Apple Hospitality REIT Inc (APLE) 2025 Q2 法說會逐字稿

Good day and welcome to the Apple Hospitality REIT's second quarter earnings call.

大家好，歡迎參加 Apple Hospitality REIT 第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

I'd now like to turn the conference over to Kelly Clarke, Vice President of Investor Relations. Please go ahead.

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

Thank you and good morning. Welcome to Apple Hospitality REIT's second 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 年第二季財報電話會議。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、績效或成就與表達、預測或暗示的結果、績效或成就有重大差異。

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

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

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the second quarter of 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) 和財務長 Liz Perkins 將概述我們 2025 年第二季度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 today for our second quarter 2025 earnings call.

早安，感謝您今天參加我們的 2025 年第二季財報電話會議。

Fundamentals for our portfolio improved sequentially as we moved through the quarter, with RevPAR declines moderating each month and preliminary results for July showing RevPAR growth year over year.

隨著本季的推進，我們投資組合的基本面不斷改善，RevPAR 的降幅每個月都在減緩，7 月的初步結果顯示 RevPAR 年成長。

As anticipated, April was the most challenging month, as heightened economic uncertainty, a pullback in government travel, the shift in timing of the Easter holiday, and the elongated spring break period all weighed on overall performance.

正如預期的那樣，四月是最具挑戰性的一個月，因為經濟不確定性加劇、政府旅行減少、復活節假期時間的變化以及春假延長都對整體表現產生了影響。

During the quarter, we worked with our management companies to further optimize the mix of business at our hotels and we're able to strengthen market share broadly across our portfolio as well as in those markets more heavily impacted by demand shifts related to government travel.

在本季度，我們與管理公司合作，進一步優化了酒店業務組合，並能夠廣泛加強整個酒店組合的市場份額，以及受政府旅行相關需求變化影響更大的市場的市場份額。

Our teams have demonstrated an exceptional ability to swiftly adapt to changing demand trends within our markets, in many cases layering on additional group business at attractive rates. Although variable expense growth has generally moderated, higher fixed costs and lower than expected top line growth impacted our bottom line performance during the quarter.

我們的團隊展現了卓越的能力，能夠迅速適應市場內不斷變化的需求趨勢，在許多情況下，我們能夠以極具吸引力的價格拓展額外的團體業務。儘管變動費用成長總體上有所放緩，但較高的固定成本和低於預期的營收成長影響了我們本季的獲利表現。

Though down slightly, our portfolio continues to produce industry leading margins with comparable hotels' EBITDA margin of 37.4% for the quarter.

儘管略有下降，但我們的投資組合繼續產生業界領先的利潤率，本季同類酒店的 EBITDA 利潤率為 37.4%。

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 broad economic uncertainty weighed on year-over-year growth and fueled capital market volatility during the quarter, travel demand for our portfolio remained resilient, further reinforcing the merits of our underlying strategy.

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。儘管本季廣泛的經濟不確定性對同比增長造成壓力並加劇了資本市場的波動，但我們投資組合的旅遊需求仍然保持強勁，進一步鞏固了我們基本戰略的優勢。

The fundamentals of our business are strong, with growth in our group business largely offsetting slightly softer performance in other segments. Although the booking window for our hotels remains short, we are encouraged by recent airline and hotel brand commentary related to improvements they are seeing in demand and view these comments as potentially positive indicators for performance in the back half of the year.

我們的業務基本面強勁，集團業務的成長在很大程度上抵消了其他部門略微疲軟的表現。儘管我們酒店的預訂窗口仍然很短，但最近航空公司和酒店品牌關於需求改善的評論令我們感到鼓舞，並將這些評論視為下半年業績的潛在積極指標。

Our portfolio of rooms focused hotels, broadly diversified across markets and demand generators has historically outperformed during extended periods of economic uncertainty and is well positioned for upside should we see a re-acceleration in broader economic growth.

我們的飯店組合以客房為主，廣泛分佈於各個市場和需求產生者，在長期經濟不確定時期一直表現出色，如果我們看到整體經濟成長再次加速，我們將處於有利地位。

Supply-demand dynamics remain favorable across our markets. At the end of the second quarter, nearly 60% of our hotels did not have any new upper upscale, upscale, or upper mid-scale product under construction within a 5 mile radius. This historically low rate of supply growth is unique to this cycle, and we believe materially improves the overall risk profile of our portfolio by reducing potential downside while enhancing potential upside as lodging demand strengthens.

我們整個市場的供需動態仍然良好。截至第二季末，我們近 60% 的飯店在 5 英里範圍內沒有在建造任何新的高檔、高檔或中高檔產品。這一歷史性低供應成長率是本週期所特有的，我們相信，透過降低潛在的下行風險，同時隨著住宿需求的增強而增強潛在的上行風險，可以大幅改善我們投資組合的整體風險狀況。

Supported by the strong cash flow from our portfolio of hotels, we continue to pay an attractive dividend, which is meaningfully additive to total returns for our investors. During the second quarter, we paid distributions totaling approximately $57 million or $0.24 per common share.

在我們酒店組合強勁現金流的支持下，我們繼續支付有吸引力的股息，這對我們投資者的總回報具有重大意義。在第二季度，我們支付的分配總額約為 5,700 萬美元或每股 0.24 美元。

Based on Tuesday'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.

根據週二的收盤股價，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 remain 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.

我們在資本配置方法上保持嚴謹，尋求機會完善和增強現有投資組合，提高每股收益，並最大化股東的長期價值。

Since the beginning of this year, we have completed the sale of two hotels for a total combined sales price of approximately $21 million entered into agreements for the sale of our full service Houston Marriott for $16 million and the sale of our Hampton and Homewood Suites in Clovis, California for a combined sales price of approximately $20 million, acquired the Homewood Suites Tampa-Brandon for approximately $19 million, repurchased approximately $43 million of our common shares, and paid distributions of nearly $146 million , all while maintaining the strength and flexibility of our balance sheet.

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；達成協議以 1600 萬美元出售我們全方位服務的休斯頓萬豪酒店，以總售價約 2000 萬美元出售位於加利福尼亞州克洛維斯的漢普頓和霍姆伍德套房約億美元的分配；同時保持了我們資產負債表的強勁性和彈性。

We completed the previously announced acquisition of the 126 room Homewood Suites Tampa-Brandon in June. 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 at a price below replacement cost.

我們在 6 月完成了先前宣布的對擁有 126 間客房的 Homewood Suites Tampa-Brandon 酒店的收購。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表現，具有強勁的收益，並且在低於重置成本的價格下具有營運優勢。

The hotel was offered for sale by the loan servicer, and the $18.8 million purchase price represents a 12% cap rate on trailing 12-month results through June of this year and a high single digit cap rate on trailing numbers after all anticipated capital expenditures.

該酒店由貸款服務商出售，1,880 萬美元的購買價格代表截至今年 6 月的過去 12 個月業績的 12% 資本化率，以及扣除所有預期資本支出後的過去數字的高個位數資本化率。

We anticipate that additional upside from operational synergies as a result of clustering this hotel with our Embassy Suites and improved market positioning following our planned renovation will further enhance returns on our investment.

我們預計，將該酒店與我們的 Embassy Suites 酒店集中在一起所帶來的營運協同效應以及我們計劃的翻新工程後改善的市場定位將進一步提高我們的投資回報。

Our execution of this transaction in the current environment illustrates the underlying strength of our platform and our ability to effectively and efficiently deploy capital to maximize total shareholder returns over the long term. While the overall transaction market continues to be challenging, we have successfully executed on select asset sales in ways that continue to optimize our portfolio concentration and free capital, which we have been able to effectively redeploy at a meaningful spread.

我們在當前環境下執行此項交易表明了我們平台的潛在實力以及我們有效、有效率地部署資本以最大化長期股東總回報的能力。儘管整體交易市場仍然充滿挑戰，但我們已成功執行精選資產出售，從而繼續優化我們的投資組合集中度和自由資本，並能夠以有意義的利差有效地重新部署這些資產。

Pricing for the individual hotels varies. However, as a group, the two hotels we sold earlier in the year together with the Houston Marriott and the two Clovis hotels will trade at a sub 6% blended cap rate or 13.6 times EBITDA multiple before CapEx, and a 4.3% cap rate or 18.2 times EBITDA multiple after taking into consideration the estimated $19 million in required capital improvements. The proceeds from the sales have been used primarily to fund share repurchases.

各酒店的定價有所不同。然而，作為一個整體，我們今年早些時候出售的兩家酒店以及休斯頓萬豪酒店和兩家克洛維斯酒店的交易價格將低於 6% 的混合資本化率或資本支出前 EBITDA 倍數的 13.6 倍，考慮到估計需要 1,900 萬美元的資本改進後，資本化率將為 4.3% 或 EBITDA 倍數的 18.2 倍數。出售所得主要用於資助股票回購。

Since the beginning of the year through June, we have repurchased approximately 3.4 million of our shares at a weighted average market purchase price of approximately $12.83 per share for an aggregate purchase price of approximately $43 million.

自今年年初至 6 月，我們已回購了約 340 萬股股票，加權平均市場購買價約為每股 12.83 美元，總購買價約為 4,300 萬美元。

Shares repurchased year-to-date have been priced at around a 3.5 turn spread to recent dispositions and over an 8 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 3.5 倍，在考慮了所需的資本投資後，EBITDA 差價超過 8 倍。

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

我們仍有一家酒店正在簽訂購買合同，即希爾頓莫托酒店 (Motto by Hilton)，該酒店正在納什維爾市中心建設中。該資產正在按照固定價格合約進行開發，我們預計在今年稍後建設完成後以約 9800 萬美元的價格收購該酒店。

Since the onset of the pandemic, we have completed approximately $338 million of hotel sales, with an additional $36 million under contract and expected to close in the coming months. These sales have allowed us to forego over $100 million in capital investments and represent a blended cap rate prior to taking into consideration necessary CapEx of approximately 5% and a sub-4% cap rate after CapEx. Over the same period, we have invested more than $1 billion in acquisitions and purchased 6.5 million shares of our own stock while maintaining the strength of our balance sheet.

自疫情爆發以來，我們已完成約 3.38 億美元的酒店銷售，另有 3,600 萬美元的合約正在簽訂中，預計將在未來幾個月內完成。這些銷售使我們放棄了超過 1 億美元的資本投資，在考慮必要的資本支出之前的混合資本化率約為 5%，在資本支出之後的混合資本化率低於 4%。在同一時期，我們在收購上投資了超過 10 億美元，並購買了 650 萬股自己的股票，同時保持了資產負債表的強勁。

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 positioning 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以及使我們能夠繼續受益於短期經濟和人口趨勢，進一步增強了我們本已定位良好的投資組合。

We have consistently demonstrated our ability to adjust tactical capital allocation strategy to account for changing market conditions and to act on opportunities at optimal times in the cycle to maximize total returns for our shareholders. Since May of last year, we have purchased nearly $78 million of our own shares.

我們始終如一地展現出我們有能力調整戰術資本配置策略以適應不斷變化的市場條件，並在周期的最佳時間抓住機會，從而為股東實現總回報最大化。自去年 5 月以來，我們已經回購了近 7,800 萬美元的自有股票。

While our long term goal is to grow our portfolio, when our stock trades at an implied discount to values we can achieve in private market transactions as it has for the past several months, we will opportunistically sell assets and redeploy proceeds primarily into additional share repurchases, preserving our balance sheet so that at the appropriate time in the cycle we can act quickly on attractive acquisition opportunities.

雖然我們的長期目標是擴大我們的投資組合，但當我們的股票交易價格低於我們在私人市場交易中可以實現的價值（就像過去幾個月一樣）時，我們將抓住機會出售資產並將收益主要用於額外的股票回購，保留我們的資產負債表，以便在周期的適當時間我們能夠迅速採取行動，抓住有吸引力的收購機會。

Consistent reinvestment in our portfolio is a key component of our strategy and ensures that our hotels maintain their strong value proposition for our customers and remain competitive in their respective markets while further driving EBITDA growth.

持續對我們的投資組合進行再投資是我們策略的關鍵組成部分，並確保我們的酒店為客戶保持強大的價值主張並在各自的市場中保持競爭力，同時進一步推動 EBITDA 成長。

Our experienced team is focused on leveraging our scale ownership to control costs, maximize impact on reinvested dollars, and schedule projects during periods of seasonally lower demand to minimize revenue displacement. Our ability to effectively renovate and maintain our assets is a meaningful differentiator that helps us to achieve strong returns for our investors over long periods of time.

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，最大限度地發揮再投資資金的影響，並在季節性需求較低的時期安排項目，以最大限度地減少收入流失。我們有效地翻新和維護資產的能力是一個有意義的差異化因素，有助於我們在長期內為投資者實現豐厚的回報。

During the six months ended June 30, capital expenditures were approximately $32 million. For the year, we expect to reinvest between $80 million and $90 million in our hotels with major renovations at approximately 20 of our hotels.

截至 6 月 30 日的六個月內，資本支出約為 3,200 萬美元。今年，我們預計將對酒店進行 8,000 萬至 9,000 萬美元的再投資，並對約 20 家酒店進行大規模翻新。

We entered the quarter at a time of heightened macroeconomic uncertainty, and we're prepared to adjust operational and capital allocation priorities accordingly. Although we did see a pullback in government travel beginning in March, demand trends have stabilized and overall travel demand remains strong.

我們進入本季時，宏觀經濟不確定性加劇，我們準備相應地調整營運和資本配置重點。儘管從三月開始我們確實看到政府旅行有所減少，但需求趨勢已經穩定，整體旅行需求仍然強勁。

Our booking window remains short, but as we look ahead to the second half of the year, we are encouraged by modest improvements in consumer sentiment and some easing of uncertainty related to policy changes, though economic uncertainty remains elevated and these improvements are not yet fully reflected in current booking data, which has pulled back slightly year over year for August and September.

我們的預訂窗口仍然很短，但展望下半年，消費者信心略有改善，政策變化帶來的不確定性有所緩解，這令我們感到鼓舞，儘管經濟不確定性仍然很高，而且這些改善尚未完全反映在當前預訂數據中，8 月和 9 月的預訂數據同比略有回落。

The adjustments we have made to full year guidance reflect current booking trends and could prove conservative if improvements in the macro environment drive better in the month for the month pick up like we saw in the first half of the year. With historically low exposure to new supply, our portfolio is particularly well positioned to benefit from incremental improvements in overall travel demand.

我們對全年指引所做的調整反映了當前的預訂趨勢，如果宏觀環境的改善推動當月業績回升，就像我們在上半年看到的那樣，那麼調整可能會被證明是保守的。由於歷史上新供應量較低的情況，我們的投資組合特別適合從整體旅遊需求的逐步改善中受益。

This year we are celebrating 25 years in the hospitality industry and 10 years since our listing on the New York Stock Exchange. 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, developing our corporate team, and closely aligning efforts with the associates and management teams who operate our hotels.

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。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，發展我們的企業團隊，並與經營我們酒店的員工和管理團隊緊密協調。

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. I'm 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、整體穩定的業務、低槓桿率以及強大的團隊實力。我相信，無論在任何宏觀經濟環境下，我們都有能力提高獲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. As we have previously messaged, a challenging macroeconomic environment and difficult calendar shifts weighed on our portfolio second quarter results. Comparable hotels' total revenue was $380 million for the quarter and $706 million year-to-date through June, both down slightly to the same periods of 2024.

謝謝你，賈斯汀，早安。正如我們之前所說，充滿挑戰的宏觀經濟環境和艱難的日曆變化對我們投資組合第二季的業績造成了壓力。本季可比飯店的總營收為 3.8 億美元，截至 6 月的年初至今的總營收為 7.06 億美元，均較 2024 年同期略有下降。

Comparable hotels adjusted Hotel EBITDA with $142 million for the quarter and $248 million year-to-date through June, both down approximately 5% to the same periods of 2024. Second quarter comparable hotels RevPAR with $129 down 1.7% as compared to the second quarter 2024. ADR was $164 down only 10 basis points, and occupancy was 79%, down 1.6% as compared to the second quarter 2024.

可比飯店調整後飯店 EBITDA 本季為 1.42 億美元，年初至今（截至 6 月）為 2.48 億美元，均比 2024 年同期下降約 5%。第二季可比飯店 RevPAR 為 129 美元，與 2024 年第二季相比下降 1.7%。ADR 為 164 美元，僅下降 10 個基點，入住率為 79%，與 2024 年第二季相比下降 1.6%。

For the six months ended June 30th, comparable hotels RevPAR was $120 down 1.1%. ADR was $160 up 0.4%, and occupancy was 75%, down 1.6% to the same period of 2024 respectively.

截至 6 月 30 日的六個月內，可比飯店的平均每間可用客房收入為 120 美元，下降 1.1%。平均房價為 160 美元，上漲 0.4%，入住率為 75%，較 2024 年同期下降 1.6%。

Our portfolio continues to outperform the industry, where STAR reports RevPAR to be $100 and average occupancy for the industry to be 62% for the first six months of the year, highlighting the relative strength of our portfolio demand despite year over year declines.

我們的投資組合繼續跑贏行業，STAR 報告稱今年前六個月的 RevPAR 為 100 美元，行業平均入住率為 62%，儘管同比有所下降，但凸顯了我們的投資組合需求相對強勁。

During the quarter, RevPAR declines steadily improved each month as we moved past a few key headwinds, and our team's adjusted strategy and reoptimized the mix of business at our hotels where there were meaningful shifts in government and other demand segments, strengthening market share for our overall portfolio.

在本季度，隨著我們克服了一些關鍵的不利因素，RevPAR 的下降趨勢每個月都在穩步改善，我們的團隊調整了策略，重新優化了酒店的業務組合，政府和其他需求領域發生了重大變化，從而加強了我們整體投資組合的市場份額。

Concerns related to potential policy changes and reductions in government spending, as well as the shift in timing of the Easter holiday, heavily impacted April results, with RevPAR down 4% compared to April 2024. In May and June, clear of challenging calendar shifts, fundamentals steadily improved, with RevPAR down 0.9% in May and only 0.2% in June, as compared to the same periods of 2024.

對潛在政策變化和政府支出削減的擔憂，以及復活節假期時間的變化，嚴重影響了 4 月份的業績，與 2024 年 4 月相比，RevPAR 下降了 4%。5 月和 6 月，由於沒有日曆變更帶來的挑戰，基本面穩定改善，與 2024 年同期相比，5 月 RevPAR 下降 0.9%，6 月僅下降 0.2%。

Market performance varied significantly during the quarter, with a mix of strong RevPAR gains in several markets in ongoing headwinds and others due to demand shifts and challenging year over year comps. Our team remains focused on hotel and market specific strategies as well as operational execution to maximize performance.

本季市場表現差異很大，在持續的逆風中，幾個市場的 RevPAR 均出現強勁增長，而其他市場則因需求變化和同比挑戰而增長。我們的團隊始終專注於酒店和市場特定的策略以及營運執行，以最大限度地提高績效。

Based on preliminary results for the month of July 2025, comparable hotels RevPAR improved by approximately 1% as compared to July 2024, driven by increases in both occupancy and ADR.

根據 2025 年 7 月的初步結果，受入住率和平均房價上漲的推動，可比飯店的 RevPAR 與 2024 年 7 月相比成長了約 1%。

Turning back to the second quarter, weekend and weekday occupancy trends were heavily impacted by calendar shifts and saw improvement as the quarter progressed. Weekend occupancy was positive year over year in June at up 1.1% after being down 3.7% in April and down 0.2% in May.

回顧第二季度，週末和工作日的入住率趨勢受到日曆變化的嚴重影響，並且隨著季度的進展而有所改善。6 月週末入住率年增 1.1%，而 4 月週末入住率下降 3.7%，5 月下降 0.2%。

Weekday occupancy was also positive in June, up 0.3% after being down 3.1% in April and down 1.5% in May. Weekend ADR grew slightly at 0.1%, and weekday ADR contracted by only 0.5% in the quarter, driving the slight overall ADR decline.

6 月工作日入住率也呈現正成長，季增 0.3%，而 4 月入住率下降了 3.1%，5 月入住率下降了 1.5%。週末 ADR 小幅成長 0.1%，而本季工作日 ADR 僅收縮 0.5%，導致整體 ADR 略有下降。

Same store room night channel mix was also impacted by the Easter holiday shift, macroeconomic uncertainty, and reductions in government travel. Brand.com bookings were up 40 basis points year over year at 40%. OTA bookings were up 20 basis points to 13%. Property direct was up 40 basis points at 25%. And GDS bookings were down 60 basis points to 16%.

同店夜間通路組合也受到復活節假期轉變、宏觀經濟不確定性以及政府旅行減少的影響。Brand.com 的預訂量較去年同期成長 40 個基點，達到 40%。OTA預訂量上漲20個基點，達13%。Property Direct 上漲 40 個基點，達到 25%。GDS 預訂量下降了 60 個基點，至 16%。

Looking at second quarter same store segmentation, bar remained strong at 32% of our occupancy mix. Other discounts grew 40 basis points to 28% of mix. Corporate and local negotiated declined to 90 basis points to 17% of mix, and government declined 70 basis points to 5.2% of mix. Group Business mix improved 150 basis points to 17%, largely offsetting declines in government and negotiated as our property teams adjusted strategy in response to shifts in demand during the quarter.

從第二季同店細分來看，酒吧依然保持強勁，佔入住率的 32%。其他折扣增加了 40 個基點，達到 28%。企業和地方協商利率下降 90 個基點，佔 17%，政府協商利率下降 70 個基點，佔 5.2%。集團業務組合提高了 150 個基點，達到 17%，在很大程度上抵消了政府和談判業務的下滑，因為我們的房地產團隊根據本季度需求的變化調整了策略。

While our group business benefits from citywide conventions, it is not dependent on large group events and is generally comprised of smaller business and leisure groups ranging from local corporate meetings and training events to more leisure oriented groups like family reunions, weddings, and sports teams. We continue to see growth in other revenues which were up 6% on a comparable basis during the quarter and up 8% year-to-date, driven primarily by parking revenue.

雖然我們的團體業務受益於全市範圍的會議，但它並不依賴大型團體活動，通常由較小的商務和休閒團體組成，從當地公司會議和培訓活動到更注重休閒的團體，如家庭聚會、婚禮和運動隊。我們繼續看到其他收入的成長，本季年增 6%，年初至今上漲 8%，主要受停車收入的推動。

Turning to expenses Comparable hotels, total hotel expenses increased by 2.8% for the second quarter and 2.6% year-to-date through June as compared to the same period of last year or 3.7% and 3.8% on a CPOR basis.

談到費用，可比酒店方面，第二季度酒店總費用與去年同期相比增長了 2.8%，年初至今（截至 6 月）增長了 2.6%，或按 CPOR 計算分別增長了 3.7% 和 3.8%。

On a same-store basis, total hotel expenses increased by only 1.7% for the second quarter and 1.5% year-to-date through June.

以同店計算，第二季飯店總支出僅成長 1.7%，截至 6 月的年初至今飯店總支出僅成長 1.5%。

Total payroll per occupied room for our same store hotels was $39 for the quarter, only up 3% to the second quarter 2024, an improvement compared to Q1 at $42 per occupied room, and 4% growth year-over-year.

本季度，我們同店飯店每間入住客房的總薪資為 39 美元，到 2024 年第二季僅成長 3%，與第一季每間客房 42 美元相比有所改善，較去年同期成長 4%。

We continue to achieve reductions in contract labor, which decreased during the quarter to 7% of total wages, down 150 basis points or 15% versus the same period in 2024.

我們繼續減少合約工，本季合約工佔總薪資的 7%，與 2024 年同期相比下降了 150 個基點，即 15%。

Comparable hotels, variable hotel expenses increased 2.1% in the second quarter, with cost control efforts holding rooms expense growth to only 1.5% and nearly flat on a same store basis. Sales and marketing expenses and utility costs, which were headwinds in the first quarter, saw improvement in the second quarter, growing only 0.7% and 1.9% year-over-year, respectively.

同店飯店方面，第二季變動飯店費用成長了 2.1%，成本控制措施將客房費用增幅控制在僅 1.5%，且同店費用增幅基本持平。銷售和行銷費用以及公用事業成本在第一季遭遇阻力，但在第二季有所改善，年比分別僅分別成長 0.7% 和 1.9%。

Comparable hotel administrative and repair and maintenance costs grew slightly higher at just under 4% during the quarter, driven by administrative wages and other employee-related costs, but only 3% on a same store basis. Consistent with the first quarter, real estate taxes were a headwind with increases in several markets and challenging comparisons related to 2024 appeals.

本季度，受管理薪資和其他員工相關成本的推動，可比飯店管理和維修成本略有成長，增幅略高於 4%，但同店成長率僅 3%。與第一季一致，房地產稅是一個阻力，多個市場的房地產稅均有所上漲，與 2024 年上訴相關的比較也具有挑戰性。

Despite a softer top line, our comparable hotels adjusted hotel EBITDA margin is strong at 37.4% for the second quarter and 35.1% year-to-date through June, down 200 basis points and 190 basis points as compared to the same period of 2024 respectively.

儘管營收有所疲軟，但我們可比飯店調整後的 EBITDA 利潤率依然強勁，第二季為 37.4%，年初至今為 35.1%，分別與 2024 年同期相比下降了 200 個基點和 190 個基點。

Adjusted EBITDAre was approximately $133 million for the quarter and $228 million a year-to-date through June, both down approximately 6% to the same period of 2024, respectively.

本季調整後 EBITDAre 約 1.33 億美元，截至 6 月的年初至今調整後 EBITDAre 約為 2.28 億美元，較 2024 年同期分別下降約 6%。

MFFO for the quarter was approximately $112 million or $0.47 per share, down 6% on a per share basis as compared to the second quarter 2024. Year-to-date through June, MFFO was approximately $188 million or $0.79 per share, down 6% on a per share basis as compared to the same period in 2024.

本季 MFFO 約為 1.12 億美元，即每股 0.47 美元，與 2024 年第二季相比每股下降 6%。截至今年 6 月，MFFO 約為 1.88 億美元，即每股 0.79 美元，與 2024 年同期相比每股下降 6%。

Looking at our balance sheet as of June 30, 2025, we had approximately $1.5 billion of total outstanding debt, approximately 3.4 times our trailing 12 month EBITDA with a weighted average interest rate of 5%.

查看截至 2025 年 6 月 30 日的資產負債表，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 3.4 倍，加權平均利率為 5%。

At quarter end, our weighted average debt maturities were approximately two years. We had cash on hand of approximately $8 million availability under our revolving credit facility of approximately $475 million and approximately 61% of our total debt outstanding was fixed or hedged.

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 800 萬美元的現金，可用於大約 4.75 億美元的循環信貸額度，並且我們未償還債務總額的約 61% 是固定的或對沖的。

During the quarter, the company repaid in full two secured mortgage loans for a total of approximately $33 million bringing the number of unencumbered hotels in the company's portfolio as of June 30, 2025 to 209.

本季度，該公司全額償還了兩筆抵押貸款，總額約為 3,300 萬美元，使截至 2025 年 6 月 30 日該公司投資組合中無抵押酒店數量達到 209 家。

Subsequent to quarter end in July, we entered into a new unsecured $385 million term loan facility with a maturity date of July 31, 2030. At closing, proceeds were used to repay all amounts outstanding under our unsecured $225 million term loan facility in advance of its maturity date, with the incremental capacity used to pay down a portion of the outstanding balance on our revolving credit facility.

7 月季度結束後，我們簽訂了一項新的 3.85 億美元無擔保定期貸款，到期日為 2030 年 7 月 31 日。在交易結束時，所得款項用於在到期日之前償還我們 2.25 億美元無擔保定期貸款的所有未償還金額，增量容量用於償還我們循環信貸額度的部分未償還餘額。

Interest payments on the $385 million term loan facility are determined by an annual SOFR rate plus a margin ranging from 1.35% to 2.2%, depending on the company's leverage ratio as calculated under the terms of the credit agreement and without a credit spread adjustment. The new credit agreement for the $385 million term loan facility otherwise contains substantially the same terms as the previous credit agreement for the $225 million term loan facility.

3.85 億美元定期貸款的利息支付由年度 SOFR 利率加上 1.35% 至 2.2% 的保證金決定，具體取決於根據信貸協議條款計算的公司槓桿率，且不進行信用利差調整。新的 3.85 億美元定期貸款信貸協議的其他條款與先前 2.25 億美元的定期貸款信貸協議基本相同。

Looking ahead, the five year tenure will enable us to manage and stagger our maturities as we approach our main credit facility in the next 12 months.

展望未來，五年期限將使我們能夠在未來 12 個月內接近主要信貸額度時管理和錯開到期日。

Following the close of this facility, our weighted average debt maturities increased to over three years. We paid down the existing balance as of that date on our revolving credit facility, increasing our availability to $650 million and approximately 67% of our total debt outstanding is now fixed or hedged after entering into two new swaps on $100 million of outstanding debt subsequent to quarter end, improving our weighted average interest rate.

該貸款關閉後，我們的加權平均債務期限增加至三年以上。我們償還了截至該日的循環信貸額度的現有餘額，將可用餘額增加到 6.5 億美元，並且在季度末之後就 1 億美元未償債務進行兩次新的掉期交易後，我們未償債務總額的約 67% 現已固定或對沖，從而提高了我們的加權平均利率。

Turning to our updated outlook for 2025 provided in yesterday's press release. For the full year, we expect net income to be between $161 million and $187 million. Comparable hotels RevPAR change to be between negative 1.5% to positive 0.5%.

談到我們昨天新聞稿中提供的 2025 年最新展望。我們預計全年淨收入將在 1.61 億美元至 1.87 億美元之間。可比飯店 RevPAR 變化在-1.5% 至+0.5% 之間。

Comparable hotels adjusted hotel EBITDA margin to be between 33.5% and 34.5% and adjusted EBITDAre to be between $428 million and $450 million. As compared to the midpoint of previously provided 2025 guidance, we are decreasing comparable hotels RevPAR change by 50 basis points, resulting in a 20 basis point decrease in comparable hotels adjusted hotel EBITDA margin, and a decrease in adjusted EBITDAre by $5.5 million.

可比飯店調整後的飯店 EBITDA 利潤率在 33.5% 至 34.5% 之間，調整後的 EBITDA 在 4.28 億美元至 4.5 億美元之間。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 50 個基點，導致可比較飯店調整後的飯店 EBITDA 利潤率減少 20 個基點，調整後的 EBITDAre 減少 550 萬美元。

We have assumed for purposes of guidance that total hotel expenses will increase by approximately 3.3% at the midpoint, which is 4.1% on a CPOR basis. We continue to assume these increases are driven primarily by higher growth rates for certain fixed expenses, including real estate taxes and general liability insurance, than those experienced last year.

為了提供指導，我們假設飯店總費用中點將增加約 3.3%，以 CPOR 計算為 4.1%。我們繼續認為，這些成長主要是由於某些固定支出（包括房地產稅和一般責任保險）的成長率高於去年。

Additionally, we expect approximately $2 million of incremental expenses related to brand conferences, which occur every 18 to 24 months, a portion of which was realized during the second quarter, with the majority expected to materialize in the third quarter.

此外，我們預計與品牌會議相關的增量費用約為 200 萬美元，每 18 至 24 個月舉行一次，其中一部分已在第二季度實現，大部分預計將在第三季度實現。

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.

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。

Looking ahead to the second half of the year, though economic uncertainty remains elevated, it is encouraging to see modest improvements in consumer sentiment and some easing of uncertainty related to policy changes.

展望下半年，儘管經濟不確定性仍然較高，但令人鼓舞的是，消費者信心略有改善，政策變化相關的不確定性有所緩解。

Our reservation booking window is short, and we do not believe these improvements are reflected in our current booking data, which has pulled back slightly year-over-year for August and September, likely impacted, at least in part by the shift in Rosh Hashanah into September from October.

我們的預訂窗口很短，我們認為這些改進並未反映在我們目前的預訂數據中，8 月和 9 月的預訂數據同比略有回落，可能至少部分受到猶太新年從 10 月轉移到 9 月的影響。

The adjustments we have made to full year guidance reflect current booking trends and could prove conservative if improvements in the macroeconomic environment drive stronger short-term bookings.

我們對全年指引所做的調整反映了當前的預訂趨勢，如果宏觀經濟環境的改善推動短期預訂量增加，則可能證明是保守的。

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

值此我們慶祝並回顧公司在酒店業的 25 年歷程以及在紐約證券交易所上市 10 週年之際，我們堅信，我們的團隊擁有成功且動態地應對市場變化和不斷變化的條件的知識和經驗，從而實現盈利能力最大化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 and challenging environments and to be uniquely positioned to enhance value as opportunities arise. While we have experienced some economic headwinds early this year, we believe favorable supply demand dynamics persist.

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。儘管今年年初我們經歷了一些經濟逆風，但我們相信有利的供需態勢仍然存在。

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.

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。

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

我們的準備好的演講到此結束，現在我們很高興回答大家今天早上提出的任何問題。

(Operator Instructions) Austin Wurschmidt, KeyBanc.

（操作員指示）Austin Wurschmidt，KeyBanc。

It's Josh Friedland on for Austin. My first question is around guidance. If the positive booking trends seen in July were to continue absent the holiday shift impact, would you have been comfortable holding the prior midpoint of RevPAR guidance?

喬許·弗里德蘭 (Josh Friedland) 代表奧斯汀出戰。我的第一個問題是關於指導。如果 7 月的積極預訂趨勢在沒有假期班次影響的情況下繼續下去，您是否會願意維持先前的 RevPAR 指導中點？

It's a good question. I mean, I think, had I think it's entirely based on what we see from a guidance -- from a booking position perspective as we sit here today for August and September, if trends continue to improve, it's been four or five weeks of, sequential improvement, which is encouraging. How much it would continue to improve would sort of dictate whether we'd feel comfortable maintaining guidance. But I do believe that there is some upside relative to the current trajectory of pick up.

這是個好問題。我的意思是，我認為，這完全基於我們從指導中看到的情況——從我們今天坐在這裡的 8 月和 9 月的預訂情況來看，如果趨勢繼續改善，那麼已經連續四到五週改善，這是令人鼓舞的。它能持續改善多少將決定我們是否願意維持指導。但我確實相信，相對於目前的回升軌跡，還存在一些上行空間。

But again, we have seen how we materialize relative to booking position, be noisy like the monthly performance we've seen year-to-date. And so felt more comfortable, basing guidance on the position that we -- where the position is today.

但是，我們再次看到了我們如何實現相對於預訂位置的業績，就像我們今年迄今為止看到的月度業績一樣嘈雜。因此，我們根據目前的狀況提供指導，感覺更舒服。

Okay, that's helpful. And on booking strategy, do you continue to add some group onto the books in the third quarter and at what point would you pivot away from group and look to remix into higher rated segments?

好的，這很有幫助。在預訂策略方面，您是否會在第三季繼續增加一些團體預訂，什麼時候您會放棄團體預訂，轉而考慮重新組合到更高收視率的細分市場？

Interestingly, group has been an ADR benefit to us in the second quarter. I think it's one of the reasons that we have seen ADR hold in there despite some overall occupancy declines in the second quarter. So Group hasn't negatively impacted our overall RevPAR performance. So I think as we think about layer.

有趣的是，該集團在第二季為我們帶來了 ADR 收益。我認為這是儘管第二季整體入住率有所下降但平均房價仍保持穩定的原因之一。因此，集團並沒有對我們的整體 RevPAR 業績產生負面影響。所以我認為當我們考慮層時。

On group, it's all about, the right group at the right rate, and over the past few months it really has been, a key driver to the improvement in our RevPAR, performance, as you look from April through June and even into July, we've had elevated group business. We were really, really pleased with our team's ability to pivot quickly once we saw dynamics change in March and April and re strategize and think market by market and hotel by hotel and layer on some incremental groups.

對於團體而言，關鍵在於以合適的價格找到合適的團體，而在過去幾個月中，這確實是推動我們 RevPAR 業績提升的關鍵因素，正如您所見，從 4 月到 6 月甚至 7 月，我們的團體業務都有所提升。一旦我們看到 3 月和 4 月的動態變化，我們真的非常高興我們的團隊能夠迅速調整，重新制定策略，逐個市場、逐個酒店地思考，並分層增加一些增量群體。

So I think today as we are approaching mix of business in each hotel, we'll be prudent and certainly not saying we would layer it in everywhere. But overall it certainly has been a benefit and the team has done an exceptional job of putting it in on attractive rates that have only enhanced our RevPAR position.

因此我認為，今天當我們在處理每家酒店的業務組合時，我們會很謹慎，當然不會說我們會把它分層到各個地方。但總體而言，這無疑是一種優勢，而且團隊出色地完成了工作，以極具吸引力的價格推出了這項服務，這只會提升我們的 RevPAR 地位。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

And maybe just a bit of a follow up, if you could provide a little bit more color just on what you saw in July and the relative strength there and maybe also just on the books on bookings, what you're seeing from that front? And then just as far as the cadence of RevPAR growth in 3Q and 4Q, how we should be thinking about that?

也許只是一點點的後續問題，如果您可以提供更多關於您在 7 月份看到的情況和那裡的相對強度以及可能只是關於預訂賬簿的詳細信息，您從這方面看到了什麼？那麼就第三季和第四季 RevPAR 的成長節奏而言，我們該如何考慮呢？

Okay, I'll try to answer all those questions. But if I miss one, ask again. Thinking about July specifically and how that month materialized, we were pleased. We were pleased with performance in July. The improvement in RevPAR growth, and market share that we saw really coming out of April and progressing into July, the sequential improvement in RevPAR change performance, was overall encouraging.

好的，我會盡力回答所有這些問題。但如果我漏掉了一個，請再問一次。具體來說，想到七月以及這個月的到來，我們感到很高興。我們對七月份的表現感到滿意。我們看到，從 4 月份開始到 7 月份，RevPAR 成長和市佔率都有所改善，RevPAR 變化表現也持續改善，整體而言令人鼓舞。

When we look at booking position in August and September, were down, and that's factored into guidance. But August booking position, does not take into account, at least today, the trajectory of what we saw in July with short term pick up in our booking position. So I think overall, so I think July we did see improvement as we were looking at, future bookings and in in the month for the month bookings. But just several weeks, we needed to be somewhat cautious there.

當我們查看 8 月和 9 月的預訂情況時，發現它們有所下降，這已計入指導中。但至少在今天，八月的預訂情況並沒有考慮到我們在七月看到的短期回升的軌跡。所以我認為總體而言，從我們目前看到的未來預訂量和當月預訂量來看，7 月我們確實看到了改善。但僅僅幾週之後，我們就需要稍微謹慎一點。

As we think about beyond August and September and sort of thinking about your cadence question, August and September are down from a booking position standpoint. October though is up to last year and certainly looks -- at least today, though it's very early to be looking at October, looks to offset September decline. So I think that's where we in part believe some of it is the shift in Rosh Hashanah into September and October just being for our portfolio historically a very strong business and leisure oriented month.

當我們考慮 8 月和 9 月之後的情況並思考您的節奏問題時，從預訂位置的角度來看，8 月和 9 月是下降的。不過，10 月的數據與去年同期持平，而且看起來——至少從今天來看，雖然現在展望 10 月的數據還為時過早，但看起來可以抵消 9 月的下滑。所以我認為，我們在某種程度上認為，部分原因是猶太新年轉移到了九月和十月，而對於我們的投資組合來說，九月和十月歷來是一個非常強勁的商業和休閒月份。

So when you think about Q2 and -- or Q3, I'm sorry, and Q4, we have anticipated that RevPAR because of August and September booking position today would be down and that we would see improvement in the fourth quarter, and we'd have RevPAR growth in the fourth quarter.

因此，當您考慮第二季度和第三季度（抱歉）以及第四季度時，我們預計由於 8 月和 9 月的預訂情況，RevPAR 會下降，我們將在第四季度看到改善，並且第四季度的 RevPAR 會增長。

And then maybe just looking at the portfolio and the market performance, it looks like some of the Sunbelt markets were really some of the weakest in the quarter, whether it was Phoenix, Nashville, Dallas. Just curious if you can provide a little bit more color on what you're seeing in those markets and maybe what specifically drove that weakness?

然後也許只看一下投資組合和市場表現，看起來一些陽光地帶市場確實是本季最弱的市場之一，無論是鳳凰城、納許維爾還是達拉斯。我只是好奇，您是否可以提供更多關於您在這些市場中看到的情況以及具體導致這種疲軟的原因？

Absolutely. And actually, if you look at our market results, you'll see there are broad disparities in terms of performance market to market. Remember, across the entire portfolio, performance for the quarter is skewed by April's performance, which is largely calendar shift, remembering that our hotels tend to perform worse over holiday weeks than they do outside of those weeks because of the mix we generally have are business travel.

絕對地。實際上，如果你看一下我們的市場業績，你會發現不同市場之間的業績有很大差異。請記住，在整個投資組合中，本季度的表現受到四月份表現的影響，這主要是日曆變化，請記住，由於我們通常有商務旅行，因此我們的酒店在假期期間的表現往往比假期之外的表現更差。

When we look at some of the markets that you highlighted, the specific factors vary. Dallas, for example, was negatively impacted by convention calendar and renovations at the convention center. Phoenix was negatively impacted by a pullback in semiconductor business, largely impacting our portfolio of hotels. That business is expected to come back as we round out the third quarter and move into the fourth quarter of this year. There is some impact from a slight pullback in government in certain other areas.

當我們觀察您強調的一些市場時，具體因素有所不同。例如，達拉斯就受到會議日程和會議中心翻修的負面影響。半導體業務的衰退對菲尼克斯產生了負面影響，這在很大程度上影響了我們的酒店組合。隨著我們結束第三季度並進入第四季度，預計該業務將會復甦。政府在某些其他領域的略微縮減也產生了一些影響。

And then when you look through some of our other Sunbelt markets, markets like Huntsville that don't show up specifically as an individual market, but as one of our Alabama markets saw a pretty significant pullback in government, which negatively impacted that market.

然後，當你瀏覽我們的其他一些陽光地帶市場時，像亨茨維爾這樣的市場並沒有明確地表現為一個單獨的市場，但作為我們的阿拉巴馬州市場之一，政府的干預明顯減少，這對該市場產生了負面影響。

When we look at the portfolio as a whole, though, what's interesting is looking at our top-performing markets, nearly half of them were positively impacted by improvement in government travel. And then when we look at the bottom portion of our portfolio, there are a significant number of the markets that were negatively impacted by a pullback in government.

然而，當我們從整體上看待投資組合時，有趣的是，看看我們表現最好的市場，其中近一半受到了政府旅行改善的正面影響。然後，當我們審視投資組合的底部時，我們發現相當一部分市場受到了政府撤資的負面影響。

Certainly not the only factor impacting our market, but we did see across the board, in addition to the holiday shift in April, some pretty significant shifts in travel patterns. And as Liz highlighted earlier, are incredibly pleased with our team's ability to shift focus and to attract largely group business across the portfolio at higher rates over the course of the quarter, improving our occupancy and rate positioning and by July, putting us in a position to be positive.

當然這不是影響我們市場的唯一因素，但除了四月份的假期變化之外，我們確實看到旅行模式發生了一些相當顯著的變化。正如 Liz 之前所強調的那樣，我們對我們團隊能夠轉移重點並在本季度以更高的價格吸引整個投資組合中的團體業務的能力感到非常高興，這提高了我們的入住率和價格定位，到 7 月份，我們將處於積極的地位。

I think certainly speaks to the strength of our team, both here corporately and at the property level and also the versatility of the product that we own and the appeal that that product has with a broad consumer base.

我認為這無疑說明了我們團隊的實力，無論是在公司層面還是在物業層面，也說明了我們產品的多功能性以及該產品對廣大消費者群體的吸引力。

So I would love to be able to point you to a single factor that impacted all of our markets, but the reality is it's a variety of factors that came together, all exacerbated during the quarter by the calendar shift impacting April.

因此，我很想指出影響我們所有市場的單一因素，但事實是，這是多種因素共同作用的結果，而所有因素在本季度都因 4 月份日曆變化的影響而加劇。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Just given some of the comments on weaker August and September bookings, can you talk about what gives you confidence in the acceleration in 4Q RevPAR pick up, whether it's mix shift, acceleration in fundamentals or softer comps?

鑑於 8 月和 9 月預訂量較弱的一些評論，您能否談談是什麼讓您對第四季度 RevPAR 的加速增長充滿信心，無論是組合轉變、基本面加速還是更疲軟的比較？

It's a combination of things. I'd say you highlighted in your question several of them. Part is looking ahead at booking position today. And again, it's too far out to put too much weight into that. But as we look at the fourth quarter, our booking position is positive. Looking at calendar shifts is a piece of it, benefiting from not having the election in November. And then having -- we started to talk about it and were more impacted in Q1, but we did have some market share opportunity beginning in November and feel like we have some opportunity as we round out the year.

這是多種因素的綜合。我想說，您在問題中強調了其中的幾個。部分正在展望今天的預訂情況。再說了，這個話題太遙遠了，不宜太重視。但展望第四季度，我們的預訂狀況是正面的。由於十一月沒有選舉，因此查看日曆變化是其中的一部分。然後——我們開始談論它，並且在第一季受到了更大的影響，但是從 11 月開始我們確實有一些市場份額機會，並且感覺我們在年底會有一些機會。

Great. And then as we think about capital allocation moving forward in a seemingly improving transaction market with more available financing, could we see the pace of disposition activity accelerate beyond the announced, closings with proceeds used for share buybacks?

偉大的。然後，當我們考慮在一個看似改善的交易市場中推進資本配置並獲得更多可用融資時，我們是否會看到處置活動的步伐超越宣布的、用於股票回購的收益的成交而加快？

I think certainly, I think moving back or looking back 12 months or so, we had hoped that there would be a more rapid recovery in our share price, given how we have traded recently and the effectiveness of our team at executing, I think, incredibly well on sales transactions and our ability to benefit from the arbitrage between private market valuations and the implied multiple in our current share price, you could expect us to dig even deeper into that area.

我認為當然，回顧 12 個月左右，我們曾希望我們的股價能夠更快地復甦，考慮到我們最近的交易情況以及我們團隊在執行銷售交易方面的效率，以及我們從私人市場估值和當前股價隱含倍數之間的套利中獲益的能力，您可以期待我們在該領域進行更深入的挖掘。

Incredibly pleased with both the transactions we've done to date, but also the assets that we currently have under contract. We're continuing to test the market to see if there's an appetite for larger scale transactions. And to date, have had a better ability even with more open debt markets to secure attractive pricing with smaller assets or as you saw with our most recent announcement, small portfolios still in that $20 million or less kind of price range. But rest assured that to the extent we continue to see an arbitrage opportunity as big as the one we see now, we'll continue to pursue it.

我們對迄今為止完成的交易以及目前合約下的資產感到非常滿意。我們正在繼續測試市場，看看是否有更大規模交易的興趣。到目前為止，即使在更開放的債務市場中，我們也有更好的能力以較小的資產獲得有吸引力的定價，或者正如您在我們最近的公告中看到的那樣，小型投資組合仍然在 2000 萬美元或以下的價格範圍內。但請放心，只要我們繼續看到像現在這樣大的套利機會，我們就會繼續追求它。

Importantly, in my prepared remarks, I highlighted the fact that it is our desire long term to grow the portfolio. And I think using proceeds from these sales to fund share repurchases, while we certainly have balance sheet capacity, to do more than that. It preserves balance sheet capacity to pursue acquisitions as market conditions shift and that becomes the more attractive opportunity for us.

重要的是，在我準備好的發言中，我強調了我們的長期願望是擴大投資組合。我認為利用這些銷售所得來資助股票回購，雖然我們當然有資產負債表能力，但可以做更多的事情。它保留了資產負債表的能力，以便在市場條件變化時進行收購，這對我們來說成為更具吸引力的機會。

In the meantime, in addition to the immensely positive arbitrage opportunity that we're taking advantage of, we're also offloading CapEx that would be needed over the next several years to buyers of these hotels. And we think better positioning the portfolio for the long term.

同時，除了我們正在利用的極其積極的套利機會之外，我們還將未來幾年所需的資本支出轉移給這些酒店的買家。我們認為，這將更好地定位投資組合的長期前景。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Justin, actually, going back to that last point, as you think about incremental dispositions, you highlighted the opportunity to repurchase shares. How does the Nashville purchase contract factor into that thinking? And how would you intend to finance that acquisition?

賈斯汀，實際上，回到最後一點，當您考慮增量處置時，您強調了回購股票的機會。納許維爾購買合約如何影響這種想法？您打算如何為此次收購籌措資金？

It's a good question. A portion of our acquisitions activity, as you know, has always been forward commitments on new development assets because we're making those commitments in many cases, two to three years in advance of the acquisition, we're taking into consideration in our analysis more of an average cost of capital than a spot cost of capital. I think our intent would be largely to use balance sheet capacity to fund that acquisition and proceeds from sale to fund asset or stock repurchases.

這是個好問題。如您所知，我們的部分收購活動一直是對新開發資產的遠期承諾，因為在許多情況下，我們在收購前兩到三年就做出了這些承諾，我們在分析中考慮的是平均資本成本，而不是現貨資本成本。我認為我們的目的主要是利用資產負債表容量來資助收購，並利用出售所得資助資產或股票回購。

Interestingly and importantly, highlighted in our press release is the 1031 exchange opportunity. And for tax purposes, we will be utilizing that to pursue the Nashville asset. But largely, we see those as two separate phenomenon.

有趣且重要的是，我們的新聞稿中強調了 1031 交換機會。出於稅收目的，我們將利用它來追求納許維爾資產。但總體而言，我們認為這是兩個獨立的現象。

And as I highlighted today, where there are limited comps that potentially make NAV analysis tricky, it's very easy for us to do the analysis from a relative value standpoint between where we're able to transact on individual assets and where we're able to buy our shares and take advantage of the large gap that we're seeing today to drive incremental value for our shareholders.

正如我今天強調的那樣，由於可比公司有限，可能會使資產淨值分析變得棘手，我們可以輕鬆地從相對價值的角度進行分析，分析我們能夠交易的單一資產和我們能夠購買股票的地方，並利用我們今天看到的巨大差距為股東創造增量價值。

And sticking with Nashville, can you speak to the performance maybe in the downtown submarket relative to some of the suburban areas in which you already own. And what's your latest perspective on sort of current market trends relative to your underwriting for the Motto and your ultimate cost basis there?

繼續說納許維爾，您能否談談市中心子市場相對於您已經擁有的一些郊區的表現？您對當前市場趨勢的最新看法與您對 Motto 的承保以及最終成本基礎有何關係？

So from a cost basis standpoint, I think looking at our per key pricing relative to recent trades in the market, it's easy to see that we have cushion beyond where recent trades have happened. We anticipated in our underwriting that the market would stabilize and potentially temporarily pull back and feel good about the long-term value that we will achieve on that asset.

因此，從成本基礎的角度來看，我認為看看我們相對於市場近期交易的每個關鍵定價，很容易看出我們在近期交易之外還有緩衝。我們在承保時預計市場將會穩定並可能暫時回落，並且我們對該資產將實現的長期價值感到樂觀。

I think Colin on Ryman's call had very good commentary about the Nashville market, and we are equally bullish long term about the potential there. When we look at the delta from a performance standpoint between the downtown markets, remembering we own assets in the Vanderbilt area, which is just outside of downtown.

我認為科林在萊曼的電話會議上對納許維爾市場做出了非常好的評價，我們同樣看好那裡的長期潛力。當我們從市中心市場之間的業績角度來看待差異時，請記住我們在市中心外的范德比爾特地區擁有資產。

We also own assets in Franklin. The Franklin market has been a little bit more challenging recently for us. The long-term prospects, we think, are good as they repurpose auto manufacturing facilities in that area, which have historically been a key driver of kind of overall demand for that market. And as the market continues to grow as a healthy suburb of the downtown Nashville area.

我們還在富蘭克林擁有資產。富蘭克林市場最近對我們來說更具挑戰性。我們認為，長期前景良好，因為他們重新利用了該地區的汽車製造設施，而這在歷史上一直是該地區整體需求的主要驅動力。隨著市場持續成長，納許維爾市中心郊區也逐漸健康起來。

But near term, we have greater confidence. And when I say near term, over the next 6 to 12 months, I think that the downtown area will continue to perform on a relative basis, slightly better with both areas absorbing, I think, higher than the national average amounts of new supply, but continuing also to see an influx of new businesses and very strong leisure demand, which we think, over time, continue to make Nashville a very compelling market for us.

但從短期來看，我們有更大的信心。當我說短期內，即在未來 6 到 12 個月內，我認為市中心地區將繼續表現相對更好，兩個地區吸收的新增供應量都高於全國平均水平，但同時也會繼續看到新企業的湧入和非常強勁的休閒需求，我們認為，隨著時間的推移，納許維爾將繼續成為我們非常有吸引力的市場。

Daniel Hogan, Baird.

丹尼爾·霍根，貝爾德。

First question is quickly on buybacks. It didn't look like there was anything in July. Do you feel like those buybacks start to track asset sales in your mind? Or is there room to be opportunistic and incrementally use the balance sheet there?

第一個問題是關於回購的。七月好像沒什麼事。您是否覺得這些回購開始在您的腦海中追蹤資產銷售？或是否存在機會空間並逐步使用資產負債表？

I think as I highlighted in my earlier response, we intend over time to primarily fund share repurchases, utilizing proceeds from sale. In those instances, the arbitrage is very easy to quantify. Though we do have incremental capacity and have shown an ability to look forward and to buy shares opportunistically and then reset the balance sheet with future sales. I think the pullback in July had much more to do with timing of our earnings than it did appetite for shares. Certainly, at or around current pricing, we continue to see significant value in our shares.

我認為，正如我在先前的回覆中所強調的那樣，我們打算利用出售所得主要為股票回購提供資金。在這些情況下，套利很容易量化。儘管我們確實擁有增量產能，並且已經表現出前瞻性和機會性地購買股票的能力，然後透過未來的銷售重置資產負債表。我認為 7 月的回檔與我們的獲利時機關係更大，而不是與對股票的興趣關係更大。當然，在當前價格或接近當前價格的水平上，我們仍然認為我們的股票具有顯著的價值。

And then just a follow-up then on being opportunistic with the transactions. Is there still a large appetite for buyers out there looking to take on assets with larger portions of required renovations or CapEx needs? Or would you still consider dispositions of assets regardless of CapEx needs or not if there's a buyer out there?

然後只是後續的跟進，然後抓住交易的機會。對於希望收購需要大量翻修或資本支出的資產的買家來說，是否仍然有很大的興趣？或者，如果有買家，您是否仍會考慮處置資產，而不管資本支出需求如何？

Our CapEx is a driver, but not the only driver of our dispositions activity. Certainly, we're looking to maximize the value of the trade and we would be willing to sell assets where we could maximize current price and where we felt we could further improve the trajectory and quality of our overall portfolio, even where near-term CapEx is not an issue. And in fact, as we move forward over the next 12 to 24 months, you're likely to see us renovating assets in advance of sale in some instances because of our ability to perform renovations more efficiently than potential buyers and seeing that as a way as well to potentially maximize the value on sale.

我們的資本支出是我們處置活動的一個驅動因素，但不是唯一的驅動因素。當然，我們希望最大化交易價值，並且我們願意出售能夠最大化當前價格的資產，並且我們認為可以進一步改善我們整體投資組合的軌跡和質量，即使短期資本支出不是問題。事實上，隨著未來 12 到 24 個月的推進，您可能會看到我們在某些情況下在出售之前對資產進行翻新，因為我們能夠比潛在買家更有效地進行翻新，並且我們也將此視為最大化銷售價值的一種方式。

(Operator Instructions) Floris Van Dijkum, Compass point.

（操作員指示）Floris Van Dijkum，羅盤點。

I wanted to follow up when you talked about the group business contributing to the bottom line. I would imagine it has a little bit of a lead time. So what was different that allowed you to accelerate adding more group business? Is that something you are going to continue to replicate? And why not continue to maintain that?

當您談到集團業務對盈利的貢獻時，我想跟進一下。我想這需要一點準備時間。那麼，是什麼不同讓您能夠加速增加更多團體業務呢？您會繼續複製這種做法嗎？為什麼不繼續保持這種狀態呢？

There will be a continued focus on group, where it makes sense. I think one of the things that differentiates our group business from more traditional citywide and convention calendar type group business or large group business is that it is and typically has always been shorter term in nature.

我們將繼續關注團體，這是有意義的。我認為我們的團體業務與更傳統的城市範圍和會議日曆類型的團體業務或大型團體業務的區別之一是，它本質上是並且通常一直是短期的。

So you think family reunions, sports teams, smaller corporate events, things of the sort, we've been able to layer that in fairly quickly. So I think, as I mentioned before, because we have been able to do that and focus in on that at attractive rates and with some success, we'll continue to focus there where it makes sense from an overall mix perspective.

所以你認為家庭聚會、運動隊、小型公司活動以及諸如此類的事情，我們已經能夠相當快地將其分層起來。因此我認為，正如我之前提到的，因為我們已經能夠做到這一點，並以有吸引力的價格專注於此，並取得了一些成功，我們將繼續把重點放在從整體組合角度來看有意義的地方。

When you say attractive rates, I would imagine if it's short turnaround for like a family reunion, is it attractive for them to get them in? Or is it attractive to you?

當您說有吸引力的價格時，我想如果這是像家庭聚會這樣的短期活動，那麼對他們來說是否具有吸引力呢？或者它對你有吸引力嗎？

To us. When I say attractive rates, I mean, obviously, we are working with the respective group. And hopefully, we're coming up with a win-win for everybody. But when I say that, I talk about our group rates year-over-year. So rate growth as we think about different segments of business, we've been able to grow group ADR year-over-year in an environment where rate has remained strong, but we certainly haven't seen the rate growth across all segments of the business that we have seen in group business over the last quarter. And so, I think it's certainly group by group, but we've been able to grow base group rates year-over-year, which has been additive.

對我們來說。當我說有吸引力的利率時，我的意思是，顯然我們正在與相應的集團合作。希望我們能夠實現雙贏。但當我這麼說的時候，我談論的是我們的團體費率比去年同期變化。因此，當我們考慮不同的業務部門時，我們發現在利率維持強勁的環境下，集團 ADR 的成長率是逐年成長的，但我們肯定沒有看到所有業務部門的利率都像上個季度的集團業務那樣成長。因此，我認為這肯定是逐組進行的，但我們已經能夠逐年增加基本組費率，這是一種累加效應。

And lastly, the -- I believe you said something about market share opportunity in November. What is it that you think you're going to be able to grab market share? And why specifically November or why it's not something that persists in general? Can you just explain what you mean by grabbing market share that I'm assuming you would always be looking to get anyways. So what's different here?

最後，我相信您談到了 11 月的市場份額機會。您認為什麼能讓您搶佔市場佔有率？為什麼具體發生在十一月，或者為什麼這種現像不會普遍存在？您能否解釋一下搶佔市場份額是什麼意思？我想您無論如何都會一直尋求獲得市場份額。那這裡有什麼不同呢？

Yes. So I'm going to touch on November specifically, and then I'm going to kind of zoom out and talk about market share more broadly since we have highlighted it both last quarter and this quarter, and it isn't something we've typically highlighted quite as much.

是的。因此，我將特別談及 11 月份，然後我將縮小範圍並更廣泛地談論市場份額，因為我們在上個季度和本季度都強調了這一點，而這並不是我們通常強調的重點。

But for November specifically, the week of the election, given the makeup of our portfolio and when we think about our RevPAR growth in November relative to the broader industry, we did not see the same level of performance largely because of the makeup of our portfolio and being so significantly business transient oriented.

但具體到 11 月，也就是選舉那一周，考慮到我們的投資組合的構成，當我們考慮 11 月份相對於整個行業的 RevPAR 增長時，我們並沒有看到同樣的業績水平，這主要是因為我們的投資組合的構成以及我們如此明顯地以業務瞬時性為導向。

So less about specific market share, like comp set market share in individual markets and more broadly speaking about how the calendar did not play in our favor -- relative favor given the composition of our portfolio for November specifically. But as we talk about market share, I want to ground us a little bit.

因此，我們不太關注具體的市場份額，例如單一市場的同類市場份額，而是更廣泛地談論日曆如何對我們不利——特別是考慮到我們 11 月的投資組合構成，日曆對我們有利。但當我們談論市場佔有率時，我想讓我們稍微了解一下情況。

Our overall portfolio has always had strong market yield relative to the specific markets we're in. And we've had a history of consistently gaining market share within our markets overall as a portfolio. When we reference market share, we look at it 2 different ways, which I've sort of highlighted already.

相對於我們所處的特定市場，我們的整體投資組合一直具有強勁的市場報酬率。並且，我們在整個投資組合市場中一直擁有持續獲得市場份額的歷史。當我們提到市場佔有率時，我們會從兩個不同的角度來看待它，我之前已經強調過這一點。

We look at our portfolio RevPAR growth relative to the broader industry, which is influenced in part by market concentration and portfolio composition as well as property-specific performance relative to its comp set or market.

我們關注的是我們的投資組合中 RevPAR 相對於整個行業的成長情況，這在一定程度上受到市場集中度和投資組合構成以及相對於其競爭群或市場的特定物業表現的影響。

And as I mentioned earlier, we've consistently had strong market share on an absolute basis in our individual markets. That said, we also like to be gaining market-specific market share, and we did see in both our performance to the broader industry and our individual markets, some opportunity in the first quarter specifically, which again was unusual, and we highlighted that.

正如我之前提到的，我們在各個市場中一直擁有絕對強大的市場份額。也就是說，我們也希望獲得特定市場的市場份額，而且我們確實看到了我們在更廣泛的行業和個別市場的表現，特別是在第一季度的一些機會，這也是不尋常的，我們強調了這一點。

Given the abrupt market shifts driven largely by the macro, we really are -- and I'll say it again, we're really incredibly pleased that by the end of the second quarter and for the second quarter overall, we regained that market share within our respective markets and in June, outperformed the broader industry as well.

鑑於市場發生劇烈轉變，這主要受宏觀因素驅動，我們確實——我再說一遍，我們真的非常高興，到第二季度末以及整個第二季度，我們在各自的市場中重新獲得了市場份額，並且在 6 月份，我們的表現也優於整個行業。

Our corporate teams, our management company teams and our property teams really did an exceptional job quickly adjusting tactical strategy with all the demand shifts and dynamics that played into the macro, but our portfolio specifically that we spent a lot of time highlighting the last call. And I'm pleased too, to say that we've maintained that market share growth in the running 28 days as well.

我們的企業團隊、管理公司團隊和房地產團隊確實做得非常出色，他們根據宏觀上的所有需求變化和動態迅速調整戰術策略，但我們的投資組合具體來說，我們花了很多時間來強調最後的呼籲。我也很高興地說，我們連續 28 天保持了市場份額的成長。

Thank you. And this concludes our question and answer session. I would like to return the floor to Justin Knight for any closing comments.

謝謝。我們的問答環節到此結束。我想將發言權交還給賈斯汀奈特 (Justin Knight)，請他發表最後評論。

We appreciate you joining us on today's call and look forward to speaking with a number of you over the coming weeks. We hope, as always, that as you travel, you'll take the opportunity to stay with us at one of our hotels until next time.

感謝您參加今天的電話會議，並期待在未來幾週內與大家交談。我們一如既往地希望，您在旅行時能有機會入住我們的某家酒店，直到下次再來。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lives.

謝謝。會議現已結束。感謝您參加今天的演講。你們現在可以斷開你們的生活。