA margin at 39.1% for the quarter and 36.6% year to date, down only 50 basis points and 110 basis points to the same periods of 2023.

因此，本季可比飯店調整後飯店EBITDA 約為1.52 億美元，年初至今為2.63 億美元，與2023 年同期相比成長1.5%，下降不到1%，每間客房營收(RevPAR) 的成長來自於入住率率成長。我們對可比飯店調整後的飯店 EBITDA 利潤率感到特別滿意，本季為 39.1%，年初至今為 36.6%，較 2023 年同期僅下降 50 個基點和 110 個基點。

Adjusted EBITDAre was $141 million for the quarter and $242 million year to date, up 9% and 8% to the same periods of 2023 respectively. And FFO for the quarter was $121 million and year to date was $205 million, up 9% and 7.5% as compared to the same periods of 2023, respectively.

本季調整後 EBITDA 為 1.41 億美元，年初至今為 2.42 億美元，分別比 2023 年同期成長 9% 和 8%。本季的 FFO 為 1.21 億美元，年初至今為 2.05 億美元，與 2023 年同期相比分別成長 9% 和 7.5%。

Looking at our balance sheet as of June 30, 2024, we had approximately $1.5 billion of total outstanding debt net of cash, approximately 3.4 times our trailing 12 month EBITDA, with a weighted average interest rate of 4.8%. Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments, was comprised of approximately $278 million in property level debt secured by 15 hotels and approximately $1.3 billion outstanding on our unsecured credit facilities.

截至 2024 年 6 月 30 日，我們的資產負債表顯示，扣除現金後，我們的未償債務總額約為 15 億美元，約為過去 12 個月 EBITDA 的 3.4 倍，加權平均利率為 4.8%。未償債務總額（不包括未攤銷的債務發行成本和公允價值調整）包括由 15 家飯店擔保的約 2.78 億美元的財產級債務以及約 13 億美元的無擔保信貸額度未償債務。

At quarter end, our weighted average debt maturities were 3.1 years. We had cash on hand of approximately $7 million availability under our revolving credit facility of approximately $481 million and approximately 71% of our total debt outstanding was fixed or hedged.

截至季末，我們的加權平均債務期限為 3.1 年。我們的循環信貸額度約為 4.81 億美元，手頭現金約為 700 萬美元，未償債務總額的約 71% 已被固定或對沖。

In July, we amended our unsecured $85 million term loan facility, which increased the facility to $130 million with the additional $45 million funded at closing. Extended the maturity date to July 25, 2026, and set the interest rate margin spread to a range of 135 basis points to 220 basis points depending on the company's leverage ratio. Subject to certain conditions, the maturity date of the $130 million term loan facility may be extended by the company for one year.

7 月，我們修改了 8,500 萬美元的無擔保定期貸款安排，將貸款額度增加至 1.3 億美元，並在交易結束時額外提供了 4,500 萬美元。將到期日延長至2026年7月25日，並根據公司槓桿率將利差設定在135個基點至220個基點的範圍內。在滿足某些條件的情況下，公司可能會將 1.3 億美元定期貸款融資的到期日延長一年。

The incremental funding was used to pay down the balance on our revolving credit facility, resulting in an increase in capacity on our line of credit. We have a mortgage loan of approximately $20 million that matures later this year that we intend to pay off using funds from operations or borrowings under our revolving credit facility.

增量資金用於償還我們的循環信貸額度的餘額，從而增加了我們的信貸額度。我們有一筆約 2000 萬美元的抵押貸款，將於今年稍後到期，我們打算使用來自營運的資金或循環信貸額度下的借款來償還。

With the pullback in our stock price during the quarter, we repurchased approximately 1.1 million common shares at a weighted average market purchase price of approximately $14.35 per share, for an aggregate purchase price of approximately 15.5 million. In July, we repurchased an additional 500,000 shares, bringing the total shares purchased year to date through July to approximately 1.6 million shares at a weighted average market purchase price of approximately $14.29 per share, for an aggregate purchase price of approximately $23 million. As of the end of July, we had approximately $312 million remaining under our share repurchase program.

隨著本季股價回調，我們以每股約 14.35 美元的加權平均市場購買價回購了約 110 萬股普通股，總購買價約為 1,550 萬股。7 月份，我們額外回購了 50 萬股股票，使今年截至 7 月份購買的股票總數達到約 160 萬股，加權平均市場購買價格約為每股 14.29 美元，總購買價格約為 2,300 萬美元。截至 7 月底，我們的股票回購計畫剩餘資金約為 3.12 億美元。

Turning to our updated full year outlook for 2024 as compared to the previously provided guidance. The company is at the midpoint decreasing net income by $6 million, decreasing Comparable Hotels RevPAR change by 150 basis points, increasing comparable hotels adjusted hotel EBITDA margin by 10 basis points and decreasing adjusted EBITDAre by $7 million.

與先前提供的指導相比，我們更新了 2024 年全年展望。該公司正處於中點，淨利潤減少了 600 萬美元，可比酒店 RevPAR 變化減少了 150 個基點，可比酒店調整後酒店 EBITDA 利潤率增加了 10 個基點，調整後 EBITDA 減少了 700 萬美元。

For the full year 2024, we anticipate the results will be in the following ranges. Net income of $202 million to $225 million, Comparable Hotels RevPAR change of 0.5% to 2.5%, Comparable Hotels adjusted hotel EBITDA margin of 35% to 35.8%, and adjusted EBITDAre between $456 million and $474 million. 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.

對於 2024 年全年，我們預計結果將在以下範圍內。淨利潤為2.02 億美元至2.25 億美元，可比飯店RevPAR 變動為0.5% 至2.5%，可比飯店調整後的飯店EBITDA 利潤率為35% 至35.8%，調整後的EBITDA 介於4.56 億至4.74 億美元之間。這項展望是基於我們目前的觀點，沒有考慮到我們業務的任何意外發展或經營環境的變化，也沒有考慮到任何未宣布的酒店收購或處置。

While operational results for the first quarter 2024 were in line with our expectations at the previously provided mid point and demand continued to improve during the second quarter. Rate growth during the second quarter was modest, and the updated outlook takes into account increased price sensitivity in the leisure consumer and the impact of the increase in business transient as a percent of mix, which is currently coming at lower rates than those we've seen from leisure consumers following the pandemic.

雖然 2024 年第一季的營運表現符合我們先前提供的中點預期，但第二季的需求持續改善。第二季的利率成長溫和，更新的前景考慮到休閒消費者對價格敏感度的提高以及商業瞬態增長的影響（佔混合百分比），目前的利率低於我們預測的利率從大流行後的休閒消費者身上可以看出。

The high end of the full year range reflects relatively steady macro economic conditions, with continued strength in leisure demand and improvement in business transient with greater ADR growth as we move past our strongest leisure oriented month. The low end of the range reflects continued pressure on rate growth with a slight pullback in leisure demand.

全年範圍的高端反映了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，隨著我們度過了最強勁的休閒導向月份，ADR 增長更大。該區間的低端反映了利率成長的持續壓力以及休閒需求的小幅回落。

Despite the 150 basis point shift in RevPAR growth guidance, primarily due to lower rate growth with strong bottom line performance. Year to date, the updated range assumes better than originally anticipated variable and fixed expense growth, resulting in just a 1% decline in Comparable Hotels adjusted EBITDA. Despite some pullback in our expectations for the full year, we are confident we are well positioned for continued strong operating fundamentals and bottom line performance.

儘管 RevPAR 成長指引發生了 150 個基點的變化，這主要是由於較低的成長率和強勁的獲利表現。今年迄今為止，更新後的範圍假設可變和固定費用增長優於最初預期，導致可比酒店調整後 EBITDA 僅下降 1%。儘管我們對全年的預期有所回落，但我們相信我們已做好充分準備，能夠繼續保持強勁的營運基本面和獲利表現。

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. Modified funds from operations are up on a per-share basis year over year, and our balance sheet provides us with meaningful optionality to drive incremental value.

儘管營運環境面臨挑戰，持續對利潤率構成壓力，但我們最近的收購活動使我們能夠為股東帶來增量價值。來自營運的修改資金逐年增加，我們的資產負債表為我們提供了有意義的選擇來推動增量價值。

Our differentiated strategy has proven resilient through economic cycles, enabling us to preserve equity value in challenging environments and be uniquely positioned to improve value through opportunistic transactions when market conditions are more constructive. Our team worked diligently to maximize the performance of our existing portfolio while staying ready to take advantage of market shifts and opportunities to further enhance shareholder returns.

事實證明，我們的差異化策略在整個經濟週期中具有彈性，使我們能夠在充滿挑戰的環境中保持股權價值，並在市場條件更具建設性時透過機會主義交易提高價值。我們的團隊勤奮工作，最大限度地提高現有投資組合的業績，同時隨時準備利用市場變化和機會，進一步提高股東回報。

We would now be happy to answer any questions that you have for us this morning.

我們很樂意回答您今天早上向我們提出的任何問題。

(Operator Instructions)

（操作員說明）

Dori Kesten, Wells Fargo

多麗凱斯滕，富國銀行

Thanks. Good morning. In June, you talked about the expectation that business transient versus leisure rates should eventually return to a more normalized spread. Where are you now versus ‘19, and what's your expectation for that spread in the second half of the year?

謝謝。早安.六月，您談到了商務短暫與休閒利率最終應恢復到更正常化的利差的預期。與 19 年相比，您現在處於什麼位置？

We are still meaningfully behind that spread relative to 2019. We had seen a complete reversal in trends where we had been maybe 800 basis points higher midweek than we were on weekends post-pandemic. That switched and flip-flopped. We're shrinking the gap, but not as quickly as we'd like. From a growth rate perspective midweek, we'd certainly like to see it there. As leisure price sensitivity continues, that gap can shrink that way too, which obviously would not be preferable. But we still have upside relative to the pre-pandemic spread between midweek and weekend occupancy -- rates, I apologize.

與 2019 年相比，我們仍然明顯落後於此差距。我們看到趨勢完全逆轉，大流行後周中的價格可能比週末高出 800 個基點。情況發生了變化。我們正在縮小差距，但速度沒有我們希望的那麼快。從周中成長率的角度來看，我們當然希望看到它。隨著休閒價格敏感度的持續，這種差距也會縮小，這顯然不是可取的。但相對於疫情前周中和週末入住率的分佈，我們仍然有上升空間，對此我表示歉意。

And as we highlighted in our prepared remarks, that's where we see the biggest upside on a go-forward basis.

正如我們在準備好的演講中所強調的那樣，這就是我們看到的未來​​最大的好處。

Okay. And then based on your new guidance, would you need to or potentially choose to change your dividends on the current $0.08 monthly level?

好的。然後根據您的新指導，您是否需要或可能選擇將股息更改為當前每月 0.08 美元的水平？

No. I think I highlighted in my prepared remarks, we have more than adequate coverage given what we've anticipated for the remainder of the year.

不。我想我在準備好的發言中強調了，鑑於我們對今年剩餘時間的預期，我們的報導已經足夠多了。

Correct. And last one. Are there potential acquisitions you may be close on but have paused progress on just given where your stock is trading? Just trying to get a sense of how much of a pipeline there is to the extent that your stock price improved in the near-medium term.

正確的。最後一張。是否存在您可能即將完成但僅考慮到您的股票交易情況而暫停進展的潛在收購？只是想了解有多少通路可以讓你的股價在中短期內有所改善。

It's interesting. We are underwriting as many deals as we ever have. And a significant number of those deals meet our investment criteria in terms of strategic fit. Certainly, as I mentioned in my prepared remarks, we take into consideration where we're trading as we price those assets. And I think similar to others in this space, we’ve bid wide of seller expectations.

這很有趣。我們承保的交易數量與以往一樣多。其中大量交易在策略契合度方面符合我們的投資標準。當然，正如我在準備好的演講中提到的，我們在為這些資產定價時會考慮我們的交易地點。我認為與這個領域的其他人類似，我們的出價超出了賣家的期望。

In the current environment, with continued strength in overall operations, most sellers are choosing to hold assets rather than adjust pricing. And I think unless we were to see a meaningful shift in our overall cost of capital, I think it's unlikely that you would see us become more aggressive on the acquisitions front.

在當前環境下，隨著整體營運持續走強，大多數賣家選擇持有資產而不是調整定價。我認為，除非我們看到整體資本成本發生有意義的轉變，否則您不太可能看到我們在收購方面變得更加積極。

That said, we're poised and ready and in continual discussions with a number of potential sellers. We're incredibly pleased with the performance of our recent acquisitions to date. They've been meaningfully additive to our portfolio and have lifted portfolio performance from a growth standpoint. DC, which is one of our recent acquisitions, was up top line over 9% during the quarter, Las Vegas was up almost 19% during the quarter.

也就是說，我們已做好準備，並正在與許多潛在賣家進行持續討論。我們對迄今為止最近收購的業績感到非常滿意。它們對我們的投資組合產生了有意義的補充，並從成長的角度提升了投資組合的績效。DC 是我們最近收購的公司之一，本季營收成長了 9% 以上，拉斯維加斯本季成長了近 19%。

And certainly, we are incredibly pleased with the yields we're achieving on those assets. We'd love to be in a position to pursue more, but as you saw in the quarter, we also see tremendous value in our shares. A strong stable platform yielding very well at an incredibly attractive price per key. And we have the flexibility and the ability to pivot towards share repurchase, but that makes sense.

當然，我們對這些資產所取得的收益感到非常滿意。我們很樂意能夠追求更多，但正如您在本季所看到的那樣，我們也看到了我們股票的巨大價值。一個強大穩定的平台，每鍵的價格都非常有吸引力。我們擁有轉向股票回購的靈活性和能力，但這是有道理的。

Perfect. Thank you.

完美的。謝謝。

Thank you.

謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Thanks. Good morning, guys. What do you guys think needs to happen here for you to see some additional rate upside or shift in the mix of corporate of accounts to drive that midweek ADR? I guess, does any of the softening in economic data give you pause about how that plays out from here and maybe the pace of improvement as sort of that supply is in a pretty good position? You suggested demand still looks really good, but just wondering if you're seeing any of that change in sort of the booking pace. Thanks.

謝謝。早安，夥計們。你們認為這裡需要發生什麼，才能看到一些額外的利率上行或公司帳戶組合的轉變，以推動周中的 ADR？我想，經濟數據的疲軟是否會讓您對接下來的情況猶豫不決，也許供應的改善步伐處於相當好的位置？您建議需求看起來仍然很好，但只是想知道您是否看到預訂速度發生任何變化。謝謝。

I think in terms of booking pace, we continue to feel reasonably good about how that's playing out, remembering again, that we have very little visibility into the future based on booking patterns for the typical guests at our hotels. That said, as I highlighted earlier, we continue to have markets that are growing at an incredibly strong rate.

我認為就預訂速度而言，我們仍然對目前的情況感到相當滿意，再次記住，根據我們酒店的典型客人的預訂模式，我們對未來的了解非常少。也就是說，正如我之前強調的那樣，我們的市場仍然以令人難以置信的強勁速度成長。

And because we're broadly diversified, we have exposure to a lot of different markets and different market types. I'd say overall, what we saw yesterday and what we've seen in some recent economic data has yet to meaningfully impact our performance. And assuming we are able to continue to grow occupancy, we would anticipate on the margin that we would be in a better position to move rate, especially mid-week. We've had the conversation in the past, and it's certainly worth mentioning.

由於我們廣泛多元化，我們涉足許多不同的市場和不同的市場類型。我想說，總的來說，我們昨天看到的情況以及我們在最近的一些經濟數據中看到的情況尚未對我們的業績產生有意義的影響。假設我們能夠繼續增加入住率，我們預計我們將能夠更好地調整房價，尤其是在周中。我們過去曾進行過這樣的談話，這當然值得一提。

A portion of our corporate accounts are on fixed price contracts, which tend to renew on an annual basis, and we will very shortly enter negotiations around those accounts. With the backdrop of significantly higher occupancy, we see ourselves in a meaningfully better position to negotiate pricing that's favorable for us in those discussions, assuming a reasonably strong backdrop from an economic standpoint. And we will certainly be watching that over the next several months.

我們的部分公司帳戶簽訂的是固定價格合同，這些合約往往每年續約，我們很快就會圍繞這些帳戶進行談判。在入住率顯著提高的背景下，我們認為自己處於更有利的地位，可以在這些討論中協商對我們有利的定價，假設從經濟角度來看有相當強勁的背景。我們肯定會在接下來的幾個月裡關注這一點。

And as we approach our peak season, we also will be focused, as I think the brands continue to be, from the corporate side as well, to continue to move more of our local and corporate negotiated accounts to a percentage off of PAR versus fixed rates, which to the extent demand continues to improve and we are able to realize compression mid-week, that should put us in a better position to drive rate as well.

隨著我們接近旺季，我們也將專注於繼續將更多的本地和企業協商帳戶轉移到 PAR 與固定帳戶的一定百分比，我認為這些品牌也將繼續從企業方面這樣做。的情況下，我們能夠在周中實現壓縮，這應該使我們能夠更好地推動利率。

Have you analyzed, I guess, if you were in that position where it was the percentage of PAR, what that would have done differently with the rate upside today versus having the fixed price contracts in place?

我想，如果您處於 PAR 百分比的位置，您是否分析過，與採用固定價格合約相比，今天的利率上漲會有什麼不同？

No, I mean, we have not dug in to all our various corporate and negotiated accounts to analyze what the delta would have been if it was the percentage off PAR versus static rates. As you can imagine, with over 200 hotels and a multiple of that in negotiated rates, that would be challenging to do. That said, we have seen where being able to manage your mix of business as it relates to supply and demand and compression on a given night and using a percentage off of PAR puts us in the best position to manage negotiated discounts throughout the year.

不，我的意思是，我們還沒有深入研究所有不同的公司和談判帳戶來分析如果它是 PAR 與靜態利率的百分比，那麼 Delta 會是多少。您可以想像，飯店有 200 多家，而且其中的飯店是協議價格的數倍，這將是一項艱鉅的任務。也就是說，我們已經看到，能夠管理您的業務組合（因為它涉及特定夜晚的供需和壓縮）並使用 PAR 的百分比折扣，使我們能夠在全年管理協商折扣方面處於最佳位置。

Understood. No, that's fair. And then just last one for me, as far as the guidance revision, you provided a lot of detail, but how much of it would you attribute to the leisure weekend piece versus weekday?

明白了。不，這很公平。最後一個問題是，就指導修訂而言，您提供了許多細節，但與工作日相比，您認為其中有多少是週末休閒作品？

The revision is particularly, as it relates to RevPAR, is predominantly rate-driven. The net effect of both of what you mentioned, the shift from some leisure and some price sensitivity around leisure to midweek demand coming in at lower growth rates, but also at lower absolute growth rates.

由於與 RevPAR 有關，此次修訂主要是由費率驅動的。您提到的這兩點的淨效應，即從一些休閒和對休閒的一些價格敏感度向周中需求的轉變，增長率較低，但絕對增長率也較低。

Similar to Dori's question at the beginning, recognizing that the spread is very different than it used to be between midweek and weekend rates in a post-pandemic world. We've shrunk that gap a little bit and given the prepared remarks just in the second quarter, we're probably still over 600 basis points of premium on weekend rates versus midweek rates. And so I think a big portion of the guidance revision was directly related to ADR and it's really the net effect of both of your questions.

與多里一開始的問題類似，認識到在大流行後的世界中，周中和週末利率之間的價差與過去有很大不同。我們已經稍微縮小了這一差距，考慮到第二季準備好的言論，週末利率與周中利率的溢價可能仍超過 600 個基點。因此，我認為指南修訂的很大一部分與 ADR 直接相關，這實際上是您兩個問題的淨效應。

That's helpful. Thanks for the time. Appreciate the thoughts.

這很有幫助。謝謝你的時間。欣賞這些想法。

Thank you.

謝謝。

Jay Kornreich, Wedbush Securities.

傑‧柯恩瑞奇 (Jay Kornreich)，韋德布希證券公司。

Hi, thanks so much. Good morning. It looks like there's a trend at the top end of the portfolio kind of outperforming the lower end, both in your top 20 markets and also at the upper upscale and upscale hotels outperforming the lower end, upper mid-scale assets. So I'm just curious, can you maybe just talk about the weakness that you're seeing on the lower end customer at the lower scale and is that working up the chain scale? Is it working up to the top 20 markets or is there really a divergence between those two?

你好，非常感謝。早安.看起來投資組合的高端表現優於低端資產的趨勢，無論是在前 20 個市場中，還是在高檔和高檔飯店中，表現都優於低端、中高端資產。所以我很好奇，您能否談談您在較低規模的低端客戶身上看到的弱點，以及這種弱點是否會影響連鎖規模？它是否適用於前 20 個市場，或者這兩個市場之間確實存在差異？

Really most of what you're seeing in our portfolio is more market driven than it is asset category driven. And so while we have heard similar to what you've heard of weakness with lower end customers, we have not generally seen that trend at least absent pairing it with performance of individual markets. When we look at weaker markets in our portfolio or the performance of weaker assets in our portfolio relative to stronger assets, there's a reasonable mix of assets at both ends.

實際上，您在我們的投資組合中看到的大部分內容更多的是市場驅動，而不是資產類別驅動。因此，雖然我們聽到了與您所聽到的類似的低端客戶疲軟的消息，但我們通常沒有看到這種趨勢，至少沒有將其與個別市場的表現結合起來。當我們觀察投資組合中較弱的市場或投資組合中較弱資產相對於較強資產的表現時，兩端的資產組合是合理的。

And if you look at our upper upscale assets, really they were being driven by our Marriott Full Serve properties and that's market specific as Justin mentioned. Houston is one of our top performing markets for the quarter. We continue to see corporate demand there increase and we've also benefited from storm related business.

如果你看看我們的高端資產，你會發現它們實際上是由我們的萬豪全方位服務酒店推動的，正如賈斯汀所提到的，這是特定於市場的。休士頓是我們本季表現最好的市場之一。我們繼續看到那裡的企業需求增加，我們也從風暴相關業務中受益。

Just all in all, the market seems to be improving meaningfully and that helped that upper upscale number look like it's outperforming. And when you look at upper mid-scale, the Home2 Suites where that is down, it's again less a Home2 Suites or a chain scale issue. It's more related to the negative impact of our Orlando Home2 which has underperformed.

總而言之，市場似乎正在顯著改善，這使得高端數字看起來表現出色。當你看看中高檔飯店，也就是下降的 Home2 Suites 時，這又不再是 Home2 Suites 或連鎖店規模的問題。這更與我們奧蘭多Home2表現不佳的負面影響有關。

Okay, that's a very helpful context. Thank you. And then just one follow up. As I look at the monthly performance and the release, it looks like April started strong in the quarter and then a little bit worse each month as it progressed. So I'm just wondering how does that compare to your initial expectations for the quarter and I'm assuming that trend leading into July. What are your thoughts going forward in terms of holding RevPAR flat for the second half of the year versus maybe any potential upside?

好的，這是一個非常有幫助的背景。謝謝。然後只需進行一次跟進。當我查看每月的表現和發佈時，看起來四月份在該季度開始時表現強勁，然後隨著進展每個月都變得更糟。所以我只是想知道這與您對本季的最初預期相比如何，我假設這種趨勢會持續到 7 月。對於下半年保持 RevPAR 持平以及可能出現的潛在上升趨勢，您有何看法？

Very good question. I think when we put initial guidance together, we had assumed fairly consistent performance month to month throughout the quarter and really across the second and third quarter. We were certainly benefited and met expectations in April as a result of the Easter holiday shift. And really we started to see, as we moved throughout the quarter, an unanticipated pullback from a leisure rate perspective. And so that's really where we underperformed.

非常好的問題。我認為，當我們將初步指導放在一起時，我們假設整個季度以及第二和第三季的每月業績相當一致。由於復活節假期的轉變，我們在四月確實受益匪淺並達到了預期。事實上，隨著整個季度的進展，我們開始看到從閒暇率的角度來看，出現了意想不到的回檔。這確實是我們表現不佳的地方。

If you think about our day over day occupancy performance that we mentioned in our prepared remarks and if you look at occupancy performance for the quarter and throughout the month, generally speaking, occupancy held in, where we continued to see degradation from a rate perspective. And some of that is nuanced related to holidays and things like that. You had Juneteenth that really impacted June as well.

如果您考慮我們在準備好的發言中提到的日復一日的入住率表現，以及本季度和整個月的入住率表現，一般來說，入住率保持不變，但從費率角度來看，我們繼續看到下降。其中一些與假期和類似的事情有關。六月節也確實對六月產生了影響。

But in general, where we underperformed our expectations throughout the quarter and as we moved through the quarter and what we're seeing today, is just that price sensitivity from the leisure consumer, which wasn't originally banked into our guidance.

但總的來說，我們整個季度的表現都低於我們的預期，而隨著我們整個季度的發展以及我們今天所看到的情況，正是休閒消費者對價格的敏感性，而這最初並沒有納入我們的指導。

Okay. Thank you so much. That's it for me.

好的。太感謝了。對我來說就是這樣。

Thank you.

謝謝。

Bryan Maher, B. Riley Securities.

布萊恩·馬赫 (Bryan Maher)，B. 萊利證券。

Thank you and good morning. Two questions for me today. We touched a little bit upon this weekday versus weekend, but can you drill down a little bit more on the weekday mix of business? Are any business groups or type of business swapping out for the other? And we've heard that small and mid-sized business travel has come back more robustly than larger business travel. Are you seeing that? And can you give us a little color there?

謝謝你，早安。今天有兩個問題問我。我們稍微討論了工作日與週末的情況，但是您能更深入地了解工作日的業務組合嗎？是否有任何業務集團或業務類型正在互相替換？我們聽說，中小型商務旅行的復甦比大型商務旅行更為強勁。你看到了嗎？你能給我們一點顏色嗎？

So I'll start with the second part of your question. And that is that we certainly early in the pandemic saw meaningful improvement in small and medium-sized business travel. That trend has continued. And that base has continued to be robust for us. We've seen a meaningful improvement in corporate travel as well. And so when you look at the growth that we saw midweek during the second quarter, it was a mix of a small, medium-sized business as well as larger corporate accounts. In terms of mix otherwise between group, that trend has really stayed relatively consistent.

所以我將從你問題的第二部分開始。也就是說，我們在疫情爆發初期確實看到了中小型商務旅行的顯著改善。這種趨勢仍在持續。對我們來說，這個基礎仍然很強大。我們也看到了商務旅行的顯著改善。因此，當你觀察第二季週間的成長時，你會發現其中既有中小型企業，也有大型企業客戶。就群體之間的其他混合而言，這種趨勢確實保持相對一致。

And I guess on the margin when we look at shoulder nights, we believe that we've likely seen some pullback in leisure on shoulder nights. But in most cases replaced with business travel on those nights. As Liz highlighted, Monday continued to be a strong rate performer with continued improvement in occupancy. And certainly Tuesday, Wednesday, which historically were among our highest occupancy nights, continue to see meaningful growth during the quarter as well.

我想，當我們審視肩夜時，我們相信我們可能會看到肩夜的休閒活動回落。但在大多數情況下，這些夜晚都會被商務旅行取代。正如 Liz 所強調的那樣，週一的房價表現依然強勁，入住率持續改善。當然，週二和週三，歷來是我們入住率最高的夜晚之一，在本季也繼續出現有意義的成長。

Thanks. And then over the past few years, you've had a couple of these takeouts of new construction at fixed pricing, which I have to believe with inflationary pressures on the builders, you probably got the better end of the stick there. Are you still seeing those opportunities? And when you do see those opportunities, are the developers jacking up the price such that maybe it's not as attractive as it was and you may skew your acquisition dollar towards maybe a stressed seller sale or an asset owned by a financial institution?

謝謝。在過去的幾年裡，你已經以固定價格建造了一些新建築，我必須相信，在建築商面臨通膨壓力的情況下，你可能會在那裡得到更好的結果。您還看到這些機會嗎？當您確實看到這些機會時，開發商是否會抬高價格，使其不再像以前那麼有吸引力，並且您可能會將收購資金轉向壓力較大的賣方出售或金融機構擁有的資產？

I think construction costs certainly increased meaningfully during the pandemic. Those increases were further exacerbated by meaningful increases in borrowing costs, which blew budgets for a number of developers. As you highlighted, we feel incredibly good about properties like the Madison Embassy, which we acquired just north of 300 a key. The asset's super high quality in a wonderful location Downtown, a block off the capital, a block away from the convention center. We believe it would be difficult to replicate that asset at that price.

我認為在大流行期間建築成本肯定大幅增加。借貸成本大幅增加進一步加劇了這種成長，導致許多開發商的預算大幅增加。正如您所強調的，我們對像麥迪遜大使館這樣的房產感覺非常好，我們花了 300 美元購買了一把鑰匙。該資產的超高品質位於市中心的絕佳位置，距離首都僅一個街區，距離會議中心僅一個街區。我們認為以這個價格複製該資產是很困難的。

And I think as we underwrite future development deals, we're challenged to find deals that work for us and the developers. And I don't think that's limited to us. I highlighted in my prepared remarks, we continue to see limited new supply in most of our markets. I think that is not because developers have ceased wanting to develop. It's more that they're challenged in their underwriting of new development deals given the meaningful increase in construction costs, interest rates being meaningfully higher, and I think slower growth in terms of operating fundamentals for most markets.

我認為，當我們承保未來的開發交易時，我們面臨的挑戰是找到對我們和開發商都有利的交易。我認為這不僅限於我們。我在準備好的演講中強調，我們在大多數市場上仍然看到有限的新供應。我認為這並不是因為開發人員不再想要開發。更重要的是，鑑於建築成本大幅增加、利率大幅上升，而且我認為大多數市場的營運基本面成長放緩，他們在承銷新開發交易方面面臨挑戰。

As a result, I think we'll be selective in signing up future development deals. We're excited about the development deal that we currently have under contract in Nashville. I think that's going to be an exceptional asset for us. But a significant portion of our focus recently has been on the acquisition of existing assets where we've been able to achieve really strong yields buying assets we believe below their current replacement values. And I think, at least in the case of Vegas, having built into that acquisition a future development opportunity that we're currently exploring.

因此，我認為我們將有選擇性地簽署未來的開發協議。我們對目前在納許維爾簽訂的開發合約感到興奮。我認為這對我們來說將是一筆非凡的資產。但我們最近重點關注的一個重要部分是收購現有資產，我們認為這些資產購買我們認為低於其當前重置價值的資產，並且能夠獲得非常強勁的收益。我認為，至少就維加斯而言，這項收購為我們目前正在探索的未來發展機會奠定了基礎。

Well, developers, I have found, never cease to want to develop if they can. So it is what it is. Thank you for your comments. Appreciate it.

好吧，我發現，如果可以的話，開發人員永遠不會停止開發。所以事情就是這樣。感謝您的評論。欣賞它。

Absolutely.

絕對地。

(Operator Instructions)

（操作員說明）

Jonathan Jenkins, Oppenheimer.

喬納森·詹金斯，奧本海默。

Good morning. Thanks for taking my question. Liz, you talked about the holiday impact in June and July. Can you just provide some additional color on the softness around the holidays and how demand has trended more recently in the second half of July and into August?

早安.感謝您提出我的問題。Liz，您談到了六月和七月假期的影響。您能否就假期前後的疲軟情況以及最近 7 月下半月和 8 月的需求趨勢提供一些額外的資訊？

And as a follow-up, it sounds like the leisure price sensitivity has consistently softened over the quarter, regardless of the holidays. Did your guidance assume a further softening in leisure demand going forward?

作為後續行動，聽起來休閒價格敏感度在本季度一直在減弱，無論假期如何。您的指導意見是否假設未來休閒需求將進一步疲軟？

Good morning. So for trends related to July, because of the way the fourth of July holiday hit later in the week, that first week of July, it really impacted both the first two weeks, whereas we've historically seen not quite as much impact in that second week. The week immediately following that, we saw similar trends to what we had been seeing, where we were growing occupancy and RevPAR overall with some rate growth as well.

早安.因此，對於與7 月相關的趨勢，由於7 月4 日假期在本週晚些時候（即7 月的第一周）到來，它確實影響了前兩週，而我們從歷史上看，這方面的影響並不大第二週。緊接著的一周，我們看到了與我們所看到的類似的趨勢，入住率和每間可出租客房收入總體上都在增長，並且增長率也有所增長。

The last week, unfortunately, was a little bit cloudy with the CrowdStrike impact of travel. And I think that potentially that had some limited impact on or some impact on last-minute travel. And we pick up a lot of business in the week for the week. So July was noisy. And thinking about that and looking at our booking position and thinking about guidance overall for the back half of the year, July was a little too noisy to draw massive conclusions from. But I do think the mixed shift and the price sensitivity around leisure was something that we felt was prudent to bake in, given the consistency of that trend over especially the last two months of the quarter.

不幸的是，上週受 CrowdStrike 旅行影響，天氣有些陰沉。我認為這可能對最後一刻的旅行產生一些有限的影響或一些影響。我們一週接了很多生意。所以七月很吵鬧。考慮到這一點，看看我們的預訂情況，再考慮一下今年下半年的整體指導，7 月的噪音有點太大，無法得出大量結論。但我確實認為，考慮到這一趨勢的一致性，特別是本季度最後兩個月的趨勢的一致性，我們認為圍繞休閒的混合轉變和價格敏感性是謹慎考慮的。

And looking at average daily bookings through the August 1, they're still up. So from a demand standpoint, average daily bookings are still up from a room-night perspective. We've been materializing, even with the noise in July, flat or up from an occupancy perspective. So demand-wise, I think we felt reasonably good with continuing to assume we'd have strong demand.

從 8 月 1 日起的平均每日預訂量來看，它們仍在成長。因此，從需求的角度來看，從間夜角度來看，每日平均預訂量仍然上升。儘管七月份的噪音很大，但從入住率的角度來看，我們一直在實現目標，無論是持平還是上升。因此，就需求而言，我認為我們對繼續假設我們會有強勁的需求感到相當滿意。

And again, even on the weekends, where we've seen some pullback, it is not meaningful. Overall demand is still strong. And so as we look forward, we did assume, and really the guidance updates from a top-line perspective are primarily driven by that rate degradation with leisure sensitivity and the mixed shift.

再說一遍，即使在周末，我們看到了一些回調，但這也沒有意義。整體需求依然強勁。因此，當我們展望未來時，我們確實假設，從頂線角度來看，指導更新實際上主要是由休閒敏感性和混合轉變帶來的利率下降所驅動的。

Okay. Very helpful. Maybe as a follow-up on that, you guys in the past have talked about the margin profile for the industry being dependent on rate growth. And I'm curious, given recent updates across the industry for a relatively muted rate growth environment in the near term, if you think that there's potential for the margin profile of the overall industry to stabilize you're at or around pre-COVID levels.

好的。非常有幫助。也許作為後續行動，你們過去曾討論過該行業的利潤狀況取決於利率增長。我很好奇，考慮到近期整個產業相對溫和的成長率環境的最新情況，您是否認為整個產業的利潤率狀況有可能穩定在新冠疫情前的水平或附近。

I think certainly we've been pleased with expense growth in the quarter and baked a portion of that into our guidance on a go-forward basis. I think we've benefited from a pullback in overall inflation. The job market has stabilized somewhat, and that's been beneficial to us. And we've been able to shift some of our workers away from contract labor, which has provided us some savings.

我認為我們當然對本季的費用成長感到滿意，並將其中的一部分納入我們的未來指導中。我認為我們受益於整體通​​膨的回落。就業市場有所穩定，對我們有利。我們已經能夠將一些工人從合約工中轉移出來，這為我們節省了一些費用。

I think it's important to note as well that as we continue to shift mix towards midweek, increasing the percent of our business coming from business travelers, there's likely to be a benefit to margins given reduced costs to provide services to those guests.

我認為值得注意的是，隨著我們繼續將組合轉向周中，增加來自商務旅客的業務百分比，鑑於為這些客人提供服務的成本降低，利潤率可能會受益。

And so given that a portion of the pullback in rate or the weight on ADR that we saw during the quarter was related to the mixed shift and the absolute lower rates that we've been able to achieve midweek, the fact that those guests are also among our less expensive guests to provide services to has been a meaningful benefit as we look at impact to margins.

因此，考慮到我們在本季度看到的費率回調或 ADR 權重的一部分與混合班次和我們在周中實現的絕對較低費率有關，事實上，這些客人也當我們​​考慮對利潤率的影響時，向我們的價格較低的客人提供服務是一個有意義的好處。

And then last one for me, if I could, on acquisitions. Can you talk a little more about the pipeline? How many assets are you currently looking at today versus a few months ago? And as you look into the future, have you seen any shift in industry expectations for transactions given the recent softening in industry demand trends, but seemingly heightened potential for lower rates, maybe increasing RevPAR.

如果可以的話，最後一篇是關於收購的。能多談談管道嗎？與幾個月前相比，您現在正在關注多少資產？展望未來，鑑於近期行業需求趨勢疲軟，您是否看到行業對交易的預期發生任何變化，但似乎降低利率的潛力更大，可能會增加 RevPAR。

It's interesting. We continue to have a very strong pipeline. We've underwritten year-to-date billions of dollars worth of assets. And as I mentioned earlier, a significant portion of them would be a strategic fit for our portfolio, allowing us to enter into markets where we have limited exposure, but would like to have greater exposure and or further enhancing the quality of our overall portfolio.

這很有趣。我們仍然擁有非常強大的管道。今年迄今為止，我們已經承保了價值數十億美元的資產。正如我之前提到的，其中很大一部分將與我們的投資組合策略契合，使我們能夠進入我們曝光度有限但希望獲得更大曝光度和/或進一步提高我們整體投資組合品質的市場。

I think the bid-ask spread is real and it's likely the single most important consideration as we think about actual transaction volume. That said, because the hotels are not trading, they continue to potentially be available. And should we see a shift in our cost of capital, we would be well positioned to shift focus further towards acquisitions.

我認為買賣價差是真實的，當我們考慮實際交易量時，它可能是最重要的考慮因素。也就是說，由於酒店不進行交易，因此它們仍然有可能繼續可用。如果我們看到資本成本發生變化，我們將處於有利地位，可以將重點進一步轉向收購。

That said, I've been clear, I think, in past calls, our expectation is that a portion of those deals will come to market as they approach refinancings, especially where ownership groups are forced to reinvest in the assets in order to pay down debt balances as part of that refinancing. And it's possible that we'll see better pricing on a portion of the assets in the coming months.

也就是說，我認為在過去的電話會議中，我們的預期是，這些交易的一部分將在進行再融資時進入市場，特別是在所有權集團被迫對資產進行再投資以償還債務的情況下債務餘額作為再融資的一部分。未來幾個月，我們可能會看到部分資產的定價更好。

That said, in many cases, operating performance for these assets continues to improve. And many owners would prefer to sit on the assets, especially given alternatives for those dollars, rather than adjust pricing down for the assets today.

也就是說，在許多情況下，這些資產的營運績效持續改善。許多所有者更願意持有這些資產，特別是考慮到這些美元的替代品，而不是調整當前資產的定價。

Okay. That's excellent color. Thank you for the time and all the color this morning. That's all from me.

好的。那是極好的顏色。謝謝你今天早上的時間和所有的色彩。這就是我的全部。

Thank you.

謝謝。

Thank you.

謝謝。

Daniel Haugen, Baird.

丹尼爾·豪根，貝爾德。

Hi, good morning. Thanks for taking my question. Can you just give some color on the New York property at just how you're thinking about in terms of run rate performance? And then where is the process in terms of resolution on that? Are you expecting to be made whole or would there need to be a further adjustment to guidance?

嗨，早安。感謝您提出我的問題。您能否就您對運行率表現的看法來介紹紐約的房產？那麼解決這個問題的過程在哪裡呢？您是否期望得到徹底解決，或者是否需要進一步調整指導？

So, importantly, LuxUrban has failed to make timely payments from the very beginning. And so, as we thought about how we would account for those payments, we have from the beginning accounted for cash as it was received, rather than accruing for payments that we anticipated we might receive at some future date.

因此，重要的是，LuxUrban 從一開始就未能及時付款。因此，當我們考慮如何對這些付款進行會計處理時，我們從一開始就對收到的現金進行會計處理，而不是對我們預計在未來某個日期可能收到的付款進行累積。

We received our last payment from March and in April filed a petition to remove them. We have been awaiting a court date since and anticipate we will have an opportunity to visit with them in court here shortly. We have, in addition to the petition to have them removed from the asset, filed suit against them for over $82 million or approximately $82 million in damages consistent with the terms of our lease.

我們收到了三月的最後一筆付款，並在四月提交了刪除它們的請願書。從那時起，我們一直在等待開庭日期，預計很快我們將有機會在法庭上與他們會面。除了請求將其從資產中移除之外，我們還對他們提起訴訟，要求賠償超過 8,200 萬美元，或根據我們的租賃條款賠償約 8,200 萬美元。

Importantly, that's much more than the company is worth today. And so I think we're realistic in terms of our expectations related to our ability to collect that full amount. From an accounting perspective, we have been and will continue to be conservative, taking into consideration in future guidance the fact that there may be a bit of time still before we're able to retake possession of the asset and an expectation that in the near term there may be transition costs associated with taking the hotel back over. But we will continue to keep you updated on that.

重要的是，這遠遠超過了公司今天的價值。因此，我認為我們對收集全額款項的能力的期望是現實的。從會計角度來看，我們一直並將繼續保持保守態度，在未來的指導中考慮到我們可能還需要一段時間才能重新擁有該資產，並且預計在不久的將來期限內可能會產生與收回酒店相關的過渡成本。但我們將繼續向您通報最新情況。

Certainly are unhappy with how things have played out with LuxUrban. We are not the only lessor that has a conflict with them right now. And I think it will be interesting to see how things play out over the next little bit. It's also important to remind you that while the asset has taken up a significant portion of our time recently, it's still an immaterial piece of our overall business.

當然，他們對 LuxUrban 的進展感到不滿。我們並不是目前唯一與他們發生衝突的出租人。我認為看看接下來的事情會如何發展將會很有趣。同樣重要的是要提醒您，雖然該資產最近佔用了我們很大一部分時間，但它仍然是我們整體業務的一個無關緊要的部分。

And as you look at the guidance revisions that we did make with the second quarter update, we did assume the later transition date where we would regain possession of the hotel later this year versus the original 7-1 assumption given the fact that we've had to proceed this way to regain possession of the hotel. So that's accounted for, as Justin mentioned, also there is some transition and liability assumption in there as well. So anything that we can see today we've accounted for. And part of the disconnect between Q1 and Q2 earnings is the later takeover date, so not benefiting from operations from the hotel.

當您查看我們在第二季度更新中所做的指導修訂時，我們確實假設了較晚的過渡日期，即我們將在今年晚些時候重新獲得酒店的所有權，而不是最初的7-1 假設，因為我們已經必須以這種方式重新獲得酒店的所有權。因此，正如賈斯汀所提到的那樣，其中也存在一些過渡和責任假設。所以我們今天能看到的任何事情我們都已經考慮到了。第一季和第二季獲利之間脫節的部分原因是收購日期較晚，因此無法從飯店的營運中受益。

Got it. Appreciate that color. And then just one more on the channels. With the OTA usage and other discounted channels, I know you gave those numbers, but were those higher than your original expectations for 2Q? And would that signal to you in terms of customer preferences for what you're seeing?

知道了。欣賞那個顏色。然後頻道上又放了一首。考慮到 OTA 使用率和其他折扣管道，我知道您給了這些數字，但這些數字是否高於您對第二季的最初預期？這是否會向您表明客戶對您所看到的內容的偏好？

They were fairly in line. OTAs were up a little bit for the quarter, but not materially, not so much that it was dramatically different than what we would have assumed given strong leisure-oriented quarter. I think, again, where we got surprised was less around room-night mix and more around ADR.

他們相當一致。本季 OTA 略有上漲，但幅度不大，也沒有太大，與我們在休閒導向季度強勁的情況下所假設的情況有很大不同。我想，我們再次感到驚訝的地方不是房晚混合，而是 ADR。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Thank you.

謝謝。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hi. Good morning. This is Ken Billingsley for Floris. I wanted to ask a question on the market mix and specifically Tennessee and North Carolina. Obviously, both of them are positive from an EBITDA standpoint, but you're seeing falling RevPAR. In Tennessee, it looks like it's a rate issue, and North Carolina segment occupancy. Could you just talk about those two segments?

你好。早安.我是弗洛里斯的肯·比林斯利。我想問一個有關市場組合的問題，特別是田納西州和北卡羅來納州。顯然，從 EBITDA 的角度來看，兩者都是正面的，但你會看到 RevPAR 下降。在田納西州，這似乎是一個費率問題，而在北卡羅來納州，則是一個入住率問題。能簡單談談這兩個部分嗎？

Tennessee is primarily driven by Memphis. That market has been a little bit challenged in a post-COVID world from a reputational perspective and safety perspective. And the convention calendar has been weaker there. That's really driven the Tennessee performance. North Carolina, I'll have to look at quickly.

田納西州主要由孟菲斯推動。從聲譽角度和安全角度來看，該市場在後新冠疫情時代受到了一些挑戰。那裡的大會行程也比較薄弱。這確實推動了田納西州的表現。北卡羅來納州，我得趕緊看看。

(technical difficulty) As you're looking that up, because I wanted to follow on to some comments earlier where you were talking about, obviously, you look at your assets in your portfolio to try and improve it. And I'm not saying that these would be two markets you'd be looking at to maybe trade out assets.

（技術難度）當您查找時，因為我想跟進您之前談論的一些評論，顯然，您會查看投資組合中的資產以嘗試改進它。我並不是說這將是您可能會考慮進行資產交易的兩個市場。

But as you identify assets in your markets to improve, how do you prioritize the use of the capital through stock buybacks versus acquisitions that you've discussed on the call or other options? And specifically, how do you balance the long-term versus the short-term decision to deploy that capital? So short-term on improving the NAV and FFO versus growing EBITDA?

但是，當您確定市場中需要改進的資產時，您如何優先考慮透過股票回購與您在電話會議或其他選擇中討論的收購來使用資本？具體來說，您如何平衡部署該資本的長期與短期決策？那麼，與不斷增長的 EBITDA 相比，改善 NAV 和 FFO 是短期的嗎？

The answer to that question is actually pretty simple. We prioritize EBITDA growth above kind of all other metrics. So we look at NAV growth, but I have found that to the extent we're focused on EBITDA growth both near and long-term, we're more likely to see growth in the overall value of our portfolio. As we weigh options for capital allocation between acquisitions, new developments, and share buybacks, I think we do so using simple calculations. There's a slightly different dynamic purchasing a large stabilized portfolio versus an individual asset in terms of likely growth trajectory.

這個問題的答案其實很簡單。我們將 EBITDA 成長置於所有其他指標之上。因此，我們專注於資產淨值成長，但我發現，只要我們專注於近期和長期的 EBITDA 成長，我們就更有可能看到投資組合整體價值的成長。當我們權衡收購、新開發和股票回購之間的資本配置選項時，我認為我們使用簡單的計算來做到這一點。就可能的成長軌跡而言，購買大型穩定投資組合與購買單一資產的動機略有不同。

As you've seen recently, given the pullback in our share price, we believe there's meaningful value in our shares, and I think deployed capital has seen that opportunity. So I think how we utilize proceeds from asset sales is very much dependent on the dynamics we see in the market at any point in time.

正如您最近所看到的，鑑於我們的股價回調，我們相信我們的股票具有有意義的價值，而且我認為部署的資本已經看到了這個機會。因此，我認為我們如何利用資產出售收益在很大程度上取決於我們在任何時間點看到的市場動態。

And would it be safe to assume that given how the whole sector is trading, that maybe there's a little bit more emphasis on stock buybacks right now, or would you still say it's still going to be formulaic?

考慮到整個行業的交易方式，是否可以安全地假設現在可能會更加重視股票回購，或者您仍然會說它仍然會是公式化的？

I would say that the pullback we've seen in our share price has not been matched by a similar pullback in the pricing for assets that we're underwriting, and that certainly impacts our preference. I think to the extent that changes, we're in the mix and could adjust strategy, but I think given what we've seen recently, I think we continue to see value in our shares.

我想說的是，我們所看到的股價回檔並沒有與我們承銷的資產定價的類似回檔相匹配，這肯定會影響我們的偏好。我認為在變化的範圍內，我們處於混合狀態並且可以調整策略，但我認為鑑於我們最近所看到的情況，我認為我們繼續看到我們股票的價值。

Great. Thank you. Appreciate it. And --

偉大的。謝謝。欣賞它。和--

Yeah, circling back on the North Carolina East question, it's really a combination of a couple things. Carolina Beach had more trouble from a rate perspective, still really healthy occupancy, actually grew occupancy year-over-year, but at a lower rate, so lost about 6% in rates. So that really is what was driving that. Also, we have a Fayetteville Home2 in North Carolina East, which had a softer government quarter.

是的，回到北卡羅來納州東部的問題，這實際上是幾件事的結合。從費率角度來看，卡羅萊納海灘遇到了更多麻煩，但入住率仍然非常健康，實際上入住率逐年增長，但增長率較低，因此費率下降了約 6%。這確實是推動這一趨勢的原因。此外，我們在北卡羅來納州東部有一個費耶特維爾 Home2，該地區的政府季度較為疲軟。

Thank you for answering my questions. Appreciate it.

感謝您回答我的問題。欣賞它。

Thank you.

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。我現在想把發言權交還給賈斯汀奈特，請他發表結束語。

We appreciate you making time to join us this morning. For this earnings call. We look forward to visiting with many of you on the road and pleased as always, to the extent you're traveling, we hope you'll take an opportunity to stay with us at one of our hotels. Have a great day.

我們感謝您今天早上抽出時間來加入我們。對於本次財報電話會議。我們期待在旅途中拜訪您，並一如既往地高興，就您的旅行而言，我們希望您有機會入住我們的酒店之一。祝你有美好的一天。

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。此時您可以斷開線路。感謝您的參與。