Apple Hospitality REIT Inc (APLE) 2024 Q4 法說會逐字稿

Greetings and welcome to Apple Hospitality fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kelly Clarke. Thank you. You may begin.

問候並歡迎參加 Apple Hospitality 2024 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。現在我想將會議交給主持人凱莉克拉克。謝謝。你可以開始了。

Thank you and good morning. Welcome to Apple Hospitality REIT's fourth-quarter and full-year 2024 earnings call. Today's call will be based on the earnings release and form 10-K which we distributed and filed yesterday afternoon. Before we begin, please note that today's call may include forward-looking statements as defined by Federal Securities Laws.

謝謝你，早安。歡迎參加 Apple Hospitality REIT 2024 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。在我們開始之前，請注意今天的電話會議可能包括聯邦證券法定義的前瞻性陳述。

These forward-looking statements are based on current views and assumptions and as a result are subject to numerous risks uncertainties and the outcome of future events that could cause actual results, performance, or achievements to materially differ from those expressed, projected, or implied. Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC including in our 2024 annual report on form 10-K and speak only as of today.

這些前瞻性陳述是基於目前的觀點和假設，因此受多種風險、不確定性和未來事件的結果的影響，這些因素可能導致實際結果、績效或成就與所表達、預測或暗示的結果、績效或成就有重大差異。任何此類前瞻性陳述均受我們向美國證券交易委員會提交的文件（包括 2024 年 10-K 表格年度報告）中所述風險因素的限制，並且僅截至今天有效。

The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. 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.

除法律要求外，該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非公認會計準則績效指標。這些指標與 GAAP 指標的對帳以及我們在評論中提及的某些項目的定義均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。

For a copy of the earnings release or additional information about the company please visit 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 2024 and an operational outlook for 2025.

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。今天上午，我們的執行長賈斯汀奈特 (Justin Knight) 和財務長 Liz Perkins 將概述我們 2024 年第四季和全年的業績以及 2025 年的營運展望。

Following the overview, we will open the call for Q&A. At this time, it is my pleasure to turn the call over to Justin.

概述之後，我們將開始問答環節。現在，我很高興將電話轉給賈斯汀。

Good morning and thank you for joining us today for our fourth quarter and full year 2024 earnings call. I would like to begin by recognizing the courageous and dedicated teams at our hotels in Southern California and extending our thoughts and prayers to everyone impacted by the recent wildfires. We are fortunate that our hotels did not sustain any material damage and have remained opened and operational.

早安，感謝您今天參加我們的 2024 年第四季和全年財報電話會議。首先，我要對我們南加州酒店的勇敢和敬業的團隊表示讚賞，並向所有受到最近山火影響的人表達我們的慰問和祈禱。幸運的是，我們的酒店沒有遭受任何物質損失，並且仍然正常營業。

As recovery from the fires moves forward, we will continue to support the ongoing efforts of our operating teams to care for guests, associates, and their surrounding communities. As expected, travel trends across our portfolio remained strong during the quarter driven by steady improvement in business trends and demand, continued strength and leisure travel, and muted supply growth, we achieved comparable hotels RevPAR growth of approximately 3% for the fourth quarter and more than 1% for the full year as compared to the same periods of 2023 respectively, driven by improvements in both ADR and occupancy.

隨著火災恢復工作的推進，我們將繼續支持我們的營運團隊持續努力照顧客人、員工及其周邊社區。正如預期，在業務趨勢和需求穩步改善、休閒旅遊持續強勁以及供應增長放緩的推動下，我們整個投資組合的旅遊趨勢在本季度依然保持強勁，與 2023 年同期相比，我們實現了第四季度可比酒店 RevPAR 增長約 3% 和全年增長超過 1%，這得益於 ADR 和入住率的提高。

While business travel continues to be the primary driver of overall growth for our portfolio, leisure travel demand has been resilient. Contributions from recent acquisitions, along with continued strength in ADR and moderating expense growth enabled us to achieve strong bottom-line performance for the quarter, lifting full year 2024 results.

雖然商務旅行仍然是我們投資組合整體成長的主要驅動力，但休閒旅行需求一直保持強勁。近期收購的貢獻，加上 ADR 的持續強勁以及費用增長放緩，使我們在本季度實現了強勁的盈利業績，提升了 2024 年全年業績。

Fourth quarter adjusted EBITDAre was up approximately 7%, and modified funds from operations was up approximately 6% as compared to the fourth quarter of 2023. In January, strong performance from our hotels in the broader LA and DC markets offset weather-related disruption elsewhere.

與 2023 年第四季相比，第四季調整後的 EBITDAre 成長約 7%，調整後營運資金成長約 6%。一月份，我們在洛杉磯和華盛頓特區大市場的酒店的強勁表現抵消了其他地區因天氣原因造成的干擾。

Our LA hotels have continued to perform well in February, and we anticipate that incremental demand from insurance and reconstruction efforts will continue to bolster performance for several of these hotels, at least through the first quarter.

我們位於洛杉磯的酒店在二月繼續表現良好，我們預計，至少在第一季度，保險和重建工作帶來的增量需求將繼續提振其中幾家酒店的業績。

Supply demand dynamics for our business continue to be favorable. At the end of the fourth quarter, approximately 55% of our hotels did not have any new upper upscale, or upper mid-scale product under construction within a 5-mile radius.

我們業務的供需動態持續保持良好。截至第四季末，我們周圍 55% 的飯店未在 5 英里範圍內建造任何新的高檔或中高檔產品。

We continue to believe that limited supply growth in our markets materially improves the overall risk profile of our portfolio by both reducing potential downside and enhancing the upside impact of variability and lodging demand relative to past cycles.

我們仍然相信，我們市場中有限的供應成長將大大改善我們投資組合的整體風險狀況，因為這樣既可以減少潛在的下行風險，又可以增強波動性和相對於過去週期的住宿需求的上行影響。

Supported by our strong operating performance, we continue to pay an attractive dividend. During the fourth quarter, we paid distributions totaling $0.24 per common share, bringing our annual payout to approximately $244 million or $1.01 per common share.

在強勁的經營業績的支持下，我們繼續支付有吸引力的股息。在第四季度，我們支付的分紅總額為每股普通股 0.24 美元，使我們的年度分紅達到約 2.44 億美元或每股普通股 1.01 美元。

Based on Friday's closing stock price, our annualized regular monthly cash distribution of $0.96 per share represents an annual yield of approximately 6.5%. Together with our Board of Directors, we will continue to monitor our distribution rate and timing relative to the performance of our hotels and other potential uses of capital.

根據週五的收盤股價，我們每股 0.96 美元的年度定期每月現金分配相當於年收益率約為 6.5%。我們將與董事會一起，繼續監控相對於我們酒店業績和其他潛在資本用途的分配率和時間。

Our disciplined approach to capital allocation and portfolio management has defined our strategy throughout our history and was especially evident in 2024. During the year, we acquired two hotels for $196 million, sold six hotels for more than $63 million, repurchased approximately $35 million in common shares, and reinvested $78 million in our existing portfolio through capital expenditures.

我們對資本配置和投資組合管理的嚴謹方法決定了我們整個歷史的策略，並在 2024 年特別明顯。在這一年中，我們以 1.96 億美元收購了兩家酒店，以超過 6,300 萬美元的價格出售了六家酒店，回購了約 3,500 萬美元的普通股，並透過資本支出向我們現有的投資組合中再投資了 7,800 萬美元。

While the transaction market continues to be challenging with industry deal volume remaining at historical lows and down meaningfully year over year, we have successfully executed on select asset sales in ways that continue to optimize our portfolio concentration in specific markets. Proceeds from these sales were used primarily to fund share repurchases and to reduce debts.

儘管交易市場仍然充滿挑戰，行業交易量仍處於歷史低點且同比大幅下降，但我們已成功執行了精選資產出售，並繼續優化我們在特定市場的投資組合集中度。這些銷售所得主要用於資助股票回購和減少債務。

During 2024, we sold six hotels to five separate buyers, including a 122-room Hampton Inn and 126-room Homewood Suites in Rogers, an 82-room SpringHill Suites in Greensboro, a 90-room Courtyard in Wichita, a 97-room TownPlace Suites in Knoxville, and a-117 room Hilton Garden Inn located in Austin North for a combined sales price of more than $63 million.

2024 年，我們向五個獨立買家出售了六家酒店，包括羅傑斯擁有 122 間客房的漢普頓酒店和 126 間客房的 Homewood Suites、格林斯博羅擁有 82 間客房的 SpringHill Suites、威奇托擁有 90 間客房的萬怡酒店、諾克斯維爾擁有 97 室的總客房0 萬美元。

More recently, in February of this year, we completed the sale of the 76-room Homewood Suites in Chattanooga for approximately $8 million, and we are under contract to sell our SpringHill Suites in Fishers, Indiana for nearly $13 million.

最近，在今年 2 月，我們以約 800 萬美元的價格完成了位於查塔努加的 76 間客房的 Homewood Suites 酒店的出售，並且我們正按照合約以近 1,300 萬美元的價格出售位於印第安納州費舍爾斯的 SpringHill Suites 酒店。

While pricing for the individual hotel varies, as a group, the eight hotels will trade at a sub-7% cap rate or 12.4 times EBITDA multiple before CapEx and a 5.2% cap rate or 16 times EBITDA multiple after taking into consideration the estimated $24 million in required capital improvements. It is noteworthy that shares repurchased during 2024 were priced at around 1.5 turn spread to recent dispositions and over a five turn EBITDA multiple spread after taking into consideration required capital investments.

雖然各個酒店的價格不盡相同，但作為一個整體，這 8 家酒店在資本支出前的資本化率將低於 7%，或 EBITDA 倍數為 12.4 倍，在考慮到預計所需的 2,400 萬美元資本改進後，資本化率將達到 5.2%，或 EBITDA 倍數為 16 倍數。值得注意的是，考慮到所需的資本投資後，2024 年回購的股票價格與最近的處置價格相比高出約 1.5 倍，與 EBITDA 價格相比高出 5 倍以上。

Recent acquisitions continue to contribute positively to our overall portfolio performance. The seven hotels acquired since June of last year and opened for the full year produced an unlevered 9% yield after CapEx on a trailing 12-month basis with continued upside. Our SpringHill Suites in Las Vegas yielded 10.5% after CapEx for the full year and the AC in Washington, D.C. yielded 8% despite a softer fourth quarter which was anticipated due to the presidential election.

最近的收購繼續對我們的整體投資組合表現產生積極貢獻。自去年 6 月以來收購並於全年開業的 7 家酒店，在扣除資本支出後，過去 12 個月的無槓桿收益率為 9%，且具有持續上漲的潛力。我們位於拉斯維加斯的 SpringHill Suites 酒店扣除資本支出後全年收益率為 10.5%，華盛頓特區的 AC 酒店收益率為 8%，儘管由於總統大選預計第四季度業績將較為疲軟。

The recently opened to Embassy Suites in Madison underperformed our expectations in the fourth quarter, weighing on overall portfolio results, as securing group business proved challenging during a period of seasonally low occupancy for the market. We continue to believe in the long-term potential of this asset and the Madison market more broadly. The hotel management team is working hard to optimize near-term performance, and the booking position is looking more favorable beginning in the second quarter.

位於麥迪遜的新開業的 Embassy Suites 酒店在第四季度的表現不如我們的預期，給整體投資組合業績帶來了壓力，因為在市場入住率季節性低迷期間，確保團體業務變得頗具挑戰性。我們仍然相信這項資產和麥迪遜市場的長期潛力。飯店管理團隊正在努力優化近期業績，從第二季開始，預訂情況看起來更有利。

We continue to actively underwrite additional opportunities and are well positioned to act where we can achieve attractive yields relative to other capital allocation opportunities. We have one hotel under contract for purchase, a Motto by Hilton which is under construction in Downtown Nashville for approximately $98 million. The asset is being developed under our fixed price contract, and we anticipate acquiring this hotel upon the completion of construction late this year.

我們將繼續積極承保其他機會，並已做好準備，以獲得相對於其他資本配置機會有吸引力的收益。我們有一家酒店正在簽訂購買合同，即希爾頓旗下的 Motto 酒店，該酒店正在納什維爾市中心建設中，造價約為 9800 萬美元。該資產正在根據我們的固定價格合約進行開發，我們預計在今年年底建設完成後收購這家酒店。

Since the onset of pandemic, we have completed approximately $325 million in hotel sales with an additional $13 million under contract and expected to close during the first quarter of this year. And we have invested $1 billion in new acquisitions while maintaining the strength of our balance sheet.

自疫情爆發以來，我們已完成約 3.25 億美元的酒店銷售，另有 1,300 萬美元的合約銷售，預計將在今年第一季完成。我們在維持資產負債表強勁的同時，也投資了 10 億美元用於新的收購。

These transactions have further enhanced our already well-positioned portfolio by lowering the average age, lifting overall portfolio performance, helping to manage near-term CapEx needs, increasing exposure to high-growth markets and position us to continue to benefit from near-term economic and demographic trends.

這些交易透過降低平均年齡、提高整體投資組合表現、幫助管理短期資本支出需求、增加對高成長市場的曝險，進一步增強了我們本來就定位良好的投資組合，並使我們能夠繼續受益於短期經濟和人口趨勢。

Our recent acquisition and disposition activity, along with our 2023 share issuance and recent share repurchases, highlight our ability to adjust tactical strategy to account for changing market conditions and underscore our track record of acting on opportunities at optimal times in the cycle to maximize total returns for our shareholders. We actively seek opportunities to further optimize our portfolio, drive earnings per share and maximize long-term value for our shareholders.

我們最近的收購和處置活動，以及 2023 年的股票發行和最近的股票回購，凸顯了我們調整戰術戰略以適應不斷變化的市場條件的能力，並強調了我們在周期的最佳時間抓住機會以最大化股東總回報的記錄。我們積極尋找機會進一步優化我們的投資組合，提高每股盈餘並最大化股東的長期價值。

During 2024, we invested approximately $78 million in capital expenditures, and we expect to spend between $80 million and $90 million during 2025 with major renovations of approximately 20 of our hotels. These reinvestments in our portfolio are a key component of our overall strategy and ensure our hotels remain competitive in their respective markets to further drive EBITDA growth.

2024 年，我們投資了約 7,800 萬美元的資本支出，預計 2025 年將花費 8,000 萬至 9,000 萬美元，對約 20 家飯店進行大規模翻修。對我們投資組合的再投資是我們整體策略的重要組成部分，確保我們的飯店在各自的市場保持競爭力，從而進一步推動 EBITDA 成長。

Eleven of the anticipated projects this year are part of multiyear franchise extension agreements. Our experienced team utilizes advantages of scale, ownership to control costs, maximize impact of dollars spent and implement projects during periods of seasonally lower demand to minimize revenue displacement.

今年預計實施的項目中，有 11 個是多年期特許經營延期協議的一部分。我們經驗豐富的團隊利用規模優勢和所有權來控製成本，最大限度地發揮資金投入的效果，並在季節性需求較低的時期實施項目，以最大限度地減少收入流失。

As we begin 2025, we are confident that with our portfolio of high-quality rooms-focused hotels, broadly diversified across markets and demand generators, the strength of our brands and effectiveness of our management companies, the stability and flexibility provided by our balance sheet and the depth and experience of our corporate team, we are exceptionally well positioned for the future.

在進入2025年之際，我們有信心，憑藉我們專注於高品質客房的酒店組合、跨市場和需求來源的廣泛多元化、我們品牌的實力和管理公司的高效性、我們資產負債表提供的穩定性和靈活性，以及​​我們企業團隊的深度和經驗，我們已為未來做好了充分準備。

Current fundamentals for our business are strong. Barring unanticipated macro events, we believe that operating performance should continue to improve with the greatest opportunity coming through steady growth in midweek occupancy and rate.

目前我們業務的基本面強勁。除非發生不可預見的宏觀事件，我們相信經營業績將持續改善，而最大的機會來自於周中入住率和房價的穩定成長。

Leisure travel has proven resilient, supporting the observed consumer shift towards experiences. The past several years have provided opportunities for us to demonstrate both the strength and stability of our business and the capabilities of our team. I am confident in our ability to produce strong returns for investors over the coming years.

休閒旅遊已證明具有彈性，支持了消費者轉向體驗式的趨勢。過去幾年為我們提供了展示業務實力和穩定性以及團隊能力的機會。我相信我們有能力在未來幾年為投資者帶來豐厚的回報。

It is now my pleasure to turn the call over to Liz for additional details on our balance sheet, financial performance during the quarter, and annual guidance.

現在我很高興將電話轉給 Liz，以了解有關我們的資產負債表、本季財務業績和年度指引的更多詳細資訊。

Thank you, Justin, and good morning. Before I begin, I would like to echo Justin's comments acknowledging the teams at our hotels in Southern California for their active service and unwavering hospitality during and following the recent wildfires. They have gone above and beyond to care for our guests, their fellow team members and their surrounding communities. Our hearts go out to everyone impacted.

謝謝你，賈斯汀，早安。在我開始之前，我想重複賈斯汀的評論，感謝我們南加州酒店的團隊在最近的山火期間和之後的積極服務和堅定不移的熱情款待。他們竭盡全力照顧我們的客人、他們的團隊成員以及周圍的社區。我們向所有受到影響的人表示慰問。

We are pleased to report another strong quarter and year for our portfolio of hotels. Comparable hotels total revenue was $329 million for the fourth quarter and $1.4 billion for the full year, up approximately 4% and 2.5% as compared to the same period of 2023, respectively. With continued strength in leisure demand and additional recovery in business demand, fourth quarter comparable hotels RevPAR was $109, up approximately 3%. ADR was $153, up approximately 1%. And occupancy was 71%, up 2% as compared to the fourth quarter of 2023.

我們很高興地報告，我們的酒店組合又一個季度和年度表現強勁。第四季可比飯店總營收為 3.29 億美元，全年可比飯店總營收為 14 億美元，分別比 2023 年同期成長約 4% 和 2.5%。隨著休閒需求持續強勁及商務需求進一步復甦，第四季同店可比飯店 RevPAR 為 109 美元，成長約 3%。ADR 為 153 美元，上漲約 1%。入住率為 71%，比 2023 年第四季成長 2%。

For the full year 2024, comparable hotels RevPAR was $119, up more than 1%. Comparable hotels occupancy was 75%, up approximately 1%, and comparable hotels ADR was $159, up approximately 1% as compared to 2023. As anticipated, October was our strongest month during the quarter with year-over-year comparable hotels RevPAR growth of 4%.

2024 年全年，可比飯店的 RevPAR 為 119 美元，成長超過 1%。可比飯店入住率為 75%，成長約 1%，可比飯店 ADR 為 159 美元，與 2023 年相比成長約 1%。如預期，10 月是我們本季表現最強勁的月份，同店可售屋營收年增 4%。

During the quarter, our Seattle properties in Renton and Tukwila were negatively impacted by temporarily reduced inbound training and consulting business associated with Boeing disruption. Our Nashville, Atlanta, and Denver assets also experienced weaker year-over-year performance during the quarter due in large part to recent supply growth and less robust group in event calendars.

在本季度，我們位於倫頓和圖克維拉的西雅圖物業因波音公司業務中斷而暫時減少入境培訓和諮詢業務而受到負面影響。我們位於納許維爾、亞特蘭大和丹佛的資產在本季度的同比表現也較弱，這在很大程度上是由於近期供應量增長和活動日程安排不夠活躍。

During the quarter, we saw meaningful year-over-year growth at our recently acquired Downtown Salt Lake City hotels, which benefited from strong event and convention calendars. Our Embassy Suites in the South Jordan submarket of Salt Lake City also saw significant year-over-year growth due to strengthening group and business demand in market.

在本季度，我們看到最近收購的鹽湖城中心區飯店實現了同比有意義的成長，這得益於強大的活動和會議日程安排。由於市場團體和商務需求增強，我們位於鹽湖城南喬丹子市場的 Embassy Suites 酒店也實現了顯著的同比增長。

Other top-performing hotels included our two South Bend hotels, which benefited from Notre Dame football games, our hotels in Tampa and Orlando, which saw increased demand from Hurricane Milton and Helene-related business and our Houston West Energy Corridor hotels, which saw a meaningful increase in corporate negotiated business.

其他表現優異的酒店包括我們位於南本德的兩家酒店，這兩家酒店受益於聖母大學的橄欖球比賽；我們位於坦帕和奧蘭多的酒店，這兩家酒店因颶風米爾頓和海倫相關業務而需求增加；我們位於休斯頓西能源走廊的酒店，這兩家酒店的企業協議業務均有顯著增長。

Preliminary results for the month of January 2025 show a slight improvement in comparable hotels RevPAR as compared to January 2024 driven by growth in ADR. During the month, strong performance from our LA and D.C. hotels offset travel disruptions elsewhere in our portfolio, largely related to uncharacteristic extreme winter weather in many of our Sunbelt markets, and portfolio ADR growth offset modest declines in occupancy. Many of our LA hotels have continued to see fire-related recovery business in February. And as Justin mentioned, we believe we will continue to have some related business through at least the first quarter.

2025 年 1 月的初步結果顯示，受 ADR 成長的推動，與 2024 年 1 月相比，同級飯店的 RevPAR 略有改善。月內，我們位於洛杉磯和華盛頓特區的酒店的強勁表現抵消了我們投資組合中其他酒店的旅行中斷（這主要與我們許多陽光地帶市場異常的極端冬季天氣有關），而投資組合的 ADR 增長抵消了入住率的溫和下降。我們位於洛杉磯的許多飯店在二月繼續開展與火災相關的恢復業務。正如賈斯汀所提到的，我們相信至少在第一季我們將繼續開展一些相關業務。

Looking at the remainder of the quarter, day-of-week shift should help compensate for one fewer day in February and March will benefit from the Easter holiday shift into April. New Orleans, which benefited from the Super Bowl in February, is anticipated to benefit from Mardi Gras in March of this year.

縱觀本季的剩餘時間，按週劃分的班次應有助於彌補 2 月份工作日減少的缺陷，而 3 月份的工作日將受益於 4 月份復活節假期的延長。新奧爾良今年 2 月份受益於超級碗，預計 3 月的狂歡節也將為其帶來好處。

Looking at day-over-day trends, improvements in leisure and business travel contributed roughly equally to fourth quarter improvement in occupancy year-over-year. Weekday occupancy was up every month during the quarter with October up 1.6% and November and December up 4.2% and 3.6%, respectively.

從逐日趨勢來看，休閒旅遊和商務旅遊的改善對第四季入住率年增率的貢獻大致相同。本季度，工作日入住率每月都有所上漲，10 月上漲 1.6%，11 月和 12 月分別上漲 4.2% 和 3.6%。

Weekend occupancy varied with October up just over 1%, November essentially flat, and December up almost 10% as compared to the same periods in 2023. Weekday rate growth for the quarter was fairly consistent with October and December approximately 2% and November up just over 1%.

與 2023 年同期相比，週末入住率有所不同，10 月份入住率上漲略高於 1%，11 月份基本持平，12 月份入住率上漲近 10%。本季工作日利率增幅與 10 月和 12 月基本一致，均為約 2%，而 11 月的增幅略高於 1%。

Weekend ADR was down 1% in October and almost 2% in November, but up almost 4% in December. Weekday ADR continues to lag weekends, representing meaningful upside as midweek demand continues to strengthen, positioning us to move rates higher.

10 月週末平均房價下跌 1%，11 月下跌近 2%，但 12 月上漲近 4%。工作日的 ADR 繼續落後於週末，這意味著有意義的上漲空間，因為周中需求繼續增強，使我們能夠提高利率。

Same-store room night channel mix quarter-over-quarter remained relatively stable with brand.com bookings at 41%, OTA bookings and property direct at 13% and 23% respectively, and GDS bookings representing 17% of our mix. Fourth quarter same-store segmentation was largely consistent with the fourth quarter of 2023. Bar remained strong at 33%.

同店客房夜間通路組合較上季保持相對穩定，其中品牌官網預訂佔 41%，OTA 預訂和飯店直銷分別佔 13% 和 23%，GDS 預訂佔 17%。第四季同店細分與 2023 年第四季基本一致。酒吧的銷量依然強勁，達到 33%。

Other discounts represented 31% of our occupancy mix. Group was 14%, government was 5%, and the negotiated segment represented 17% of our mix. On a comparable basis, we continue to see growth in other revenue, which were up 16% during the quarter. Food and beverage revenues also improved 5%.

其他折扣占我們入住率的 31%。團體佔 14%，政府佔 5%，而協商部分占我們的組合的 17%。在可比較基礎上，我們繼續看到其他收入的成長，本季成長了 16%。食品和飲料收入也成長了5%。

Turning to expenses. Comparable hotels total hotel expenses increased by approximately 5% for the fourth quarter and approximately 4% for the year as compared to the same periods of last year or 2% on a CPOR basis for both the quarter and the full year.

談到費用。與去年同期相比，可比飯店第四季總飯店費用增加了約 5%，全年增加了約 4%，或以 CPOR 計算，本季和全年均增加了 2%。

Total payroll per occupied room for our same-store hotels was $41 for the quarter, up only 1% to the fourth quarter 2023. Contract labor decreased during the quarter to 7.3% of total wages and was down 250 basis points or 23% versus the same period in 2023. Comparable hotels utilities were up 6% as were hotel administrative expenses and sales and marketing expenses.

本季度，我們同店飯店每間入住客房的總薪資為 41 美元，較 2023 年第四季僅成長 1%。本季合約工佔總薪資的 7.3%，較 2023 年同期下降 250 個基點，即 23%。同類型飯店的公用事業費用、飯店管理費用和銷售及行銷費用上漲了 6%。

While more variable expenses were well controlled, fixed expenses were particularly challenging with real estate taxes up 11% during the quarter and property insurance costs up largely due to a challenging year-over-year comparison with losses under our deductible at several properties in the fourth quarter of this year.

雖然更多的變動費用得到了很好的控制，但固定費用尤其具有挑戰性，因為本季度房地產稅上漲了 11%，財產保險成本上漲，主要是由於與今年第四季度我們在幾處房產的免賠額下的損失相比，同比出現了挑戰性的增長。

For the year, comparable hotels variable expenses increased 4% or just over 2% on a CPOR basis. Property taxes, insurance and other, which was up only 1.2% for the year, benefited from decreases in property insurance premiums year-over-year and several onetime real estate tax benefits, creating a challenging comparison as we look forward to 2025.

今年，同類飯店的變動費用增加了 4%，以 CPOR 計算，成長了 2% 多一點。房產稅、保險和其他稅項全年僅上漲 1.2%，受益於房產保險費同比下降和幾項一次性房地產稅收優惠，因此在我們展望 2025 年時，這構成了一項具有挑戰性的比較。

We achieved comparable hotels adjusted hotel EBITDA of approximately $108 million for the fourth quarter and $509 million for the full year, up approximately 3% to the fourth quarter 2023 and up slightly as compared to the full year 2023. We are especially pleased with our comparable hotels adjusted hotel EBITDA margin of 32.9% for the fourth quarter and 36% for the full year, down only 40 basis points and 70 basis points respectively, as compared to the same period of 2023, which has consistently exceeded our expectations.

我們實現的可比飯店調整後飯店 EBITDA 在第四季約為 1.08 億美元，全年約為 5.09 億美元，較 2023 年第四季成長約 3%，較 2023 年全年略有成長。我們對可比飯店調整後的第四季飯店 EBITDA 利潤率感到特別滿意，全年為 36%，與 2023 年同期相比分別僅下降 40 個基點和 70 個基點，這一直超出我們的預期。

Adjusted EBITDAre was approximately $97 million for the quarter and $467 million for the full year, both up approximately 7% as compared to the same period of 2023, respectively. MFFO for the quarter was approximately $77 million and for the full year was $389 million, both up approximately 6% as compared to the same period of 2023.

本季調整後 EBITDAre 約 9,700 萬美元，全年調整後 EBITDAre 約 4.67 億美元，與 2023 年同期相比分別成長約 7%。本季 MFFO 約 7,700 萬美元，全年 MFFO 為 3.89 億美元，與 2023 年同期相比均成長約 6%。

During the quarter, we paid distributions totaling $58 million or $0.24 per common share, bringing our annual payout including the special dividend paid in January of 2024 to approximately $244 million or $1.01 per common share.

在本季度，我們支付的分紅總額為 5,800 萬美元，即每股普通股 0.24 美元，包括 2024 年 1 月支付的特別股息在內的年度分紅約為 2.44 億美元，即每股普通股 1.01 美元。

Looking at our balance sheet. As of December 31, 2024, we had approximately $1.5 billion of total debt outstanding net of cash, approximately 3.1 times our trailing 12-month EBITDA with a weighted average interest rate of 4.7%. At quarter end, our weighted average debt maturities were approximately three years. We had cash on hand of approximately $10 million, availability under our revolving credit facility of approximately $568 million. Approximately 75% of our total debt outstanding was fixed or hedged and the number of unencumbered hotels in our portfolio was 207.

查看我們的資產負債表。截至 2024 年 12 月 31 日，我們的淨現金未償還債務總額約為 15 億美元，約為過去 12 個月 EBITDA 的 3.1 倍，加權平均利率為 4.7%。截至季末，我們的加權平均債務期限約為三年。我們手頭上有大約 1000 萬美元的現金，可用的循環信貸額度約為 5.68 億美元。我們未償還債務總額中約有 75% 是固定或對沖的，我們投資組合中無抵押酒店數量為 207 家。

We have four mortgage loans totaling approximately $64 million that will mature this year and term loans totaling $225 million that will mature in the third quarter. We have begun conversations with our lenders and believe we are well positioned to address these maturities.

我們有四筆抵押貸款，總額約為 6,400 萬美元，將於今年到期，還有四筆定期貸款，總額為 2.25 億美元，將於第三季到期。我們已經開始與貸款人進行對話，並相信我們有能力解決這些到期債務。

Turning to our outlook for 2025 provided in yesterday's press release. For the full year, we expect net income to be between $173 million and $202 million, comparable hotels RevPAR change to be between 1% and 3%, comparable hotels adjusted EBITDA margin to be between 34.2% and 35.2% and adjusted EBITDAre to be between $447 million and $471 million.

談談我們昨天新聞稿中提供的 2025 年展望。就全年而言，我們預計淨收入在 1.73 億美元至 2.02 億美元之間，可比酒店 RevPAR 變化在 1% 至 3% 之間，可比酒店調整後 EBITDA 利潤率在 34.2% 至 35.2% 之間，調整後 EBITDA 在 4.471 億美元至 4.71 億美元之間。

While our asset management and hotels teams are working diligently to mitigate cost pressures, we have assumed for purposes of guidance that total hotel expenses will increase by approximately 4.2% at the midpoint. These increases are driven by higher growth rates for certain fixed expenses including real estate taxes and general liability insurance than those experienced last year and have included approximately $2 million of incremental expenses related to brand conferences, which occur every 18 to 24 months. In addition, the low end of our adjusted EBITDAre guidance assumes a $2 million loss related to Hotel 57.

雖然我們的資產管理和酒店團隊正在努力減輕成本壓力，但為了指導目的，我們假設酒店總支出中位數將增加約 4.2%。這些增長是由於某些固定支出（包括房地產稅和一般責任保險）的增長率高於去年，並且包括每 18 至 24 個月舉行一次的品牌會議相關的約 200 萬美元的增量支出。此外，我們調整後的 EBITDAre 指引的低端假設與 Hotel 57 相關的損失為 200 萬美元。

This outlook is based on our current view and does not take into account any unanticipated developments in our business or changes in the operating environment nor does it take into account any unannounced hotel acquisitions or dispositions. The low end of our range reflects more modest lodging demand growth and a slight pullback in leisure demand, offset by continued improvement in business transient.

該展望基於我們目前的觀點，並未考慮到我們業務中任何意外的發展或經營環境的變化，也未考慮任何未公佈的酒店收購或處置。我們範圍的低端反映了較溫和的住宿需求增長和休閒需求的輕微回落，但被商業瞬態的持續改善所抵消。

The high end of the full-year range reflects relatively steady macroeconomic conditions throughout 2025 with continued strength in leisure demand and improvement in business transient, a portion being driven by extended fire-related business in our LA market hotels.

全年範圍的高端反映了 2025 年全年相對穩定的宏觀經濟條件，休閒需求持續強勁，業務瞬態改善，部分原因是我們洛杉磯市場酒店的火災相關業務延長。

As we begin 2025, we are confident we are well positioned for continued strong operating fundamentals and bottom line performance. The operating environment is relatively stable with favorable supply-demand dynamics. Our recent capital allocation activity has enabled us to drive incremental value for shareholders, and our balance sheet continues to provide us with meaningful optionality.

在進入 2025 年之際，我們有信心，我們已做好準備，能夠繼續保持強勁的營運基本面和獲利表現。經營環境相對穩定，供需情勢良好。我們最近的資本配置活動使我們能夠為股東創造增量價值，而我們的資產負債表繼續為我們提供有意義的選擇。

Our differentiated strategy has proven resilient through economic cycles, enabling us to preserve equity value in challenging environments and to be uniquely positioned to enhance value through opportunistic transactions when market conditions are more conducive.

事實證明，我們的差異化策略在經濟週期中具有很強的彈性，使我們能夠在充滿挑戰的環境中保持股權價值，並在市場條件更有利時透過機會交易來提升價值。

Our team works diligently to maximize the performance of our existing portfolio while staying ready to take advantage of market shifts and opportunities to further strengthen returns for our shareholders.

我們的團隊勤奮工作，以最大限度地提高我們現有投資組合的業績，同時隨時準備利用市場變化和機會進一步提高股東的回報。

That concludes our prepared remarks. We would now be happy to answer any questions 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) Dori Kesten, Wells Fargo.

（操作員指示） Dori Kesten，富國銀行。

You've mentioned a challenging comparison for 2025 fixed cost versus '24. If you were to normalize for that, what operating expense growth have you assumed in your '25 guidance?

您提到了 2025 年固定成本與 24 年固定成本的比較具有挑戰性。如果要將其標準化，您在 25 年指引中假設的營運費用成長是多少？

Dori, yes, so for guidance for 2025, we do have a challenging fixed cost expense comparison. We had several onetime tax benefits as well as decreased property insurance premiums throughout 2024. If you take the onetime benefit of around $2.7 million in 2024 and you assume some benefit but not as much in 2025, plus you have an incremental addition with Madison, you're around a $3.2 million hurdle year-over-year. Normalizing for that, it's about a 5% assumed increase to property taxes.

Dori，是的，因此對於 2025 年的指導，我們確實面臨著一個具有挑戰性的固定成本費用比較。2024 年，我們享有了多項一次性稅收優惠，並且財產保險費也有所降低。如果您在 2024 年獲得約 270 萬美元的一次性收益，並假設 2025 年會獲得一些收益（但不會那麼多），再加上麥迪遜的增量，那麼您的年度障礙約為 320 萬美元。以這個標準計算，房產稅預計會增加 5% 左右。

And so, I think as you think about where that would put us overall, it would be certainly less than what we have in the full guide for this year. I mentioned in my prepared remarks, with the increase baked in for fixed expenses at the midpoint, you're at 4.2% for total hotel expenses. That had variable expenses outside of fixed cost around 3.5%. So certainly, you'd be less than 4% without those fixed cost hurdles.

因此，我認為，當你思考這會給我們帶來什麼整體影響時，它肯定會比我們今年的完整指南中的內容要少。我在準備好的發言中提到，考慮到中間固定費用的成長，飯店總費用增加了 4.2%。固定成本以外的變動費用約為 3.5%。因此，如果沒有這些固定成本障礙，您的利潤肯定會低於 4%。

Okay. And then you've been selling relatively small hotels in tertiary markets with probably outsized CapEx versus their upside. What percentage of your portfolio would you describe in that similar way today? And then just who is the natural buyer for these assets that you found?

好的。然後，您一直在三級市場出售相對較小的酒店，這些酒店的資本支出可能高於其上行潛力。您今天會用類似的方式描述您的投資組合中的多少百分比？那麼，您發現的這些資產的自然買家是誰？

So to answer the first part of the question, between 7% and 10% likely of our portfolio would fit in a similar category. Certainly, we have prioritized assets for both strategic and tactical reasons. Strategic, I think you highlighted in markets where we see limited upside and we have near-term CapEx needs.

因此，要回答問題的第一部分，我們的投資組合中有 7% 到 10% 的可能性屬於類似類別。當然，我們出於戰略和戰術原因對資產進行了優先排序。策略方面，我認為您強調了我們認為上行空間有限且我們有短期資本支出需求的市場。

And then tactically, we have found that we're able to create a more competitive bidding process around smaller assets within our portfolio, where the total deal size is reasonable and approachable for local owner-operators who have been the primary bidders on those. As a result, we're able to create a competitive bidding process.

然後在戰術上，我們發現我們能夠圍繞我們投資組合中較小的資產創建更具競爭力的競標流程，其中總交易規模對於作為主要競標者的當地業主經營者來說是合理且可接受的。因此，我們能夠創建一個有競爭力的投標流程。

And as I highlighted in my prepared remarks, we're able to achieve strong sales price and dispose of assets at low cap rates, which positions us to redeploy proceeds in an accretive fashion and grow overall value for our shareholders.

正如我在準備好的發言中所強調的那樣，我們能夠實現強勁的銷售價格並以較低的資本化率處置資產，這使我們能夠以增值的方式重新部署收益並為股東增加整體價值。

I think we've shown over the past several years a willingness and an ability to pivot and to adjust our acquisitions and disposition strategy according to changes in the market or to take into consideration changes in market conditions. That is the portion of the market that's the most active today. But as we move through the year, that could change, and we'll adjust from a strategic standpoint accordingly.

我認為，過去幾年來我們已經表現出了根據市場變化或考慮市場條件變化來調整收購和處置策略的意願和能力。這是當今市場最活躍的部分。但隨著時間的推移，情況可能會發生變化，我們將從策略角度做出相應的調整。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Liz, I think I've asked you this in the past, but going to ask you again. You'd referenced that midweek ADR continues to be meaningfully below weekend ADR. How close are you to reaching an occupancy level midweek where you kind of cross that threshold that gives you the ability to push on rate more meaningfully?

莉茲，我想我以前問過你這個問題，但我打算再問你一次。您曾提到，周中 ADR 仍然明顯低於週末 ADR。您距離在周中達到入住率水平還有多遠，即跨越那個門檻，讓您能夠更有意義地提高房價？

We're certainly getting closer and we've seen some of it. I think the more we are able to drive that compression midweek, we're able to mix manage, and that's preferencing higher-rated negotiated business and certainly preferencing bar rates that can be pushed higher by that additional compression. We're -- this time of year is not our strongest from an occupancy perspective.

我們確實越來越接近目標了，而且我們已經看到了一些。我認為，我們越能在周中推動這種壓縮，我們就越能進行混合管理，那就是優先考慮評級更高的協商業務，當然也優先考慮可以透過額外壓縮推高的條形費率。從入住率的角度來看，今年這個時候並不是我們業績最好的時期。

But as we were rounding out last year, we were still looking back over a more extended period of time. We probably still had 5% to go overall relative to prepandemic levels where we really got that compression and ability to grow rate. So still an opportunity but have continued to shrink the gap as we move through last year, and certainly believe as we continue to our higher occupancy months, we'll continue to see that opportunity.

但當我們即將結束去年的時候，我們仍然在回顧一段更漫長的歲月。相對於疫情前的水平，我們整體上可能仍有 5% 的提升空間，此時我們才真正獲得了壓縮和成長能力。因此，這仍然是一個機會，但隨著我們去年的進展，差距不斷縮小，並且確信隨著我們入住率繼續上升，我們將繼續看到這個機會。

That's helpful. And then switching gears. Justin, you referenced the transaction market remains challenging but somewhat of a bit spread. Curious what you think narrows it. And to the extent that it remains wide, I mean, how aggressive are you willing to get cobbling together some of the smaller portfolios and redeploying those proceeds into buying back shares of your stock?

這很有幫助。然後換檔。賈斯汀，您提到交易市場仍然充滿挑戰，但有點分散。好奇您認為如何縮小它。而就其範圍仍然保持廣泛的範圍內而言，我的意思是，您願意多積極地拼湊一些較小的投資組合並將這些收益重新部署到回購您的股票中？

An interesting question, certainly. Our preference with the types of assets we've been selling recently would be to put them together in a portfolio and to sell them as a group, certainly a much more efficient way to transact with some of the smaller assets. The reality is today, we would not be able to maximize value in a transaction -- a scale transaction of that kind, meaning that there are fewer bidders interested in portfolios. And those who are less aggressive in bidding for those portfolios than there are for individual assets.

確實，這是一個有趣的問題。對於最近出售的資產類型，我們傾向於將它們整合成一個投資組合，然後作為一個整體進行出售，這無疑是一種處理一些較小資產的更有效的方式。當今的現實情況是，我們無法在交易中實現價值最大化——這種規模交易意味著對投資組合感興趣的競標者會減少。那些對這些投資組合的競標並不像對單一資產的競標那麼積極的人。

And as a result, we've customized our strategy, our tactical strategy based on the environment as it exists. And as you've been able to see, we've executed very successfully on a portfolio of assets through individual transactions. I think as we move through the year, our expectations are that things could change.

因此，我們根據現有環境量身定制了我們的戰略和戰術戰略。正如您所看到的，我們透過單獨的交易非常成功地執行了資產組合。我認為，隨著時間的推移，我們預計事情可能會發生變化。

I know a number of our peers have highlighted on their calls, and we also believe that the debt markets are relatively open, meaning that debt financing is fairly readily available, albeit more expensive than it has been historically. And importantly, loan-to-value is meaningfully lower than it was when we saw the last peak from a transaction volume standpoint.

我知道我們的許多同行在電話會議上都強調，我們也認為債務市場相對開放，這意味著債務融資相當容易獲得，儘管成本比歷史上更高。而且重要的是，從交易量的角度來看，貸款價值比上一次高峰時明顯較低。

And so when we look at cost of capital for various buyers, and specifically, the private equity buyers who tend to pursue portfolios, combined with some general uncertainty about the long-term direction of the space, it's been harder to achieve premium valuations either on larger assets or on portfolios.

因此，當我們考慮各種買家的資本成本時，特別是那些傾向於追求投資組合的私募股權買家，再加上對該領域長期方向的普遍不確定性，無論是在較大的資產還是投資組合上實現溢價估值都變得更加困難。

I think -- you asked what might change that. I think continued reductions in overall interest rates would certainly be helpful and/or a more meaningful reacceleration in terms of fundamental performance for the industry as a whole. And I think the opportunity exists for either or both of those to happen as we move through the year. And certainly, we're -- we would position ourselves accordingly in that environment.

我認為——你問什麼可以改變這種狀況。我認為整體利率的持續降低肯定會對整個產業的基本表現有所幫助和/或帶來更有意義的加速。我認為，隨著時間的推移，這兩種情況都有可能實現。當然，我們會在那種環境中相應地定位自己。

Jay Kornreich, Wedbush Securities.

韋德布希證券公司的傑伊‧科恩賴希 (Jay Kornreich)。

Just curious of your thoughts for -- on the guidance RevPAR growth of 2% in 2025. If there's any opportunity to outperform that, do you see that coming more from the midweek business transient demand picking up or weekend demand continue to stay elevated? And are you able to provide any kind of cadence as to how you see quarterly RevPAR shaping up throughout the year?

只是好奇您對 2025 年 RevPAR 成長 2% 的預期想法。如果有任何機會超越這一點，您是否認為這更多地來自於周中商業瞬時需求的回升或週末需求的持續保持高位？您能否提供任何關於全年季度 RevPAR 變化情況的動態？

Jay, it's a good question. I think we have continued to articulate our belief that we have opportunity midweek from an occupancy perspective. And again, as Austin asked, with that occupancy we believe there's ADR opportunity. That's where we have the gap to prepandemic levels. And from a leisure perspective, we're continuing to outperform generally.

傑伊，這是個好問題。我認為，我們一直在表達我們的信念：從入住率的角度來看，我們在周中還有機會。正如奧斯汀所問，我們相信，鑑於這種入住率，存在 ADR 機會。這就是我們與疫情前水準的差距。從休閒角度來看，我們的表現整體上持續出色。

And I think while there was some normalization, as the industry liked to refer it to, with leisure last year, there's still an opportunity that, that could outperform this year given that normalization last year and the fact that it's remained strong overall.

我認為，儘管去年休閒業務呈現一定程度的正常化（正如業界所稱），但考慮到去年的正常化以及整體保持強勁的事實，今年的表現仍有可能超越去年。

So I think the opportunity to outperform comes from both business and leisure, though as we look at tactically what we're seeing and what we're anticipating, it's more of the midweek growth at the midpoint of our guidance range.

因此，我認為，超越的機會既來自商務，也來自休閒，不過，從戰術角度來看，我們所看到的和所預期的，更多的是處於我們指導範圍中點的周中增長。

And then as we think about cadence, it's a slow start to the year. While we do have benefit from the LA properties, we've been impacted in January, in particular, by weather-related events. Some of that has spilled over into February as well, but really January was a tough start for the portfolio outside of LA. Thankfully, we have LA to help compensate for that some.

然後，當我們考慮節奏時，今年的開始是緩慢的。雖然我們確實從洛杉磯的房產中受益，但我們在一月份受到了影響，尤其是受到天氣相關事件的影響。其中一部分已經蔓延到了二月份，但對於洛杉磯以外的投資組合來說，一月份確實是一個艱難的開始。值得慶幸的是，我們有洛杉磯來幫助我們彌補一些不足。

But we believe we'll continue to benefit as we move throughout the year from a RevPAR growth perspective. Also, as we progress our Madison Embassy, which we acquired and which opened in June of last year, we'll have more time to ramp as we progress through the year.

但我們相信，從 RevPAR 成長的角度來看，隨著全年的發展，我們將繼續受益。此外，隨著我們收購並於去年 6 月開放的麥迪遜大使館的建設，我們將有更多時間在今年內推動建設。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Justin, I'd love to -- I mean, I sometimes think that you don't get the credits in terms of capital allocation that you perhaps deserve. You've clearly been leaning more into the -- in some of your urban markets. You've got another, call it, is it 7% to 10% of your hotels that you could look to sell, accretively redeploy those.

賈斯汀，我很樂意——我的意思是，我有時認為你在資本配置方面沒有得到你應得的讚譽。顯然，你們更傾向於某些城市市場。您還有另外一個，那就是您可以考慮出售 7% 到 10% 的飯店，然後重新部署這些飯店。

Where do you think you're going to be redeploying them -- capital? Is it more urban? Is it more suburban? And how is that mix shifted? Maybe if you can talk how the portfolio looked in 2020 between urban and suburban and how do you see that trending over the next three to four years.

您認為您將把這些資金重新部署到哪裡？資本？它更加都市化嗎？是不是更有郊區特色？那麼這種混合是如何轉變的呢？也許您可以談談 2020 年城市和郊區的投資組合狀況，以及您認為未來三到四年的趨勢如何。

Absolutely. So in terms of immediate opportunity for redeployment, I think we've demonstrated that the most attractive opportunity for us recently has been share repurchases. Certainly, we monitor that. And as we underwrite any type of acquisition, whether it's existing or new development, we consider that opportunity relative to an opportunity to redeploy into our own shares, which we see as being tremendously valuable.

絕對地。因此，就立即重新部署的機會而言，我認為我們已經證明，最近對我們來說最具吸引力的機會是股票回購。當然，我們會監控這一點。當我們承保任何類型的收購時，無論是現有收購還是新開發收購，我們都將該機會視為重新部署我們自己股份的機會，我們認為這非常有價值。

I think when you think about the overall makeup of our portfolio from an EBITDA contribution, and some of this has shifted as we've seen continued improvement in the performance of urban markets, we're roughly 40%, just under 40% urban today, and when you look at number of hotels, roughly 30%. Remembering that a number of our urban hotels are larger, so have more keys. And certainly, when we think about overall EBITDA contribution per hotel, they're larger individual contributors. That is a mix that continues to feel comfortable for us.

我認為，當您從 EBITDA 貢獻來考慮我們投資組合的整體組成時，隨著我們看到城市市場表現的持續改善，其中一些已經發生了變化，目前我們的城市業務大約佔 40%，略低於 40%，而當您看酒店數量時，大約佔 30%。請記住，我們的許多城市酒店規模較大，因此擁有更多鑰匙。當然，當我們考慮每家酒店的整體 EBITDA 貢獻時，他們是更大的個人貢獻者。這種組合讓我們感覺一直都很舒服。

And while we have recently seen in some of our urban markets strong relative performance, we continue to see strong performance in a number of our suburban markets as well. And I think it has been our long-term strategy to be broadly diversified with exposure to markets where we see the potential for outsized growth. The reality is that over an extended cycle, that requires us to be present in a mix of markets.

雖然我們最近看到一些城市市場相對錶現強勁，但我們也看到許多郊區市場表現強勁。我認為，我們的長期策略是實現多元化，涉足那些我們認為具有超額成長潛力的市場。事實是，在一個較長的周期內，這要求我們參與多種市場。

And we have found that over several decades in the industry, having a healthy mix of strong suburban markets combined with urban markets has created both the best opportunity for stability in our portfolio and the best potential for long-term growth.

我們發現，在過去的幾十年裡，強勁的郊區市場和城市市場的健康結合，為我們的投資組合的穩定性創造了最佳機會，也為長期成長創造了最佳潛力。

Maybe if I have a follow-up for Liz, Liz, the $295 million of debt that matures this year, I think the 10-year has dropped almost 50 basis points over the last month. Would you -- where would you borrow at today for 5- or 10-year money? And would you consider prefunding some of those maturing loans today and use the cash to get some nice interest?

也許如果我對 Liz、Liz 進行跟進，那麼今年到期的 2.95 億美元債務，我認為 10 年期債券在過去一個月內下跌了近 50 個基點。您今天會在哪裡借 5 年期或 10 年期的資金？您是否會考慮預先籌措部分今天到期的貸款，並用現金獲取不錯的利息？

The term loans in particular that come due are at favorable pricing. I do think there could be an opportunity as we recast that. That's the majority of what you mentioned, the $225 million of the total that you mentioned. We're beginning those conversations now. So I think your question is reasonable. We'll look at timing and interest savings as we move forward towards that maturity.

特別是到期的定期貸款定價優惠。我確實認為，當我們重塑這一點時，可能會有機會。這就是您所提到的大部分，也就是您提到的總額的 2.25 億美元。我們現在就開始這些對話。所以我認為你的問題是合理的。在走向成熟的過程中，我們會考慮時間和利息節省。

The secured debt is a little trickier. Those certainly were longer-term debt placements and they had very attractive interest rates. Those will be trickier to replace at certainly a lower interest rate than where they were. We also have a few swaps maturing that we'll manage as well. And some of that interest savings is not currently baked into what is provided in the implied guidance. There could be some upside there.

有擔保的債務有點棘手。這些肯定是較長期的債務，利率非常有吸引力。在利率低於原有水準的情況下，替代這些產品將變得更加困難。我們也會管理一些到期的掉期合約。而且部分利息節省目前尚未納入隱含指引中。這可能存在一些好處。

And in terms of the term of debt that you would look to put on, is it five -- extend the maturities or five years or something like that? Is that the right way to think about it?

就您希望延長的債務期限而言，是延長五年還是五年左右，或類似的期限？這是正確的思考方式嗎？

Certainly, I would love five years. I think the market -- the term loan market in particular, there, we'll explore all options. The term loan market in particular has been a little bit tighter than five years as of late. I think things are starting to improve. And so again, in conversations there, but certainly would love to approach five years. But we'll see as we continue to progress in our conversations with the lenders.

當然，我希望是五年。我認為，在市場——特別是定期貸款市場，我們將探索所有的選擇。近期定期貸款市場較五年期貸款略顯緊張。我認為情況正在開始好轉。所以，再次進行對話，但肯定希望能接近五年。但隨著我們與貸方的對話不斷取得進展，我們將會看到這一點。

Michael Bellisario, Baird.

邁克爾·貝裡薩裡奧，貝爾德。

I got a few questions for you. Just first on operating expenses and sort of looking ahead, maybe help us understand like what are your operators doing differently or maybe better in 2025 to offset some of the above inflationary growth that you referenced. And then sort of when you step back, how much of the P&L is actually kind of controllable versus noncontrollable?

我想問你幾個問題。首先談談營運費用和未來展望，也許可以幫助我們了解您的運營商在 2025 年會採取哪些不同或更好的措施來抵消您提到的部分通膨增長。然後當您退一步考慮時，損益表中有多少是真正可控的，有多少是不可控的？

When I'm giving broad ranges, when I say variable, I'm really speaking about everything outside of property taxes, insurance and other. And as you're alluding to, not all of that is perfectly variable because we certainly have salaries and overheads and things like that, that are included. So it's not perfectly variable. What I will say with that is that as we improve occupancy, our cost on per occupied basis improves. And so that's really how we're looking at our guide for 2025.

當我給出廣泛的範圍時，當我說變數時，我實際上指的是財產稅、保險和其他之外的所有事物。正如您所暗示的，並不是所有這些都是完全可變的，因為我們肯定包括工資和管理費用之類的費用。所以它並不是完全可變的。我要說的是，隨著我們入住率的提高，我們的人均入住成本也會跟著改善。這就是我們對 2025 年指南的看法。

If you look at where we finished the year, on a cost per occupied room basis for variable expenses, we were at 2.3% growth from a comparable standpoint. And at the midpoint, we're slightly higher than that. So that would account for some general inflationary pressures, but reasonable as we think about what we're guiding relative to the top line. But where we're seeing the big meaningful increase on a per occupied room basis is really this fixed expenses.

如果您看我們今年的收盤價，以每間入住客房的變動費用為基礎，從可比較角度來看，我們的成長率為 2.3%。而在中間點，我們稍微高於這個數字。因此，這可以解釋一些普遍的通膨壓力，但當我們考慮到我們相對於營業額的指導時，這也是合理的。但我們看到每間入住客房金額出現大幅有意義的成長，這實際上是固定費用。

Anything different that your operators are doing or targeting for 2025?

您的電信業者在 2025 年的舉措或目標有哪些不同？

I think we continue to leverage our extensive benchmarking that we have and are constantly looking for opportunities. I think we have seen decelerating wage pressure as we move throughout last year. I think that, that has stabilized. But I think productivity as we're reducing contract labor is something our managers continue to focus on, and then beyond that, all controllable expenses. I think the team has done a really good job there so it's always hard to anticipate more.

我認為我們將繼續利用我們現有的廣泛基準並不斷尋找機會。我認為，我們在去年就看到了薪資壓力的減少。我認為，這已經穩定了。但我認為，在減少合約工的同時，我們的管理人員繼續關注的是生產力，除此之外，還有所有可控的費用。我認為球隊在那裡已經做得非常好了，因此很難期待更多。

That's really where, I think, some of our -- while we did outperform last year from a fixed expense perspective, the variable expense management was very strong as well. And I think we continue to look for outliers from a performance standpoint in our portfolio and learn best practices -- (technical difficulty)

我認為，這確實是我們的一些優勢——雖然從固定費用的角度來看，我們去年的表現確實優異，但變動費用管理也非常強勁。我認為我們會繼續從投資組合的績效角度尋找異常值，並學習最佳實踐--（技術難度）

Please remain on the line. Our speakers will be calling back in. Thank you.

請保持通話。我們的發言人將會再次致電。謝謝。

Okay. Our speakers are back.

好的。我們的演講者回來了。

Apologies.

抱歉。

Mike, can you hear us now?

麥克，你現在聽得到我們說話嗎？

I got -- I'm here.

我得到了--我在這裡。

Okay. Where did you lose us?

好的。你在哪裡失去我們的？

I think we're good on the operating expense. I can move to my next question. Just for Justin. When you guys do your analysis of sort of buy versus sell and you're triangulating values, maybe give us the lay of land. How have real estate values maybe changed over the last 90, 120 days both from the buy and sell side, from your perspective?

我認為我們的營運費用表現還不錯。我可以轉到下一個問題。只為賈斯汀。當你們進行買入與賣出的分析並對價值進行三角測量時，也許可以給我們提供大致的情況。從您的角度來看，過去 90 到 120 天內，從買方和賣方的角度來看，房地產價值可能發生了怎樣的變化？

It's interesting to try to identify broad-reaching trends in an environment where there are so few transactions happening. As I highlighted in response to one of the earlier questions, where we have seen the greatest activity are around smaller hotel assets, and the most interested buyers of those assets are local owner-operators.

在交易如此稀少的環境中嘗試識別廣泛趨勢是很有趣的。正如我在回答之前的問題時所強調的那樣，我們看到最活躍的是小型酒店資產，而這些資產最感興趣的買家是當地的業主經營者。

And part of that, I think, is an ability to create stories around those. I highlighted in my prepared remarks that we've been able to dispose those assets at very low cap rates. Applying those cap rates to our entire portfolio would produce a very strong value.

我認為，其中一部分就是圍繞著這些內容創作故事的能力。我在準備好的發言中強調，我們已經能夠以非常低的資本化率處置這些資產。將這些資本化率應用到我們的整個投資組合將產生非常高的價值。

The challenges that in today's market, as I highlighted to an earlier question, is that there isn't really a large portfolio bid today. And so, extrapolating from individual transactions to large-scale value is a little bit tricky.

正如我在先前的問題中所強調的那樣，當今市場面臨的挑戰是，今天實際上並沒有大量的投資組合出價。因此，從單一交易推斷出大規模價值有點棘手。

And in fact, when we've been trading at higher values and have been more aggressive on the acquisition side, I've highlighted that we've been able to acquire larger assets at discounts to where we feel their long-term value is. Our expectation is that as we move through the year, the market is likely to open, and we're in that type of environment in a better position to peg an industry clearing price for assets.

事實上，當我們以更高的價值進行交易並在收購方面更積極時，我強調，我們能夠以低於我們認為的長期價值的折扣價收購更大的資產。我們的預期是，隨著時間的推移，市場可能會開放，在這種環境下，我們將更有能力確定資產的產業清算價格。

But absent that, my sense is that values for real estate have remained stable in the hospitality space. And for particular assets, whether driven by a lack of desire on the seller's part to sell those assets or recent strong performance from those assets, assets in many markets have grown in value.

但除此之外，我的感覺是旅館業的房地產價值仍然保持穩定。對於特定資產而言，無論是由於賣方缺乏出售這些資產的意願，還是這些資產近期表現強勁，許多市場的資產價值都有所增長。

Now I think that is a belief currently unsupported by transaction volume that would be sufficient to assure that, that would always and, in every instance, be the case. But certainly, I think, evidenced by the fact that those with assets that are performing well are unwilling to sell for -- generally for prices that are below where they would have anticipated trading on those assets several years ago and, in most cases, so our expectations have increased.

現在我認為這是一個目前沒有交易量支持的信念，但這足以確保在任何時候、在每種情況下都會如此。但我認為，可以肯定的是，那些擁有表現良好的資產的人不願意出售——通常以低於幾年前他們預期的價格出售這些資產，而且在大多數情況下，因此我們的預期有所上升。

Fair enough. And then just throwing one follow-up there. It looks like aging CapEx as sort of the main drivers of what you're selling. Any other major factors that you're considering? And then maybe also, when does the more broadly challenging fundamental outlook become a bigger driver of an asset sales plan?

很公平。然後只需進行一次後續行動即可。看起來，老化的資本支出是你們銷售產品的主要動力。您正在考慮其他主要因素嗎？那麼，或許，更具廣泛挑戰的基本面前景何時會成為資產出售計畫的更大驅動力？

I think there are strategic and tactical elements to our disposition strategy. And from a strategic standpoint, as we look at our portfolio, the primary driver really is trajectory of the individual market, with the secondary driver being our positioning within that market, either location or asset within that market.

我認為我們的處置策略包含戰略和戰術元素。從策略角度來看，當我們審視我們的投資組合時，主要驅動因素實際上是單一市場的發展軌跡，次要驅動因素是我們在該市場中的定位，即該市場中的位置或資產。

I think from a tactical standpoint, what you've seen recently is us focused on smaller assets in more tertiary markets. That's because we can transact those assets and achieve what we see as favorable pricing in today's environment.

我認為從戰術角度來看，您最近看到的是我們專注於三級市場的小型資產。這是因為我們可以交易這些資產並在當今環境下實現我們認為有利的定價。

To the extent the market broadens, you'll see more colors of that same strategy as we look more broadly at the portfolio and potentially take chips off the table in some markets that have performed well but may have lower expected growth trajectories on a go-forward basis.

隨著市場擴大，您將看到更多相同策略的色彩，因為我們將更廣泛地審視投資組合，並可能從一些表現良好但未來預期成長軌跡可能較低的市場中獲利。

And as I highlighted earlier, I think while we will always pursue transactions in a way that we feel optimizes the value of those transactions, ideally, long term, we're in a position to pool assets and to maximize value through portfolio trades. That is where we have seen the greatest success historically and certainly opens us up to move the portfolio more meaningfully, meaning our owned portfolio more meaningfully through scale transactions.

正如我之前強調的那樣，我認為雖然我們始終會以我們認為可以優化交易價值的方式進行交易，但理想情況下，從長遠來看，我們能夠匯集資產並透過投資組合交易實現價值最大化。這是我們歷史上取得最大成功的地方，也無疑地使我們能夠更有意義地調整投資組合，也就是透過規模交易使我們擁有的投資組合更有意義。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO資本市場。

Maybe just following up on the transaction discussion. If you weren't perhaps constrained by deal sizes for transactions, what percentage of the portfolio will you consider noncore versus that 7% to 10% you highlighted earlier? Or does that 7% -- 7% to 10% inclusive of all the assets you might do as non-core?

也許只是跟進交易討論。如果您不受交易規模的限制，那麼您會將非核心資產佔投資組合的多少比例（而不是您之前強調的 7% 到 10%）？或者這 7%——7% 到 10% 包括了您可能作為非核心處理的所有資產？

I'd say that is inclusive of the assets that we would consider noncore today.

我想說的是，其中包括了我們今天認為的非核心資產。

Okay. Got it. And then maybe just on the RevPAR guide. Just curious, as it relates to the mix of occupancy and ADR growth that is embedded in that guidance.

好的。知道了。然後可能只是在 RevPAR 指南上。只是好奇，因為它與該指南中所包含的入住率和 ADR 成長組合有關。

Could you repeat the question?

你能重複一下這個問題嗎？

Just as it relates to the RevPAR guidance, curious on the mix of occupancy growth versus ADR growth that's embedded in that RevPAR guidance for '25.

正如它與 RevPAR 指引相關一樣，我很好奇'25 年 RevPAR 指引中所包含的入住率增長與 ADR 增長的組合。

It is a mix between the two. I mean, it is some occupancy growth where we're able to capitalize and drive additional ADR. So it's truly a mix between the two.

這是兩者的混合。我的意思是，我們可以利用入住率的成長來提高 ADR。因此，這確實是兩者的混合。

(Operator Instructions) Chris Darling, Green Street.

（操作員指示）克里斯·達林（Chris Darling），格林街。

Liz, just a quick one. I may have missed it earlier, but what's your outlook for wage and benefit growth this year?

莉茲，我只想問一個簡單的問題。我可能之前錯過了，但您對今年的薪資和福利成長有何展望？

Somewhere between 3.5% and 4% specifically around wages, understanding that when we look at total variable costs and we look at what we're implying there at the midpoint from a growth rate perspective, we're assuming some additional benefit from reduction in contract labor as well.

具體來說，薪資成長在 3.5% 到 4% 之間，當我們查看總變動成本，並從成長率的角度查看中點時，我們假設減少合約工也會帶來一些額外好處。

Okay. Helpful. And then, Justin, going back to maybe the supply backdrop across your markets, just digging a little bit deeper. I understand there's little in the way that's under construction broadly. But what about projects in the planning process, anything that might come out of the ground in the near term? Just wondering if you're seeing any changes sort of holistically one way or the other.

好的。很有幫助。然後，賈斯汀，讓我們回到你們市場的供應背景，稍微深入挖掘一下。據我所知，目前廣泛進行的建設工作很少。但是，正在規劃中的專案又如何呢？近期有哪些項目可能有進展呢？只是想知道您是否以某種方式整體上看到了任何變化。

We have not seen any indicators that there would be near-term shifts. Certainly as we look at pipelines, and we're in continual communication with the brands about potential deals in markets where we have ownership, the fact that fewer deals are beginning construction means that even with fewer new deals being signed up, the pipeline has the potential to grow relative to what would naturally occur or would have occurred in past cycles where we saw more natural flow from planning to construction starts.

我們尚未看到任何表明短期內會發生轉變的跡象。當然，當我們審視專案管道時，我們會不斷與各品牌溝通，了解我們擁有所有權的市場中的潛在交易，事實上，開始建設的交易越來越少，這意味著，即使簽署的新交易越來越少，專案管道仍有潛力相對於自然發生的情況或在過去的周期中發生的情況有所增長，在過去的周期中，我們看到從規劃到開工的流程更加自然。

Obviously, that varies by market. And we have seen outsized new construction in some markets being broadly diversified. The majority of our markets still don't have any new projects under construction within a 5-mile radius.

顯然，這因市場而異。我們已經看到一些市場的超大規模新建築呈現出多元化的趨勢。我們大多數市場五英里範圍內仍然沒有任何正在建造的新項目。

And given time from construction start to completion being at a minimum 18 months but very often two to three years, that gives us a lot of runway in most of our markets without any exposure to new supply. It will be interesting to see how those numbers develop over time. Certainly, as the brands have announced new brand offerings, we see a flurry of signings. And you'll see a number of deals enter the pipeline in early planning or planning stages.

鑑於從建設開始到完成至少需要 18 個月，但通常需要兩到三年的時間，這使我們在大多數市場都擁有很大的發展空間，而無需接觸任何新供應。觀察這些數字隨著時間的推移如何變化將會很有趣。當然，隨著各品牌紛紛宣布推出新品牌，我們看到了一系列簽約熱潮。您會看到許多交易在早期規劃或規劃階段進入規劃階段。

But we have not seen a material increase in construction starts as a result. And I think the primary impediments continue to be cost relative to income potential from the targeted developments. I think Green Street maybe over a decade ago put out a piece that argued there were no such thing as high barrier to entry markets, only high-cost markets.

但我們並未看到建築開工數量有實質成長。我認為，主要障礙仍然是目標開發專案的成本與收入潛力之間的矛盾。我認為 Green Street 大概在十多年前就發表過一篇文章，認為不存在高進入門檻的市場，只有高成本的市場。

And I think what we see today is that in many markets that would historically have been viewed as low barrier to entry, the fact that construction costs have universally increased and very often at a pace faster than the potential profitability of the developments has increased, has created a natural impediment to supply growth. That I think gives us room in many markets to continue to benefit from incremental demand growth in ways that we would not have in past cycles.

我認為，我們今天看到的是，在許多歷史上被視為低進入門檻的市場中，建築成本普遍上漲，而且上漲速度往往快於開發項目潛在盈利能力的上漲速度，這自然阻礙了供應的增長。我認為這為我們在許多市場提供了空間，讓我們能夠繼續從增量需求成長中獲益，而這是我們在過去的周期中所無法實現的。

And for that reason, really, in my prepared remarks, I highlighted that we feel the risk profile especially for the types of assets that we own has shifted dramatically, meaning that as we continue to see improvement in demand, we will see outsized benefit from that relative to what we would have seen in past cycles.

基於這個原因，我在準備好的發言中強調，我們認為風險狀況，特別是我們所擁有的資產類型的風險狀況，已經發生了巨大變化，這意味著隨著需求的不斷改善，我們將從中獲得比過去週期更大的收益。

And on the flip side, to the extent there were to be a pullback in demand, the negative impact would be muted relative to what we've seen in past cycles where historically we saw a lot of new supply come online at the least opportune time in the cycle.

另一方面，如果需求回落，其負面影響相對於我們在過去週期中看到的情況來說會較小。從歷史上看，我們會看到大量新的供應在周期中最不合適的時機出現。

Okay. Makes sense. I guess transitioning to a market where maybe that income relative or potential income relative to cost formula might actually make sense, Las Vegas. Anything new you can share in regards to the development parcel there? And I think maybe more importantly, given where your cost of capital is today, how would you think about potentially starting on balance sheet a project like that in today's environment?

好的。有道理。我想，轉型到一個可能收入相對或潛在收入相對成本公式實際上有意義的市場，例如拉斯維加斯。關於那裡的開發地塊，您能分享什麼新消息嗎？我認為也許更重要的是，考慮到您今天的資本成本，您會如何考慮在今天的環境中在資產負債表上啟動這樣的專案？

So two things. One, we continue to work with a potential developer for the asset development there. We are working through various plans and cost structures and continue to underwrite. I think, as has been the case historically, it would not be our intention to build on balance sheet.

所以有兩件事。一是，我們繼續與潛在開發商合作，在那裡進行資產開發。我們正在研究各種計劃和成本結構並繼續承保。我認為，正如歷史上的情況一樣，我們無意擴大資產負債表。

And so, as we're thinking about cost of capital relative to a Vegas development, we're forecasting essentially cost of capital at the time of acquisition, which would be two to three years in the future. We're still a ways from starting but I think advantaged in that case from an overall cost structure by the fact that we own the land.

因此，當我們考慮相對於拉斯維加斯開發的資本成本時，我們基本上預測收購時的資本成本，這將是未來兩到三年的資本成本。我們距離起步還有一段距離，但我認為，從整體成本結構來看，我們擁有土地是有利的。

And so -- and the 10.5% return that I highlighted earlier includes the value that we paid for the land. And so, as we think about total development costs, we're advantaged relative to those who might be getting into the market fresh.

所以 — — 我之前強調的 10.5% 的回報率包括我們為土地支付的價值。因此，當我們考慮整體開發成本時，我們相對於剛進入市場的人具有優勢。

And even with that, it's not -- and even with the overall strength of that market, it's not an easy decision. And we're getting into a lot of detail with the developer on ways we can make sure we maximize on the opportunity while doing so at a price point that ensures we'll achieve the strongest returns during our hold.

即使如此，即使考慮到該市場的整體實力，這也不是一個容易的決定。我們正在與開發商進行詳細討論，以確保我們可以最大限度地利用機會，同時確保我們在持有期間獲得最高回報的價格。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Justin Knight for closing comments.

問答環節已經結束。現在我想將電話轉回給賈斯汀奈特 (Justin Knight) 來做最後評論。

We appreciate you joining us today, and thanks for your patience while we dealt with some technical difficulties on our end. As is always the case, we hope that as you travel, you'll take the opportunity to stay with us at one of our hotels. And we look forward to meeting with many of you here in the not-too-distant future.

我們感謝您今天的加入我們，並感謝您在我們處理一些技術困難時的耐心等待。像往常一樣，我們希望您在旅行時能有機會入住我們的某家酒店。我們期待在不久的將來能與你們見面。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。