Apple Hospitality REIT Inc (APLE) 2021 Q3 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT Third Quarter 2021 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Apple Hospitality REIT 2021 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Kelly Clarke. Kelly, you may begin.

現在我很高興介紹您的主持人凱莉克拉克。凱利，你可以開始了。

Thank you, and good morning. Welcome to Apple Hospitality REIT's Third Quarter 2021 Earnings Call. Today's call will be based on the earnings release and Form 10-Q, which we distributed and filed yesterday afternoon.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2021 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。

As a reminder, today's call will contain forward-looking statements as defined by federal securities laws, including statements regarding future operating results and the impact to the company's business and financial condition from and measures being taken in response to COVID-19. These statements involve known and unknown risks and other factors, which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

提醒一下，今天的電話會議將包含聯邦證券法所定義的前瞻性陳述，包括有關未來經營業績以及 COVID-19 對公司業務和財務狀況的影響以及為應對 COVID-19 而採取的措施的陳述。這些聲明涉及已知和未知的風險和其他因素，可能導致 Apple Hospitality 的實際結果、業績或成就與此類前瞻性聲明表達或暗示的未來結果、業績或成就有重大差異。

Participants should carefully review our financial statements and notes thereto as well as the risk factors described in our 2020 annual report on Form 10-K and other filings with the SEC. Any forward-looking statement that Apple Hospitality makes speaks only as of today, November 5, 2021, and the company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

參與者應仔細審查我們的財務報表及其附註以及我們 2020 年 10-K 表年度報告和向美國證券交易委員會提交的其他文件中所述的風險因素。Apple Hospitality 所做的任何前瞻性聲明僅截至今天（2021 年 11 月 5 日）有效，除非法律要求，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務。

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

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

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the third quarter of 2021. Following the overview, we will open the call for Q&A.

今天上午，我們的執行長賈斯汀奈特 (Justin Knight)；我們的財務長 Liz Perkins 將概述我們 2021 年第三季的業績。概述之後，我們將開始問答環節。

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

現在，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us today.

早安，感謝您今天加入我們。

Our differentiated strategy for hotel investment developed and fine-tuned over 2 decades, enabled us to produce strong relative operating results through post-911 declines in travel and the financial crisis and to drive incremental value for our shareholders through the subsequent recoveries.

我們經過 20 多年的發展和調整，制定了差異化的酒店投資策略，使我們能夠在 911 事件後的旅遊業下滑和金融危機中取得強勁的相對經營業績，並在隨後的復甦中為股東創造增量價值。

While the challenges created by a global pandemic were unprecedented in their severity, our performance over the past 20 months is a tribute to the collaborative efforts of our corporate brand and management teams and a testament to the merits of our strategy of investing in a broadly diversified portfolio of high-quality rooms focused hotels with low leverage.

儘管全球疫情帶來的挑戰空前嚴峻，但我們過去20個月的業績表現，既歸功於我們企業品牌和管理團隊的通力合作，也證明了我們投資於多元化、專注於高品質客房、低槓桿率酒店的策略的價值。

Third quarter operations across our portfolio further improved after strong second quarter performance, driven by a mix of leisure, government, health care, automotive, construction, disaster recovery, insurance, athletics, education and local and regional business-related travel.

繼第二季表現強勁之後，我們投資組合的第三季營運狀況進一步改善，這得益於休閒、政府、醫療保健、汽車、建築、災難復原、保險、體育、教育以及本地和區域商務相關旅行等多個領域的發展。

RevPAR for our portfolio of hotels was $100 for the quarter, with occupancy of 72% and ADR of $140. Third quarter ADR for our portfolio exceeded third quarter 2019, helping to shrink the gap from 2019 RevPAR to only 10%.

本季度，我們飯店組合的 RevPAR 為 100 美元，入住率為 72%，ADR 為 140 美元。我們投資組合第三季度的 ADR 超過了 2019 年第三季度，有助於將與 2019 年 RevPAR 的差距縮小至僅 10%。

As top line fundamentals have strengthened, we have continued our efforts to maximize operational efficiencies by effectively managing costs across our portfolio to achieve strong bottom line results despite inflationary pressures and a challenging labor environment.

隨著營收基本面的增強，儘管面臨通膨壓力和嚴峻的勞動力環境，我們仍繼續努力透過有效管理整個投資組合的成本來最大限度地提高營運效率，從而實現強勁的獲利業績。

For the quarter, we produced adjusted EBITDA of $92 million; modified funds from operations of $76 million; and comparable hotels adjusted hotel EBITDA margin of approximately 38%, a 30 basis point improvement over the same period in 2019.

本季度，我們的調整後 EBITDA 為 9,200 萬美元；修改後的營運資金 7,600 萬美元；而可比飯店調整後飯店EBITDA利潤率約為38%，較2019年同期提高30個基點。

We are pleased with the overall improvement in occupancy during the month of October, which rose back to approximately 73%. With children back in school and the transition to fall, which is generally characterized by lower leisure demand, we are encouraged by the continued strength in our weekend occupancy as well as the improvement we saw midweek relative to August and September, a further indication of improvement in business transient demand.

我們很高興看到十月入住率整體有所提高，回升至約 73%。隨著孩子們返校以及秋季的過渡（通常休閒需求較低），我們對週末入住率的持續強勁以及周中入住率相對於 8 月和 9 月的改善感到鼓舞，這進一步表明商務臨時需求有所改善。

Consistent with historical seasonality, we expect to see slightly lower occupancy for our portfolio in November and December, but we believe we will continue to see strength in leisure demand and improving business transient demand through the remainder of this year and throughout 2022.

與歷史季節性一致，我們預計 11 月和 12 月我們投資組合的入住率將略有下降，但我們相信，在今年剩餘時間和整個 2022 年，我們將繼續看到休閒需求的強勁增長和商務臨時需求的改善。

Looking forward, we have meaningful upside in our portfolio. First, our hotels have produced industry-leading results despite historical dependence on traditional business transient, a demand segment that has lagged the more robust leisure recovery. While our ability to pivot to and benefit from existing demand shows the versatility and broad appeal of our assets, we are optimally positioned to benefit as business travel increases.

展望未來，我們的投資組合具有顯著的上升空間。首先，儘管我們酒店歷來依賴傳統業務瞬變，而這一需求領域已經落後於更強勁的休閒業務復甦，但我們的酒店仍然取得了行業領先的業績。雖然我們能夠轉向現有需求並從中受益，這表明了我們資產的多功能性和廣泛吸引力，但隨著商務旅行的增加，我們處於最佳受益位置。

Second, new supply, which represented a headwind for us in 2019 has pulled back significantly as a result of rising construction costs and a lack of available financing. Less than 50% of our hotels have competing hotel projects under construction within a 5-mile radius. This is down 22 percentage points from the first quarter of 2020 and is the lowest we have experienced since we began tracking for our portfolio. Given the lead times associated with new hotel openings, we expect the lack of new supply to be a tailwind for us for several years.

其次，2019 年為我們帶來不利影響的新供應量由於建築成本上升和缺乏可用融資而大幅減少。我們酒店中不到 50% 的周邊 5 英里範圍內有正在建設的競爭酒店項目。這比 2020 年第一季下降了 22 個百分點，是我們開始追蹤投資組合以來經歷的最低水準。考慮到新酒店開業的準備時間，我們預計未來幾年新酒店供應的不足將對我們不利。

Third, our portfolio has meaningful exposure to markets that are benefiting from demographic and economic shifts that have been accelerated by the COVID pandemic with multiple demand generators, business-friendly local governments, lower cost of living and popular leisure and entertainment venues.

第三，我們的投資組合對受益於人口和經濟變化的市場具有重要意義，這些市場因新冠疫情而加速，擁有多種需求驅動因素、商業友好的地方政府、較低的生活成本以及受歡迎的休閒娛樂場所。

And fourth, we anticipate that the strong rate environment, combined with streamlined operations will create an opportunity to produce attractive margins despite inflationary and labor pressures. Simply stated, a more significant portion of the incremental dollars we produce on the top line going forward will flow to the bottom line.

第四，我們預計，強勁的利率環境加上精簡的營運將創造機會，儘管面臨通膨和勞動力壓力，但仍能實現有吸引力的利潤率。簡言之，我們未來在營收產生的增量資金中，更大一部分將流向利潤。

The upside in our portfolio is further strengthened by our recent acquisitions and dispositions activity, which has lowered the average age and improved the quality of our portfolio, reduced our exposure to near-term CapEx and adjusted our market mix and positioning to elevate future performance.

我們最近的收購和處置活動進一步增強了我們投資組合的上行空間，降低了平均年齡並提高了投資組合的質量，減少了我們對短期資本支出的敞口，並調整了我們的市場組合和定位，以提升未來的業績。

During and subsequent to the third quarter, we acquired 4 hotels for a combined total of approximately $186 million. In August, we acquired the existing AC Hotel and in September, we acquired the newly constructed Aloft Hotel, both ideally located in Downtown Portland, Maine, along the city's working waterfront for a combined total of approximately $118 million.

在第三季及之後，我們收購了 4 家飯店，總價值約為 1.86 億美元。8 月份，我們收購了現有的 AC 酒店，9 月份，我們收購了新建的雅樂軒酒店，這兩家酒店均位於緬因州波特蘭市中心，地理位置優越，位於該市的濱水區，總價約為 1.18 億美元。

Both hotels have performed exceptionally well with the AC, which opened in 2018, performing well ahead of 2019 and the Aloft ramping quickly. We anticipate that we will benefit from synergies in both sales and G&A, which will bolster the performance of these 2 assets and the Residence Inn we own in market.

兩家酒店的表現都非常出色，2018 年開業的 AC 酒店在 2019 年的表現遠超預期，而雅樂軒酒店的表現也迅速提升。我們預計，我們將受益於銷售和一般行政費用方面的協同效應，這將增強這兩項資產以及我們在市場上擁有的 Residence Inn 酒店的表現。

In September, we also acquired the existing Hyatt Place in Downtown Greenville, South Carolina, which has continued to benefit from strong weekend leisure demand and consistently produces RevPAR above our portfolio average for approximately $30 million. With the acquisition of this hotel and the sale of the Residence Inn we previously owned in market, we have meaningfully enhanced our proximity to major BT and leisure demand generators and the ability to benefit from future growth in Greenville.

9 月，我們還以約 3000 萬美元的價格收購了位於南卡羅來納州格林維爾市中心的凱悅嘉軒酒店，該酒店繼續受益於強勁的周末休閒需求，其每間可用客房收入 (RevPAR) 一直高於我們投資組合的平均水平。透過收購這家酒店以及出售我們之前在市場上擁有的 Residence Inn，我們顯著增強了與主要 BT 和休閒需求來源的距離，並增強了從格林維爾未來成長中獲益的能力。

And in October, we acquired the existing Hilton Garden Inn in Downtown Memphis, Tennessee, which we had not previously announced, for approximately $38 million. The Hilton Garden Inn opened in January 2019 and is located in close proximity to our Downtown Hampton Inn and within walking distance of Beale Street, AutoZone Park and a variety of corporate demand generators.

10 月份，我們以約 3800 萬美元的價格收購了位於田納西州孟菲斯市中心的希爾頓花園酒店，此前我們並未宣布收購消息。希爾頓花園酒店於 2019 年 1 月開業，靠近我們的 Downtown Hampton Inn 酒店，步行即可到達比爾街、AutoZone Park 和各種企業需求發電機。

We were able to acquire the Hilton Garden Inn for just under a 9% cap rate on 2019 numbers. Here, too, we expect to benefit from sales and G&A synergies. This acquisition and the earlier sale of our Homewood Suites significantly enhance our positioning within the market.

我們以略低於 2019 年 9% 的資本化率收購了希爾頓花園酒店。在這裡，我們也期望從銷售和一般及行政費用綜效中受益。此次收購以及先前對 Homewood Suites 的出售大大提升了我們在市場中的地位。

In August, we acquired the fee simple interest in the land at our Residence Inn in Seattle, Washington for approximately $80 million, consisting of a $24 million cash payment and a 1-year note payable to the seller for $56 million.

8 月份，我們以約 8,000 萬美元的價格收購了位於華盛頓州西雅圖的 Residence Inn 酒店土地的完全產權，其中包括 2,400 萬美元的現金支付和支付給賣方的 1 年期票據 5,600 萬美元。

During the quarter, we also successfully completed the portfolio sale we discussed on our last call, which included 20 hotels for a gross sales price of approximately $211 million. Since the beginning of the pandemic, we have purchased 9 hotels for a combined total of $347 million and sold 24 hotels for a combined total of $245 million.

本季度，我們也成功完成了上次電話會議上討論的投資組合出售，其中包括 20 家酒店，總售價約為 2.11 億美元。自疫情爆發以來，我們已收購了 9 家酒店，總價值 3.47 億美元，並出售了 24 家酒店，總價值 2.45 億美元。

We continue to actively underwrite additional opportunities and have 4 hotels under contract for purchase for a combined total of approximately $205 million, including the previously announced Embassy Suites to be constructed in Madison, Wisconsin for an anticipated purchase price of approximately $79 million.

我們將繼續積極承保其他機會，並已簽訂 4 家酒店的購買合同，總價約為 2.05 億美元，其中包括之前宣布的將在威斯康星州麥迪遜建造的 Embassy Suites，預計購買價格約為 7900 萬美元。

Our Hilton Garden Inn and our Homewood Suites in Fort Worth, Texas, just outside of Downtown and ideally located near the area's major hospitals, TCU campus and within close proximity of the Will Rogers Coliseum. The hotels opened in 2012 and 2013 and are under contract for a combined total of approximately $51 million, just over a 7.5% cap rate on 2019 numbers after taking into consideration anticipated PIP related CapEx of just over $2.5 million, and an 8% cap rate after adjusting for rooms out of service for the Homewood Suites, which was under renovation.

我們的希爾頓花園酒店和 Homewood Suites 酒店位於德克薩斯州沃斯堡，就在市中心外，地理位置優越，靠近該地區的主要醫院、TCU 校園，並且靠近威爾羅傑斯體育館。這兩家酒店於 2012 年和 2013 年開業，合約總額約為 5,100 萬美元，考慮到預期的 PIP 相關資本支出略高於 250 萬美元，2019 年的資本化率略高於 7.5%，調整正在裝修的 Homewood Suites 酒店停用客房後的資本化率為 8%。

And finally, the Hampton Inn & Suites in the Pearl District of Portland, Oregon for approximately $75 million. The Hampton Inn opened in 2017 and is ideally located to benefit from a mix of business and leisure demand with top BT accounts, including a variety of manufacturing tech and financial companies. The purchase price is approximately a 7.5% cap rate on 2019 numbers after taking into consideration anticipated PIP related CapEx of just under $0.25 million and is attractive relative to recent comp trades in market and replacement value.

最後，位於俄勒岡州波特蘭珍珠區的漢普頓酒店及套房 (Hampton Inn & Suites) 售價約為 7,500 萬美元。漢普頓酒店於 2017 年開業，地理位置優越，可滿足商務和休閒需求，擁有頂級 BT 客戶，包括各種製造科技和金融公司。考慮到預期的 PIP 相關資本支出略低於 25 萬美元，購買價格約為 2019 年數據的 7.5% 資本化率，相對於最近的市場和重置價值的同類交易而言具有吸引力。

We expect to close on the hotels in Fort Worth, Texas and Portland, Oregon during the fourth quarter of this year and on the Embassy Suites in Madison upon completion of construction. We have been and will continue to be intentional in the build-out of our portfolio, pursuing assets that are additive to those that we currently own and where we feel pricing will allow us to achieve our targeted returns.

我們預計今年第四季度關閉位於德克薩斯州沃斯堡和俄勒岡州波特蘭的酒店，並在麥迪遜的 Embassy Suites 酒店竣工後關閉。我們一直並將繼續有意地擴大我們的投資組合，追求那些可以補充我們目前擁有的資產的資產，以及那些我們認為定價可以讓我們實現目標回報的資產。

Looking at our activities since the onset of the pandemic, we have acted in ways that have improved the quality of our portfolio, enhance our positioning and increased our exposure to markets that we anticipate will outperform over the next cycle.

回顧自疫情爆發以來我們的活動，我們採取的行動改善了投資組合的質量，增強了我們的定位，並增加了我們對預計在下一個週期表現優異的市場的敞口。

As we finish 2021 and move into 2022, we are building off a strong base. Operationally, our hotels are approaching 2019 performance levels with the potential for additional upside as we begin to see a more robust recovery in business transient. Having achieved positive corporate level cash flow early in the pandemic, we preserved our balance sheet providing us with a strategic advantage as we compete for deals and evaluate other capital allocation opportunities. Our recent transaction activity has further strengthened our position.

隨著 2021 年的結束和 2022 年的到來，我們正在奠定堅實的基礎。從營運角度來看，隨著我們開始看到業務瞬態更加強勁的復甦，我們的酒店業績已接近 2019 年的水平，並具有進一步上升的潛力。在疫情初期就實現了正的公司層級現金流，我們保留了資產負債表，這為我們在競爭交易和評估其他資本配置機會時提供了策略優勢。我們最近的交易活動進一步鞏固了我們的地位。

We were the first of our peers to achieve positive hotel level cash flow, the first to achieve corporate level breakeven and the first eggs at our covenant waivers. We have been net acquirers of assets since the onset of the pandemic and have at the same time avoided dilutive capital raises or overencumbering our balance sheet.

我們是同業中第一家實現飯店層面正現金流的公司、第一家實現公司層級損益平衡的公司，也是第一家放棄契約的公司。自從疫情爆發以來，我們一直是資產的淨收購者，同時避免稀釋性資本籌集或過度負擔我們的資產負債表。

Our strategy has been tested and consistently yielded compelling results for our investors. We are optimistic about the future and incredibly well positioned to drive long-term value for our shareholders.

我們的策略已經過檢驗，並持續為投資者帶來令人信服的成果。我們對未來充滿樂觀，並已做好充分準備為股東創造長期價值。

It is now my pleasure to turn the time over to Liz, who will provide additional details on our balance sheet and operations during the quarter.

現在我很高興將時間交給 Liz，她將提供有關我們本季資產負債表和營運的更多詳細資訊。

Thank you, Justin, and good morning.

謝謝你，賈斯汀，早安。

Coming off a strong second quarter, demand exceeded our expectations in July, resulting in occupancy of 76% for the month, down only 8% from July of 2019. We have been able to recover rate more quickly than in past cycles, and we achieved third quarter ADR of $140, exceeding the same period of 2019.

繼第二季強勁表現之後，7 月的需求超出了我們的預期，當月入住率達到 76%，僅比 2019 年 7 月下降 8%。我們能夠比過去的周期更快地恢復利率，並且我們第三季的 ADR 達到 140 美元，超過了 2019 年同期。

Even with seasonality and increasing cases of the Delta variant modestly affecting occupancy in August and September, ADR remained above 2019 levels and we are pleased that the gap to 2019 RevPAR meaningfully decreased quarter-over-quarter from down 26% in the second quarter to down 10% in the third, again, exceeding our full quarter expectations.

即使受到季節性因素和達美航空疫情增加的影響，8 月和 9 月的入住率略有下降，但平均房價 (ADR) 仍高於 2019 年的水平，我們很高興看到與 2019 年 RevPAR 的差距環比大幅縮小，從第二季度的下降 26% 降至第三季度的下降 10%，再次超出我們對整個季度的預期。

We saw continued strength in October with occupancy of approximately 73% for the month, comprised of weekday occupancy of 68% and weekend occupancy of 85%. Both weekday and weekend increased relative to August and September. Strengthening midweek occupancies in particular, to over 70% in October indicate improvement in business transient demand, traditionally a primary driver for operating results at our hotels. And weekend occupancies consistently exceeded pre-pandemic levels, showing continued strength in leisure.

10 月飯店業持續保持強勁勢頭，當月入住率約為 73%，其中工作日入住率為 68%，週末入住率為 85%。與八月和九月相比，工作日和週末均增加。尤其是周中入住率的提高，10 月達到 70% 以上，顯示商務臨時需求有所改善，這傳統上是我們酒店經營業績的主要驅動力。週末入住率持續超過疫情前的水平，顯示休閒活動持續強勁。

These positive trends, our in-house revenue team working closely with our management company revenue support and on-site sales teams to maximize top line performance, the quality of our assets, the wide distribution of vaccines and concerns related to the Delta variant beginning to taper, give us confidence that our broad market diversification will continue to drive outperformance as business transient demand continues to improve.

這些積極的趨勢、我們的內部收入團隊與管理公司收入支援和現場銷售團隊密切合作以最大限度地提高營收表現、我們資產的品質、疫苗的廣泛分發以及對 Delta 變體的擔憂開始減弱，使我們相信，隨著業務瞬時需求的持續改善，我們廣泛的市場多元化將繼續推動績效優異。

30% of our hotels had RevPAR for the quarter that exceeded the same period in 2019. Consistent with broader national trends, the majority of these hotels are located in Sun Belt states. A few notable exceptions included our newly acquired AC in Portland, Maine, which had RevPAR of $330, 36% higher for the quarter than the same period in 2019. Our Colorado Springs Hampton Inn and Provo, Utah Residence Inn, which were up 11% and 9%, respectively.

本季度，我們有 30% 的飯店的平均可出租客房收入 (RevPAR) 超過了 2019 年同期。與全國整體趨勢一致，這些飯店大多位於陽光地帶各州。一些值得注意的例外包括我們新收購的位於緬因州波特蘭的 AC，其 RevPAR 為 330 美元，本季比 2019 年同期高出 36%。我們的科羅拉多斯普林斯漢普頓酒店和猶他州普羅沃 Residence Inn 酒店分別上漲了 11% 和 9%。

Our suburban hotels continue to outperform urban hotels in the quarter with occupancy of 74% as compared to 67% for comparable hotels. As has been the case in prior quarters, hotels located in markets with greater historical exposure to large groups and conventions and the 2 full-service hotels in our portfolio also underperformed.

本季度，我們郊區飯店的入住率持續優於市區飯店，入住率為 74%，而同類飯店的入住率為 67%。與前幾季的情況一樣，位於歷史上更多地接待大型團體和會議的市場中的酒店以及我們投資組合中的 2 家全方位服務酒店的表現也不佳。

Looking forward to next year, we anticipate demand will strengthen in many of these markets, further boosting performance for our portfolio. Hotels like our Hilton Garden Inn located in Chicago O'Hare, our Courtyard in Seattle and our SpringHill Suites in Burbank, all of which have historically been strong performers had RevPAR for the quarter down 38% or more versus 2019. With anticipated improvement in BT and group demand, hotels like these represent meaningful upside for us as we continue to move through the recovery.

展望明年，我們預期許多市場的需求將會增強，從而進一步提升我們投資組合的表現。位於芝加哥奧黑爾的希爾頓花園酒店、位於西雅圖的萬怡酒店和位於伯班克的 SpringHill Suites 等酒店歷來表現強勁，但本季的 RevPAR 與 2019 年相比下降了 38% 或更多。隨著英國電信和集團需求的預期改善，隨著我們繼續推動復甦，這類飯店對我們來說具有有意義的優勢。

In terms of room night channel mix, brand.com bookings, which moved from 33% of room nights in the first quarter to nearly 38% of room nights in the second quarter came down slightly to 37% in the third quarter. OTA bookings continue to be elevated relative to prior years, but decreased slightly from just over 17% of room nights in the second quarter to under 16% in the third quarter. Property direct bookings increased from 28% in the second quarter to 30% in the third quarter, which is almost 6 percentage points higher than the same period in 2019.

從間夜通路組合來看，brand.com 預訂間夜量佔比從第一季的 33% 上升至第二季的近 38%，而第三季略有下降，為 37%。OTA 預訂量相對於前幾年繼續上升，但從第二季的 17% 多一點的間夜量略微下降到第三季的 16% 以下。飯店直接預訂率從第二季的28%上升至第三季的30%，較2019年同期高出近6個百分點。

The result of our management companies with the support of our asset management and revenue teams continuing to adjust strategies and shift focus as the environment evolves. Their collaborative and dynamic efforts are helping us capitalize on the demand available in market today.

我們的管理公司在資產管理和收入團隊的支持下，隨著環境的變化不斷調整策略並轉移重點。他們的協作和積極努力正在幫助我們充分利用當今市場的需求。

Looking at third quarter same-store segmentation, there was a notable shift from other discounts to [PAR] negotiated as occupancy continued to strengthen, another indication of increasing business transient demand. PAR was up almost 4 points quarter-over-quarter to 34%, offsetting declines in other discounts, which fell from 37% in the second quarter to 31% in the third. Negotiated was up 1.6 points to almost 16%, increasing even further in October.

從第三季同店細分來看，隨著入住率的持續增強，折扣明顯從其他折扣轉向協商的 [PAR]，這表明業務瞬時需求正在增加。PAR 較上季成長近 4 個百分點至 34%，抵銷了其他折扣的下降，其他折扣從第二季的 37% 下降至第三季的 31%。協商率上升了 1.6 個百分點，達到近 16%，10 月進一步上升。

Turning to expenses. Total payroll per occupied room for our same-store hotels was under $31 in the third quarter, down 6% to the third quarter of 2019, but up from 27% -- $27 per occupied room in the second quarter as we continue to fill vacant positions and adjust wages in a more competitive labor environment. Same-store hotels rooms expenses, excluding payroll were down 10% per occupied room compared to 2019 for the quarter, with over half of the savings coming from adjustments to complimentary breakfast and evening social offerings.

談到費用。第三季度，我們同店飯店每間入住客房的總工資不到 31 美元，比 2019 年第三季度下降了 6%，但由於我們繼續在更具競爭力的勞動力環境中填補空缺職位並調整工資，因此比第二季度的每間入住客房 27 美元（27 美元）有所增長。與 2019 年同期相比，本季同店飯店客房支出（不含薪資）每間入住客房下降了 10%，其中超過一半的節省來自免費早餐和晚間社交活動的調整。

Our team's relentless efforts to control costs and maximize profitability resulted in third quarter 2021 comparable adjusted hotel EBITDA of approximately $107 million and comparable adjusted hotel EBITDA margin of approximately 38%, up 30 basis points to the third quarter of 2019. MFFO was approximately $76 million or $0.33 per share for the third quarter of this year.

我們的團隊不懈努力地控製成本並最大化盈利能力，使得 2021 年第三季度可比調整後酒店 EBITDA 達到約 1.07 億美元，可比調整後酒店 EBITDA 利潤率達到約 38%，比 2019 年第三季度上升了 30 個基點。今年第三季的 MFFO 約為 7,600 萬美元，即每股 0.33 美元。

As we have emphasized in the past, strong bottom line performance is dependent on both top line performance and expense controls. And while we are still shy of 2019 RevPAR levels, we exceeded pre-pandemic margins for the quarter. As we continue to focus on managing expenses, our bottom line performance has been meaningfully bolstered by the rapid recovery in rate, which, as Justin mentioned, exceeded 2019 levels for our full portfolio during the third quarter and remaining strong into October.

正如我們過去所強調的，強勁的底線業績取決於頂線業績和費用控制。儘管我們仍低於 2019 年的 RevPAR 水平，但本季的利潤率已超過疫情前的水平。隨著我們繼續專注於管理費用，利率的快速回升顯著提高了我們的底線業績，正如賈斯汀所提到的，利率在第三季度超過了我們整個投資組合的 2019 年水平，並在 10 月份保持強勁。

With revenue down 16% in the third quarter relative to the same period of 2019, we were able to reduce total hotel expenses by 17%, an expense reduction ratio of more than 1 significantly higher than the full year estimate previously provided. Taking into consideration our performance year-to-date, inflationary and labor pressures and seasonal fourth quarter revenue trends, we continue to expect to achieve an expense reduction ratio between 0.8 and 0.9 for the full year.

由於第三季營收與 2019 年同期相比下降了 16%，我們得以將飯店總費用減少 17%，費用減少率超過 1，大大高於先前提供的全年預期。考慮到今年迄今的業績、通膨和勞動力壓力以及第四季度的季節性收入趨勢，我們仍然預計全年費用削減率將達到 0.8 至 0.9 之間。

As we think about CapEx, consistent reinvestment in our hotels has always been a key element of our strategy. During the first 9 months of 2021, we invested approximately $10 million in capital expenditures, and we anticipate investing an additional $15 million to $20 million in capital improvements during the remainder of 2021, which includes scheduled renovation projects for 8 hotels and a variety of capital projects. We will continue to focus our investments on elements likely to have the greatest guest impact at assets where we feel we will achieve the best return on our investment over the long term and to strategically schedule major projects in order to minimize property level disruption.

當我們考慮資本支出時，對飯店的持續再投資一直是我們策略的關鍵要素。在 2021 年前 9 個月，我們投資了約 1000 萬美元的資本支出，並且我們預計在 2021 年剩餘時間內將額外投資 1500 萬至 2000 萬美元用於資本改進，其中包括 8 家酒店的預定翻新項目和各種資本項目。我們將繼續把投資重點放在可能對客人產生最大影響的因素上，我們認為這些因素將在長期內帶來最佳的投資回報，並策略性地安排重大項目，以最大限度地減少對酒店層面的干擾。

Shifting to our balance sheet. As previously announced, effective July 29, with the strength in performance and our conservative capital structure, we exited the covenant waiver period. As a result, we are no longer subject to the lender and post limitations on investing and financing activities associated with the covenant waiver restrictions.

轉向我們的資產負債表。正如先前宣布的那樣，自 7 月 29 日起，憑藉強勁的業績和保守的資本結構，我們退出了契約豁免期。因此，我們不再受到貸款人和職位與契約豁免限制相關的投資和融資活動的限制。

During the quarter, as a result of the early exit, we benefited from lower interest rates, which represented approximately $8 million savings on an annualized basis. As of September 30, 2021, we had $1.4 billion in total debt outstanding, with a weighted average interest rate of 3.5%, consisting of $502 million of mortgage debt secured by 28 hotels and $870 million outstanding on our unsecured credit facilities. At the end of the quarter, we had available cash on hand of approximately $39 million and unused borrowing capacity under our revolving credit facility of $425 million, with no scheduled maturities for the remainder of 2021.

在本季度，由於提前退出，我們受益於較低的利率，以年率計算節省了約 800 萬美元。截至 2021 年 9 月 30 日，我們的未償還債務總額為 14 億美元，加權平均利率為 3.5%，其中包括由 28 家旅館擔保的 5.02 億美元抵押債務和 8.7 億美元的無擔保信貸額度未償還債務。截至本季末，我們手頭上有大約 3,900 萬美元的可用現金，循環信貸額度下未使用的借款能力為 4.25 億美元，2021 年剩餘時間內沒有預定到期日。

Without having to further encumber our balance sheet, we have been able to opportunistically allocate capital to enhance the growth profile and quality of our portfolio through dispositions and acquisitions. As we look forward, we believe there will be additional opportunity to improve the EBITDA growth profile of our portfolio. We have a proven ability to drive strong operating results throughout economic cycles and with current trends showing continued strength in leisure and an increase in business transient demand, we are confident in both the industry recovery and the continued upside for our portfolio specifically as we move into 2022.

無需進一步加重我們的資產負債表，我們就能夠透過處置和收購等機會性地配置資本，以提高我們投資組合的成長前景和品質。展望未來，我們相信將有更多機會改善我們投資組合的 EBITDA 成長狀況。我們已證明有能力在整個經濟週期中推動強勁的經營業績，並且當前趨勢顯示休閒業持續強勁且商務瞬時需求增加，我們對行業復甦和投資組合的持續上漲充滿信心，尤其是在邁入 2022 年之際。

This completes our prepared remarks. We would now be happy to answer any questions that you may have for us this morning.

我們的準備好的演講到此結束。我們很樂意回答您今天早上可能向我們提出的任何問題。

(Operator Instructions) Our first question is from Neil Malkin with Capital One Securities.

（操作員指示）我們的第一個問題來自 Capital One Securities 的 Neil Malkin。

Great job during the quarter. First question, maybe for Liz. Obviously, ADR got back to -- or actually surpassed prior peak or '19 levels. Can you just comment on sort of what the growth cadence or potential could be for ADR near-term just as we haven't really seen a return of BT in a meaningful or a robust return of BT, which, as you said, it drives a substantial amount of demand in your hotel? So if you can maybe kind of help us think about how that should trend or how that could trend, that would be great.

本季表現出色。第一個問題，可能是問 Liz 的。顯然，ADR 已經回升至——或者實際上超過了之前的峰值或 19 年的水平。您能否評論一下 ADR 近期的成長節奏或潛力，因為我們還沒有真正看到 BT 有意義或強勁的回報，正如您所說，它推動了您酒店的大量需求？因此，如果您能幫助我們思考這種趨勢應該如何發展或可能如何發展，那就太好了。

Absolutely. I can try to answer your question with the information that we have available to us from a booking perspective and also just thinking back to our comments, even early on in the recovery around occupancy levels in which we can really drive ADRs. We had felt that we really would start to have pricing power around 60% to 70% occupancy. And if you can see over the third quarter that, that materialized. So we really were able to drive rate, particularly on high occupancy nights and leisure demand being less price sensitive. I think we are optimistic based on what we're seeing in our booking trends around leisure even into the fourth quarter, both from a rate and what's on the books on the weekends going into the next couple of months.

絕對地。我可以嘗試從預訂的角度，利用我們掌握的資訊來回答您的問題，同時回想我們的評論，即使在恢復初期，我們也可以真正推動 ADR 的入住率。我們感覺到當入住率達到 60% 到 70% 左右時，我們才真正開始擁有定價權。如果你能看到第三季的情況，你會發現這一點已經實現。因此，我們確實能夠提高房價，特別是在入住率較高且休閒需求對價格不太敏感的情況下。我認為，根據我們對第四季度休閒旅遊預訂趨勢的觀察，無論是從價格還是從未來幾個月週末的預訂情況來看，我們都感到樂觀。

With continued leisure demand and the upside in business transient, we're optimistic about pricing power going forward. Again, we don't have a lot of visibility into future bookings. But even with anticipated seasonality in November and December, potentially putting pressure on that occupancy level, we're pleased to see the rates that we have on the books over the next 2 months. Some of that driven by, again, what's being booked on the weekends. But even if I look at what's on the books for November and December from a mix perspective, or negotiated business continues to tick up from where it was during the third quarter, where it increased to in October and again increasing in November and December as well.

隨著休閒需求的持續成長和商業的短暫上行，我們對未來的定價能力感到樂觀。再次，我們對未來的預訂情況沒有太多的了解。但即使預計 11 月和 12 月會出現季節性變化，可能會對入住率造成壓力，我們仍然很高興看到未來 2 個月的入住率。其中一些是由週末的預訂情況決定的。但即使我從混合角度來看待 11 月和 12 月的帳面情況，或者協商業務仍從第三季度的水平繼續上升，10 月份有所增加，11 月和 12 月也再次增加。

Sure. I guess maybe another way to ask it or look at it is, can you kind of give us a flavor or a sense for what, like a mid-week or, I guess, during the week, ADRs look like of leisure versus a typical or average business rate? I guess, just to try to understand how much more ADR could be listed beyond market rates just as you get that more favorable mix into your hotel. Does that make sense, like if BT is typically $20 above leisure, or something like that, I guess, is what I'm asking?

當然。我想也許換一種方式來問這個問題或看看這個問題，您能否給我們介紹一下，例如在周中或周中，休閒的 ADR 與典型或平均商業價格相比是什麼樣的？我想，只是想了解一下，當您將更優惠的組合融入您的酒店時，ADR 可以超出市場價格多少。這是否合理，例如，如果 BT 通常比休閒費用高出 20 美元，或者類似這樣的情況，我想，這就是我所問的？

Yes. What we have seen over the past couple of quarters is leisure demand being a little less price sensitive than BT. And historically, corporate demand was higher rated for our portfolio. So there is still a gap between BT, which like as you mentioned, is lower typically -- or higher typically, it's still lower than leisure. And so we do anticipate that there's upside from a rate potential with corporate negotiated coming back.

是的。過去幾季我們看到休閒需求對價格的敏感度比英國電信略低。從歷史上看，企業對我們的投資組合的需求較高。因此，BT 之間仍然存在差距，正如您所說，BT 通常較低 - 或者通常較高，但仍然低於休閒。因此，我們確實預計，隨著企業協商的回歸，利率潛力將會上升。

And Neil, look historically, we've run our highest occupancies midweek, Tuesday, Wednesday, and Thursday. Looking at our -- even our weekday occupancies in the summer, where we ran higher weekday occupancies, generally speaking, our highest occupancies weekday wise were shoulder nights. So it's -- the occupancies were propelled primarily by leisure travel.

尼爾，從歷史上看，我們的入住率最高的是周中、週二、週三和週四。看看我們的——即使是夏季工作日的入住率更高，一般來說，工作日入住率最高的是平日夜晚。因此，入住率的提高主要受到休閒旅遊的推動。

Looking forward, we have a strong base of business transient, but we're still running generally in the 60s or a 10-ish percent occupancy gap to our weekend occupancies. And as we highlighted in past calls, as we get to that somewhere around 70% occupancy, we're in a position to much more meaningfully drive rate. Assuming leisure demand stays strong on the weekend, and we maintain these higher occupancies, and we begin to build mid-week occupancy on our historically peak nights, the Tuesday, Wednesday, Thursday, we would be in a position to dramatically improve rate potentially to where we were prior to the pandemic.

展望未來，我們擁有強大的業務臨時基礎，但週末入住率與實際入住率的差距仍然普遍在 60% 或 10% 左右。正如我們在過去的電話會議中所強調的那樣，當我們達到 70% 左右的入住率時，我們就能更有效地提高入住率。假設週末的休閒需求保持強勁，我們保持較高的入住率，並開始在歷史高峰期（週二、週三、週四）的周中入住率上升，我們將能夠大幅提高入住率，有可能恢復到疫情之前的水平。

Okay. Great. Justin, maybe last one for me. If you could talk about just the acquisition environment. Again, you've been over the last couple of quarters, I would say, the most aggressive with your verbiage on opportunities and kind of getting past COVID and putting your balance sheet to work. So with that said, you had another active quarter. Can you just talk about what that -- your active pipeline looks like? Has it picked up over the last 3 to 6 months? Is there -- what kind of opportunities are you seeing in any portfolio opportunities would be great to hear?

好的。偉大的。賈斯汀，這對我來說可能是最後一個了。如果您能談談收購環境的話。再說一次，我想說，在過去的幾個季度裡，你們在把握機會、擺脫 COVID 並讓資產負債表發揮作用方面表現得最為積極。話雖如此，您還是度過了另一個活躍的季度。您能談談您的活躍管道是什麼樣子的嗎？過去 3 至 6 個月內情況有改善嗎？有沒有—您在任何投資組合機會中看到了什麼樣的機會，您會很高興聽到嗎？

Yes, absolutely. We had highlighted that we expected the volume of transactions, the increase as we move through the recovery, and we have seen that significantly more deals coming to market now. And we're actually incredibly pleased with the quality and selection that's available to us now. You've seen us be active as we said we would be once we had our house-in order and had established ourselves on firm footing from an operational standpoint. And I think it's safe to assume that we will continue to be active.

是的，絕對是。我們曾強調，我們預計隨著經濟復甦，交易量將會增加，我們已經看到現在有更多的交易進入市場。事實上，我們對目前提供的品質和選擇感到非常滿意。你已經看到我們像我們說過的那樣積極主動，一旦我們把家裡整理好，從營運角度站穩了腳跟，我們就會積極主動。我認為我們可以放心地繼續保持活躍。

We are in constant dialogue with a variety of sellers competing in competitive bidding processes but also having conversations directly with potential sellers around off-market deals, and both have yielded for us. Looking at the deals we currently have under contract, a portion were came through competitive bidding processes. But the 2 assets in Fort Worth and the Portland, Oregon asset, were negotiations that we had directly with the group that we have an existing relationship with.

我們不僅與參與競標過程的各種賣家保持著持續的對話，還與潛在賣家就場外交易進行直接對話，而這兩種方式都為我們帶來了收益。從我們目前簽訂的合約來看，一部分是透過競爭性投標程序達成的。但沃斯堡的兩處資產和俄勒岡州波特蘭的資產是我們與現有合作關係的團體直接談判的。

And I think we have a track record of building portfolios, having acquired as many as 74 hotels individual transactions in a single year, and certainly have the capacity to continue to do that. We have a tremendous amount of experience in the space. We can underwrite quickly, and we have a reputation in the industry for doing what we say we're going to do. We have confidence in our underwriting and ability to execute.

我認為我們在建立投資組合方面有著良好的記錄，一年內就收購了多達 74 家酒店，而且我們當然有能力繼續這樣做。我們在該領域擁有豐富的經驗。我們可以快速承保，並且在業界享有信守承諾的聲譽。我們對我們的承保和執行能力充滿信心。

I think it's significant that we've exited our covenant waivers now, and that puts us in a position to act very quickly, which early was a hindrance for us, especially competing with private equity players. But given our track record, our history in the space and the availability of potential acquisitions, we see ourselves as continuing to be active players throughout the recovery.

我認為，我們現在退出契約豁免具有重要意義，這使我們能夠迅速採取行動，這在早期對我們來說是一個障礙，尤其是在與私募股權參與者競爭時。但考慮到我們的業績記錄、我們在該領域的歷史以及潛在收購的可能性，我們認為自己將在整個復甦過程中繼續發揮積極作用。

Our next question is from Kyle Menges with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Kyle Menges。

This is Kyle on for Brian. I was hoping just on the acquisition front, if you could just provide a little more color on maybe who the sellers are and also seller motivations?

這是凱爾 (Kyle) 代替布萊恩 (Brian)。我希望在收購方面，您能否提供更多詳細信息，例如賣家是誰以及賣家的動機？

Certainly. I think the bulk of the deals that we've underwritten have been with sellers that are owner operators. I think if you look at the deals we've closed since the onset of the pandemic, a portion were with merchant developers where we had made forward commitments for specific deals, looking at what's coming to market now, the bulk of the assets coming to market are coming to market from groups that have developed assets, either with the intent to hold for a longer period of time or to hold for a shorter period of time and to ultimately take to market.

當然。我認為我們承保的大部分交易都是與業主即賣家進行的。我認為，如果你看看我們自疫情爆發以來達成的交易，你會發現其中一部分是與商業開發商達成的，我們已經對特定交易做出了遠期承諾，看看現在上市的產品，你會發現大部分上市的資產都來自已經開發資產的集團，他們要么打算持有較長時間，要么打算持有較短時間，最終再推向市場。

I think given the number of potential buyers and the recent trades, sellers view the market as being potentially favorable. And I think that's resulted in a meaningful increase in available deals. And that's consistent with what we've seen in past cycles. And really, our expectation is that it will continue to increase in terms of the volume of deals that we'll have to look at.

我認為，考慮到潛在買家的數量和最近的交易，賣家認為市場可能有利。我認為這導致可用交易的數量顯著增加。這與我們在過去的周期中看到的情況一致。事實上，我們預計我們必須關注的交易量將繼續增加。

To date, we have not seen a significant number of distressed deals coming to market, the sellers that are bringing assets to market today, generally speaking, are doing so opportunistically. In some cases, there are unique structural issues that make near-term sale advantageous for the groups. And that was certainly the case with the group that I mentioned, selling the assets in Fort Worth and Portland.

到目前為止，我們還沒有看到大量的不良資產交易進入市場，今天將資產推向市場的賣家一般都是機會主義的。在某些情況下，存在獨特的結構性問題，使得短期出售對集團有利。我提到的出售沃斯堡和波特蘭資產的集團確實就是這種情況。

Our expectation is that over the coming years, as we continue to see the recovery play out, there will be more forced deals coming to market, where the brands get more aggressive in demanding renovations or banks lose patience with groups that have been struggled to make payments. And I think a portion of those assets may be attractive to us. But by and large, we're most interested in those assets that are similar to those that are on the market now, assets that are newly built, high quality in the market that we anticipate will meaningfully outperform.

我們預計，在未來幾年，隨著經濟復甦的持續推進，市場上將會出現更多強制交易，品牌將更加積極地要求翻新，或者銀行對難以償還貸款的群體失去耐心。我認為其中一部分資產可能對我們具有吸引力。但總的來說，我們最感興趣的是那些與現在市場上的資產類似的資產、新建的資產、我們預期市場品質較高的資產將有顯著的表現。

From a portfolio standpoint, to date, even on the portfolio side, those groups exploring opportunities are mostly groups that are on our operators who have built small portfolios. And as I highlighted before, generally speaking, those portfolios are -- would be most interesting to us. Though when you look at the scale of our existing portfolio, we're incredibly tactical as we explore potential acquisition opportunities, looking to ensure that what we add to our portfolio supplements what we already own. And that we're not through acquisitions overly exposing ourselves to markets. And quite frankly, that we're acquiring assets where we have a high degree of confidence that we can achieve our targeted returns.

從投資組合的角度來看，到目前為止，即使在投資組合方面，那些探索機會的團體也大多是我們營運商建立的小型投資組合的團體。正如我之前強調的那樣，一般來說，這些投資組合對我們來說是最有趣的。然而，當您查看我們現有投資組合的規模時，我們會非常有策略地探索潛在的收購機會，以確保我們添加到投資組合中的資產能夠補充我們已經擁有的資產。我們不會透過收購過度暴露於市場。坦白說，我們收購的資產能夠實現我們的目標回報，我們對此有很高的信心。

In my prepared remarks, I highlighted historical cap rates. It's important to note that the assets that we're acquiring have, on average, outperformed our existing portfolio in the pace of recovery. And our expectation will be that in the near term, those assets will yield north of an 8% return for us. I wanted in my prepared remarks to provide you with context. So you could see how close we were. But as I've highlighted in the past, these are markets that, generally speaking, are on the leading edge of the recovery and as a result, have performed incredibly well relative to the past year, but also relative to prior peaks.

在我準備好的發言中，我強調了歷史資本化利率。值得注意的是，我們所收購的資產在復甦速度上平均優於我們現有的投資組合。我們預計，短期內這些資產將為我們帶來 8% 以上的回報。我希望在我準備好的發言中向你們提供背景資訊。所以你可以看出我們有多親密。但正如我過去所強調的那樣，這些市場總體上處於復甦的前沿，因此，相對於去年，甚至相對於之前的峰值，它們的表現都非常出色。

Great. That's helpful color. And then I think you mentioned about $8 million in annualized interest rate savings from exiting the covenant waivers, so that's about $2 million per quarter. I was curious how much of that was realized in the third quarter?

偉大的。這是很有幫助的顏色。然後我想您提到了退出契約豁免後每年可節省約 800 萬美元的利率，也就是每季約 200 萬美元。我很好奇第三季實現了多少？

It's a full annualized calculation, both based on the interest rate reduction and lower average borrowings.

這是基於利率降低和平均借款減少的完全年化計算。

Thank you. Our next question is from Anthony Powell with Barclays.

謝謝。我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

I guess maybe a basic question. Who is the highest rate of customer right now? Is it a leisure traveler? And does that continue into next year? And do you think that's a permanent change if it is leisure?

我想這可能是個基本問題。目前顧客率最高的是誰？是休閒旅客嗎？這種情況會持續到明年嗎？如果這是休閒的話，您認為這是一個永久性的改變嗎？

The highest rated customer tends to correlate with our highest occupancy nights. And so because leisure is driving higher occupancy on weekends, that's where we're currently achieving the highest rates.

評價最高的顧客往往與我們的最高入住晚數有關。由於休閒活動推動了週末的入住率上升，因此我們目前在周末實現了最高的入住率。

As I highlighted earlier, our expectation is that as we build back mid-week occupancy, we'll see improvement in midweek rates as well. Historically, our corporate travelers have been less price sensitive than our leisure travelers. But it's the kind of basic economics, supply and demand. To the extent there are fewer rooms available and people wanting to stay in them, we have greater pricing power.

正如我之前強調的那樣，我們預計，隨著周中入住率的恢復，我們也將看到周中入住率的提高。從歷史上看，我們的商務旅客對價格的敏感度低於休閒旅客。但這是基本的經濟學原理，供給與需求。當可用房間減少而想要入住的人數增加時，我們就有更大的定價權。

And as Liz has highlighted in our past calls, the revenue management systems that the brands have put in place have done really an admirable job assessing demand in market and making real-time -- helping us to make real-time adjustments to rates in order to maximize on peak occupancy nights.

正如 Liz 在我們過去的電話會議中所強調的那樣，各品牌所實施的收入管理系統確實在評估市場需求和進行即時分析方面做得非常出色——幫助我們即時調整價格，以最大限度地提高高峰入住率。

When we look at business transient segment specifically, there are a lot of potential accounts that we capture there. And with lower occupancy in many markets midweek, we've shifted our focus away from what had traditionally been higher-rated corporate business to some lower-rated corporate business in order to build occupancy. Part of the reason that the 70% mark from an occupancy standpoint has been kind of a magic occupancy number for us historically is that above that we're in a position to begin to yield out some of the lower-rated accounts or lower-rated business and replace with higher rated accounts.

當我們專門研究商業瞬時部分時，我們會發現其中有許多潛在帳戶。由於周中許多市場的入住率較低，我們將重點從傳統上評級較高的企業業務轉移到一些評級較低的企業業務，以提高入住率。從入住率的角度來看，70% 這個數字對我們來說一直是一個神奇的入住率數字，部分原因是，如果入住率超過這個數字，我們就可以開始放棄一些評級較低的帳戶或業務，並用評級較高的帳戶取而代之。

So some of the movement in rate is an adjustment in the rate itself but the more exponential growth comes as we move out accounts that are lower-rated accounts and replaced with higher-rated accounts. And our expectation is that as we see increased business travel, which we and I think most in the industry anticipate over the coming year, we'll be in a position to more meaningfully drive business transient. And our expectation would be that as we build back occupancy to similar levels, we would have similar pricing power on the business transient side to what we've seen on the leisure side.

因此，利率的某些變動是利率本身的調整，但隨著我們將低評級帳戶轉移並替換為高評級帳戶，利率將呈現更顯著的成長。我們的期望是，隨著商務旅行的增加（我們和我認為大多數業內人士都預計未來一年商務旅行將會增加），我們將能夠更有效地推動業務轉型。我們的預期是，隨著入住率恢復到類似水平，我們在商務臨時方面將擁有與休閒方面類似的定價權。

Got it. That's helpful. So looking to next year, do you expect to see core business transient have the same price in elasticity that you're seeing on the leisure side? Or do you expect maybe some more pushback if you start to push rates a bit higher on that midweek business?

知道了。這很有幫助。那麼展望明年，您是否預期核心業務瞬態價格的彈性會與休閒業務的相同？或者，如果您開始在周中業務中稍微提高利率，您是否預計會遇到更多阻力？

We expect currently to have similar dynamics. Again, a lot of the pushback historically has been supply and demand based. And the corporate accounts that we've negotiated with had the advantage of being able to come to the table, committing to and promising certain volume of business. I think given that most of our BT accounts will be ramping, they won't be in the same position that they were prior to the end of the last cycle from a pricing standpoint.

我們預計目前會出現類似的動態。再次強調，歷史上許多的阻力都是基於供需關係。與我們談判過的企業帳戶具有優勢，他們能夠參與談判，承諾並保證一定數量的業務。我認為，鑑於我們的大多數 BT 帳戶都會增加，從定價的角度來看，它們將不會處於上一個週期結束之前的狀態。

On top of that, from a supply standpoint, I highlighted in my prepared remarks that we've seen a significant pullback in new construction or new construction sites within our markets, really, the less than 50%. It's right around 47% of our hotels have any competing supply under construction within a 5-mile radius. That's the lowest that we've ever had since we began tracking.

除此之外，從供應的角度來看，我在準備好的發言中強調，我們已經看到我們市場中的新建築或新建築工地大幅回落，實際上不到 50%。我們約有 47% 的飯店在 5 英里半徑範圍內都有正在建設中的競爭性供應。這是我們開始追蹤以來的最低值。

But important to that, and this is detail in addition to what I provided in my prepared remarks. If we look at new construction starts since the beginning of the pandemic, nearly 40% of the projects that are currently under construction within our markets were started before March of 2020. And less than 25% of those projects were started this year. So there's been a meaningful pullback in terms of new construction starts. Given that it takes 2 to 3 years for projects to come online, we see meaningful tailwinds moving forward, which as we think about pricing power in our portfolio puts us in a radically different position than we were as we hit peak last cycle.

但重要的是，這是除了我在準備好的發言中提供的內容之外的詳細資訊。如果我們看一下自疫情開始以來的新開工情況，我們市場中目前正在建設的項目中，有近 40% 是在 2020 年 3 月之前開工的。其中不到25%的項目是今年開工的。因此，新建築開工量出現了明顯回落。鑑於專案上線需要 2 到 3 年的時間，我們看到了有意義的順風，當我們考慮投資組合中的定價能力時，我們處於與上個週期達到高峰時截然不同的地位。

That's helpful. And maybe one more. Some of the full-service REITs have talked about private equity competitors being able to get extremely attractive financing and driving up value and bidding processes. Are you seeing that when you're looking at marketing deals? And how do you rate your ability to, I guess, compete on valuation as you look to acquire hotels?

這很有幫助。也許還有一個。一些提供全方位服務的房地產投資信託基金 (REIT) 表示，私募股權競爭對手能夠獲得極具吸引力的融資，從而提高價值和競標流程。當您查看行銷交易時，您是否看到了這一點？當您尋求收購飯店時，您如何評估自己在估值方面的競爭力？

I mean, I think it's clear that the debt markets are open. Looking at our incremental borrowing rate, we have adequate capacity on our line of credit. And I think given our ability to use our line of credit and what we're paying for incremental borrowing on our line of credit, we do not see ourselves as being disadvantaged.

我的意思是，我認為債務市場顯然是開放的。從我們的增量借款利率來看，我們的信貸額度有足夠的能力。我認為，考慮到我們使用信用額度的能力以及我們為信用額度上的增量借款支付的費用，我們並不認為自己處於不利地位。

Now in terms of total leverage, that we have historically used, we -- private equity uses significantly more leverage than we do or have or will. That said, I think we've proven that we can find assets that fit our investment criteria. And to a large extent, we've been doing this for a long time, and that matters to sellers. The fact that we're a known quantity that they know what to expect when they enter into a contract with us, I think, puts us in a position to compete very effectively with a number of groups that have come into the space recently.

現在，就我們歷史上使用的總槓桿而言，私募股權使用的槓桿比我們現在、已經或將來使用的槓桿要大得多。話雖如此，我認為我們已經證明我們可以找到符合我們投資標準的資產。在很大程度上，我們已經這樣做了很長時間，這對賣家來說很重要。事實上，我們是已知的，當他們與我們簽訂合約時，他們知道會發生什麼，我認為，這使我們能夠與最近進入該領域的許多團體進行非常有效的競爭。

Our next question is from Tyler Batory with Janney.

下一個問題來自 Janney 的 Tyler Batory。

I appreciate all the commentary, that's all been very helpful. First question for me is on the margin side of things, very strong there. Obviously, the ADR helps. But can you talk a little bit more about what you've been able to do on the expense side of things just to continue to move those lower as occupancy you guys continue to build back?

我感謝所有的評論，它們都非常有幫助。對我來說，第一個問題是關於邊際方面的問題，這方面非常強大。顯然，ADR 有幫助。但是，您能否再多談談在費用方面您能做些什麼，以便在入住率不斷回升的同時繼續降低這些費用？

Tyler, a good question. I mean, similar themes to what we've talked about on prior calls. We continue to work with our management companies and the brands on long-term operating models. We're delivering food and beverage offerings, more efficiently the required and recommended offerings for complimentary breakfast have been scaled down to still be compelling, but a little bit more cost-effective. We're believing that some of that will stay long term. We are testing various housekeeping models, thinking long term that we should have potentially some savings there as well.

泰勒，這個問題問得好。我的意思是，與我們在之前的電話中討論過的主題類似。我們將繼續與我們的管理公司和品牌合作，制定長期營運模式。我們提供食物和飲料，更有效地減少了免費早餐所需和推薦的食品和飲料，但仍然具有吸引力，而且更具成本效益。我們相信其中一些將會長期存在。我們正在測試各種家政模式，從長遠來看，我們也應該有可能在那裡節省一些開支。

From an FTE perspective, during the second quarter on our call, mentioned that we were probably around between 60% and 70% FTEs. We've had some success in hiring over the third quarter and probably similarly around 70% full-time employees. There's still some efficiency there on the labor model front as well. That becomes -- that's in part by design and in part based on just the competitive environment, but we're certainly comfortable with where we're staffed and we'll selectively higher open positions to the extent over the next few months and for a sustained period of time, we believe occupancy will justify it.

從 FTE 的角度來看，我們在第二季的電話會議上提到，我們的 FTE 大概在 60% 到 70% 之間。我們在第三季的招募方面取得了一些成功，大概有 70% 是全職員工。勞動模式方面仍有一定的效率。這在一定程度上是設計使然，部分是基於競爭環境，但我們對目前的人員配置感到滿意，並且將在未來幾個月和一段持續的時間內選擇性地增加空缺職位，我們相信入住率將證明這一點是合理的。

But continue to really push on efforts across the board, whether it's negotiating contracts, vendor contracts finding ways to more efficiently deliver similar standards, work with the brands to modify standards long term and operate our hotels from a labor model perspective as effectively and efficiently as possible, always balancing customer service and guest satisfaction as well.

但要繼續全面努力，無論是談判合同、供應商合同，尋找更有效地提供類似標準的方法，與品牌合作長期修改標準，並從勞動模式的角度盡可能有效和高效地運營我們的酒店，始終平衡客戶服務和客人滿意度。

Okay. Very helpful. Very helpful. And then I also wanted to follow up on the corporate travel topic, if I could. It sounds like some improvement in that in the month of October. Can you talk more about what sort of customers are coming on the corporate travel side of things? Are you starting to see some of the larger companies get out on the road? Or is it perhaps just more kind of what has been driving things the previous few quarters where it's a lot of local businesses that are doing the bulk of the corporate travel?

好的。非常有幫助。非常有幫助。如果可以的話，我還想跟進一下商務旅行話題。聽起來十月份的情況有改善。能否詳細談談商務旅行方面的客戶類型？你是否開始看到一些大公司開始走上道路？或者這只是前幾季的推動因素之一，即許多本地企業承擔了大部分商務旅行？

We continue -- I mean, undoubtedly, we continue to benefit from local negotiated and regional travel, more mid-market and smaller accounts. That's not atypical for our portfolio generally. But certainly, as we've recovered those small and midsized accounts have outperformed. As we look at the different channels that can be booked and look at our mix overall, we are starting to see some improvement on larger corporate negotiated accounts, which we also benefit from as they still continue to return.

我們將繼續——我的意思是，毫無疑問，我們將繼續受益於當地協商和區域旅行，更多的中型市場和小型帳戶。對於我們的投資組合來說，這通常並不罕見。但可以肯定的是，隨著我們的恢復，那些中小型帳戶的表現已經表現出色。當我們查看可以預訂的不同管道並查看我們的整體組合時，我們開始看到較大的企業協商帳戶有所改善，我們也從中受益，因為它們仍在繼續回報。

So we do believe that part of the improvement that we're seeing, for example, in GDS bookings as we moved through the second and third quarter and into the fourth is through more larger corporate negotiated accounts. So we're starting to see improvement there even in the absence of everybody being back in office.

因此，我們確實相信，隨著我們進入第二季度、第三季度和第四季度，GDS 預訂量有所改善，部分原因是透過更多更大的企業協商帳戶實現的。因此，即使不是所有人都重返辦公室，我們也開始看到情況有所改善。

Our next question comes from Michael Bellisario with Baird.

我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Justin, I want to go back to the acquisitions. I know you gave 2019 cap rates. I'm not sure if you can maybe provide '21 estimated cap rates, if not, just looking for some commentary around how each of those either completed or pending transactions are performing this year versus 2019 levels? I assume the performance is different for Portland, for example, than what you're seeing in Fort Worth?

賈斯汀，我想回到收購的話題。我知道您給了 2019 年的資本化率。我不確定您是否可以提供 21 年預計的資本化率，如果不能，只是想了解今年已完成或待完成的交易與 2019 年的水平相比表現如何？我認為波特蘭的表現與沃斯堡的表現有所不同？

Certainly. Looking across the board, we have a variety in terms of ramp with Portland, as I highlighted, meaning Portland, Maine, being meaningfully ahead of where the assets were in 2019. The AC end market on a trailing 3-month basis ran in the mid- to upper 90s from an occupancy standpoint with rate approaching $350. So I think we're incredibly pleased with how that market has recovered.

當然。總體來看，正如我所強調的，我們在波特蘭的坡道方面有多種選擇，這意味著緬因州波特蘭的資產水準明顯領先於 2019 年。從入住率的角度來看，過去 3 個月空調終端市場價格處於 95 至 99 左右的區間，價格接近 350 美元。所以我認為我們對該市場的復甦感到非常高興。

Looking at the assets that we have under contract, we have a range. The Fort Worth assets actually have performed relatively well, looking trailing 12 for both assets. The Hilton Garden Inn ran about 70% occupancy and the Homewood Suites is about 80% occupancy with rates slightly lower than they were in 2019.

從我們合約下的資產來看，我們有一個範圍。沃斯堡資產實際上表現相對較好，兩項資產均落後 12 位。希爾頓花園飯店的入住率約為 70%，霍姆伍德套房飯店的入住率約為 80%，房價略低於 2019 年的水準。

Our expectation looking at kind of everything that we have under contract or have purchased recently, is that those assets from a recovery standpoint, will be somewhere in the middle. And then you have Portland, Oregon, which would be kind of on the other extreme in terms of pace of recovery. That asset has continued to do well from a rate standpoint. On a trailing 3 months, the hotel's run 62% occupancy at $171.

我們預計，從恢復的角度來看，我們所簽訂的合約或最近購買的所有資產將處於中間位置。然後是俄勒岡州波特蘭市，其復甦速度則處於另一個極端。從利率角度來看，該資產持續表現良好。過去 3 個月，該飯店的入住率為 62%，房價為 171 美元。

So certainly, a tremendous amount of opportunity there. If we look at how things will stack up for the entirety, so taking the group as a whole, our expectation is that the acquisitions group relative to our existing portfolio gets back to 2019 levels first. And it's early, and we have not given guidance as to when we think that will happen. But just based on the average pace of recovery for the individual assets within the acquisitions group, our expectation is that, that group as a whole will get that first with staggered arrival by market.

因此，那裡肯定有大量的機會。如果我們看一下整體情況如何，那麼就整個集團而言，我們預計相對於我們現有投資組合的收購集團將首先回到 2019 年的水平。現在還為時過早，我們還沒有給出何時會發生這種情況的指導。但僅基於收購集團內各個資產的平均復甦速度，我們預期整個集團將首先獲得這項復甦，並分階段進入市場。

As we look at acquisitions, we're being intentional in adding assets to our portfolio that brings something to the portfolio that we don't already have. And that means in some instances, getting into markets before they recover. I think we were fortunate to have begun conversations in Portland, Oregon before that market really took off. And as a result, have been ahead there -- for the Maine, sorry, and in Portland, Oregon our expectations are similar. We will be getting into that market before we see the major pickup of based on the location, the mix of demand from both leisure and business transient. Our expectation is that, that over time will be a very good investment for us as well.

當我們考慮收​​購時，我們有意將資產添加到我們的投資組合中，從而為投資組合帶來一些我們尚未擁有的東西。在某些情況下，這意味著在市場復甦之前進入市場。我認為我們很幸運能夠在俄勒岡州波特蘭市場真正起飛之前就開始進行對話。因此，對於緬因州，抱歉，以及俄勒岡州波特蘭市，我們的預期是相似的。在我們看到基於地理位置、休閒和商務瞬態需求組合的大幅回升之前，我們將進入該市場。我們的期望是，從長遠來看，這對我們來說也將是一項非常好的投資。

Got it. That's helpful. And then just on another moving pieces post quarter, what is the pro forma balance sheet look like when those acquisitions are completed and how are you thinking about sources of capital going forward?

知道了。這很有幫助。然後，在季度後的另一個變動中，當這些收購完成後，預計資產負債表是什麼樣的，您如何考慮未來的資金來源？

From a balance sheet perspective, we have full capacity available on our line of credit. So in the near term, we can utilize that as we're closing on the assets. As we look forward and think about our debt profile long term, we want to maintain the relative -- or the relative strength of our balance sheet. And so we'll look at various opportunities from a capital perspective as we look to continue to grow, but also fund these acquisitions and future acquisitions.

從資產負債表的角度來看，我們的信用額度已達到最大。因此，在短期內，我們可以在關閉資產時利用這一點。當我們展望未來並思考我們的長期債務狀況時，我們希望保持資產負債表的相對或相對強勢。因此，我們將從資本角度審視各種機會，尋求繼續成長，同時也為這些收購和未來的收購提供資金。

Okay. And then just in terms of the modified covenants that you're in now, where did third quarter leverage end up? And what would it be pro forma for the acquisitions?

好的。那麼，就您現在所處的修改後的契約而言，第三季的槓桿率最終如何？那麼收購的形式是怎麼樣的呢？

Even on a trailing 12 basis, we were within our covenants. As we incrementally raise debt, it will also depend on the EBITDA contribution from the acquisitions, which as we pro forma those out, believe that they'll be contributing EBITDA to keep us in a relatively good position from a leverage perspective.

即使在過去的 12 年裡，我們仍然遵守著我們的契約。隨著我們逐步增加債務，這也將取決於收購帶來的 EBITDA 貢獻，正如我們預測的那樣，我們相信它們將貢獻 EBITDA，從而使我們從槓桿角度處於相對有利的地位。

Okay. And then just lastly for me. On the G&A front, can you remind us of the formula for the incentive compensation that you guys accrued for in the third quarter?

好的。最後，對我來說。在一般及行政管理方面，您能否提醒我們一下你們在第三季累積的激勵薪酬的公式？

Yes, absolutely. So from a G&A guidance perspective, the adjustment really was attributable to a couple of things. The -- some of it's normalization year-over-year. The new executive team salaries and full comp plan were not in place for the full year of 2020. Our Chairman, CEO and Board took salary reductions in 2020, and we did not increase compensation in 2020 corporately either. So that's a piece of it. The other piece, which you're speaking directly to our performance as of 9/30. For the total and relative shareholder return component of the incentive comp plan that represents 50% of our total compensation -- incentive compensation but needed to accrue based on our performance through 9/30 ahead of target.

是的，絕對是。因此，從一般及行政管理指導的角度來看，調整其實可以歸因於幾件事。其中一些是逐年正常化的。新的高階主管團隊薪酬和全額薪酬計劃尚未在 2020 年全年到位。我們的董事長、執行長和董事會在 2020 年都減薪了，而且我們公司在 2020 年也沒有增加薪酬。這就是其中的一部分。另一點，您直接談到了我們截至 9 月 30 日的表現。對於激勵補償計畫的總股東回報和相對股東回報部分，占我們總薪酬的 50%——激勵補償，但需要根據我們在 9/30 之前的表現進行累積，提前實現目標。

Our next question is from Chris Darling with Green Street.

下一個問題來自 Green Street 的 Chris Darling。

Thinking about the CapEx dollars that you plan to spend this year, which I believe is below sort of historic levels, do you anticipate having to catch up, so to speak, and spend a higher amounts over the coming years? And additionally, how does the favorable supply backdrop that you mentioned sort of influence that decision?

考慮到您今年計劃花費的資本支出，我認為這低於歷史水平，您是否預計在未來幾年必須迎頭趕上並花費更多資金？此外，您提到的有利供應背景如何影響這項決定？

I mean, both really good questions. If you look at what we've done from a portfolio management standpoint, a significant motivating factor for the sale of the 20 assets in the portfolio that we transacted on during the quarter was the management of our long-term CapEx needs for the portfolio and the desire to ensure that where we reinvesting in the portfolio. We were doing so in ways that we felt would generate strong returns for us.

我的意思是，這兩個問題都非常好。如果從投資組合管理的角度來看我們所做的事情，那麼我們在本季度出售投資組合中的 20 項資產的一個重要動機是對投資組合的長期資本支出需求的管理以及確保我們在投資組合中進行再投資的願望。我們這樣做是為了帶給我們豐厚的回報。

As we look at this year relative to our expectation for next year and future years, certainly we expect to spend more in terms of total dollar amount next year and in future years than we did this year. That said, we don't anticipate having a major bump or a catch-up year, and instead would expect to see our CapEx spend normalize in a range similar to what we were spending pre-pandemic, 5% to 6% of revenues.

當我們將今年與明年和未來幾年的預期進行比較時，我們預計明年和未來幾年的總支出將比今年更多。話雖如此，我們預計今年不會大幅成長或追趕，而是預期我們的資本支出將恢復正常，與疫情前的支出水準相似，即收入的 5% 至 6%。

I think we've been incredibly thoughtful in how we manage the process utilizing dispositions as well as intentional spend against those properties where we feel we can generate the highest return.

我認為，我們在如何利用處置以及針對我們認為可以產生最高回報的房產進行有意支出的過程中已經進行了非常周到的考慮。

Our next question is from Austin Wurschmidt with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Austin Wurschmidt。

First one, just around ADR again. So with that midweek occupancy you're mentioning reaching the 70% level in October, I mean, is there enough depth in midweek demand today to begin yielding out lower-rated business? Or does that become more of a 2022 event? And then can you provide us what ADR was in October and how it compared to the same period in '19?

第一個，再次圍繞 ADR。所以，您提到的 10 月份周中入住率達到 70% 的水平，我的意思是，今天周中的需求是否有足夠的深度來開始產生較低評級的業務？或者這會成為 2022 年的事件？然後您能否告訴我們 10 月份的 ADR 是多少以及與 19 年同期相比如何？

Sure. I think that we're approaching levels midweek where we'll have more pricing power. But the more sustained those 70%-plus nights are midweek, the more we'll begin to start and driving rates incrementally and yielding out some business. Now certainly, as those occupancies continue to increase, we'll also work with our management team on the level of base business on those nights, which are typically -- which would typically be lower-rated and start yielding out.

當然。我認為，到周中我們將達到擁有更多定價權的水平。但是，周中超過 70% 的夜晚持續時間越長，我們就越能開始逐步提高價格並產生一些業務。當然，隨著入住率的不斷提高，我們還將與管理團隊合作，提高這些夜晚的基本業務水平，這些夜晚的評分通常較低，並開始產生收益。

So we're getting to a point certainly where we'll be able to start mixing and driving rate more incrementally on Tuesday and Wednesday nights and starting to see a little bit of that in October. Speaking specifically to October rate, we don't have final numbers yet, but we believe that we will end up very similar to what we were in September relative to 2019. And again, looking forward with what we have on the books in November and December are encouraged that those trends are going to continue.

因此，我們肯定會達到這樣的程度：我們將能夠在周二和周三晚上開始以更漸進的方式混合和推動利率，並在十月開始看到一點這樣的效果。具體來說，就 10 月的利率而言，我們還沒有最終數據，但我們相信，最終利率將與 2019 年 9 月的利率非常相似。再次，展望 11 月和 12 月的業績，我們相信這些趨勢將會持續下去。

And then as far as the recent acquisitions, Justin was most struck by the Portland, Oregon, Hampton Inn acquisition. I know you've discussed in the past wanting to add exposure within the Pacific Northwest. Several factors seem to have held you back maybe versus other geographies. So what drove your decision to move forward here more recently? And then can you also shed some light on the recent focus on the acquisitions heretofore being largely in urban downtown locations?

就最近的收購而言，賈斯汀最震驚的是俄勒岡州波特蘭市漢普頓酒店的收購。我知道您過去曾討論過想要增加在太平洋西北地區的曝光率。與其他地區相比，似乎有幾個因素阻礙了你們的發展。那麼，是什麼促使您最近決定在此繼續前進？然後，您能否解釋一下最近的收購重點主要集中在市中心地區？

Yes. I'll actually start with the second question and work back to the first question because I think it will make more sense in that context. In terms of a total acquisition strategy, that for us remains unchanged. We continue to believe that investment in high-quality branded rooms-focused hotels in small urban and high-density suburban markets will yield the strongest results for our shareholders. And if you look at our total acquisitions activity since the beginning of the pandemic last year and this year, roughly 50% -- actually, exactly 50% of the hotel that we purchased have been high-density suburban and 50% have been in these smaller urban markets, generally speaking.

是的。我實際上會從第二個問題開始，然後再回到第一個問題，因為我認為在這種情況下它會更有意義。就整體收購策略而言，我們的策略保持不變。我們始終相信，在小型城市和高密度郊區市場投資以高品質品牌客房為中心的酒店將為我們的股東帶來最豐厚的回報。如果你看一下我們自去年和今年疫情開始以來的總收購活動，大約 50%——實際上，我們購買的酒店中，有 50% 位於高密度郊區，有 50% 位於這些較小的城市市場。

Looking at Portland, Oregon specifically, I had highlighted in some of our earlier calls, the fact that pricing had consistently been against 2019 numbers. And as a result, we hadn't seen an opportune entry point to get into some of these markets that we think long term will be good market. I think because of the way the market was pricing assets, we prioritized markets that we felt would be on the leading edge of the recovery. Given the nature of this particular seller and a long-term relationship that we have with them, we were able to negotiate an entry point into Portland, Oregon that relative to comp trades in the market. And what would have been seen pre-pandemic as a fair and reasonable price on the assets we felt was a good entry point for us. And I think we have confidence in that asset and our ability to meet our return thresholds over time.

具體來看俄勒岡州波特蘭市，我在之前的一些電話會議中強調過，價格一直與 2019 年的數字相符。因此，我們還沒有找到合適的切入點來進入我們認為長期來看會是良好市場的某些市場。我認為，由於市場對資產的定價方式，我們優先考慮那些我們認為將處於復甦前沿的市場。考慮到這個特定賣家的性質以及我們與他們的長期合作關係，我們能夠協商進入俄勒岡州波特蘭的切入點，相對於市場上的同類交易。我們認為，疫情之前這些資產的價格是公平合理的，對我們來說是一個很好的切入點。我認為我們對該資產以及我們長期達到回報門檻的能力充滿信心。

I think if you look at the way we're building out our portfolio, the bulk of our acquisitions are going to be in these short bet markets like Portland, Maine and Fort Worth and Memphis, where we have -- in Greenville, where we have kind of existing experience, have a good sense for what the market is going to be near term. In order to maximize returns for our investors, we will on the margin, make calculated assessments of markets that we think have yet to realize their full potential and invest selectively there as well.

我認為，如果你看看我們建立投資組合的方式，你會發現我們的大部分收購都將在這些短期押注市場進行，例如波特蘭、緬因州、沃斯堡和孟菲斯，我們在格林維爾擁有現有的經驗，對市場近期的走勢有很好的判斷。為了最大限度地提高投資者的回報，我們將對那些我們認為尚未充分發揮其潛力的市場進行合理的評估，並有選擇地進行投資。

Thinking back, we were early in our entry into the Phoenix market when that market was meaningfully underperforming. We were able as a result of our timing in that market to acquire assets at very reasonable per key prices below replacement value. And we've benefited significantly from the recovery of that market over the past decade. I think if you watch what we do in markets like Poland, Oregon, we will be -- our expectation is that, that's a strong market and our entry point was a good one.

回想起來，我們進入鳳凰城市場之初，市場的表現明顯不佳。由於我們在該市場中掌握了時機，因此我們能夠以低於重置價值的非常合理的關鍵價格收購資產。過去十年來，我們從該市場的復甦中受益匪淺。我想，如果你觀察我們在波蘭、俄勒岡等市場的表現，你會發現——我們的預期是，那是一個強大的市場，我們的切入點很好。

And as I highlighted, looking at recent performance, the numbers are good. And that's in advance of meaningful removal of restrictions that have been in place that had hampered occupancies in that market during the course of pandemic.

正如我所強調的，從最近的表現來看，數據是不錯的。這是在有效取消疫情期間阻礙該市場入住率的限制措施之前做出的。

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

謝謝。目前沒有其他問題。我想將發言權交還給賈斯汀奈特 (Justin Knight)，請他發表最後評論。

Thank you, and thanks again for joining us today. We appreciate your interest in our company and hope that as you travel, and we hope that you're doing more of that than you have over the past couple of years that you'll take the opportunity to stay with us in 1 of our hotels. We look forward to meeting with many of you here next week at NAREIT and I hope to see you soon.

謝謝，再次感謝您今天加入我們。我們感謝您對我們公司的關注，並希望您在旅行時，以及比過去幾年更多地旅行時，能藉此機會入住我們的一家酒店。我們期待下週在 NAREIT 與你們中的許多人會面，我希望很快見到你們。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。