Apple Hospitality REIT Inc (APLE) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT first quarter 2025 earnings conference call. (Operator instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Apple Hospitality REIT 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。謝謝。你可以開始了。

Thank you, and good morning. Welcome to Apple Hospitality REIT's first quarter 2025 earnings call. Today's call will be based on the earnings release and Form 10-Q, which we distributed and filed yesterday afternoon.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2025 年第一季財報電話會議。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-Q 表。

Before we begin, please note that today's call may include forward-looking statements as defined by federal securities laws. 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.

在我們開始之前，請注意，今天的電話會議可能包含聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述是基於當前的觀點和假設，因此受眾多風險、不確定性和未來事件的結果的影響，可能導致實際結果、表現或成就與表達、預測或暗示的結果、表現或成就有重大差異。

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

任何此類前瞻性陳述均受我們向美國證券交易委員會 (SEC) 提交的文件中所述風險因素的限制，包括我們 2024 年 10-K 表格年度報告，並且僅代表截至今日的觀點。除法律要求外，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.

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。

For a copy of the earnings release or additional information about the company, please visit applehospitalityreit.com.

如需查看收益報告副本或有關該公司的更多信息，請訪問 applehospitalityreit.com。

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the first quarter 2025 and an operational outlook for the rest of the year. 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 2025 年第一季的業績以及今年剩餘時間的營運展望。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 for our first quarter 2025 earnings call. Although a variety of factors weighed on hotel performance during the first quarter of this year, we continue to see solid demand across our portfolio with growth in rate largely offsetting a slight pullback in occupancy.

早安，感謝您參加我們的 2025 年第一季財報電話會議。儘管今年第一季各種因素影響了飯店業績，但我們仍然看到整個飯店組合的需求保持強勁，房價的成長在很大程度上抵消了入住率的輕微回落。

Our portfolio of rooms-focused hotels is broadly diversified across 85 different markets with exposure to a wide variety of demand generators. For the first quarter, comparable hotels RevPAR was $111, a decline of 0.5% as compared to the first quarter of 2024.

我們的以客房為中心的飯店組合廣泛分佈於 85 個不同的市場，涵蓋各種各樣的需求來源。第一季度，可比飯店平均每間可用客房收入 (RevPAR) 為 111 美元，與 2024 年第一季相比下降 0.5%。

Occupancy was 71%, down 1.5% for the first quarter 2024, and ADR was $157, up 1% as compared to the same period last year. In response to demand shifts in some of our markets, our corporate team, together with our third-party management companies, has been working to further optimize the mix of business at our hotels in order to strengthen market share in the current environment.

入住率為 71%，較 2024 年第一季下降 1.5%，平均房價為 157 美元，比去年同期上漲 1%。為了因應部分市場的需求變化，我們的企業團隊與第三方管理公司一直致力於進一步優化飯店業務組合，以加強當前環境下的市場佔有率。

Our hotels operate efficiently and produce strong cash flow while simultaneously providing guests traveling for both business and leisure with a compelling value proposition. While variable expense growth has moderated, bottom line performance for the quarter was down slightly, driven primarily by higher fixed costs and lower-than-expected top line growth.

我們的飯店營運高效，現金流強勁，同時為商務和休閒旅客提供極具吸引力的價值主張。雖然變動費用成長放緩，但本季的底線業績略有下降，主要原因是固定成本增加以及營收成長低於預期。

Adjusted EBITDAre was $95 million, down approximately 5% to the first quarter of 2024, and modified funds from operations was approximately $76 million, down 9% as compared to the first quarter of 2024.

調整後 EBITDAre 為 9,500 萬美元，較 2024 年第一季下降約 5%，調整後營運資金約 7,600 萬美元，較 2024 年第一季下降 9%。

Looking forward, we have tempered full year guidance based on our performance during the first quarter and an expectation that current demand and expense trends could continue in the near term with some improvement in market share relative to the first quarter as we move into the back half of the year.

展望未來，我們根據第一季的業績調整了全年預期，並預計當前的需求和費用趨勢在短期內可能會持續下去，隨著進入下半年，市場份額相對於第一季將有所提高。

The fundamentals of our business remains strong, and our revised guidance, while lower than initial projections, does not contemplate a near-term recession. Our portfolio has historically outperformed during periods of economic uncertainty, and we believe we are well positioned to capitalize on potential upside should we see reacceleration in broader economic growth.

我們的業務基本面依然強勁，修訂後的指引雖然低於最初的預測，但並未考慮到近期的經濟衰退。從歷史上看，我們的投資組合在經濟不確定時期表現優異，我們相信，如果我們看到整體經濟成長重新加速，我們將有能力利用潛在的上升空間。

Supply-demand dynamics for our business continue to be favorable. Supply growth for our industry has generally been muted. And with recent disruption in markets and uncertainty related to potential impact of tariffs, new construction starts have further slowed. At the end of the first quarter, nearly 60% of our hotels did not have any new upper upscale, upscale or upper mid-scale product under construction within a five-mile radius.

我們業務的供需動態持續保持良好。我們行業的供應成長總體上一直比較緩慢。由於近期市場混亂以及關稅潛在影響的不確定性，新建築開工速度進一步放緩。截至第一季末，我們近 60% 的飯店在五英里範圍內沒有在建任何新的高檔、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 in launching 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，因為它既減少了潛在的下行風險，又增強了相對於過去週期的推出需求變化的上行影響。

Supported by our strong operating performance, we continue to pay an attractive dividend. During the first quarter, we paid distributions totaling approximately $70 million or $0.29 per share, which includes a special cash distribution of $0.05 per common share that was paid in January.

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。在第一季度，我們支付的分配總額約為 7,000 萬美元或每股 0.29 美元，其中包括 1 月份支付的每股普通股 0.05 美元的特別現金分配。

Based on Wednesday's closing stock price, our annualized regular monthly cash distribution of $0.96 per share represents an annual yield of approximately 8.2%. 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.

根據週三的收盤股價，我們每股 0.96 美元的年度定期月現金分配相當於年收益率約為 8.2%。我們將與董事會一起，繼續監控相對於酒店業績和其他潛在資本用途的分配率和時間。

We are disciplined in our approach to capital allocation, seeking opportunities to refine and enhance our existing portfolio, drive earnings per share and maximize long-term value for our shareholders. Since the beginning of this year, we have completed the sale of two hotels for a combined sales price of approximately $21 million, entered into an agreement for the sale of our Houston Marriott for $16 million, entered into a contract for the purchase of the Homewood Suites Tampa Brandon for approximately $19 million, repurchased approximately $32 million of our common shares and paid distributions of nearly $89 million, all while maintaining the strength and flexibility of our balance sheet.

我們在資本配置方面採取嚴謹的方法，尋求機會完善和增強我們現有的投資組合，提高每股盈餘並最大化股東的長期價值。自今年年初以來，我們已經完成了兩家酒店的出售，總售價約為 2100 萬美元，簽訂了以 1600 萬美元出售休斯頓萬豪酒店的協議，簽訂了以約 1900 萬美元購買坦帕布蘭登 Homewood Suites 酒店的合同，回購了約 3200 萬美元的普通資產，並支付了近強的 8900 萬美元的資產負債表。

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 and ways to continue to optimize our portfolio concentration in specific markets.

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。

In February, we completed the sale of the Homewood Suites in Chattanooga for approximately $8 million. In March, we sold the SpringHill Suites in Fishers, Indiana for nearly $13 million. And this summer, we expect to complete the sale of our full-service Marriott in Houston for $16 million.

2 月份，我們以約 800 萬美元的價格完成了查塔努加 Homewood Suites 酒店的出售。3 月份，我們以近 1,300 萬美元的價格出售了位於印第安納州費雪斯的 SpringHill Suites 酒店。今年夏天，我們預計將以 1600 萬美元的價格完成位於休士頓的全方位服務萬豪酒店的出售。

While pricing for the individual hotels varies, as a group, the three hotels will trade at a sub-7% cap rate or a 12.1 times EBITDA multiple before CapEx and a sub-5% cap rate or a 16.7 times EBITDA multiple after taking into consideration the estimated $14 million in required capital improvements.

雖然各個酒店的價格有所不同，但作為一個整體，這三家酒店在資本支出前的資本化率將低於 7%，或 EBITDA 倍數為 12.1 倍，在考慮到預計 1,400 萬美元所需的資本改進後，資本化率將低於 5%，或 EBITDA 倍數為 16.7 倍數。

Proceeds from these sales were used primarily to fund share repurchases and reduce debt. Since the beginning of the year, through April, we have repurchased approximately 2.4 million of our shares at a weighted average market purchase price of approximately $13.32 per share for an aggregate purchase price of approximately $32.3 million.

這些銷售所得主要用於資助股票回購和減少債務。自今年年初至 4 月份，我們已回購了約 240 萬股股票，加權平均市場購買價約為每股 13.32 美元，總購買價約為 3,230 萬美元。

Shares repurchased year-to-date have been priced around a two turn spread to recent dispositions and around a six turn EBITDA multiple spread after taking into consideration required capital investments.

年初至今回購的股票價格與近期處置價格的差價約為兩倍，在考慮了所需的資本投資後，與 EBITDA 的差價約為六倍。

We currently have two hotels under contract for purchase, including the Motto by Hilton, which is under construction in downtown Nashville, for approximately $98 million. This asset is being developed under a fixed price contract, and we anticipate acquiring this hotel upon the completion of construction later this year.

我們目前有兩家酒店正在簽訂購買合同，其中包括正在納許維爾市中心建設的希爾頓 Motto 酒店，售價約為 9800 萬美元。該資產正在按照固定價格合約進行開發，我們預計將於今年稍後建設完成後收購這家酒店。

During the quarter, we entered into a contract for the purchase of 126-room Homewood Suites Tampa Brandon for approximately $19 million. The hotel is located adjacent to our Embassy Suites and represents a unique opportunity to expand our ownership in a submarket that continues to perform well for us with a strong going-in yield and operational upside.

本季度，我們簽訂了一份合同，以約 1900 萬美元的價格收購擁有 126 間客房的 Homewood Suites Tampa Brandon 酒店。該酒店毗鄰我們的 Embassy Suites，為我們擴大在該子市場的所有權提供了一個獨特的機會，該子市場繼續為我們帶來良好的業績，具有強勁的入市收益率和營運優勢。

The purchase price represents a 12% cap rate on trailing 12-month numbers and a high single-digit cap rate on in-place cash flow after all anticipated capital expenditures and without giving consideration for operational synergies and upside post renovation. Assuming all conditions to closing are met, we anticipate acquiring this hotel later in the second quarter.

此收購價格代表了過去 12 個月的 12% 資本化率，以及扣除所有預期資本支出後，且不考慮營運協同效應和改造後上行空間的現有現金流的高個位數資本化率。假設所有成交條件都得到滿足，我們預計將在第二季稍後收購這家飯店。

Since the onset of pandemic, we have completed approximately $338 million in hotel sales, with an additional $16 million under contract and expected to close during the third quarter of this year. These sales have allowed us to forgo over $100 million in capital investments and have been completed at a blended 5% cap rate prior to taking into consideration necessary CapEx and a sub-4% cap rate after CapEx.

自疫情爆發以來，我們已完成約 3.38 億美元的飯店銷售額，另有 1,600 萬美元的合約銷售額預計將於今年第三季完成。這些銷售使我們放棄了超過 1 億美元的資本投資，並在考慮必要的資本支出之前以 5% 的混合資本化率完成，在考慮資本支出之後以低於 4% 的資本化率完成。

Over the same period, we've invested $1 billion in new acquisitions while maintaining the strength of our balance sheet. 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.

在同一時期，我們在保持資產負債表強勁的同時，投資了 10 億美元用於新的收購。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已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 share issuance in 2023 and more recent share repurchases demonstrate 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.

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表明我們有能力調整戰術戰略以適應不斷變化的市場條件，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。

Should our stock remain at a meaningful discount to values we can achieve in private market transactions, we will continue to opportunistically sell assets and redeploy proceeds primarily into additional share repurchases. As we have demonstrated over our long history in the lodging industry, we will monitor the market and adjust our focus appropriately as conditions change. We are confident opportunistic transactions like these will further drive long-term value for our shareholders.

如果我們的股票價格仍較我們在私人市場交易中可以實現的價值有顯著的折扣，我們將繼續機會性地出售資產，並將收益主要用於額外的股票回購。正如我們在住宿行業的長期歷史所表明的那樣，我們將監控市場並根據情況的變化適當調整我們的重點。我們相信，此類機會性交易將進一步為我們的股東帶來長期價值。

We expect to reinvest between $80 million and $90 million in our hotels during 2025 with major renovations at approximately 20 of our hotels. Reinvestments in our portfolio are a key component of our overall strategy and ensure that our hotels remain competitive in their respective markets to further drive EBITDA growth.

我們預計在 2025 年對飯店進行 8,000 萬至 9,000 萬美元的再投資，並對其中約 20 家飯店進行大規模翻新。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，並確保我們的酒店在各自的市場保持競爭力，從而進一步推動 EBITDA 成長。

First quarter capital expenditures were approximately $20 million. We are closely monitoring the potential impact of tariffs, which may result in increased costs and delays for some of our planned projects, though there are no known delays at this time.

第一季的資本支出約為2000萬美元。我們正在密切關注關稅的潛在影響，儘管目前尚未發現任何延誤，但關稅可能會導致我們的一些計劃項目成本增加和延誤。

Our experienced team is focused on leveraging our scale ownership to control costs, maximize impact of dollar spend and implement projects during periods of seasonally lower demand to minimize revenue displacement.

我們經驗豐富的團隊致力於利用我們的規模所有權來控製成本，最大限度地發揮美元支出的影響，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。

We entered 2025 anticipating the potential for a wide range of possible macroeconomic scenarios, and we're prepared to adjust operational and capital allocation priorities accordingly. This year, we celebrate 25 years in the hospitality industry and 10 years since our listing on the New York Stock Exchange.

進入 2025 年，我們預測了各種可能的宏觀經濟情景，並準備相應地調整營運和資本配置重點。今年，我們慶祝進入酒店業 25 週年以及在紐約證券交易所上市 10 週年。

Throughout our history, we have worked to refine our strategy, intentionally choosing to invest in high-quality hotels that appeal to a broad set of business and leisure customers, diversifying our portfolio across markets and demand generators, maintaining a strong and flexible balance sheet with low leverage, reinvesting in our hotels and champion our corporate team and the associates and management teams who operate our hotels.

在我們的歷史上，我們一直致力於完善我們的策略，有意選擇投資吸引廣大商務和休閒客戶的高品質酒店，在各個市場和需求產生者之間實現投資組合多元化，保持強勁、靈活的低槓桿資產負債表，對我們的酒店進行再投資，並支持我們的企業團隊以及經營我們酒店的員工和管理團隊。

Our differentiated strategy has been tested and proven across multiple economic cycles. With the strength of our broadly diversified portfolio, the overall stability of our business, our low leverage and the depth of our team, we are confident that we are well positioned to drive profitability and maximize long-term value for our shareholders in any macroeconomic environment.

我們的差異化策略已經經過多個經濟週期的檢驗和驗證。憑藉我們廣泛多元化的投資組合、業務的整體穩定性、低槓桿率和團隊的深度，我們有信心在任何宏觀經濟環境下都能很好地推動盈利能力並為股東實現長期價值最大化。

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 the outlook for the remainder of the year.

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、本季度財務業績以及今年剩餘時間前景的更多詳細資訊。

Thank you, Justin, and good morning. While the first quarter of this year was impacted by a variety of factors, demand for our hotels remained generally solid, driving strong absolute performance.

謝謝你，賈斯汀，早安。儘管今年第一季受到多種因素的影響，但我們飯店的需求整體保持穩定，推動了強勁的絕對業績。

For the quarter, comparable hotels total revenue was $324 million, down 0.4% to the first quarter of 2024, and comparable hotels adjusted hotel EBITDA was $105 million, down approximately 5% to the first quarter of 2024.

本季度，可比飯店總營收為 3.24 億美元，較 2024 年第一季下降 0.4%，可比飯店調整後飯店 EBITDA 為 1.05 億美元，較 2024 年第一季下降約 5%。

First quarter comparable hotels RevPAR was $111, down 0.5%. ADR was $157, up 1% and occupancy was 71%, down 1.5% as compared to the first quarter of 2024. In January and February, many of our markets throughout the Sun Belt region experienced extreme winter weather conditions, which negatively impacted travel demand.

第一季可比飯店平均每間可用客房收入 (RevPAR) 為 111 美元，下降 0.5%。平均房價為 157 美元，上漲 1%，入住率為 71%，與 2024 年第一季相比下降 1.5%。一月和二月，陽光地帶的許多市場都經歷了極端的冬季天氣條件，這對旅遊需求產生了負面影響。

Our Southern California hotels, which benefited early in the quarter from wildfire-related recovery business, lifting overall portfolio results, experienced softer demand than was anticipated in the back half of the quarter. In March, the pullback in government travel became evident in a number of our markets and heightened macroeconomic uncertainty began weighing on travel demand.

我們的南加州酒店在本季初受益於與山火相關的恢復業務，提升了整體投資組合業績，但在本季度後半段，其需求低於預期。3月份，政府旅行的減少在我們的許多市場變得明顯，宏觀經濟不確定性的加劇開始對旅行需求造成壓力。

Despite these challenges, demand remained healthy across our portfolio, and we continue to see strength in absolute occupancy and rate. The pullback in government travel did not impact all markets equally, 32 of our markets grew government occupancy mix for the first quarter, and overall government as a percent of mix remained relatively consistent with the same period of last year despite increased cancellations as we moved through March.

儘管面臨這些挑戰，我們整個投資組合的需求依然強勁，而且我們繼續看到絕對入住率和入住率的強勁增長。政府旅行的減少並未對所有市場產生同等影響，第一季度，我們 32 個市場的政府旅行入住率均有所增長，儘管 3 月份取消的旅行數量有所增加，但政府旅行在整體入住率中所佔的百分比與去年同期保持相對一致。

Government demand typically represents between 5% and 6% of our overall business mix and has stabilized over the past months closer to the lower end of that range. In many of our more affected markets, our teams have been successful in adjusting the mix of business in our hotels to compensate for the change.

政府需求通常占我們整體業務組合的 5% 至 6%，並且在過去幾個月中已經穩定下來，接近該範圍的低端。在許多受影響較大的市場中，我們的團隊已成功調整酒店業務組合以彌補變化。

While it is often difficult to determine underlying demand trends in the first quarter of the year, this year has been particularly difficult with the added macroeconomic volatility and challenging calendar comparisons, but there are some highlights for the quarter.

雖然通常很難確定每年第一季的潛在需求趨勢，但今年尤其困難，因為宏觀經濟波動加劇，日曆比較具有挑戰性，但本季也有一些亮點。

Our Houston properties grew RevPAR almost 8% during the quarter, benefiting from a strong convention calendar and market-wide corporate expansion and job growth as well as an easier year-over-year renovation comp at our West/Energy Residence Inn.

本季度，我們休士頓飯店的 RevPAR 成長了近 8%，這得益於強勁的會議日程、整個市場的企業擴張和就業成長，以及我們 West/Energy Residence Inn 飯店較去年同期更輕鬆的翻新工程。

Our Los Angeles hotels grew RevPAR over 20% with fire recovery business bolstering the performance early in the quarter. The Super Bowl benefited our New Orleans hotel, which also saw over 20% growth during the quarter. Our Richmond hotel saw growth in crew, group and business transient, which enabled our 3 hotels in market to grow RevPAR almost 8%.

我們洛杉磯酒店的 RevPAR 成長了 20% 以上，火災救援業務在本季度初提振了業績。超級盃使我們的新奧爾良酒店受益，該酒店在本季度也實現了超過 20% 的成長。我們里士滿酒店的機組人員、團體和商務旅客數量均有所增長，這使得我們市場上的 3 家酒店的 RevPAR 增長了近 8%。

Our hotels in Salt Lake City performed incredibly well during the quarter, achieving almost 10% RevPAR growth despite a softer ski season and renovation displacement in one of our hotels. We are especially excited about the Salt Lake City market. The city is expected to continue to benefit from a strong convention calendar, professional sporting events and continued growth in business transient.

我們位於鹽湖城的酒店在本季度表現非常出色，儘管滑雪季節較為疲軟且我們的其中一家酒店正在進行裝修改造，但每間可用客房收入 (RevPAR) 仍增長了近 10%。我們對鹽湖城市場尤其感到興奮。預計該市將繼續受益於強大的會議日程、專業體育賽事和持續的商業成長。

Based on preliminary results for the month of April 2025, comparable hotels RevPAR declined by approximately 3.5% as compared to the month of April 2024, with year-over-year growth in rate and occupancy following the negative impact of the shift in timing of the Easter holiday.

根據 2025 年 4 月的初步結果，可比飯店 RevPAR 與 2024 年 4 月相比下降了約 3.5%，由於復活節假期時間變化帶來的負面影響，房價和入住率同比增長。

Last weekend, we saw double-digit RevPAR growth year-over-year for both Friday and Saturday night, with Saturday's portfolio occupancy reaching 90%.

上週末，週五和週六晚上的 RevPAR 均較去年同期成長兩位數，週六的飯店入住率達到 90%。

Turning back to the first quarter. Same-store day-over-day trends showed a pullback in leisure, business and government-related travel, which all contributed to the first quarter occupancy decline year-over-year. Weekend occupancy improved as the quarter progressed and was positive year-over-year in March at 1.3% after being down 4.2% in January and down 2% in February.

回顧第一季。同店日環比趨勢顯示，休閒、商務和政府相關旅遊都減少，這些都導致​​第一季入住率年減。隨著本季的進展，週末入住率有所改善，3 月年增 1.3%，而 1 月入住率下降了 4.2%，2 月入住率下降了 2%。

Weekday occupancy declines year-over-year improved throughout the quarter, down 3.5% in January, down 1.8% in February and down 1.7% in March. Both weekend and weekday ADR increased by 1% for the quarter, partially offsetting lower occupancy.

整個季度，工作日入住率年減率有所改善，1 月下降 3.5%，2 月下降 1.8%，3 月下降 1.7%。本季度週末和工作日的 ADR 均上漲了 1%，部分抵消了入住率的下降。

Same-store room night channel mix year-over-year remained relatively stable with brand.com bookings at 40%, OTA bookings down 80 basis points to 11%, property direct improved by 110 basis points to 26%, and GDS bookings were in line, representing 18% of our mix. We are pleased to see the improvement in property direct business, which is a direct reflection of the focused sales efforts of our on-site and above-property commercial teams.

同店客房夜預訂通路組合年比保持相對穩定，其中 brand.com 預訂量為 40%，OTA 預訂量下降 80 個基點至 11%，酒店直銷增長 110 個基點至 26%，GDS 預訂量持平，佔組合的 18%。我們很高興看到房地產直銷業務的改善，這直接反映了我們在現場和物業上方商業團隊的專注銷售努力。

First quarter same-store segmentation was largely consistent with the first quarter of 2024. Bar remained strong, but decreased by 90 basis points to 33%. Other discounts represented 27% of our occupancy mix. Group increased by 140 basis points to 17%. Corporate and local negotiated business represented 17% of our mix, down 40 basis points. And government down only 30 basis points year-over-year with 5% of our mix.

第一季同店細分情況與 2024 年第一季基本一致。酒吧依然保持強勁，但下降了 90 個基點，至 33%。其他折扣占我們入住率的 27%。集團增加140個基點至17%。企業和本地協商業務占我們業務組合的 17%，下降了 40 個基點。政府投資占我們投資組合的 5%，年比僅下降了 30 個基點。

On a comparable basis, we continue to see growth in other revenues, which were up 9% during the quarter, driven primarily by parking revenue. Turning to expenses. Comparable hotels total hotel expenses increased by 2.2% for the first quarter as compared to the first quarter of last year or 4% on a CPOR basis.

在可比基礎上，我們繼續看到其他收入的成長，本季成長了 9%，主要受停車收入的推動。談到費用。與去年第一季相比，可比飯店第一季的總飯店費用增加了 2.2%，或以 CPOR 計算增加了 4%。

Total payroll per occupied room for our same-store hotels was $42 for the quarter, up 4% to the first quarter 2024, driven by food and beverage and overhead, salaries and benefits, while rooms wages were well controlled and up only 1% year-over-year on a per occupied room basis.

本季度，我們同店飯店每間入住客房的總工資為 42 美元，比 2024 年第一季度增長 4%，這主要得益於餐飲和管理費用、工資和福利，而客房工資則得到良好控制，按每間入住客房計算，同比僅增長 1%。

We continue to achieve reductions in contract labor, which decreased during the quarter to 7.1% of total wages, down 160 basis points or 18% versus the same period in 2024. Comparable hotels variable hotel expenses increased by only 1.6% in the first quarter, benefiting from operating expenses, which were up less than 1%, and hotel admin costs, which were flat compared to the first quarter of 2024.

我們繼續減少合約工，本季合約工佔總薪資的 7.1%，與 2024 年同期相比下降了 160 個基點，即 18%。第一季可比飯店的可變飯店費用僅增加了 1.6%，這得益於營運費用增幅不到 1%，以及飯店管理費用與 2024 年第一季相比持平。

While our management teams were able to manage most variable expenses in response to lower occupancy, utilities and fixed expenses remained a headwind for the quarter. Comparable hotels utilities expense was up 9% and same-store property taxes grew 8% with increases in select markets and more favorable appeal adjustment in the first quarter of 2024.

儘管我們的管理團隊能夠管理大多數變動費用以應對較低的入住率，但公用事業和固定費用仍然是本季的阻力。2024 年第一季度，隨著部分市場的成長和更有利的吸引力調整，可比飯店公用事業費用上漲 9%，同店房產稅上漲 8%。

Insurance was also a challenge as expected, driven by an increase in general liability insurance premiums upon renewal in the fourth quarter, though we anticipate some relief moving forward from a favorable property insurance renewal this quarter.

正如預期的那樣，保險也面臨挑戰，這是由於第四季度續保時一般責任保險費增加所致，儘管我們預計本季度有利的財產保險續保將帶來一些緩解。

We achieved comparable hotels adjusted hotel EBITDA of approximately $105 million for the first quarter, down approximately 5% to the first quarter 2024. We are especially pleased with our comparable hotels adjusted hotel EBITDA margin of 32.3% for the first quarter, down 180 basis points as compared to the first quarter 2024, a decline which was within our previously provided guidance range despite top line being below that guidance range, highlighting our team's ability to manage costs in a challenging environment.

我們第一季實現的可比飯店調整後飯店 EBITDA 約為 1.05 億美元，較 2024 年第一季下降約 5%。我們對可比飯店第一季調整後的 EBITDA 利潤率，儘管營收低於該指導範圍，但這一降幅仍在我們之前提供的指導範圍內，突顯了我們團隊在充滿挑戰的環境中管理成本的能力。

Adjusted EBITDAre was approximately $95 million for the quarter, down approximately 5% as compared to the first quarter 2024. MFFO for the quarter was approximately $76 million and $0.32 per share, down approximately 6% on a per share basis as compared to the first quarter 2024.

本季調整後 EBITDAre 約為 9,500 萬美元，與 2024 年第一季相比下降約 5%。本季 MFFO 約為 7,600 萬美元，每股 0.32 美元，與 2024 年第一季相比每股下降約 6%。

Looking at our balance sheet. As of March 31, 2025, we had approximately $1.5 billion of total outstanding debt, approximately 3.3 times our trailing 12 months EBITDA, with a weighted average interest rate of 4.8%. At quarter end, our weighted average debt maturities were approximately two years. We had cash on hand of approximately $15 million, availability under our revolving credit facility of approximately $500 million and approximately 72% of our total debt outstanding was fixed or hedged.

查看我們的資產負債表。截至 2025 年 3 月 31 日，我們的未償還債務總額約為 15 億美元，約為過去 12 個月 EBITDA 的 3.3 倍，加權平均利率為 4.8%。在季度末，我們的加權平均債務期限約為兩年。我們手頭上有大約 1500 萬美元的現金，循環信貸額度下的可用金額約為 5 億美元，並且我們的未償債務總額的約 72% 是固定的或對沖的。

In April, the company repaid in full one secured mortgage loan for a total of approximately $7 million, bringing the number of unencumbered hotels in the company's portfolio as of April 30, 2025, to 207. We have two mortgage loans totaling $56 million that will mature in the second and fourth quarter and term loans totaling $225 million that mature in the third quarter.

4 月份，該公司全額償還了一筆抵押貸款，總額約為 700 萬美元，使截至 2025 年 4 月 30 日，該公司投資組合中無抵押酒店數量達到 207 家。我們有兩筆總額為 5,600 萬美元的抵押貸款將於第二季和第四季到期，還有總額為 2.25 億美元的定期貸款將於第三季到期。

We have begun conversations with our lenders and believe we are well positioned to address these maturities. Turning to our updated outlook for 2025 provided in yesterday's press release. For the full year, we expect net income to be between $167 million and $195 million, comparable hotels RevPAR change to be between negative 1% and 1%, comparable hotels adjusted hotel EBITDA margin to be between 33.7% and 34.7% and adjusted EBITDAre to be between $433 million and $457 million.

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問題。談到我們昨天新聞稿中提供的 2025 年最新展望。就全年而言，我們預計淨收入將在 1.67 億美元至 1.95 億美元之間，可比酒店 RevPAR 變化將在負 1% 至 1% 之間，可比酒店調整後的酒店 EBITDA 利潤率將在 33.7% 至 34.7% 之間，調整後的 EBITDA 將在 4.5 億美元之間。

As compared to the midpoint of previously provided 2025 guidance, we are decreasing comparable hotels RevPAR change by 200 basis points, resulting in a 50 basis point decrease in comparable hotels adjusted hotel EBITDA margin percentage and a decrease in adjusted EBITDAre of $14 million.

與先前提供的 2025 年指引中點相比，我們將可比飯店 RevPAR 變動減少了 200 個基點，導致可比較飯店調整後的飯店 EBITDA 利潤率百分比減少 50 個基點，調整後的 EBITDAre 減少 1,400 萬美元。

As a reminder, while our asset management and hotel teams are working diligently to mitigate cost pressures, we have assumed, for purposes of guidance, the total hotel expenses will increase by approximately 3.3% at the midpoint, which is a 3.8% increase on a CPOR basis. We continue to assume in guidance that 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.

提醒一下，雖然我們的資產管理和飯店團隊正在努力減輕成本壓力，但為了指導目的，我們假設飯店總費用的中間值將增加約 3.3%，即按 CPOR 計算增加 3.8%。我們繼續在指導中假設，這些增長是由某些固定費用（包括房地產稅和一般責任保險）的增長率高於去年的增長率所推動的，並且包括與每 18 至 24 個月發生一次的品牌會議相關的約 200 萬美元的增量費用。

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 the range reflects a slight pullback in lodging demand, while the high end of the full year range reflects a slight improvement in the macroeconomic environment.

該展望基於我們目前的觀點，並未考慮我們業務中任何意外的發展或經營環境的變化，也沒有考慮任何未宣布的酒店收購或處置。該範圍的低端反映了住宿需求的輕微回落，而全年範圍的高端反映了宏觀經濟環境的略有改善。

As we celebrate and reflect on our 25 years in the hospitality industry and 10 years since listing on the New York Stock Exchange, we are confident our team has the knowledge and experience to successfully navigate market shifts and changing conditions to maximize profitability and drive additional value through opportunistic transactions.

在我們慶祝和回顧我們在酒店業的 25 年和在紐約證券交易所上市 10 週年之際，我們相信我們的團隊擁有成功駕馭市場變化和不斷變化的條件的知識和經驗，以最大限度地提高盈利能力並通過機會性交易創造更多價值。

The underlying merits of our differentiated strategy have proven resilient across economic cycles, enabling us to preserve equity value in challenging environments and be uniquely positioned to enhance value as opportunities arise.

事實證明，我們差異化策略的根本優勢能夠抵禦經濟週期的衝擊，使我們能夠在充滿挑戰的環境中保持股權價值，並在機會出現時擁有獨特的優勢來提升價值。

While there may be economic headwinds this year, we believe favorable supply-demand dynamics remain. 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. We are confident we remain well positioned for outperformance.

儘管今年可能面臨經濟逆風，但我們相信良好的供需態勢依然存在。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，我們的資產負債表繼續為我們提供有意義的選擇。我們有信心，我們仍處於有利地位，能夠取得優異表現。

That concludes our prepared remarks this morning, and we're happy to answer any questions you may have for us.

今天早上我們的準備演講到此結束，我們很樂意回答大家的任何問題。

(Operator instructions)

（操作員指示）

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO 資本市場。

Thanks and good morning. I was hoping maybe you can provide a little bit more color on the RevPAR guide. It seems to imply, I think, maybe are flattish or even a little bit better the rest of the year. Just talk about what you're seeing from a demand standpoint to the extent you have some visibility over the next couple of months, what that kind of looks like. And any changes in behavior on the consumer side of things.

謝謝，早安。我希望您能為 RevPAR 指南提供更多詳細資訊。我認為這似乎意味著今年剩餘時間的情況可能會持平，甚至會略有改善。只需從需求的角度談談您所看到的情況，以及您對未來幾個月的情況的預見程度。以及消費者方面的行為的任何變化。

Happy to talk through that. So I think when we look at booking position, which really is between that and Q1 driving the changes at the midpoint of guidance, looking at our booking position in late February at the time, that booking position supported the guidance then. And Q1 expectations came down from there about 180 basis points relative to the expectations at that point.

很高興談論此事。因此，我認為，當我們查看預訂情況時，實際上這是在該情況和第一季之間推動指導中點變化的情況，查看當時 2 月底的預訂情況，該預訂情況支持當時的指導。與當時的預期相比，第一季的預期下降了約 180 個基點。

As we look at booking position today, when we think about the midpoint of our range, it's a 200 basis point drop. And the implied RevPAR expectations for Q2 through Q4 are essentially flat in the back half when you consider the impact of Q2, which will be negatively impacted by April. So when we look at bookings with April, we now expect Q2 to be our worst quarter with about 1% RevPAR growth implied for the back half of the year.

當我們查看今天的預訂情況時，當我們考慮範圍的中點時，它會下降 200 個基點。如果考慮到第二季的影響，那麼第二季至第四季的隱含 RevPAR 預期將在下半年基本持平，而第二季將在四月受到負面影響。因此，當我們查看 4 月份的預訂情況時，我們現在預計第二季度將是我們表現最差的一個季度，下半年的 RevPAR 成長率將達到 1% 左右。

Beyond bookings, as we look at the last eight days or so, we're seeing significantly stronger performance. It's certainly too soon to call that a trend, but it is encouraging. And I think in addition to that, while taking into consideration our booking position today relative to what it was late February, we believe we have additional opportunity to capitalize on some market share as well.

除了預訂量之外，回顧過去八天左右的情況，我們發現業績表現明顯強勁。現在稱其為趨勢還為時過早，但它令人鼓舞。我認為除此之外，考慮到我們今天的預訂情況相對於二月底的情況，我們相信我們還有額外的機會利用一些市場份額。

So it's a combination of things that gives us the confidence or sort of gives us the midpoint that we provided in the revised guidance. But I do feel like based on where we performed to expectations in Q1 and what we're seeing today, the 200 basis points represents what we have visibility to.

因此，多種因素的結合給了我們信心，或說給了我們修訂指南中提供的中間點。但我確實覺得，根據我們在第一季的預期表現以及我們今天所看到的情況，200 個基點代表了我們所能看到的。

Thanks for that. And then, Justin, maybe just on the transaction market. You got some deals done in the quarter, which is good to see. But curious how conversations -- what conversations look like moving forward? Are there deals to be had in that market and how active do you expect to be?

謝謝。然後，賈斯汀，也許只是在交易市場上。很高興看到你們在本季完成了一些交易。但令人好奇的是，對話是如何進行──未來的對話是什麼樣的？該市場是否存在交易？您預計該市場有多活躍？

But I think the transaction market has remained largely unchanged. I think that continues to be available. Uncertainty has kept a lot of people who might be interested in larger transactions on the sideline. Where we've been effective from a disposition standpoint has been around smaller assets where we're generally selling to local owner operators at lower per key and lower all-in purchase prices.

但我認為交易市場基本上保持不變。我認為這種情況仍然有效。不確定性使得許多可能對更大交易感興趣的人保持觀望態度。從處置的角度來看，我們在小型資產方面一直行之有效，我們通常以較低的每把鑰匙價格和較低的全包購買價格將這些資產出售給當地業主。

We continue to think that there will be opportunity to do that and to potentially redeploy proceeds into the purchase of our shares. Looking at what we intend to acquire now with the Tampa Homewood Suites that we have under contract, that's a very unique transaction. I think as demonstrated by the spread from a cap rate standpoint between where we're buying that asset and where we've been selling assets recently, in that particular instance, we had an opportunity to buy an asset that is in the parking lot for a very successful hotel that we currently own where we have an opportunity to spread management between the two properties and create incremental synergies.

我們仍然認為有機會做到這一點，並有可能將收益重新部署到購買我們的股票中。看看我們現在打算透過與坦帕霍姆伍德套房 (Tampa Homewood Suites) 簽訂的合約來收購什麼，這是一筆非常獨特的交易。我認為，從我們購買資產的資本化率角度和我們最近出售資產的資本化率之間的差額可以看出，在那個特定情況下，我們有機會購買位於我們目前擁有的一家非常成功的酒店的停車場中的資產，我們有機會在兩處房產之間分散管理，並創造增量協同效應。

And where the hotel has been taken back by a lender who was in control of the property and we were able to negotiate a strong [going] in yield. I think there will be less transactions like that available. And certainly, we're hopeful that we will continue to be able to execute on sale transactions as we have been year-to-date and really looking at our activity last year.

現在，酒店已被控制該物業的貸款人收回，我們能夠協商獲得豐厚的收益。我認為類似的交易將會減少。當然，我們希望能夠繼續執行銷售交易，就像我們今年迄今為止所做的那樣，並認真回顧我們去年的活動。

In the current environment, we see tremendous value in our shares. We've been active buyers of shares. And as I highlighted in my prepared remarks, to the extent we can continue to sell assets at a meaningful spread, we see that as a way to create tremendous value for our shareholders.

在當前環境下，我們看到了我們股票的巨大價值。我們一直是股票的積極購買者。正如我在準備好的演講中所強調的那樣，只要我們能夠繼續以有意義的價差出售資產，我們就認為這是為股東創造巨大價值的一種方式。

Thanks. Appreciate the color.

謝謝。欣賞色彩。

Absolutely.

絕對地。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks, good morning everyone.

謝謝，大家早安。

Good morning.

早安.

On the demand front and maybe putting government aside here, where are you seeing those macro uncertainties result in RevPAR to be lower? And is it really just related at this point to booking hesitancy? Or are you seeing transient or group cancellations occur?

從需求方面來看，也許撇開政府不談，您認為哪些宏觀不確定性會導致 RevPAR 下降？這真的僅僅與預訂猶豫有關嗎？或是您看到發生短暫或集體取消的情況？

Good question. I think we can spend a little time on segmentation broadly to help frame a full picture. A portion of it does relate to government and the pullback in government, though I think we are seeing strong group, small group business. Our team is really focused on group and property direct business and mixing shift away from government, which we had leaned more into than we had historically. If you remember, going into March, we actually were over-indexed to government at 7% of our business mix.

好問題。我認為我們可以花一點時間進行廣泛的細分，以幫助形成完整的畫面。其中一部分確實與政府和政府的撤退有關，但我認為我們看到了強大的團體和小團體業務。我們的團隊真正專注於團體和房地產直接業務以及遠離政府的混合業務，我們比過去更傾向於。如果你還記得的話，進入三月份，我們的政府業務實際上佔了我們業務組合的 7%。

So I think when we think overall, we're not seeing a pullback in group. While we did see some onetime group cancellations with government specifically when you look at group as a whole, both with current performance and looking outward, we've got strong group position on the books.

因此我認為，從整體來看，我們沒有看到群體的衰退。雖然我們確實看到一些集團一次取消了與政府的合作，特別是當你從整個集團的角度來看，無論是從當前的表現還是從外部來看，我們在賬面上都擁有強大的集團地位。

Beyond that, I mentioned Q1 segmentation in my prepared remarks, but it might be helpful to focus on March and then prelim April. In March, government room nights had declined about 15% to 5% of our occupancy mix. Remembering that full year 2024, our room night mix per government is 5.5%. So 5% still relatively good.

除此之外，我在準備好的發言中提到了第一季的細分，但專注於三月以及四月初的情況可能會有所幫助。3 月份，政府客房入住夜數下降了約 15%，占我們入住率的 5%。回想 2024 年全年，我們每間客房的住宿夜數佔比為 5.5%。所以 5% 還是比較好的。

The decline in room nights for March represented 80 basis points of occupancy mix decline. It's worth noting that going into March, our government bookings were above 7%, as I mentioned before. And negotiated, as we think about other segments, negotiated was around 17% of our mix, which is healthy in March, down just 10 basis points.

3 月份客房間夜數的下降意味著入住率下降了 80 個基點。值得注意的是，正如我之前提到的，進入三月份，我們的政府預訂量已超過 7%。考慮到其他部分，經協商後，經協商後的產品約占我們產品組合的 17%，3 月表現良好，僅下降了 10 個基點。

So again, seeing some solid performance from the negotiated segment. In a month, that was negatively impacted by longer spring break season, some macro uncertainty, all of this negotiated held up relatively well. Shifting to April, which is certainly prelim, and I don't have the last few days of the month, but which would only improve it because we ended April much more solidly than we started it.

因此，我們再次看到談判部分的一些穩健表現。一個月內，春假延長、一些宏觀不確定性對經濟產生了負面影響，但所有這些談判都保持得相對較好。轉到四月，這當然是初步的，而且我沒有這個月的最後幾天，但這只會改善它，因為我們在四月結束時比開始時更加穩固。

The month was noisy with Easter in the month. Eclipse comparisons year-over-year again and spring breaks pushing into early April. But government room nights had improved to be down less than they were in March, down around 11% for the month and cancellations appeared to have leveled out. Government was still 5.3% of our occupancy mix, down only 50 basis points in April.

由於復活節的到來，這個月變得很熱鬧。日食再次與去年同期進行比較，春假將持續到四月初。但政府客房晚數已有所改善，降幅小於 3 月份，當月下降了約 11%，取消預訂的數量似乎已趨於平穩。政府部門仍占我們入住率的 5.3%，4 月僅下降了 50 個基點。

And negotiated business was almost 18% of our mix. So in general, it's a little bit of everything, but everything is still fairly solid as well. And we're able to fill in some gaps with group, as I mentioned, which is really strong as we look ahead.

協商業務幾乎占我們業務總量的 18%。所以總的來說，一切都有一點，但一切都還是相當紮實的。正如我所提到的，我們能夠填補團隊的一些空白，這對我們展望未來非常有幫助。

Got it. That's very helpful. And then just my follow-up, maybe for Justin. Just on CapEx. Can you remind us sort of your philosophy there. How much you want to spend, where you want to spend it, and then any thoughts around maybe deferring projects and saving a little extra cash given the uncertainty that's out there? I know some of your peers have pulled back on CapEx, but maybe just more broadly remind us of your philosophy around CapEx spending and return expectations. Thanks.

知道了。這非常有幫助。然後只是我的後續行動，也許是針對賈斯汀。僅在資本支出方面。您能否提醒我們一下您的哲學？您想花多少錢，想花在哪裡，然後考慮到存在的不確定性，您是否考慮過推遲專案並節省一些額外的現金？我知道您的一些同行已經減少了資本支出，但也許只是更廣泛地提醒我們您對資本支出和回報預期的理念。謝謝。

So historically, we've spent between 5% and 6% of revenues, fairly consistently on CapEx. The $80 million to $90 million is roughly in that range that we anticipate spending this year and covers 20 full renovations, a portion of which are end of franchise (inaudible) and then all of the other CapEx needs for our hotels, which include equipment and parking lots and exterior facade of rooms.

因此，從歷史上看，我們一直將 5% 到 6% 的收入用於資本支出。8,000 萬至 9,000 萬美元大致是我們預計今年的支出範圍，涵蓋 20 項全面翻修，其中一部分是特許經營權的結束（聽不清楚），然後是我們酒店的所有其他資本支出需求，其中包括設備和停車場以及房間的外牆。

When we look at that and we look at our exposure to tariffs, it's a fraction of the total amount that we intend to spend. And in today's environment, Liz has highlighted, there is a tremendous amount of noise. It's important to reemphasize the fact that we're continuing to run really strong occupancies with the potential to potentially grow rate.

當我們考慮這一點並考慮我們所面臨的關稅風險時，我們發現這只是我們打算支出的總金額的一小部分。利茲強調，在現今的環境中，噪音非常大。需要再次強調的是，我們的入住率仍然非常高，並且還有成長的潛力。

I think relative to our peers, we have a meaningfully stronger balance sheet and feel absent a massive pullback, which we do not currently anticipate in the broader macroeconomic environment. It's prudent for us to proceed and to perform the renovations as we currently intend.

我認為，相對於我們的同行，我們的資產負債表明顯得更加強勁，並且不會出現大幅回調，而我們目前預計在更廣泛的宏觀經濟環境中不會出現這種情況。對我們來說，按照目前的計劃繼續裝修是明智之舉。

We're certainly mindful of in watching tariffs and the potential impact on both the timing and delivery of goods and the overall cost and have an ability and flexibility to make adjustments to our total spend by pushing projects or pulling projects forward.

我們當然會留意關稅及其對貨物時間和交付以及整體成本的潛在影響，並且有能力和靈活性透過推動專案或拖延專案來調整我們的總支出。

But as of today, where we sit, we feel very comfortable with our expected spend for this year. And I should highlight also that to the extent we're renovating and our peers are not, we see that as putting us in a competitive advantage where we own assets in the same market.

但截至今天，我們對今年的預期支出感到非常滿意。我還應該強調的是，就我們進行翻新而我們的同行沒有進行翻新而言，我們認為這將使我們在同一市場擁有資產的競爭優勢。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Great, thanks. Good morning, everyone. First off, Liz, I just wanted to clarify a comment earlier about implied RevPAR growth trends. Did you say you expect second quarter to be the worst quarter of the year and then the second half RevPAR growth trends to be up 1%?

太好了，謝謝。大家早安。首先，Liz，我只是想澄清一下之前關於隱含的 RevPAR 成長趨勢的評論。您是否說過，您預計第二季度將是今年表現最差的一個季度，而下半年 RevPAR 的成長趨勢將上升 1%？

Yeah.

是的。

All right. And then I guess when we think about the midpoint of the revised RevPAR growth guidance, is that more reflective of what we saw in March or more of what you're seeing in sort of this late April and into May, where things have stabilized a little bit? Not sure if that's more on the March trajectory or kind of a new normal somewhere between we started the year and March. Just any commentary you can provide around that would be helpful.

好的。然後我想，當我們考慮修訂後的 RevPAR 成長指引的中點時，它是否更多地反映了我們在 3 月份看到的情況，還是更多地反映了您在 4 月下旬和 5 月份看到的情況（那時情況已經稍微穩定下來了）？不確定這是否更符合三月的軌跡，還是年初到三月之間的新常態。只要您提供任何相關評論，都會很有幫助。

Well, I think that we certainly were looking very closely at actuals as they've been coming in, demand trends looking forward and have been pleased with the last week, but we're contemplating the revised guidance in advance of this week. I'd say we're encouraged by the last week trend but -- or I shouldn't say trend, the last week, but it's too soon for us to call it a trend and necessarily work it into our revised guidance range. I believe that it helps to reinforce that we believe performance year-to-date is not necessarily indicative of what we'll see later in the year because of all the noise, whether it be calendar shifts or some of the macro commentary, some of the policy uncertainty.

嗯，我認為我們確實非常密切地關注實際情況，展望未來的需求趨勢，並對上週的表現感到滿意，但我們正在考慮本週之前修訂後的指導方針。我想說，我們對上週的趨勢感到鼓舞，但是——或者我不應該說趨勢，是上週，但現在我們稱其為趨勢並必然將其納入我們修訂後的指導範圍還為時過早。我認為，這有助於強化我們的認識，即今年迄今為止的表現並不一定能預示今年晚些時候的表現，因為存在各種幹擾，無論是日曆變化還是一些宏觀評論，一些政策不確定性。

We believe underlying all of that, there are still some positive trends. And again, our absolute occupancy and rate are strong. So this last week, is encouraging. But I'd say quarter -- first quarter performance and just general demand trends and what we've seen in segmentation is what got us to the midpoint of the guidance range.

我們相信，在這一切的背後，仍然存在一些積極的趨勢。而且，我們的絕對入住率和入住率仍然很高。因此，上周是令人鼓舞的。但我想說的是，第一季的業績和整體需求趨勢以及我們在細分領域看到的情況使我們達到了指導範圍的中點。

Got it. And then if I heard you correctly, I believe you said that some of the ADR in the first quarter offset some occupancy softness, I assume, particularly in March. But after you kind of remix your business, from the weakness in certain. (technical difficulty)

知道了。如果我沒聽錯的話，我相信您說過，第一季的部分 ADR 抵消了入住率的疲軟，我認為，特別是在 3 月。但在你重新組合你的業務之後，某些弱點就會消失。（技術難度）

Are you there? Austin, you broke out for a period of time. Can you repeat that?

你在嗎？奧斯汀，你爆發過一段時間。你能重複一遍嗎？

Yeah, so I was just kind of referencing you had said earlier that ADR offset some occupancy softness early in the year. But after remixing the business now, and some weakness in certain -- the weakness in certain segments, how do we think about that ADR occupancy?

是的，所以我只是引用你之前說過的話，ADR 抵消了今年年初的一些入住率疲軟。但現在重新調整業務後，某些領域出現了一些弱點，我們如何看待 ADR 佔用率？

We're experiencing some technical difficulties right now. (technical difficulty)

我們現在遇到了一些技術困難。（技術難度）

Operator, can you still hear us?

接線員，您還能聽到我們嗎？

Now you're coming in loud and clear. Let's try one more time.

現在你的聲音已經清晰起來。我們再試一次吧。

Is Austin still there?

奧斯汀還在嗎？

Can you guys hear me?

你們聽得到我說話嗎？

I can hear you now. I think you're asking how to think about -- well, it broke out at the exact same point, but I think I have the gist of your question, which is, as we think about ADR performance year-to-date and as we think about the mix shift going forward, how should we be thinking about rate? Is that it?

我現在能聽到你的聲音了。我認為您問的是該如何思考——嗯，它是在完全相同的時間點爆發的，但我認為我已經掌握了您問題的要點，即，當我們思考今年迄今為止的 ADR 表現以及思考未來的組合轉變時，我們應該如何思考利率？就這樣嗎？

Correct?

正確的？

Okay. I would say that we are we are leveraging more property direct business. We are working -- actively working to continue to ensure that we have great base business. I'd say based on what we see today, it's coming on at great rates. It's good healthy rates.

好的。我想說的是，我們正在利用更多的房地產直銷業務。我們正在積極努力，繼續確保我們擁有良好的基礎業務。我想說，根據我們今天看到的情況，它正在以驚人的速度發展。這是很好的健康率。

And where we are from an occupancy perspective, that shouldn't be generally too surprising. So I think we still anticipate that as we're able to grow occupancy, we should be able to gain rate. And we are encouraged that as some segments have pulled back, we have been able to maintain rate. So we don't have any significant change to how we view ADR optionality or ADR potential growth as we move forward and even with some mix shifts in our business.

從入住率的角度來看，這種情況一般不會太令人驚訝。因此我認為我們仍然預計，隨著入住率的提高，我們的房價也應該能夠上漲。令我們感到鼓舞的是，儘管有些部門已經回落，但我們仍能維持利率。因此，隨著我們不斷前進，甚至業務組合發生變化，我們對 ADR 可選性或 ADR 潛在成長的看法不會發生任何重大變化。

It's helpful. Thank you.

這很有幫助。謝謝。

Thank you.

謝謝。

Jay Kornreich, Wedbush Securities.

Jay Kornreich，韋德布希證券公司。

Hi, good morning. Thank you. You mentioned that group is overall looking strong, and I recognize it's a smaller overall segment of your portfolio at roughly 14% of demand. But I'm just curious if you've seen any changes to booking trends there or any increased hesitancy from group counterparties to get contracts signed for travel later this year or into next year? Or is everything kind of remaining strong as you referenced before?

嗨，早安。謝謝。您提到該群體總體看起來很強勁，我認識到它是您投資組合中較小的一個整體部分，約佔需求的 14%。但我只是好奇，您是否發現那裡的預訂趨勢有任何變化，或者團體交易對手是否對在今年晚些時候或明年簽署旅行合約更加猶豫不決？或者正如您之前提到的，一切都保持強勁？

Remaining strong for the type of group we have in our hotels. As a reminder, it is a smaller percentage of our overall mix, but it is a consistent contributor to our mix. And it generally represents smaller corporate and smaller leisure groups that book near term.

對於我們酒店所接待的團體類型而言，我們仍保持強勁勢頭。提醒一下，它在我們的整體組合中所佔的比例較小，但它是我們組合的持續貢獻者。它通常代表近期預訂的小型企業和小型休閒團體。

And so I think the fact that we are able to secure near-term group bookings as an indication that, that segment is not hesitating. And to the extent we're able to continue to see that as we progress through the year, we'd be confident as we continue forward.

因此，我認為，我們能夠確保近期團體預訂這一事實表明，該細分市場並不猶豫。只要我們能夠繼續看到這種情況，我們就會充滿信心地繼續前進。

No signs at least at this point, other than some group cancellations in March, specific group cancellations in March around government, have we really seen any pushback on the group side.

至少目前為止，除了 3 月份一些團體取消預訂、3 月份政府相關特定團體取消預訂之外，沒有跡象表明我們真的看到團體方面的任何阻力。

Okay, thanks for that. And then just for one follow-up, I wanted to go back to being willing to opportunistically sell assets and redeploy proceeds into additional share repurchases. If you decided to do that, how quickly do you think you could sell assets to do so? And at what total size do you foresee being able to or wanting to?

好的，謝謝。然後，僅就一次後續行動而言，我希望重新願意抓住機會出售資產，並將收益重新部署到額外的股票回購中。如果您決定這樣做，您認為您能多快出售資產來實現這一目標？您預計能夠或想要實現的總規模是多少？

We're continuously in market. And so exploring potential options. So I think it's possible that we could complete transactions in a -- reasonable number of transactions within a three- to six-month period. The challenge we'll have in terms of total scale will not be desired, but the lack of a portfolio bidder, meaning that in today's environment, the most likely scenario will continue to be the sale of individual assets at lower total purchase prices. That's where we've seen the greatest traction with potential buyers.

我們一直在市場上。並探索潛在的選擇。因此我認為我們有可能在三到六個月內完成合理數量的交易。我們在總規模方面面臨的挑戰不是我們所期望的，而是缺乏投資組合競標者，這意味著在今天的環境下，最可能的情況仍然是以較低的總購買價格出售單一資產。我們發現這對潛在買家的吸引力最大。

And as a result, the greatest opportunity to drive pricing that's attractive to us, which means in order to scale, we would need to do a large number of individual transactions, which we are up for and ready to perform. And I think given that backdrop, should we continue to trade at or around current levels and have the ability to continue to execute, there's not a real limit on our overall appetite to do transactions like that.

因此，對我們而言，推動定價的最大機會是擴大規模，這意味著為了擴大規模，我們需要進行大量的單獨交易，我們已經準備好並準備好執行這些交易。我認為，在這樣的背景下，如果我們繼續以當前水平或附近進行交易，並有能力繼續執行，那麼我們進行此類交易的整體意願就不會受到真正的限制。

Okay, I appreciate the information. Thank you.

好的，我很感謝這些資訊。謝謝。

Floris Van Dijkum, Compass.

範迪克姆（Floris Van Dijkum），《指南針》。

Following up on the capital allocation side. Just maybe can you talk about how many assets do you have in the market today? Presumably, this -- and this has forced you to look at your -- the bottom 10% of your portfolio in greater detail. Maybe talk a little bit about how many assets currently you're looking to sell? And obviously, with the share price being where it is, repurchasing that, which is not in your essence, would also boost your FFO per share presumably going forward as well.

跟進資本配置方面。您能否談談目前您在市場上擁有多少資產？據推測，這迫使你更詳細地審視你的投資組合中最低的 10%。也許您可以談談您目前想出售多少資產？顯然，在股價處於當前水準的情況下，回購股票（這並非你的本質）也會提高你的每股 FFO，大概也會繼續提高。

Absolutely. I think to clarify, we're opportunistic sellers. So we're not limited to a certain type of assets within our portfolio. Certainly, to the extent we're looking to trade in this way, we're looking to sell assets where we can optimize value relative to alternative use of capital. And we are intentionally selecting assets that we feel are marketable in today's environment.

絕對地。我想澄清一下，我們是機會主義賣家。因此我們的投資組合並不限於某一類型的資產。當然，就我們尋求以這種方式進行交易而言，我們希望出售能夠相對於其他資本用途優化價值的資產。我們有意選擇我們認為在當今環境下有市場價值的資產。

That said, we have not historically nor do we intend to speak to total volume that we're exploring opportunities around today. only to say that I think repeating what I said in response to the last question that I got, we are -- we have an appetite to pursue transactions that make sense. And that's not limited -- it's limited only by our ability to execute in a way that creates value for our shareholders.

話雖如此，我們過去沒有、也不打算談論我們今天正在探索的機會的總量。我只是想重複我在回答上一個問題時所說的話，我們——我們有興趣進行有意義的交易。這並不是限制——它只受限於我們為股東創造價值的能力。

And maybe the follow-up, in terms of forward contracts, obviously, you have a big one in Nashville. Your appetite to do those kinds of things in this environment presumably is almost nonexistent. Would that be correct?

或許後續的遠期合約方面，顯然納許維爾有一筆大合約。在這種環境下，你做這些事的興趣想必幾乎不存在。那正確嗎？

Our appetite continues to be strong for that type of transaction. Our ability to execute on it is limited. And I highlighted in my prepared remarks, 60% -- roughly 60% of our portfolio has no exposure to projects under construction within a five-mile radius. And it's important to let that sink in. That's unprecedented for our portfolio and certainly speaks to the fact that new construction starts, at least in our markets with the types of hotels that we own, have pulled back dramatically.

我們對此類交易的興趣持續強烈。我們的執行能力有限。我在準備好的發言中強調過，我們投資組合中大約 60% 的資產沒有涉及半徑五英里內的在建項目。讓大家理解這一點很重要。這對我們的投資組合來說是前所未有的，並且無疑表明，至少在我們擁有的酒店類型的市場中，新開工酒店數量已經大幅減少。

And I think as I highlighted in my prepared remarks, added uncertainty around overall pricing because of the uncertainty around tariffs has further put new construction starts on hold. That's also impacting discussions that we're having with potential sellers of newly developed deals.

我認為，正如我在準備好的演講中所強調的那樣，由於關稅的不確定性，整體定價的不確定性進一步導致新建築開工被擱置。這也影響了我們與新開發交易的潛在賣家進行的討論。

And I think until there's greater clarity around where overall pricing is likely to land, we'll continue to see fewer construction, new construction starts and our ability to make forward commitments for those will be limited as well.

我認為，在整體價格可能落到什麼位置上更加明朗之前，我們將繼續看到建築業和新建築開工數量的減少，而我們對這些建築做出遠期承諾的能力也將受到限制。

Thanks, Justin.

謝謝，賈斯汀。

Absolutely.

絕對地。

Michael Herring, Green Street Advisors.

麥可‧赫林 (Michael Herring)，Green Street Advisors 公司。

Hi, thank you. You guys have talked a little bit about the change in mix shift of demand as you guys go through the year. I was wondering if you could talk a little bit about how your operators are thinking about some cost mitigation at certain properties or various markets? And if that's been prioritized as of yet?

你好，謝謝。你們已經談到了這一年來需求組合轉變的一些變化。我想知道您是否可以談談您的運營商如何考慮在某些物業或各個市場降低成本？如果這已經成為優先事項了呢？

I'd say we're always focused on cost savings and operating as efficiently as we can, reiterating that our occupancy is still really strong and the delta that we have seen in occupancy is not -- while we want it to be better, it is not material in a way that we can meaningfully adjust the labor structure of our hotels or the cost structure overall.

我想說，我們始終專注於節約成本和盡可能高效地運營，重申我們的入住率仍然非常強勁，而我們看到的入住率增量並不是——雖然我們希望它變得更好，但這並不重要，我們可以有效地調整酒店的勞動力結構或整體成本結構。

I think again, I don't want to underestimate that the team has done an exceptional job and continues to focus on it, but within the range of occupancies that we have provided with the updated guidance range, we're really focused on what we have been focused on, which is focus -- working on productivity, reducing contract labor, which we've been extremely successful with, reducing turnover, strengthening the teams and the longer that the teams that we have in-house with lower turnover, the longer that we have them, the better culture that we have and the better productivity we yield.

我再次思考，我不想低估團隊所做的出色工作並繼續關注它，但在我們根據更新後的指導範圍提供的佔用範圍內，我們真正關注的是我們所關注的事情，即重點 - 提高生產力，減少合約工，我們在這方面非常成功，減少人員流動，加強團隊，我們內部團隊的流動率越低，我們擁有他們的時間越長，我們的文化就越長越好。

And so we're focused on many things all the time. But I wouldn't say we're in deep cost mitigation territory yet. And again, that's not contemplated within the guidance range. To the extent things worsened, we have proven over multiple cycles that for any top line degradation, we lose less on the bottom line. So I am confident that if we have to pivot, we'll be able to do so competitively.

因此我們一直關注很多事情。但我不會說我們已進入深度成本緩解階段。再次強調，這不在指導範圍內。就情況惡化而言，我們已經通過多個週期證明，對於任何營收下降而言，我們的利潤損失較小。因此，我相信，如果我們必須轉型，我們將能夠具有競爭力。

All makes sense. And I guess kind of thinking about that, that last point there. Do you think that the hotel industry in general is better set up to do better in a recession type of scenario as well as Apple's portfolio in particular? Or do you think that there's still some risk there in case there is any broader drawback in demand?

一切都有道理。我想這就是最後一點。您是否認為，在經濟衰退的情況下，酒店業總體上會表現得更好，尤其是蘋果的投資組合？或者您是否認為，如果需求出現更大範圍的下降，那麼仍然存在一些風險？

As I highlighted in my prepared remarks, we are convicted around the fact that the adjustment or the lack of new supply in the majority of our markets, we believe firmly that, that meaningfully shifts the risk profile, limiting downside and meaningfully increasing upside potential for our assets. When you look at historical critiques of our strategy, they have largely been around exposure to supply.

正如我在準備好的演講中所強調的那樣，我們堅信，我們大多數市場的調整或缺乏新的供應，會顯著改變風險狀況，限制下行空間，並顯著增加我們資產的上行潛力。當你回顧對我們策略的歷史批評時，你會發現它們大多圍繞著供應敞口。

And what we have found is that in today's environment, the types of markets where we own assets and the types of assets that we own are enjoying a level of protection that is unprecedented. And I think that will position them for a meaningfully stronger performance on a go-forward basis.

我們發現，在當今環境下，我們擁有資產的市場類型和我們擁有的資產類型正享受著前所未有的保護。我認為這將使他們在未來的表現更加出色。

I think that's already manifest as we have weathered these small blips from a disrupted demand standpoint, March specifically. In that the negative impact on our portfolio of that plus year-over-year comps plus challenging weather was relatively minor.

我認為這已經很明顯了，因為從需求中斷的角度來看，我們已經度過了這些小波動，特別是在三月。因為，這對我們的投資組合造成的負面影響，加上年比和惡劣天氣的影響相對較小。

And I think in a more dramatic pullback, we would be meaningfully better positioned than we have been in times past. And if you go back and look at historical cycles, and I've had the opportunity to live through a number of them, the exacerbator for the negative impact on the hotel industry and on portfolios like ours, specifically which in spite of that performed relatively incredibly well, was driven by the fact that there was outside supply growth at the worst potential time or worst possible time in the economic cycle, that's very unlikely to happen the way we're set up today.

我認為，在更大幅度的回檔中，我們的處境會比過去更有利。如果你回顧歷史週期，我曾經經歷過許多這樣的周期，你會發現對酒店業和像我們這樣的投資組合產生負面影響的因素（特別是儘管如此，我們的投資組合仍然表現得非常好）是由於在經濟週期中最糟糕的潛在時間或最糟糕的可能時間出現了外部供應增長，而按照我們今天的狀況，這種情況不太可能發生。

And in fact, to the extent we continue to see a pullback in new construction starts, our expectation is that near term, well over half of our portfolio won't have any exposure to new supply for several years to come.

事實上，如果我們繼續看到新開工量回落，我們預計短期內，我們投資組合中超過一半的資產在未來幾年內不會有任何新供應。

Understood. Thank you.

明白了。謝謝。

Thank you.

謝謝。

Jack Armstrong, Wells Fargo.

傑克·阿姆斯特朗，富國銀行。

Hey, good morning. Thanks for taking the question. So quarter-to-date, we've seen some weaker RevPAR for hotels kind of at the upscale level and down the chain scale. Would you say that across your portfolio, you're seeing more pressure on all of the middle income consumer and maybe less of a trade-down effect than we would have expected at a normal macro slowdown environment?

嘿，早安。感謝您回答這個問題。因此，本季迄今為止，我們發現高檔飯店和連鎖飯店中 RevPAR 有所下降。您是否認為，在您的投資組合中，所有中等收入消費者面臨的壓力都比我們在正常宏觀經濟放緩環境下預期的要大，而降價效應可能要小？

I can't say that I see that as we look at the data. I believe that what we have seen, at least for our portfolio year-to-date has more to do with specific market concentration relative to the broader industry or peers or again, just the number of disruptors that particularly influenced our market locations.

當我們查看數據時，我不能說我看到了這一點。我認為，至少就我們今年迄今為止的投資組合而言，我們所看到的更多地與相對於更廣泛的行業或同行的特定市場集中度有關，或者僅僅是特別影響我們市場位置的干擾因素的數量有關。

I think between the weather, the Eclipse comp, the Easter shift and the fact that Q1 is always our softest quarter, because we are both a leisure but also heavy business transient portfolio, to the extent you're in a slower business transient season, you have an extended spring break season and certainly the macro noise, I think broadly, it's more of that than chain scale driven.

我認為，受天氣、日食效應、復活節變化以及第一季度始終是我們最疲軟的季度等因素的影響，因為我們既是休閒產品組合，也是重度商務瞬時產品組合，在某種程度上，您正處於較慢的商務瞬時季節，您有延長的春假季節，當然還有宏觀噪音，我認為，從廣義上講，這更多的是這些因素而不是連鎖的是這些因素。

Okay. Great. And just a quick follow-up. Can you compare your level of full-time employees to kind of pre-pandemic and your opposition of contracted labor? Do you have more flexibility or less flexibility now than when you were just kind of heading into the pandemic, if we get to a scenario where you need to (inaudible)

好的。偉大的。這只是一次快速的跟進。您能否將您的全職員工水準與疫情前進行比較，並比較您對合約工的反對程度？與疫情爆發前相比，現在的彈性是更大還是更小？如果我們遇到需要（聽不清楚）

I'd say that our full-time FTEs are maybe just shy of prepandemic levels when you look at it. I mean we have been able to benefit from some of the housekeeping modifications, but our average length of stay is as such that, that materially changes our full-time associate head count materially.

我想說，從目前的情況來看，我們的全職 FTE 可能略低於疫情前的水平。我的意思是，我們已經能夠從一些內部管理修改中受益，但我們的平均停留時間是這樣的，這實質上改變了我們的全職員工人數。

From a contract labor perspective, I mentioned in my prepared remarks, we're around 7% for the quarter. That's still slightly elevated to what we track prepandemic, but I will say that our tracking is better post pandemic than it was prepandemic.

從合約工的角度來看，我在準備好的發言中提到過，本季我們的合約工比例約為 7%。這仍然略高於我們在疫情前追蹤的水平，但我要說的是，疫情後我們的追蹤情況比疫情前更好。

So we're probably still 200 basis points higher than what we were tracking in 2019. So still some opportunity on the contract labor side as we move more to in-house. But generally speaking, I think our staffing level is stable and in line with what we would expect.

因此，我們可能仍比 2019 年追蹤的水準高出 200 個基點。因此，隨著我們更多地轉向內部運作，合約工方面仍然存在一些機會。但總體來說，我認為我們的人員配備水準是穩定的，符合我們的預期。

From a flexibility standpoint, going into some sort of other period of disruption. I'd say we have always been in a position, given the types of assets that we own, that when there are pullbacks in demand, we can efficiently operate with fewer FTEs given the fact that we have been through a more significant demand shock than we ever would have anticipated with COVID, and we were able to quickly adapt.

從靈活性的角度來看，進入某種其他混亂的時期。我想說，考慮到我們所擁有的資產類型，當需求回落時，我們可以用更少的全職員工有效地運營，因為我們經歷了比我們預期的 COVID 更嚴重的需求衝擊，而且我們能夠迅速適應。

I do feel confident that our teams and in partnership with the brands that we could make adjustments quickly as the environment changed. So I do think on a relative basis, we're in a slightly better position. But generally, the types of business -- the types of assets that we invest in, it's strategic. It's because they're efficiently operated and can be more efficiently operated than other hotel types.

我確實相信我們的團隊以及與品牌的合作夥伴能夠隨著環境的變化而迅速做出調整。因此我確實認為，相對而言，我們處於稍微有利的地位。但一般來說，我們投資的業務類型和資產類型都是策略性的。這是因為它們運作高效，而且比其他類型的酒店運作得更高效。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

There are no further questions at this time. I would now like to turn the floor back over to Justin Knight for closing comments.

目前沒有其他問題。現在我想把發言權交還給賈斯汀奈特 (Justin Knight) 來做最後評論。

Thank you, and we appreciate you joining us today. As always, we hope that as you travel, you'll take the opportunity to stay with us at one of our hotels. We look forward to seeing a number of you in the coming weeks.

謝謝，我們很感謝您今天加入我們。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。我們期待在未來幾週內見到你們。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。