Apple Hospitality REIT Inc (APLE) 2024 Q3 法說會逐字稿

Greetings and welcome to the Apple Hospitality REIT third quarter, 2024 earnings call. (Operator Instructions)

歡迎參加 Apple Hospitality REIT 2024 年第三季財報電話會議。（操作員說明）

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

現在我很高興向大家介紹東道主投資者關係副總裁凱莉克拉克 (Kelly Clarke)。謝謝。你可以開始了。

Thank you and good morning. Welcome to Apple Hospitality REIT third 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. Before we begin, please note that today's call may include forward-looking statements as defined by Federal Securities Laws.

謝謝你，早安。歡迎參加 Apple Hospitality REIT 2024 年第三季財報電話會議。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 表格。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。

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.

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，可能導致實際結果、業績或成就與明示、預測或暗示的結果、業績或成就有重大差異。任何此類前瞻性陳述均受到我們向美國證券交易委員會提交的文件（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. 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 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項目的定義包含在昨天的收益報告和向 SEC 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 third quarter, 2024 and an operational outlook for the remainder of the year.

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。今天早上，我們的執行長 Justin Knight 和財務長 Liz Perkins 將概述我們 2024 年第三季的業績以及今年剩餘時間的營運前景。

Following the overview, we will open the call for Q&A at this time. It is my pleasure to turn the call over to Justin.

在概述之後，我們現在將開始問答環節。我很高興將電話轉給賈斯汀。

Good morning and thank you for joining us today on election day for our third quarter earnings call. Travel trends across our portfolio remained relatively stable during the quarter. With slow but steady improvement in business transient demand and continued strength in leisure travel. We're pleased to report Comparable Hotels RevPAR growth of approximately 1% as compared to the third quarter of 2023.

早安，感謝您今天在選舉日參加我們的第三季財報電話會議。本季我們投資組合的旅行趨勢保持相對穩定。商務短暫需求緩慢但穩定改善，休閒旅遊持續強勁。我們很高興地報告，與 2023 年第三季相比，可比飯店的 RevPAR 成長了約 1%。

RevPAR growth was driven entirely by improvement in rate with increases in midweek occupancies largely offsetting a slight pullback on weekends as we anticipated at the onset of the year. Improvements in business travel continue to be the primary driver of overall growth for our portfolio.

每間客房出租率的成長完全是由周中入住率的提高所推動的，正如我們年初所預期的那樣，周中入住率的增加很大程度上抵消了周末的小幅回落。商務旅行的改善仍然是我們投資組合整體成長的主要推動力。

We have however been pleased with the resilience of leisure travel demand in many of our markets. Bolstered by recent acquisitions, top line ADR growth and moderating expenses. We achieved strong bottom-line performance during the quarter.

然而，我們對許多市場休閒旅遊需求的彈性感到滿意。得益於最近的收購、營收 ADR 成長和支出放緩。我們在本季實現了強勁的獲利業績。

Third quarter adjusted EBITDA was $129 million and modified funds from operations was $107 million. Up approximately 6% and 3% respectively compared to the third quarter of 2023. Preliminary results for October are strong and show continued growth with RevPAR up approximately 4% compared to October 2023.

第三季調整後的 EBITDA 為 1.29 億美元，調整後的營運資金為 1.07 億美元。與 2023 年第三季相比分別成長約 6% 和 3%。10 月的初步結果非常強勁，並顯示出持續成長，每間可用房 (RevPAR) 與 2023 年 10 月相比增長了約 4%。

Supply demand dynamics for our business continue to be favourable at the end of the second quarter, approximately 54% of our hotels did not have any new upper upscale or upper mid-scale product under construction within a five-mile radius.

截至第二季末，我們業務的供需動態繼續有利，約 54% 的飯店在五英里半徑內沒有任何新的高檔或中高檔產品正在建造。

And actual rooms under construction within the same five-mile radius decrease 7% year-over-year. As I have highlighted on past calls, limited supply growth in our markets materially improves the overall risk profile of our portfolio by both reducing potential downside and enhancing the upside impact from variability in lodging demand.

同樣五英里半徑內的實際在建客房較去年同期下降 7%。正如我在過去的電話會議中所強調的那樣，我們市場上有限的供應成長透過減少潛在的下行風險並增強住宿需求波動的上行影響，實質地改善了我們投資組合的整體風險狀況。

Supported by our strong operating performance we continue to pay an attractive dividend 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%.

在我們強勁的經營業績的支持下，我們繼續根據週五收盤價支付有吸引力的股息。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 6.5%。

Evolving market conditions over the past year have provided us with the opportunity to demonstrate our disciplined and strategic approach to capital allocation. While the overall transaction market continues to be challenging, we have seen a strengthening private market for smaller rooms focused properties and have been able to optimize our portfolio concentration within select markets through strategic dispositions.

過去一年不斷變化的市場狀況為我們提供了展示我們嚴格的資本配置策略方法的機會。雖然整體交易市場仍然充滿挑戰，但我們看到以較小房間為重點的房產的私人市場正在不斷加強，並且能夠透過策略配置來優化我們在選定市場中的投資組合集中度。

Proceeds from these sales have been used to reduce debt fund share repurchases and acquire hotels with stronger growth profiles and lower near term CapEx needs. Since the beginning of 2024 we have completed the sale of three hotels, the 122-room, Hampton Inn and 126-room, Homewood suites and Rogers and the 82 room Springhill Suites in Greensboro for a combined sales price of approximately $41 million.

這些銷售收入已用於減少債務基金股票回購，並收購成長強勁且近期資本支出需求較低的飯店。自2024 年初以來，我們已完成三家酒店的出售，即擁有122 間客房的漢普頓酒店(Hampton Inn)、擁有126 間客房的霍姆伍德套房酒店(Homewood suites) 和羅傑斯酒店(Rogers)，以及位於格林斯博羅(Greensboro) 的擁有82 間客房的Springhill Suites 飯店，總售價約4,100 萬美元。

In addition, we recently entered into contracts with separate parties for the sale of an additional four hotels for a total sales price of approximately $31 million including our 90-room courtyard in Wichita, our 97 room Townplace suites in Knoxville, our 76 room, Homewood Suites in Chattanooga and our 117 room Hilton Garden Inn in Austin North.

此外，我們最近與各方簽訂了合同，出售另外四家酒店，總售價約為3100 萬美元，其中包括威奇托90 間客房的庭院酒店、諾克斯維爾97 間客房的Townplace 套房、霍姆伍德76 間客房的飯店。

We expect to complete the sales of these hotels over the next several months assuming all conditions to closing are satisfied. While pricing for the individual hotels varies, as a group, the seven hotels will trade at a sub 7% Cap rate or 12 times EBITDA on multiple before CapEx and a 5.3% Cap rate or 16 times EBITDA on multiple after taking into consideration the estimated average of $30,000 per key in required capital improvements.

如果所有交割條件都已滿足，我們預計將在未來幾個月內完成這些飯店的銷售。雖然個別酒店的定價有所不同，但作為一個整體，這七家酒店將以低於7% 的資本化率或資本支出前倍數的12 倍EBITDA 進行交易，並以5.3% 的資本化率或考慮到估計的估值後的倍數16 倍EBITDA 進行交易。

During the quarter, under our share repurchase program, we repurchased approximately 1.4 million common shares at a weighted average market purchase price of approximately $14.02 per share, for an aggregate purchase price of approximately $19 million.

本季度，根據我們的股票回購計劃，我們以每股約 14.02 美元的加權平均市場購買價格回購了約 140 萬股普通股，總購買價格約為 1,900 萬美元。

Bringing the total shares purchased year-to-date through September to approximately 2.4 million at a weighted average market purchase price of approximately $14.16 per share, for an aggregate purchase price of approximately $35 million.

使年初至今截至 9 月購買的股票總數達到約 240 萬股，加權平均市場購買價格約為每股 14.16 美元，總購買價格約為 3,500 萬美元。

It is noteworthy that we've been able to purchase shares at around a 1.5 turn spread to recently disclose dispositions before considering required property improvement plans and over a five turn EBITDA multiple spread after taking into consideration required capital improvements.

值得注意的是，在考慮所需的財產改善計劃之前，我們能夠以大約1.5 週轉的價差購買股票，以最近披露處置，並在考慮所需的資本改進後，以超過5 週轉的EBITDA 倍數價差購買股票。

While much of our focus over the past several months has been on share repurchases. Recent acquisitions continue to contribute positively to our overall portfolio performance. The seven hotels acquired since June of last year produced an unlevered 9% yield after CapEx on a trailing 12-month basis with continued upside.

雖然過去幾個月我們的大部分注意力都集中在股票回購上。最近的收購繼續對我們的整體投資組合表現做出積極貢獻。自去年 6 月以來收購的 7 家酒店在過去 12 個月的資本支出後的無槓桿收益率為 9%，且持續上升。

Our recent acquisitions in Las Vegas and Washington DC yielded 10.7% and 8.4% respectively on a trailing 12-month basis through September and the recently opened Embassy Suites in Madison is ramping well. We continue to actively underwrite additional opportunities and are well positioned to act where we can achieve attractive yields relative to other capital allocation opportunities.

我們最近在拉斯維加斯和華盛頓特區的收購在截至 9 月的過去 12 個月中的收益率分別為 10.7% 和 8.4%，最近在麥迪遜開業的大使館套房酒店也正在蓬勃發展。我們繼續積極承銷更多機會，並處於有利位置，能夠在相對於其他資本配置機會實現有吸引力的收益率的情況下採取行動。

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 of Madison the asset is being developed under a fixed price contract and we anticipate acquiring this hotel upon completion of construction in late 2025.

我們還有另一家酒店簽訂了購買希爾頓模型的合同，該酒店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 年底竣工後收購這家酒店。

Since the onset of the pandemic, we have completed approximately $294 million in hotel sales with an additional $31 million under contract and expected to close by the end of this year and have invested a billion dollars in new acquisitions while maintaining the strength of our balance sheet.

自疫情爆發以來，我們已完成約 2.94 億美元的酒店銷售，其中合約金額為 3,100 萬美元，預計將於今年年底完成，並投資了 10 億美元進行新收購，同時保持資產負債表的實力。

These transactions have further enhanced our already well positioned portfolio by lowering the average age lifting overall portfolio performance. Helping to manage near term CapEx needs growing the size of our platform, increasing our exposure to high growth markets and positioning us to continue to benefit from near term economic and demographic trends.

這些交易透過降低平均年齡來提升整體投資組合表現，進一步增強了我們已經定位良好的投資組合。幫助管理近期資本支出需要擴大我們平台的規模，增加我們對高成長市場的接觸，並使我們能夠繼續受益於近期經濟和人口趨勢。

Our recent acquisition and disposition activity along with our share issuance and repurchases, highlight our ability to adjust tactical strategy to account for changing market conditions and underscore our long and impressive track record of seizing opportunities at optimal times in the cycle to maximize total returns for our shareholders.

我們最近的收購和處置活動以及我們的股票發行和回購，凸顯了我們調整戰術策略以適應不斷變化的市場條件的能力，並強調了我們在周期最佳時間抓住機會以最大化我們的總回報的長期而令人印象深刻的記錄。

During the first nine months of the year, we also invested approximately $48 million in capital expenditures, and we expect to spend between $75million 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 and ensure that our hotels remain competitive in their respective markets to further drive EBITDA growth.

今年前 9 個月，我們還投資了約 4,800 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 家飯店進行重大翻修。對我們投資組合的這些再投資是我們整體策略的關鍵組成部分，並確保我們的酒店在各自市場中保持競爭力，從而進一步推動 EBITDA 成長。

As we approach the end of 2024, we are confident that with our portfolio of high-quality rooms focused hotels broadly diversified across markets and demand generators, the strength of our brands and effectiveness of our management companies.

隨著 2024 年底的臨近，我們相信，憑藉我們以高品質客房為中心的酒店組合，在各個市場和需求產生器中廣泛多元化，我們的品牌實力和管理公司的效率。

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. While we do not have perfect visibility into the coming year, current fundamentals for our business are strong, barring unanticipated macro events.

我們的資產負債表以及我們企業團隊的深度和經驗提供的穩定性和靈活性；我們為未來做好了充分準備。雖然我們對來年沒有完全的預見性，但目前我們業務的基本面強勁，除非出現意外的宏觀事件。

We believe that operating performance should continue to improve with the greatest opportunity coming through steady growth in midweek occupancy and rate. Leisure travel has proven resilient, supporting the observed consumer shift towards experience.

我們認為，經營業績應持續改善，周中入住率和入住率的穩定成長將帶來最大的機會。事實證明，休閒旅遊具有彈性，支持觀察到的消費者向體驗的轉變。

The past several years has provided opportunities for us to demonstrate both the strength and stability of our business and the capabilities of our team. I'm confident in our ability to produce strong returns for investors over the coming years. It is now my pleasure to turn the call over to Liz for additional detail on our balance sheet financial performance during the quarter and annual guidance.

過去幾年為我們提供了展示業務實力和穩定性以及團隊能力的機會。我對我們在未來幾年為投資者帶來豐厚回報的能力充滿信心。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 and that we were fortunate to not be adversely impacted by the recent hurricane activity and damage in the southeast.

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，而且我們很幸運沒有受到最近東南部颶風活動和破壞的不利影響。

Our hotels in the path of the hurricanes had no material structural damage and remained open, serving their communities and caring for guests and associates. While our hearts go out to all those impacted. They are also warmed by the acts of service care and hospitality they were extended by our team members and communities.

我們位於颶風路徑上的酒店沒有發生實質結構損壞，並保持開放，為社區服務並照顧客人和同事。我們的心與所有受影響的人同在。我們的團隊成員和社區為他們提供的服務關懷和熱情款待也讓他們感到溫暖。

For the quarter comparable hotels total revenue was $378 million for the third quarter and $1.1 billion year-to-date through September, both up approximately 2% as compared to the same periods of 2023. With continued strength and leisure demand and additional recovery in business demand. Third quarter, comparable hotels RevPAR was $125 up approximately 1%.

本季同類飯店第三季總營收為 3.78 億美元，截至 9 月的年初至今總營收為 11 億美元，均較 2023 年同期成長約 2%。隨著休閒需求的持續走強以及商務需求的進一步復甦。第三季度，同類飯店 RevPAR 為 125 美元，成長約 1%。

ADR was $163 up more than 1% and occupancy was 77% essentially flat as compared to the third quarter. 2023. A strong third quarter brought year-to-date through September. Comparable hotels RevPAR to $122, up more than 1%, Comparable hotels occupancy to 76%, up approximately 1% and Comparable hotels ADR to $160 up nearly 1% to the same period of 2023.

ADR 為 163 美元，成長超過 1%，入住率為 77%，與第三季相比基本持平。2023 年。年初至今，第三季表現強勁，截至 9 月。與 2023 年同期相比，可比飯店的 RevPAR 達到 122 美元，成長超過 1%，可比飯店入住率達到 76%，成長約 1%，可比飯店平均房價達到 160 美元，比 2023 年同期成長近 1%。

Uninterrupted by holidays or calendar shifts, August was our strongest month during the quarter. With year-over-year comparable hotels RevPAR growth of more than 3% based on preliminary results performance in October was even stronger with occupancy of approximately 80% and continued improvement in ADR yielding approximately 4% RevPAR growth for the month.

不受假期或日曆變化的影響，八月是本季表現最強勁的月份。根據初步業績，10 月的業績表現更加強勁，入住率約為 80%，ADR 持續改善，當月 RevPAR 成長約 4%。

Looking at day-over-day trends, leisure travel continues to be resilient with weekend occupancies down less than 1% during the third quarter. Weekday occupancy was down in July driven primarily by disruption around the July 4, holiday, but up nearly 2% in August and up slightly in September bringing total weekday occupancy growth to 40 basis points for the quarter.

從日常趨勢來看，休閒旅遊持續保持彈性，第三季週末入住率下降了不到 1%。7 月工作日入住率下降，主要是由於 7 月 4 日假期期間的干擾，但 8 月份增長了近 2%，9 月份略有上升，使該季度工作日入住率總增長達到 40 個基點。

With overall occupancy for the quarter, essentially flat RevPAR growth was driven entirely by increase in rate. Weekend ADR for the quarter was essentially flat year over year. While weekday ADR grew just over 1% with July weekday ADR down slightly and August and September weekday ADR up 2.3% and 1.8% respectively.

從本季的整體入住率來看，每間可用房收入基本上持平，這完全是由房價上漲所推動的。該季度的周末 ADR 與去年同期基本持平。平日 ADR 成長略高於 1%，其中 7 月平日 ADR 略有下降，8 月和 9 月平日 ADR 分別上漲 2.3% 和 1.8%。

Weekday absolute ADR continues to lag weekends representing meaningful upside as Midweek demand continues to strengthen positioning us to move higher rates. Same storeroom 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 18% of our mix up slightly to the second quarter.

工作日絕對 ADR 繼續落後於週末，這代表著有意義的上漲，因為周中需求繼續加強，使我們能夠提高利率。同一庫房夜間通路組合環比保持相對穩定，brand.com 預訂佔 [OTA] 預訂的 40%，飯店直接預訂分別佔 13% 和 24%。GDS 預訂量占我們組合的 18%，比第二季略有上升。

Third quarter, same store segmentation was largely consistent with the third quarter of 2023. The quarter remains strong at 33%. Other discounts represented 29% of our occupancy mix group was 14% and the negotiated segment represented 18% of our mix.

第三季同店細分與2023年第三季基本一致。本季仍保持 33% 的強勁成長動能。其他折扣占我們入住組合的 29%，佔 14%，協商部分占我們組合的 18%。

Turning to expenses Comparable hotels, total hotel expenses increased year-over-year by 2.7% for the third quarter. Decelerating from year-over-year total hotel expense growth of 3.5% in the second quarter and 4.2% in the first quarter.

費用方面 可比飯店方面，第三季飯店總費用年增 2.7%。飯店總費用年增率較第二季 3.5% 和第一季 4.2% 放緩。

The deceleration was driven primarily by a reduction in fixed costs with same store property insurance costs down 20% year-over-year in the quarter. Total payroll per occupied room for our same store hotels was $40 for the quarter, up 5% to the third quarter 2023.

成長放緩的主要原因是固定成本下降，本季同店財產保險成本較去年同期下降 20%。本季我們同店飯店每間入住客房的總薪資為 40 美元，比 2023 年第三季成長 5%。

With the most meaningful increases coming in sales and repairs and maintenance payroll which were up 12% and 8% respectively. And with greater holiday disruption in the quarter, adversely impacting cost per occupied room.

其中最有意義的成長來自於銷售以及維修和維護薪資，分別增加了 12% 和 8%。隨著本季假期中斷的加劇，對每間客房的成本產生了不利影響。

Contract labour decreased during the quarter to 8.3% of total wages and was down 200 basis points or 16% versus the same period in 2023. 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 $139 million for the quarter and $402 million year-to-date essentially flat as compared to the same periods of 2023.

本季合約工佔薪資總額的比例下降至 8.3%，與 2023 年同期相比下降了 200 個基點，即 16%。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。本季我們實現的可比飯店調整後飯店 EBITDA 約為 1.39 億美元，年初至今為 4.02 億美元，與 2023 年同期基本持平。

We are especially pleased with our comparable hotels adjusted hotel EBITDA margin of 36.8% for the quarter and 36.7% year-to-date down only 60 basis points and 90 basis points to the same periods of 2023 which has consistently exceeded our expectations. Adjusted EBITDA was approximately $129 million for the quarter and $371 million year-to-date up approximately 6% and 7% to the same periods of 2023 respectively.

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 36.8%，年初至今為 36.7%，較 2023 年同期僅下降 60 個基點和 90 個基點，一直超出我們的預期。本季調整後 EBITDA 約 1.29 億美元，年初至今調整後 EBITDA 約 3.71 億美元，較 2023 年同期分別成長約 6% 及 7%。

MFFO for the quarter was $107 million and year-to-date was $312 million up 3% and 6% as compared to the same periods of 2023 respectively. During the quarter, we paid distributions totalling $58 million or $0.24 per common share. 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.

本季的 MFFO 為 1.07 億美元，年初至今為 3.12 億美元，與 2023 年同期相比分別成長 3% 和 6%。本季度，我們支付了總計 5,800 萬美元的分配，即每股普通股 0.24 美元。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。

Looking at our balance sheet, As of September 30, 2024, we had approximately $1.5 billion of total debt outstanding net of cash, approximately 3.3 times our trailing 12-month EBITDA with a weighted average interest rate of 4.9%.

從我們的資產負債表來看，截至2024 年9 月30 日，我們的未償債務總額（扣除現金）約為15 億美元，約為我們過去12 個月EBITDA 的3.3 倍，加權平均利率為4.9%。

In August, we repaid in full one mortgage loan of approximately $20 million increasing the number of unencumbered hotels in our portfolio to 210. At quarter end, our weighted average debt maturities were three years.

8 月份，我們全額償還了一筆約 2000 萬美元的抵押貸款，使我們投資組合中無抵押酒店的數量增加到 210 家。截至季末，我們的加權平均債務期限為三年。

We had cash on hand of approximately $6 million availability under our revolving credit facility of approximately $540 million and approximately 74% of our total debt outstanding was fixed or hedged. As Justin mentioned, we were active repurchasing shares in the third quarter, bringing the total shares repurchased year-to-date through September to approximately 2.4 million at a weighted average price of approximately $14.16 per share.

我們的循環信貸額度約為 5.4 億美元，手頭現金約為 600 萬美元，未償債務總額的約 74% 已被固定或對沖。正如賈斯汀所提到的，我們在第三季積極​​回購股票，使今年截至 9 月回購的股票總數達到約 240 萬股，加權平均價格約為每股 14.16 美元。

For an aggregate purchase price of approximately $35 million. As of the end of September, we had approximately $301 million remaining under our share repurchase program. We have updated our full year outlook for 2024 narrowing and refining the range to account for performance to date. The announced dispositions and the timing of the hotel 57 transition.

總購買價約 3500 萬美元。截至 9 月底，我們的股票回購計畫剩餘資金約為 3.01 億美元。我們更新了 2024 年全年展望，縮小並細化了範圍，以考慮迄今為止的業績。宣布的處置和酒店 57 過渡的時間。

At the midpoint we are decreasing net income by $1 million. Decreasing comparable hotels RevPAR change by just 12.5 basis points, increasing comparable hotels adjusted hotel EBITDA margin by 20 basis points and decreasing adjusted EBITDA by $1.5 million.

在中點，我們的淨收入減少了 100 萬美元。可比飯店 RevPAR 變動僅減少 12.5 個基點，可比飯店調整後飯店 EBITDA 利潤率增加 20 個基點，調整後 EBITDA 減少 150 萬美元。

For the full year, 2024, we anticipate the results will be in the following ranges net income between $204 million and $221 million. Comparable hotels RevPAR change between 0.75% and 2%. Comparable hotels adjusted hotel EBITDA margin between 35.3% and 35.9% and adjusted [EBITA R A] between $458 million and $469 million.

對於 2024 年全年，我們預計結果將在以下範圍內：淨利潤在 2.04 億美元至 2.21 億美元之間。可比較飯店的 RevPAR 變化在 0.75% 至 2% 之間。同類飯店調整後的飯店 EBITDA 利潤率介於 35.3% 至 35.9% 之間，調整後的 [EBITA R A] 介於 4.58 億美元至 4.69 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?

這項展望是基於我們目前的觀點，並未考慮到我們業務的任何意外發展或營運環境的變化。也沒有考慮任何未宣布的酒店收購或處置？

The changes reflect several puts and takes including modest RevPAR growth results in the third quarter continued out performance on the bottom line related to decelerating expense growth and the positive impact of the announced dispositions on margin and a later transition date for hotel 57.

這些變化反映了多項看跌和看跌，包括第三季度每間可用客房收入的溫和增長結果，持續與費用增長放緩相關的底線表現，以及已宣布的利潤率處置和57 號酒店推遲過渡日期的正面影響。

These modifications yield less than 1% change to comparable hotels adjusted EBITDA and [EBITD RA]. As we near the end of 2024 we are confident we are well positioned for continued strong operating fundamentals and bottom-line performance.

這些修改與可比較飯店調整後的 EBITDA 相比變化不到 1%，[息稅折舊攤提前利潤 (EBITD)]。隨著 2024 年底的臨近，我們有信心保持良好的營運基本面和獲利表現。

The operating environment is relatively stable with favourable supply and demand dynamics. Our recent capital allocation activity has enabled us to drive incremental value for shareholders and our balance sheet continues to provide us with meaningful optionality.

經營環境相對穩定，供需動態良好。我們最近的資本配置活動使我們能夠為股東帶來增量價值，我們的資產負債表繼續為我們提供有意義的選擇。

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

事實證明，我們的差異化策略在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，並處於透過機會性交易提高價值的獨特地位。當市場條件更具建設性時，我們的團隊會努力工作，以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，進一步提高股東的回報。

That concludes our prepared remarks. We would now be happy to answer any questions you have for us this morning.

我們準備好的演講到此結束。我們很樂意回答您今天早上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。（操作員說明）

The first question is from Dori Kesten from Wells Fargo. Please go ahead.

第一個問題來自富國銀行的 Dori Kesten。請繼續。

Thanks. Good morning. You highlighted a disconnect between business transient and leisure rates from their historic trends. Can you give us an update on where that spread is now? I guess versus history and then where you believe that trend line is going?

謝謝。早安.您強調了商務短暫性和休閒率與其歷史趨勢之間的脫節。您能否向我們介紹目前傳播情況的最新情況？我想與歷史相比，然後您認為趨勢線將走向何方？

The GAAP continues to shrink both as a combination of a slight pullback and weekend rates as we've mentioned. But more so as we start to see weekday continue to improve. Relative to 2019 year-to-date are weekday ADR is up about 6% and that's shoulder nights included, but up about 6% and then weekend still relative to 2019 is up about 18%. So, you can see that there's still a meaningful GAAP there to capitalize on as we move forward and continue to see business transient improve.

正如我們所提到的，由於小幅回檔和週末利率的結合，公認會計原則繼續收縮。但當我們開始看到工作日繼續改善時更是如此。與 2019 年年初至今相比，工作日 ADR 上漲了約 6%，其中包括平夜，但上漲了約 6%，週末相對於 2019 年仍上漲了約 18%。因此，您可以看到，隨著我們繼續前進並繼續看到業務短暫改善，仍然有一個有意義的公認會計原則可以利用。

Okay. And then with October RevPAR are up 4%. I guess what is been assumed for November and December to get to the Q4 midpoint. And we're just trying to figure out the swing between your assumptions around the election versus holiday travel.

好的。10 月份，RevPAR 成長了 4%。我猜 11 月和 12 月達到第四季中點的假設是什麼。我們只是想弄清楚您對選舉和假期旅行的假設之間的搖擺。

When we look at November and our booking position, certainly we expect a softer week this week as people get out and vote. But as we look ahead at the rest of the month, we are seeing positive booking trends for November. So overall for November, not quite as much as we are projecting in December. But still for both November and December at this point based on booking position and current trends projecting some RevPAR growth.

當我們看看 11 月和我們的預訂情況時，我們當然預計本週會更加疲軟，因為人們會出去投票。但當我們展望本月剩餘時間時，我們看到 11 月的預訂趨勢呈現正面趨勢。因此，總體而言，11 月的情況沒有我們 12 月的預測那麼多。但根據預訂狀況和當前趨勢預測，11 月和 12 月的每間可出租客房收入仍將有所增長。

Okay. And then just last question, how would you expect 2025 expense growth to compare to what's implied in your current 24 guidance.

好的。最後一個問題是，與目前 24 小時指引中隱含的內容相比，您預期 2025 年的費用將成長如何。

We're. Still super early in the process of budgeting with our management companies that said I think absent a meaningful change in the environment, our sense is that current trends are likely to continue into the coming year.

是。與我們的管理公司一起制定預算的過程還處於非常早期的階段，我認為如果環境沒有發生有意義的變化，我們的感覺是當前的趨勢可能會持續到來年。

Okay, Thank you.

好的，謝謝。

The next question is from Austin Wurschmidt from KeyBanc Capital Markets. Please go ahead.

下一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。請繼續。

Hey, good morning, everybody. So, Justin, you highlighted it towards the end of your prepared remarks that operating performance should continue to improve, I guess. What are you most excited about turning the calendar into 2025? And, and what do you think changes, heading in the next year? That could look different, I guess than how, this year has played out.

嘿，大家早安。因此，賈斯汀，您在準備好的演講結束時強調了這一點，我想營運績效應該繼續改善。將日曆變成 2025 年，您最興奮的是什麼？您認為明年會發生什麼變化？我想，這可能看起來與今年的情況有所不同。

I similar to, what I said in my prepared remarks. I think we continue to be pleased with the resilience of leisure travel. I think, looking across our portfolio, certainly performance varies by market, and we have seen pull back in some markets, but overall, the trend is continuing to be favourable.

我與我在準備好的發言中所說的類似。我認為我們仍然對休閒旅遊的彈性感到滿意。我認為，縱觀我們的投資組合，業績肯定會因市場而異，我們已經看到一些市場出現回落，但總體而言，趨勢仍然有利。

And with that as a backdrop, we continue to build occupancy Midweek which positions us to continue to grow rate. We're in a better position than we have been to begin to mix, manage in ways that will more dramatically move right midweek.

以此為背景，我們在周中繼續增加入住率，這使我們能夠繼續成長。我們處於比以往更好的位置，可以開始以周中更戲劇性的方式進行混合和管理。

And I, I think when we think about a bull case for, the coming year, it continues to be, really business travel related with continued return to office, continued improvements in demand matched with as I highlighted a really favourable supply outlook, position us to really take advantage of incremental growth on the demand side.

我認為，當我們考慮來年的牛市時，商務旅行仍然與繼續重返辦公室有關，需求的持續改善與我強調的非常有利的供應前景相匹配，使我們處於有利地位真正發揮需求側增量增長的優勢。

You talked a lot about the mix manage opportunity Midweek, I guess. How far away are you from an occupancy perspective to really being able to press the lever, I guess on mix managing and really getting kind of rate growth moving more meaningfully higher.

我想你在周中談論了很多混合管理機會。從入住率的角度來看，你離真正能夠按下槓桿還有多遠，我想是在混合管理和真正讓利率增長率更有意義地走高方面。

It's interesting as we look at blended midweek occupancy across months. Part of the challenge we've had it been around holidays and more meaningful disruption around holidays when we know, control for those and look solely at weeks that are unaffected by major holidays or calendar shifts.

當我們觀察幾個月內周中的混合入住率時，這很有趣。我們面臨的部分挑戰是假期前後以及假期期間更有意義的干擾，當我們知道、控制這些並只關注不受重大假期或日曆變化影響的幾週時。

We're getting there in terms of an ability to more meaningfully move rate, I think as we turn the corner into next year, assuming things continue as we've seen them, as we round up this year, our expectation is that that we're in a position now from an occupancy standpoint to begin to more meaningfully move the needle in that area.

我們正在實現更有意義地調整利率的能力，我認為，當我們進入明年時，假設事情按照我們所看到的那樣繼續下去，當我們總結今年時，我們的期望是，我們從入住率的角度來看，我們現在可以開始在該領域做出更有意義的改變。

And Austin, you saw a little bit of that as we moved from sort of the occupancy ADR dynamic in Q2 to Q3. I think that our team really looked back at our mix between occupancy and rate growth in Q2 and really refocused around, where we had some mix management opportunity and started to capitalize on that. And I think continuing to focus there and, and drive, and build off of that momentum, we should be able to continue to mix, manage based on occupancy levels moving forward as well.

奧斯汀，當我們從第二季的 ADR 動態轉向第三季時，您看到了一些這一點。我認為我們的團隊確實回顧了第二季度的入住率和成長率之間的組合，並真正重新關注，我們有一些組合管理機會並開始利用它。我認為，繼續關注並推動並利用這一勢頭，我們應該能夠繼續根據未來的入住率水準進行混合和管理。

It's helpful and then just last one, just I guess just if we do kind of remain in this little, slower RevPAR growth environment, maybe with mixed directions, I guess in the direction of the economy is the decision to repurchase additional shares is that just predicated on the ability to sell some of the slower growth, non-core assets at an attractive spread to where the stocks trade, like, can you kind of just walk us through the latest thinking on buybacks? And to the extent the environment remains very similar heading into next year?

這是有幫助的，然後是最後一個，我想如果我們確實保持在這種小而緩慢的 RevPAR 增長環境中，也許有混合的方向，我想在經濟的方向上，回購額外股票的決定只是取決於以有吸引力的價差出售一些成長較慢的非核心資產的能力，例如，您能否向我們介紹一下有關回購的最新想法？進入明年，環境在多大程度上仍然非常相似？

Certainly, I think I highlighted in my prepared remarks, we've been very pleased with our ability to positively execute on the trade between asset sales and share acquisitions. I think looking back across the quarter, certainly we're protective of our balance sheet and our position there. And to create liquidity through asset sales and to redeploy into share purchase, especially given how we've traded recently continues to be attractive to us.

當然，我想我在準備好的演講中強調了，我們對我們積極執行資產出售和股票收購之間交易的能力感到非常滿意。我認為回顧整個季度，我們當然會保護我們的資產負債表和我們在那裡的地位。透過資產出售創造流動性並重新部署股票購買，特別是考慮到我們最近的交易方式仍然對我們有吸引力。

Certainly, we look to optimize the redeployment of that capital and are continually market, looking at potential acquisition opportunities as well. And then I highlighted in my prepared remarks, the really strong performance of recent acquisitions and we'll continue to look at both and deploy capital where we have confidence we can create the highest returns.

當然，我們希望優化資本的重新部署，並​​持續進行行銷，尋找潛在的收購機會。然後我在準備好的發言中強調了最近收購的真正強勁表現，我們將繼續關注這兩項收購，並在我們有信心創造最高回報的地方部署資本。

Great. Thank you.

偉大的。謝謝。

The next question is from Tyler Batory from Oppenheimer & Company. Please go ahead.

下一個問題來自 Oppenheimer & Company 的 Tyler Batory。請繼續。

Yeah, thanks time to here. Good morning, everyone. So, I just want to follow up on the midweek and mixed discussion. It's obviously something that's important that a lot of investors are focused on. Can you give a little bit more numbers around? How much room there is for occupancy growth mid-week?

是的，感謝時間來到這裡。大家早安。所以，我只想跟進周中和混合討論。這顯然是許多投資者關注的重要議題。能多提供一些數字嗎？周中的入住率成長空間有多大？

I'm not sure if you can talk about kind of where you are now versus where you were pre COVID or where you'd ideally really like to be and there's definitely a mix shift here where I can see it is growing midweek. It's offsetting some weakness.

我不確定你是否可以談談你現在的處境與新冠疫情爆發前的處境，或者你理想中真正想要達到的狀態，這里肯定存在混合轉變，我可以看到它在周中正在增長。它抵消了一些弱點。

It sounds like on the on the weekend do you think that continues going forward in terms of that mix shift and what are the implications there? As occupancy is moving around a little bit in terms of your ADR.

聽起來像是在週末，您認為這種混合轉變會繼續向前發展嗎？就您的 ADR 而言，入住率略有變化。

A couple questions there, I'll start with the opportunity midweek or our peak travel days, Monday to Wednesday, relative to 2019 depending on the day, we still year-to-date looking through October, we still anywhere from 300 basis points to 730 basis points of opportunity or percent an opportunity.

有幾個問題，我將從周中的機會或我們的高峰旅行日（週一到週三）開始，相對於2019 年，具體取決於日期，我們仍然從年初至今展望10 月，我們仍然在300 個基點到300 個基點之間的任何地方。

So still room on the occupancy side I think that there has been a mix shift and we've seen it as we have continued to rebuild business transient occupancy mid-week. And trading that from a higher rated leisure traveller.

因此，入住方面仍然有空間，我認為已經出現了混合轉變，我們已經看到了這一點，因為我們在周中繼續重建業務臨時入住。並從評價較高的休閒旅行者那裡進行交易。

And I think when you look at our rolled-up results, that's put some pressure on our ADR growth that said as I mentioned a little bit earlier, in response to Austin's question, we are starting to gain some traction where we have the higher occupancy levels. And really ensuring that we're pricing based business appropriately.

我認為，當您查看我們的匯總結果時，這對我們的平均每日房價增長施加了一些壓力，正如我之前在回答奧斯汀的問題時提到的那樣，我們開始在入住率較高的地方獲得一些吸引力水平。並真正確保我們對基於業務的定價適當。

And looking at where we can drive incremental rates. So, we're starting to see some benefit there. And so, I think that the sort of negative mix shift impact will continue to decline over time.

並研究我們可以在哪些方面提高成長率。所以，我們開始看到一些好處。因此，我認為這種負面的混合轉變影響將隨著時間的推移而繼續下降。

Okay, Thank you. And then a market specific question on Nashville, it was one of the software markets for you in the quarter. I think a software market, your year-to-date. You have the under-development assets, that's going to be coming online later in 2025.

好的，謝謝。然後是關於納許維爾的市場特定問題，它是本季適合您的軟體市場之一。我認為軟體市場是您今年迄今為止的。您擁有正在開發的資產，將於 2025 年稍後上線。

I know there's a decent amount of supply in Nashville. Just talk about your perspective on that market. How you're underwriting, how you're thinking about that, that pending acquisition as well.

我知道納什維爾有相當多的供應。只是談談您對該市場的看法。您如何承銷，您如何考慮這一點，以及待定的收購。

We continue to be very positive on the new development for a couple of reasons, one, I think our view on Nashville continues to be positive. Certainly, the market has been absorbing a bit of new supply. Recently, I'm looking at performance during the quarter.

我們仍然對新的發展持非常積極的態度，原因有幾個，第一，我認為我們對納許維爾的看法仍然是正面的。當然，市場已經吸收了一些新的供應。最近，我正在關注本季的業績。

There was also a slightly weaker event calendar that played into performance during the quarter. Over time, the dynamics of the market continue to be favourable and beyond that, as we continue to see performance of models as they open, we continue to feel really good about our underwriting for that asset specifically, And for that brand.

活動日曆也略有疲軟，也影響了本季的業績。隨著時間的推移，市場的動態繼續有利，除此之外，隨著我們繼續看到模型開放時的表現，我們繼續對我們對該資產以及該品牌的承保感到非常滿意。

And part of our year-to-date and quarter-to-date performance in Nashville is also driven by our suburb concentration in Franklin that had some group business year-over-year. So, I think in the pocket were developing the models, certainly from a demand perspective we continue to feel optimistic there.

我們在納許維爾的年初至今和季度至今的業績也部分受到我們集中在富蘭克林郊區的推動，該地區同比有一些集團業務。因此，我認為我們正在開發模型，當然從需求的角度來看，我們仍然對此感到樂觀。

And we've had some sales turnover this year in the Nashville market. So, I think there's some upside there as we sort of get our footing back from a sales representation standpoint.

今年我們在納許維爾市場取得了一些銷售收入。因此，我認為當我們從銷售代表的角度重新站穩腳跟時，會有一些好處。

Very helpful. That's all for me. Thank you.

非常有幫助。這就是我的全部。謝謝。

Thank you.

謝謝。

The next question is from Jay Kornreich from Wedbush Securities. Please go ahead.

下一個問題來自 Wedbush Securities 的 Jay Kornreich。請繼續。

Hey, thank you. Good morning. Can you talk about what you're seeing in the overall transaction marketplace? I guess with, the volatility and interest rates, has it slowed down or are there opportunities still coming up that you're assessing? And I guess just based on where your stock is trading and funding considerations, how do you think about your current interest and acquisitions?

嘿，謝謝你。早安.您能談談您在整個交易市場中看到的情況嗎？我想，波動性和利率是否已經放緩，或者您正在評估的機會是否仍在出現？我想，根據您的股票交易情況和融資考慮，您如何看待您當前的興趣和收購？

It's interesting, certainly there has been some volatility in the debt markets recently. We continue to be very active in underwriting deals. So, in terms of total deals available and the volume there, that there are ample opportunities for us to proceed.

有趣的是，最近債務市場確實出現了一些波動。我們繼續非常積極地參與承銷交易。因此，就可用交易總量和交易量而言，我們有充足的機會繼續進行。

Should we know that the, the fundamentals of our business and, our cost of capital allow for it? That said sellers continue to be reluctant to adjust pricing for assets. And as we demonstrate over the past several months, that's made our shares more attractive on a relative basis.

我們是否應該知道我們業務的基本面和我們的資本成本允許這樣做嗎？儘管如此，賣家仍然不願意調整資產定價。正如我們在過去幾個月中所證明的那樣，這使我們的股票相對而言更具吸引力。

I think looking at the total transaction market, there continue to be fewer transactions than we would ordinarily anticipate in a market like this. And the bulk of the activity we've seen has been around smaller lower total purchase price assets.

我認為從整個交易市場來看，在這樣的市場中，交易量仍然比我們通常預期的要少。我們看到的大部分活動都是圍繞著規模較小、總購買價格較低的資產進行的。

Were in, in our experience, we've been able to create more of a competitive bidding environment especially with local owner operators. Zooming out there continues to be significant interest in the space. But the bid as spread is wide. And I think absent a meaningful shift in operating performance for the assets and or cost of capital for the potential buyers, we continue to see lower transaction volume through the end of the year.

根據我們的經驗，我們已經能夠創造更具競爭性的投標環境，尤其是與當地業主經營者。縮小範圍來看，人們仍然對這個領域抱持著濃厚的興趣。但出價價差較大。我認為，如果潛在買家的資產營運績效和/或資本成本沒有發生有意義的轉變，我們將繼續看到年底交易量下降。

All right. Thank you for that. And then just one follow up, I just wanted to ask about the group component of your business, which I recognize is only 14% of demand. I'm curious if you're seeing any changes with that segment and if you have any read into how bookings are looking for next year relative to this time last year.

好的。謝謝你。然後只是一個跟進，我只是想詢問一下你們業務的集團部分，我認為這只佔需求的 14%。我很好奇您是否看到該細分市場有任何變化，以及您是否了解明年的預訂情況與去年同期相比如何。

It's a good question. Our group acts a little bit differently than I think the industry at large talks about it from a bro a larger group convention standpoint, we don't typically see our group book as far out. So, we don't have a clear picture as to how that looks today versus same time last year for next year, we just don't see that much booking ahead of time.

這是一個好問題。我們小組的行為與我認為整個行業從一個更大的團體大會的角度談論它的方式有點不同，我們通常不會認為我們的小組手冊那麼遙遠。因此，我們並不清楚明年的情況與去年同期相比如何，我們只是沒有看到那麼多提前預訂。

We, it's an order booking window that said our group business has consistently performed well since the onset of the pandemic. Our percentage of group really hasn't fluctuated much. And so, I think we have no reason to believe based on both current trends and what we've seen over the past couple of years.

我們，這是一個訂單預訂窗口，表明我們的集團業務自疫情爆發以來一直表現良好。我們組的比例確實沒有太大波動。因此，我認為根據當前趨勢和過去幾年我們所看到的情況，我們沒有理由相信這一點。

We have no reason to believe that it wouldn't continue to be strong and tends to be a mix between both small corporate group and Smurf or leisure-oriented group.

我們沒有理由相信它不會繼續強勁，並且往往是小型企業集團和藍色小精靈或休閒導向集團的混合體。

Okay, Appreciate it. Thanks. That's it for me.

好的，欣賞一下。謝謝。對我來說就是這樣。

Thank you.

謝謝。

The next question is from Michael Bellisario from Baird. Please go ahead.

下一個問題來自貝爾德 (Baird) 的邁克爾貝利薩裡奧 (Michael Bellisario)。請繼續。

Thanks, good morning, everyone, just want to go back to, it's probably for Liz just on the booking window and some of your visibility, maybe unpack all the calendar shifts in 3Q, 4Q. Which way is the booking window moving? And then are you seeing any change in cancellations or rebooking activity occur?

謝謝，大家早上好，只是想回去，這可能是為了莉茲在預訂窗口和你的一些可見性，也許解開第三季度、第四季度的所有日曆班次。預訂窗口往哪個方向移動？那麼您是否發現取消或重新預訂活動有任何變化？

A lot of good questions there, I'd say, if you sort of strip back some of the calendar shifts. I think average daily bookings remain positive. So, we certainly remain encouraged by that from a booking pattern perspective. We have seen a slight shift as you've seen some occupancy trade from leisure to business transient, come from more shorter-term bookings, but even our leisure typically is shorter, relatively shorter term, meaning, most still comes in the month for the month.

我想說，如果你去掉一些日曆班次的話，那裡有很多好問題。我認為平均每日預訂量仍然樂觀。因此，從預訂模式的角度來看，我們當然仍然對此感到鼓舞。我們看到了輕微的轉變，因為您看到一些入住交易從休閒到商務短暫，來自更多的短期預訂，但即使我們的休閒通常也較短，相對較短的期限，這意味著大多數仍然是在當月進行月。

And so, it might impact in the week for the week bookings with business transient but, but nothing material. Beyond that, from a cancellation rate perspective, it's a little bit noisy with the storms in September. We certainly probably had some impact from short term cancellations in September. But overall, as we monitor cancellations throughout the year no material changes in cancellation rate either.

因此，這可能會影響一周內業務短暫的預訂，但沒有什麼實質影響。除此之外，從取消率的角度來看，九月的暴風雨有點吵。我們當然可能受到 9 月短期取消的影響。但總體而言，隨著我們全年監控取消情況，取消率也沒有重大變化。

Got it that's helpful. And then along the same lines just with the shorter booking window today, how does that affect staffing and planning at the hotel operational level? And is that shorter booking window impacting the wage growth rate at all?

明白了，很有幫助。同樣，隨著今天預訂窗口的縮短，這對酒店營運層面的人員配置和規劃有何影響？較短的預訂窗口是否會影響薪資成長率？

It's a good question I think, and mentioned it quickly in my prepared remarks. I do think that as we looked at payroll per occupied room for the third quarter, there was some opportunity with sort of changes in near term bookings on a cost per occupied room basis, meaning we have to stay on top of scheduling relative to forecasting.

我認為這是一個很好的問題，並且在我準備好的演講中很快就提到了這一點。我確實認為，當我們查看第三季度每個已入住房間的工資單時，以每個已入住房間的成本為基礎的近期預訂存在一些變化，這意味著我們必須保持與預測相關的日程安排。

And so that's something our team works with the management companies closely on is evaluating booking position relative to their internal forecast, to try to make sure we're flexing where appropriate, and we're staffed where appropriate. And so, as things shift, there's additional dynamics that play that, that the teams need to adjust for.

因此，我們的團隊與管理公司密切合作，根據他們的內部預測評估預訂情況，以確保我們在適當的情況下進行調整，並在適當的情況下配備人員。因此，隨著情況的變化，會有額外的動力發揮作用，團隊需要調整。

And I think having an incremental week impacted by July 4 sort of, maybe slightly more impact around Labor Day. And then some of the shifts with potential cancellations around the hurricanes and storms I do think that impacted our Q3 numbers slightly.

我認為，受 7 月 4 日影響，一週的增量可能會在勞動節前後產生更大的影響。然後，我確實認為颶風和風暴帶來的一些可能取消的變化對我們第三季的數據產生了輕微影響。

Understood. And then just last one for me, for just a capital location turned the clock back a year ago. You were pretty aggressive on the buy side acquisition wise when the stock was higher, maybe push you a little bit here on the flip side.

明白了。對我來說，最後一個是因為僅僅一個首都地點就讓時光倒轉了一年前。當股價走高時，你在買方收購方面非常積極，也許會在另一方面推動你一點。

I mean, why not be more aggressive on the sell side? I know you're selling four hotels but, but smaller dollars and if you can capture a turn and a half spread, which I think is wider than the spread you captured on the buy side, maybe why not move more aggressively on the sell side with assets? Thank you.

我的意思是，為什麼不在賣方方面更激進呢？我知道您正在出售四家酒店，但是金額較小，如果您能獲得一個半價差（我認為這比您在買方獲得的價差更寬），也許為什麼不在賣方方面採取更積極的行動有資產？謝謝。

I think that's a great question and, and I'll say two things. One, we're not buying exactly the same thing. So, while I've been clear about our going in Cap rates on the acquisitions and our recent performance. Certainly, our expectations are that these acquisitions will have stronger growth rates than our portfolio average.

我認為這是一個很好的問題，我要說兩件事。第一，我們買的不是完全相同的東西。因此，雖然我已經清楚地了解了我們收購的資本化率以及我們最近的表現。當然，我們的預期是這些收購的成長率將高於我們投資組合的平均值。

But then on the flip side, the reality is that the market has really only recently opened, in a way that has enabled us to dispose of assets, in a meaningful way. And I think to the extent it stays open as it recently has been, you'll see us be much more aggressive selling assets and redeploying capital.

但另一方面，現實是市場最近才開放，這使我們能夠以有意義的方式處置資產。我認為，只要它像最近一樣保持開放，你就會看到我們更積極地出售資產和重新部署資本。

I think and we've highlighted this several times our intent is to maintain the strength of our balance sheet. And so, we're mindful of how and when we deploy capital. And the incremental risk and required returns as we increase the overall leverage, an environment where we can trade make a trade of assets at a spread to the investment that's an easy trade for us to make. And I think moves the needle over time in terms of total returns, we're able to provide shareholders.

我認為我們已經多次強調了這一點，我們的目的是保持資產負債表的力量。因此，我們非常注意如何以及何時部署資本。隨著我們提高整體槓桿率，增量風險和所需回報也隨之增加，在這種環境下，我們可以以投資利差進行資產交易，這對我們來說是很容易進行的交易。我認為隨著時間的推移，我們能夠為股東提供總回報。

And then just one follow up there, any portfolio premium emerging on the sales side or is it still all one's and twos in terms of best way?

然後，只有一個後續行動，銷售方面是否出現任何投資組合溢價，或者就最佳方式而言，它仍然是一勞永逸的嗎？

Yeah, at this point, there's still not a portfolio premium to be had. I highlighted in response to one of the earlier questions and somewhat in my prepared remarks, where we're able to create the most competitive buying environment is with local owner operators.

是的，在這一點上，仍然沒有投資組合溢價。我在回答之前的問題之一以及我準備好的演講中強調，我們能夠與當地業主經營者一起創造最具競爭力的購買環境。

And really that's around individual assets or a pair of assets that are co located. I think for the foreseeable future, we anticipate that to be the case. But certainly, I think have demonstrated our ability to pivot and make adjustments to our tactical strategy in response to changing market conditions.

實際上，這是圍繞單一資產或位於同一地點的一對資產。我認為在可預見的未來，我們預計情況會是如此。但當然，我認為已經證明了我們有能力根據不斷變化的市場條件調整我們的戰術策略。

All helpful. Thank you.

都有幫助。謝謝。

Thank you.

謝謝。

The next question is from Chris Darling from Green Street. Please go ahead.

下一個問題來自 Green Street 的 Chris Darling。請繼續。

Thanks, good morning. Justin, is there any update you can provide on the land parcel you have out in Vegas. And to the extent you're interested in developing, is that something you would consider pursuing on balance sheet or would you more likely structure a deal maybe with a partner of some sort?

謝謝，早安。賈斯汀，您可以提供有關您在維加斯擁有的土地的任何最新資訊嗎？就您對開發感興趣的程度而言，您是否會考慮在資產負債表上追求這一點，或者您是否更有可能與某種合作夥伴進行交易？

So, we continue to explore the opportunity there and have had extensive conversations with brands around opportunities as well as with a potential developer. I hope that in the near term we'll have an announcement to make there. I think it's worth highlighting that underwriting new construction, even in an environment where we own land can be challenging.

因此，我們繼續探索那裡的機會，並圍繞著機會與品牌以及潛在開發商進行了廣泛的對話。我希望在不久的將來我們會在那裡發佈公告。我認為值得強調的是，即使在我們擁有土地的環境中，承保新建築也可能具有挑戰性。

And I think in response to the second part of your question, while we are not adamantly opposed to construction our balance sheet, we do have a strong preference to develop as we have done to date through fixed price contracts with third party developers. And, and we're fortunate to have worked with a number of groups who have capacity to perform in a market like Vegas and deliver at attractive pricing, you know, quality products. So that, that continues to be the most likely direction for that particular development.

我認為，在回答你問題的第二部分時，雖然我們並不堅決反對構建我們的資產負債表，但我們確實強烈傾向於開發，就像我們迄今為止通過與第三方開發商簽訂的固定價格合同所做的那樣。而且，我們很幸運能夠與許多團體合作，他們有能力在像拉斯維加斯這樣的市場上發揮作用，並以有吸引力的價格提供優質的產品。因此，這仍然是該特定發展最有可能的方向。

Okay, that's helpful. And then maybe to the latter half of your answer there. I'd be curious just on the development front and in terms of some of those take out transactions that you've structured, what does the pipeline look like today? And would we potentially expect to see you enter more of those contracts over the next months and quarters.

好的，這很有幫助。然後也許是你答案的後半部。我很好奇在開發方面以及您建立的一些外賣交易方面，今天的管道是什麼樣的？我們是否可能希望看到您在接下來的幾個月和幾個季度簽訂更多此類合約。

So, we continue to be active in looking at a little bit less than a handful of potential developments that would be attractive to us. Potentially, the reality is, and I highlighted in my prepared remarks and it, it's worth repeating. Supply in our markets continues to be muted with 54% of our markets not having any new supply under construction.

因此，我們繼續積極尋找對我們有吸引力的少數潛在開發項目。現實可能是，我在準備好的發言中強調了這一點，值得重複。我們市場的供應持續疲軟，54% 的市場沒有任何新的供應在建。

And a meaningful reduction in rooms under construction across our portfolio. The primary reason for that is difficult given the meaningful increase in construction costs to include increased finance and construction finance cost to pencil deals.

我們的投資組合中的在建客房數量大幅減少。造成這種情況的主要原因很困難，因為建築成本大幅增加，其中包括增加筆交易的融資和建築融資成本。

And, I think that has limited our focus to higher RevPAR markets where we can justify the high construction costs and still achieve our return thresholds. Vegas happens to be a market where we have now first hand experience with the Spring Hill suites. I'm in a market that continues to perform very well.

而且，我認為這限制了我們對每間可用房屋收入較高的市場的關注，在這些市場中，我們可以證明高昂的建築成本是合理的，但仍然可以達到我們的回報門檻。拉斯維加斯恰好是我們現在擁有 Spring Hill 套房第一手經驗的市場。我所處的市場持續表現良好。

And one in which I think over time we would like to increase our exposure. There are a handful of other markets that we feel similarly bullish about in terms of the opportunity to enter with new newly constructed assets, but by and large I think you will continue to see our focus where we have a cost of capital to justify acquisitions being around existing assets.

我認為隨著時間的推移，我們希望增加我們的曝光度。在進入新建資產的機會方面，我們同樣看好其他一些市場，但總的來說，我認為您將繼續看到我們的重點，即我們有資本成本來證明收購的合理性圍繞現有資產。

I think we've demonstrated an ability to transact in ways that generate attractive returns for investors in that area. Certainly, have I believe unparalleled capacity from a renovation standpoint which really broadens the scope of what we can look at. And, and I think a significant portion of our, our forward pipeline over the next several years will continue to be existing assets.

我認為我們已經展示了以可為該領域的投資者帶來有吸引力的回報的方式進行交易的能力。當然，我相信從改造的角度來看，它具有無與倫比的能力，這確實拓寬了我們所能看到的範圍。而且，我認為未來幾年我們的遠期管道的很大一部分將繼續是現有資產。

All right, I appreciate the time and that's all for me.

好吧，我很珍惜時間，這就是我的全部。

Absolutely.

絕對地。

(Operator Instructions) The next question is from Floris Van Dijkum from Compass point. Please go ahead.

（操作員說明）下一個問題來自 Compass point 的 Floris Van Dijkum。請繼續。

Hi, good morning. It's Ken Billingsley for florist. Just expense questions. Your CapEx is listed at [7,585] for the year. So that leaves quite a bit in the fourth quarter. Given where we are. My question is what and how much is left to do and is some of that going to get pushed into 25? And are you looking for the same type of CapEx budget for next year?

嗨，早安。我是花店的肯‧比林斯利。只是費用問題。您今年的資本支出為 [7,585]。所以第四季還剩下相當多的時間。鑑於我們所處的位置。我的問題是還剩下什麼、還有多少要做，其中一些是否會被推到 25 個？您是否正在尋找明年相同類型的資本支出預算？

Good question. As we sit here today, we're in a similar position that we typically are in as we go into the fourth quarter from a total spend to anticipated perspective. Most of our renovations begin in the fourth quarter, some of which can fall over into the first quarter of the following year.

好問題。當我們今天坐在這裡時，從總支出到預期的角度來看，我們處於與進入第四季度時通常所處的位置類似的位置。我們的大部分翻修工作都在第四季開始，其中一些可能會推遲到第二年第一季。

So, this year for 25 but no reason and we didn't update our full year guide as we do anticipate that we will be spending quite a bit relative to our renovations that are beginning now as we finish out the year, as we look at 2025 it's still early as Justin mentioned related to another expense question.

因此，今年25 週年，但沒有任何原因，我們沒有更新全年指南，因為我們確實預計，在今年結束時，我們將花費相當多的資金用於我們現在開始的翻修工作，正如我們所看到的那樣賈斯汀在談到另一個費用問題時提到，2025 年還為時過早。

We're in the midst of budgeting for next year, both from a property level perspective, but also CapEx perspective though, if things continue much as they are, we will anticipate, our typical run rate of CapEx barring any changes.

我們正在製定明年的預算，無論是從房地產層面還是從資本支出的角度來看，如果情況繼續如此，我們將預計，我們的典型資本支出運作率（除非發生任何變化）。

Okay. And then a question on the insurance given, you said it was down 20% given where those have been priced over the last year or so. Can you talk about like what maybe bringing that down and it's something unique in your mixer portfolio.

好的。然後是關於保險的問題，您說，考慮到過去一年左右的定價，保險價格下降了 20%。您能談談是什麼可能會降低這一點嗎？

Relative to the renewal that we had in April, we did restructure the program a little bit trying to drive incremental capacity and that did yield some rate reductions year-over-year which were favourable, in the quarter, we had a tougher, I guess I should say an easier comp year over year related to uninsured loss expense. So, premiums were down meaningfully in the quarter and have been since April. That said we also have had good loss experience this year. So, it's a combination of both.

相對於我們四月份的續約，我們確實對計劃進行了一些重組，試圖推動增量產能，這確實帶來了一些同比降費，這是有利的，在這個季度，我們遇到了更艱難的情況，我想我應該說與未投保的損失費用相關的年復一年更容易。因此，本季保費大幅下降，自 4 月以來一直如此。也就是說，我們今年也有很好的損失經驗。所以，它是兩者的結合。

Great. Thank you. This concludes the question-and-answer session. I would like to turn the floor back over to Justin Knight for closing comments.

偉大的。謝謝。問答環節到此結束。我想請賈斯汀奈特 (Justin Knight) 發表結束評論。

We appreciate you making time for us this morning. If you haven't done so already, we would encourage you to get out and vote. And as always as you travel, please take the opportunity to stay with us at one of our hotels. We look forward to speaking with many of you at the upcoming conference in Vegas in a few weeks and hope you have a wonderful day.

感謝您今天早上為我們抽出時間。如果您還沒有這樣做，我們鼓勵您出去投票。像往常一樣，在您旅行時，請抓住機會入住我們的酒店之一。我們期待在幾週後即將在維加斯舉行的會議上與你們中的許多人交談，並希望你們度過愉快的一天。

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。