Apple Hospitality REIT Inc (APLE) 2020 Q4 法說會逐字稿

Greetings. Welcome to the Apple Hospitality REIT Fourth Quarter and Full Year 2020 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Kelly Clarke, Vice President of Investor Relations. You may begin.

問候。歡迎參加 Apple Hospitality REIT 2020 年第四季和全年財報電話會議。 （操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。你可以開始了。

Thank you, and good morning. Welcome you to Apple Hospitality REIT's Fourth Quarter and Full Year 2020 Earnings Call on this the 24th day of February 2021. Today's call will be based on the fourth quarter and full year 2020 earnings release and Form 10-K, which were distributed and filed yesterday afternoon.

謝謝，早安。歡迎參加 Apple Hospitality REIT 於 2021 年 2 月 24 日舉行的 2020 年第四季和全年財報電話會議。今天的電話會議將基於昨天下午分發和提交的 2020 年第四季和全年財報和 10-K 表格。

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 express 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. 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.

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、績效或成就與此類前瞻性聲明明示或暗示的未來結果、績效或成就有重大差異。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。 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。

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 for additional information about the company, please visit applehospitalityriet.com.

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。如需獲取收益報告副本以及有關該公司的更多信息，請訪問 applehospitalityriet.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 fourth quarter and full year 2020. Following the overview, we 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 2020 年第四季和全年的業績。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. Before I begin, I want to take a moment to acknowledge the recent passing of Arne Sørensen. Arne was one of the most intelligent and insightful individuals in our business and a truly good person. He aspired to make the world a better place and care deeply for friends, family and business associates. Arne is fortunate to have attracted many great people over the years. And I have every confidence that the company will be in good hands but I personally will miss him and I know others will as well.

早安，感謝您今天加入我們。在我開始之前，我想花點時間回顧一下 Arne Sørensen 最近的去世。阿恩是我們這個行業中最聰明、最有洞察力的人之一，也是一位真正善良的人。他渴望讓世界變得更美好，並深切關心朋友、家人和商業夥伴。多年來，阿恩很幸運地吸引了許多優秀的人才。我完全相信公司會得到妥善管理，但我個人會想念他，我知道其他人也會。

Challenges brought by the COVID-19 pandemic meaningfully impacted travel beginning in March of last year making 2020 the most difficult year on record for the hotel industry. We are incredibly grateful to work with the best management teams in the industry, who, in light of unprecedented challenges, effectively adjusted to the new environment and continue to serve guests with care. In 2020, we were unrivaled in our ability to keep our hotels open, and that would not have been possible without their dedication and hospitality. I also want to recognize the efforts of our team members at Apple who have worked tirelessly over the past year. Our success is in large part, a direct result of their work.

從去年 3 月開始，COVID-19 疫情帶來的挑戰對旅遊業產生了重大影響，使 2020 年成為酒店業有史以來最艱難的一年。我們非常感激能夠與業界最優秀的管理團隊合作，他們在前所未有的挑戰面前，有效地適應了新環境，並繼續為客人提供貼心的服務。 2020 年，我們在保持酒店營業方面表現出色，如果沒有他們的奉獻和熱情好客，這一切都不可能實現。我還要感謝蘋果團隊成員在過去一年中不懈的努力。我們的成功很大程度上是他們工作的直接結果。

We have developed and refined a hotel investment strategy unique in its ability to mitigate risk and volatility while producing compelling investor returns throughout economic cycles. Our strategy is straight forward in a portfolio of geographically diversified select-service hotels affiliated with the best brand. We work with the best management teams in the industry, consistently reinvest in our hotels to ensure they remain relevant and competitive and maintain the flexible capital structure with low leverage. Although the current environment has created more significant operating challenges than we experienced in prior cycles, this highlighted the merits of our underlying strategy. At the onset of the pandemic, we shared our expectations that we were in a position to navigate the downturn more profitably than most, and would be among the first to benefit from recovery in travel.

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。我們的策略是直接的，即在地理上多元化地建立與最佳品牌合作的精選服務酒店組合。我們與業內最好的管理團隊合作，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。儘管當前環境帶給我們的營運挑戰比前幾個週期更為嚴峻，但這凸顯了我們基本策略的優點。在疫情爆發之初，我們就曾表示，我們能夠比大多數公司更有利可圖地度過經濟低迷時期，並成為首批受益於旅遊業復甦的公司之一。

With meaningfully lower leverage, greater market diversification, and more efficient asset-level operations, we were first among publicly-traded lodging REITs to return to positive cash flow in 2020, and are pleased to report adjusted hotel EBITDA of $122 million, adjusted EBITDA of $93 million and modified FFO of $20 million for the full year. While the booking window is short, and we have less visibility into future operating performance than we have in years past, we're building off a relatively strong base. All of our hotels are open and portfolio occupancy was approximately 45% in January and continued to improve in February.

憑藉顯著降低的槓桿率、更大的市場多元化以及更高效的資產層面運營，我們成為 2020 年首家恢復正現金流的上市住宿房地產投資信託基金 (REIT)，並高興地報告全年調整後酒店 EBITDA 為 1.22 億美元，調整後 EBITDA 為 9300 萬美元，調整後 FFO 為 200 萬美元。雖然預訂窗口很短，而且我們對未來營運業績的了解程度不如過去幾年，但我們正在建立一個相對強勁的基礎。我們所有的酒店均已開業，1 月份酒店入住率約為 45%，2 月份入住率持續提高。

Demand for our hotels is broad-based, including a mix of leisure and business transient and small group. We expect occupancy to continue to improve throughout 2021 with domestic reserve and demand-driving performance early in the year and business demand led initially by local and regional accounts strengthening as the year progresses. The increase in travel will be facilitated by rollout of vaccines and loosening our travel restrictions and the pace of recovery will vary by market.

我們飯店的需求範圍很廣泛，包括休閒、商務、臨時和小團體。我們預計，2021 年全年入住率將繼續提高，年初國內儲備和需求驅動的表現以及最初由本地和區域帳戶帶動的商業需求將隨著時間的推移而增強。疫苗的推出和旅行限制的放寬將促進旅行數量的增加，復甦的速度將因市場而異。

Our broad geographic diversification has provided us with relative stability through multiple economic cycles. The distribution of our assets across the variety of market types in geographic regions minimizes the impact of regional demographic shifts and provides broad exposure to a myriad of industries and demand drivers. Over the past year, our limited exposure to large gateway markets and urban city centers proved a significant advantage as these markets were disproportionately impacted by travel restrictions, including limitations on large group events. Our portfolio also provided unparalleled exposure to convenience drive-to destinations and government regional business and leisure demand drivers. We believe that our geographic distribution will continue to be an advantage for us in the coming year and are seeing increased bookings from existing demand generators and encouraging increases in small and regional business transient.

我們廣泛的地理多元化為我們在多個經濟週期中提供了相對的穩定性。我們的資產分佈在各個地理區域的各種市場類型中，最大限度地減少了區域人口結構變化的影響，並提供了對眾多行業和需求驅動因素的廣泛接觸。在過去的一年裡，我們對大型門戶市場和城市中心的有限接觸被證明是一個顯著的優勢，因為這些市場受到旅行限制（包括對大型團體活動的限制）的不成比例的影響。我們的投資組合還提供了無與倫比的便利駕駛目的地和政府區域商業和休閒需求驅動因素。我們相信，我們的地理分佈在未來一年將繼續為我們帶來優勢，我們看到現有需求產生器的訂單量增加，小型和區域性業務的臨時性成長也令人鼓舞。

The assets we own are perfectly suited to accommodate guests in the current environment. Our rooms-focused portfolio has broad appeal and is efficient by design, enabling us to operate profitably at low occupancy levels. The smaller public areas and larger, more comfortable rooms often offering kitchens and our suite amenities, we are able to more effectively implement enhanced cleaning and sanitation protocols and provide guests with the private functional space they are looking for.

我們擁有的資產非常適合在當前環境下接待客人。我們以客房為中心的產品組合具有廣泛的吸引力，並且設計高效，使我們能夠在低入住率的情況下盈利。較小的公共區域和更大、更舒適的客房通常提供廚房和套房設施，我們能夠更有效地實施增強的清潔和衛生規程，並為客人提供他們想要的私人功能空間。

The value proposition for guests is further enhanced by affiliation with brands that help to create consistency in guest experience, ensure that important standards are implemented and provide incremental benefits through powerful loyalty programs. For all of these reasons, our hotels have continued to be attractive during the past year, just as they have been during prior downturns, and we feel confident in their ability to continue to have appeal throughout the recovery.

透過與品牌建立合作關係，可以進一步增強客人的價值主張，幫助創造一致的客人體驗，確保實施重要標準，並透過強大的忠誠度計畫提供增量利益。由於所有這些原因，我們的酒店在過去一年中繼續具有吸引力，就像在之前的經濟低迷時期一樣，我們相信它們能夠在整個復甦過程中繼續保持吸引力。

Our management companies, many of whom have been partnered with us through multiple economic cycles, have performed admirably this past year. From the onset of pandemic, we were able to leverage their experience to effectively adjust property-level operating models and minimize losses while continuing to serve guests with warmth and hospitality. With all of our hotels open, we have retained key managerial and sales staff to continue both current and forward-looking sales efforts.

我們的管理公司在過去一年中表現出色，其中許多公司已經與我們合作經歷了多個經濟週期。從疫情開始，我們就能夠借鑒他們的經驗，有效地調整酒店層面的營運模式，最大限度地減少損失，同時繼續為客人提供溫暖和熱情的服務。隨著我們所有酒店的開業，我們保留了關鍵的管理和銷售人員，以繼續當前和未來的銷售工作。

Management company above property revenue support teams worked closely with our internal revenue management resources to identify areas of opportunity in the current environment and to ensure we were setting ourselves up optimally for the future. Our relationship with our management companies has been built over decades, and we have worked to ensure that our efforts are complementary and additive.

物業收入支援團隊上方的管理公司與我們的內部收入管理資源密切合作，以確定當前環境下的機會領域，並確保我們為未來做好最佳準備。我們與管理公司的關係已經建立了幾十年，我們一直努力確保我們的努力是互補和疊加的。

Leveraging our scale and sophisticated data analytics. We worked from the onset to establish standardized operating models for low occupancy hotels and to identify and share best practices, which could then be implemented across our portfolio. We drove cost down by renegotiating national contracts with vendors and service providers, while our managers ensured that we were meeting guests needs. Our combined efforts over 2020 have allowed us to begin this year in a position of strength with momentum to build on.

利用我們的規模和複雜的數據分析。我們從一開始就致力於為低入住率酒店建立標準化營運模式，並確定和分享最佳實踐，然後可在我們的整個投資組合中實施。我們透過與供應商和服務提供者重新協商全國合約來降低成本，同時我們的經理確保滿足客人的需求。我們在 2020 年的共同努力使我們在新的一年裡擁有了強勁的發展勢頭。

We entered the pandemic with a young, well-maintained portfolio, and during the year, invested approximately $38 million in capital expenditures. Despite prudent reductions of approximately $50 million to our originally planned 2020 capital spend, we have continued to ensure our assets remain competitive within their markets and project -- and protected during periods of lower occupancy.

我們以年輕、維護良好的投資組合進入疫情，並在年內投資了約 3,800 萬美元的資本支出。儘管我們謹慎地將原計劃的 2020 年資本支出削減了約 5000 萬美元，但我們仍繼續確保我們的資產在其市場和項目中保持競爭力，並在入住率較低的時期受到保護。

Our in-house project management team coordinated with regional and property-level staff to put important processes in place to ensure all systems continue to operate efficiently, and our assets were well maintained. As we welcome increasing numbers or guests back, our hotels are ready.

我們的內部專案管理團隊與區域和物業級員工協調，實施重要流程，確保所有系統繼續有效運行，並且我們的資產得到良好維護。隨著我們迎來越來越多的客人，我們的酒店已做好準備。

Finally, we have always maintained a flexible balance sheet with low leverage. Similar to the other elements of our strategy, this has helped to mitigate volatility in our performance and enabled us to successfully weather multiple economic downturns and act when the timing is right on accretive opportunities. The strength of our balance sheet has enabled us to avoid issuing dilutive equity and to benefit from lower capital costs. In 2020, lower debt obligations contributed to our ability to reach corporate-level breakeven earlier than our peers, preserving capacity and enabling us to acquire 5 hotels since the onset of the pandemic. Most recently, we acquired the Hilton Garden Inn in Downtown Madison, Wisconsin. The newly-constructed 176-room hotel is located immediately adjacent to the university supporting facilities and in close proximity to government, business and leisure demand generators.

最後，我們始終保持靈活的資產負債表和低槓桿率。與我們策略的其他要素類似，這有助於減輕我們業績的波動，並使我們能夠成功度過多次經濟衰退，並在適當的時候抓住增值機會。我們強勁的資產負債表使我們能夠避免發行稀釋性股權並從較低的資本成本中受益。 2020 年，較低的債務負擔使我們比同行更早實現公司層面的盈虧平衡，保留了產能，並使我們能夠自疫情爆發以來收購了 5 家酒店。最近，我們收購了位於威斯康辛州麥迪遜市中心的希爾頓花園酒店。新建的擁有 176 間客房的飯店緊鄰大學配套設施，靠近政府、商業和休閒需求中心。

In 2020, we sold 3 hotels for a combined sales price of approximately $55 million including the Hampton Inn in Tulare, California, which was sold during the fourth quarter for approximately $10 million. The company's 2020 dispositions resulted in a combined gain on sale of approximately $11 million. As we announced last quarter, our Homewood Suites in Charlotte, North Carolina, remains under contract with sale for approximately $10 million. If a closing occurs, the sale is expected to be completed in the first quarter of 2021, and we expect to recognize the gain upon completion of the sale.

2020 年，我們出售了 3 家酒店，總售價約為 5500 萬美元，其中包括位於加利福尼亞州圖萊裡的漢普頓酒店，該酒店於第四季度以約 1000 萬美元的價格出售。該公司 2020 年的處置產生了約 1,100 萬美元的綜合銷售收益。正如我們在上個季度宣布的那樣，我們位於北卡羅來納州夏洛特的 Homewood Suites 仍處於銷售合約中，銷售價格約為 1000 萬美元。如果交易完成，預計出售將於 2021 年第一季完成，我們預計將在出售完成後確認收益。

The transaction volume in our industry continues to be low. We expected an increasing number of opportunities as we move through the recovery and are well positioned to act in ways that will further grow and enhance our existing portfolio.

我們行業的交易量持續處於低位。隨著經濟復甦，我們預計機會會越來越多，我們已做好準備，採取進一步擴大和增強現有投資組合的方式。

Our outperformance during these unprecedented times is a testament to the strength of our underlying strategy and low-levered balance sheet, and has preserved our capacity to pursue accretive opportunities in the early stages of a recovery. 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證明了我們的基本策略和低槓桿資產負債表的實力，並保留了我們在復甦初期尋求增值機會的能力。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 is 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, and thank you, everyone, for joining us this morning. While we began the year ahead of our original expectations, the environment quickly deteriorated in March with the impact of the COVID-19 pandemic and resulting shutdowns driving industry occupancies to historic lows. April portfolio occupancy dropped to 18%. And at that time, we estimated a monthly cash burn of $18 million before CapEx, but after G&A and debt service at occupancies between 15% and 20% without visibility into how long our portfolio would remain at such depressed levels.

謝謝賈斯汀，也謝謝大家今天早上加入我們。雖然我們今年的開局超出了最初的預期，但受新冠疫情的影響以及隨之而來的停工影響，3 月份行業環境迅速惡化，行業入住率跌至歷史最低水平。四月投資組合入住率下降至18%。當時，我們估計每月現金消耗為 1800 萬美元（不包括資本支出），但扣除一般及行政費用和債務服務後，入住率在 15% 至 20% 之間，並且無法預測我們的投資組合將在多長時間內維持在如此低迷的水平。

With the swift focus and action of our corporate management company and property-level teams, we were able to meaningfully reduce expenses, adjust and optimize our labor model at our lowest occupancies, make the determination to keep all hotels open after a thorough risk and financial assessment, focus on securing the remaining demand in market and begin rebuilding occupancy to breakeven at the hotel level in May.

在我們企業管理公司和物業級團隊的迅速關注和行動下，我們能夠大幅降低開支，調整和優化入住率最低時的勞動力模式，在全面的風險和財務評估後決定保持所有酒店開放，專注於確保市場剩餘的需求，並在5月份開始重建入住率，實現酒店層面的收支平衡。

By retaining key sales associates and keeping our hotels open, we maintained momentum and continue to grow occupancy through the summer and into the fall, reaching 54% in October, benefiting from the return of leisure demand, but also government, health care, construction, disaster recovery, insurance, athletics, education, crew and local and regional corporate business. Our continued focus on property-level cost controls, efficient corporate overhead and relatively low interest obligations enabled us to return to positive cash flow at the corporate level by July and for the year.

透過保留關鍵銷售人員並保持酒店營業，我們保持了發展勢頭，並在整個夏季和秋季繼續提高入住率，10 月份達到 54%，這得益於休閒需求的回升，同時也得益於政府、醫療保健、建築、災難恢復、保險、體育、教育、船員以及當地和區域企業業務。我們持續關注物業層面的成本控制、高效的企業管理費用和相對較低的利息負擔，這讓我們在 7 月以及全年都能夠在企業層面恢復正現金流。

Together with the sustained efforts of our third-party management companies and with the support from our brands, our best-in-class asset management team continued to implement cost elimination and efficiency initiatives, effectively managing these labor costs, reducing and eliminating certain services and amenities and renegotiating rates under various service contracts. These efforts enabled us to lower room's expenses by 19% year-over-year on a per occupied room basis and total property-level operating expenses by 48% during the fourth quarter as compared to the same period last year and 44% for the full year 2020 as compared to 2019.

在我們第三方管理公司的持續努力和我們品牌的支持下，我們一流的資產管理團隊繼續實施成本削減和效率提升舉措，有效地管理這些勞動力成本，減少和取消某些服務和設施，並重新協商各種服務合約下的費率。這些努力使我們每間入住客房的客房費用年減了 19%，第四季度酒店級總營運費用與去年同期相比下降了 48%，2020 年全年與 2019 年相比下降了 44%。

Corporate G&A was reduced by 34% for the quarter and 19% for the year as compared to the same periods last year. Having achieved positive cash flow beginning in July and continuing through October, we further reduced borrowings on our line of credit to minimize interest expense. These efforts resulted in impressive bottom line performance for the quarter and full year. Adjusted hotel EBITDA was approximately $23 million and $122 million, and adjusted hotel EBITDA margin was approximately 17% and 20%, respectively. For the quarter and full year, adjusted EBITDA was approximately $16 million and $93 million. And modified FFO was negative $2.5 million for the quarter and positive $20 million for the full year.

與去年同期相比，本季企業一般及行政開支減少了 34%，全年減少了 19%。從 7 月份開始並持續到 10 月份，我們實現了正現金流，之後我們進一步減少了信用額度借款，以盡量減少利息支出。這些努力使本季和全年的獲利表現令人印象深刻。調整後飯店 EBITDA 分別為約 2,300 萬美元和 1.22 億美元，調整後飯店 EBITDA 利潤率分別為約 17% 和 20%。本季和全年調整後的 EBITDA 分別為 1,600 萬美元和 9,300 萬美元。本季調整後的 FFO 為負 250 萬美元，全年調整後的 FFO 為正 2,000 萬美元。

In 2020, the most challenging year ever for our industry, we were able to achieve positive adjusted hotel EBITDA in every month except for April and positive adjusted EBITDA for the full year. Taking a closer look at demand trends after rebuilding occupancy through the summer and into the fourth quarter, we did experience typical seasonal declines in November and December relative to October. Occupancy declined to 45% in November, 40% in December and 47% for the full fourth quarter, down 36% to the fourth quarter of 2019, which is a slight improvement to the year-over-year declines in occupancy we experienced for the third quarter despite an increase in COVID cases and tightening of restrictions over that time.

2020 年是我們行業有史以來最具挑戰性的一年，除 4 月份外，我們每個月都實現了正調整後酒店 EBITDA，全年也實現了正調整後 EBITDA。仔細觀察夏季重建入住率後以及進入第四季度的需求趨勢，我們發現 11 月和 12 月相對於 10 月確實出現了典型的季節性下降。 11 月入住率下降至 45%，12 月下降至 40%，整個第四季入住率下降至 47%，較 2019 年第四季下降 36%，與第三季相比略有改善，儘管在此期間新冠病例有所增加且限制措施有所收緊，但入住率仍同比下降。

We experienced similar sequential seasonal declines in average daily rates for the third and fourth quarters relative to 2019, down approximately 25% in both quarters. While we certainly would have hoped for continued growth through the fourth quarter, we are encouraged by the increase we've seen in January and February relative to December. January's rate increased modestly from December, and occupancy rose to approximately 45%. Early trends in February are also positive.

與 2019 年相比，第三季和第四季的平均日費率也出現了類似的季節性連續下降，兩季均下降了約 25%。雖然我們當然希望第四季能夠繼續成長，但 1 月和 2 月相對於 12 月的成長令我們感到鼓舞。一月份的入住率較十二月略有上升，入住率上升至約 45%。二月初的趨勢也是正面的。

For the week immediately preceding the President's Day holiday, almost 60% of our hotels at occupancy over 50% and portfolio occupancy, including all hotels, was 54%, similar to occupancies achieved in October, the highest occupancy month since the onset of the pandemic. Saturday of that same holiday weekend, our full portfolio occupancy reached 78%. And in high occupancy markets, we did recapture some pricing power.

在總統日假期前一周，我們近 60% 的酒店入住率超過 50%，包括所有酒店在內的投資組合入住率為 54%，與 10 月份的入住率相似，10 月份是疫情爆發以來入住率最高的月份。在同一假日週末的星期六，我們的全部投資組合入住率達到了 78%。在入住率高的市場，我們確實重新獲得了一些定價權。

As we move through February and compare stabilized weeks, we continue to see occupancies increase day over day. While the environment is still unpredictable, and we have limited visibility, we are encouraged by the growth we have seen following our seasonally slowest months, and are optimistic that as we move into the spring and traditionally higher occupancy in RevPAR months, we will continue to see results improve.

隨著我們進入二月並與穩定的幾週進行比較，我們繼續看到入住率逐日增加。儘管環境仍然難以預測，而且我們的可見性有限，但我們對季節性最慢的月份之後所看到的增長感到鼓舞，並且樂觀地認為，隨著進入春季以及傳統上 RevPAR 月份入住率較高的月份，我們將繼續看到業績改善。

Top-performing hotels benefited from a variety of demand generators. Our courtyard in Charlottesville, Virginia contracted to provide rooms to the university and ran a 100% occupancy for the quarter. Government and construction business drove occupancy at our TownPlace Suites in Suffolk, Virginia, which was 93% occupied. National Guard and Medical group business drove quarterly occupancies at our Hilton Garden Inn and Homewood Suites in El Paso, Texas, which both ran in the 80% range for the quarter.

業績最佳的飯店受益於多種需求驅動因素。我們位於弗吉尼亞州夏洛茨維爾的庭院與大學簽訂了提供房間的合同，本季度的入住率達到了 100%。政府和建築業務推動了我們位於維吉尼亞州薩福克的 TownPlace Suites 的入住率，入住率達到 93%。國民警衛隊和醫療集團業務推動了我們位於德克薩斯州埃爾帕索的希爾頓花園酒店和霍姆伍德套房酒店的季度入住率，這兩家酒店的入住率在本季度均達到了 80% 左右。

A number of our hotels in California and several of our markets in the Southeast saw increases in demand as a result of wildfires and storm-related business. We also benefited from medical business related to COVID treatment and vaccinations in a variety of markets.

由於野火和風暴相關業務的影響，我們在加州的許多酒店和東南部的幾個市場的需求都有所增加。我們也受益於各種市場中與 COVID 治療和疫苗接種相關的醫療業務。

Weakened occupancies for our portfolio continue to exceed weekday occupancies by a approximately 12 percentage points for the quarter. Though the spread was tighter in October and widened sequentially in November and December, typical with business travel trends around the holidays.

本季度，我們投資組合的入住率持續下降，比工作日入住率高出約 12 個百分點。不過，10 月的差距較小，而 11 月和 12 月的差距則有所擴大，這與假日期間商務旅行的趨勢很相似。

Our transient and group breakdown for the quarter and full year, which includes both leisure and business demand, with approximately 87% transient and 13% group, generally in line with the same period of 2019, trading a point in group for a point in transient this year. From a mix of business standpoint during the quarter, government and borrower were fairly consistent year-over-year, while negotiated decreased by 6 percentage points, a slight improvement from the third quarter. And discount segments increased by 9 percentage points, reflecting an increase in leisure as a percentage of our business year-over-year.

我們對本季和全年的短期和團體旅遊細分情況進行了分析，其中包括休閒和商務需求，其中短期旅遊約佔 87%，團體旅遊約佔 13%，與 2019 年同期基本持平，今年團體旅遊佔比為 1%，短期旅遊佔比為 1%。從本季的業務組合角度來看，政府和借款人的比例同比基本一致，而協商的比例下降了 6 個百分點，較第三季略有改善。折扣業務成長了 9 個百分點，反映出休閒業務占我們業務的比例年成長。

We continue to see production across a number of business segments with relative strength in industrial, medical, government and military business, offsetting more significant year-over-year declines in demand from large technology companies and financial services. We anticipate that leisure will continue to lead the recovery through the first half of the year, but are encouraged by recent increases in demand from local negotiated in another business and government accounts as well as small group.

我們繼續看到多個業務領域的生產保持強勁，其中工業、醫療、政府和軍事業務表現相對強勁，抵消了大型科技公司和金融服務需求同比大幅下降的影響。我們預計，休閒旅遊將繼續引領上半年的復甦，但近期本地、企業、政府帳戶以及小團體協商的需求增加也令我們感到鼓舞。

As the recovery progresses, demand is likely to vary broadly by market. Our broad geographic distribution with significant exposure outside of large, urban and gateway market positions us to be early beneficiaries as suburban markets are likely to outperform urban markets and group demand is likely to be led by small corporate, leisure and new sports.

隨著經濟復甦的推進，不同市場的需求可能會出現很大差異。我們的地理分佈廣泛，在大型城市和門戶市場之外具有顯著的影響力，這使我們成為早期受益者，因為郊區市場的表現可能優於城市市場，而團體需求可能由小型企業、休閒和新興運動主導。

Similar to the third quarter, from a channel mix perspective, our fourth quarter bookings show property direct, representing approximately 31% of our total room night channel mix, up 7 percentage points from the prior year. Brand.com bookings are relatively consistent with last year, down 2 points to 35%. Voice was down approximately 2 points to 5%, while OTA was up approximately 6 percentage points to last year at approximately 17%, reflecting an increase in leisure during the quarter as compared to 2019.

與第三季類似，從通路組合的角度來看，我們第四季的預訂顯示直接來自飯店，約占我們總客房晚數通路組合的 31%，比上年增長了 7 個百分點。 Brand.com 的預訂量與去年基本一致，下降 2 個百分點至 35%。語音下降約 2 個百分點至 5%，而 OTA 比去年上升約 6 個百分點至 17% 左右，反映出本季休閒活動與 2019 年相比有所增加。

GDS was down significantly during the quarter, decreasing approximately 9 percentage points to 10%, again, consistent with limited corporate travel. ADR for our portfolio was down approximately 25% for the quarter versus prior year, driven largely by mix of business in our hotels and competition for customers in a low occupancy environment. As has been indicated in past cycles, we anticipate rate will continue to be challenged until portfolio occupancies allow for more active management of our mix of business as well as the ability to reduce discounts and push bar rates, which further impacts ADR in all segments. This is typically as we get above 70% occupancy. We are encouraged by rate improvement over the President's Day weekend, where single-day occupancy of approximately 78% was accompanied by a 9% week-over-week improvement in ADR for the full portfolio.

本季度，GDS 業務大幅下滑，下降約 9 個百分點至 10%，這與商務旅行受限的情況一致。本季度，我們投資組合的 ADR 與去年同期相比下降了約 25%，這主要是由於我們酒店的業務組合以及低入住率環境下的客戶競爭所致。正如過去週期所表明的那樣，我們預計利率將繼續受到挑戰，直到投資組合入住率允許我們更積極地管理業務組合，以及有能力降低折扣和推桿利率，這將進一步影響所有部門的 ADR。通常情況下，我們的入住率會超過 70%。總統日週末期間，飯店入住率有所提高，這讓我們感到鼓舞，單日入住率達到約 78%，而整個飯店組合的 ADR 則比前一周提高了 9%。

As we have discussed on previous calls, rate has the ability to materially impact profitability. While October results were the most favorable in the quarter, and strong occupancy enabled us to produce positive cash flow at the corporate level, November and December, adjusted hotel EBITDA remains positive, but property-level cash flow was insufficient to cover all corporate costs. While our original estimated breakeven occupancies before CapEx generally applied throughout the year, to account for the impact of rates, we estimate breakeven RevPAR before CapEx to be appropriately $50 based on operational costs and rate and occupancy trends since March. We expect that RevPAR improvements, we've begun to see in January and February, will continue throughout the year and will likely accelerate as the year progresses. And our industry benefits from the rollout of the COVID-19 vaccine and loosening of travel restrictions.

正如我們在之前的電話會議中討論過的，利率能夠對獲利能力產生重大影響。雖然 10 月份的業績是本季度最為理想的，而且強勁的入住率使我們能夠在公司層面產生正現金流，但 11 月和 12 月，調整後的酒店 EBITDA 仍然保持為正，但酒店層面的現金流不足以覆蓋所有公司成本。雖然我們最初估計的資本支出前的盈虧平衡入住率通常適用於全年，但為了考慮房價的影響，我們根據營運成本以及自 3 月以來的房價和入住率趨勢，估計資本支出前的盈虧平衡 RevPAR 約為 50 美元。我們預計，RevPAR 的改善（我們在 1 月和 2 月開始看到這種改善）將持續全年，並且隨著時間的推移可能會加速。我們的行業也受益於 COVID-19 疫苗的推出和旅行限制的放寬。

As I highlighted earlier, we expect that many of our markets will benefit early from the recovery, and we are already seeing signs of improvement in business travel bookings, particularly by mid-market local accounts as well as continued strength in leisure demand. While we are beginning the year in a relatively good position, we continue to have limited visibility into the timing and ultimate trajectory of the recovery and are not in a position to provide full operational guidance at this time. We do, however, expect corporate G&A to be between $28 million and $32 million, interest expense to be between $75 million and $80 million and capital expenditures to be between $25 million and $30 million for the full year.

正如我之前強調的那樣，我們預計我們的許多市場將在復甦初期受益，而且我們已經看到商務旅行預訂量有所改善的跡象，尤其是中端市場本地帳戶，而且休閒需求也持續強勁。雖然我們今年的開局相對較好，但我們對復甦的時間和最終軌蹟的了解仍然有限，目前無法提供全面的營運指導。不過，我們預計全年公司一般行政費用將在 2,800 萬美元至 3,200 萬美元之間，利息支出將在 7,500 萬美元至 8,000 萬美元之間，資本支出將在 2,500 萬美元至 3,000 萬美元之間。

As a reminder, the company paid distributions of approximately $67 million, or $0.30 per share, during the first quarter of 2020. In March, we suspended our monthly distributions with our last paid on March 16, 2020. The company's Board of Directors in consultation with management will continue to monitor hotel operations, compliance with debt covenants, projected taxable income, capital improvements and investment opportunities and intends to resume distributions at a time and level determined to be prudent in relation to the company's other cash restrictions, requirements and uses.

提醒一下，該公司在 2020 年第一季支付了約 6,700 萬美元，即每股 0.30 美元的分配。 3 月份，我們暫停了每月分配，最後一次支付是在 2020 年 3 月 16 日。公司董事會將與管理層協商，繼續監控酒店營運情況、債務契約遵守情況、預計應稅收入、資本改善和投資機會，並打算在考慮公司其他現金限制、要求和用途後，在審慎的時間和水平恢復分配。

Turning to the balance sheet. At quarter-end, we had $1.5 billion in outstanding debt consisting of $513 million of mortgage debt secured by 33 hotels and $976 million outstanding on our unsecured credit facilities with a weighted average interest rate of 3.9%. As of December 31, we had available cash on hand of approximately $6 million and unused borrowing capacity under a revolving credit facility of approximately $390 million and only $55 million of maturities in 2021.

轉向資產負債表。截至季末，我們有 15 億美元的未償債務，其中包括由 33 家飯店擔保的 5.13 億美元抵押貸款和 9.76 億美元的無擔保信貸額度，加權平均利率為 3.9%。截至 12 月 31 日，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 3.9 億美元，2021 年到期的貸款僅為 5500 萬美元。

As Justin mentioned, our conservative capital structure had been a key element of our underlying strategy. And as a result of that discipline, we entered the downturn in a relatively strong position. Low leverage, broad geographic diversification and our focus on efficient, rooms-focused hotels has minimized our use of available liquidity to sustain operations, thus preserving our balance sheet and equity value and positioning us to capitalize on external growth opportunities early in the recovery. With the continued deployment of vaccines, warmer weather and the trajectory of recent results, we are expecting to see stronger operating performance as we move throughout the year. However, due to continued disruption from COVID-19, fourth quarter seasonal decline and limited visibility into future demand and results, we began discussions with our lenders in January to extend the covenant waiver period for our unsecured credit facilities.

正如賈斯汀所提到的，我們保守的資本結構一直是我們基本策略的關鍵要素。由於這種紀律，我們以相對強勁的地位進入了經濟衰退期。低槓桿率、廣泛的地域多元化以及我們對高效、以客房為中心的酒店的關注，最大限度地減少了我們使用可用流動資金來維持運營，從而保留了我們的資產負債表和股權價值，並使我們能夠在復甦初期利用外部增長機會。隨著疫苗的持續部署、天氣變暖以及近期業績的走勢，我們預計全年的經營業績將更加強勁。然而，由於 COVID-19 的持續幹擾、第四季度的季節性下滑以及對未來需求和業績的有限預見性，我們從 1 月開始與貸款方進行討論，以延長無擔保信貸安排的契約豁免期。

While we have not yet finalized, we continue to be extremely grateful for the ongoing support of our lending group and anticipate closing in the near future. In the coming months, our company is optimally positioned to grow value organically through improved hotel operations and externally through accretive transactions. With approximately $325 million of total liquidity at year-end, only 34% total leverage, positive cash flow for much of 2020, an encouraging portfolio occupancy early in 2021, we are confident in our ability to continue to navigate the current uncertainty, preserve the value of our equity and strategically position ourselves to take advantage of opportunities.

雖然我們尚未最終確定，但我們仍然非常感謝貸款團隊的持續支持，並預計在不久的將來完成。在接下來的幾個月裡，我們公司將透過改善飯店營運實現內部價值成長，並透過增值交易實現外部價值成長。截至年底，我們的總流動資金約為 3.25 億美元，總槓桿率僅為 34%，2020 年大部分時間的現金流為正，2021 年初的投資組合佔用率令人鼓舞，我們有信心繼續應對當前的不確定性，保持股權價值，並進行戰略定位以利用機會。

Before opening the call for questions, I want to again thank our teams, who have worked tirelessly to optimize performance in the most challenging operating environment our industry has ever faced. Their efforts and experience have uniquely positioned us for outperformance.

在開始提問之前，我想再次感謝我們的團隊，他們在我們行業面臨的最具挑戰性的營運環境中不懈努力地優化績效。他們的努力和經驗使我們獲得了獨特的優異表現。

We will now open the call for questions.

我們現在開始提問。

(Operator Instructions) Our first question is from Austin Wurschmidt with KeyBanc.

（操作員指示）我們的第一個問題來自 KeyBanc 的 Austin Wurschmidt。

I wanted to focus on the external growth side. It's something you guys have been commented on quite a bit here. And I'm just curious, Justin, you said transaction volume still remains low. But how much have you seen maybe activity pick up in the last month or 2? And do you feel like you have enough visibility today to move forward with a deal? Or are you more reluctant, I guess, given still the uncertainty around maybe business travel more broadly?

我想專注於外部成長方面。你們已經在這裡對此事發表過很多評論了。我很好奇，賈斯汀，你說交易量還是很低。但是在過去一兩個月裡，您看到活動有多少回升？您是否覺得今天您已經具備足夠的了解程度來推進交易？或者我想，考慮到更廣泛的商務旅行領域仍然存在不確定性，您是否更加不情願？

It's a great question. Thanks for joining us today, Austin. We, as are others in our space, are continuing to become, I think, more confident in the trajectory of the recovery. In terms of total deals available, we're still seeing limited supply in the market. The brokers, who historically, this time of year, would have a large number of assets available for sale, have very few. We have had a number of conversations with individual owners who are contemplating selling. But I think thinking about timing, the types of assets that we own and the types of assets that we would be interested in buying are now cash flow positive at the property level, largely. And so they're in a position to be more likely to train. I think our positioning around those improves as the year progresses.

這是一個很好的問題。感謝您今天加入我們，奧斯汀。我認為，我們和我們這個領域的其他人一樣，對復甦的軌跡越來越有信心。就總可用交易量而言，我們仍然看到市場供應有限。從歷史上看，每年這個時候經紀人都會有大量資產可供出售，但現在他們手中的資產卻少之又少。我們與一些正在考慮出售房產的個人業主進行了多次交談。但我認為，考慮到時機，我們擁有的資產類型以及我們有興趣購買的資產類型現在在房地產層面的現金流基本上都是正的。因此他們更有可能接受訓練。我認為隨著時間的推移，我們的定位會得到改善。

Right now, owners are still receiving or benefiting from significant flexibility from lenders and some government assistance. As those things burn off and as we move further into the year, I think, we'll continue to see an increased number. I think it's worth highlighting as well that we continue to see significant interest from potential buyers in the space. I think given the relative position of our publicly-traded peers, the bulk of that is coming from private equity. There were significant funds raised in advance. And we're in this unique period where early opportunities may actually trade up just because of the imbalance of supply and demand with fewer assets in the market and more buyers who are looking for assets.

目前，業主仍在享受或受益於貸款機構提供的巨大靈活性和一些政府援助。隨著這些事情的發生以及我們進入新的一年，我認為我們將繼續看到數量的增加。我認為也值得強調的是，我們繼續看到潛在買家對該領域表現出濃厚的興趣。我認為，考慮到我們上市公司同業的相對地位，其中大部分來自自私募股權。預先籌集了大量資金。我們正處於一個特殊時期，早期的機會實際上可能會因為供需失衡而交易增加，市場上的資產減少，而尋找資產的買家增加。

This -- as this shapes up, we think the window of opportunity will be extended. And I think I've highlighted in the past conversations with UM in past calls that our expectation is that as we progress through the recovery, there will be assets that come to market for a variety of reasons. And one of those that will cause, we think, continued inventory in the market available for purchase is that at some point, the brands will mandate or return to their capital improvements programs. And those who have depleted FF&E reserves and utilize those funds to cover short-term shortfalls from a debt service standpoint. We'll be more likely to bring assets to market at that time.

隨著這種情況的形成，我們認為機會之窗將會延長。我認為，在過去與 UM 的通話中我曾強調過，我們的預期是，隨著經濟復甦的推進，將會有資產因各種原因進入市場。我們認為，導致市場上庫存持續增加的原因之一是，在某個時候，品牌將強制要求或恢復其資本改進計劃。還有那些已經耗盡 FF&E 儲備的人，他們利用這些資金從償債的角度彌補短期缺口。屆時我們將更有可能將資產推向市場。

So I think long way to answer a short question. But near term, we think there will be selective opportunities as likely as not the opportunity will be better to potentially sell assets short term with acquisition opportunities increasing as the year progresses.

因此我想用長遠的方法來回答這個簡短的問題。但就短期而言，我們認為可能會有選擇性的機會，短期內出售資產的機會會更好，而隨著時間的推移，收購機會會增加。

No. That's a lot of interesting comments there. I want to kind of focus on the piece about the supply/demand imbalance in terms of number of transactions and capital on the sidelines that's waiting to be deployed. So then when you think about executing maybe on the disposition side here earlier in the year or before really volume ramps up and redeploying that. With your low-leverage model, interest rates at all-time lows, and presumably, the financing markets for hotels improving. Do you feel like you're able to compete with more levered buyers on larger transactions or one-off relationship-type deals still more attractive to you?

不，那裡有很多有趣的評論。我想重點討論交易數量和等待部署的場外資本方面的供需不平衡問題。因此，當您考慮在今年早些時候或在交易量真正增加之前執行處置方面的事情並重新部署時。在您的低槓桿模型下，利率處於歷史最低水平，且飯店融資市場可能會有所改善。您是否覺得您能夠在更大規模的交易或一次性關係型交易中與更多槓桿買家競爭，並且對您來說更具吸引力？

Well, I think just from a product quality standpoint, one-off deals continue to generally be more attractive to us. I mean as we look at larger portfolios available and/or owned, there's a stark difference, generally speaking, between the portfolios owned by publicly-traded companies and those held by private equity owners. And then beyond that, there are smaller portfolios that are high-quality that are owned by owner or operators that would also be attractive to us. But as we look for assets that are good fit for our portfolio, the bulk of the opportunity, we think, exists in individual asset trades. Though as we've highlighted in the past, we continue to underwrite any and all deals that come to market when -- and at appropriate pricing, we would be willing to pursue portfolio transactions as well.

嗯，我認為僅從產品品質的角度來看，一次性交易對我們來說通常更有吸引力。我的意思是，當我們查看可用和/或擁有的更大的投資組合時，一般來說，上市公司擁有的投資組合和私募股權所有者持有的投資組合之間存在明顯差異。除此之外，還有一些由所有者或營運商擁有的規模較小的高品質投資組合對我們也具有吸引力。但當我們尋找適合我們投資組合的資產時，我們認為大部分機會存在於單一資產交易中。儘管我們過去曾強調過，我們仍會繼續承銷所有進入市場的交易，只要價格合適，我們也願意進行投資組合交易。

I do not see us as being disadvantaged in the current environment relative to higher-leverage private equity firms, the desired return that those groups are seeking and availability of debt for larger portfolios to those groups, it creates a mismatch. We actually, as some of our peers have demonstrated, have access as a publicly-traded company to relatively inexpensive financing should we see an opportunity worth pursuing.

我並不認為我們在當前環境下相對於高槓桿私募股權公司處於不利地位，這些集團所尋求的期望回報以及這些集團可以獲得的更大投資組合的債務，造成了不匹配。事實上，正如我們的一些同行所證明的那樣，如果我們看到值得追求的機會，作為一家上市公司，我們可以獲得相對便宜的融資。

And our next question is from 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。

This is Alison on for Anthony. So you guys have done very well in generating demand related to COVID-19 in a variety of markets. So when do you think that business starts to moderate or go away? And how quickly could you replicate that business?

這是艾莉森代替安東尼上場。因此，你們在各種市場中創造與 COVID-19 相關的需求方面做得非常好。那麼您認為什麼時候業務會開始放緩或消失？您能多快複製該業務？

We have benefited kind of universally from COVID-related business. I think that as we progress even through 2020, where we were seeing influxes of that business in certain markets for certain hotels, when we saw that pull back, it was a direct result of cases coming down in business and things being more open and it being safer to get out and about, and I think we were seeing compensating demand. So as we look forward, we would be hopeful that, that same pattern would continue that as cases increased like we saw in 2020, we would see increases in traveling nurses or vaccine deployments and as numbers came down, people would be safe -- feel safer to get out and travel, whether for leisure or business travel.

我們從與新冠疫情相關的業務中普遍受益。我認為，即使到了 2020 年，我們也會看到某些市場中某些酒店的業務量有所湧入，但當我們看到業務量回落時，這是由於業務量減少、經濟更加開放、出行更加安全所直接導致的，我認為我們看到了補償需求。因此，展望未來，我們希望同樣的模式能夠持續下去，隨著病例像 2020 年那樣增加，我們會看到巡迴護士或疫苗部署的增加，隨著病例數量的下降，人們會感到安全——無論是休閒旅行還是商務旅行，都能更安全地外出旅行。

So I don't know the exact timing, although we are encouraged by the vaccination deployments and the anticipation that a large number of Americans could be vaccinated, and we could reach herd immunity midyear. So I think that as you've heard others, others anticipate that the back half of the year, we would see a pickup in both leisure and some regional and local business travel. At that time, you may see COVID-related business pull back, but there'd be offsetting demand.

因此，我不知道具體的時間，儘管我們對疫苗接種部署以及大量美國人可以接種疫苗的預期感到鼓舞，並且我們可能在年中實現群體免疫。所以我認為，正如你所聽到的，其他人預計今年下半年，我們將看到休閒旅行以及一些區域和本地商務旅行的回升。那時，您可能會看到與 COVID 相關的業務回落，但會有抵消需求。

Our next question is from Dany Asad with Bank of America.

下一個問題來自美國銀行的 Dany Asad。

Liz, you in your prepared remarks that you -- that Apple lowered room expense by 19% on a per occupied room basis, which is very impressive considering it's a limited service portfolio. Can you help us bucket the different components of that expense cut? And then how much of that will be sustainable as the recovery firms up?

利茲，您在準備好的演講中提到——蘋果將每間客房的房間費用降低了 19%，考慮到它的服務組合有限，這是非常令人印象深刻的。您能幫助我們分類列出削減開支的各個組成部分嗎？那麼，隨著經濟復甦的加強，其中有多少是可持續的？

That's a million-dollar question, Dany. So across the rooms department, we saw decreases in expenses pretty universally. I mean, wages, certainly, our teams continue to be very efficient. We've had managers early on and even during the fourth quarter pick up shifts. And so hourly wages were able to be well controlled. But guest supplies, cleaning supplies, comp services, the team really has taken a look at every line items and every expense across the hotel, not just in rooms and found ways to be more efficient.

這是一個價值百萬美元的問題，丹妮。因此，我們看到整個客房部門的開支普遍下降。我的意思是，工資，當然，我們的團隊繼續非常有效率。我們的經理們從很早就開始輪班，甚至在第四季也開始輪班。這樣，時薪就能得到很好的控制。但是對於客人用品、清潔用品、免費服務，團隊確實審查了酒店的每個項目和每項開支，而不僅僅是房間，並找到了提高效率的方法。

I mean we've spoken from the beginning around really looking at the value proposition, what's most important to guests right now. The brands have certainly been supportive and flexible as we offer guests what's necessary, but in a safe way that meets their needs. And so we, in the fourth quarter, did see a slight increase per occupied room in wages, specifically relative to what we saw in the third quarter, although that's not too unexpected when you have holidays where people are taking paid time off and in light of the anticipated seasonal increase in the New Year and following the spring and summer. We certainly didn't want to furlough or lay anyone off. We saw the declines in November and December that sort of increased our per occupied room cost relative to the third quarter as short term. And so didn't want to make drastic cuts.

我的意思是，我們從一開始就真正關注價值主張，以及現在對客人來說最重要的是什麼。當我們為客人提供必需品時，品牌確實給予了支持和靈活性，但以安全的方式滿足了他們的需求。因此，我們在第四季度確實看到每間入住客房的工資略有增加，特別是相對於第三季度而言，不過這並不太出乎意料，因為人們在假期享受帶薪休假，而且預計新年以及春夏季節之後會出現季節性增長。我們當然不想讓任何人休假或被解僱。我們看到 11 月和 12 月的下降，這在短期內相對於第三季增加了每間客房的成本。因此不想進行大幅削減。

Got it. And then my second question is just in terms of channel mix, how do the metrics that you mentioned just earlier in the prepared remarks, how compared to the channel mix we saw in the '08, '09 trough? Like specifically, I'm curious to know as to where OTA mix might have peaked last time around.

知道了。我的第二個問題是，就通路組合而言，您剛才在準備好的發言中提到的指標如何，與我們在 2008 年、2009 年低谷期間看到的管道組合相比如何？具體來說，我很好奇想知道上次 OTA 混合可能達到高峰的位置。

I don't -- I would have to go back and look and see what visibility we had to channel mix for our portfolio at that time. I would anticipate that OTA business has increased between that time and now universally, I think, we had started to gain some momentum and regain some of that share and redirect some of those bookings back to direct channels later on in this cycle -- this past cycle. But I think that we would find that OTA business is a greater percentage currently than it was then.

我不知道——我必須回頭去看看，看看當時我們對投資組合的管道組合有何了解。我預計，從那時到現在，OTA 業務普遍都會有所增長，我認為，我們已經開始獲得一些發展勢頭，重新獲得部分份額，並在本週期後期（也就是上一個週期）將部分預訂重新引導回直接渠道。但我認為我們會發現，目前 OTA 業務所佔比例比當時更大。

And to that, this is a very different cycle than the last one. Looking back at the last cycle, there was still significant amount of business transient even during the depth of the downturn. And what we ended up doing more of adjusting the mix of our business, taking specifically more government business than a number of markets and other segments that had slightly lower rate, but enabled us to build base. I think what's unique here is that we've seen really outsized performance and what appears to be a significant pent-up demand on the leisure side, which is driving short term, the OTA numbers for us.

就這一點而言，這是一個與上一個週期截然不同的週期。回顧上一個週期，即使在經濟低迷最嚴重的時候，仍然有大量的業務瞬變。我們最終對業務組合進行了更多的調整，特別是承接了更多的政府業務，而不是一些市場和其他費率略低的領域，但這使我們能夠建立基礎。我認為這裡的獨特之處在於，我們看到了真正超乎尋常的表現，而且休閒方面似乎存在著巨大的被壓抑的需求，這在短期內推動了我們的 OTA 數據。

But as Liz highlighted in our prepared remarks, we're beginning to see a transition and increased number of bookings from some of our more traditional business transient accounts, which we see as a good sign as we move through the year and look to continue to build occupancy across our portfolio.

但正如 Liz 在我們準備好的發言中所強調的那樣，我們開始看到一些更傳統的商務臨時帳戶的預訂量發生轉變並有所增加，我們認為這是一個好兆頭，因為我們將在今年繼續前進，並希望繼續提高我們整個投資組合的入住率。

And Justin, how much control do you have over -- like over managing those channels? So like are you -- do you owe anything in terms of -- contractually to the OTAs? Are you able to shut them down as kind of business transient recovers more -- if it is going to recover more quickly? How much control do you have over that, the channel mix?

賈斯汀，你對這些管道的管理有多大控制權？那麼，根據合約規定，您是否欠 OTA 什麼？隨著業務瞬態恢復，您是否能夠關閉它們——如果它能夠更快地恢復？您對通路組合的控制力有多強？

We certainly can influence channel mix. It gets easier as occupancies increase, and the revenue management systems can preference highest-rated and most profitable business. We've had significant developments in the revenue management systems over the past cycle and especially in recent years. So that they're set up to quickly adapt to changes in demand. So we do have control, but I think that it gets easier, the more demand there is to sort of mix manage and preference. So in the current environment, we have most channels open, taking the business that's available. As I mentioned in my prepared remarks once we get to 70% occupancy or so and there's relatively strong demand in market, then we can start really preferencing business.

我們當然可以影響通路組合。隨著入住率的提高，事情會變得更容易，收入管理系統可以優先考慮評級最高、利潤最高的企業。在過去的周期中，尤其是近年來，我們的收入管理系統取得了重大發展。這樣他們就能快速適應需求的改變。所以我們確實有控制權，但我認為，隨著對混合管理和偏好的需求增加，事情會變得更容易。因此，在當前環境下，我們開放了大多數管道，承接可用的業務。正如我在準備好的演講中提到的那樣，一旦我們的入住率達到 70% 左右，並且市場需求相對強勁，那麼我們就可以開始真正優先考慮業務。

And our next question is from Bryan Maher with B. Riely Securities.

下一個問題來自 B. Riely Securities 的 Bryan Maher。

Kind of circling back to the acquisition's discussion earlier. Justin, as you sit here today and based upon what you're seeing from brokers and others, do you guys anticipate, though, being a net acquirer net of dispositions this year? And if so, to kind of what level is measured in out of that tens or hundreds of millions of dollars?

有點回到之前關於收購的討論。賈斯汀，今天你坐在這裡，根據你從經紀人和其他人那裡看到的情況，你們是否預計今年會成為淨收購者？如果是的話，那麼這幾千萬或幾億美元的衡量標準是什麼？

I mean it's a great question. We're in a great -- in an enviable position right now because we're unique in that we can be opportunistic. I think it's early in the year to determine exactly how things will play out. Like I -- as we pursued the sale of assets within our portfolio, we've done so only when we saw attractive pricing. We haven't needed to sell assets to reposition our balance sheet. And I think it's fair to assume that we would look at dispositions in the same way as we've moved throughout the year. I highlighted the potential supply/demand imbalance, which could create motivation for us to more seriously look at potential dispositions from our portfolio.

我的意思是，這是一個很好的問題。我們現在處於一個令人羨慕的地位，因為我們有獨特的機會主義精神。我認為現在還不能確定事情究竟會如何發展。就像我一樣——當我們尋求出售投資組合內的資產時，只有看到有吸引力的價格時我們才會這樣做。我們不需要出售資產來重新調整我們的資產負債表。我認為，我們可以合理地假設，我們會以全年採取的同樣的方式來看待處置。我強調了潛在的供需失衡，這可能會促使我們更認真地考慮投資組合中的潛在配置。

But I think as the year moves, you'll see us begin to shift focus towards the back half of the year, towards acquisitions, as we expect most of the opportunities will begin to materialize as the year progresses. Whether or not we're net buyers or sellers, this year is difficult at this point. I think if you look at what we're likely to do over the entirety of the cycle, our expectation is that we would be net acquirers of assets over the entirety of the cycle. We really see this as a unique opportunity for us to build our portfolio and us as being uniquely positioned given the strength of our balance sheet to do that in a way that benefits our shareholders.

但我認為隨著時間的推移，你會看到我們開始將重點轉向下半年，轉向收購，因為我們預計大多數機會將隨著時間的推移開始實現。無論我們是淨買家還是淨賣家，今年目前都是困難的。我認為，如果你看看我們在整個週期中可能會做的事情，我們的預期是，我們將在整個週期中成為資產的淨收購者。我們確實認為這是一個獨特的機會，讓我們能夠建立自己的投資組合，並且憑藉我們強勁的資產負債表，我們擁有獨特的優勢，能夠以有利於股東的方式實現這一目標。

Great. And so you have a track record of kind of being to take out buyer on some newly developed hotels. Have you seen any existing relationships or new relationships you might have come across with hotel builders currently, who may be kind of desperately looking for a takeout when the property gets its CEO in the next couple of quarters?

偉大的。所以，你們有為一些新開發的飯店吸引買家的記錄。您是否看到目前與酒店建築商建立的任何現有關係或新關係，他們可能迫切地希望在未來幾個季度內酒店更換首席執行官時獲得收購？

We haven't seen desperation at this point. But certainly, and I've highlighted this in past calls, early in the cycle, our takeout has greater value for developers who, generally, are not able to borrow as much, absent our takeout in terms of loan-to-cost on new development deals, plus given market uncertainty, I think, there's increased value as they look at potential development deals and having a firm takeout price, reducing their risk to really -- risk related to managing construction costs.

目前我們還沒有看到絕望的跡象。但可以肯定的是，我在過去的電話會議中強調過這一點，在周期早期，我們的收購對於開發商來說具有更大的價值，因為他們通常無法藉到那麼多錢，如果沒有我們在新開發交易的貸款成本方面的收購，再加上市場的不確定性，我認為，當他們考慮潛在的開發交易並擁有堅定的收購價格時，價值會增加，從而降低他們的風險。

Generally, early in the cycle, we're able to sign up good deals, taking advantage of lower construction costs and this incremental value that we provide developers early cycle to negotiate really good pricing for deals, which then puts us in a great position as the cycle progresses, to add to our portfolio at attractive pricing relative to market pricing for existing deals in later years. I think you'll see us as the year progresses, begin to look more seriously at those types of deals. But short term, the bulk of our focus is going to be on existing deals, both looking as a potential buyer and the seller.

一般來說，在週期的早期，我們能夠簽署很好的交易，利用較低的建築成本和我們在早期週期為開發商提供的增量價值來協商真正優惠的交易價格，這將使我們在周期進展過程中處於有利地位，在以後幾年以相對於現有交易的市場價格有吸引力的價格將其添加到我們的投資組合中。我想隨著時間的推移，你會看到我們開始更認真地考慮這些類型的交易。但短期內，我們的重點將放在現有交易上，既作為潛在買家，也作為賣家。

Right. And then just last for me. You guys put in place an ATM, I forget when exactly was it. I think it was maybe the third quarter. Was the thought process when you put that in place more to just be having it there as liquidity safety net or as a more aggressive acquisition opportunities, use later down the road? I mean what was your thought process when you put that in place? And that's all for me.

正確的。然後就為我持續下去。你們安裝了一台 ATM，我忘了具體是什麼時候了。我認為可能是第三季。當您實施這項措施時，您是否會更多地考慮將其作為流動性安全網，還是將其視為更積極的收購機會，以便日後使用？我的意思是，當你實施這個計劃時，你的想法是怎麼樣的？對我來說這就是全部了。

Okay. And to be super clear, our safety net is our strategy. So our safety net is having assets that have lower volatility, higher margins and having a strong balance sheet coming into this. So it's really our view relative to ATM is for that to be a tool to use on offense. And I've highlighted in the past that really, as we look at potential acquisition opportunities, the math is easy for us, and we're able to pursue opportunities when we see an ability based on market pricing for specific assets to generate incremental value for our existing shareholders. I think to the extent we tap our ATM, there will be around specific opportunities that we see available to us in the market.

好的。需要先明確的是，我們的安全網就是我們的戰略。因此，我們的安全網是擁有波動性較低、利潤率較高的資產，並擁有強勁的資產負債表。因此，我們認為 ATM 確實是一種用於進攻的工具。我過去曾強調過，當我們尋找潛在的收購機會時，計算起來對我們來說很容易，當我們看到基於特定資產的市場定價能夠為現有股東創造增量價值的能力時，我們就能抓住機會。我認為，只要我們利用 ATM，我們就會發現市場上存在的具體機會。

And our next question is from Neil Malkin with Capital One Securities.

下一個問題來自 Capital One Securities 的 Neil Malkin。

First one, you talked about you're currently working on extending your covenant waivers. A lot of the other peers have called out the acquisition flexibility or increase thereof. I don't think I've seen that in yours, and I don't know you called it out this time or last time there. Do you guys have capacity to do acquisitions without some sort of capital event? That would be the first part.

首先，您談到目前正在努力延長契約豁免。許多其他同業也呼籲提高收購彈性或增加收購彈性。我認為我沒有在你的作品中看到過這一點，而且我不知道你這次或上次是否也提到過這一點。你們是否有能力在不發生某種資本事件的情況下進行收購？這將是第一部分。

And then the second part would be, because you will come out from under the waivers first, would you be willing to get more aggressive as you see more visibility in the portfolio on existing deals, just kind of near-term levering up a little bit?

然後第二部分是，因為您將首先擺脫豁免，當您看到現有交易的投資組合更加清晰時，您是否願意變得更加積極，只是在短期內稍微增加一點槓桿？

Neil, related to your amendment question, our first amendment, we did have a carve-out for acquisitions, we utilized that. We were able to execute the Board commitments that we had. And so since the beginning of last year, we've closed on 5 hotels, including Madison, which we recently closed on. So we had a basket, we used the basket. And so we did have the flexibility the first -- with the first amendment.

尼爾，關於你的修正案問題，我們的第一修正案確實對收購有豁免，我們利用了這一點。我們能夠履行董事會的承諾。因此，自去年年初以來，我們已經關閉了 5 家酒店，包括最近關閉的麥迪遜酒店。所以我們有一個籃子，我們就用這個籃子。因此，我們確實擁有靈活性——第一修正案。

Going into extending the covenant waiver period, it's a little bit early for me to give details as to what will be included. We anticipate being able to provide more information in the near term. We're close to finalizing everything with the banks. But conversations are going well, and we are in a relatively good position as we have those conversations. And I think that we'll reach an agreement that's helpful for everybody.

談到延長契約豁免期，現在透露其中的具體內容還為時過早。我們預計近期能夠提供更多資訊。我們即將與銀行敲定所有事宜。但對話進展順利，我們在對話過程中處於相對有利的地位。我認為我們將達成一項對每個人都有利的協議。

Yes. And looking at our relative position, to answer the second part of your question, should we see the market free up in a meaningful way? We have a tremendous amount of confidence that we could access the debt markets in advance of a recovery and the equity base to pursue specific opportunities. We don't think that now is the time for that and to take on incremental leverage and store cash, absent an open market with the ready ability to deploy what we think would be kind of productive at this point in time.

是的。看看我們的相對地位，回答你問題的第二部分，我們是否應該看到市場以有意義的方式自由化？我們非常有信心，我們可以在經濟復甦之前進入債務市場，並利用股權基礎來尋求特定的機會。我們認為，現在還不是時候，也不是時候採取增量槓桿和儲存現金，因為缺乏一個開放的市場，並且沒有能力隨時部署我們認為在目前這個時間點上富有成效的舉措。

Yes. No, I appreciate your comments. Second one is, do you have a -- I guess, can you quantify how much your transient demand was down 2019 level? Just trying to get a sense for like how that sort of pent-up demand from the leisure side comes back in this year as the vaccines or vaccine proliferation continues, herd immunity, people get more comfortable and you have the ridiculous amount of stimulus pumped into people's bank accounts, it just seems like there's going to be a extremely strong amount of transient business, especially close to your, I guess, water, adjacent or proximate assets. So can you just maybe talk -- frame that up in terms of if leisure was down like 50% from 2019 levels? And could it go to 75%? Or was it down like 70% from 2019? Just how do you think about that? And how do you expect that to play out?

是的。不，我很感謝您的評論。第二個問題是，您能否量化您的瞬時需求比 2019 年下降了多少？只是想了解一下，隨著疫苗或疫苗擴散的繼續、群體免疫、人們變得更加舒適以及大量刺激措施注入人們的銀行帳戶，休閒方面被壓抑的需求今年將如何復蘇，似乎將會出現大量的臨時業務，尤其是在靠近水域、相鄰或鄰近資產的地方。那麼，您能否簡單談談—假設休閒時間比 2019 年的水準下降了 50%？能達到 75% 嗎？或是比 2019 年下降了 70% 左右？您對此有何看法？您預計這項結果會如何？

Transit in general or leisure transient?

一般是過境還是休閒過境？

Leisure, sorry.

休閒，抱歉。

Leisure transient. I think across the portfolio, both leisure and business transient, when you look at our occupancy, we were down for the quarter, 36% year-over-year; and for the full year, 40%. And so from a just broad transient perspective, while we do think leisure probably outpaced business this past year, broadly, we're -- the industry is significantly down, and there's pent-up demand. Quantifying the leisure component, leisure has been first to travel. They've been eager to travel. We seem to get an indication, even with President's Day recently that there's a desire to get out.

閒暇稍縱即逝。我認為，從整個投資組合來看，包括休閒和商務短期住宿，當我們查看我們的入住率時，會發現本季度的入住率同比下降了 36%；全年則為 40%。因此，從廣泛的短暫角度來看，雖然我們確實認為休閒業在過去一年中可能超過了商業業，但總體而言，該行業大幅下滑，並且存在被壓抑的需求。量化休閒成分，休閒已經先於旅行。他們一直渴望去旅行。即使最近是總統日，我們似乎也感覺到人們有退出的願望。

I think your more traditional warmer summer leisure month, that's a good indicator that there's some pent-up demand there. Quantifying it, it's a little tricky because we don't have perfect visibility into why people travel. And broadly, we have a mix of demand generators in our markets. And so even looking as we have historically at weekday versus weekend patterns, gets a little tricky with people being able to work remotely and reasons for travel blending.

我認為，傳統的溫暖夏季休閒月份是一個很好的指標，顯示那裡存在一些被壓抑的需求。量化這一點有點棘手，因為我們並不完全了解人們旅行的原因。總體而言，我們的市場中存在多種需求產生因素。因此，即使從歷史上看，工作日與週末的模式相比，人們能夠遠端工作以及旅行混合的原因也變得有點棘手。

Sure. Yes, just curious how you guys thought. But the last one is -- I know, obviously, this happened, but the unfortunate passing of Arne. Do you guys -- any reads or is anything you might be concerned about risks, opportunities in terms of how you negotiate in terms of your strategy, how you look at your brand committees you're on, brand proliferation supply, brand standards, anything that you maybe are thinking about that would have implications vis-à-vis your relationship with Marriott going forward?

當然。是的，只是好奇你們怎麼想的。但最後一個是——我知道，顯然，這發生了，但阿恩不幸去世了。你們有沒有讀過什麼或擔心過什麼風險和機遇，例如你們在策略談判方面如何看待你們所在的品牌委員會、品牌擴散供應、品牌標準，或是你們正在考慮的任何事情，這些都會對你們與萬豪未來關係產生影響？

As I highlighted in my earlier remarks, I think, personally, I had and I know a number of people within our organization had good relationships with Arne directly. We're going to miss him tremendously. That said, Marriott is an incredibly strong organization with a wealth of really talented and experienced people. We've worked with both Stephanie and Tony for many, many years now. And each of them bring kind of a unique perspective to leadership at Marriott, with Stephanie having tremendous amount of experience on the customer-facing side; and Tony, obviously, having a wealth of experience on the development side.

正如我在之前的評論中所強調的那樣，我認為，就我個人而言，我知道我們組織內的許多人都與 Arne 保持著良好的關係。我們會非常想念他。話雖如此，萬豪是一個非常強大的組織，擁有大量真正有才華和經驗豐富的人才。我們與史蒂芬妮和托尼已經合作很多年了。他們每個人都為萬豪的領導層帶來了獨特的視角，而史蒂芬妮在客戶服務方面擁有豐富的經驗；顯然，托尼在開發方面擁有豐富的經驗。

I think, actually, they're very well paired for leadership. And that's not mentioning even the dozens, and dozens is probably a smaller number than the number actually of individuals within Marriott that we have very strong relationships with -- that we've developed over a decade. So I think we see Marriott being in good hands. And in terms of our ability to interact with the company, I don't think we see any significant change.

我認為，實際上，他們非常適合擔任領導職務。這還沒有提到幾十個人，幾十個人可能比萬豪內部與我們建立了非常牢固的關係的個人數量還要少——我們已經與這些人建立了十多年的關係。所以我認為萬豪的經營狀況很好。就我們與公司互動的能力而言，我認為我們沒有看到任何重大變化。

Our next question is from Tyler Batory with Janney Capital Markets.

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

And congrats to the team on successfully navigating such a difficult year. The commentary thus far, has been very helpful and very positive. So just a couple of follow-up questions on mind, and I want to go back to some of the commentary on February and real-time trends, if I could. Just interested if you could provide a little more color on what's driving the sequential improvement February versus January, December. How much of that is seasonality? How much of that is incremental demand or new demand versus what you saw at the tail end of 2020? And then are you starting to see the booking window extend at all as more demand is coming in?

並祝賀團隊成功度過如此艱難的一年。到目前為止的評論非常有幫助且非常積極。所以我只是想到了幾個後續問題，如果可以的話，我想回顧一下對二月份的一些評論和即時趨勢。我只是想知道您是否可以提供更多細節，說明二月與一月、十二月相比，季比改善的推動因素。其中有多少是季節性的？與 2020 年底的情況相比，其中有多少是增量需求或新需求？那麼，隨著需求的增加，您是否開始看到預訂窗口延長？

Tyler, I -- the change in the booking trend, I think, it's still a short window. We still don't have a ton of visibility. The improvement in February, we believe, is an increase relative to previous months since seasonality. We typically begin to see occupancy and rate pickup even from January and January from December in normal healthy years, and we're seeing that seasonality play out some here, still obviously, at depressed levels due to COVID. But starting to see that increase. So we're happy that while we did start to see seasonality take hold coming off of October and November and December, we're starting to rebuild.

泰勒，我認為預訂趨勢的變化仍然是一個短暫的窗口。我們仍然沒有太多的可見性。我們認為，二月的改善相對於前幾個月而言是季節性的成長。在正常的健康年份，我們通常會從 1 月和 12 月開始看到入住率和房價回升，我們看到季節性因素在這裡有所體現，但顯然，由於 COVID，入住率和房價仍處於低迷水平。但開始看到這種成長。因此，我們很高興，雖然我們確實開始看到季節性因素在十月、十一月和十二月開始顯現，但我們正在開始重建。

The trends that might be on the margin different that we're encouraged by, are related to forward-looking bookings, and it's a small number because we don't have a lot on the books as we sort of move into the month. But what is picking up is small business, regional sort of corporate account travel. And so we're seeing more of that on the books for the next couple of months. It's, again, small numbers, but an improvement specifically, which at this time of the year, we would expect. Business slows down in November and December and with the holidays and then going into January and February, you start to see business transient pick up in normal times. We're starting to see a little bit of that. It's just not your large corporate accounts. It seems to be more local regional accounts, which is what we would have expected.

令我們感到鼓舞的邊際趨勢可能有所不同，這與前瞻性預訂有關，而且這個數字很小，因為進入本月時我們的賬簿上並沒有太多記錄。但正在興起的是小型企業和地區性企業帳戶旅行。因此，在接下來的幾個月裡，我們將看到更多這樣的事情發生。雖然數字不大，但確實是一種進步，這是我們在今年這個時候所期待的。十一月和十二月的業務放緩，而隨著假期的到來以及一月和二月的到來，你會開始看到業務在正常時期短暫回升。我們開始看到一些這樣的情況。這不僅僅是您的大型公司帳戶。它似乎更多的是本地區域帳戶，這正是我們所期望的。

Great. And then just as a follow-up, can you talk a little bit about CapEx spending in 2021, your expectations in terms of how much you're going to spend and what exactly you're going to be spending the money on?

偉大的。然後作為後續問題，您能否談談 2021 年的資本支出，您對支出金額的預期以及具體將把錢花在什麼地方？

Yes. And that's a good question. We -- or Liz provided guidance in her remarks that it would be in and around, well, $30 million or less is our expectation for this year. But roughly half of that would be spent on specific projects, general maintenance and/or technology or brand initiatives. And then the other half, the expectation would be spent on full cycle renovations. We've had an opportunity over the past year to do a deep dive on our entire portfolio. And I think to really meaningfully assess the needs of our individual assets and to develop what I think is a very robust plan around renovations and renovation cycles on a go-forward basis. And I think what you can expect over the next several years is consistent with what we've been doing in the past, and that's focusing our spend around assets where we -- prioritizing assets where we feel we can get the best return on our investment, improving our market positioning through the renovations. And then I think consistent with past practice, ensuring that the money that we spend on individual assets is focused around those elements of the assets that are likely to have the greatest guest impact.

是的。這是個好問題。我們——或者說莉茲在她的演講中提供了指導，今年的預期金額將在 3000 萬美元左右或更少。但其中大約一半將用於特定項目、一般維護和/或技術或品牌計劃。而另一半預計將用於全週期的翻新。在過去的一年裡，我們有機會深入研究我們的整個投資組合。我認為要真正有意義地評估我們各個資產的需求，並製定一個我認為非常穩健的、圍繞未來翻新和翻新週期的計劃。我認為未來幾年您可以期待的與我們過去所做的一致，那就是將我們的支出集中在我們認為可以獲得最佳投資回報的資產上，透過翻新來改善我們的市場定位。然後，我認為與過去的做法一致，確保我們在單一資產上花費的資金集中在那些可能對客人產生最大影響的資產要素上。

(Operator Instructions) Our next question is from Floris Van Dijkum with Compass Point.

（操作員指示）我們的下一個問題來自 Compass Point 的 Floris Van Dijkum。

Just -- I might want to ask you a little bit more on capital allocation. I mean it's one of the key ways how you create value for your shareholders and as you think about deploying capital, maybe walk us through your thinking on whether to go for resort hotels versus your small metro versus your suburban, which is bulk of your portfolio today. And also, how you think about some of the government initiatives such as the minimum wage or the increased minimum wage, how that impacts your thinking on certain locales?

只是——我可能想問您更多關於資本配置的問題。我的意思是，這是為股東創造價值的關鍵方法之一，當您考慮部署資本時，也許可以向我們介紹一下您的想法，是選擇度假酒店、小型都市還是郊區，而這些是您目前投資組合的主體。另外，您如何看待政府的一些舉措，例如最低工資或提高最低工資，這對您對某些地方的看法有何影響？

Two very good questions. So to clarify for those who might be listening who might think differently. I'm assuming that you -- when you speak of resort, you're speaking of resort market, recognizing that our investment thesis around investing in select-service hotels remains unchanged. That being said, I think our broad thinking has remained unchanged, and that's the -- our expectation is as we pursue acquisition opportunities, we will continue to look for -- look to diversify the portfolio, provide an exposure to a number of different demand generators and ensuring that we have exposure to a variety of different market types.

兩個非常好的問題。因此，我要向那些可能持有不同想法的聽眾澄清一下。我假設您 - 當您談到度假村時，您指的是度假村市場，並認識到我們圍繞投資精選服務酒店的投資理念保持不變。話雖如此，我認為我們的整體思路沒有改變，那就是——我們的期望是，當我們尋求收購機會時，我們將繼續尋找——尋求投資組合的多樣化，接觸許多不同的需求生成器，並確保我們接觸各種不同類型的市場。

What you saw -- or what you've seen over the past several years is that we've specifically targeted markets where there's strong leisure demand, certainly, not exclusively, but that's led to acquisitions like the acquisition of the hotel that we now own in Portland Maine, where a significant driver for total operating performance of that hotel is summer leisure travel. You'll continue to see us do that selectively, but not exclusively. And I think it's fair to assume that we will look for opportunities in high-density suburban markets, expanding our exposure there. And at the appropriate time, we'll look for opportunities in urban markets again as well.

您所看到的——或者您在過去幾年中看到的是，我們專門瞄準了休閒需求旺盛的市場，當然，不是全部，但這導致了收購，例如收購我們現在位於緬因州波特蘭的酒店，夏季休閒旅遊是該酒店整體運營業績的重要驅動力。您將繼續看到我們有選擇地這樣做，但不是專門這樣做。我認為，我們可以合理地假設，我們將在高密度郊區市場尋找機會，擴大我們在那裡的影響力。在適當的時候，我們也會再次在城市市場尋找機會。

My thinking is that urban markets will underperform and lag in the recovery, broadly speaking, especially some of the large urban markets. And that pricing may take a little bit of time to adjust to the discrepancy. But we certainly haven't changed our thinking in -- around wanting exposure to those markets as well.

我的想法是，總體而言，城市市場在復甦中將表現不佳並落後，尤其是一些大型城市市場。而且定價可能需要一點時間來適應這種差異。但我們當然沒有改變我們的想法——我們也希望進入這些市場。

In terms of minimum wage, when we assess acquisition opportunities, we're always looking at the long-term potential for cash flow production from those assets. I think there's a tendency sometimes from an investor perspective to think more of top line and RevPAR performance, than that, in combination with potential margins from those markets. What we've done incredibly well, historically, is matching the top line and bottom line profile of markets in order to maximize margins for our hotels, ultimately generating stronger cash flows for our investors.

就最低工資而言，當我們評估收購機會時，我們總是專注於這些資產的長期現金流潛力。我認為，從投資者的角度來看，有時他們傾向於更多地考慮營業額和每間可用客房收入 (RevPAR) 的表現，而不是結合這些市場的潛在利潤率。從歷史上看，我們做得非常好的是匹配市場的頂線和底線概況，以最大限度地提高我們酒店的利潤率，最終為我們的投資者創造更強勁的現金流。

I think looking across our markets, we were seeing pressure on wages before the downturn. And in most cases, we're paying at or above the minimum wage that's being proposed at $15. Certainly, our hope would be that as an increase in minimum wage gets rolled out, there would be some regional consideration for how that might occur. But we're not banking on it at this point, and taking into consideration wages at their current -- where they currently are and where they might be as we look at the potential acquisitions.

我認為，縱觀我們的市場，我們在經濟衰退之前就看到了薪資壓力。大多數情況下，我們支付的工資都等於或高於提議的 15 美元最低工資。當然，我們希望隨著最低工資的提高，各地區能夠考慮如何提高最低工資。但我們目前並不指望這一點，而是考慮到他們目前的工資水平——他們目前的工資水平以及我們在考慮潛在收購時可能的工資水平。

Maybe if I can have one follow-up on that as well. As you think about deploying capital, I -- obviously, you have a number of different brands largely in the upscale and upper mid-scale segment. As you think about putting more capital to work, are there specific brands that you're targeting? Are you targeting the brands that you already have exposure to? Or are you thinking about maybe adding onto maybe some of your Embassy suite exposure as -- because of the increased ability to generate EBITDA per hotel relative to some of your other brands in your portfolio?

也許我也可以對此進行跟進。當您考慮部署資本時，我——顯然，您擁有許多不同的品牌，主要集中在高檔和中高檔市場。當您考慮投入更多資金時，是否有特定的目標品牌？您是否瞄準了您已經接觸過的品牌？或者您是否考慮增加部分 Embassy 套房的曝光度——因為與您投資組合中的其他一些品牌相比，每家酒店產生 EBITDA 的能力有所提高？

A good question. I think broadly speaking, we continue to be exclusively focused on Hilton, Marriott and Hyatt branded and select-service hotels. We consider Embassy select-service hotel. Though, technically, it's categorized as upper upscale. And we do that just based on the operating model being similar to the operating model at our other select-service hotels.

好問題。我認為從廣義上講，我們將繼續專注於希爾頓、萬豪和凱悅品牌和精選服務酒店。我們考慮選擇 Embassy 精選服務酒店。但從技術上來說，它被歸類為高檔產品。我們這樣做只是基於與我們其他精選服務酒店的營運模式類似的營運模式。

I think we love Embassy as a brand. We don't love it more than we love the other select-service brands within those larger-brand portfolios. And I think we will look in market to own the best asset within the broader brand family. So yes, I think while the individual brand is obviously important, so too is the quality of the individual product and the location within market. And we'll take all of those into consideration as we look at future acquisitions.

我認為我們喜歡 Embassy 這個品牌。我們對它的喜愛程度並不高於對那些大品牌組合中的其他精選服務品牌的喜愛程度。我認為我們將在市場上尋找更廣泛的品牌家族中的最佳資產。所以是的，我認為雖然單一品牌顯然很重要，但單一產品的品質和市場定位也同樣重要。在考慮未來的收購時，我們會將所有這些都考慮進去。

And our next question is from Lukas Hartwich with Green Street.

下一個問題來自 Green Street 的 Lukas Hartwich。

Just one left for me. So asset value seem to be holding up better than initially tiered just a few months ago. Would you actually think that supply could come back quicker than we previously thought as well? So I was just hoping you could provide an update of what you think the replacement cost is for the current portfolio on a per key basis? And then just maybe talk about the potential re-ramp of supply growth.

只剩下一個給我了。因此，資產價值似乎比幾個月前最初的分級表現更好。您是否真的認為供應能夠比我們之前想像的更快恢復？所以我只是希望您能提供一份最新信息，說明您認為當前投資組合中每個關鍵要素的更換成本是多少？然後也許再談談供應成長的潛在再次加速。

A good question. Ultimately, and I think sometimes we forget this, but investors invest in real estate, generally speaking, to get a cash return on their investment. And so while it's true that we haven't seen material -- shifts in pricing or existing assets, I'm not confident that, that alone is sufficient to alter the thinking of individual developers. Most developers develop with the expectation that they may need to hold for some period of time. And absent a compelling IRR for investments, there will still be a governor on development, if only a governor provided by lenders who will be specifically looking at the cash flow potential for individual investments.

好問題。最終，我認為有時我們會忘記這一點，但投資者投資房地產一般是為了獲得投資的現金回報。因此，雖然我們確實沒有看到價格或現有資產的重大變化，但我並不確信僅憑這一點就足以改變個別開發商的想法。大多數開發人員在開發時都預期他們可能需要持有一段時間。而且，如果沒有令人信服的投資內部報酬率 (IRR)，那麼仍然會有一個開發管理者，即使只是由貸款人提供的管理者，他們也會專門關注單一投資的現金流潛力。

As we look at construction costs, the information we have is a little bit noisy on that front. We do think that there's likely to be an adjustment to construction costs over time, though that, too, has been less material than what we expected coming into this. And part of it, there's noise in the system right now. I highlighted the fact that there's an imbalance in terms of fewer assets on the market and a lot of interested buyers, impacting pricing, but equally relevant is the fact that there has been significant government aid provided to a large number of owner operators in this space. And that banks have been reasonably flexible in the near term. A shift in any of those things could change the dynamics. And as I highlighted in response to one of my earlier -- the earlier questions, I received. We intend to be opportunistic and act on active ways to take advantage of the changing market dynamics.

當我們考慮建築成本時，我們掌握的資訊在這方面有點混亂。我們確實認為，隨著時間的推移，建築成本可能會有所調整，儘管這種調整幅度也沒有我們預期的那麼大。其中一部分原因是，目前系統中存在噪音。我強調了這樣一個事實，即市場上的資產較少，而感興趣的買家較多，這影響了定價，存在不平衡現象，但同樣重要的是，政府為該領域的大量業主提供了大量援助。而銀行在短期內已經保持了相當的彈性。任何因素的轉變都可能改變局勢。正如我在回答我之前的一個問題時所強調的那樣，我收到了。我們打算抓住機會，採取積極行動來利用不斷變化的市場動態。

And did you have an estimate for the replacement cost of the current portfolio?

您對目前投資組合的重置成本有什麼估算嗎？

It's clever, Lukas, because we haven't published one of those before. I think at this point, to leverage my earlier response, we don't see a change in replacement value for our portfolio as a result of the current pandemic. That may change over time. But as we look at transactions where -- that we're contemplating -- as a -- contemplating or that we've executed against as a seller and underwriting new asset acquisition opportunities, cap rates on 2019 numbers are relatively close to where they were before. And obviously, there are discrepancies, depending on the quality of the portfolio, but for portfolios or individual assets of similar quality to the quality that we own, that there is -- pricing is in the neighborhood to where it would have been pre pandemic today.

這很聰明，盧卡斯，因為我們之前沒有發表過這樣的文章。我認為，就目前而言，利用我先前的回答，我們認為我們的投資組合的重置價值不會因當前的疫情而改變。這種情況可能會隨著時間而改變。但是，當我們審視我們正在考慮的交易，或者我們作為賣方執行的交易以及承銷新的資產收購機會時，2019 年的資本化率相對接近先前的水準。顯然，根據投資組合的質量，存在差異，但對於與我們擁有的質量相似的投資組合或單一資產，其定價與今天大流行之前的水平差不多。

And our next question is from Dori Kesten with Wells Fargo.

下一個問題來自富國銀行的 Dori Kesten。

I apologize if this has been addressed. Can you talk about how brand costs may be reduce the next few years versus prior levels? If anything has been kind of -- I permanently put in writing and just how these savings are bucketed?

如果這個問題已經解決，我深表歉意。您能否談談未來幾年品牌成本與之前的水平相比將如何降低？如果有什麼東西——我永久地寫下來，那麼這些儲蓄是如何分類的？

Sure. I think as we look at brand costs overall, it's certainly franchise and/or management fees paid to the brands have come down materially year-over-year. But in proportionate to the decline in rate and occupancy, which they're tied to. I think our expectation is that the percentage that we had coming in, in terms of the fee as a percentage of revenue that we had coming into this is likely to stay constant coming out of it. And where we see greater savings on the brand side is around allocations, given that both -- well, all of the major brands that we operate with have reduced their corporate overhead and certain services that they provided in the past that they charge for.

當然。我認為，當我們從整體上看品牌成本時，支付給品牌的特許經營費和/或管理費肯定同比大幅下降。但與房價和入住率的下降成正比，這是相關的。我認為我們的預期是，就費用佔收入的百分比而言，我們的收入可能會保持不變。我們看到品牌方面節省的更多是在分配方面，因為——嗯，我們合作的所有主要品牌都減少了公司管理費用和過去提供的某些收費服務。

And in most cases, we've replaced those services either with in-house services or outsourced services at lower price points. So I think between that and the adjustments that we've seen in the near term and are likely to see over the longer term in terms of brand-mandated services and amenities and potentially even the cost of renovations over time. Those are the areas where we anticipate seeing the greatest savings.

在大多數情況下，我們以內部服務或外包服務以較低的價格取代這些服務。因此，我認為，從短期來看，我們在品牌強制服務和設施方面可能會做出調整，並且長期來看，這些調整也可能包括裝修成本。這些是我們預計能夠實現最大節省的領域。

And our next question is from Michael Bellisario with Baird.

下一個問題來自貝爾德公司的麥可貝利薩裡奧。

Two questions. First on the asset sale that you guys completed in December in California. Can you provide some details around that process and pricing metrics? And then also, any shift in your view that maybe -- or the likelihood that a smaller portfolio sale or sales could occur versus your continued one-off disposition strategy?

兩個問題。首先是你們去年 12 月在加州完成的資產出售。您能否提供有關該流程和定價指標的一些詳細資訊？另外，您的觀點是否改變了？與您持續的一次性處置策略相比，發生較小規模的投資組合出售的可能性有多大？

Sure. The Tulare asset was one that we had contemplated selling pre onset of the pandemic and had explored the opportunity with a variety of brokers and even begun having conversations with some potential buyers. In terms of pricing, on 2019 numbers, the pricing equates to a sub 9 cap on 2019 numbers pre-PIP just above an 8 cap on trailing on 2019 numbers, rather, including the PIP. So in line with what we would have expected for that particular asset and had contemplated as we interact with brokers before. The buyer for that asset is a local owner operator. And so distinct from that Charlotte asset that we have under contract at an even lower cap rate, but where the buyer intends to repurpose the building for multifamily. Remind me the second part of the question.

當然。我們在疫情爆發前就曾考慮出售圖萊瑞的資產，並與多家經紀人探討了這個機會，甚至開始與一些潛在買家進行對話。就定價而言，對於 2019 年的數字，定價相當於 PIP 之前 2019 年數字的 9 以下上限，略高於 2019 年數字的 8 上限（包括 PIP）。因此，這與我們對該特定資產的預期以及先前與經紀人互動時所考慮的一致。該資產的買家是當地的業主經營者。這與夏洛特的資產截然不同，我們以​​更低的資本化率簽訂了合同，但買家打算將該建築重新用於多戶住宅。提醒我問題的第二部分。

In terms of portfolio. As we look now, we're seeing greater interest in portfolios. Really, quite frankly, private equity who raised -- a number of the private equity groups who raised the tremendous amount of money early, anticipating that there would be a large number of distressed assets that would come to market are looking now to deploy those funds. And I think we're having more interesting conversations with groups that would be interested in small portfolios than we were 3, 6 months ago. And I think that their interest paired with some loosening in the debt markets, I think, bodes well for a smaller portfolio sales as we move through the year. And I should highlight the fact that, again, looking across our portfolio, the bulk of our assets individually are cash flow positive at the asset level, which, as these groups are looking to invest, simplifies somewhat the map that they have to work through in order to pursue an acquisition.

就投資組合而言。現在我們看到，人們對投資組合的興趣越來越大。說實話，私募股權——許多私募股權集團早期籌集了巨額資金，預計會有大量不良資產進入市場，現在正在尋求部署這些資金。我認為，與 3 至 6 個月前相比，我們與對小型投資組合感興趣的團體進行了更多有趣的對話。我認為，他們的興趣加上債務市場的放鬆，預示著今年投資組合的銷售將會減少。我應該強調的是，再次回顧我們的投資組合，我們的大部分資產在資產層面上都是現金流為正的，當這些集團尋求投資時，這在某種程度上簡化了他們為進行收購而必須遵循的路線圖。

Right. Understood. And then just back to a prior question on CapEx, the $25 million to $30 million range. I guess maybe why are you spending so little CapEx? And maybe what does that do to your relative market share on a go-forward basis? And I guess really the question is, why aren't you spending more when disruption would be lower, and your competitors might not be as well capitalized and might not be spending the money?

正確的。明白了。然後回到之前關於資本支出的問題，範圍是 2500 萬美元到 3000 萬美元。我猜也許你為什麼花費的資本支出這麼少？那麼這對您未來的相對市場佔有率有何影響？我想真正的問題是，當幹擾較低時，為什麼你不花更多錢，而你的競爭對手可能沒有那麼充足的資金，也可能不會花這筆錢？

That's a super good question. I mean I think I highlighted earlier in my remarks that the primary reasons that we don't need to right now. And I think what you've seen from us throughout the cycle is that we've been cautious and prudent in the deployment of capital to ensure that we do so in a way that, that creates a clear trajectory towards our ultimate profitability. I think in the near term, while we're focused on a lot of things, the bulk of our focus is on improving operations in ways that enable us to exit the waiver period and gain even greater flexibility around how we allocate capital. Because we came into the pandemic with a very well-maintained relatively young portfolio.

這是一個非常好的問題。我的意思是，我認為我在之前的發言中強調了我們現在不需要這樣做的主要原因。我想，在整個週期中，您從我們身上看到的是，我們在資本部署方面一直非常謹慎和審慎，以確保我們以一種能夠為最終盈利創造清晰軌蹟的方式進行資本部署。我認為，在短期內，雖然我們專注於很多事情，但我們的主要重點是改善運營，使我們能夠退出豁免期，並在如何分配資本方面獲得更大的靈活性。因為我們在疫情爆發時，投資組合維護得非常好，而且相對年輕。

And because some of our assets have run lower occupancies during the pandemic, we're in a position to manage our capital expenditures in ways that we think preserve capital and put us in a better position near term to gain greater flexibility. Over time, I think it's reasonable to expect that we would get back to more normal levels. And if we were to see a more significant increase or improvement in performance, we may revisit that as we move through the year.

而且由於我們的部分資產在疫情期間的入住率較低，我們能夠以我們認為可以保留資本的方式管理我們的資本支出，並使我們近期處於更有利的地位以獲得更大的靈活性。隨著時間的推移，我認為我們有理由期待恢復到更正常的水平。如果我們看到業績有更顯著的成長或改善，我們可能會在今年重新審視這一點。

But I highlighted, we've been intently focused around ensuring that our hotels are well maintained, which we think will lower the long-term capital expenditures that we'll have. And we've had constructive conversations with the brands around scope of future renovations, which, I think, will put us in a position to do more with less, focusing really our attention around those items within the hotel that have the greatest guest impact.

但我強調，我們一直專注於確保我們的酒店得到良好的維護，我們認為這將降低我們的長期資本支出。我們也與各品牌就未來裝修範圍進行了建設性的對話，我認為這將使我們能夠用更少的資源做更多的事情，讓我們真正關注酒店內對客人影響最大的項目。

And it's worth noting that when we renovate hotels, we typically keep our hotels open and can do them with relatively little displacement, timing them with seasonality. And so I think we will continue to be able to optimally time them. And I don't know that we're going to miss a window to minimize displacement or disruption.

值得注意的是，當我們翻新酒店時，我們通常會保持酒店開放，並且可以在相對較少的客流量下進行翻新，並根據季節調整翻新時間。因此我認為我們將繼續能夠以最佳方式安排時間。我不知道我們是否會錯過一個可以最大限度減少流離失所或混亂的機會。

And we have reached the end of our question-and-answer session, and I will now turn the call over to our President and CEO, Justin Knight, for closing remarks.

我們的問答環節已經結束，現在我將把電話交給我們的總裁兼執行長賈斯汀奈特 (Justin Knight) 來致結束語。

Thank you. Really appreciate you being with us on this call today. I know a lot of you have a busy day. There are a number of companies reporting. We look forward to talking to all of you again in the not-too-distant future. And as always, I hope that as you have an opportunity to travel, you'll take the opportunity to stay with us at one of our hotels. Have a great one.

謝謝。非常感謝您今天參加我們的電話會議。我知道你們很多人今天都很忙。有多家公司發布報告。我們期待在不久的將來再次與大家交談。像往常一樣，我希望當您有機會旅行時，能夠藉此機會入住我們的某家酒店。祝你一切順利。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。