Apple Hospitality REIT Inc (APLE) 2021 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to Apple Hospitality's First Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Apple Hospitality 2021 年第一季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人，投資者關係副總裁凱利克拉克女士。謝謝。你可以開始了。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's First Quarter 2021 Earnings Call, on this, the 7th day of May 2021. The call will be based on the first quarter 2021 earnings release and Form 10-Q, which were distributed and filed yesterday afternoon.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 於 2021 年 5 月 7 日舉行的 2021 年第一季財報電話會議。電話會議將基於昨天下午分發和提交的 2021 年第一季財報和 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 of 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. Participants should carefully review our financial statements and the notes thereto as well as the risk factors described in Apple Hospitality's annual report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC.

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公司業務和財務狀況因 COVID-19 而受到的影響以及為應對 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。參與者應仔細審查我們的財務報表及其附註以及 Apple Hospitality 截至 2020 年 12 月 31 日的 10-K 表年度報告中所述的風險因素以及向美國證券交易委員會提交的其他文件。

Any forward-looking statement that Apple Hospitality makes speaks only as of today, and the company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. In addition, certain non-GAAP measures of performance, such as EBITDA, EBITDAre, adjusted EBITDAre, adjusted hotel EBITDA, FFO and modified FFO will be discussed during this call. We encourage participants to review reconciliations of those measures to GAAP measures as 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.

Apple Hospitality 所做的任何前瞻性聲明僅代表今日的觀點，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。此外，本次電話會議也將討論某些非 GAAP 績效指標，例如 EBITDA、EBITDAre、調整後的 EBITDAre、調整後的飯店 EBITDA、FFO 和修改後的 FFO。我們鼓勵參與者審查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包含的這些指標與 GAAP 指標的對帳。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 first 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 年第一季的業績。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. During the first quarter, we produced our strongest operating results since the beginning of the pandemic, with our portfolio occupancy exceeding the industry averages and our internal expectations. We achieved positive cash flow after all corporate level expenses, including capital expenditures.

早安，感謝您今天加入我們。第一季度，我們取得了自疫情爆發以來最強勁的經營業績，投資組合入住率超過了行業平均水平和我們的內部預期。在扣除包括資本支出在內的所有公司層面的支出後，我們實現了正現金流。

Occupancy and rate continued to improve in April and with strong leisure demand and signs of improvement in business transient, we have reason to be optimistic for the remainder of the year. Last year was the most challenging year on record for the hotel industry. Working together with our on-site management teams, we swiftly adjusted operations and significantly reduced costs to keep our hotels open and capture existing demand within our market.

四月份入住率和房價持續提高，加上休閒需求強勁和業務暫時改善的跡象，我們有理由對今年剩餘時間感到樂觀。去年是酒店業有史以來最具挑戰性的一年。我們與現場管理團隊合作，迅速調整營運並大幅降低成本，以保持酒店開放並滿足市場現有需求。

With low leverage, broad market diversification and efficient asset level operations, we returned to positive corporate level cash flow by early summer, and we're able to produce positive modified funds from operations for the full year. Uniquely positioned to focus on increasing profitability, not minimizing cash burn, we preserve the strength, flexibility and capacity of our balance sheet without dilutive capital raises. Having now weathered what we hope is the worst of the pandemic, we are incredibly well positioned to grow the value of our company organically as we focus on long-term operational efficiencies to drive higher margins and externally through accretive transactions.

憑藉低槓桿、廣泛的市場多元化和高效的資產水平運營，我們在初夏之前恢復了正的公司水平現金流，並且能夠從全年運營中產生正的調整後資金。我們的獨特優勢在於專注於提高獲利能力，而不是減少現金消耗，因此我們保持了資產負債表的實力、靈活性和容量，而無需稀釋資本增加。我們希望，我們已經度過了疫情最嚴重的時期，我們完全有能力有機地增加公司的價值，因為我們專注於提高長期營運效率，以提高利潤率，並透過增值交易實現外部成長。

Demand for our hotels has been broad-based. Occupancy and ADR steadily improved during the quarter, resulting in RevPAR of over $68 in March. RevPAR increased 25% from January to February and 27% from February to March, and positive trends have continued since the end of the quarter. We estimate full portfolio occupancy was approximately 68% for the month of April with continued improvement in rate.

我們飯店的需求十分廣泛。本季入住率和平均房價穩定提高，3 月每間可用客房收入 (RevPAR) 超過 68 美元。 2 月 RevPAR 比 1 月成長了 25%，3 月比 2 月成長了 27%，並且自本季末以來一直保持著積極的趨勢。我們估計 4 月份飯店總入住率約為 68%，且入住率持續提高。

It is important to note that these results include all of our hotels as we were able to remain open and operational even during periods of lower occupancy. Our portfolio of rooms-focused hotels has performed better than the overall industry as well as our chain scales as reported by STR, even without a full return of business travel. With business demand expected to meaningfully increase in the back half of the year, we are confident we are well positioned for continued outperformance.

值得注意的是，這些結果包括我們所有的酒店，因為即使在入住率較低的時期，我們也能夠保持開放和營運。根據 STR 報告，即使商務旅行尚未完全恢復，我們以客房為中心的飯店組合的表現也優於整體產業以及我們的連鎖飯店。由於預計下半年業務需求將大幅成長，我們有信心繼續保持優異表現。

The scale ownership of upscale rooms-focused Marriott, Hilton and Hyatt branded hotels diversified across different markets and managers, we benefit from unparalleled access to detailed performance data. We utilize the information to perform extensive benchmarking analysis and work with our managers to implement the most efficient and effective practices across our portfolio.

專注於高檔客房的萬豪、希爾頓和凱悅品牌酒店的規模所有權遍布不同的市場和管理者，我們受益於無與倫比的詳細績效數據存取權。我們利用這些資訊進行廣泛的基準分析，並與我們的經理合作，在我們的投資組合中實施最有效和最有效的實踐。

As we face the challenges of the pandemic, we closely evaluated every aspect of our business to find incremental efficiencies and to focus our efforts on what matters most to our guests. We quickly established standardized staffing and operating models for lower occupancy hotels and meaningfully reduce costs by renegotiated national contracts with vendors and service providers. We maintained efficiencies as we grew occupancy in the first quarter, with total hotel operating expenses reduced by 41% as compared to the same period in 2019.

面對疫情帶來的挑戰，我們密切評估了業務的各個方面，以尋求提高效率的方法，並將精力集中在對客人最重要的事情上。我們迅速為入住率較低的酒店建立了標準化的人員配備和運營模式，並透過與供應商和服務提供者重新協商全國合同，大幅降低了成本。我們在第一季入住率成長的同時保持了效率，與 2019 年同期相比，飯店總營運費用減少了 41%。

As a result, we achieved adjusted hotel EBITDA of $35 million adjusted EBITDAre of $27 million, modified funds from operation of $9 million and comparable hotels adjusted hotel EBITDA margin of 23% during the quarter. Apart from April of last year, we have been profitable at the hotel level every month since the start of the pandemic. We have a track record of optimizing operations in order to deliver industry-leading margins throughout economic cycles.

結果，我們在本季度實現了調整後酒店 EBITDA 為 3500 萬美元，調整後 EBITDAre 為 2700 萬美元，調整後營運資金為 900 萬美元，可比酒店調整後酒店 EBITDA 利潤率為 23%。除去年 4 月外，自疫情爆發以來，我們每個月的飯店業務都獲利。我們擁有優化營運的良好記錄，以便在整個經濟週期中提供領先業界的利潤率。

As we emerge from the current environment, we will work to ensure that a portion of the cost savings and operational efficiencies we have achieved during the pandemic continue, resulting in higher operating margins for our portfolio as we build back rate and occupancy at our hotels. We have always believed in the merits of owning income-producing real estate with low leverage and have, as a result, maintained a conservative, flexible balance sheet. In March, we entered into amendments to our unsecured credit facilities that extend the covenant waiver period, enhance our ability to exit the waiver period and provide additional flexibility to be acquisitive.

隨著我們擺脫當前環境，我們將努力確保在疫情期間實現的部分成本節約和營運效率得以延續，從而隨著我們酒店房價和入住率的回升，為我們的投資組合帶來更高的營業利潤率。我們始終相信擁有低槓桿率的創收房地產的優點，因此，我們保持了保守、靈活的資產負債表。今年三月，我們對無擔保信貸安排進行了修訂，延長了契約豁免期，增強了我們退出豁免期的能力，並為收購提供了額外的靈活性。

Based on our continued outperformance and the terms of the recent amendment, we believe we are positioned to be among the first of our publicly traded peers to exit the covenant waiver period. Transaction volume in the hotel space remains relatively low, but we have seen an increase in deal flow and have been actively underwriting assets, both as a potential buyer and seller.

基於我們持續的優異表現和最近修訂的條款，我們相信我們有能力成為首批退出契約豁免期的上市公司之一。飯店領域的交易量仍然相對較低，但我們看到交易量增加，並且作為潛在買家和賣家都在積極承銷資產。

As we move through the recovery, we expect opportunities and transaction volume will continue to increase. We intend to be active in the market pursuing accretive transactions to maximize long-term value for our shareholders and to further grow and enhance our existing portfolio. Relatively lower debt obligations and strong property level performance, which generated positive corporate level cash flow after G&A and debt service despite a global pandemic enabled us to acquire 5 hotels for a combined total of $161 million since the onset of the pandemic, including the Hilton Garden Inn in downtown Madison, Wisconsin, which we acquired during the first quarter for approximately $50 million.

隨著經濟復甦，我們預計機會和交易量將繼續增加。我們打算積極參與市場並尋求增值交易，以最大限度地提高股東的長期價值，並進一步擴大和增強我們現有的投資組合。相對較低的債務負擔和強勁的物業水平表現，儘管全球疫情肆虐，但在扣除一般及行政費用和債務償還後仍產生了正的公司水平現金流，這使得我們自疫情爆發以來以總計 1.61 億美元收購了 5 家酒店，其中包括位於威斯康星州麥迪遜市中心的希爾頓花園酒店，我們在第一季度以約 5000 萬美元的價格包括位於威斯康星州麥迪遜市中心的希爾頓花園酒店，我們在第一季度以約 5000 萬美元收購了這家酒店的價格。

Since the beginning of the year, we have sold 3 hotels, including our Homewood Suites hotels in Charlotte, North Carolina and Memphis, Tennessee and our SpringHill Suites in Overland Park, Kansas, for a combined total of $24 million. With the current average effective age of 5 years, we entered the pandemic with a young, well-maintained portfolio.

自今年年初以來，我們已出售了 3 家酒店，包括位於北卡羅來納州夏洛特和田納西州孟菲斯的 Homewood Suites 酒店以及位於堪薩斯州歐弗蘭帕克的 SpringHill Suites 酒店，總價為 2400 萬美元。目前，投資組合的平均有效年限為 5 年，我們以年輕且維護良好的投資組合進入疫情。

During the quarter, we invested approximately $2 million in capital expenditures, and we anticipate investing an additional $23 million to $28 million in capital improvements during the remainder of 2021. While we have prudently reduced our capital spend in the current environment, we continue to ensure that our assets are well maintained, that they remain competitive in their markets and that all systems continue to operate efficiently. As we welcome increasing numbers of guests back, our hotels are ready.

本季度，我們投資了約 200 萬美元的資本支出，並預計在 2021 年剩餘時間內將額外投資 2,300 萬至 2,800 萬美元用於資本改善。雖然我們在當前環境下審慎地減少了資本支出，但我們繼續確保我們的資產得到良好的維護，確保它們在市場上保持競爭力，並確保所有系統繼續有效運作。隨著我們迎來越來越多的客人，我們的酒店已做好準備。

Looking back over the last year and how far we have come, we are incredibly grateful for the dedicated associates at our hotels and our amazing management teams who in light of unprecedented challenges have been exceptional in caring for and serving our guests. Last year, associates at our hotels were faced with incredibly challenging circumstances as we worked to adapt to the evolving operating environment, with many taking on additional responsibilities.

回顧過去的一年以及我們所取得的進步，我們非常感謝飯店敬業的員工和出色的管理團隊，他們在前所未有的挑戰面前，為我們的客人提供了卓越的關懷和服務。去年，我們飯店的員工面臨著極具挑戰性的境況，我們努力適應不斷變化的營運環境，許多員工承擔了額外的責任。

Next week, we plan to announce the recipients of our 2020 Apple awards. For these awards, we focus on the associates at our hotels, and we look forward to recognizing 5 individuals nominated by their management companies and peers for their outstanding contributions to the safety, well-being and overall satisfaction of our guests.

下週，我們計劃宣布 2020 年 Apple 獎的獲獎者。對於這些獎項，我們關注的是酒店的員工，我們期待表彰由其管理公司和同行提名的 5 名個人，以表彰他們為客人的安全、福祉和整體滿意度做出的傑出貢獻。

I also want to take a moment to welcome our newest Board member, Howard Woolley. Howard brings with him a wealth of experience in technology, public policy and advocacy, and we look forward to his contributions over the coming years. We have developed and refined a hotel investment strategy unique in its ability to mitigate risk and volatility while producing compelling investor returns through economic cycles. Our strategy is straightforward, own a portfolio of geographically diversified select-service hotels affiliated with the best brands, work with the best management teams in the industry, consistently reinvest in our hotels to ensure they remain relevant and competitive and maintain a flexible capital structure with low leverage.

我還想花點時間歡迎我們最新的董事會成員 Howard Woolley。霍華德在科技、公共政策和宣傳方面擁有豐富的經驗，我們期待他在未來幾年做出貢獻。我們制定並完善了獨特的飯店投資策略，該策略能夠降低風險和波動性，同時在整個經濟週期中為投資者帶來可觀的回報。我們的策略很簡單，擁有與最佳品牌相關的地理多元化精選服務酒店組合，與業內最佳管理團隊合作，持續對我們的酒店進行再投資，以確保它們保持相關性和競爭力，並保持低槓桿的靈活資本結構。

Our outperformance during these unprecedented times is not only a testament to the strength of our underlying strategy, but also to the perseverance of our team. I want to take this opportunity to recognize the efforts of our Apple team members who have continued to work tirelessly to drive outstanding results for our company. We remain intently focused on maximizing long-term value for our shareholders and are confident we are well positioned as travel continues to recover.

我們在這些前所未有的時期的出色表現不僅證明了我們基本策略的實力，也證明了我們團隊的毅力。我想藉此機會讚揚我們蘋果團隊成員的努力，他們一直不懈地努力，為我們公司帶來卓越的表現。我們始終專注於為股東實現長期價值最大化，並相信隨著旅遊業的持續復甦，我們已做好準備。

It's now my pleasure to turn the call over to Liz, who will provide additional detail on our financial results and performance across our markets.

現在我很高興將電話轉給 Liz，她將提供有關我們的財務表現和各個市場表現的更多詳細資訊。

Thank you, Justin. We are extremely pleased with the performance of our portfolio during the first quarter. As expected, our market diversification and largely suburban concentration continued to result in our portfolio's outperformance versus national averages during the quarter. On our last call, we highlighted that the pullback in occupancy in November and December was consistent with typical seasonality, and that we anticipated sequential improvement as we move through the first quarter.

謝謝你，賈斯汀。我們對第一季投資組合的表現非常滿意。正如預期的那樣，我們的市場多元化和主要郊區集中度繼續使我們的投資組合在本季度的表現優於全國平均水平。在我們上次電話會議上，我們強調，11 月和 12 月入住率的下降與典型的季節性一致，我們預計第一季入住率將持續改善。

With strong leisure and improving business transient, fueled by an accelerated rollout of COVID vaccines, demand improved more quickly than anticipated, especially as we entered spring, resulting in a 65% increase in occupancy from 40% in December to 66% in March. Our in-house revenue team worked closely with our management company, revenue support and on-site sales teams to grow market share during the quarter, which furthered our outperformance, enabling us to produce results that exceeded internal expectations. By February, we surpassed occupancy achieved in October of last year, which is typically a seasonally strong month and had been our strongest month since the onset of the pandemic. In April, occupancy continued to grow, reaching approximately 68%, down only 16% to April 2019, as compared to the fourth quarter, where occupancy was down 36% versus the same period in 2019.

由於新冠疫苗加速推出，休閒活動強勁，商業活動瞬息萬變，需求的增長速度超出預期，尤其是進入春季後，入住率從 12 月的 40% 上升至 3 月的 66%，增長了 65%。我們的內部收入團隊與我們的管理公司、收入支援和現場銷售團隊密切合作，在本季度擴大了市場份額，進一步提高了我們的業績，使我們能夠取得超出內部預期的業績。到 2 月份，我們的入住率已超過去年 10 月份，而去年 10 月份通常是季節性旺季，也是自疫情爆發以來入住率最高的一個月。 4 月入住率持續成長，達到約 68%，與 2019 年 4 月相比僅下降 16%，而第四季的入住率與 2019 年同期相比下降了 36%。

With improving occupancy, we produced sequential improvement in rate, moving from ADR of $95 in January to over $103 in March. We are encouraged that the gap to 2019 ADR levels began to shrink as we moved through April and into May. While we saw meaningful improvement in both weekday and weekend occupancies, weekend occupancy continued to exceed weekday occupancies during the quarter, indicative of the relative strength of leisure demand. Weekday occupancy moved from 42% in January to 62% in March, while weekend occupancy moved from 51% to 80%. Similarly, while we were able to increase ADR midweek and on the weekend, stronger weekend occupancy facilitated more meaningful growth. Weekday ADR increased from $95 in January to $101 in March, while weekend ADR increased from $94 to $108 over the same period. In April, we saw similar trends as our portfolio ran 63% occupancy at $106 mid-week and 81% at $116 on weekend.

隨著入住率的提高，我們的房價也隨之提高，從 1 月的 95 美元 ADR 上升到 3 月的 103 美元以上。我們很高興地看到，隨著 4 月和 5 月的到來，與 2019 年 ADR 水準的差距開始縮小。雖然我們看到工作日和週末的入住率都有顯著提高，但本季週末的入住率仍然超過工作日的入住率，顯示休閒需求相對強勁。平日入住率從 1 月的 42% 上升至 3 月的 62%，週末入住率從 51% 上升至 80%。同樣，雖然我們能夠在周中和週末提高平均房價，但週末入住率的提高促進了更有意義的成長。平日平均房價從 1 月的 95 美元上漲至 3 月的 101 美元，而週末平均房價在同一時期從 94 美元上漲至 108 美元。 4 月份，我們也看到了類似的趨勢，我們的投資組合在周中入住率為 63%，房價為 106 美元，週末入住率為 81%，房價為 116 美元。

As we've highlighted on past calls, as our portfolio is able to consistently produce occupancies at or above 70%, we can more effectively manage the mix of business in our hotels to drive more meaningful increases in rates. Looking at Saturdays in the month of April, where we consistently ran occupancy above 75%, we grew rate from $102 at the beginning of the month to $121 in the last week. Not surprisingly, a number of our top-performing hotels in markets during the quarter were located in warmer parts of the country with strong performance in many of our California, Texas and Florida hotels. And with Burbank, San Bernardino, San Jose, Los Angeles overall, East Texas, El Paso, Fort Lauderdale, Palm Beach, Jacksonville and Tampa standout; 27 of our hotels ran occupancies in excess of 80% for the full quarter.

正如我們在過去的電話會議中所強調的那樣，由於我們的投資組合能夠持續產生 70% 或以上的入住率，我們可以更有效地管理酒店業務組合，以推動更有意義的房價成長。看看四月份的周六，我們的入住率一直保持在 75% 以上，房價從月初的 102 美元上漲到上週的 121 美元。毫不奇怪，本季度我們市場上表現最好的一些酒店都位於該國較溫暖的地區，其中加利福尼亞州、德克薩斯州和佛羅裡達州的許多酒店表現強勁。其中，伯班克、聖貝納迪諾、聖荷西、洛杉磯、東德州、埃爾帕索、勞德代爾堡、棕櫚灘、傑克遜維爾和坦帕表現突出；我們其中 27 家飯店整個季度的入住率超過 80%。

Strong performance in these markets was driven by a wide variety of demand generators, including leisure, project business, entertainment, insurance, medical, government, military, relocations and a number of other small corporate accounts.

這些市場的強勁表現受到各種需求驅動，包括休閒、專案業務、娛樂、保險、醫療、政府、軍事、搬遷和許多其他小型企業帳戶。

Our suburban hotels continued to outperform urban hotels in the quarter with occupancy of 57% as compared to 49%. We also generally saw weaker performance from our hotels in the Northeast and Northwest and from our hotels located in markets with greater historic exposure to large group and convention. Detroit, Minneapolis, St. Paul, Denver and New Orleans produced lower occupancies, as did our hotels located in the Chicago suburbs. The strong performance of our portfolio overall during the quarter is a tribute to our broad diversification, which provides exposure to a myriad of market and demand generators.

本季度，我們郊區飯店的表現持續優於市區飯店，入住率為 57%，而市區飯店入住率為 49%。我們還發現，我們位於東北和西北地區的酒店以及位於歷史上更多地接待大型團體和會議的市場的酒店表現普遍較弱。底特律、明尼阿波利斯、聖保羅、丹佛和新奧爾良的入住率較低，我們位於芝加哥郊區的飯店入住率也較低。本季我們投資組合的強勁表現得益於我們廣泛的多元化投資，這為我們提供了接觸眾多市場和需求產生器的機會。

These markets where we're still experiencing weaker results relative to our overall portfolio, will provide greater opportunity for growth in future quarters as we see more widespread relaxing of COVID-related restrictions and continued improvement in business transient demand. In the near term, we expect to see continued outperformance from markets with fewer imposed restrictions on travel and less dependence on conventions, international travel and large corporate business. Increased vaccinations and corporations returning to more regular office work should improve occupancies in a growing number of markets as we move into the back half of the year.

相對於我們的整體投資組合而言，這些市場的表現仍然較弱，但隨著我們看到與 COVID 相關的限制得到更廣泛的放寬以及業務瞬時需求的持續改善，這些市場將為未來幾個季度的增長提供更大的機會。短期內，我們預計旅行限制減少、對會議、國際旅行和大型企業業務依賴程度降低的市場將繼續表現出色。隨著我們進入下半年，疫苗接種的增加和企業恢復更常規的辦公室工作應該會提高越來越多市場的入住率。

Given the makeup of our portfolio, we are optimally positioned to outperform throughout the recovery and anticipate continued improvement in operating results as demand becomes more robust in a growing number of markets. Our team's relentless efforts to control cost and maximize profitability resulted in first quarter 2021 comparable adjusted hotel EBITDA of approximately $36 million and comparable adjusted hotel EBITDA margin of approximately 23%, down only 410 basis points to the first quarter of 2020, but representing an increase of 530 basis points from the fourth quarter of 2020.

鑑於我們投資組合的組成，我們處於最佳位置，能夠在整個復甦過程中表現出色，並且隨著越來越多市場的需求變得更加強勁，我們預計經營業績將繼續改善。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 年第一季可比調整後酒店 EBITDA 達到約 3600 萬美元，可比調整後酒店 EBITDA 利潤率達到約 23%，僅比 2020 年第一季下降 410 個基點，但比 2020 年第四季度增加了 410 個基點

MFFO was approximately $9 million or $0.04 per share for the first quarter. With experience owning an unparalleled number of branded select-service hotels over multiple economic cycles, we have developed and fine-tuned a strategy in partnership with our third-party managers to maximize property level profitability in any environment. Over time, this has enabled us to produce best-in-class operating results at the property level and positioned us to make necessary adjustments to our business as we saw occupancies deteriorate in the spring of last year.

第一季的 MFFO 約為 900 萬美元或每股 0.04 美元。憑藉在多個經濟週期中擁有數量無與倫比的品牌精選服務酒店的經驗，我們與第三方管理者合作制定並微調了一項策略，以在任何環境下最大限度地提高酒店層面的盈利能力。隨著時間的推移，這使我們能夠在物業層面產生一流的營運業績，並使我們能夠在去年春季入住率下降時對業務進行必要的調整。

Looking back over the past 4 quarters, our asset management and third-party management teams have done an exceptional job managing our business, producing competitive cost savings despite entering the pandemic with meaningfully more efficient operation. Our total property level expense reduction over that 12-month period was 80% of the revenue decline. With revenue down 48% in the first quarter relative to the first quarter of 2019, we were able to reduce total hotel expenses by 37%, and expense reduction ratio of 0.8%. This is particularly impressive given increases in occupancy and over half of our RevPAR decline resulting from the decline in rate relative to 2019.

回顧過去四個季度，我們的資產管理和第三方管理團隊在業務管理方面做得非常出色，儘管進入疫情時期，但我們仍然實現了具有競爭力的成本節約，營運效率顯著提高。在這 12 個月期間，我們的整體物業水準費用減少佔收入下降的 80%。由於第一季營收較2019年第一季下降了48%，我們得以將飯店總費用減少37%，費用減少率為0.8%。考慮到入住率的上升以及超過一半的 RevPAR 下降是由於房價相對於 2019 年的下降，這一點尤其令人印象深刻。

Cross utilization of managers and hourly team members combined with relaxed brand standards, enabled us to achieve total payroll on a per occupied room basis of under $27, down 20% to 2019, even with seasonally lower occupancy in January and February. We expect total labor cost to increase somewhat over the coming months as we continue to build back occupancy and increase staff appropriately. Total hotel operating expenses for the quarter were down 41% to 2019 and 33% to 2020. Since the onset of the pandemic, we have spent considerable time with both our brands and our management companies to modify long-term brand standards and reaping property level staffing model to ensure that a portion of these savings remain through the recovery and beyond.

經理和小時工的交叉利用，加上放寬的品牌標準，使我們實現了每間入住客房的總工資低於 27 美元，比 2019 年下降了 20%，即使 1 月和 2 月的入住率處於季節性較低水平。我們預計，隨著我們繼續恢復入住率並適當增加員工，未來幾個月總勞動成本將會增加。本季飯店總營運費用較 2019 年下降 41%，較 2020 年下降 33%。自從疫情爆發以來，我們花了大量時間與我們的品牌和管理公司一起修改長期品牌標準和收穫物業級別的人員配置模式，以確保這些節省的一部分能夠在復甦期間及之後繼續保留。

With the strength of our balance sheet, our track record of disciplined capital allocation and our current operational outperformance, we secured an extension to our covenant waiver period as previously disclosed during the quarter. Enhancing flexibility without raising additional capital are further encumbering our portfolio as we continue our efforts to preserve equity value for our shareholders. Under the terms of our current amended credit facilities agreement, we successfully achieved key objectives to enhance our ability to exit the waiver period through less restrictive financial covenants for a transition period and to enhance flexibility to use up to $300 million from equity issuances and up to $300 million in proceeds from the sale of assets for acquisitions. We are incredibly grateful for our long-standing relationships with our lenders and their continued support and feel we have flexibility to manage our business and pursue accretive opportunities in the near term, while remaining focused on exiting the covenant waiver period.

憑藉我們強勁的資產負債表、嚴格的資本配置記錄以及當前的優異營運表現，我們確保了契約豁免期的延長，正如本季度先前披露的那樣。在我們繼續努力為股東保留股權價值的同時，不籌集額外資本來增強靈活性會進一步加重我們的投資組合。根據我們目前修訂的信貸安排協議的條款，我們成功實現了關鍵目標，即透過過渡期內限制較少的財務契約來增強我們退出豁免期的能力，並提高靈活性，可使用高達 3 億美元的股票發行資金和高達 3 億美元的資產出售收益進行收購。我們非常感謝與貸款方的長期合作關係及其持續支持，並認為我們可以靈活地管理我們的業務並在短期內尋求增值機會，同時繼續專注於退出契約豁免期。

As of March 31, 2021, we had $1.5 billion in total outstanding debt with a weighted average interest rate of 3.9%, consisting of $510 million of mortgage debt secured by 33 hotels and $1 billion outstanding on our unsecured credit facilities. At the end of the quarter, we had available cash on hand of approximately $6 million and unused borrowing capacity under our revolving credit facility of approximately $275 million, with only $55 million of maturities in 2021. With approximately $281 million of total liquidity, only 32% total leverage, positive cash flow from much of 2020 and for the first quarter of 2021, we are confident in our ability to continue to navigate the current environment, preserve the value of our equity and strategically position ourselves to take advantage of opportunity.

截至 2021 年 3 月 31 日，我們的未償還債務總額為 15 億美元，加權平均利率為 3.9%，其中包括由 33 家旅館擔保的 5.1 億美元抵押債務和 10 億美元未償還的無擔保信貸額度。截至本季末，我們手頭上有大約 600 萬美元的可用現金，循環信貸額度下未使用的借款能力約為 2.75 億美元，其中 2021 年到期的只有 5500 萬美元。憑藉約 2.81 億美元的總流動資金、僅 32% 的總槓桿率、2020 年大部分時間和 2021 年第一季的正現金流，我們有信心繼續應對當前環境，保持股權價值，並進行策略性定位以抓住機會。

Our talented team and investment strategy have enabled us to effectively weather the most challenging environment ever experienced in our industry. As we proceed through the recovery, we are positioned for continued outperformance. With operations producing cash in excess of debt service, corporate costs and capital expenditures and with ample balance sheet capacity to enable us to pursue scaled acquisitions, we are confident in our ability to drive long-term value for our shareholders.

我們優秀的團隊和投資策略使我們能夠有效地度過業界有史以來最具挑戰性的環境。隨著經濟復甦的推進，我們已做好準備繼續保持優異表現。由於營運產生的現金超過債務服務、公司成本和資本支出，並且擁有充足的資產負債表能力使我們能夠進行規模收購，我們有信心為股東創造長期價值。

We can now open the call for questions.

現在我們可以開始提問了。

(Operator Instructions) Our first question comes from the line of 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。

Congrats on true cash flow positive, must feel great. Congrats. Sure. First one from me. Just in terms of acquisitions, external growth, you mentioned in the call, I think, Liz, your ability to execute on your best practices from your large portfolio and long track record and your ability to asset manage properly or better than most. That being said, are you kind of more willing to or maybe thinking about getting more aggressive on acquisitions, potentially raising some capital to really kind of get some scale early on in this cycle, particularly when a lot of the valuations are being priced out of '19. And we all know, based on all these changes to the model, EBITDAs are stabilized or going to be significantly above that. Just kind of curious to how you're thinking about that side of the equation? And you've kind of been closer to pulling the trigger on any acquisitions?

恭喜真正的現金流為正，一定感覺很棒。恭喜。當然。我第一個。就收購、外部成長而言，利茲，您在電話中提到了，我認為，您有能力從您的大型投資組合和長期業績記錄中執行最佳實踐，並且能夠比大多數人更好地管理資產。話雖如此，您是否更願意或可能考慮在收購方面採取更積極的措施，可能籌集一些資金以在此週期早期真正實現一定規模，特別是當許多估值已被排除在 19 年的價格之外時。我們都知道，基於模型的所有這些變化，EBITDA 將保持穩定或大幅高於這一水平。 只是有點好奇你是如何看待這個等式的這一邊的？您是否已經接近實施任何收購了？

As I mentioned in our remarks -- our prepared remarks, we have seen increased transaction volume in the market and have been actively underwriting deals, both as a buyer and a seller. I had highlighted in earlier calls, and it continues to be the case that there are relatively few assets currently trading on the market. That said, we are increasingly having conversations with groups that we feel are productive related to the potential acquisition of assets that would be a good fit for our portfolio and see opportunity on a selective basis as we have already this year to dispose of assets, really primarily as a way to manage long-term CapEx needs for our portfolio.

正如我在我們的演講中提到的——我們的準備好的發言中，我們看到市場交易量有所增加，並且一直在積極承銷交易，無論是作為買方還是賣方。我在之前的電話會議中已經強調過，目前市場上交易的資產仍然相對較少。儘管如此，我們越來越多地與我們認為在潛在收購適合我們投資組合的資產方面富有成效的團體進行對話，並有選擇地看到機會，因為我們今年已經處置了資產，這實際上主要是為了管理我們投資組合的長期資本支出需求。

Our expectation is that over the coming 12 to 18 months, we'll see a continued increase in total transaction volume with more assets coming to market, remembering, again, that in the near term, banks have been flexible, governments have provided -- or the government's provided subsidies for ownership groups and the brands have had a tremendous amount of flexibility around brand standards and renovation cycles. As some of that leniency wears off, we'll see an increased number of assets come to market, given the fact that a number of these ownership groups have depleted reserves in order to fund operating deficits in the near term.

我們預計，在未來 12 到 18 個月內，隨著更多資產進入市場，我們將看到總交易量持續增長，再次記住，在短期內，銀行一直很靈活，政府已經提供 - 或者政府為所有權集團提供補貼，並且品牌在品牌標準和翻新週期方面擁有很大的靈活性。隨著部分寬容度逐漸減弱，我們將看到越來越多的資產進入市場，因為事實上許多所有權集團已經耗盡儲備，以彌補短期營運赤字。

We think in the near term, there will be attractive opportunities. We think the window for acquisitions will be an extended window. And as Liz highlighted in her prepared remarks, we feel like we're uniquely positioned from a financial standpoint to pursue those deals, which are good for our portfolio and which we anticipate will enhance value for our shareholders over the long term. It's worth noting as well, we've been doing this for a very long time through multiple cycles and have a tremendous amount of experience acquiring assets.

我們認為短期內將會出現有吸引力的機會。我們認為收購的窗口期將會延長。正如利茲在準備好的發言中所強調的那樣，我們覺得從財務角度來看，我們處於獨特的地位，可以進行這些交易，這對我們的投資組合有利，並且我們預計這些交易將在長期內為我們的股東提升價值。值得注意的是，我們已經做了很長時間，經歷了多個週期，擁有豐富的資產收購經驗。

Given the lack of visibility today that exists, I think -- and our relative exposure and experience in the space, we have somewhat of a competitive advantage as we assess various opportunities. I feel really good about the deals that we've done to date since the beginning -- since the beginning of the pandemic. Each of those deals, I think, are located in markets with demand generators that are likely to outperform and to produce significant room nights at attractive pricing as we begin the recovery. And looking at our all-in per key price that we've had for those acquisitions feel incredibly good. And we feel that's just the start.

鑑於目前存在的缺乏可見性，我認為——以及我們在該領域的相對曝光和經驗，我們在評估各種機會時具有一定的競爭優勢。我對自疫情爆發以來我們達成的交易感到非常滿意。我認為，這些交易都位於具有需求產生器的市場中，隨著經濟開始復甦，這些市場可能會表現出色，並以誘人的價格產生大量客房晚數。看看我們在這些收購中所獲得的每筆關鍵費用，感覺真是太好了。我們覺得這只是一個開始。

Okay. Appreciate that, Justin. And then can you maybe talk about occupancy in April. Maybe talk about sort of occupancy thus far into May and kind of what the pricing or ADR trends kind of look like for you? I guess -- and that's just relative to like the return of your local and regional business travel. I think that's when you're really going to be able to change the mix, not just from leisure, higher-rated leisure to getting in that business travel. So if you could just maybe talk about those sorts of things and the progress on the nonleisure side of the book and just kind of pricing power over the very recent past?

好的。非常感謝，賈斯汀。然後可以談談四月份的入住率嗎？也許可以談談截至五月的入住率以及價格或 ADR 趨勢如何？我想——這只是與您當地和地區商務旅行的回歸有關。我認為那時你才真正能夠改變旅遊組合，而不僅僅是從休閒、高等級休閒旅遊轉向商務旅遊。那麼，您能否談談這些事情以及最近非休閒的進展以及定價能力？

So as for April and as we progress through April and into May, our weekends have continued to outperform. So leisure has continued to outperform at least as you look by day of week stay pattern. That said, between January and April and into May, occupancies have also increased midweek, which is favorable and a good sign for both local regional business travel, but business travel in general. It's been fairly widespread as well that we're seeing those trends. So on average, for our portfolio, weekend and weekday improvement through the quarter and into April. Every single week, both midweek and weekend, we were able to increase rate each week over the prior week. More significantly, as I mentioned in the prepared remarks, on the weekends, due to occupancy levels and demand over that time period, but also midweek, just not as significantly. And so I think as we continue to see midweek demand improve, we'll get that pricing power at that point as well. And I think to the extent business travel comes back more meaningfully, you mentioned, and you're correct that, that will give us an ability to better mix manage.

因此，就四月以及隨著四月和五月的到來，我們的周末業績繼續表現出色。因此，至少從一週中各天的停留模式來看，休閒活動持續表現出色。也就是說，在一月至四月以及五月期間，入住率也在周中增加，這對於本地區域商務旅行以及整體商務旅行來說都是有利的跡象。我們也看到了這些趨勢相當普遍。因此，平均而言，對於我們的投資組合而言，整個季度和四月的周末和工作日都會有所改善。每週，無論是周中還是週末，我們都能夠比前一周提高費率。更重要的是，正如我在準備好的演講中提到的那樣，在周末，由於那段時間的入住率和需求，但在周中，情況並不那麼明顯。因此我認為，隨著我們繼續看到周中需求的改善，我們也將獲得定價權。我認為，就您提到的商務旅行更有意義的程度而言，您說得對，這將使我們能夠更好地進行混合管理。

In the interim, as we look at booking position and look further out, we're encouraged by more bookings going into the month for longer stays in the future. So people are getting confident about booking in the future. We're having more bookings going into May than we had into April and the ADR on the books going into the month is higher. So we're encouraged by both the ADR and occupancy trends we're seeing in the booking information that we have, recognizing that most of our bookings still are relatively short term, although that has improved slightly as far as the mix of total bookings as we progress through this year relative to last year and in sort of the heart of the pandemic.

在此期間，當我們查看預訂情況並展望未來時，我們很高興看到本月將有更多預訂未來長期住宿。因此人們對未來的預訂越來越有信心。五月的預訂量比四月的多，而且五月的 ADR 也更高。因此，我們對所掌握的預訂資訊中的平均房價和入住率趨勢感到鼓舞，我們認識到我們的大多數預訂仍然相對短期，儘管就今年相對於去年和疫情中心而言的總預訂組合而言，這種情況略有改善。

Okay. I guess another way -- in terms of that business, I mean, have you seen a market decrease in the spread in occupancy between weekend, weekday, just as an indication that you're -- the first leg of the business travel, which is the local/regional are getting more comfortable, traveling more, et cetera?

好的。我想換一種方式 - 就該業務而言，我的意思是，您是否看到週末、工作日之間的入住率差距有所下降，這只是一個跡象，表明您 - 商務旅行的第一站，即本地/區域變得更加舒適，旅行更多，等等？

It's a good question. However, as we go into spring, even in normalized times, our weekends tend to outperform weekday. Our Saturday becomes a peak night when leisure is typically strong. And so the differential between weekday and weekend isn't apples-to-apples as you're coming out of fourth first quarter. We do believe that we are seeing incremental weekday demand, but weekends have certainly picked up more meaningfully. As climates have gotten warmer, you had spring break and restrictions have been lifted and people have been vaccinated, I think that the first surge of occupancy here really has been led by the weekends. But we continue to see improvement midweek as well.

這是個好問題。然而，隨著春季的到來，即使在正常時期，我們的周末表現也往往比工作日更好。我們的週六晚上是休閒時間通常較多的高峰期。因此，在第一季第四季度，工作日和週末之間的差異並不相同。我們確實相信，工作日的需求正在增加，但週末的需求肯定增長得更顯著。隨著氣候變暖、春假的到來、限制措施的解除以及人們接種疫苗，我認為這裡的首次入住熱潮確實是由周末帶動的。但我們在周中也繼續看到改善。

Our next question comes from the line of Alex Kubicek with Baird.

我們的下一個問題來自 Baird 的 Alex Kubicek。

First, I want to start on the credit waiver period. With how well things have progressed, what needs to happen on the demand front for you to exit that restriction period ahead of year end? I think we're just trying to get a pulse and if we're on that piece today? And just understand what metrics you guys are looking at going through the summer.

首先，我想先談談信用減免期。事情進展得如此順利，那麼在需求方面需要發生什麼才能讓您在年底之前擺脫限制期？我認為我們只是想了解一下情況，看看我們今天是否在討論這個主題？並且了解你們在整個夏天所關注的指標是什麼。

I mean the metrics or the covenant to play -- pay closest attention to is the debt-to-EBITDA covenant. We negotiated as part of the extension in March, elevated financial covenants. So where historically, we had to be at 6.5x debt-to-EBITDA. We have a period of time, we can be at 8.5x, then 8x and progress back down in 2023 to be stabilized 6.5x. At 8.5x, that's probably $45 million to $50 million for the quarter annualized. That's not too far from a reasonable expectation for future quarters here.

我的意思是要執行的指標或契約——最需要關注的是債務與 EBITDA 比率的契約。作為三月延期協議的一部分，我們進行了談判，提高了財務契約。因此，從歷史上看，我們的債務與 EBITDA 之比必須達到 6.5 倍。我們有一段時間，我們可以達到 8.5 倍，然後是 8 倍，並在 2023 年回落至穩定在 6.5 倍。以 8.5 倍計算，以年率計算，本季的營收可能為 4,500 萬至 5,000 萬美元。這與未來幾季的合理預期相差不遠。

I think as we look at it, we want to ensure that we are being responsible and exiting early and believe that there's some sustainability and demands and rates and that we'll be able to consistently produce higher EBITDA quarter-over-quarter and build so that we can maintain or sustain being out of the covenant waiver period, but it is certainly a focus for us. And looking at where we finish from an EBITDA standpoint in Q1 and recognizing the demand trends going into some of the strongest quarters of the year, it certainly remains a possibility that we could exit before the end of the year.

我認為，當我們審視這個問題時，我們希望確保我們負責任並儘早退出，並相信存在一定的可持續性、需求和利率，並且我們將能夠持續地逐季產生更高的 EBITDA，以便我們能夠維持或維持超出契約豁免期，但這無疑是我們關注的重點。從第一季的 EBITDA 角度來看，並認識到進入一年中一些最強勁季度的需求趨勢，我們仍有可能在年底前退出。

That's helpful. And then on the small Kansas sale, can you provide any update on the process and pricing there? And then just kind of pulling back as you guys have been selling kind of these small noncore assets over the past 6 months, how have you seen buyer attitudes shift on, whether it be pricing or the type of assets they're looking for? Just looking for color there.

這很有幫助。那麼，關於堪薩斯州的小額銷售，您能否提供那裡的流程和定價的最新資訊？然後，在過去的 6 個月裡，你們一直在出售這些小型非核心資產，你們如何看待買家態度的轉變，無論是定價還是他們正在尋找的資產類型？只是在那裡尋找顏色。

So the Kansas SpringHill Suites was sold to a hotelier, a local hotelier. Looking at the 3 hotels that we've sold this year, 2 were older extended state products that were sold to groups looking to convert the hotels to apartments. Kansas was sold to a group that wanted to continue to operate the hotel as a hotel. On a combined basis, the blended cap rate was around an 8 on 2019 numbers for the 3 assets. And that's excluding CapEx. I highlighted in response to Neil's earlier question that part of our thinking related to dispositions is the management of our out-year CapEx.

因此堪薩斯 SpringHill Suites 酒店被賣給了一位酒店經營者，一位當地的酒店經營者。看看我們今年售出的 3 家酒店，其中 2 家是較舊的擴展州產品，出售給了希望將酒店改建成公寓的團體。堪薩斯酒店被出售給一個想要繼續將其作為酒店經營的集團。綜合來看，這三項資產的混合資本化率（2019 年數據）約為 8。這還不包括資本支出。我在回答尼爾先前的問題時強調，我們與處置相關的部分想法是管理我們未來的資本支出。

It's worth noting that for the 3 hotels combined, our expected CapEx in the near-term was over $10 million. And so in part, the benefit of the sale was the attractive pricing that we were able to secure for the assets. But it's important as well to note that the sales help us to manage our long-term CapEx needs. And we feel that we can redeploy proceeds from those sales into newer assets that have a greater growth trajectory on a go-forward basis. Separately, the Kansas SpringHill Suites on 2019 numbers was in the 9-ish cap range, pre CapEx and mid-6s all in.

值得注意的是，對於這三家酒店而言，我們預計近期的資本支出將超過 1,000 萬美元。因此，從某種程度上來說，此次出售的好處在於我們能夠為資產爭取到有吸引力的定價。但同樣值得注意的是，銷售有助於我們管理長期資本支出需求。我們認為，我們可以將這些銷售所得重新部署到未來具有更大成長軌跡的新資產中。另外，堪薩斯 SpringHill Suites 酒店 2019 年的數據處於 9 左右的上限範圍內，包括資本支出前和 6 左右的全部數據。

That's helpful. And then kind of just leading into the last comment you made on acquisitions. Can you just speak a little more to the composition of your active deal pipeline? Just are any markets, location, brands, screening more attractive today as you kind of put pen to paper and start underwriting deals?

這很有幫助。然後就引出您關於收購的最後一則評論。您能否再多談談您的活躍交易管道的組成？當您拿起筆開始承銷交易時，任何市場、地點、品牌和篩選是否都更具吸引力？

I mean we continue to like the types of assets that exist within our portfolio. And so as we look at acquisitions, we continue to look for select-service assets, branded with Hilton, Marriott or with Hyatt. Generally, we're looking at newer assets, though not exclusively. And we're looking to build out our portfolio and to continue our strategy of broad geographic diversification. I think we've highlighted in past calls and certainly shown in our recent performance results that a focus on markets with multiple demand generators yields the strongest long-term results for us.

我的意思是我們繼續喜歡我們投資組合中現有的資產類型。因此，當我們考慮收​​購時，我們繼續尋找希爾頓、萬豪或凱悅品牌的精選服務資產。總體而言，我們正在尋找較新的資產，但並非唯一。我們正在尋求擴大我們的投資組合併繼續推行廣泛的地理多元化策略。我認為我們在過去的電話會議中已經強調過，並且在我們最近的業績結果中也確實表明，關注具有多個需求生成器的市場將為我們帶來最強勁的長期業績。

And as we invest, we're looking to buy hotels in markets that benefit from a mix of leisure and business demand, recognizing that in the near term, leisure will be the stronger component in many of those markets, but ensuring that as we progress through the recovery and we see a more robust return in business transient, that we are also poised to benefit from that.

當我們投資時，我們希望購買受益於休閒和商務需求混合的市場中的酒店，我們認識到在短期內，休閒將成為許多此類市場中更強勁的組成部分，但要確保隨著我們逐步復蘇，我們看到商業瞬態的更強勁回報，我們也準備從中受益。

Our next question comes from the line of Austin Wurschmidt with KeyBanc.

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

So Liz, your comment on achieving ADR of, I think you said $120 -- $121 in late April. That was for the overall portfolio, correct? And then we've talked in the past about ADR growth becoming more, I think, exponential versus linear when you reached that 70% occupancy level. So are we there now? And does that view kind of still hold with the mix of business that you have today?

所以 Liz，你對實現 ADR 的評論，我想你是說在 4 月底達到 120 到 121 美元。這是針對整體投資組合的，對嗎？ 然後我們過去曾討論過，當達到 70% 的入住率時，ADR 增長將變得更呈指數級而不是線性增長。那我們現在到了嗎？這種觀點是否仍適用於您目前的業務組合？

So I'll answer the question relative to the $121. That was for the portfolio for weekends, for weekend ADR, for the last week in April. We are beginning to see sort of the benefits of some consistent higher occupancies. The revenue management systems do appear to have recognized the recent demand trends and the future booking demand trends. And as we progress through the first quarter, one of the positive trends that we saw in our booking data was where we had been last year going into the month with a rate on the books from future bookings as we progress real-time in the month for the month, where we were achieving most of our bookings that ADR was decreasing over the month and actualized lower than the ADR. We went into the month with the bookings that were there.

因此我將回答與 121 美元相關的問題。這是四月最後一週週末 ADR 的投資組合情況。我們開始看到入住率持續上升帶來的好處。收益管理系統似乎確實認識到了近期的需求趨勢和未來的預訂需求趨勢。隨著第一季的進展，我們在預訂數據中看到的一個積極趨勢是，我們進入本月時的未來預訂的賬面利率與去年同期相同，隨著本月的實時進展，我們實現了大部分預訂，但平均房價 (ADR) 在當月有所下降，實際價格低於平均房價。我們進入了有預訂的月份。

As we progress through this quarter -- this year, we saw that change about February and into March, instead of decreasing, it would plateau and stay flat. And then as we moved into April, we finished the month at a higher ADR than we started with, with the bookings that were on the books for the total portfolio. And so -- and into May, as we look at booking data for May, we're going in with a higher booked rate than April with the -- and because it's higher-rated on the books now, anticipate -- and even see in future months as people are booking, that the revenue management systems are recommending higher rates. So we're beginning to see some traction. I think that the consistency of demand in our portfolio and the revenue management systems starting to price higher rates is a positive sign.

隨著我們進入本季度——今年，我們在 2 月和 3 月看到了這種變化，它不但沒有減少，反而趨於平穩。然後，當我們進入四月份時，我們以高於月初的 ADR 結束了這個月份，並且整個投資組合的預訂量都達到了預期。因此 — — 進入 5 月份，當我們查看 5 月份的預訂數據時，我們會發現預訂率比 4 月份更高 — — 而且由於現在預訂的評級較高，因此可以預期 — — 甚至在未來幾個月人們預訂時，收入管理系統都會推薦更高的價格。因此我們開始看到一些進展。我認為，我們的投資組合中需求的一致性以及收入管理系統開始定價更高的費率是一個積極的信號。

I think, too, as we move throughout the spring and summer, and having those higher rates on the books, that will help conversations with our management companies about the mix of business on our books, or at what rates they're taking base business should they still feel that they need it. And so I do think we have turned or started to turn a corner. How quickly rate grows will depend in part with what occupancy does. But as we have heard from our peers broadly, and as we've seen in the industry, we certainly have seen an uptick in demand and should that continue, believe that ADR will begin to improve.

我也認為，隨著我們進入春季和夏季，帳面上的利率會更高，這將有助於我們與管理公司討論帳面上的業務組合，或者如果他們仍然覺得需要的話，他們會以什麼樣的利率來承接基礎業務。因此我確實認為我們已經轉變或開始轉變。利率成長的速度部分取決於入住率。但正如我們從同行那裡廣泛聽到的以及我們在行業中看到的那樣，我們確實看到了需求的上升，如果這種情況持續下去，我們相信 ADR 將開始改善。

That's really good detail. Can you just share what percent corporate travel represents today is either percent of revenue or room nights versus several months ago?

這真是很好的細節。您能否與幾個月前相比，今天商務旅行佔收入或客房晚數的百分比是多少？

Austin, it's a good question. We -- stabilized, we've always estimated that we were probably 75% business transient or business travel and 25% leisure. Over the last year, I'd say we thought we were more 50-50. Given that we still continue to see outperformance on the weekends, even though going into the second and third quarter, weekends are seasonally strong anyway relative to midweek. We're probably closer to that 50-50 still today than the 25-75, but making some progress back towards the 25-75 of our normal stabilized split, if that makes sense.

奧斯汀，這是個好問題。我們—穩定下來，我們一直估計我們大概有 75％ 是商務短暫旅行或商務旅行，25％ 是休閒旅行。在過去的一年裡，我想說我們認為我們的比例是 50-50。鑑於我們仍然看到週末表現優異，儘管進入第二季度和第三季度，但相對於周中而言，週末仍具有季節性的強勁表現。今天，我們可能仍然更接近 50-50，而不是 25-75，但如果說得通的話，我們正在朝著正常穩定分割的 25-75 邁進。

Yes. Got it. No, I didn't mean to put you on the spot. That's helpful. I know it's not a perfect science. And then, Justin, on the disposition side, given the conversations you're having, why not sell more today, given there's -- your conversations are starting to pick up it sounds like, and it seems to be like there's tremendous demand out there for assets, and so why not build your capacity ahead of what you're talking about is kind of a ramp in opportunities over the next 6, 12, 18 months. What's sort of holding you back from maybe doing something on a more larger transaction and portfolio-type deal?

是的。知道了。不，我不是有意讓你為難。這很有幫助。我知道這不是一門完美的科學。然後，賈斯汀，在處置方面，考慮到你正在進行的對話，為什麼不今天賣出更多，考慮到 - 聽起來你的談話開始升溫，而且似乎對資產有巨大的需求，所以為什麼不在你談論的未來 6、12、18 個月內機會增加之前建立你的產能。什麼因素阻礙了您進行更大規模的交易和投資組合類型的交易？

I think there's an openness on our part to doing a larger transaction for the reasons that you've highlighted. That said, we don't have a need to do that. And so for us, the attractiveness of a larger-scale transaction is really wholly dependent on the pricing we're able to achieve for that. I highlighted that as we look at out years managing our CapEx spend, it's an important component as we look at our ability to generate outsized returns for our investors throughout the recovery, and the sale of assets is one way to manage that. A more scaled transaction brings with it some efficiencies that these smaller transactions do not benefit from, and so I think consistent with the discussions that we've had on past calls, we continue to entertain offers from and to actively look for opportunities with larger groups in market. And we'll pursue transactions to the extent we feel pricing is appropriate.

我認為，由於您所強調的原因，我們願意進行更大規模的交易。話雖如此，我們沒有必要這麼做。因此，對我們來說，大規模交易的吸引力實際上完全取決於我們能夠實現的定價。我強調，當我們回顧過去幾年管理資本支出的情況時，這是一個重要組成部分，因為我們要考慮在整個復甦過程中為投資者創造超額回報的能力，而出售資產是管理這一點的一種方式。更大規模的交易會帶來一些效率，而這些較小的交易則無法從中受益，因此我認為，與我們在過去的電話會議上的討論一致，我們將繼續接受來自更大集團的報價，並積極尋找與市場上更大集團合作的機會。我們會在我們認為定價合適的範圍內進行交易。

Our next question comes from the line of Tyler Batory with Janney Capital Markets.

我們的下一個問題來自 Janney Capital Markets 的 Tyler Batory。

This is Jonathan on for Tyler. First one for me. Wondering if you could provide some color on the labor market that's out there. What you guys are seeing in terms of hiring back additional workers as occupancy has ramped fairly meaningfully over the last few months? And any thoughts on when some of those pressures, if they're out there, may alleviate?

這是喬納森 (Jonathan)，代替泰勒 (Tyler)。對我來說是第一個。想知道您是否可以提供一些有關勞動力市場的資訊。過去幾個月入住率大幅上升，你們在重新僱用更多員工方面有何舉措？如果有這些壓力，您認為什麼時候可以緩解這些壓力？

It's interesting. There's been a lot of talk about the labor crisis or a challenge that a number of service industries are having finding good workers in today's environment. And certainly, we are, as are most businesses in service industries impacted by that. Relative to our full-service peers, I think we're advantaged on the margin, in that we came into this year running higher occupancies and had in the -- in last year and have for some period of time been in market adding back employees as we've built back occupancy. We made the strategic decision in November and December when we saw seasonal declines in occupancy to retain workers that we had brought on as we ramp to our prior peak occupancy in October. And as we built back occupancy this year, that's worked to our benefit.

這很有趣。人們經常談論勞動力危機，或當今環境下許多服務業在尋找優秀員工方面所面臨的挑戰。確實，我們和大多數服務業的企業一樣，受到了影響。相對於我們的全方位服務同行，我認為我們在邊際上具有優勢，因為今年我們的入住率更高，並且在去年和一段時間內，隨著入住率的恢復，我們在市場上增加了員工。當我們看到入住率出現季節性下降時，我們在 11 月和 12 月做出了策略決策，以保留我們新招聘的員工，以便在 10 月達到之前的入住率高峰。隨著我們今年入住率的恢復，這對我們有利。

The labor pressure isn't quite universal. We're feeling it more in certain markets than in others, but anticipate that it will continue to be an issue as we see a ramp-up in service businesses across the country. And I think there's been a significant discussion in prior earnings calls from our peers about other factors that are contributing to the challenges that we have now, including difficulty finding childcare for certain individuals, competitive environment and government subsidized unemployment, all of which we think, over time, stabilize and put us in a much better position overall.

勞動力壓力並不普遍。我們在某些​​市場比其他市場感受到的更多，但隨著我們看到全國服務業務的成長，預計這將繼續成為一個問題。我認為，我們的同行在先前的收益電話會議上已經對導致我們當前面臨的挑戰的其他因素進行了重要的討論，包括某些人難以找到托兒服務、競爭環境和政府補貼失業，我們認為，隨著時間的推移，所有這些因素都會穩定下來，並使我們總體上處於更有利的地位。

The trick is in the near term meeting our needs. So I think we're fortunate that our business relative -- specifically to our full-service peers, is efficient by design. And so the total number of workers that we're looking for as we build back occupancy is meaningfully less. We don't have outlets that we need to staff in addition to kind of the normal base functionality of our hotels, which we see as an advantage.

訣竅在於短期內滿足我們的需求。因此，我認為我們很幸運，我們的業務相對而言——特別是與全方位服務的同行相比，在設計上是高效的。因此，我們在恢復入住率時所需的工人總數明顯減少。除了飯店的正常基本功能外，我們不需要為其他門市配備人員，我們認為這是一個優勢。

Okay. Great. I appreciate all that detail. And then turning to the CapEx side, and Liz, you provided the CapEx guidance, which I believe was consistent from the last time you reported. But I'm curious if the recent strength and demand changes, the way you think about the CapEx spend for the remainder of the year?

好的。偉大的。我很欣賞所有這些細節。然後轉向資本支出方面，Liz，您提供了資本支出指導，我相信這與您上次報告的一致。但我很好奇，如果最近的實力和需求發生變化，您對今年剩餘時間的資本支出有何看法？

We're continually assessing and we meet regularly to look at our CapEx plan for this year and quite frankly, for the next several years. We feel comfortable with what we currently have budgeted for this year and are in the process of beginning a number of renovations, focused on those assets where we see the greatest potential for incremental investment. Should operating performance dramatically exceed our expectations, we have the flexibility to add to our current project list. That said, I think we feel comfortable given the current condition of our assets and the plan that we have for the remainder of the year with what we currently anticipate.

我們正在不斷評估並定期開會研究今年以及未來幾年的資本支出計劃。我們對今年目前的預算感到滿意，並且正在開始進行一系列翻新工程，重點關注那些我們認為增量投資潛力最大的資產。如果營運績效大幅超出我們的預期，我們可以靈活地將其添加到我們目前的項目清單中。話雖如此，考慮到我們目前的資產狀況以及我們今年剩餘時間的計劃，我認為我們對目前的預期感到滿意。

Our next question comes from the line of Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

Just a question about the market for select-service assets. I mean, how the investor demand and evaluations for the type of hotels that you own trended in recent, I guess, quarters? We've seen, I guess, on the resort side that pricing seems to be above pre-COVID levels and demand is very high as well. Given your performance, I would expect to see that similar dynamic for your type of assets. Have you seen that in the market? And if so -- and if not, why don't you think -- why not?

這只是一個關於精選服務資產市場的問題。我的意思是，最近幾個季度，投資者對您所擁有的酒店類型的需求和評價趨勢如何？ 我想，我們已經看到，度假村方面的價格似乎高於疫情之前的水平，而且需求也很高。鑑於您的表現，我預計您的資產類型也會出現類似的動態。你在市場上看過這個嗎？如果是這樣 — — 如果不是，你為什麼不想想 — — 為什麼不呢？

We definitely have seen the same. And to some extent, it's a function of supply and demand. Coming into the downturn, there was a lot of money raised to invest in what was anticipated to be a large number of distressed assets. The level of distressed at least from a valuation standpoint has not yet manifest. And part of that is for the reasons that I highlighted earlier, the flexibility that the brands and banks have extended as well as government subsidies for private owners. I think that there exists the possibility that as we move through this cycle, we might see better pricing for select assets. But in the near term, there continues to be very strong demand for assets, and that's keeping pricing relatively stable to pre-pandemic levels.

我們確實也看到過同樣的事情。從某種程度上來說，這是供需關係的函數。在經濟低迷時期，人們籌集了大量資金來投資預計將出現的大量不良資產。至少從估值角度來看，困境程度尚未顯現。部分原因是我之前強調的，即品牌和銀行提供的靈活性以及政府對私人業主的補貼。我認為，隨著我們經歷這個週期，我們可能會看到精選資產的更好定價。但短期內，對資產的需求仍然非常強勁，這將使價格保持相對穩定的狀態，與疫情前的水平相當。

Got it. And I guess, could you give us your view on supply growth for limited service properties, obviously, coming into the downturn, there was less supply. But given higher labor cost, construction cost and the brands seeming to shift to more international development, could you see supply growth remaining lower during this early part of the cycle than maybe in prior recovery cycles?

知道了。我想，您能否給我們談談對有限服務物業供應成長的看法，顯然，進入經濟低迷時期，供應量減少了。但考慮到勞動成本和建築成本的上升，以及品牌似乎轉向更多的國際發展，您是否認為在週期的早期階段，供應成長會比之前的復甦週期更低？

Supply growth always lags demand trends. And I think as a result, last year, we continued to see an increase in supply in a number of our markets. As we move through this year, that becomes less of a factor. And certainly, as we look at '22, '23 and even beyond, our expectation is that we'll see meaningfully less supply growth in the majority of our markets. Construction costs continue to be relatively high, and the labor shortage is impacting developers' ability to get deals done in the current environment. We've also found that early cycle lenders tend to be more conservative in their underwriting of development deals and availability of capital is the most meaningful constraint on supply over the long run. The benefit we'll have coming out of this cycle is our expectation is that the rebound will be more dramatic than it was over the last cycle where demand recovered slowly over a more extended period of time. And because of the lag in new supply coming online, that should create a number of years where we could see meaningful outsized performance relative to prior year.

供應成長總是落後於需求趨勢。我認為，結果是，去年我們繼續看到多個市場的供應量增加。隨著今年的到來，這個因素變得越來越不重要了。當然，展望 2022 年、2023 年甚至更久以後，我們預期大多數市場的供應成長將顯著減少。建築成本仍然相對較高，勞動力短缺正在影響開發商在當前環境下完成交易的能力。我們也發現，早期週期的貸款機構在承銷開發交易時往往更加保守，而從長遠來看，資本的可用性是供應的最重要限制因素。我們從這個週期中獲得的好處是，我們預計反彈將比上一個週期更加劇烈，上一個週期的需求在較長時間內緩慢復甦。而且由於新供應上線的滯後，我們可能會在接下來的幾年看到相對於前幾年而言具有顯著超額表現的業績。

Our next question comes from the line of Bryan Maher with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Bryan Maher。

Just 2 for me. When we look at the portfolio and what seems to have performed best lately, it seems to skew towards more of the upscale suite extended stay-type product, whether that's the TownPlace, Home2s, Residence Inn, even the Embassy. Is that going to skew what you look at when you go to make acquisitions? Or was their performance or I should say, outperformance recently, more of an anomaly?

對我來說只要 2 個。當我們查看投資組合以及最近表現最好的產品時，它似乎更傾向於高檔套房長住型產品，無論是 TownPlace、Home2s、Residence Inn，還是 Embassy。這是否會對您進行收購時所考慮的內容產生影響？或者說，他們的表現，或者說，最近的出色表現，更多的是一種異常現象？

That's a good question. So when I look at 2019 sort of stabilized occupancy premiums for extended stay versus the rest of our portfolio, it had a 5-point occupancy premium. Through last year, that gap was significant. I think at one point it was as much as 25 percentage points of occupancy premium and it has steadily decreased from there. We actually are pleased with the share growth on our -- whether it be suite or more traditional select-service products over the last 28 days and through the first quarter and have started to see that occupancy premium shrink most recently, which we think is encouraging on multiple levels.

這是個好問題。因此，當我將 2019 年長期住宿的穩定入住率與我們投資組合中的其他飯店進行比較時，它的入住率溢價為 5 個百分點。截至去年，這一差距仍然很大。我認為入住率溢價一度高達 25 個百分點，此後一直穩定下降。事實上，我們對過去 28 天和整個第一季的份額增長感到滿意——無論是套房還是更傳統的精選服務產品，並且最近開始看到入住率溢價下降，我們認為這在多個層面上都是令人鼓舞的。

The fact that your more transient in nature hotels with shorter lengths of stay are picking up as a positive sign for business travel, but it also means that more aspects or more demand generators are getting back to more normalized patterns. And so still a significant gap in occupancies between extended stay and select-service products, but not the 25 points we saw sort of in Q2 at onset of the pandemic. We're probably in -- over the past 4 weeks, we're probably more in the 15-point premium range. And again, stabilized, they were -- 2019, they were 5 points in occupancy premium.

事實上，短期住宿的臨時性酒店數量正在增加，這對商務旅行來說是一個積極的信號，但這也意味著更多的方面或更多的需求生成器正在恢復到更正常的模式。因此，長期住宿飯店和精選服務飯店的入住率仍然存在很大差距，但不像疫情爆發時第二季那樣出現 25 個百分點的差距。我們可能處於 - 在過去的 4 週內，我們可能處於 15 點的溢價範圍內。再次穩定下來——2019 年，他們的入住率提高了 5 個百分點。

And from an acquisition standpoint, certainly, that is something that we take into consideration as we look at potential acquisitions. I think having owned a broad variety of select-service and extended stay brands over an extended period of time, we have a good understanding of the relative merits of each of the operating models. And as we look at total ROI over an extended period of time, we take into consideration operating efficiencies, which benefit these extended stay properties, but we also take into consideration the long-term CapEx spend against the hotels. And that is a factor that plays to the detriment of extended stay and suite product in certain markets where the room footprint is meaningfully larger and there are associated costs with that. And so as we build out our portfolio, I think it's safe to assume that we will mix product looking at the total return potential over a more extended period of time.

從收購的角度來看，當然，這是我們在考慮潛在收購時會考慮的事情。我認為，由於我們在很長一段時間內擁有了各種各樣的精選服務和長住品牌，我們非常了解每種營運模式的相對優點。當我們考慮長期內的總投資報酬率時，我們會考慮營運效率，這對這些長期住宿飯店有利，但我們也會考慮飯店的長期資本支出。在某些市場中，這是一個不利於長期住宿和套房產品的因素，因為這些市場的房間面積明顯更大，而且相關成本也更高。因此，當我們建立我們的投資組合時，我認為可以安全地假設我們將根據更長時間內的總回報潛力來混合產品。

Got it. That's helpful. And then you touched upon the likelihood of permanent margin expansion coming out of this COVID era and cutting costs. Offsetting that clearly is going to be, labor cost, and it's really hard to kind of retrace labor costs downward once you've kind of elevated them. How much does increased labor cost cut into that permanent margin expansion from other areas? So for instance, maybe you thought margins might expand 200 or 300 bps. Does it cut into half of that? I mean, just a big picture?

知道了。這很有幫助。然後您談到了在新冠疫情時代結束後永久擴大利潤率和削減成本的可能性。顯然，抵消這項影響的將是勞動成本，而勞動成本一旦上升，就很難再下降。勞動成本的增加會在多大程度上削減其他領域的永久利潤成長？例如，也許您認為利潤率可能會擴大 200 或 300 個基點。這樣會減少一半嗎？我的意思是，只是一張大圖？

I mean, interestingly, there are 2 things, Bryan, right? One is the continued and expected increase in the cost per hour of labor in markets across the country. On the opposite side of that is what we anticipate to be increased productivity in part because of learnings that we've had during the pandemic, but also as a result of conversations that we're having now with the brands related to long-term brand standards and service and amenity models. Our expectation is that we will have fewer full-time employees coming out of the pandemic than we had going into it. And we've always expected that there would be pressure on wages. Looking more broadly and holistically, the upside to that is that as people earn more, they tend to travel more. And there is a piece of that, that generates incremental demand, especially for the types of hotels that we own. But I think for the reasons that you've highlighted, we've been reluctant to throw out a specific number when it comes to anticipated margin expansion and instead try to help investors to understand the component parts that we're working with and how things might play out as we look forward.

我的意思是，有趣的是，有兩件事，布萊恩，對吧？一是全國市場每小時勞動成本預計將持續上漲。另一方面，我們預期生產力將會提高，部分原因是我們在疫情期間所獲得的經驗教訓，也是我們現在與品牌就長期品牌標準、服務和便利設施模式進行的對話的結果。我們預計，疫情結束後我們的全職員工人數將比疫情爆發前減少。我們一直預期薪資將面臨壓力。從更廣泛和更全面的角度來看，這樣做的好處是，隨著人們收入的增加，他們往往會更多地旅行。其中一部分會產生增量需求，特別是對於我們所擁有的飯店類型而言。但我認為，由於您所強調的原因，我們不願意在預期利潤率擴張時給出一個具體的數字，而是試圖幫助投資者了解我們正在處理的組成部分以及未來事情可能如何發展。

Our next question comes from the line of Dori Kesten with Wells Fargo.

我們的下一個問題來自富國銀行的 Dori Kesten。

I apologize if you've addressed this, but how should we think about the timing around Apple reinstating its common quarterly dividend and how that may ramp, if you may be exiting -- or if you may be able to exit the waiver period at some point this year?

如果您已經解決了這個問題，我很抱歉，但是我們應該如何考慮蘋果恢復其普通季度股息的時間，以及如果您可能退出 - 或者您是否可以在今年某個時候退出豁免期，那麼股息將如何增加？

In terms of reinstating, we did pay a first quarter dividend of $0.01 per share. And under our current waiver agreements, we have the flexibility to continue to pay $0.01 per share per quarter through the entire -- that period of time. Beyond that, we're limited to what's legally required of us in order to maintain our REIT status. Looking forward, we have losses that we're carrying forward from last year. And so we do not anticipate in the near term there being an obligation for us to pay a significantly higher dividend than what we've currently reinstated.

在恢復方面，我們確實支付了每股 0.01 美元的第一季股息。根據我們目前的豁免協議，我們可以靈活地在整個期間繼續支付每股每季 0.01 美元。除此之外，我們只能按照法律要求的範圍內行事，以維持我們的房地產投資信託基金地位。展望未來，我們的損失是從去年開始結轉的。因此，我們預計短期內我們不會承擔支付比目前恢復的股息高得多的義務。

That said, looking longer term, we understand the value of the dividend to our investors. And anticipate based on the lead we have on our peers in terms of cash production and our expected trajectory this year and next, that we would be in a position to reinstate a more meaningful dividend as operations continue to improve. In the near term, our focus is on other ways to further drive value for our shareholders. And as I've highlighted in response to some of the earlier questions, we're intently focused on managing our portfolio, selling and buying assets in ways that drive incremental value, which should translate into a stronger share price.

話雖如此，從長遠來看，我們了解股息對投資者的價值。並且基於我們在現金生產方面領先於同業以及我們今年和明年的預期發展軌跡，我們預計隨著營運的不斷改善，我們將能夠恢復更有意義的股息。短期內，我們的重點是透過其他方式進一步為股東創造價值。正如我在回答一些先前的問題時所強調的那樣，我們專注於管理我們的投資組合，以推動增量價值的方式出售和購買資產，這應該轉化為更強勁的股價。

Our next question comes from the line of Floris Van Dijkum, Compass Point.

我們的下一個問題來自 Compass Point 的 Floris Van Dijkum。

Justin, maybe I know you don't want to quantify the savings, but can you highlight to people maybe the -- your peak to peak margin improvements. If you look -- if we look past the past 2 quarters -- or past 2 cycles and what you've experienced in your portfolio?

賈斯汀，也許我知道你不想量化節省，但你能否向人們強調一下——你的峰值到峰值利潤率的提高。如果您回顧一下——如果我們回顧過去兩個季度——或者過去兩個週期，您的投資組合經歷了什麼？

So we do not have the same portfolio today that we had during the past 2 cycles. We were able to look back, and we have 14 assets that we owned from peak to peak during the last cycle. So owned them in 2007 and own them today. And including each of those assets, so in total, we were able to grow margin on 2007 and through the last peak, over 270 basis points. And so we certainly have always been focused on efficiency and maximizing performance.

因此，我們今天的投資組合與過去兩個週期的投資組合不同。我們可以回顧一下，我們擁有上一個週期從巔峰到巔峰時期的 14 項資產。所以在 2007 年就擁有它們，現在也擁有它們。如果將這些資產中的每一項都計算在內，那麼總體而言，我們的利潤率在 2007 年及上一個高峰時增長了 270 個基點以上。因此，我們始終專注於提高效率和最大化效能。

And so given that track record, given our experience and given the fact that at that time these plans that we've invested in, were continuing to evolve and elevate offerings and product, and so some of the brand standards and amenities had gotten more expensive over that same time period, but yet we were still able to drive margins from peak to peak.

因此，鑑於過去的記錄、我們的經驗以及當時我們所投資的這些計劃正在不斷發展和提升產品和服務，因此一些品牌標準和設施在同一時期變得更加昂貴，但我們仍然能夠將利潤率從高峰推向峰值。

I think in an environment like we're in today, given that the brands are so constructive about looking at the operating model, each standard, each offering and finding ways to be more efficient, that we're confident with that paralleled with our benchmarking and our deep experience with the brands and our constant commitment to maximize and be as efficient as possible. That we should be able to grow margins long term as the operating model stabilizes.

我認為，在我們今天所處的環境中，鑑於各品牌對審視運營模式、每項標準、每項產品以及尋找更高效的方法都非常有建設性，我們對此充滿信心，這與我們的基準測試、我們對各品牌的深厚經驗以及我們不斷致力於最大化和盡可能提高效率的承諾相一致。隨著營運模​​式的穩定，我們應該能夠長期提高利潤率。

And Floris, we highlighted in past conversations and in past calls that our primary areas of focus with the brands are around the service model, specifically housekeeping and the food and beverage offering. Looking at our total expenditures, historically, 40% of our total cost structure has been labor related. And while we anticipate individually, we will be paying employees more. We're working with the brands on ways that we can adjust our service model and have a need for fewer people, which should yield a meaningful benefit to us on outside. Looking more broadly speaking, I think assessing where we might be at the end of this when we get back to a more stabilized level, in some ways, it's easier to look at our company than some of our peers.

弗洛里斯，我們在過去的對話和電話中強調，我們關注品牌的主要領域是服務模式，特別是客房服務和食品飲料供應。從歷史上看，從我們的總支出來看，我們總成本結構的 40% 與勞動力有關。雖然我們預期個人薪資會上漲，但我們會向員工支付更多薪資。我們正在與各品牌合作，調整我們的服務模式，減少所需人員，這將為我們帶來外部的重大利益。從更廣泛的角度來看，我認為，當我們回到更穩定的水平時，評估我們最終可能處於什麼位置，從某種程度上來說，審視我們的公司比審視我們的一些同行更容易。

We have, since the beginning of the pandemic, the net acquirers of assets. So we have not sold assets to pay down debt and really have been able to fund our operations with cash flow from our assets, which has kept us from needing to take on additional debt or have other dilutive equity raises, which would also impact the value of our equity. So coming out of this, getting back to 2019 levels, we feel good about the value of our equity and how we compare to some of our peers who have been forced to take more drastic measures in managing their business. And then for the reasons that Liz highlighted, we feel really confident in our ability to further drive margins and create incremental value in that way.

自疫情爆發以來，我們就成為了資產的淨收購者。因此，我們沒有出售資產來償還債務，而是真正能夠利用資產的現金流為我們的營運提供資金，這使我們不需要承擔額外的債務或進行其他稀釋性的股權融資，這也會影響我們股權的價值。因此，走出困境，回到 2019 年的水平，我們對我們的股權價值感到滿意，並且與一些被迫採取更嚴厲措施管理業務的同行相比，我們感到滿意。然後，由於 Liz 強調的原因，我們對進一步提高利潤率並以此方式創造增量價值的能力充滿信心。

Ladies and gentlemen, at this time, I would like to turn the floor back to Justin Knight for closing comments.

女士們、先生們，現在，我想請賈斯汀奈特 (Justin Knight) 作最後發言。

I'd like to thank all of you for joining us today. We recognize that many of you are busy and have other calls to join, but we hope that as you travel, and we hope that you will travel, you take an opportunity to stay with us at one of our hotels. Have a great day, and we look forward to talking to you soon.

我感謝大家今天的出席。我們認識到你們中的許多人都很忙並且還有其他電話要參加，但我們希望你們在旅行時，並且我們希望你們將要旅行時，能夠藉此機會入住我們的一家酒店。祝您有美好的一天，我們期待很快與您交談。

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。