Apple Hospitality REIT Inc (APLE) 2020 Q1 法說會逐字稿

Greetings and welcome to the Apple Hospitality REIT First Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Clarke, Vice President, Investor Relations. Thank you. You may begin.

問候並歡迎參加 Apple Hospitality REIT 2020 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。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 (Kelly Clarke)。謝謝。你可以開始了。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's First Quarter 2020 Earnings Call on the 19th day of May 2020. Today's call will be based on the first quarter 2020 earnings release, Form 10-Q and COVID-19 supplement, which were distributed and filed yesterday afternoon. As a reminder, today's call will contain forward-looking statements as defined by Federal Securities laws, including statements regarding future operating results and the impact to the company's business and financial condition from and measures being taken in response to COVID-19. These statements involve known and unknown risks and other factors, which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 於 2020 年 5 月 19 日舉行的 2020 年第一季財報電話會議。今天的電話會議將基於昨天下午分發和提交的 2020 年第一季財報、10-Q 表和 COVID-19 補充報告。提醒一下，今天的電話會議將包含聯邦證券法所定義的前瞻性陳述，包括有關未來經營業績以及 COVID-19 對公司業務和財務狀況的影響以及為應對 COVID-19 而採取的措施的陳述。這些聲明涉及已知和未知的風險和其他因素，可能導致 Apple Hospitality 的實際結果、業績或成就與此類前瞻性聲明表達或暗示的未來結果、業績或成就有重大差異。

Participants should carefully review our financial statements and 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, 2019, quarterly report on Form 10-Q for the quarter ended March 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. 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, supplemental or additional information about the company, please visit applehospitalityreit.com.

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 2019 年 12 月 31 日的年度報告 10-K 表、截至 2020 年 3 月 31 日的季度報告 10-Q 表以及向美國證券交易委員會提交的其他文件中所述的風險因素。 Apple Hospitality 所做的任何前瞻性聲明僅代表今日的觀點，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。如需獲取收益報告副本、有關該公司的補充或其他信息，請訪問 applehospitalityreit.com。

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the first quarter of 2020 as well as an outlook for the sector and for the company. Following the overview, we will open the call for Q&A. At this time, it is my pleasure to turn the call over to our CEO, Justin Knight.

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 年第一季的業績以及該行業和公司的前景。概述之後，我們將開始問答環節。現在，我很高興將電話轉給我們的執行長賈斯汀奈特 (Justin Knight)。

Thank you, Kelly. Good morning, everyone, and thank you for joining us today. I sincerely hope that each of you and your loved ones are staying safe and healthy during these challenging times. My heart goes out to all those who have been directly affected by the coronavirus and I would like to express my sincere gratitude to all first responders, health care workers and everyone on the front lines of this pandemic.

謝謝你，凱利。大家早安，感謝大家今天加入我們。我真誠地希望你們每個人和你們的親人在這個充滿挑戰的時期都能保持安全和健康。我向所有直接受到冠狀病毒影響的人們表示深切的慰問，並向所有急救人員、醫護人員和所有在這場疫情前線工作的人們表示最誠摯的感謝。

With travel restrictions and stay-at-home orders in place across most of our nation since mid-March, COVID-19 has disrupted every aspect of our daily lives and has been particularly challenging for the hotel industry.

自 3 月中旬以來，全國大部分地區實施了旅行限制和居家令，COVID-19 擾亂了我們日常生活的方方面面，對酒店業來說尤其具有挑戰性。

The pandemic and efforts to mitigate it have dramatically reduced both business and leisure demand and required us to make meaningful changes to the way we operate. Our efforts to preserve our business and ensure our ability to thrive in future years have required us to make difficult decisions that affect our corporate employees, our shareholders and the associates at our hotels. It is incredibly difficult for us to come to terms with the number of hotel associates that have been furloughed or laid off across our portfolio and the entire hotel industry as a result of the abrupt changes in demand caused by COVID-19.

疫情及其緩解措施大大減少了商務和休閒需求，要求我們對營運方式做出有意義的改變。為了維護我們的業務並確保我們在未來幾年蓬勃發展的能力，我們做出了一些艱難的決定，這些決定將影響我們的公司員工、股東和酒店員工。我們很難接受這樣一個事實：由於新冠疫情導致的需求突然變化，我們旗下酒店以及整個酒店業有大量酒店員工被迫休假或被解僱。

While we do not yet know how long the current situation will last, we look forward to a time when we can resume more normal operations and add back staff at our hotels as the environment improves.

雖然我們尚不清楚目前的狀況將持續多久，但我們期待隨著環境的改善，我們能夠恢復更正常的運營，並增加飯店員工的數量。

Through February, RevPAR for our portfolio was essentially flat despite challenging year-over-year comps. Occupancies began to drop beginning in the second week of March, and by month end, had settled between 15% and 16%. While we began to see modest improvement in occupancies in the second half of April, we expect the current health and economic crisis to materially impact our business through the remainder of the year.

整個二月份，儘管與去年同期相比面臨挑戰，但我們投資組合中的每間可用客房收入 (RevPAR) 基本持平。入住率從三月第二週開始下降，到月底已穩定在 15% 至 16% 之間。雖然我們在 4 月下半月開始看到入住率略有改善，但我們預計當前的健康和經濟危機將對我們今年剩餘時間的業務產生重大影響。

Since the onset of the pandemic, our team members have been diligently working in collaboration with our brands, management companies, banking teams and the industry associations to navigate the current environment, maintain a sound liquidity position, effectively adapt our business and safeguard long-term value for our shareholders. As the occupancy levels for our hotels began to decline in March, we moved quickly to adjust the staffing model at our hotels and reduced other operating expenses in an effort to preserve cash and minimize near-term losses.

自從疫情爆發以來，我們的團隊成員一直與我們的品牌、管理公司、銀行團隊和行業協會勤勉合作，以應對當前環境，保持良好的流動性狀況，有效調整我們的業務並維護股東的長期價值。隨著我們酒店的入住率在 3 月開始下降，我們迅速調整了酒店的人員配置模式，並減少了其他營運費用，以保留現金並最大限度地減少短期損失。

Working with our management companies, we established minimum staffing levels for our hotels, reducing staffing by 70% to 75% on average. With our brands allowing flexibility to adjust operating models in response to the crisis, we dramatically reduced food and beverage spend, eliminated housekeeping during stay overs and worked with vendors to suspend or meaningfully reduce the cost of services.

我們與管理公司合作，為飯店設定了最低員工配備水平，平均減少了 70% 至 75% 的員工配備。我們的品牌可以靈活地調整營運模式以應對危機，我們大幅減少了食品和飲料支出，取消了住宿期間的客房清潔服務，並與供應商合作暫停或大幅降低服務成本。

Utilizing energy management systems installed over the past several years, we were able to monitor energy usage in real-time to achieve reductions in utility costs while ensuring settings that protect and preserve our assets. Together with our third-party management companies, we have enhanced our sales efforts by focusing on demand generators related to COVID-19 specific opportunities in certain markets, and identifying other sectors that may have lodging needs, including construction, manufacturing, government and maintenance industries.

利用過去幾年安裝的能源管理系統，我們能夠即時監控能源使用情況，從而降低公用事業成本，同時確保保護和保存我們資產的設定。我們與第三方管理公司合作，專注於特定市場中與 COVID-19 特定機會相關的需求產生器，並確定可能有住宿需求的其他行業，包括建築、製造、政府和維護行業，從而加強了銷售。

Our management teams are also working with existing customers to move business to later in the year. As local governments begin to loosen restrictions, we expect the pace and recovery across our markets to vary. Our portfolio is diversified across 87 markets with the majority of our hotels located in drive-to locations. In line with industry expectations, we believe that leisure transient demand will be the first to return with drive-to destinations among the first to benefit. We are already implementing enhanced sanitation protocols that will help to ensure our hotels meet evolving customer expectations. We are deeply committed to the overall health and wellbeing of all hotel associates and guests. And we'll continue to work closely with the brands and our management companies to provide the highest level of sanitation and safety at our hotels.

我們的管理團隊也正在與現有客戶合作，將業務轉移到今年稍後。隨著地方政府開始放鬆限制，我們預期各市場的發展速度和復甦速度將會有所不同。我們的投資組合遍佈 87 個市場，其中大多數飯店位於可開車抵達的地點。根據業界預期，我們相信休閒短途旅行需求將率先回歸，而自駕遊目的地將首當其衝受益。我們已經在實施加強的衛生規程，這將有助於確保我們的酒店滿足不斷變化的客戶期望。我們致力於保障所有飯店員工和客人的整體健康和福祉。我們將繼續與品牌和管理公司密切合作，為我們的酒店提供最高水準的衛生和安全。

Our diversified portfolio of rooms-focused hotels is uniquely positioned to effectively adapt to changing market conditions. To date, only one of our hotels, our Courtyard in Carolina Beach, temporarily closed following a local government mandate prohibiting short-term lodging in the area, but we have consolidated operations in markets where we own multiple hotels in order to drive incremental cost savings. The size and efficient design of our hotels, along with employees who have been cross-trained in multiple functional areas have enabled us to effectively serve our guests with minimal staff presence at each hotel.

我們以客房為中心的多元化飯店組合具有獨特的優勢，能夠有效適應不斷變化的市場條件。到目前為止，我們只有一家酒店，位於卡羅萊納海灘的萬怡酒店，根據當地政府禁止在該地區短期住宿的命令而暫時關閉，但我們已在擁有多家酒店的市場整合了業務，以推動增量成本節約。我們飯店的規模和高效的設計，以及在多個職能領域接受過交叉培訓的員工，使我們能夠在每家酒店以最少的員工數量有效地為客人提供服務。

In conjunction with our operational response, we implemented a variety of cost-containment initiatives at the corporate level to preserve and bolster liquidity. We made the difficult decision to suspend monthly distributions, beginning with our April distribution. We recognize the importance of our monthly distributions to our shareholders. While we do not yet know how long the current situation will last, we are working diligently to ensure that we will be well positioned as the economy recovers and operating environment improves.

結合我們的營運回應，我們在公司層級實施了各種成本控制舉措，以維持和增強流動性。我們做出了一個艱難的決定，從四月開始暫停每月的分配。我們認識到每月分配對股東的重要性。雖然我們尚不知道當前的狀況將持續多久，但我們正在努力確保在經濟復甦和經營環境改善時我們能夠處於有利地位。

In March, our Executive Chairman, Board of Directors and I, all voluntarily reduced our compensation for the year; and Bryan Peery and Krissy Gathright voluntarily deferred receipt of payment under their separation agreements, which would have otherwise been paid out in the second quarter.

三月份，我們的執行主席、董事會和我都自願減少了年度薪酬； Bryan Peery 和 Krissy Gathright 根據離職協議自願推遲領取工資，否則這些工資將在第二季度支付。

Combined with anticipated reductions in payouts under our executive incentive program and other G&A costs, we anticipate a reduction of corporate expenses of approximately 25% for the year as compared to our February 2020 forecast and approximately 30% as compared to 2019.

加上我們高階主管激勵計畫下的支出和其他一般及行政費用的預期減少，我們預計今年的公司支出將比 2020 年 2 月的預測減少約 25%，比 2019 年減少約 30%。

Our brand partners have been exceptional to work with throughout this crisis. With the easing of brand renovation requirements, we were able to postpone all nonessential capital improvement projects for the year, focusing the remaining spend on asset-protection projects and other needs as they arise.

在整個危機期間，我們的品牌合作夥伴表現出色。隨著品牌改造要求的放寬，我們得以推遲今年所有非必要的資本改善項目，將剩餘的支出集中在資產保護項目和其他出現的需求上。

During the 3 months ended March 31, 2020, the company invested approximately $24 million in capital expenditures and anticipates spending an additional $10 million to $15 million during the remainder of 2020, approximately $50 million less than originally planned.

在截至 2020 年 3 月 31 日的 3 個月內，該公司投資了約 2,400 萬美元的資本支出，並預計在 2020 年剩餘時間內將額外支出 1,000 萬至 1,500 萬美元，比原計劃減少約 5,000 萬美元。

Prior to the onset of COVID-19, our team had been focused on value creation through thoughtful capital allocation. And during the first quarter, we sold our SpringHill Suites in Sanford, Florida; and SpringHill Suites in Boise, Idaho, for a total combined gross sales price of approximately $45 million. And the company recognized a gain on sale of approximately $9 million.

在 COVID-19 爆發之前，我們的團隊一直專注於透過深思熟慮的資本配置來創造價值。第一季度，我們出售了位於佛羅裡達州桑福德的 SpringHill Suites；以及位於愛達荷州博伊西的 SpringHill Suites，總售價約 4,500 萬美元。該公司確認了約 900 萬美元的銷售收益。

In April, we closed on the dual-branded Hampton Inn & Suites and Home2 Suites in Cape Canaveral, Florida, a development project, which we had contracted for in 2018. The purchase price was approximately $47 million, which was funded by $25 million of cash on hand and a note with the developer for approximately $22 million that is payable in 2021.

4 月份，我們完成了位於佛羅裡達州卡納維拉爾角的雙品牌漢普頓酒店及套房 (Hampton Inn & Suites) 和 Home2 Suites 的開發項目，該項目我們於 2018 年簽訂了合約。購買價格約為 4,700 萬美元，其中 2,500 萬美元來自庫存現金，另有一張開發商開立的約 2,200 萬美元的票據將於 2021 年支付。

Part of our strategy has been to partner with trusted developers to invest in new [non-prototype goal] of high-quality assets. And prior to 2020, we entered into contracts with the potential purchase of 3 additional hotels for a combined total expected purchase price of approximately $113 million, including a dual-branded Hyatt House and Hyatt Place in Tempe, Arizona; and a Hilton Garden Inn in Madison, Wisconsin. Assuming all conditions to closing are met, we anticipate acquiring the Tempe hotels during the second half of this year and a Madison hotel in 2021. Subsequent to the end of the first quarter, we terminated the contract for the purchase of a Courtyard by Marriott in Denver, Colorado, which had not yet begun construction.

我們的策略之一是與值得信賴的開發商合作，投資新的（非原型目標）高品質資產。並且在 2020 年之前，我們簽訂了可能購買另外 3 家酒店的合同，預計總購買價約為 1.13 億美元，其中包括位於亞利桑那州坦佩的雙品牌凱悅嘉寓酒店和凱悅嘉軒酒店；以及位於威斯康星州麥迪遜的希爾頓花園酒店。假設所有成交條件都已滿足，我們預計將在今年下半年收購坦佩酒店，並在 2021 年收購麥迪遜酒店。第一季結束後，我們終止了購買科羅拉多州丹佛市萬怡酒店的合同，該酒店尚未開工。

During the first 3 months of 2020, we purchased, under our share repurchase program, approximately 1.5 million common shares at a weighted average market purchase price of approximately $9.42 per share for an aggregate purchase price of approximately $14.3 million. In March, as the economic conditions worsened, we terminated the written trading plan under our share repurchase program. We have always maintained a conservative capital structure to provide stability for the company during periods of economic volatility and the flexibility to respond to changes in the operating environment.

在 2020 年前 3 個月，我們根據股票回購計畫以每股約 9.42 美元的加權平均市場購買價格購買了約 150 萬股普通股，總購買價約為 1,430 萬美元。 三月份，隨著經濟狀況惡化，我們終止了股票回購計畫下的書面交易計畫。我們始終保持保守的資本結構，以便在經濟波動時期為公司提供穩定性，並靈活應對經營環境的變化。

In April, we began discussions with our lenders to secure a temporary waiver of certain debt covenants in anticipation that deteriorating operating performance during the second quarter could potentially result noncompliance.

今年 4 月，我們開始與貸款方進行討論，以確保暫時免除某些債務契約，因為預計第二季經營業績的惡化可能會導致不合規。

While we have not yet finalized documentation, we anticipate obtaining covenant waivers with certain minimum liquidity and use of liquidity restrictions in line with those announced by our peers. We are grateful for the strong relationships that we have with our lenders and for their willingness to work with us to make adjustments necessary in the current environment.

雖然我們尚未最終確定文件，但我們預計將獲得具有一定最低流動性的契約豁免，並使用與同行宣布的流動性限制一致的方式。我們感謝與貸款機構建立的牢固關係，以及他們願意與我們合作在當前環境下做出必要的調整。

Apple Hospitality was intentionally structured to weather challenging times and produce attractive returns during periods of economic prosperity. Over our 20-year history in the lodging industry, we have strengthened and refined our ownership strategy, and we are confident we are well positioned to successfully manage these unprecedented times and excel as our nation and our economy recover.

Apple Hospitality 的設計初衷是為了抵禦挑戰，並在經濟繁榮時期產生可觀的回報。在我們從事住宿業 20 年的歷史中，我們加強並完善了我們的所有權策略，我們有信心，我們有能力成功管理這些前所未有的時期，並在我們國家和經濟復甦的過程中取得卓越成就。

We own rooms-focused properties with best-in-class brands that have historically produced industry-leading operating margins. We work with established regional and national operators using innovative contracts that align management and ownership interest and preserve flexibility to sell assets unencumbered.

我們擁有專注於客房的飯店，擁有一流的品牌，歷來創造了業界領先的營業利潤率。我們與成熟的地區和國家運營商合作，採用創新合同，使管理層和所有者的利益保持一致，並保留出售無抵押資產的靈活性。

We are broadly diversified across markets to reduce volatility and provide the portfolio exposure to a variety of industries and demand generators. We have reinvested in our assets to maintain competitive position across our markets. And we have maintained a conservative approach to capital allocation and a strong balance sheet.

我們在各個市場進行廣泛的多元化投資，以降低波動性，並為各種行業和需求產生者提供投資組合曝險。我們對資產進行了再投資，以保持在各個市場的競爭地位。我們一直保持保守的資本配置方式和強勁的資產負債表。

As we begin the process of recovery, our portfolio is exceptionally well positioned. Our hotels have proven appeal with the broadest group of potential customers. The association with top brands and the strong value proposition of the upscale, select-service model have historically led to outperformance during periods of economic difficulty.

隨著我們開始復甦進程，我們的投資組合已處於非常有利的位置。事實證明，我們的酒店對最廣泛的潛在客戶群具有吸引力。從歷史上看，與頂級品牌的合作以及高檔精選服務模式的強大價值主張，在經濟困難時期帶來了優異的表現。

With the majority of our portfolio located in drive-to markets outside of major urban city centers and low dependence on large group business, we believe our portfolio will be among the first to see benefit from loosening government restrictions and the early stages of an economic recovery.

由於我們的投資組合大部分位於主要城市中心以外的免下車市場，並且對大型集團業務的依賴程度較低，我們相信我們的投資組合將率先從政府限制放鬆和經濟復甦初期中受益。

It is during an unprecedented time like this that I am especially grateful for the strong relationships we have fostered throughout the hotel industry and the depth of our team at Apple Hospitality. We have a track record of creating value during challenging economic periods, and I'm confident that we will emerge from the current crisis well positioned to outperform.

正是在這樣一個前所未有的時期，我特別感謝我們在整個酒店業建立的牢固關係以及 Apple Hospitality 團隊的深度。我們擁有在經濟困難時期創造價值的良好記錄，我相信我們將能夠走出當前的危機，並取得優異表現。

It is now my pleasure to turn the call over to Liz.

現在我很高興將電話轉給 Liz。

Thank you, Justin, and thank you, everyone, for joining us this morning. These are incredibly challenging times for our industry. I want to take this opportunity to thank our team at Apple Hospitality, the operators at our hotels and management companies, the brand, our banking teams and our industry colleagues. Together, we have been working diligently to explore and implement initiatives to minimize costs, operate efficiently, strengthen our liquidity position and safeguard the health and well-being of our teams and guests so that we are well positioned, both during this crisis and for a strong recovery as travel resumes.

謝謝賈斯汀，也謝謝大家今天早上加入我們。對我們的產業來說，這是一個極具挑戰性的時期。我想藉此機會感謝 Apple Hospitality 的團隊、我們飯店和管理公司的營運商、品牌、我們的銀行團隊以及我們的行業同事。我們一直齊心協力，努力探索和實施各項舉措，以最大限度地降低成本、高效運營、增強流動性狀況、保障團隊和客人的健康和福祉，從而使我們在這場危機中以及在旅遊業恢復後實現強勁復甦時都處於有利地位。

During the first 2 months of the year, operations were generally in line with our expectations, with comparable hotels RevPAR trending around the midpoint of our recently withdrawn 2020 guidance range despite headwinds from previously discussed year-over-year comps.

今年前兩個月，營運情況總體符合我們的預期，儘管之前討論過的同比數據存在阻力，但同店可比酒店的 RevPAR 仍接近我們最近撤回的 2020 年指導範圍的中點。

As efforts to mitigate the spread of COVID-19, including travel restrictions and stay-at-home orders were implemented across the country and our market, average occupancy for our portfolio declined from approximately 76% for the month of February to 41% for the month of March. Occupancy levels settled at around 16% during the last week of March and stayed around that level until mid-April. Although we started to see a slight improvement in occupancy towards the end of April and into May, the improvement has been partially offset by declines in rates, largely the result of changes in the mix of business at our hotels.

隨著全國和我們的市場實施包括旅行限制和居家令在內的減緩 COVID-19 傳播的措施，我們投資組合的平均入住率從 2 月份的約 76% 下降到 3 月份的 41%。 3 月最後一週入住率穩定在 16% 左右，並一直保持在該水準直至 4 月中旬。儘管我們在 4 月底和 5 月開始看到入住率略有改善，但這種改善被房價的下降部分抵消，這主要是由於我們酒店業務結構的變化造成的。

We believe that the modest but notable increase in occupancy we are beginning to see as a result of the ongoing sales efforts of our asset management and hotel management teams, coupled with the inherent benefit of the assets we are invested in, with broad geographic diversification and a high concentration of extended stay and suite properties, we are well positioned to provide accommodations to a variety of groups and individuals on the front lines of this pandemic including military, traveling nurses, health care professionals and first responders. Although this negotiated business has contributed to our decrease in ADR as compared to last year, it's bolstering our occupancy.

我們相信，由於我們的資產管理和酒店管理團隊的持續銷售努力，我們開始看到的入住率雖小但顯著的增長，再加上我們所投資的資產的固有優勢，以及廣泛的地域多元化和高集中度的長住和套房物業，我們完全有能力為處於這場大流行前線的各種團體和個人提供護士，包括軍人、急救和套房物業，我們完全有能力為處於這場大流行前線的各種團體和個人提供護士，包括軍人、急救人員、醫療保健專業人員和急救人員。儘管與去年相比，這項協商業務導致我們的平均房價有所下降，但卻提高了我們的入住率。

For the week ended May 9, portfolio occupancy was 24% with daily occupancies occasionally in the upper 20s in the most recent week. The immediate impact of COVID-19 in March was broad-based, and by mid-April, 59% of our hotels were running less than 15% occupancy. Since that time, we have begun to see improvement with over 40% of our properties at 25% occupancy or greater and 15% of our properties over 50% occupancy for the week ending May 9.

截至 5 月 9 日當週，投資組合入住率為 24%，最近一週的每日入住率偶爾達到 20% 以上。 3 月份，新冠疫情的直接影響是廣泛的，到 4 月中旬，我們 59% 的飯店入住率不到 15%。自那時起，我們開始看到改善，截至 5 月 9 日當週，我們超過 40% 的飯店入住率達到或超過 25%，15% 的飯店入住率超過 50%。

Some of our hotels where we're seeing particular strength are located in Manassas and Suffolk, Virginia; Macon, Georgia; Miami; and Anchorage, with demand ranging from construction, military, airline crew, disaster recovery and even some minimal demand from more traditional corporate accounts.

我們認為特別有優勢的一些酒店位於弗吉尼亞州的馬納薩斯和薩福克；佐治亞州梅肯；邁阿密;和安克雷奇，需求範圍包括建築、軍事、航空機組人員、災難恢復，甚至還有一些來自更傳統的企業帳戶的最低需求。

Our portfolio of well-maintained, broadly diversified, select-service hotels are not only well suited to accommodate first responders and current travelers, but also to serve the demand that is expected to return over the next phase of the recovery.

我們維護良好、多元化、精選服務的飯店組合不僅非常適合接待急救人員和現有旅客，而且還能滿足預計在下一階段復甦中恢復的需求。

Domestic leisure demand is expected to lead the recovery, and we have begun to see early signs of this as stay-at-home orders are lifted in various states throughout the Southeast. The day after reopening, following the government-imposed closure Justin mentioned, our Carolina Beach Courtyard ran 70% occupancy at $170 average daily rate. And just this past weekend, was sold out at over $200 average daily rate.

國內休閒需求預計將引領經濟復甦，隨著東南部各州居家令的解除，我們已經開始看到這一趨勢的早期跡象。重新開業的第二天，在賈斯汀提到的政府強制關閉之後，我們的卡羅萊納海灘庭院的入住率為 70%，平均每日房價為 170 美元。就在上週末，日均售價超過 200 美元，現已全數售罄。

With our broad footprint, low exposure to gateway cities, minimal dependence on inbound international business and almost 80% of our rooms outside of urban locations, we expect to benefit from continued relaxing of restrictions over the coming months.

由於我們的業務範圍廣泛、對門戶城市的依賴程度較低、對入境國際業務的依賴程度最低，而且我們近 80% 的客房位於市區以外，我們預計未來幾個月將受益於持續放寬的限制。

Turning to the bottom line, our first quarter comparable hotels adjusted hotel EBITDA and adjusted EBITDAre were $63 million and $54 million, respectively, and modified FFO per share was $0.17, meaningfully down from the first quarter 2019 driven by the steep and abrupt RevPAR declines in March. Although the environment changed seemingly overnight, our team acted quickly and purposely to reduce same-store total hotel expenses by approximately 31% for the month of March resulting in a savings of approximately 9% for the quarter compared to last year.

談到底線，我們第一季可比飯店調整後的飯店 EBITDA 和調整後的 EBITDAre 分別為 6,300 萬美元和 5,400 萬美元，調整後的每股 FFO 為 0.17 美元，較 2019 年第一季大幅下降，原因是 3 月份 RevPAR 急劇下降。儘管環境似乎在一夜之間發生了變化，但我們的團隊迅速而有目的地採取行動，將 3 月份同店酒店總費用減少了約 31%，與去年相比，本季度節省了約 9%。

As Justin mentioned, our low-cost operating model has allowed for the company's hotels to remain open, though we have intentionally consolidated operations and occupancies to a single building in markets where we own multiple hotels in order to gain incremental efficiencies.

正如賈斯汀所提到的，我們的低成本營運模式使得公司的飯店能夠繼續營業，儘管我們有意將擁有多家飯店的市場的營運和入住率整合到一棟建築中，以提高效率。

As of May 15, 71 of our hotels were involved in these market clusters with occupancy consolidated from 38 hotels. Our select-service rooms-focused model gives us the flexibility to operate with minimal staff when necessary and positions us to quickly adapt to changing market conditions. As occupancy began to deteriorate, our asset management team worked with our management companies to quickly establish minimum staffing levels for our hotels and initiate other cost savings initiatives. We are now working with each of our managers to establish labor models appropriate for the various occupancy levels that will ensue over the recovery, benchmarking those models across our portfolio to ensure we are thoughtfully optimizing results as we move forward.

截至 5 月 15 日，我們有 71 家飯店參與這些市場集群，入住率由 38 家飯店合併而成。我們以精選服務室為中心的模式使我們能夠在必要時靈活地以最少的員工進行運營，並使我們能夠快速適應不斷變化的市場條件。隨著入住率開始下降，我們的資產管理團隊與管理公司合作，迅速確定了飯店的最低員工配備水平，並啟動了其他成本節約措施。我們目前正在與每位經理合作，建立適合復甦期間各種入住率的勞動力模型，並在我們的投資組合中對這些模型進行基準測試，以確保我們在未來的發展過程中能夠深思熟慮地優化結果。

In 2017, we implemented labor management systems across the majority of our portfolio to improve productivity at our hotels. These systems provide our property managers with a valuable tool and framework for managing staffing at various occupancy levels and will allow us real-time access to monitor individual property performance and benchmark labor models as demand returns. With labor being the most significant operating expense, staffing reductions are anticipated to produce approximately 65% to 70% savings in total payroll on average at low occupancy hotels. Our team has also worked to reduce other operating expenses by renegotiating national contracts and eliminating unnecessary services.

2017年，我們在大部分飯店組合中實施了勞動力管理系統，以提高飯店的生產力。這些系統為我們的物業經理提供了管理不同入住率的人員的寶貴工具和框架，並允許我們即時監控單一物業的表現，並在需求回升時對勞動力模型進行基準測試。 由於勞動力是最大的營運支出，預計裁員將平均為低入住率飯店節省約 65% 至 70% 的總薪資。我們的團隊也致力於透過重新談判國家合約和取消不必要的服務來降低其他營運費用。

With these cost elimination and reduction strategies as well as our ability to quickly flex staffing models to adjust to changes in demand, we have multiple levers we can pull to ensure maximum property-level efficiency. In March, we withdrew 2020 guidance and respond to deteriorating market conditions and uncertainty related to the depth and duration of the current crisis. While April numbers are not final and the current operating environment and model is still evolving, with these operational adjustments, we estimate our monthly cash burn rate, including property-level expenses, corporate G&A, property taxes, insurance and debt service, will be approximately $18 million, assuming occupancy levels of between 15% and 20%.

透過這些成本消除和削減策略以及我們快速調整人員配置模式以適應需求變化的能力，我們可以採取多種手段來確保最大程度的物業級效率。 3 月份，我們撤回了 2020 年的指引，以應對不斷惡化的市場狀況以及與當前危機的深度和持續時間相關的不確定性。雖然四月份的數據還不是最終數據，而且當前的營運環境和模式仍在不斷發展，但透過這些營運調整，我們估計，假設入住率在 15% 至 20% 之間，我們的每月現金消耗率（包括物業級支出、企業一般及行政費用、物業稅、保險和債務服務）將約為 1800 萬美元。

We expect property-level breakeven occupancy for our portfolio to be between 30% and 35% and to be able to cover corporate costs, including debt service at occupancy levels between 40% and 45%, depending on average daily rates. While being immediately committed to minimizing operating losses, we also focused on our balance sheet, and in an effort to increase readily available liquidity, drew down the remaining availability under our $425 million revolving credit facility and had available cash of approximately $437 million as of March 31, 2020.

我們預計，我們投資組合的物業盈虧平衡入住率將在 30% 至 35% 之間，並能夠涵蓋企業成本，包括入住率在 40% 至 45% 之間的債務服務，具體取決於每日平均房價。在立即致力於減少經營損失的同時，我們也關注資產負債表，並努力增加可用的流動性，減少了 4.25 億美元循環信貸額度下的剩餘可用資金，截至 2020 年 3 月 31 日，可用現金約為 4.37 億美元。

As Justin mentioned, to further preserve capital, we suspended monthly distributions, postponed nonessential capital improvement projects; terminated the written trading plan under our share repurchase program; and our Chairman, CEO and Board of Directors voluntarily took reductions in their compensation. We have always believed that maintaining a strong balance sheet would provide us the stability during periods of economic difficulty and flexibility to act opportunistically. We entered the current downturn with a net debt-to-EBITDA of approximately 3.1x.

正如賈斯汀所提到的，為了進一步保留資本，我們暫停了每月分配，推遲了非必要的資本改善項目；終止我們股票回購計劃下的書面交易計劃；我們的董事長、首席執行官和董事會成員自願減少薪酬。我們始終相信，維持強勁的資產負債表將使我們在經濟困難時期保持穩定，並靈活地採取機會行動。我們進入當前經濟低迷時期時，淨債務與 EBITDA 比率約為 3.1 倍。

As of March 31, 2020, we had approximately $1.8 billion of total debt outstanding with a current combined weighted average interest rate of approximately 3.3%, and unrestricted cash of $437 million. Excluding unamortized debt issuance costs and fair value adjustments, the company's total outstanding indebtedness is comprised of approximately $500 million in property-level debt secured by 31 hotels and approximately $1.3 billion outstanding on our unsecured credit facilities.

截至 2020 年 3 月 31 日，我們的未償還債務總額約為 18 億美元，目前綜合加權平均利率約為 3.3%，無限制現金為 4.37 億美元。不包括未攤銷的債務發行成本和公允價值調整，該公司的未償債務總額包括由 31 家酒店擔保的約 5 億美元的房地產級債務，以及我們無擔保信貸安排的未償債務約 13 億美元。

At March 31, 2020, the company's total debt -- the total capitalization net of cash was approximately 40% and weighted average debt maturities were 5 years with no maturities for the remainder of 2020 and $32 million net of reserves maturing in 2021.

截至 2020 年 3 月 31 日，該公司的總債務（扣除現金後的總資本化）約為 40%，加權平均債務到期日為 5 年，2020 年剩餘時間內無到期債務，2021 年到期的儲備淨額為 3,200 萬美元。

Despite our track record of strategic commitment to a conservative capital structure, and although at March 31, 2020, we were in compliance with the covenants under our credit facilities, we began discussions with our lenders to secure temporary waivers of each of the covenants under our agreement in anticipation that the severe impact of COVID-19 on the economy, the lodging industry and our business would potentially result in noncompliance.

儘管我們一貫致力於採用保守的資本結構作為戰略承諾，並且截至 2020 年 3 月 31 日，我們仍遵守了信貸安排下的契約，但我們仍開始與貸款人進行討論，以確保暫時豁免協議下的每一項契約，因為我們預計 COVID-19 對經濟、住宿業和我們業務的嚴重影響可能會導致不合規。

We anticipate entering into an amendment to each of our credit facilities that would provide relief from the covenants for a period of 4 quarters beginning with the quarter ending June 30, 2020. The terms of the proposed amendments are expected to include minimum liquidity requirements and restrictions on the amount of the company's distributions, capital expenditures, share repurchases and acquisitions, among other items, during the covenant release period.

我們預計將對每項信貸安排進行修訂，以減輕從 2020 年 6 月 30 日結束的季度開始的 4 個季度內的契約義務。擬議修訂的條款預計將包括最低流動性要求以及對公司在契約解除期間的分配、資本支出、股票回購和收購等項目的金額限制。

Throughout our history in the lodging industry, we have fostered strong relationships with our lenders, and we are grateful for their support. While we cannot provide assurances, we feel confident we will secure the flexibility necessary to weather the current crisis. Before opening the call for Q&A, I would like to, again, thank all of our colleagues and stakeholders. We have received an outpouring of support broadly and specifically from many of you, and we appreciate you greatly. While these are unprecedented and challenging times, I am proud to be part of Apple Hospitality and this wonderful industry. The commitment to our associates, guests and the community is inspiring, and our teams have worked swiftly, tirelessly and effectively to manage the current environment.

在我們從事住宿行業的歷史中，我們與貸款人建立了牢固的關係，我們感謝他們的支持。雖然我們無法提供保證，但我們相信我們將獲得度過當前危機所需的靈活性。 在開始問答環節之前，我想再次感謝我們所有的同事和利害關係人。我們得到了你們許多人廣泛而具體的支持，我們非常感謝你們。雖然這是一個前所未有的充滿挑戰的時代，但我很自豪能夠成為 Apple Hospitality 和這個美好產業的一員。我們對員工、客人和社區的承諾令人鼓舞，我們的團隊迅速、不懈、有效地工作以管理當前的環境。

Our well-maintained young, geographically diversified rooms-focused portfolio has broad consumer appeal, and we believe we are well positioned to benefit and outperform as travel resumes. We will now open the call to questions.

我們維護良好、年輕、地理多樣化、以客房為中心的酒店組合具有廣泛的消費者吸引力，我們相信，隨著旅遊業的恢復，我們完全有能力從中受益並獲得優異表現。我們現在開始提問。

(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。

First off, you guys are one of the largest owners of select-service in the country. And I know you guys sit on a lot of the brand committees or boards of the largest brands as well. Wondering if you could just talk about sort of how you see the relationship between the brands and the owners evolving over the next 6 to 12 months? Some of your peers have generally commented on that. Just given your wide reach with several select-service brands, you probably have some good view on that. So how do you kind of see that playing out? And do you think the pendulum has kind of shifted back in favor of owners? And maybe talk about any permanent changes that you see happening to the operating model going forward.

首先，你們是國內最大的精選服務所有者之一。我也知道你們也是許多最大品牌的品牌委員會或董事會成員。想知道您是否可以談談您如何看待未來 6 到 12 個月內品牌與所有者之間的關係將如何發展？您的一些同行對此發表了普遍評論。鑑於您對多個精選服務品牌的廣泛影響力，您可能對此有一些很好的看法。那麼您認為結果會是如何呢？您是否認為情況已經重新轉向有利於業主了？也許可以談談您認為未來營運模式將會發生的任何永久性變化。

Thanks. And I'll take a stab at it. Liz can fill in if she'd like in addition. Both of us sit on advisory boards within Hilton and Marriott. To date, both companies -- and again, we only own one Hyatt, but Hyatt has been equally good. But both Hilton and Marriott have actively engaged with owners in dialogue related to how we deal with the current pandemic and the nuances associated with it and how we look at modeling our business for the future. I think there's heightened sensitivity to the need to make near-term adjustments in order to ensure the safety of our guests and associates. But there's also, I think, increased recognition of a need to look at our business model in order to ensure long-term profitability. And so in those conversations, we're looking at everything and -- with fresh eyes. And I'd say that the conversations have been productive. So there's been a tremendous openness on their side to hear the feedback and commentary from the ownership community.

謝謝。我會嘗試一下。如果 Liz 願意的話，她可以補充。我們兩人都是希爾頓和萬豪的顧問委員會成員。到目前為止，兩家公司——再次強調，我們只擁有一家凱悅酒店，但凱悅酒店同樣出色。但希爾頓和萬豪都積極與業主對話，討論我們如何應對當前的疫情及其相關的細微差別，以及我們如何看待未來的業務模式。我認為，為了確保客人和同事的安全，我們需要更敏感地做出短期調整。但我認為，人們也越來越意識到需要審視我們的商業模式，以確保長期獲利。因此，在這些對話中，我們會以全新的眼光看待一切。我想說，這些對話是富有成效的。因此，他們非常樂意聽取業主群體的回饋和評論。

And I think there was a sentiment that potentially with consolidation on the brand side and significant pipeline growth with both Hilton and Marriott that the pendulum had shifted away from ownership. Generally speaking, our relationships has been viewed, from our perspective, as collaborative, always. And we've seen both of our major partners is working with us to achieve the common goal of long-term profitability.

我認為，人們有一種觀點認為，隨著品牌方面的整合以及希爾頓和萬豪的管道顯著增長，鐘擺可能會從所有權上轉移。整體而言，從我們的角度來看，我們的關係始終被視為合作關係。我們看到，我們的兩個主要合作夥伴正在與我們合作，以實現長期盈利的共同目標。

So I'd say there are a lot of things in flux right now. But there's a lot of attention being paid to those issues that are most important, both now and as we move into an environment where guests begin returning in mass to our hotels.

所以我想說現在有很多事情處於變化之中。但無論是現在，還是隨著我們進入客人開始大批返回酒店的環境，人們都非常關注那些最重要的問題。

And Neil, the second part of your question about what you thought might stick long term. I think that, that's still yet to be determined. It's obvious in the near-term that guests have different expectations and needs. And how long that persists or what that looks like going forward from a long-term perspective, those are the conversations that we're having with the various brands to help figure out what's the best model for today, but what does that look like going forward, too. And so those are active conversations.

尼爾，你問題的第二部分是關於你認為什麼可能會長期堅持下去。我認為，這還有待確定。短期內很明顯的是，客人有不同的期望和需求。而這種情況會持續多久，或者從長遠來看未來會是什麼樣子，這些都是我們正在與各個品牌進行的對話，以幫助找出當今最好的模式，但未來會是什麼樣子。這些都是正面的對話。

I think that as far as the balance of power goes there, regardless of who might have a slight advantage of any -- at any one point in time, it's mutually beneficial that we get this right for everybody. We want to be relevant with guests. We want the brands to be successful. But in order to do that, we have to make money as well. So I think that getting this right will be a balance between the brands and ownership.

我認為，就力量平衡而言，無論在任何時候誰可能佔有一點優勢，只要我們能做到對每個人都有利，那都是互惠互利的。我們希望與客人保持密切聯繫。我們希望品牌能夠成功。但為了做到這一點，我們也必須賺錢。所以我認為，要做到這一點，需要在品牌和所有權之間取得平衡。

You talked about rates being impacted in the first -- in March and April. Some of your full-scale peers use more of an occupancy, less of a rate. I'm wondering if -- how do you explain or what do you think that drop is attributable to? Is it because you guys -- essentially, all your hotels were open, whereas a lot of those full-service, more coastal-focused players shut majority or all of their -- almost all their hotels. Was it more of just taking OTAs? You think that'd be less of an issue just given the brand's nature? Any thoughts or commentary on that. And maybe how your select-service model kind of ebbs and flows with lower demand and with OpEx changes, things like that?

您談到利率首先在三月和四月受到影響。您的一些全面同行更多地使用佔用率，而不是費率。我想知道——您如何解釋或您認為這種下降的原因是什麼？是因為你們——基本上，你們所有的酒店都開著，而許多提供全方位服務、更注重沿海地區的公司卻關閉了大部分或全部——幾乎所有的酒店。是不是只是採取 OTA 的方式？您認為考慮到品牌的性質，這不是什麼大問題嗎？對此有什麼想法或評論嗎？也許您的選擇服務模式會隨著需求的降低和營運成本的變化而起伏不定，諸如此類？

Liz commented in her prepared remarks that the majority of the shift we saw, as we rounded out the month of March, was really the result in changes in business mix. So a move away from transient, both business and leisure, towards negotiated business, which is generally discounted business. And given the low occupancy levels, the bulk of the business in our hotels, as we rounded out March and began April, fit into that category with a significant amount of first responders, national guard business of that type, in addition to other business clients.

利茲在她準備好的發言中表示，我們在三月看到的大部分轉變實際上是業務組合變化的結果。因此，無論是商務還是休閒，都要從短暫的商務轉向協商的商務，通常是折扣商務。鑑於入住率較低，截至 3 月底和 4 月初，我們酒店的大部分業務都屬於這一類別，其中有大量急救人員、國民警衛隊業務以及其他商業客戶。

What we've seen and as highlighted, the Carolina Beach example, is in those markets where we're seeing leisure transient return, we're seeing an ability to again push rates as occupancies get closer to sell-out or reach kind of higher ranges. But as we look forward, in the near-term, the decrease in rate has been largely attributable to the mix of business.

我們所看到並強調的，卡羅萊納海灘的例子是，在那些我們看到休閒短暫回歸的市場中，我們看到隨著入住率接近售罄或達到更高的範圍，有能力再次推高價格。但展望未來，短期內利率的下降很大程度上歸因於業務組合。

I think our expectation is that, as we begin to ramp occupancy, at least in the early stages, markets will be incredibly competitive. And we're working with our management companies to ensure that we're maximizing rate wherever possible, recognizing that we will still be competing for a smaller number of guests in many of our markets, and they need to make adjustments to rate in order to build that base occupancy. But what we've seen to date is largely mix of business related and the other is more expectation for the future.

我認為我們的預期是，隨著我們開始提高入住率，至少在早期階段，市場競爭將會非常激烈。我們正在與管理公司合作，以確保盡可能地提高房價，同時認識到我們在許多市場上仍將爭奪較少數量的客人，他們需要調整房價以建立基礎入住率。但迄今為止我們所看到的主要是與業務相關的混合，另一方面則是對未來的更多期望。

Got it. Last one for me, if I could. You talked about your balance sheet being very strong and leading to opportunities should they present themselves ostensibly. This would lead to you guys being more active or looking at more things in the near term. Do you think you're going to have more success or more interest in stabilized assets or newer, more recently constructed assets?

知道了。如果可以的話，這是我的最後一個。您談到您的資產負債表非常強勁，如果表面上出現機會，將會帶來機會。這將促使你們在短期內更加積極或關注更多的事情。您認為您會對穩定的資產還是更新、最近建立的資產獲得更多成功或更多興趣嗎？

It's a great question. And I think we have the luxury of being able to look back on 2 earlier cycles where we were active participants in the market as the market recovered. In both instances, we were successful in acquiring existing assets at discounts to their long-term value. But at the same time, locking in pricing on development deals which would be delivered in future years, which enabled us to essentially ensure that as values increased, we were acquiring assets at attractive pricing.

這是一個很好的問題。我認為，我們可以回顧前兩個週期，當時我們在市場復甦時積極參與其中。在這兩種情況下，我們都成功地以低於其長期價值的價格收購了現有資產。但同時，鎖定未來幾年交付的開發交易的價格，使我們能夠從本質上確保隨著價值的增加，我們能夠以有吸引力的價格收購資產。

Now this cycle is radically different than past cycles and may play out differently. But our expectation is that, in the early phases of the recovery, there will be an increase in the number of opportunities that would be attractive to us.

現在，這個週期與過去的週期截然不同，而且可能會以不同的方式發揮作用。但我們的預期是，在復甦的早期階段，對我們有吸引力的機會數量將會增加。

Our first preference though is getting back to cash positive, right? So I think it would be reasonable for us to assume that while we are eager to pursue opportunities from a capital allocation standpoint which would drive shareholder value, our #1 priority at this point is getting back to a position where we're producing positive cash flow from operations. And until we get to that point, I think it's fair to anticipate that we would be conservative in pursuing optional uses of cash.

不過，我們的首要目標是恢復現金流正值，對嗎？因此，我認為我們可以合理地假設，雖然我們渴望從資本配置的角度尋求機會來推動股東價值，但目前的首要任務是回到從營運中產生正現金流的狀態。在我們達到這一點之前，我認為可以合理地預期，我們在追求現金的可選用途方面會持保守態度。

Our next question comes from Austin Wurschmidt with KeyBanc.

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

If you could help us understand the difference between a hotel suspending operations versus kind of the clustering strategy that you guys have pursued and kind of quantify what that -- the benefit is, where you're staying open but maybe not physically accepting guests. And if that just provides another source of demand, I guess, generator or marketing, I guess, benefit to some extent. Could you just help us understand that dynamic a little bit?

如果您能幫助我們理解飯店暫停營運與您們所推行的叢集策略之間的區別，並量化其好處，即飯店繼續營業但可能不會實際接待客人。如果這只是提供了另一個需求來源，我想，發電機或行銷，我想，在某種程度上是有益的。您能幫助我們稍微了解一下這種動態嗎？

Absolutely. And I'll take a stab again, and Liz can correct me where necessary. But really, I think it's important to look first at the decisions we made for those assets that are in markets by themselves. So we have universally decided to keep our hotels open. We went through a very detailed analysis to come to that conclusion. And at the end of the day, the reality is one of the benefits of the select-service model is that our assets can be operated with very little staff. Our staff is cross-trained. Our managers, our sales people have the capacity to do laundry and clean and turn rooms, provide food service and things of sort, which is a major differentiator, and I think has proven to be a huge advantage.

絕對地。我會再次嘗試，Liz 可以在必要時糾正我。但實際上，我認為首先要檢視我們針對市場上的那些資產所做的決策。因此，我們一致決定繼續開放酒店。我們經過非常詳細的分析才得出這個結論。歸根究底，選擇服務模式的現實優勢之一就是我們的資產可以用很少的員工來運作。我們的員工都接受過交叉訓練。我們的經理、銷售人員有能力洗衣服、打掃房間、提供餐飲服務等等，這是一個主要的區別因素，我認為事實證明這是一個巨大的優勢。

As we looked at what we anticipated to be the duration of at least the most challenging portion of the current pandemic, we assess each of our properties individually and decided that the difference in cost to stay open versus close was immaterial given a desire on our part, to maintain sufficient staff in the assets to ensure that we didn't have a water leak or a system breakdown that caused long-term damage to the asset. On average, that means having 1 to 2 people on property at any point in time. And what we found is that, that was sufficient staff to essentially operate the hotel at minimal occupancy levels.

當我們預計至少當前疫情最具挑戰性的時期將持續多久時，我們對每個房產進行了單獨評估，並決定，鑑於我們希望在資產中保留足夠的員工，以確保不會發生漏水或系統故障，從而對資產造成長期損害，因此保持開放和關閉的成本差異並不大。平均而言，這意味著任何時候都有 1 到 2 個人在場。我們發現，這些員工足以在最低入住率下維持飯店的營運。

So then moving beyond that, in markets where we own multiple hotels and we have some occupancy, we've been able to gain incremental benefit by -- from a cost standpoint by concentrating the guests in a single hotel asset. And in some markets, it's very easy where we own a dual-branded asset or 2 hotels that are immediately across the parking lot from each other. The nuances that reservation systems are open for all hotels and they're accepting guests. We are just concentrating the guests in 1 hotel so that we can better service them and service them more efficiently.

因此，除此之外，在我們擁有多家酒店並且有一定的入住率的市場中，透過將客人集中在一家酒店資產中，我們從成本角度獲得了增量收益。在某些市場，我們很容易擁有雙品牌資產或兩家緊鄰停車場的飯店。細微差別在於，預訂系統對所有飯店開放，而飯店正在接受客人。我們只是將客人集中在一家酒店，以便我們能夠更好地為他們服務，並更有效率地為他們服務。

Yes. I think another benefit is that we continue to have, as Justin mentioned, the reservation systems open, but we also continue to retain managers, and in most cases, a salesperson. So 80% to 90% of our hotels have retained some sort of sales effort. And so the momentum that we have as we come out of this, we think will be an advantage across the portfolio, whether consolidated or not. And so in an effort to keep sort of the high-performing talent and managers that we have across our portfolio, the decision to completely close a reservation system and close a hotel versus keep it open and keep momentum going and keep the asset protected and maintained, the benefits outweighed the cost where, as Justin mentioned, given our model, unless we thought that this was going to last for an extended period of time and we would make further labor cuts and really just bring in security and not be as focused on asset protection or on sales efforts and things of the sort, the difference in cost was fairly minimal. And again, the benefits far outweighed that.

是的。我認為另一個好處是，正如賈斯汀所提到的，我們繼續開放預訂系統，但我們也繼續保留經理，並且在大多數情況下保留銷售人員。因此，我們 80% 到 90% 的飯店都保留了某種形式的銷售努力。因此，我們認為，無論是否合併，我們擺脫困境所獲得的勢頭都將對整個投資組合產生優勢。因此，為了留住我們投資組合中的高績效人才和管理人員，我們決定完全關閉預訂系統並關閉酒店，而不是保持酒店開放並保持發展勢頭並保護和維護資產，這樣做的好處大於成本，正如賈斯汀提到的，根據我們的模型，除非我們認為這種情況會持續很長一段時間，否則我們會進一步裁員，真正地引入安全保障，而不是像資產保護或銷售成本之類的差異。再次強調，其好處遠遠超過了這一點。

No, that's helpful. Could you break out what the recent week occupancy detail is between your extended-stay and suites product, which is over half of the portfolio and then what it is for sort of the balance of the portfolio?

不，這很有幫助。您能否詳細說明長住和套房產品（佔投資組合的一半以上）最近一周的入住情況，以及投資組合餘額的情況？

I would say that extended stay, whether it's the current week or even the trend for the past 4 weeks, has been a 20-point occupancy premium. Now keep in mind, we have -- where we've consolidated operations, we've consolidated into extended stay property by and large. And so that helps that 2 or 3 hotels occupancy or reservations in one. But again, that type of product is definitely well suited for the type of business that we're getting at the moment. With many retail and restaurants closed across the country with social distancing, with extended stay, business being really what's in markets right now, that specific product is a huge advantage for us.

我想說的是，無論是本週還是過去四周的趨勢，延長住宿都會帶來 20 點的入住率溢價。現在請記住，我們已經——我們已經合併了業務，我們已經大體上合併為長期住宿物業。這有助於同時實現 2 或 3 家飯店的入住或預訂。但同樣，這種類型的產品絕對非常適合我們目前開展的業務類型。由於全國各地的許多零售店和餐廳都因社交距離規定而關閉，延長逗留時間，生意確實是目前市場上的熱點，這種特定的產品對我們來說是一個巨大的優勢。

The suite products and extended-stay product -- and other select-service are operating a little more similarly, although the bigger footprints and having microwaves and things like that and other suite products certainly is benefiting, but the big differential is the extended-stay property.

套房產品和長住產品——以及其他精選服務的運作方式更加相似，雖然更大的佔地面積和擁有微波爐等東西以及其他套房產品肯定會受益，但最大的區別在於長期住宿物業。

Got it. No, that's very helpful. And then just last one. I was curious if you guys -- did you incur any sort of onetime severance or furlough cost that you don't expect on a go-forward basis that you could flag for us?

知道了。不，這非常有幫助。接下來是最後一個。我很好奇，你們是否發生了任何形式的一次性遣散費或休假費用，這些費用是你們未來預計不會發生的，你們可以向我們報告嗎？

Yes. In the quarter, we incurred just over $1.5 million in onetime for a low-cost related to transitions, which we would not anticipate would recur.

是的。在本季度，我們一次性花費了略高於 150 萬美元的與轉型相關的低成本費用，我們預計這筆費用不會再次發生。

At least at this point.

至少目前是這樣。

Our next question comes from Bryan Maher with B. Riley FBR.

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

When it comes to the waivers that you're hoping to get completed, I think you mentioned -- and maybe this is a better question for Liz, distribution restrictions, and I'm assuming that would be on the dividends. Is that kind of an all-or-nothing restriction or is there going to be some formula in there that you could kick in at a later date, maybe in the first half of 2021 or at some lower level?

當涉及到您希望完成的豁免時，我想您提到過——也許這對 Liz 來說是一個更好的問題，分配限制，我認為這將與股息有關。這是全有或全無的限制嗎？還是其中會有一些公式可以在以後實施，例如在 2021 年上半年或某個較低的水平？

I'll speak broadly, but because we don't have anything officially completed, I'll -- I won't be able to speak too much to it. But in general, our lenders definitely understand our REIT status and that we need to pay out 90% of our taxable income. So I think that there will be some flexibility at a point in time where we're making money and would need to pay a dividend. But I wouldn't imagine that we would be able to, during the waiver period, pay outsized distributions beyond that.

我會廣泛地講，但因為我們還沒有正式完成任何工作，所以我不能說太多。但總的來說，我們的貸款人肯定了解我們的房地產投資信託基金狀況，並且我們需要支付 90% 的應稅收入。因此我認為，當我們賺錢並需要支付股息時，會有一定的彈性。但我無法想像，在豁免期內，我們能夠支付超出該金額的超額分配。

Okay. And then when we think about your ability to drive rate as markets start to reopen, and I suspect as the full-service hotel competitors in your markets start to reopen their specific hotels, my guess is that rate competition is going to be pretty intense. How are you guys thinking about focusing on marketing for the next 1 to 2 quarters? Is it via the brands, is it via the Internet, is it via your sales managers? How are you planning to address that?

好的。然後，當我們考慮到您在市場重新開放時推動價格的能力時，我懷疑隨著您所在市場中的全方位服務酒店競爭對手開始重新開放他們的特定酒店，我猜價格競爭將會非常激烈。你們打算如何專心做好未來 1 到 2 個季度的行銷工作？是透過品牌、透過網路還是透過銷售經理？您打算如何解決這個問題？

I'd say yes to all of that.

我對所有這些都表示同意。

All the above.

以上皆是。

Liz highlighted the fact that we've retained sales staff at the property level. Our management companies have also retained sales staff and are actively doing direct sales efforts, both looking for business in the near-term and quoting potential clients for future business. I think we had signaled, over the past several calls, a move within our company towards more online marketing, and we'll continue those efforts as well, especially to the extent we feel we can attract leisure customers to our hotels, which many of our locations are ideally positioned for that.

Liz 強調了我們在房地產層面保留銷售人員的事實。我們的管理公司也保留了銷售人員，並積極進行直接銷售工作，既尋找短期業務，也為未來業務向潛在客戶報價。我認為，在過去的幾次電話會議中，我們已經暗示公司將加大在線營銷力度，我們也將繼續這些努力，特別是在我們認為可以吸引休閒顧客到我們酒店的情況下，我們的許多酒店都處於理想的位置。

But I think it's fair to assume that we will be leveraging all available sales channels as we build back occupancy. One of the advantages we've had historically as we've come out of more challenging economic period is select-service hotels have an exceptional value proposition for a variety of guests, both leisure and business and appeal to a very broad group.

但我認為，我們可以合理地假設，我們將利用所有可用的銷售管道來恢復入住率。在我們走出更具挑戰性的經濟時期時，我們歷史上擁有的優勢之一是精選服務酒店為各種客人（包括休閒和商務客人）提供了卓越的價值主張，並吸引了非常廣泛的群體。

We've signaled that our position within the select-service spectrum is particularly advantageous, being kind of at a midpoint where during periods of economic prosperity, people trade up into our assets. And during periods of economic difficulty, they have a tendency to trade down, which has enabled us to maintain stronger occupancy throughout cycles. We anticipate that will continue and will be aided in part by what we anticipate to be a significant reduction in new supply over the next several years.

我們已經表示，我們在精選服務領域中的地位特別有利，處於中間點，在經濟繁榮時期，人們會購買我們的資產。在經濟困難時期，他們傾向於降低消費水平，這使我們能夠在整個週期中保持更高的入住率。我們預計這種情況將會持續下去，部分原因在於我們預計未來幾年新供應量將大幅減少。

Great. And then just last for me. I think you mentioned the Carolina Beach hotel last weekend was sold out, and I think you said a $200 rate. As we sit here kind of real-time and kind of mid-to-late May and people antsy to get out, what are you guys seeing coming in, in the bookings for similar-type assets that you might hold? Is this something that's giving you optimism as we approach June and July or was that kind of a one-off?

偉大的。然後就為我持續下去。我記得您提到過卡羅萊納海灘酒店上週末的房間已全部售完，而且我記得您說的是 200 美元的價格。當我們坐在這裡即時觀察，已經是五月中下旬，人們都急於離開，你們認為你們持有的類似資產的預訂情況如何？隨著六月和七月的臨近，這是否給您帶來樂觀的感覺，還是這只是一次性的事情？

I think as far as booking position goes, it's last minute. And so it would -- to stretch into June and July, it would be maybe a little bit premature. But we are starting to see -- even if I just look at what actualized in the past week, we are starting to see, especially in the Southeast, in North Carolina, South Carolina, even Atlanta and some Florida markets where occupancy -- weekend occupancy is ticking up. And so that's encouraging. I think across the country as restrictions are loosened, I think that people who are willing to travel will, and they will get out. And so I think there may be more drive-in traffic than people getting on airplanes. But by and large, weekend business, I think, into Memorial Day and beyond, particularly in the Southeast, we're feeling a little bit encouraged.

我認為就預訂位置而言，這是最後一分鐘。因此，如果將其延長至六月和七月，可能有點為時過早。但我們開始看到——即使我只是看看過去一周的實際情況，我們也開始看到，特別是在東南部、北卡羅來納州、南卡羅來納州，甚至亞特蘭大和佛羅裡達州的一些市場，週末入住率正在上升。這是令人鼓舞的。我認為，隨著全國各地限制的放寬，願意旅行的人會願意出行，他們就會離開。因此我認為開車前往餐廳用餐的人數可能比搭飛機的人數還多。但總的來說，我認為，陣亡將士紀念日及以後的周末業務，特別是在東南部，我們感到有點鼓舞。

Our next question comes 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。

Following up on that question, in some of these markets where you've seen reopening, are you seeing any weekday business return? Or is it still too early to see that kind of business travel and corporate travel come back?

接下來問這個問題，在您看到的一些已經重新開放的市場中，您是否看到工作日的業務恢復了？或者說，現在看到這種商務旅行和公司旅行的回歸還為時過早？

I think the notable difference is the uptick on the weekends. In those markets, it's not to say we don't have some base business, but it's still from sort of the sectors we mentioned in our opening remarks. It's project business, recovery business, medical, traveling nurses, things of the sort. And so I wouldn't say that we're seeing really an uptick in BT at this point.

我認為顯著的差異是週末的上升趨勢。在這些市場中，並不是說我們沒有一些基礎業務，而是仍然來自我們在開場白中提到的那些產業。這是專案業務、恢復業務、醫療、巡迴護士等諸如此類的事情。因此我不會說我們現在確實看到了 BT 的上升趨勢。

Got it. What was the occupancy as of week ended May 16, if you have it?

知道了。如果有的話，截至 5 月 16 日當週的入住率是多少？

We have not shared that, but it is -- as we mentioned in the prepared remarks, we had several days that were higher than the week ending May 9. But then we're still trending more positively.

我們沒有分享這一點，但正如我們在準備好的演講中提到的那樣，有幾天我們的業績高於截至 5 月 9 日的一周。但我們仍然呈現更積極的趨勢。

Got it. Okay. Different topic, to the Courtyard, Denver, what drove the decision to not go forward with that acquisition? Did the developer, I guess, delay the project? I mean what's your kind of overall commentary on how developers are looking at the environment now? Are you seeing cancellations more owners financing? What's kind of the overall environment there?

知道了。好的。另一個話題，對於丹佛庭院酒店來說，是什麼促使您決定不繼續進行收購？我猜開發商是否推遲了該專案？我的意思是，您對開發人員現在如何看待環境有何整體評價？您是否看到更多業主取消融資？那裡的整體環境怎麼樣？

So the Denver project, specifically, we have been working with the developer for a significant period of time. So that developer is the same developer that's building the Tempe assets and the Madison asset for us. There had been complications in that project, and we were continuing to work through nuances associated with that, adjusting room count because of the amount of land available, shrinking and other things. Because that project had not yet started, we had some additional flexibility to cancel.

因此，具體來說，對於丹佛項目，我們已經與開發商合作了很長一段時間。因此，該開發商與為我們建造 Tempe 資產和 Madison 資產的開發商是同一個。該專案存在一些複雜情況，我們正在繼續處理與此相關的細微差別，根據可用土地數量、縮小規模和其他因素調整房間數量。由於該專案尚未開始，因此我們有一定的取消彈性。

And we've worked with the developer to essentially put that project on hold until the market stabilizes, and we have a better sense for what costs will be long term. I think as we interact with others in the industry, broadly speaking, financing for new development projects is as difficult as we've ever seen it to come by. And for the most part, developers are waiting right now in anticipation that the cost will eventually come down, and they're also waiting to see where markets settles to better understand what deals will make sense in the new environment.

我們已與開發商合作，暫停該項目，直到市場穩定下來，我們對長期成本有了更好的了解。我認為，當我們與業內其他人互動時，從廣義上講，新開發案的融資比以往任何時候都更加困難。而大多數開發商現在都在等待成本最終下降，他們也在等待市場穩定下來，以便更好地了解在新環境下哪些交易是有意義的。

I think we are seeing some slowing in projects that are already under construction depending on the specific markets and restrictions that are being put in place relative to work crews, but also related to delivery of products from out of the country. But on a go-forward basis -- so I think it will take longer for deals that are under construction to be delivered. But the bigger impact for us will be that our expectation is that developers, generally speaking, will be sitting on the sidelines for a period of time until markets begin to stabilize and they're better able to underwrite both the costs and expected profitability of individual projects.

我認為，我們已經看到一些已在建項目的建設速度有所放緩，這取決於特定的市場和針對工作隊實施的限制，也與從國外交付產品有關。但從未來來看，我認為正在達成的交易需要更長的時間才能完成。但對我們而言，更大的影響是，我們預期開發商通常會在一段時間內保持觀望態度，直到市場開始穩定，他們才能夠更好地承擔單一專案的成本和預期獲利能力。

All right. I mean, do you expect kind of a permanent change in how these deals are financed? Do you expect developers just have to put up more equity? Could it be kind of more of a longer-term headwind to hotel development generally as a result of this event?

好的。我的意思是，您是否預期這些交易的融資方式會發生永久性的改變？您是否認為開發商只需投入更多股權？這次事件是否會對旅館業發展造成更長期的阻礙？

We have, yes. And we've been in this business for 20 years to see anything in the way of permanent change. But we have seen extended periods of time where it's more difficult to obtain financing. Our expectation is that, in the early phases of a recovery consistent with the past 2 cycles that we've been through, it will be more difficult for developers, especially new hotel developers to obtain financing. Construction -- new construction tends to be viewed by lenders as higher risk because you have market risk and development risk. And our expectation is that, in the near term, lenders will be much more focused on working through nuances of deals they already have and less focused on signing up new deals.

是的，我們有。我們從事這個行業已經 20 年了，從未見過任何永久性的改變。但我們發現，在很長一段時間內，要獲得融資變得越來越困難。我們的預期是，在與我們經歷的過去兩個週期一致的復甦初期，開發商，尤其是新酒店開發商獲得融資將更加困難。建築物－貸款人往往認為新建築具有較高的風險，因為有市場風險和開發風險。我們的預期是，短期內，貸款機構將更加重視處理現有交易的細微差別，而不是簽署新交易。

Our next question comes from the line of Michael Bellisario of Baird.

我們的下一個問題來自貝爾德公司的邁克爾貝利薩裡奧。

Just on that same topic, can we drill into the Madison deal? Maybe where is that project in terms of development time line? And then I think you mentioned a '21 delivery, but should we be thinking about it as early '21 delivery or late '21 delivery just trying to balance the potential cash outflow you might have in the near term?

就同​​一主題，我們可以深入探討一下麥迪遜交易嗎？就開發時間軸而言，該專案現在處於什麼位置？然後我想您提到了 21 年交付，但我們應該將其視為 21 年初交付還是 21 年底交付，只是為了平衡您短期內可能出現的潛在現金流出？

That particular project was earlier in development when the pandemic hit. There were also nuances associated with the site that had pushed potential delivery towards the very end of this year, even prior to the pandemic. Our current expectations are that it would be delivered at the very end of the first quarter or beginning of the second quarter. And again, Madison is one of those markets that has seen slightly tighter restrictions as well, which is adding to the potential delays there.

當疫情爆發時，該計畫才剛開始開發。該網站還存在一些細微差別，導致潛在的交付推遲到了今年年底，甚至在疫情爆發之前。我們目前的預期是它將在第一季末或第二季初交付。麥迪遜是受到稍微嚴格限制的市場之一，這增加了那裡的潛在延誤。

Got it. So is it fair to assume you're going to move forward with that project, irrespective of the environment, mainly because you don't have the same [outs] like you did for the Denver deal?

知道了。那麼，是否可以公平地假設，無論環境如何，您都會繼續推進該項目，主要是因為您沒有像丹佛交易那樣的[出路]？

That's correct. So the remaining development deals that we have under contract have specific performance language and absent an end-of-the-world situation where we became insolvent as a company, it's our expectation that we would close on those assets.

沒錯。因此，我們合約中剩餘的開發協議都有具體的履行條款，並且除非出現我們公司破產的末日情況，否則我們預計我們將完成這些資產的交易。

Got it. And then just thinking about the sources of capital, I know you have a large cash balance today, but the plan was to always sell hotels, the lower growth noncore properties to fund these deals. How are you balancing the sources and uses going forward given that the transaction market is pretty much at a standstill today and probably likely to be at a standstill 3, 6 months from now?

知道了。然後想想資金來源，我知道你今天有大量現金餘額，但計劃始終是出售酒店、增長較低的非核心資產來為這些交易提供資金。鑑於目前交易市場基本上處於停滯狀態，並且很可能在 3 到 6 個月後仍處於停滯狀態，您如何平衡未來的來源和用途？

Well, year-to-date, we're perfectly balanced with the -- are nearly perfectly balanced with the first quarter sales funding, essentially the 8th project. We're continuing to receive inbound inquiries. I think there's renewed interest in the hospitality space. Pricing isn't where we need it to be. And I think it will take a while for the market to settle out. We take a long-term view towards capital allocation. And it's still, in our view, long term, that we will end up funding the development deals with disposition proceeds.

嗯，今年到目前為止，我們與第一季的銷售資金幾乎完全平衡，基本上是第 8 個項目。我們將繼續接收來電諮詢。我認為人們對酒店業重新燃起了興趣。定價不符合我們的需要。我認為市場需要一段時間才能穩定下來。我們對資本配置持長遠眼光。我們認為，從長遠來看，我們最終將利用處置收益來為開發交易提供資金。

So the timing of those trades may not perfectly align. I think looking at what we currently have under contract and our expected burn rate on a go-forward basis, we feel very comfortable that we can manage our commitments and maintain the operations and the integrity of our company.

因此這些交易的時機可能並不完全一致。我認為，看看我們目前的合約狀況和未來預期的燒錢率，我們感到非常有信心，我們可以管理我們的承諾，維持公司的營運和誠信。

Got it. That's helpful. And then just lastly, maybe high-level commentary on your management companies. You have a handful of more regional, local focused operators. Can you give us an update on the health of your third-party managers? And then just if there are any weaker ones, any conversations you've had about maybe transition and any impact that might have on property performance near-term or intermediate-term?

知道了。這很有幫助。最後，也許是對您的管理公司的高層評論。您擁有一些更具區域性、更注重本地的營運商。您能否向我們介紹第三方經理的健康狀況？那麼，如果存在任何較弱的因素，您是否曾討論過過渡以及可能對短期或中期房地產表現的任何影響？

Absolutely. And really, first, I -- we've, as you might imagine, been in nearly constant dialogue with our various management company partners. We have 20 management companies that we work with. A portion of them are national, a portion of them are regional. We've been incredibly impressed with their ability to react quickly to the changes in the current environment and to effectively reduce costs dramatically across the board, both in terms of property-level expenditures and corporate allocations that we get for various services from them.

絕對地。事實上，首先，正如您可能想像的那樣，我們一直在與各個管理公司合作夥伴保持幾乎持續的對話。我們與 20 家管理公司合作。其中一部分是全國性的，一部分是地區性的。他們對當前環境變化的快速反應能力以及全面大幅降低成本的能力給我們留下了深刻的印象，無論是在物業層面的支出還是我們從他們那裡獲得的各種服務的企業撥款方面。

As we've interacted with them, they're in amazingly good spirits. And generally, our conversations around longevity and financial status have been very positive. Internally, we've developed contingency plans in the unlikely event that any of them became solvent because of the duration of the current crisis. But the reality is, we have more of our management companies coming to us and telling us they would love an opportunity to take on additional management contracts to the extent we had a need, then we have management companies coming to us and telling us that they're in a bad position. Where we were not, as a company, able to take advantage of government aid in the form of PPP loans, a number of our management companies were able to take advantage of the government programs, which has also helped to stabilize them in the current environment and enabled them, at the corporate level, to retain employees that they might have otherwise had to furlough.

當我們與他們互動時，他們表現出了令人驚訝的好心情。總體而言，我們關於長壽和財務狀況的討論非常積極。在內部，我們已經制定了應急計劃，以防萬一其中任何一家因為當前危機持續時間太長而變得有償付能力。但現實情況是，越來越多的管理公司找到我們，告訴我們他們很樂意在我們需要的範圍內承接額外的管理合同，但也有一些管理公司找到我們，告訴我們他們的處境很糟糕。當我們作為一家公司無法利用 PPP 貸款形式的政府援助時，我們的許多管理公司卻能夠利用政府計劃，這也有助於他們在當前環境下穩定下來，並使他們在公司層面上能夠留住原本可能不得不休假的員工。

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

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

A question, just in terms of CapEx spending right now, I mean, your pretty minimal levels, and I imagine the competition in your markets are doing the same. Can you remind us the average age of your portfolio? And is it possible that the quality of your properties compared to the competition is little bit higher heading into this crisis and maybe it's an opportunity for you to take some market share?

一個問題，就目前的資本支出而言，我的意思是，你們的水平相當低，我想你們市場的競爭對手也在做同樣的事情。您能否提醒我們一下您的投資組合的平均年齡？在這次危機中，您的房產品質與競爭對手相比是否可能略高一些，這也許是您佔領一些市場份額的機會？

So the easy answer is the first, and that's the average age is approximately 14 years. We monitor effective age as well, and coming into the crisis, effective age, meaning time since built or last renovated was 4 years for our portfolio. As you highlighted, we've significantly reduced the number of major renovations that we anticipate completing this year, cutting essentially 20 major renovations, which were anticipated to happen in the summer and towards the back half of the year.

所以簡單的答案是第一個，就是平均年齡大約是 14 歲。我們也監控有效年齡，進入危機後，有效年齡（即建成或上次翻新以來的時間）對於我們的投資組合來說為 4 年。正如您所強調的，我們大幅減少了預計今年完成的重大翻修工程的數量，基本上削減了 20 項重大翻修工程，這些工程原定於夏季和下半年完成。

That said, we also, in many markets, are running very low occupancy. And so in the near-term, the wear and tear on those assets is not what it would ordinarily be, which will help from a preservation standpoint, but not in a way that we want to continue long-term, obviously. We've been very strategic in acquiring assets that are well positioned within their individual markets that have advantages either from a location standpoint or a build-out in terms of actual amenities. And most cases have both advantages. We've continued to refine our portfolio through selective acquisitions and dispositions and feel really that we're exceptionally well positioned, both because of the properties we have, but as I highlighted in response to an earlier question, because of the management teams that we have on properties to gain market share as we recover.

話雖如此，我們在許多市場的入住率也很低。因此，在短期內，這些資產的磨損並不像通常那麼嚴重，從保存的角度來看，這將有所幫助，但顯然這不是我們希望長期持續下去的情況。我們非常有策略地收購那些在各自市場中佔據有利地位的資產，這些資產無論是從地理位置還是從實際設施的建設方面都具有優勢。而且大多數情況下兩種優點都存在。我們透過選擇性收購和處置不斷完善我們的投資組合，並且確實感到我們處於非常有利的地位，這不僅是因為我們擁有的資產，而且正如我在回答之前的問題時所強調的那樣，還因為我們擁有的資產管理團隊能夠在我們復甦時獲得市場份額。

The fact that we've remained open and servicing guests provides a great signal to local accounts, especially, that we are a long-term partner willing to work with them, and we think will provide us with a meaningful advantage as we begin a more robust recovery.

事實上，我們一直保持營業並為客人提供服務，這向當地客戶發出了一個很好的信號，尤其是，我們是願意與他們合作的長期合作夥伴，我們認為，這將為我們提供有意義的優勢，因為我們開始更強勁的復甦。

Okay. Perfect. And then what percentage of your mix or your room count are located in markets that you think should appeal to the leisure transient, drive-to guests or markets that you would consider to be more vacation-oriented similar to the Carolina Beach Courtyard, for example?

好的。完美的。那麼，您認為您的飯店組合或客房數量中，有多少比例位於應該吸引休閒旅客、駕車前來的客人的市場，或者您認為更注重度假的市場，例如卡羅萊納海灘庭院？

It's an interesting question. I think from a drive-to standpoint, we -- in thinking about -- I mean, most of our markets have a component of local negotiated business or inbound somewhat leisure weekend business. So I think many of our markets will appeal just from a drive-to and leisure standpoint. Now to what degree will depend on the leisure attractions? I think we certainly don't have a large percentage of our portfolio that has direct access to beaches, but we do have some. And we have a lot of Florida markets and a lot of California markets and access to beaches here in Virginia, South Carolina and North Carolina. So I think we do have a strong presence.

這是一個有趣的問題。我認為從開車前往的角度來看，我們 - 考慮 - 我的意思是，我們的大多數市場都有本地協商業務或入境休閒週末業務的組成部分。因此我認為，僅從開車前往和休閒的角度來看，我們的許多市場都會具有吸引力。現在將在多大程度上依賴休閒景點？我認為，我們投資組合中可以直接通往海灘的資產比例肯定不大，但確實有一些。我們擁有許多佛羅裡達市場和加利福尼亞市場，並且可以進入弗吉尼亞州、南卡羅來納州和北卡羅來納州的海灘。所以我認為我們的存在感確實很強。

I think one of the things to think through, too, is just the urban versus suburban mix of our portfolio. We have seen strong outperformance on a relative basis, I guess, with our suburban versus urban portfolio. And the industry has seen the same thing, suburban having the highest absolute occupancy for both the industry and us.

我認為需要考慮的事情之一就是我們的投資組合中城市與郊區的組合。我想，我們的郊區投資組合相對於城市投資組合而言，表現相對較好。業界也看到了同樣的情況，無論對業界還是我們來說，郊區的絕對入住率都是最高的。

So I think that's a big differentiator as well as the makeup of extended stay.

所以我認為這是一大差別，也是延長住宿的組成。

There are no further questions at this time. So I'd like to pass the floor back over to Mr. Knight for any additional closing comments.

目前沒有其他問題。因此，我想將發言權交還給 Knight 先生，請他發表最後的補充評論。

Thank you. We really appreciate everybody joining us this morning. I've highlighted in the past, but I'll do it again today, to the extent you are traveling, and we hope that you are or will shortly, we hope you take the opportunity to stay with us at one of our hotels. Be safe, be well. We look forward to talking to you again shortly.

謝謝。我們非常感謝大家今天早上加入我們。我過去曾強調過，但今天我會再次強調，如果您正在旅行，我們希望您正在或即將旅行，我們希望您藉此機會入住我們的一家酒店。保重，保重。我們期待很快再次與您交談。

Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation, and you may disconnect your lines at this time.

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