Apple Hospitality REIT Inc (APLE) 2021 Q4 法說會逐字稿

Greetings, and welcome to Apple Hospitality Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Apple Hospitality 2021 年第四季和全年財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Kelly Clarke, Vice President, Investor Relations. Please proceed.

現在，我想將會議交給主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。請繼續。

Thank you, and good morning. Welcome to Apple Hospitality REIT's Fourth Quarter and Full Year 2021 Earnings Call. Today's call will be based on the earnings release and Form 10-K, which we 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。歡迎參加 Apple Hospitality REIT 2021 年第四季和全年財報電話會議。今天的電話會議將基於我們昨天下午分發和提交的收益報告和 10-K 表格。 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 our 2021 annual report on Form 10-K and other filings with the SEC. Any forward-looking statement that Apple Hospitality makes speaks only as of today, February 23, 2022, and the company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

參與者應仔細審查我們的財務報表及其附註以及我們 2021 年 10-K 表年度報告和向美國證券交易委員會提交的其他文件中所述的風險因素。 Apple Hospitality 所做的任何前瞻性聲明僅截至今天（2022 年 2 月 23 日）有效，除非法律要求，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務。

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

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

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

今天上午，我們的執行長賈斯汀奈特 (Justin Knight)；我們的財務長 Liz Perkins 將概述我們 2021 年第四季和全年的業績。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. I'm excited to be able to share our operating results for the fourth quarter and full year 2021 and to provide some insights into what we're seeing as we begin 2022. We ended 2021 with the strongest quarterly performance we have achieved since the onset of the pandemic, despite the emergence of new variant in November, seasonal travel trends, a challenging labor environment and increasing inflationary pressures. ADR was essentially flat as compared to the same period in 2019 with occupancy down 7%, RevPAR down 8% and adjusted hotel EBITDA down only 13%. December results exceeded our expectations and were the strongest during the quarter with RevPAR down only 1% as compared to December 2019.

早安，感謝您加入我們。我很高興能夠分享我們 2021 年第四季和全年的經營業績，並在 2022 年伊始就我們所看到的情況提供一些見解。儘管 11 月出現了新的變異病毒、季節性旅行趨勢、充滿挑戰的勞動力環境和不斷增加的通膨壓力，但我們仍以自疫情爆發以來最強勁的季度業績結束了 2021 年。與 2019 年同期相比，ADR 基本持平，入住率下降 7%，RevPAR 下降 8%，調整後飯店 EBITDA 僅下降 13%。 12 月的業績超出了我們的預期，是本季表現最強勁的，與 2019 年 12 月相比，RevPAR 僅下降了 1%。

While the gap to 2019 widened in January impacted by leisure seasonality and the spread of the Omicron variant following the holidays, RevPAR for the month was up meaningfully to the prior year and occupancy and rate have continued to improve in February. With COVID cases declining and cities easing restrictions as we move into the spring, we continue to expect strong leisure demand and increasing business travel as we move through the remainder of the year.

儘管受到休閒季節和假期後 Omicron 變體傳播的影響，1 月份與 2019 年的差距有所擴大，但當月的 RevPAR 與上年相比有顯著上升，2 月份的入住率和房價繼續提高。隨著春季 COVID 病例的減少和城市限制的放鬆，我們預計在今年剩餘時間內休閒需求將保持強勁，商務旅行也將增加。

Full year operating results showed significant recovery relative to 2020 and continue to bridge the gap to pre-pandemic levels. Comparable total revenue was up more than 62% relative to 2020 and comparable hotels adjusted hotel EBITDA margin was 35%, down only 3 percentage points to 2019. 2021 adjusted EBITDA was $279 million and modified funds from operations was $211 million or $0.93 per share.

全年經營業績較2020年顯著回升，並持續縮小與疫情前水準的差距。可比總營收較 2020 年成長逾 62%，可比飯店調整後 EBITDA 利潤率為 35%，較 2019 年僅下降 3 個百分點。 2021 年調整後 EBITDA 為 2.79 億美元，調整後營運資金為 2.11 億美元，即每股 0.93 美元。

Our recent acquisitions and dispositions have further optimized our portfolio by lowering the average age of our assets and increasing our exposure to markets that we anticipate will outperform over the next cycle. The combined acquisitions and dispositions activity lowers our near-term CapEx needs and positions us to drive stronger portfolio RevPAR and margins.

我們最近的收購和處置進一步優化了我們的投資組合，降低了資產的平均年齡，並增加了我們對預計在下一個週期中表現優異的市場的曝險。合併後的收購和處置活動降低了我們近期的資本支出需求，並使我們能夠推動更強勁的投資組合 RevPAR 和利潤率。

Since the beginning of the COVID-19 pandemic, we have acquired a total of 12 hotels for approximately $473 million and sold a total of 24 hotels for approximately $245 million. We acquired 4 of these hotels during the fourth quarter for a combined total purchase price of approximately $164 million, including the Hilton Garden Inn Memphis Downtown, The Hilton Garden Inn and Homewood Suites Fort Worth Medical Center and the Hampton Inn & Suites Portland Pearl District.

自新冠疫情爆發以來，我們共收購了 12 家飯店，總價約 4.73 億美元，並共出售了 24 家飯店，總價約 2.45 億美元。我們在第四季度收購了其中 4 家酒店，總收購價約為 1.64 億美元，包括孟菲斯市中心希爾頓花園酒店、沃斯堡醫療中心希爾頓花園酒店和霍姆伍德套房酒店以及波特蘭珍珠區漢普頓酒店及套房。

We currently have 1 hotel under contract for purchase an Embassy Suites that is under development in Madison, Wisconsin, for an anticipated purchase price of approximately $79 million. We have been and will continue to be intentional in the build-out of our portfolio, pursuing assets that are additive to those we currently own located in strong RevPAR markets with attractive cost structures and significant growth potential and at pricing that will allow us to achieve our targeted returns. While broker transaction volume has slowed slightly in the first 2 months of this year, we are actively underwriting and exploring dozens of opportunities, both on and off market and anticipate that we will continue to be active in 2022.

目前，我們已經簽訂了購買位於威斯康辛州麥迪遜市正在開發的 Embassy Suites 酒店的合同，預計購買價格約為 7900 萬美元。我們一直並將繼續致力於擴大我們的投資組合，尋求對我們目前擁有的資產具有附加價值的資產，這些資產位於強勁的 RevPAR 市場，具有誘人的成本結構和巨大的成長潛力，並且定價能夠讓我們實現目標回報。 儘管今年前兩個月經紀交易量略有放緩，但我們正在積極承保並探索場內和場外的數十個機會，並預計我們將在 2022 年繼續活躍。

We have also continued to strategically reinvest in our existing portfolio. During 2021, we invested approximately $26 million in capital improvements, including the full renovation of 8 hotels. We intend to invest an additional $55 million to $65 million in 2022, which includes major renovations at between 20 and 25 hotels. These reinvestments ensure that our hotels remain relevant and competitive in our markets.

我們也持續對現有投資組合進行策略性再投資。 2021 年，我們投資約 2,600 萬美元用於資本改進，包括對 8 家酒店進行全面翻新。我們計劃在 2022 年額外投資 5,500 萬至 6,500 萬美元，其中包括對 20 至 25 家酒店進行大規模翻新。這些再投資確保我們的酒店在市場上保持相關性和競爭力。

Our scaled ownership of branded select service properties allows us to perform these renovations efficiently and our experience renovating hundreds of hotels over more than 2 decades informs a decision making related to the scope and timing of investment to ensure minimal disruption to the property operations and maximum impact for dollar spend. Historically, capital spend has ranged between 5% and 6% of sales, a meaningful differentiator for our portfolio and a contributor to total shareholder returns. With a relatively young and well-maintained portfolio, we anticipate future spending will continue in this range.

我們對品牌精選服務物業的規模化所有權使我們能夠高效地進行這些翻新工程，而我們在過去 20 多年中翻新了數百家酒店的經驗為與投資範圍和時間相關的決策提供了參考，以確保對物業運營的干擾最小，並最大限度地發揮資金投入的作用。 從歷史上看，資本支出佔銷售額的 5% 到 6%，這是我們投資組合的一個顯著差異化因素，也是股東總回報的貢獻者。由於投資組合相對年輕且維護良好，我們預計未來支出將保持在這個範圍內。

Looking back over the past 2 years, we are proud of all that we have accomplished. During the most challenging operating environment our industry has ever experienced, we were able to achieve industry-leading operating results, enhance the growth profile and long-term value of our portfolio through strategic acquisitions and dispositions and maintain the strength and flexibility of our balance sheet. Our outperformance is attributed to the collaborative efforts of our corporate brand and management teams and a testament to the merits of our strategy of investing in a broadly diversified portfolio of high-quality rooms-focused hotels with low leverage. We were first among our publicly traded peers to produce positive cash flow at both the property and corporate level and first to exit our covenant waivers with continued confidence in our portfolio and the broader industry recovery, we are reinstating monthly dividends for our shareholders with a March payment of $0.05 per share. The annualized distribution of $0.60 per share represents a 3.4% yield on our February 18 closing share price of $17.49.

回顧過去的兩年，我們為所取得的成就感到自豪。在我們行業經歷的最具挑戰性的經營環境中，我們能夠實現行業領先的經營業績，透過策略性收購和處置增強我們投資組合的成長前景和長期價值，並保持我們資產負債表的實力和靈活性。 我們的優異表現歸功於我們企業品牌和管理團隊的共同努力，也證明了我們投資於廣泛多元化、以高品質客房為重點、低槓桿率的酒店組合的策略的優點。我們是首家在房地產和公司層面實現正現金流的上市公司，也是首家退出契約豁免的公司，我們對我們的投資組合和更廣泛的行業復甦持續充滿信心，我們將恢復每月向股東派發股息，3 月份每股派息 0.05 美元。 每股 0.60 美元的年化分配金額相當於我們 2 月 18 日收盤價 17.49 美元的 3.4% 收益率。

As we enter 2022, we are incredibly well positioned. Operationally, our hotels are closing the gap to pre-pandemic 2019 performance, even without a full recovery in business transient, which has historically represented more than half of our total bookings. As offices reopen and companies implement more flexible travel policies throughout the year, we expect to see an increase in business demand, which combined with continued strength in leisure travel should push total demand for our portfolio beyond pre-pandemic levels.

當我們進入 2022 年時，我們已處於極其有利的位置。從營運角度來看，即使商務臨時業務尚未完全恢復，我們的飯店業績也正在縮小與 2019 年疫情之前的差距，而商務臨時業務歷來占我們總預訂量的一半以上。隨著辦公室重新開放以及公司全年實施更靈活的旅行政策，我們預計商務需求將會增加，再加上休閒旅遊的持續強勁增長，我們的投資組合總需求將超過疫情前的水平。

New supply, which represented a meaningful headwind for us in 2019, has declined significantly with projects under construction within a 5-mile radius of our hotels near all-time lows. We have unparalleled exposure to markets that have benefited from individual and business relocations during the pandemic with business-friendly governments, attractive cost of living, popular leisure and entertainment venues and a variety of corporate and small business demand generators.

2019 年，新供應量對我們來說是一個重大阻力，目前供應量已大幅下降，我們酒店 5 英里範圍內的在建項目數量已接近歷史最低水平。我們對市場有著無與倫比的了解，這些市場受益於疫情期間個人和企業的遷移，擁有商業友好的政府、誘人的生活成本、受歡迎的休閒和娛樂場所以及各種企業和小型企業需求產生器。

Our strategic acquisitions and dispositions over the past 2 years have enhanced the growth profile of our portfolio without dilutive capital raises or over encumbering our balance sheet. Our strategy has been tested for more than 20 years and consistently yielded compelling results for our investors. We remain intently focused on maximizing long-term value for our shareholders and are confident we are well positioned for additional upside as leisure travel continues to show strength and business travel steadily recovers.

我們在過去兩年中的策略性收購和處置增強了我們投資組合的成長前景，而沒有稀釋資本籌集或增加我們資產負債表的負擔。我們的策略已經經過了 20 多年的考驗，並始終為我們的投資者帶來令人信服的成果。我們始終專注於為股東實現長期價值最大化，並且有信心，隨著休閒旅遊繼續表現強勁、商務旅遊穩步復甦，我們已做好準備迎接更多的上漲。

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

現在我很高興將時間交給 Liz，她將提供有關本季和全年資產負債表、營運和財務表現的更多詳細資訊。

Thank you, Justin. Coming off a strong third quarter, demand continued to exceed our expectations through what has historically been a seasonally slower period for our portfolio. ADR for the fourth quarter was over $131, nearly equal to our ADR for the same period in 2019. Occupancy was 68%, down just over 5 percentage points and RevPAR was $88, down less than 8% as compared to the same period in 2019.

謝謝你，賈斯汀。繼第三季表現強勁之後，儘管我們的投資組合歷史上經歷了季節性淡季，但需求仍然超出我們的預期。第四季的平均房價 (ADR) 超過 131 美元，幾乎與 2019 年同期的平均房價持平。入住率為 68%，下降了 5 個百分點多，平均可售房收入 (RevPAR) 為 88 美元，與 2019 年同期相比下降了不到 8%。

As Justin highlighted, the gap to 2019 performance narrowed as we moved through the quarter despite concerns related to the Omicron variant and December RevPAR nearly equaled December 2019 with ADR over $2 higher. Led by rate, the gap to 2019 RevPAR meaningfully decreased quarter-over-quarter as we move throughout the year from down 26% in the second quarter to down 10% in the third quarter to less than 8% in the fourth quarter. While the Omicron variant tempered positive momentum seen during the fourth quarter and the gap to 2019 RevPAR widen some in January, year-to-date numbers are up meaningfully to 2021, and we expect continued improvement as we move into the spring and summer.

正如賈斯汀所強調的那樣，儘管對 Omicron 變體存在擔憂，但隨著本季度的推進，與 2019 年業績的差距逐漸縮小，12 月份的 RevPAR 幾乎與 2019 年 12 月份持平，ADR 高出 2 美元以上。在房價的帶動下，與 2019 年 RevPAR 的差距逐季大幅縮小，全年來看，第二季 RevPAR 下降 26%，第三季下降 10%，第四季下降不到 8%。 儘管 Omicron 變體抑制了第四季度出現的積極勢頭，並且 1 月份與 2019 年 RevPAR 的差距有所擴大，但年初至今的數據與 2021 年相比有顯著上升，我們預計隨著進入春季和夏季，情況將繼續改善。

For the full year 2021, comparable occupancy was 66% ADR was $125 and RevPAR with $83 up to 2020 by 11%, 44% and 61%, respectively, and down 11%, 14% and 24% to 2019. Weekend occupancy remained strong throughout the fourth quarter, showing continued strength in leisure demand. October and November weekend occupancies were 85% and 80%, respectively, with December weekend occupancy of 67%, in line with 2019. Weekday occupancy remained strong with October approaching 70% that declined to approximately 60% in November and December. These months are seasonally slower for business travel, and we were pleased to see the gap to 2019 weekday occupancy shrink to only 3 percentage points in December.

2021 年全年可比入住率為 66%，平均每日房價 (ADR) 為 125 美元，平均每間可用客房收入 (RevPAR) 為 83 美元，分別比 2020 年增長 11%、44% 和 61%，比 2019 年下降 11%、14% 和 24%。整個第四季週末入住率保持強勁，顯示休閒需求持續強勁。 10 月和 11 月的週末入住率分別為 85% 和 80%，12 月的週末入住率為 67%，與 2019 年持平。平日入住率依然強勁，10 月接近 70%，而 11 月和 12 月則下降至約 60%。這幾個月是商務旅行的淡季，我們很高興地看到，12 月與 2019 年工作日入住率的差距縮小至僅 3 個百分點。

The strength of leisure demand through the fourth quarter and year-to-date through the first weeks of February, our in-house revenue team working closely with our management company revenue support and on-site sales teams to maximize top line performance, the quality of our assets, the loosening of restrictions on travel and gatherings and increasing number of companies returning to their offices with more flexible travel policies and concerns related to the Omicron variant beginning to taper, all give us confidence that our broad market diversification will continue to drive outperformance as business demand continues to improve.

第四季以及截至 2 月前幾週的年初至今，休閒需求強勁，我們的內部收入團隊與管理公司收入支持和現場銷售團隊密切合作，以最大限度地提高營收業績，我們的資產質量，旅行和集會限制的放寬，以及越來越多的公司以更靈活的旅行政策返回辦公室，對 Omicron 變體的擔憂開始，所有這些都讓我們有能力減弱

38% of our hotels had RevPAR for the quarter that exceeded the same period in 2019. While the majority are located in warmer sunbelt states, notable exceptions included our Homewood Suites in Anchorage, Alaska, which was up 27%; our Homewood Suites in Mount Laurel, New Jersey, which was up 21% and our Hampton Inn Davenport, Iowa, which was up 17%. This further underscores the benefits of both market and demand diversification. As the recovery spreads to an increasing number of markets, we see incremental upside for our portfolio.

本季度，我們有 38% 的飯店的平均可出租客房收入超過了 2019 年同期。雖然大多數飯店都位於較溫暖的陽光地帶各州，但也有一些顯著的例外，包括位於阿拉斯加安克雷奇的 Homewood Suites 酒店，其平均可出租客房收入增長了 27%；我們位於新澤西州勞雷爾山的 Homewood Suites 酒店銷售額上漲了 21%，位於愛荷華州達文波特的 Hampton Inn 酒店銷售額上漲了 17%。這進一步凸顯了市場和需求多樣化的好處。 隨著復甦蔓延至越來越多的市場，我們看到我們的投資組合將逐漸上漲。

Demand for our suburban hotels continue to outpace demand for our urban hotels in the quarter with occupancy of 69% as compared to 62% for comparable hotels. As has been the case in prior quarters, hotels located in markets with greater historical exposure to large groups and conventions and the 2 full-service hotels in our portfolio also underperformed. We anticipate demand will strengthen in many of these markets as we move through 2022, further boosting performance for our portfolio and adding to the strong performance in our suburban portfolio.

本季度，我們郊區飯店的需求持續超過市區飯店的需求，入住率為 69%，而同類飯店的入住率為 62%。與前幾季的情況一樣，位於歷史上更多地接待大型團體和會議的市場中的酒店以及我們投資組合中的 2 家全方位服務酒店的表現也不佳。我們預計，到 2022 年，許多此類市場的需求將會增強，從而進一步提升我們投資組合的業績，並增強我們郊區投資組合的強勁表現。

In terms of room night channel mix booking data, brand.com bookings were in line with third quarter at approximately 36%. OTA bookings continue to be elevated relative to prior years, but declined to 15% in the fourth quarter. Property direct bookings remained steady around 30%, still up to the same period in 2019. The result of our management companies with the support of our asset management and revenue teams continuing to adjust strategies and shift focus as the demand environment evolves.

從客房晚間通路組合預訂數據來看，brand.com 預訂量與第三季持平，約 36%。 OTA 預訂量相對於前幾年持續上升，但第四季下降至 15%。房地產直接預訂量保持穩定在 30% 左右，與 2019 年同期持平。這是因為我們的管理公司在資產管理和收益團隊的支持下，隨著需求環境的變化不斷調整策略並轉移重點。

GDS bookings increased to 12% during the fourth quarter and have continued at that level into the first quarter of 2022, despite the impact of Omicron which is a positive data point as we look at business transient trends. Looking at actual fourth quarter same-store occupancy segmentation PAR increased to 35%, offsetting a slight decline in other discounts, which fell to 30% in the quarter. Negotiated reached 16%, up slightly from the third quarter.

第四季度，GDS 預訂量增長至 12%，儘管受到 Omicron 的影響，但這一水平一直持續到 2022 年第一季。從業務瞬態趨勢來看，這是一個正面的數據點。 從第四季實際同店入住率來看，PAR 增至 35%，抵銷了其他折扣的輕微下降（本季其他折扣下降至 30%）。協商達成率達16%，較第三季略有上升。

Turning to expenses. Total payroll per occupied room for our same-store hotels was just over $33 in the fourth quarter, down 3.5% to the fourth quarter of 2019, but up from $31 per occupied room in the third quarter as we continue to fill vacant positions and adjust wages in a more competitive labor environment and as occupancy declined seasonally.

談到費用。第四季度，我們同店酒店每間入住客房的總工資略高於 33 美元，較 2019 年第四季度下降 3.5%，但高於第三季度每間入住客房 31 美元，因為我們繼續填補​​空缺職位並在更具競爭力的勞動力環境中調整工資，並且入住率季節性下降。

Same-store rooms expenses, excluding payroll, were down 8% per occupied room compared to 2019 for the quarter with over half of the savings coming from adjustments to brand amenity offerings. Our team's persistent efforts to control costs and maximize profitability resulted in fourth quarter and full year 2021 comparable adjusted hotel EBITDA of approximately $85 million and $322 million, respectively, and comparable adjusted hotel EBITDA margin of approximately 34% and 35%, respectively.

本季度，同店客房支出（不含工資）與 2019 年相比每間入住客房下降了 8%，其中超過一半的節省來自品牌便利設施的調整。我們的團隊堅持不懈地努力控製成本並實現盈利能力最大化，使得 2021 年第四季度和全年可比調整後酒店 EBITDA 分別達到約 8500 萬美元和 3.22 億美元，可比調整後酒店 EBITDA 利潤率分別達到約 34% 和 35%。

A continuation of our results in the third quarter, our actual adjusted hotel EBITDA margin for the fourth quarter exceeded that of the same period in 2019 by 40 basis points and December adjusted hotel EBITDA of $21 million exceeded 2019 EBITDA despite lower total revenue relative to 2019. MFFO was approximately $59 million or $0.26 per share for the fourth quarter and $211 million or $0.93 per share for the year. While we continue to focus on managing expenses, our bottom line performance has been meaningfully bolstered by the rapid recovery in rate, which has, in recent months, approached or exceeded pre-pandemic levels and work to offset increased wages and other inflationary pressures.

延續第三季度的業績，我們第四季度的實際調整後酒店 EBITDA 利潤率比 2019 年同期高出 40 個基點，儘管總收入低於 2019 年，但 12 月份調整後酒店 EBITDA 為 2100 萬美元，超過了 2019 年的 EBITDA。第四季 MFFO 約為 5,900 萬美元或每股 0.26 美元，全年 MFFO 約為 2.11 億美元或每股 0.93 美元。在我們繼續專注於管理費用的同時，利率的快速回升顯著提高了我們的盈利表現，近幾個月來，利率已接近或超過了疫情前的水平，並抵消了工資上漲和其他通脹壓力。

Shifting to the balance sheet. As previously announced, we exited our covenant waiver period in July of 2021. As a result, we are no longer subject to the lender and post limitations on investing and financing activities associated with the covenant waiver restriction. Interest expense decreased during the quarter as a result of exiting the covenant waiver period and lower average borrowings under our unsecured credit facilities. As of December 31, 2021, we had $1.4 billion in total outstanding debt, approximately 5x our 2021 EBITDA with a weighted average interest rate of 3.4%, cash on hand of approximately $3 million and availability under our revolving credit facility of approximately $349 million.

轉向資產負債表。正如先前宣布的那樣，我們於 2021 年 7 月退出了契約豁免期。因此，我們不再受貸方和職位與契約豁免限制相關的投資和融資活動限制。 由於退出契約豁免期以及無擔保信貸安排下的平均借款額降低，本季利息支出減少。截至 2021 年 12 月 31 日，我們的未償還債務總額為 14 億美元，約為 2021 年 EBITDA 的 5 倍，加權平均利率為 3.4%，現金約為 300 萬美元，循環信貸額度下的可用金額約為 3.49 億美元。

Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments, is comprised of approximately $498 million in property level debt secured by 28 hotels and approximately $946 million outstanding on our unsecured credit facilities. At year-end, our weighted average debt maturities were 3 years with approximately $228 million net of reserves maturing in 2022. Our 2022 maturities include our revolving credit facility, which we have the option to extend for up to 1 year and $156 million of property level debt maturing in the second half of 2022. We are in the process of exploring options with our lenders and are confident in our ability to repay, refinance or extend our near-term maturity.

總未償債務（不包括未攤銷的債務發行成本和公允價值調整）包括由 28 家酒店擔保的約 4.98 億美元的房地產債務和我們無擔保信貸額度的未償債務約 9.46 億美元。截至年底，我們的加權平均債務到期日為 3 年，其中約 2.28 億美元的淨儲備將於 2022 年到期。我們 2022 年的到期債務包括循環信貸額度（我們可以選擇將其延長至 1 年）和 1.56 億美元的房地產層面債務，將於 2022 年下半年到期。我們正在與貸款方探討各種方案，並有信心我們有能力償還、再融資或延長短期債務。

As for our 2022 outlook, though we remain confident in the broader recovery in our portfolio specifically, we are still not in a position to give specific operational guidance given the continued uncertainty and volatility related to COVID. As mentioned, we expect continued improvement relative to 2019 and 2022 with the ongoing strength in leisure demand and increase in business demand and a demonstrated ability to achieve rate growth.

至於我們的 2022 年展望，儘管我們仍然對投資組合的整體復甦充滿信心，但鑑於與 COVID 相關的持續不確定性和波動性，我們仍然無法提供具體的營運指導。如上所述，我們預計，隨著休閒需求持續強勁、商務需求增加以及實現費率成長的能力得到證明，2019 年和 2022 年將持續改善。

We are providing the following full year 2022 outlook regarding certain corporate expenses. We anticipate G&A to be between $32 million and $38 million, interest expense to be between $58 million and $63 million and capital expenditures to be between $55 million and $65 million. As Justin highlighted, we are reinstating monthly distributions beginning in March with a payment of $0.05 per share. While we have not yet recovered to pre-pandemic operating levels, our portfolio has been optimally positioned to benefit early in the recovery from increases in both leisure and business travel. We are optimistic that demand will continue to increase as we move through 2022 and together with our Board of Directors, we will continue to assess our dividend payout along with other uses of capital to drive total returns for our shareholders.

我們就某些公司費用提供以下 2022 年全年展望。我們預計一般行政費用在 3,200 萬美元至 3,800 萬美元之間，利息支出在 5,800 萬美元至 6,300 萬美元之間，資本支出在 5,500 萬美元至 6,500 萬美元之間。正如賈斯汀所強調的，我們將從 3 月開始恢復每月分配，每股支付 0.05 美元。雖然我們的營運水平尚未恢復到疫情前的水平，但我們的投資組合已處於最佳位置，能夠在經濟復甦初期受益於休閒和商務旅行的成長。我們樂觀地認為，隨著 2022 年的到來，需求將繼續增長，我們將與董事會一起繼續評估股息支付以及其他資本用途，以推動股東的總回報。

As we begin 2022, we are building off a strong platform. We have weathered the worst of the pandemic without encumbering our balance sheet and have transacted in ways that optimize our portfolio for the recovery. We have a proven ability to drive strong operating results throughout economic cycles and with current trends showing continued strength in leisure and the prospect of increased business demand in the coming year, we are optimistic about the future for our portfolio and for the broader industry.

2022年伊始，我們正在建立一個強大的平台。我們安然度過了疫情最嚴重的時期，沒有拖累我們的資產負債表，並以優化投資組合的方式進行了交易，以促進經濟復甦。我們已證明有能力在整個經濟週期中推動強勁的經營業績，並且當前的趨勢表明休閒業將繼續保持強勁勢頭，並且來年業務需求有望增加，我們對我們的投資組合和整個行業的未來充滿樂觀。

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

我們的準備好的演講到此結束。我們很樂意回答您今天早上向我們提出的任何問題。

(Operator Instructions) Our first question comes from Anthony Powell with Barclays.

（操作員指示）我們的第一個問題來自巴克萊銀行的安東尼·鮑威爾。

Question on the transaction environment. You said you were looking at dozens of deals. Could you just maybe talk about how pricing expectations have changed recently, given the strong performance of the segment, seller expectations and just the overall environment should be helpful.

關於交易環境的問題。您說您正在考慮幾十筆交易。您能否談談最近定價預期如何變化，鑑於該細分市場的強勁表現，賣家預期以及整體環境應該會有所幫助。

Good question. It continues to be incredibly competitive now. So I think as we saw last year, a significant amount of money came into the space with interest investing in hotels, broadly speaking, but specifically in the types of hotels that we've owned, high-quality select service hotels, specifically in markets initially that benefited early from the recovery. We've seen continued demand for that type of asset. But we've also seen a meaningful uptick as we moved through last year, and we believe as we continue into this year in terms of total product available.

好問題。現在競爭依然異常激烈。因此，我認為，正如我們去年看到的那樣，大量資金湧入該領域，廣義上講是對酒店的投資興趣，但具體來說是對我們擁有的酒店類型的興趣，即高品質的精選服務酒店，特別是在最初受益於經濟復甦的市場。我們看到對此類資產的持續需求。但自去年起，我們也看到了顯著的成長，我們相信，就整體產品供應而言，今年的成長動能將持續下去。

We've had successful conversations both around brokered transactions and as we interact with groups that we've worked with for 10-plus years in the industry and anticipate that we will be well positioned to take advantage of opportunities as we move through the year. But from a pricing standpoint, pricing remains competitive with most assets trading or asking prices related to those assets being at or above 2019 levels. For us to achieve our targeted returns, we're focused currently on markets where we anticipate outsized growth in the early phases of the recovery.

我們已經就經紀交易以及與業內合作了 10 多年的團體進行了成功的對話，並預計我們將在今年內處於有利位置，充分利用機會。但從定價的角度來看，定價仍然具有競爭力，大多數資產交易或相關要價都處於或高於 2019 年的水平。為了實現我們的目標回報，我們目前專注於那些預計在復甦初期將出現超額成長的市場。

Is this still a portfolio premium for smaller portfolios or midsized portfolios? Or is that kind of compressed a bit?

對於小型投資組合或中型投資組合來說，這是否仍然是投資組合溢價？或者說，這有點壓縮了？

We believe that still exists. Certainly, for the 2 larger portfolios that we saw trade last year, we saw some form of portfolio premium for those trades. There are a number of portfolios in market, and we'll have more data here shortly. But from what we're looking at in terms of pricing expectations, portfolios, both small and large, seem to be trading or at least the anticipated trading price is at a 50 to 100 basis point spread to individual assets.

我們相信這種情況仍然存在。當然，對於我們去年看到的兩個較大的投資組合交易，我們看到了某種形式的投資組合溢價。市場上有許多投資組合，我們很快就會提供更多數據。但從我們對定價預期的角度來看，無論大小，投資組合似乎都在交易，或至少預期交易價格與單一資產的價差為 50 至 100 個基點。

Maybe one more for me. I guess, how much of that, I guess, discounted business, longer stay or government business, nontraditional business is still in the portfolio as of now? And what's the opportunity to raise the price on that business or yield it out, I guess, here over the next few months?

也許對我來說還有一個。我想，截至目前，還有多少折扣業務、長期停留或政府業務、非傳統業務仍在投資組合中？那麼，我猜，在接下來的幾個月裡，有什麼機會可以提高該業務的價格或使其獲利？

Good question. As we have progressed through the recovery, especially in market in the back half of last year, where we were beginning to see occupancies improve and specifically in those markets where we mentioned we have RevPAR above 2019 levels, that's been based on being able to mix shift into higher rated business and really capitalize on rate growth where we have occupancy compression on weekends. So we've materialized some of that benefit in a subset of our markets and hotels but still have meaningful upside there as we progress into this year. And as more traditional corporate business continues to come back in some of the more urban areas, we look at our occupancies and rates on the weekends relative to weekdays and we still are seeing premiums on the weekends, giving us significant upside midweek.

好問題。隨著我們逐步復甦，尤其是去年下半年的市場，我們開始看到入住率有所提高，特別是在我們提到的那些 RevPAR 高於 2019 年水平的市場，這是基於能夠將業務轉移到更高評級的業務，並真正利用周末入住率壓縮的房價增長。因此，我們在部分市場和酒店中實現了部分收益，但隨著今年的進展，我們仍將擁有有意義的上升空間。隨著更多傳統企業業務繼續在一些城市地區復甦，我們查看了周末相對於工作日的入住率和房價，發現週末的入住率仍然較高，這給我們帶來了周中顯著的上漲空間。

Our next question comes from Kyle Menges with B. Riley.

我們的下一個問題來自 B. Riley 的 Kyle Menges。

This is Kyle on for Bryan. I was hoping that you guys could talk a little bit about -- I was hoping you could talk a little bit about the demand you're seeing from corporate accounts as we move through 2022? And just if you're starting to see any sort of mix shift between demand from regional versus national accounts?

這是凱爾 (Kyle) 代替布萊恩 (Bryan)。我希望你們能稍微談談──我希望你們能稍微談談我們在 2022 年看到的企業帳戶需求？您是否開始看到區域帳戶和國家帳戶需求之間出現任何形式的混合轉變？

As we look forward and even taking into account the impact of Omicron in January, we continue to see negotiated business being booked as a percentage of mix moving forward, increase relative to what we actualized in the fourth quarter, which was up to 16% for negotiated broadly. That includes local negotiated and corporate negotiated business.

展望未來，即使考慮到 1 月份 Omicron 的影響，我們仍然看到協商業務佔未來業務組合的百分比將相對於我們在第四季度實際實現的百分比有所增加，第四季度協商業務佔比高達 16%。其中包括本地談判業務和公司談判業務。

And even as we look at channel mix and look forward, our GDS bookings are continuing to improve. And what we have on the books is up from where we've been materializing for GDS where sort of your corporate travel agents tend to buy. And so we're seeing progress on the business transient front, both with local negotiated and corporate negotiated. There's still outperformance on the local negotiated side, but opportunity on the corporate negotiated and have continued to see improvement despite the impact of Omicron at the beginning of the year.

即使我們專注於通路組合併展望未來，我們的 GDS 預訂量仍在持續改善。我們帳面上的金額是我們為 GDS 實現的金額，您的企業旅行社往往會購買 GDS。因此，我們看到業務瞬態方面正在取得進展，包括本地談判和企業談判。本地談判方面仍然表現出色，但企業談判的機會儘管在年初受到 Omicron 的影響，但仍在持續改善。

And then could you talk a little bit about amenities and how you and the brands are thinking about bringing back amenities as RevPAR returns to pre-pandemic levels?

然後，您能否談談便利設施，以及隨著 RevPAR 恢復到疫情前的水平，您和品牌如何考慮恢復便利設施？

As we saw occupancy improve throughout, especially in the back half of last year, the brands reimplemented a significant portion of the brand standards or services and amenities that had existed prior to the pandemic. Those amenities and services have been modified in ways that we believe will drive long-term savings offset in part by continued inflationary pressures, both on the labor side and cost materials. But as we finished last year, by and large, what we anticipate to be longer-term service and amenity models were in place at the majority of our hotels.

隨著我們看到入住率的全面提高，尤其是在去年下半年，各品牌重新實施了疫情之前就已經存在的相當一部分品牌標準或服務和設施。我們相信，這些設施和服務已經進行了改進，將帶來長期儲蓄，但部分抵消了勞動力和成本材料方面持續的通膨壓力。但截至去年年底，總體而言，我們預計大多數飯店都已實施了長期服務和便利設施模式。

Our next question is from Tyler Batory with Janney.

下一個問題來自 Janney 的 Tyler Batory。

First question, just in terms of the dividend announcement, any more detail you can share in terms of what factors were contributing to that decision? Why you think this level is appropriate? And then interested in your perspective on potential payout ratio going forward as well.

第一個問題，就股利公告而言，您能否分享更多細節，說明哪些因素促成了這個決定？為什麼您認為這個水平是合適的？我也對您對未來潛在派息率的看法感興趣。

Appreciate the question. Really thinking about the dividend, our reinstatement is a testament to both the performance of our portfolio throughout the pandemic and our outperformance there and our confidence in the recovery. As we assessed a variety of different scenarios for how things might play out moving through this year and took into consideration operating environment opportunities for the use of our capital and other capital needs of our business, we felt this was an appropriate level to start or to reinstate our dividend. We believe we're extremely well positioned to benefit from the recovery and anticipate that we'll be in a position to increase our dividend over time.

感謝你的提問。認真考慮股息，我們的恢復證明了我們的投資組合在整個疫情期間的表現、我們的優異表現以及我們對經濟復甦的信心。當我們評估今年情況可能如何發展的各種不同情景並考慮到使用資本的經營環境機會和業務的其他資本需求時，我們認為這是開始或恢復股息的適當水平。我們相信，我們已準備好從經濟復甦中獲益，並預計隨著時間的推移，我們將能夠增加股息。

As we think about long-term payout, we've historically and anticipate we will continue to look to establish a dividend rate that's sustainable over an extended period of time and that allows flexibility to utilize capital in other ways to drive total returns for our investors. Looking at the $0.60 per year payout relative to our 2021 modified funds from operation, we're still at roughly 65%. So allows us a tremendous amount of flexibility.

當我們考慮長期支出時，我們過去一直並預計我們將繼續尋求建立一個在較長時期內可持續的股息率，並允許靈活地以其他方式利用資本來為我們的投資者帶來總回報。從每年 0.60 美元的支出（相對於我們 2021 年調整後的營運資金而言）來看，我們仍然處於 65% 左右的水平。這為我們提供了極大的靈活性。

And as we highlighted in our prepared remarks and as we've continued to highlight in response to questions, our expectations are that we will see meaningful improvement in terms of overall operations as we move through this year, which will put us in a position to consider changes over time. We interact with our Board of Directors on a monthly basis and considering the various factors that I highlighted, we'll make adjustments when appropriate.

正如我們在準備好的演講中所強調的那樣，以及我們在回答問題時繼續強調的那樣，我們期望在今年看到整體運營方面出現有意義的改善，這將使我們能夠考慮隨著時間的推移而做出改變。我們每月都會與董事會互動，並考慮到我強調的各種因素，我們會在適當的時候做出調整。

And then just as a follow-up, in terms of what you're seeing current trends into Q1, you gave some statistics in the investor presentation. You gave some details on occupancy in January. Certainly, the commentary on February and March does sound quite optimistic. Your understanding that the booking window for you, perhaps not super long. Just interested in any details you can give a little bit more kind of what you're seeing in February, perhaps expectations for March and a lot of discussion on the occupancy side of things. I'm also interested what you're seeing on ADR and rates in February as well?

然後作為後續問題，就您所看到的第一季當前趨勢而言，您在投資者演示中提供了一些統計數據。您提供了一些有關一月份入住情況的詳細資訊。當然，對二月和三月的評論聽起來確實相當樂觀。您瞭解，預訂窗口可能不會太長。我只是對任何細節感興趣，您可以提供更多關於您在二月份看到的情況，也許對三月份的預期以及關於入住率的大量討論。我也對您在二月看到的 ADR 和利率感興趣？

Okay. As we mentioned in the investor presentation that we shared yesterday, you can see that in the first 2 weeks of February, our occupancy levels have increased from January. And we expect the gap to 2019 to narrow slightly based on month-to-date results, including a strong President's Day weekend, which is not reflected in the investor presentation. That Saturday -- last Saturday was 90% for our portfolio. We were at 90% occupancy with 16% rate growth over 2019. The strong indications for continued performance related to leisure business.

好的。正如我們在昨天分享的投資者演示中提到的那樣，您可以看到，在二月份的前兩週，我們的入住率比一月份有所提高。根據本月迄今的業績，我們預計與 2019 年的差距將略有縮小，其中包括強勁的總統日週末，但這並未反映在投資者報告中。那個星期六——上週六，我們的投資組合回報率為 90%。我們的入住率為 90%，比 2019 年成長了 16%。強勁的跡象表明，休閒業務將繼續保持良好的業績。

Looking at February booking data through the 20th of this month, average daily room nights booked in February of this year are higher than any month in 2019 or 2021, which gives us optimism as we move into the seasonally stronger months and with case counts continuing to decrease. When we think about that, where we're really starting to see bookings pick up, it's for forward -- further bookings -- further outbookings. So a week plus out and really 30-plus days out. So really encouraged by those booking trends in February.

從截至本月 20 日的 2 月預訂資料來看，今年 2 月預訂的平均每日間夜數高於 2019 年或 2021 年的任何一個月份，這讓我們對即將進入季節性較強的月份且病例數量持續減少感到樂觀。當我們考慮到這一點時，我們真正開始看到預訂量回升，這是為了進一步的預訂——進一步的預訂。因此，需要等待一周多的時間，實際上需要等待 30 多天。二月的預訂趨勢確實令人鼓舞。

As you can also see in the investor presentation, we're continuing to see weekends improve as well as weekday. And when I look at the bookings further out, while we see continued strength in leisure, again, with the mix of business coming in through GDS and corporate and local negotiated on the books. We're seeing business transient positive trends as well into March and April.

正如您在投資者介紹中所看到的，我們看到週末和工作日的情況都在改善。當我進一步查看預訂情況時，我們發現休閒旅遊繼續保持強勁勢頭，同時，業務也透過 GDS 以及公司和本地協商的方式進行組合。我們看到三月和四月的業務也呈現暫時的正面趨勢。

Specific to rate, we started consistently producing higher rates on the weekends relative to 2019 in the spring of last year. Even with the impact of Omicron, our most recent weekends are still in line or above 2019 levels. Weekday rates have lagged relative to 2019, which aligns with less occupancy compression that we've seen on those nights. But we have seen that weekday rate gap to 2019 widen slightly with the impact of Omicron in January and February. But as occupancy continues to improve, we anticipate that gap to narrow, especially as business demand returns more meaningfully. And while our current rate on the books looking forward can change just relative to what books sort of in the month for the month. Right now, what we're seeing for March and April is a continuation of rate growth. So we're optimistic both on the occupancy and the ADR side.

具體到費率，自去年春季以來，我們就開始持續產生比 2019 年更高的週末費率。即使受到 Omicron 的影響，我們最近幾個週末的業績仍與 2019 年的水平持平或高於 2019 年的水平。與 2019 年相比，工作日的房價有所落後，這與我們看到的那些夜晚的入住率壓縮較少相一致。但我們發現，受 1 月和 2 月 Omicron 的影響，與 2019 年相比，平日利率差距略有擴大。但隨著入住率不斷提高，我們預計這一差距將會縮小，尤其是當商業需求更有意義地回升時。儘管我們目前的閱讀速度可能會根據當月的閱讀種類而改變。目前，我們看到三月和四月利率持續成長。因此，我們對入住率和平均房價都持樂觀態度。

Our next question comes from Michael Bellisario with Baird.

我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Just want to go back one more time to customer mix, maybe ask it in a different way. BT, you mentioned historically, it's been more than half of demand. Maybe help us put a number around where was that in 4Q? And then how do you see that trend progressing at least through the early part of 2022?

只是想再一次回到客戶組合，也許用不同的方式詢問。 BT，您提到，從歷史上看，它佔據了需求的一半以上。也許可以幫我們算一下第四季的數據？那麼，您認為這種趨勢至少到 2022 年初會如何發展？

I think we continue to see outperformance of leisure in Q3 -- I mean, Q4. November and December, December specifically really outperformed from a leisure perspective relative to historic trends for our portfolio. So still seeing -- I mean still seeing more strength out of leisure, but just a continual increase -- gradual increase in business transient trends. So we're still probably around that 50-50 mark. But I think that, that will shift some as we progress into the first quarter of this year, just given that January and February are traditionally less strong from a leisure standpoint and business transient begins to pick up as we get to the end of February and into March.

我認為，我們將在第三季甚至第四季繼續看到休閒業務的優異表現。從休閒角度來看，11 月和 12 月的表現確實優於我們投資組合的歷史趨勢。因此，我們仍然可以看到——我的意思是，我們仍然可以看到休閒活動的力量在增強，但商業瞬時趨勢卻在持續增加——逐漸增加。所以我們可能仍然處於 50-50 左右的水平。但我認為，隨著我們進入今年第一季度，這種情況將有所改變，因為從休閒的角度來看，一月和二月傳統上不太強勁，而隨著二月底和三月，商業瞬態開始回升。

And then just switching gears sort of 2-part question on capital allocation. You sort of answered the first one already, but I kind of want to hear your thoughts on kind of how quickly you could turn the acquisition spigot on? And then two, how you're thinking about using your currency to fund potential deals? And maybe just remind us of the math you do to figure out if a deal makes sense using some equity currency?

然後就轉換話題，問一下關於資本配置的兩部分問題。您已經回答了第一個問題，但我想聽聽您的想法，關於如何快速啟動收購？其次，您考慮如何使用您的貨幣來資助潛在的交易？也許只是提醒我們，您所做的計算是否能確定使用某種股權貨幣進行交易是否合理？

Two good questions. I highlighted in my prepared remarks that we're currently underwriting dozens of deals. To put a fine point on that, we are exploring opportunities, both as buyers and potential sellers of assets though we expect this year that we will be net acquirers looking at our transaction activity in total.

兩個好問題。我在準備好的演講中強調，我們目前正在承銷數十筆交易。具體來說，我們正在探索機會，既作為資產的買家，也作為潛在的賣家，儘管從整體上看，我們預計今年我們將成為淨收購者。

As we look at potential equity issuance, we look to issue equity to acquire specific assets where we see a multiple spread that would drive value for our existing shareholders. Given that what we're buying is largely consistent with what we currently own. The calculus there is relatively simple. And given what we're seeing in the market, today, we would need to be trading at a higher price point than we have been recently in order for that calculation to work.

當我們考慮潛在的股權發行時，我們希望發行股權來收購特定資產，我們發現這些資產的倍數利差將為現有股東帶來價值。鑑於我們所購買的東西與我們目前擁有的東西基本一致。那裡的微積分相對簡單。鑑於我們今天在市場上看到的情況，我們需要以比最近更高的價格進行交易，才能使該計算有效。

And when you say multiple spread is, is that next 12 months EBITDA or NOI? Is it DCF, NAV? What multiple are you looking at in particular?

當您說倍數利差時，是指未來 12 個月的 EBITDA 還是 NOI？是 DCF 還是 NAV？您具體關注的是哪一個倍數？

I mean, we're looking at relative return on investment over a more extended period of time. But certainly, near-term cash flow on a relative basis from acquisition targets -- near-term cash flow and a discounted cash flow model have greater value than future cash flow. And so certainly, we're looking at the ability to drive incremental earnings per share in the near term.

我的意思是，我們正在關注更長時期的相對投資回報。但可以肯定的是，相對於收購目標而言的近期現金流——近期現金流和折現現金流模型比未來現金流有更大的價值。因此，我們當然正在考慮短期內推動每股盈餘增量的能力。

Our next question comes from Dany Asad, Bank of America.

下一個問題來自美國銀行的 Dany Asad。

Can you just give us a quick update on the current like labor and hiring environment in your markets? And then what sort of staffing levels are you operating at right now versus '19? And then where would you see those levels normalize as we start to clear 2019 levels of demand and RevPAR potentially later in the year into '23?

您能否向我們簡要介紹一下您所在市場目前的勞動力和招募環境？那麼與 19 年相比，您目前的人員配置水準如何？那麼，當我們開始清除 2019 年的需求水準和可能在今年稍後到 23 年的 RevPAR 水準時，您認為這些水準會在哪裡恢復正常？

Dany, as we highlighted on our third quarter earnings call, going into fourth quarter, understanding that we might see seasonal occupancy declines in November and December, we indicated we would likely maintain staffing levels where we needed to hire an incremental associate we would if occupancy supported that. But through the winter months, where we're typically seasonally slower, we would maintain staffing levels, not adjust meaningfully for occupancy declines and start the year off at relatively the same levels of -- that we were -- as we were entering Q4 and wrapping up Q3, which is around 70% to 75% full-time employees relative to 2019.

Dany，正如我們在第三季度收益電話會議上所強調的那樣，進入第四季度，我們了解到 11 月和 12 月可能會出現季節性入住率下降，我們表示，我們可能會維持人員配備水平，如果入住率支持的話，我們會僱用增量員工。但在冬季，由於季節原因，我們的業務通常會比較緩慢，因此我們會維持員工人數水平，不會針對入住率下降做出重大調整，並且以與進入第四季度和結束第三季度時相對相同的水平開始新的一年，與 2019 年相比，全職員工人數約為 70% 至 75%。

I think we're looking at future trends and market-by-market making decisions as to what staffing levels need to look like as occupancy continues to grow, we'll be thoughtful there. It will vary by hotel and asset and how we're operationally structured to maximize and take advantage of productivity efficiencies. We are still optimistic that we'll have some long-term FTE savings relative to 2019. But we have found that we need to continue to add associates where managers have been covering more shifts and really get to a more optimal level on average going forward. But relative to probably the industry as a whole, we thoughtfully added back associates throughout last year and feel well positioned as we enter 2022.

我認為我們正在研究未來趨勢，並根據每個市場的情況做出決策，以確定隨著入住率的不斷增長，人員配備水平需要達到什麼樣的水平，我們會深思熟慮。它會因酒店和資產以及我們如何運作結構以最大化和利用生產效率而有所不同。我們仍然樂觀地認為，與 2019 年相比，我們將實現一些長期的 FTE 節省。但我們發現，我們需要繼續增加員工，因為經理們已經涵蓋了更多的班次，並且在未來真正達到更理想的平均水平。但相對於整個產業而言，我們在去年精心增加了員工，並感覺在進入 2022 年時處於有利地位。

And then at the corporate level, I know you guys kind of had a guide for 2021 in Q3 into Q4. And that number came in a little bit higher than that in Q4. And just was there something to call out on that? And I know you also had '22 outlook out there. So it's not about -- it's more just trying to understand kind of what happened in the quarter that kind of puts you above the range.

然後在公司層面，我知道你們對 2021 年第三季到第四季有一個指導。這一數字比第四季略高。對此有什麼需要指出的嗎？我知道你也有 22 年的展望。所以這並不是——這更多的是試圖了解本季發生了什麼，導致你的業績超出了預期。

The -- related G&A expense, the increase to G&A in 2021 was driven by incentive compensation related to higher operating and shareholder return performance at the end of the year. Operationally, November and December exceeded our expectations, and our shareholder return performance at year-end was higher than expected as well. Also keep in mind that almost 60% of target compensation is paid out in stock, and we do not adjust EBITDA for noncash share-based compensation expense.

相關的 G&A 費用，2021 年 G&A 費用的增加是由與年底更高的營運和股東回報績效相關的激勵薪酬所推動的。從營運角度來看，11月和12月的業績超出了我們的預期，年底的股東回報表現也高於預期。還要記住，幾乎 60% 的目標薪酬都是以股票形式支付的，我們不會根據非現金的股票薪酬費用調整 EBITDA。

Turning to what we've guided for 2022, we're assuming more normalized travel and conference attendance. And at the midpoint of that guidance range, we're representing target incentive compensation payout. We may adjust that as we progress through the year. But really, as you approach year-end, you have more visibility in-house shareholder return metrics will materialize, and that incentive compensation can swing that outside of the midpoint of your guidance range. But for now, just as you think about 2022 and how we're looking at it the midpoint of the range is based on target compensation.

談到我們對 2022 年的指導，我們假設旅行和會議出席將更加正常化。在該指導範圍的中點，我們代表目標激勵薪酬支出。隨著時間的流逝，我們可能會對此進行調整。但實際上，隨著年底的臨近，你會更清楚地看到內部股東回報指標將會實現，而激勵薪酬可能會使其超出指導範圍的中點。但就目前而言，正如您想到 2022 年以及我們如何看待它一樣，範圍的中點是基於目標薪酬。

Our next question is from Floris Van Dijkum with Compass Point.

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

Van Dijkum, of course, as you know. But I wanted to -- just have you maybe provide -- just a follow up on the NAV question. I know you guys don't give any Bs, but I may talk about replacement costs. One of your competitors talked about the fact that replacement costs in the hotel industry are certainly up 20%, 25%, land costs are higher. And obviously, that also means that the potential for new supply coming online and competing with your assets is also reduced. And maybe if you can give some comments in terms of how that pertains to your replacement cost per key and how you think about that? And then also maybe your thoughts on the threat of supplier? Why you feel comfortable? Where you are right now?

當然是範迪庫姆，正如你所知。但我想 - 只是想讓您提供 - 有關 NAV 問題的後續資訊。我知道你們不給任何 B，但我可能會談論更換成本。你們的一位競爭對手談到，旅館業的重置成本肯定上漲了 20%、25%，土地成本也更高。顯然，這也意味著新供應上線並與您的資產競爭的可能性也會降低。您能否就這與每把鑰匙的更換成本有何關係以及您對此有何看法發表一些評論？那麼您可能也對供應商的威脅有什麼看法呢？為什麼感覺舒服？你現在在哪裡？

Certainly. And I may, if it's okay, tackle those questions in reverse order. Speaking to supply specifically and I think even listening to the major brands in our recent conference calls, we've seen a significant pullback in new construction starts in our markets, driven in part by the factors that you highlighted. Increased construction costs, increased land costs, greater uncertainty from a supply chain standpoint and certainly labor availability and cost, all are factored into that equation.

當然。如果可以的話，我可能會以相反的順序來解答這些問題。具體談到供應，我認為即使在我們最近的電話會議中聽取主要品牌的意見，我們也看到我們市場新開工建築數量大幅回落，部分原因是您強調的因素。建築成本增加、土地成本增加、從供應鏈角度來看不確定性增加以及勞動力的可用性和成本，所有這些都被納入這個等式中。

There has also been a greater limitation on debt financing for new construction projects, which has created a bit of a gap in there. As we look forward, given the time that it takes from shovel in the ground to completion of new construction projects, we see ourselves having a multiyear window with below-average supply in the vast majority of our markets.

新建案的債務融資也受到了更大的限制，這造成了一些缺口。展望未來，考慮到新建築項目從破土動工到竣工所需的時間，我們預計未來幾年內絕大多數市場的供應量都將低於平均水平。

And as we look at the potential that gives us, especially given continued robust leisure demand and what we anticipate to be a meaningful uptick in business transient puts us in a position to meaningfully drive top line revenues across our portfolio. And as we've talked about in the past, that movement in top line revenues, especially in the rate fuels margin expansion over time and yields greater profitability for our investors. And when we talk about the optimism that we have for our portfolio, the lack of new supply is a meaningful contributor to that optimism.

當我們看到這給我們帶來的潛力時，特別是考慮到持續強勁的休閒需求以及我們預計的業務瞬時大幅上升，這將使我們能夠顯著提高整個投資組合的營收。正如我們過去所討論過的，營業收入的變動，特別是利率的變動，會隨著時間的推移推動利潤率的擴大，並為我們的投資者帶來更大的盈利能力。當我們談論對投資組合的樂觀態度時，缺乏新的供應是這種樂觀態度的重要因素。

Speaking to NAV, we're certainly in a period of transition as we think about the value of our portfolio and there are a number of factors playing there, replacement cost is certainly one of those factors. And we've highlighted the various components that are leading to meaningful increase in cost to replace assets. Beyond that, we've seen a significant increase in interest in the types of assets that we own. And if we think about the historic cap rate spread that existed between high-quality select service assets and upper upscale and luxury assets, we've seen that spread compress and cap rate compression acts as a multiplier for the increases in profitability that we anticipate over the next several years. And so as we think about the value of our existing portfolio, we see meaningful upside as we move through this year proved out the strength of the markets and get back to and surpass many of those markets pre-pandemic profitability.

談到淨值，我們肯定正處於一個過渡時期，因為我們正在考慮我們投資組合的價值，並且有許多因素在起作用，重置成本肯定是其中之一。我們強調了導致資產更換成本大幅增加的各種因素。除此之外，我們發現人們對我們所擁有的資產類型的興趣顯著增加。如果我們考慮高品質精選服務資產與高檔豪華資產之間的歷史資本化率差額，我們就會發現，差額壓縮和資本化率壓縮可以作為我們預期未來幾年盈利能力增長的乘數。因此，當我們考慮現有投資組合的價值時，我們看到了有意義的上升空間，因為今年我們證明了市場的實力，並恢復到甚至超過了許多市場在疫情前的盈利能力。

That's helpful. Clearly, that suggests you think that your NAV is higher than where your stock price is. But if I can have my follow-up question. I guess the other question that we're hearing from some investors is about, well, geez, this cost savings is margin improvement. And again, margin improvement also includes the revenue part, which is -- again, there's multiple facets to it. But certainly, in terms of the cost savings, the employee costs are up, certain other things are up and the previous ranges provided by the many management teams of 100 to 200 basis points of margin improvements going forward. Maybe if you can touch on some of the initiatives that you've worked on why you think there's going to be -- there should be some margin improvements that will be permanent? What that -- to what extent that's from some cost reductions and you put some information in your slide deck, but also maybe some of your strategy in terms of clustering management in certain markets and some of the other operational initiatives that are more Apple specific?

這很有幫助。顯然，這表示您認為您的資產淨值高於您的股票價格。但如果我可以問後續問題。我想我們從一些投資者那裡聽到的另一個問題是，好吧，天哪，這些成本節約就是利潤率的提高。再次強調，利潤率的提高也包括收入部分，這也是一個多方面的問題。但可以肯定的是，就成本節約而言，員工成本正在上升，其他某些項目也在上升，而且許多管理團隊先前提出的利潤率提高範圍是 100 到 200 個基點。也許您可以談談您曾經開展過的一些舉措，為什麼您認為利潤率會有一些永久性的提高？那是什麼——在多大程度上是透過降低成本來實現的？您在幻燈片中提供了一些信息，但也許還提供了在某些市場集群管理方面的一些策略，以及一些更針對蘋果的其他運營舉措？

Absolutely. Certainly, over the past several years, we've found ways to do things more efficiently than we imagined possible -- where possible prior to the pandemic. You know us well enough to know that we have always generated industry-leading margins at the property level from an operations standpoint. And in part, that's attributed to the types of assets that we own. But certainly, we have employed best-in-class management companies and oversee their operations with sophisticated asset management using benchmarking data to drive operating performance to those high levels.

絕對地。當然，在過去的幾年裡，我們已經找到了比我們想像的更有效的做事方法——在疫情爆發之前盡可能地做到了。您非常了解我們，從營運的角度來看，我們在物業層面始終創造著領先業界的利潤率。部分原因在於我們所擁有的資產類型。但可以肯定的是，我們聘請了一流的管理公司，並使用基準數據透過複雜的資產管理來監督他們的運營，以將營運績效推向高水準。

We have been strategic in thinking about our management companies specific to individual markets and consolidated management within individual management companies to gain greater efficiencies within markets where we have concentration. Beyond that, we've looked at staffing models, questioning the way that we did things historically and ensuring that we are driving the best return on our investment in people and in assets. And I think outside of the areas that we've highlighted in the past as have our peers, related to greater efficiencies in housekeeping and potentially around food and beverage operations, we've spent a significant amount of time focused on sales operations at our properties. Recognizing that a more meaningful percentage of our total business comes through online channels, including brand.com online channels. And looking to allocate a greater percentage of our total resources as we think about sales to those channels and to revenue management, both of which have a meaningful impact on total profitability.

我們一直在策略性地思考針對特定市場的管理公司，並在各個管理公司內進行整合管理，以便在我們集中的市場中獲得更高的效率。除此之外，我們也研究了人員配置模式，質疑我們過去的做事方式，並確保我們在人員和資產方面的投資能獲得最佳回報。我認為，除了我們和同行過去強調的與提高客房服務效率以及潛在的食品和飲料運營相關的領域之外，我們還花費了大量時間專注於我們酒店的銷售運營。認識到我們總業務中更大比例的業務來自線上管道，包括 brand.com 線上管道。當我們考慮銷售管道和收益管理時，我們希望分配更大比例的總資源，這兩者都對總獲利能力產生重大影響。

Thinking about long-term margin expansion, much of what we've done on the productivity side will act as an offset to inflationary pressures. And so in the environment that we're in today, we won't yield on a dollar-for-dollar basis, the total benefit in terms of margin expansion from the productivity initiatives that we put in place. The greatest opportunity for margin expansion and our reason for optimism comes from our ability to drive rate.

從長期利潤率擴張的角度來看，我們在生產力方面所做的大部分努力將會抵銷通膨壓力。因此，在我們今天所處的環境下，我們不會以一美元對一美元的方式，從我們所實施的生產力舉措中獲得利潤擴張方面的總收益。利潤率擴大的最大機會和我們樂觀的理由來自於我們推動利率的能力。

Liz highlighted in her earlier remarks, less than half of our hotels are currently performing at or above pre-pandemic levels from a RevPAR standpoint. As we look at the continuation of the recovery and what those hotels are already doing for our overall portfolio return, we see meaningful upside thinking about total revenues that we may be able to produce and that being a primary driver of long-term margin expansion.

Liz 在她之前的評論中強調，從 RevPAR 的角度來看，目前我們只有不到一半的酒店業績達到或超過了疫情前的水平。當我們看到經濟復甦的持續性以及這些酒店已經為我們的整體投資組合回報所做的貢獻時，我們看到了有意義的上升空間，考慮到我們可能產生的總收入，這是長期利潤率擴張的主要驅動力。

Looking at the third quarter and fourth quarter specifically, we've done exceptionally well getting back to or in the range of where we were from a total margin standpoint in 2019. And that, again, is with less than half of our portfolio operating at or above pre-pandemic revenue levels. And so as we progress through this year with continued optimism around leisure travel, and that optimism being realized as we look at weekend occupancies specifically around major holidays. But adding to that a return of business transient, which, as we highlighted, has historically represented more than half of our total business. We see meaningful upside from a rate standpoint and that being a principal driver of margin expansion in '22, '23 and potentially beyond.

具體來看第三季和第四季，從總利潤率的角度來看，我們的表現非常出色，已經恢復到或接近了 2019 年的水準。而且，在我們投資組合中，只有不到一半的營運收入達到或超過了疫情前的水準。因此，隨著今年的進展，我們對休閒旅遊的樂觀情緒持續高漲，而當我們觀察週末入住率（特別是重大假日期間）時，這種樂觀情緒正在成為現實。但除此之外，還有業務短暫性的回歸，正如我們所強調的，這在歷史上佔了我們總業務的一半以上。從利率角度來看，我們看到了顯著的上行空間，這也是 2022 年、2023 年及以後利潤率擴張的主要驅動力。

(Operator Instructions) Our next question is from Chris Darling with Green Street.

（操作員指示）我們的下一個問題來自 Green Street 的 Chris Darling。

Just a couple of questions on my end. First, you've been fairly comprehensive in discussing the favorable supply backdrop in terms of the construction pipeline across your portfolio. But I'm wondering about recently delivered hotels that maybe haven't fully stabilized yet. Is that a meaningful consideration at all?

我只想問幾個問題。首先，您已經相當全面地討論了您的投資組合中在建項目有利的供應背景。但我想知道最近交付的酒店可能還沒有完全穩定下來。這是一個有意義的考慮嗎？

It certainly has been as we move through the early phases of the recovery. We continue to have meaningful supply growth in 2020 and through 2021 as we look at potential deliveries in '22 and '23. As a result of fewer construction starts in recent years, those numbers are coming down. And so looking at our portfolio, broadly speaking, there are very few markets where we see that being a significant impediment to near-term results.

當我們進入復甦的早期階段時，情況確實如此。展望 2022 年和 2023 年的潛在交付量，我們預計 2020 年和 2021 年的供應量將持續大幅成長。由於近年來新開工建築數量減少，這些數字正在下降。因此，從廣義上講，縱觀我們的投資組合，我們發現很少市場會對短期業績造成重大阻礙。

And second, kind of switching gears. I'm curious, when you think about the idea of business and leisure travel blending together more consistently going forward: one, are you believers in that over the long term? And if so, does that play a role in how you think about where you allocate capital going forward?

第二，轉變觀念。我很好奇，當您考慮將商務和休閒旅行在未來更加一致地融合在一起的想法時：第一，您是否相信這一點會持續很長時間？如果是這樣，這是否會對您考慮未來如何分配資本產生影響？

It definitely does. And this is a trend that we've spent a decent amount of time highlighting recently, but really a trend that we began to identify prior to the pandemic. As we look at the next generation of travelers, there's a greater priority placed on having experiences with travel. And that had put us in a position where we were interacting with the brands and reimagining brand concepts to cater to individuals and to groups that were looking for a better travel experience related to business travel.

確實如此。這是我們最近花了大量時間來強調的趨勢，但實際上我們在疫情爆發之前就開始發現這個趨勢。當我們展望下一代旅行者時，我們更加重視旅行體驗。這使我們能夠與品牌互動並重新構想品牌概念，以滿足尋求更好的商務旅行體驗的個人和團體的需求。

We've certainly seen with increased flexibility related to in-office work, an increase in what may call leisure travel and anticipate that's a trend that's likely to continue. As we highlighted in our prepared remarks and have discussed regularly for that very reason, we look to acquire and to own assets in markets that have a good mix of leisure and demand -- and business demand drivers. And we've seen that as a primary driver for consistent demand for room nights across our portfolio.

我們確實看到辦公室工作靈活性的提高，所謂的休閒旅行也在增加，並且預計這種趨勢可能會持續下去。正如我們在準備好的演講中所強調並因此而定期討論的那樣，我們希望在休閒和需求以及商業需求驅動因素良好結合的市場中收購和擁有資產。我們認為這是我們整個投資組合中客房晚數需求持續成長的主要驅動力。

And so when you look at our recent acquisitions, whether in Portland, Maine or Greenville Downtown or even in Fort Worth and you look at how those assets are positioned within the market. They're ideally located in -- to benefit from strong corporate business and business transient midweek with easy access to leisure demand generators that encourage individuals to extend their space.

因此，當您查看我們最近的收購時，無論是在緬因州波特蘭還是格林維爾市中心，甚至在沃斯堡，您都會看到這些資產在市場中的定位。它們地理位置優越，既能享受強勁的企業業務和周中短暫的商業活動，又能方便地到達休閒需求發生器，鼓勵個人擴大空間。

Our next question comes from Austin Wurschmidt with KeyBanc.

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

In the past, Justin, it was, we've kind of talked about that midweek ADR being an attractive upside opportunity for your portfolio. If I recall correctly, that was tracking around 20% below '19 kind of late last year. And you mentioned it recently widened due to Omicron. So first, is my recollection on sort of the size of that spread accurate. And as you return to that 70% occupancy level midweek, should we expect midweek ADR to kind of quickly close the gap relative to '19?

賈斯汀，過去我們曾討論過，周中 ADR 對你的投資組合來說是一個有吸引力的上行機會。如果我沒記錯的話，去年年底這個數字比 19 年同期低了 20% 左右。您提到它最近由於 Omicron 而擴大了。那麼首先，我對這種傳播規模的記憶是否準確。當您在周中恢復到 70% 的入住率時，我們是否應該預期周中 ADR 會迅速縮小與 2019 年的差距？

We're optimistic as we get above -- around or above 70% any night of the week that will have rate opportunity, and we'll be able to grow rate as we've seen on the weekend. Your recollection from a rate gap standpoint was, I think, specifically referencing peak night mid-week occupancies versus full week. But when I look at full week occupancies or full week rates historically, those rate premiums over weekends, we've been averaging -- and even in recent months averaging about 1,500 to 1,600 basis points of upside relative to weekends and how we've been performing on the weekend. So the gap where we've been outperforming on weekends, splitting that to what it was historically, we have meaningful upside weekday.

我們很樂觀，因為每週任何一個晚上的利率都會達到或超過 70% 左右，這將有利率機會，而且我們將能夠像週末看到的那樣提高利率。我認為，從價格差距的角度來看，您的回憶具體指的是周中夜間高峰時段的入住率與全週入住率的對比。但是，當我從歷史上看整週入住率或整週房價時，週末的房價溢價一直是平均水平——甚至在最近幾個月，相對於週末以及我們在周末的表現，平均上漲了約 1,500 至 1,600 個基點。因此，我們在周末表現優異，與歷史上的水平相比，我們在工作日有顯著的上漲。

And then -- and just really aside from broader inflation, certainly, the strength in the consumer has helped as well, I assume. But like what else has changed that's giving management companies the confidence to push rates that wasn't there pre-pandemic?

然後——實際上除了更廣泛的通貨膨脹之外，我認為，消費者的強勁成長當然也起到了幫助作用。但是，還有哪些改變讓管理公司有信心推高疫情前沒有的利率呢？

I think management companies, it was very, very clear in 2020 that rate was not going to drive demand. And so both management companies and the revenue management systems were optimized to ensure that we weren't needlessly lowering rate without gaining incremental demand. That put potentially a floor on how far we would drop. But also the brands and our management companies did a great job working with top accounts, both corporate and local to find either price points that match the demand generated or to maintain rates going into 2020 and 2021 such that we weren't negotiating because corporate accounts have had lower demand, which would warrant a rate increase versus the need for that demand, potentially putting us in a position from a negotiating standpoint. It really just allowed everyone to take a breath and figure out as people got more comfortable traveling and travel policies eased that rates were at a reasonable level.

我認為管理公司在 2020 年非常清楚利率不會推動需求。因此，管理公司和收入管理系統都進行了最佳化，以確保我們不會在沒有獲得增量需求的情況下不必要地降低費率。這可能為我們下跌的幅度設定了一個底線。但品牌和我們的管理公司也與頂級客戶（包括企業和本地客戶）合作得很好，找到了與產生的需求相匹配的價格點，或者在 2020 年和 2021 年維持利率，這樣我們就不用談判了，因為企業帳戶的需求較低，這將保證利率上漲，而不是滿足這種需求，這可能使我們從談判的角度處於有利地位。這實際上只是讓每個人都鬆一口氣，並發現隨著人們的旅行變得更加舒適和旅行政策的放寬，費用處於合理水平。

I think that we have all evolved from a revenue management perspective, both the talent that we have on site at our hotels and with our management companies. But the incremental resources that we have here corporately too, we work together to think about broad trends and ensure that we're effectively optimizing the use of our revenue management systems, layering in base business at the right rate and capitalizing on opportunities in market. And so I think it's a collaborative effort, but the advancements in revenue management systems, the approach to corporate and local negotiated rates throughout the pandemic and then just a recent and -- more recent performance with rate growth gives management companies and revenue managers confidence.

我認為，從收益管理的角度來看，我們都在不斷發展，包括我們酒店現場的人才和管理公司的人才。但是，我們公司也擁有增量資源，我們共同思考大趨勢，並確保我們有效地優化收入管理系統的使用，以適當的速度分層基礎業務並利用市場機會。因此，我認為這是一項協作努力，但收入管理系統的進步、疫情期間企業和地方協商利率的方式，以及最近利率增長的表現，都給了管理公司和收入經理信心。

That's really helpful. It sounds like the tools are certainly having an impact. And then one other thing I wanted to hit on was around the booking window. It sounds like your visibility is improving a bit, maybe relative to where we were last year. Which segments are you really seeing that booking window extend to provide a little bit of extra visibility into sort of the business?

這真的很有幫助。聽起來這些工具確實正在產生影響。然後我想談的另一件事是關於預訂窗口。聽起來你的知名度有所提高，可能與去年相比有所提高。您真正看到哪些細分市場的預訂窗口延長，從而為業務提供一些額外的可見性？

The forward booking window and seeing bookings further out, looking at it in the next couple of months and even beyond, which, again, we're talking about small volume, but it's still centered largely around leisure business and weekend from what we can see. That said, when I look at the percentage of mix, and I mentioned this earlier in my comments, we continue to see corporate and local negotiated percentage of mixed bookings increase gradually looking forward and GDS from a channel mix perspective maintain despite Omicron and increase looking forward into March. And so continuing to see that mix of business transient improve as we see forward bookings for leisure. So both really good indications for both segments into the spring and summer.

提前預訂窗口和更遠的預訂情況，展望未來幾個月甚至更遠的預訂情況，我們再次談論的是小規模預訂，但從我們所看到的情況來看，它仍然主要集中在休閒商務和週末。話雖如此，當我查看混合百分比時，我之前在評論中提到過這一點，我們繼續看到企業和本地協商的混合預訂百分比在未來逐漸增加，而從渠道混合角度來看，GDS 的百分比將保持不變，儘管存在 Omicron 的影響，但預計在三月份仍將增加。因此，隨著休閒預訂的增加，我們看到商務瞬態組合不斷改善。因此，這兩個跡象對於春季和夏季的兩個細分市場來說都是非常好的跡象。

And then Justin, just one for you, and sorry if I missed anything on this front. But how did the recommendation to the Board as far as in the Board's decision to setting the dividend? How did you kind of land on the quarterly rate of $0.15? And how do we think about the ramp from here relative to growth in cash flow?

然後賈斯汀，我只想告訴你一件事，如果我在這方面遺漏了什麼，我很抱歉。但是，董事會在製定股利決策時，對董事會的建議是如何的呢？您是如何確定季度利率為 0.15 美元的？我們如何看待從現在開始現金流的成長？

We touched on this briefly earlier, but it's worth revisiting. We have always looked to establish a dividend at a payout rate that takes into consideration, other opportunities that exist and other capital needs for our business and to establish a payout rate that we anticipate will be sustainable over an extended period of time.

我們之前曾簡要討論過這一點，但值得再次討論。我們始終尋求在製定股息時考慮到現有的其他機會和我們業務的其他資本需求，並製定一個我們預計在較長時期內可持續的派息率。

Looking at the $0.05 per month per share payout relative to our performance last year, it represents -- depending on whether you're looking at the cash payout within the year or the $0.60 per year longer-term payout between 55% and 65% of modified funds from operations.

相對於我們去年的業績，每月每股 0.05 美元的支出代表著——取決於您是在看年內的現金支出，還是每年 0.60 美元的長期支出，佔營運資金的 55% 至 65%。

As we move forward, we see ourselves being exceptionally well positioned to benefit from the recovery and anticipate that we'll be in a position to increase the dividend over time. We interact with our Board of Directors on a monthly basis and assess our payout in the context of the operating environment and our expectations for the future along with, as I highlighted, other opportunities to ensure that we're allocating capital to drive the strongest total returns for our investors over time.

隨著我們繼續前進，我們發現自己處於非常有利的位置，可以從經濟復甦中受益，並預計我們將能夠隨著時間的推移增加股息。我們每月與董事會互動，根據經營環境和對未來的預期評估我們的支出，同時，正如我所強調的，還有其他機會，以確保我們分配資本，從而為我們的投資者帶來最強勁的總回報。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the call back over to Justin Knight for closing remarks.

女士們、先生們，問答環節已經結束。我想將電話轉回給賈斯汀奈特 (Justin Knight) 做最後發言。

Thank you. We really appreciate you spending time with us today and for your interest in our company. We hope, as always, that as you travel, take the opportunity to stay with us in one of our hotels. We wish you the best and look forward to talking to you again soon.

謝謝。我們非常感謝您今天抽出時間與我們在一起並對我們公司感興趣。我們一如既往地希望，您在旅行時能夠有機會入住我們的酒店。我們祝您一切順利，並期待很快再次與您交談。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。