Apple Hospitality REIT Inc (APLE) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT's third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Apple Hospitality REIT 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我榮幸地向大家介紹投資者關係副總裁凱莉克拉克。謝謝。你可以開始了。

Thank you, and good morning. Welcome to Apple Hospitality REIT's third-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. Before we begin, please note that today's call may include forward-looking statements as defined by federal securities laws.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2025 年第三季財報電話會議。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 表格。在開始之前，請注意，今天的電話會議可能包含聯邦證券法定義的前瞻性陳述。

These forward-looking statements are based on current views and assumptions, and as a result, are subject to numerous risks, uncertainties and the outcome of future events that could cause actual results, performance or achievements to materially differ from those expressed, projected or implied.

這些前瞻性陳述是基於目前的觀點和假設，因此，存在許多風險、不確定性以及未來事件的結果，可能導致實際結果、績效或成就與明示、預測或暗示的結果有重大差異。

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.

任何此類前瞻性聲明均受我們向美國證券交易委員會提交的文件（包括我們在 2024 年 10-K 表格年度報告中）中描述的風險因素的限制，並且僅代表截至今日的情況。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GAAP績效指標。這些措施與 GAAP 措施的調節以及我們在演講中提到的某些項目的定義都包含在昨天的收益報告和提交給美國證券交易委員會的其他文件中。如需獲取收益報告副本或有關公司的更多信息，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 third 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和財務長莉茲珀金斯將概述我們 2025 年第三季的業績以及今年剩餘時間的營運展望。概述結束後，我們將開放問答環節。

At this time, it is my pleasure to turn the call over to Justin.

現在，我很高興將通話轉交給賈斯汀。

Good morning, and thank you for joining us today for our third quarter 2025 earnings call. While the fundamentals of our business remains strong with supply growth continuing to be well below historical norms and overall demand proving resilient, policy uncertainty, expense pressure and a continued pullback in government travel all weighed on operating performance during the quarter for our portfolio and for the industry broadly.

早安，感謝各位今天參加我們2025年第三季財報電話會議。儘管我們業務的基本面依然強勁，供應成長持續遠低於歷史正常水平，整體需求也表現出韌性，但政策的不確定性、支出壓力以及政府出行的持續減少，都對我們投資組合和整個行業的季度經營業績造成了影響。

With many of these factors outside of our control, we have focused with our management teams on ensuring that we are growing market share and managing expenses to maximize the profitability of our hotels. From a capital allocation standpoint, we continue to see an opportunity to take advantage of the current disconnect between public and private market valuations by selectively selling assets and redeploying proceeds to buy our own stock.

由於許多因素超出我們的控制範圍，我們與管理團隊一起專注於確保擴大市場份額和控制支出，以最大限度地提高酒店的盈利能力。從資本配置的角度來看，我們仍然看到一個機會，可以利用當前公開市場和私募市場估值之間的脫節，透過選擇性地出售資產並將所得款項重新部署到購買我們自己的股票上。

At the same time, we are leaning into future investments that we feel will ensure our portfolio's continued relevancy and allow us to achieve strong results for years to come. Together with our management companies, our asset and revenue management teams have done a tremendous job shifting the mix of business at our hotels to strengthen market share and tactically adjust to changing demand trends, driven in part by the pullback in government travel.

同時，我們也積極進行未來的投資，我們認為這些投資將確保我們的投資組合保持相關性，並使我們能夠在未來幾年取得良好的表現。我們的資產和收益管理團隊與我們的管理公司一起，在調整酒店業務組合方面取得了巨大的成就，以增強市場份額並根據不斷變化的需求趨勢進行策略性調整，部分原因是政府旅行的減少。

Transient leisure demand for our portfolio remained resilient during the quarter, and our property teams have successfully targeted group business, which has helped to offset slightly softer midweek business transient. For the quarter, we achieved comparable hotels occupancy of 76%, down 1.2%; ADR of $163, down only 0.6%; and RevPAR of $124, down 1.8%. Impacted by the recent government shutdown, comparable hotels RevPAR was approximately 3% lower in October 2025 versus October 2024 based on preliminary performance data.

本季度，我們投資組合的短期休閒需求依然保持韌性，我們的物業團隊成功地瞄準了團體業務，這有助於抵消周中短期業務略微疲軟的影響。本季度，我們實現了可比飯店入住率 76%，下降 1.2%；平均房價 163 美元，僅下降 0.6%；每間可供出租客房收入 124 美元，下降 1.8%。受近期政府停擺的影響，根據初步業績數據，2025 年 10 月的同類酒店每間可供出租客房收入 (RevPAR) 比 2024 年 10 月下降了約 3%。

The hotel teams have also been diligent in their efforts to mitigate cost pressures and operate as efficiently as possible while delivering the high level of service and quality our guests expect. As a result of these efforts, variable expense growth for our portfolio has moderated with a higher growth in fixed costs largely coming as a result of challenging year-over-year comparisons. Though slightly down versus prior year, our portfolio continues to produce industry-leading margins with comparable hotels EBITDA margin of 35.2% for the quarter.

酒店團隊也一直努力減輕成本壓力，盡可能高效運營，同時提供客人期望的高水準服務和品質。由於這些努力，我們投資組合的可變費用增長有所放緩，而固定成本的較高增長主要是由於同比比較具有挑戰性所致。儘管與去年同期相比略有下降，但我們的投資組合仍持續保持業界領先的利潤率，本季可比飯店的 EBITDA 利潤率為 35.2%。

In addition to the day-to-day efforts with our management teams to maximize the performance of our hotels through the implementation of systems and effective management practices, we also look for structural ways to drive overall performance. Over the coming months, we will be transitioning our Marriott-managed hotels to franchise and consolidating management in these markets with existing third-party management companies to realize incremental operational synergies.

除了日常與管理團隊一起努力，透過實施系統化和有效的管理措施來最大限度地提高酒店的業績外，我們還在尋找結構性方法來推動整體業績。在接下來的幾個月裡，我們將把萬豪管理的飯店過渡到特許經營模式，並將這些市場的管理權整合到現有的第三方管理公司，以實現營運綜效的逐步增強。

We are confident these transitions, together with a select number of additional market-level management consolidations will help to further drive operating performance at our hotels. In the case of the Marriott managed assets, the transition away from brand management will also provide us with additional flexibility in the future as we consider select dispositions. The Marriott transitions align with Marriott's publicly stated goal to drive incremental efficiencies in their own business, and we appreciate their willingness to work with us in pursuit of a mutually beneficial outcome.

我們相信，這些轉型，加上一些額外的市場層面的管理整合，將有助於進一步提升我們飯店的營運表現。對於萬豪管理的資產而言，從品牌管理模式的轉變也將為我們未來在考慮特定資產處置時提供更大的靈活性。萬豪的轉型與萬豪公開宣稱的提高自身業務效率的目標一致，我們感謝他們願意與我們合作，追求互利共​​贏的結果。

We have always been disciplined in our approach to capital allocation, balancing both near- and long-term allocation decisions to capitalize on existing opportunities while securing the long-term relevance, stability and performance of our platform. Through all phases of the economic cycle, we seek transactions that enhance the quality and competitiveness of our existing portfolio, drive earnings per share, create value for our shareholders and ensure we are well positioned for future outperformance.

我們在資本配置方面一直秉持嚴謹的態度，平衡短期和長期的配置決策，以抓住現有機遇，同時確保我們平台的長期相關性、穩定性和績效。在經濟週期的各個階段，我們都尋求能夠提高現有投資組合的品質和競爭力、推動每股盈餘成長、為股東創造價值並確保我們為未來的優異表現做好充分準備的交易。

In the current environment, we have strategically executed select dispositions and forward commitments on new development to manage our near-term CapEx needs and to ensure we are exposed to markets with strong growth profiles. At the same time, we have been able to take advantage of near-term opportunities that exist because of the disconnect in public and private market valuations, using proceeds from dispositions and cash from operations to fund share repurchases.

在當前環境下，我們已策略性地執行了部分資產處置和新開發項目的遠期承諾，以管理我們近期的資本支出需求，並確保我們能夠進入具有強勁成長前景的市場。同時，由於公開市場和私募市場估值存在脫節，我們得以利用近期出現的機會，利用處置所得和經營現金來為股票回購提供資金。

We will continue 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 the beginning of this year, we have completed the sale of three hotels for a total combined sales price of $37 million, including our full-service Houston Marriott, which we sold during the third quarter for $16 million.

我們將繼續調整戰術資本配置策略，以適應不斷變化的市場狀況，並在周期中的最佳時機抓住機遇，從而最大限度地提高股東的總回報。今年年初以來，我們已完成三家酒店的出售，總售價為 3700 萬美元，其中包括我們在第三季度以 1600 萬美元售出的全方位服務的休斯頓萬豪酒店。

We currently have four hotels under contract for sale for a total combined sales price of approximately $36 million, including the previously announced pending sale of our Hampton and Homewood Suites in Clovis, California, as well as the contracted sale of our Hampton and Homewood Suites in Cedar Rapids, Iowa. We anticipate closing on the sale of these hotels during the fourth quarter of this year.

我們目前有四家酒店已簽訂出售合同，總售價約為 3600 萬美元，其中包括此前宣布的位於加利福尼亞州克洛維斯的 Hampton 和 Homewood Suites 酒店的待售，以及位於愛荷華州錫達拉皮茲的 Hampton 和 Homewood Suites 酒店的已簽訂出售合同。我們預計將於今年第四季完成這些酒店的出售。

While the overall transaction market continues to be challenging, we have successfully executed on select asset sales and ways to continue to optimize our portfolio concentration, manage CapEx and free capital, which we have been able to accretively redeploy at a meaningful spread. Pricing for the individual hotels varies.

儘管整體交易市場仍然充滿挑戰，但我們已成功完成部分資產出售，並找到了繼續優化投資組合集中度、管理資本支出和釋放資本的方法，我們能夠以合理的利差將這些資本進行增值再投資。各家飯店的價格各不相同。

However, as a group, the three hotels we sold this year, together with the two Globus hotels and the two Cedar Rapids hotels will trade at a 6.2% blended cap rate or a 12.8 times EBITDA multiple before CapEx, and a 4.7% cap rate or a 17.1 times EBITDA multiple after taking into consideration the estimated $24 million in capital improvements.

然而，作為一個整體，我們今年出售的三家酒店，連同兩家 Globus 酒店和兩家 Cedar Rapids 酒店，在資本支出之前，綜合資本化率為 6.2%，即 EBITDA 倍數為 12.8 倍；在考慮預計 2400 萬美元的資本改善之後，資本化率為 4.7%，即 17.1 倍數。

Proceeds from these well-timed dispositions have been used primarily to fund share repurchases. Since the beginning of the year through October, we have repurchased approximately 3.8 million of our shares at a weighted average market purchase price of approximately $12.73 per share for an aggregate purchase price of approximately $48 million. Shares repurchased year-to-date have been priced around a 3-turn spread to recent dispositions and around a 7-turn EBITDA multiple spread after taking into consideration estimated capital improvements.

這些適時處置所得款項主要用於股票回購。從年初到 10 月，我們已回購了約 380 萬股股票，加權平均市場購買價格約為每股 12.73 美元，總購買價格約為 4,800 萬美元。今年迄今回購的股票價格與最近的處置價格相差約 3 倍，考慮到預計的資本改善，其 EBITDA 倍數相差約 7 倍。

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 acquisitions opportunities. Since May of last year, we have invested nearly $83 million in our own shares.

雖然我們的長期目標是擴大投資組合，但當我們的股票交易價格低於我們在私募市場交易中能夠達到的價格時（就像過去幾個月的情況一樣），我們將抓住機會出售資產，並將所得款項主要用於回購股票，從而保持我們的資產負債表，以便在周期的適當時候，我們能夠迅速抓住有吸引力的收購機會。自去年五月以來，我們已投資近 8,300 萬美元購買公司股票。

In June of this year, we acquired the Homewood Suites Tampa-Brandon for approximately $19 million, and we are on track to acquire the Motto Nashville Downtown, which is nearing completion of construction in December of this year for a total of approximately $98 million. While it is still several months out, we will also be converting our Residence Inn-Seattle Lake Union to a Homewood Suites beginning in the fourth quarter of next year. The transition will happen as the hotel reaches the end of its current franchise term with the determination to change brands being informed by competitive supply within the market and brand incentives.

今年 6 月，我們以約 1900 萬美元的價格收購了坦帕布蘭登 Homewood Suites 酒店，並且我們正按計劃收購納許維爾市中心的 Motto 酒店，該酒店預計將於今年 12 月竣工，總價約為 9800 萬美元。雖然還有幾個月的時間，但我們也將從明年第四季開始將西雅圖湖聯盟區 Residence Inn 飯店改建為 Homewood Suites 飯店。此次轉型將在飯店現有特許經營期限結束時發生，更換品牌的決定是受到市場競爭供應和品牌激勵措施的影響。

Upon conversion, the hotel will be one of only two Homewood Suites in the downtown Seattle market. The hotel will continue to operate as Residence Inn through the renovation and conversion, which will be completed during the second quarter of 2027. This hotel sits on incredibly valuable real estate, and we are excited about the opportunity to reintroduce it under a new flag.

改建完成後，這家飯店將成為西雅圖市中心僅有的兩家 Homewood Suites 飯店之一。酒店在翻新和改造期間將繼續以 Residence Inn 的名義運營，改造和改造將於 2027 年第二季完成。這家旅館坐落在極具價值的地段，我們很高興有機會以新的品牌重新推出它。

While our primary near-term focus has been on dispositions and share repurchases, we entered into agreements for the development of three hotels during the quarter, each located in a key dynamic market that will further enhance our portfolio positioning in the years to come.

雖然我們近期的主要重點是資產處置和股票回購，但我們在本季度達成了三家酒店的開發協議，每家酒店都位於一個重要的動態市場，這將進一步增強我們未來幾年的投資組合地位。

We entered into a fixed price forward purchase contract for the purchase of an AC hotel to be developed in Anchorage, Alaska with an anticipated 160 rooms for a total of approximately $66 million. Anchorage has consistently been one of our top-performing markets with both strong leisure and business demand driving overall performance. While early in the development process, the hotel is expected to open in the fourth quarter of 2027.

我們簽訂了一份固定價格遠期購買合同，用於購買位於阿拉斯加州安克雷奇的一家AC酒店，該酒店預計將有160間客房，總價約為6600萬美元。安克雷奇一直是我們表現最好的市場之一，強勁的休閒和商務需求推動了整體業績成長。雖然目前還處於開發初期，但該酒店預計將於 2027 年第四季開幕。

Also during the quarter, we entered into a fixed price forward purchase contract with a third-party developer to develop a dual-branded property that will include an AC Hotel and a Residence Inn in Las Vegas, Nevada on the land we own adjacent to our SpringHill Suites Las Vegas Convention Center for a total of approximately $144 million. It is our expectation that the hotel will be completed and open for business in the second quarter of 2028. The AC Hotel is expected to have 237 guestrooms and the Residence Inn is expected to have 160 guestrooms.

本季度，我們還與第三方開發商簽訂了一份固定價格遠期購買合同，在內華達州拉斯維加斯我們擁有的毗鄰拉斯維加斯會展中心春山套房酒店的土地上，開發一個雙品牌物業，其中包括一家 AC 酒店和一家 Residence Inn 酒店，總價約為 1.44 億美元。我們預計飯店將於 2028 年第二季竣工並投入營業。AC飯店預計將有237間客房，Residence Inn飯店預計將有160間客房。

The Las Vegas market continues to expand as a top destination for sports, entertainment and conventions. And while recent market performance has been negatively impacted by lower international inbound travel, we have strong conviction in the future growth and long-term viability of this dynamic business-friendly market and are excited to expand our presence there.

拉斯維加斯市場持續擴張，成為體育、娛樂和展覽的熱門目的地。儘管近期國際入境旅遊人數減少對市場表現產生了負面影響，但我們對這個充滿活力、對商業友好的市場的未來成長和長期可行性充滿信心，並很高興能夠擴大我們在該市場的業務。

Since the onset of the pandemic, we have completed approximately $354 million in hotel sales with an additional $36 million under contract and expected to close in the coming months. These sales represent a blended cap rate prior to taking into consideration estimated CapEx of approximately 5% and a 4% cap rate after CapEx and have allowed us to forego significant renovation expenditures in markets where we see limited upside, preserving capital for higher-yielding investments.

自疫情爆發以來，我們已完成約 3.54 億美元的飯店銷售，另有 3,600 萬美元的合約正在洽談中，預計將在未來幾個月內完成。這些銷售額在考慮預期資本支出之前，綜合資本化率約為 5%；在考慮資本支出之後，綜合資本化率為 4%。這使我們能夠在成長空間有限的市場中放棄大量的翻新支出，從而為收益更高的投資保留資金。

Over the same period, we have invested more than $1 billion in acquisitions and purchased 6.9 million shares of our own stock 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 positioning us to continue to benefit from economic and demographic trends.

同期，我們在收購方面投資超過 10 億美元，並購買了 690 萬股本公司股票，同時保持了資產負債表的穩健性。這些交易進一步增強了我們原本就佈局良好的投資組合，降低了平均年齡，提高了整體投資組合表現，幫助管理近期資本支出需求，增加了對高成長市場的投資，並使我們能夠繼續受益於經濟和人口趨勢。

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

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，並確保我們的酒店能夠為我們的客戶保持強大的價值主張。我們經驗豐富的團隊致力於利用我們的規模優勢來控製成本，最大限度地提高再投資資金的影響，並在季節性需求較低的時期優化專案安排，以最大限度地減少收入損失。

Our ability to renovate our hotels efficiently is a meaningful differentiator, which combined with effective portfolio management helps us to achieve consistent strong returns for our investors over time. During the 9 months ended September 30, capital expenditures were approximately $50 million. And 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.

我們高效的飯店翻新能力是一項重要的差異化優勢，再加上有效的投資組合管理，可以幫助我們長期為投資者帶來持續強勁的回報。截至 9 月 30 日的 9 個月內，資本支出約為 5,000 萬美元。今年，我們預計將在飯店方面再投資 8,000 萬至 9,000 萬美元，對旗下約 20 家飯店進行重大翻修。

Supported by 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 third quarter, we paid distributions totaling approximately $57 million or $0.24 per common share. Based on Friday's closing stock price, our annualized regular monthly cash distribution of $0.96 per share represents an annual yield of approximately 8.6%. 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.

由於我們旗下酒店強勁的現金流，我們得以繼續派發可觀的股息，這顯著增加了投資者的總回報。第三季度，我們支付了總計約 5,700 萬美元的股息，即每股普通股 0.24 美元。根據週五的收盤股價計算，我們每股0.96美元的年度定期月度現金分紅相當於約8.6%的年收益率。我們將與董事會一起，繼續監控我們的分紅率和分紅時間，並根據我們酒店的業績和其他潛在的資本用途進行調整。

Although macroeconomic uncertainty has continued to weigh on year-over-year growth and fueled capital market volatility, travel demand for our portfolio has remained resilient, further reinforcing the merits of our underlying strategy, and we are confident we remain well positioned to drive profitability and maximize long-term value for our shareholders. 63% of our hotels do not have any new upper upscale, upscale or upper mid-scale product under construction within a 5-mile radius.

儘管宏觀經濟的不確定性持續對同比增速構成壓力，並加劇了資本市場的波動，但我們旗下酒店的旅遊需求依然保持強勁，進一步印證了我們現有戰略的優勢。我們有信心繼續保持良好的獲利能力，並為股東創造長期價值。我們旗下63%的飯店在方圓5英里內沒有新建的高端、中高端或中高端飯店專案。

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. Our hotels, which are broadly diversified across markets and demand generators, operate efficiently and produce strong cash flow while simultaneously providing guests traveling on both business and leisure with a compelling value proposition.

這種歷史性的低供應成長率是本輪週期獨有的，我們相信，隨著住宿需求的增強，這將透過降低潛在下行風險並提高潛在上行風險，從而實質地改善我們投資組合的整體風險狀況。我們的飯店在市場和需求來源方面分佈廣泛，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。

We have historically outperformed during extended periods of economic uncertainty, and we believe we are well positioned for upside should we see reacceleration in broader economic growth. While we are early into our budget process for 2026, we are encouraged by airline and hotel brand commentary related to improvements they are seeing in demand as well as lapping the pullback in government demand we have seen this year.

從歷史經驗來看，在經濟長期不確定時期，我們的表現往往優於市場平均。我們相信，如果整體經濟成長再次加速，我們將有良好的發展前景。雖然我們才剛開始製定 2026 年的預算，但我們對航空公司和酒店品牌的評論感到鼓舞，他們表示需求有所改善，並且正在彌補今年政府需求的下滑。

And with hotels in each of the US markets that will host the 2026 FIFA World Cup, we are well positioned to take advantage of additional demand created by the events. Throughout our 25-year history in the lodging industry, we have refined 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 closely aligning efforts with associates and management teams who operate our hotels.

我們在美國所有將舉辦 2026 年 FIFA 世界盃的市場都擁有飯店，因此我們完全有能力利用這些賽事帶來的額外需求。在酒店業的 25 年發展歷程中，我們不斷完善策略，有意識地選擇投資於能夠吸引眾多商務和休閒客戶的高品質酒店，使我們的投資組合在各個市場和需求來源之間實現多元化，保持穩健靈活的資產負債表和低槓桿率，對我們的酒店進行再投資，並與運營我們酒店的員工和管理團隊緊密合作。

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

我們差異化的策略已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實力、業務的整體韌性、低槓桿率以及團隊的雄厚實力，我相信我們有能力在任何宏觀經濟環境下推動盈利增長，並為股東創造最大的長期價值。

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 outlook for the remainder of the year.

現在我很高興將電話轉交給 Liz，讓她詳細介紹我們的資產負債表、本季的財務表現以及今年剩餘時間的展望。

Thank you, Justin, and good morning. While the travel industry has faced macroeconomic headwinds this year, we are generally pleased with the overall performance and resilience of our portfolio. Comparable hotels total revenue was $365 million for the quarter and $1.1 billion year-to-date through September, both down approximately 1% to the same periods of 2024.

謝謝你，賈斯汀，早安。儘管旅遊業今年面臨宏觀經濟逆風，但我們對投資組合的整體表現和韌性總體上感到滿意。本季同類型飯店的總營收為 3.65 億美元，截至 9 月的年初至今的總營收為 11 億美元，均比 2024 年同期下降約 1%。

Comparable hotels adjusted hotel EBITDA was approximately $129 million for the quarter and $375 million year-to-date through September, down approximately 7% and 6% as compared to the same periods of 2024, respectively. Third quarter comparable hotels RevPAR was $124, down 1.8%. ADR was $163, down only 60 basis points, and occupancy was 76%, down 1.2% as compared to the third quarter 2024.

同類型飯店經調整後的 EBITDA 本季約為 1.29 億美元，截至 9 月的年初至今約為 3.75 億美元，與 2024 年同期相比分別下降約 7% 和 6%。第三季同店RevPAR為124美元，下降1.8%。平均房價為 163 美元，僅下降 60 個基點；入住率為 76%，與 2024 年第三季相比下降 1.2%。

For the nine months ended September 30, comparable hotels RevPAR was $122, down 1.4%. ADR was $161, up 10 basis points, and occupancy was 75%, down 1.4% to the same period of 2024. Our portfolio continues to outperform the industry where STR reports RevPAR of $102, ADR of $160 and average occupancy of 63% for the first nine months of the year, highlighting the relative strength of our portfolio demand despite year-over-year declines.

截至 9 月 30 日的九個月內，可比飯店的每間可供出租客房收入為 122 美元，下降 1.4%。平均房價為 161 美元，上漲 10 個基點；入住率為 75%，比 2024 年同期下降 1.4%。今年前九個月，STR 報告顯示，我們的投資組合每間可供出租客房收入 (RevPAR) 為 102 美元，平均房價 (ADR) 為 160 美元，平均入住率為 63%，這表明儘管同比有所下降，但我們投資組合的需求仍然相對強勁。

Our teams have done a tremendous job adjusting strategy to reoptimize the mix of business at our hotels where there were meaningful shifts in government and other demand segments as well as maximizing revenue around special events to strengthen market share and performance for our overall portfolio.

我們的團隊出色地調整了策略，重新優化了酒店的業務組合，以應對政府和其他需求領域的重大變化，並最大限度地提高特殊活動的收入，從而增強了我們整體投資組合的市場份額和業績。

July was the strongest month of the quarter with comparable hotels RevPAR growth of 1%, while August and September turned negative as anticipated, with September impacted by the unfavorable calendar shift of Rosh Hashanah from October into September. Even with the pullback in August and September, we are generally pleased with the performance of our portfolio and the resilience of travel broadly despite elevated macroeconomic uncertainty and the pullback in government travel specifically.

7 月是本季表現最好的月份，可比飯店每間可供出租客房收入增加了 1%，而 8 月和 9 月如預期般轉為負值，其中 9 月受到猶太新年（Rosh Hashanah）從 10 月提前到 9 月這一不利日曆變化的影響。儘管 8 月和 9 月有所回落，但我們對投資組合的整體表現以及旅遊業的整體韌性感到滿意，儘管宏觀經濟不確定性加劇，政府出行也出現回落。

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

本季市場表現差異顯著，部分市場RevPAR強勁成長，其他市場則因需求變化和年比數據不佳而持續受到不利因素影響。我們的團隊始終專注於酒店和市場的具體策略以及營運執行，以最大限度地提高業績。

Top-performing hotels during the quarter included our South Bend Residence Inn and Fairfield Inn & Suites, both with RevPAR gains over 20%; our Richmond Marriott saw RevPAR increase almost 17% year-over-year during the quarter. And other top performers included our Denton Homewood Suites, Lafayette SpringHill Suites, Mettawa Residence Inn, Boca Raton Hilton Garden Inn, Salt Lake City Residence Inn and our Austin Round Rock Homewood Suites.

本季表現最佳的酒店包括我們的南本德 Residence Inn 和 Fairfield Inn & Suites，兩家酒店的每間可供出租客房收入 (RevPAR) 均增長超過 20%；我們的里士滿萬豪酒​​店本季度的每間可供出租客房收入 (RevPAR) 同比增長近 17%。其他表現優異的飯店包括：丹頓 Homewood Suites、拉法葉 SpringHill Suites、梅塔瓦 Residence Inn、博卡拉頓 Hilton Garden Inn、鹽湖城 Residence Inn 和奧斯汀 Round Rock Homewood Suites。

Hotels with significant year-over-year RevPAR declines included our Arlington Hampton Inn & Suites, Houston Park Row Residence Inn, Austin Fairfield Inn & Suites, Tucson Town Place Suites, San Bernardino Residence Inn and our Phoenix Homewood Suites. Based on preliminary results for the month of October, comparable hotels RevPAR declined by approximately 3% as compared to October 2024, which was impacted by incremental pullback in government demand as a result of the government shutdown, which began on October 1.

比RevPAR大幅下降的飯店包括：阿靈頓漢普頓酒店及套房、休斯頓公園街Residence Inn酒店、奧斯汀費爾菲爾德酒店及套房、圖森Town Place Suites酒店、聖貝納迪諾Residence Inn酒店和鳳凰城Homewood Suites酒店。根據 10 月的初步結果，與 2024 年 10 月相比，可比飯店的每間可供出租客房收入下降了約 3%，這是由於政府停擺（始於 10 月 1 日）導致政府需求逐步減少所致。

While we expect the shutdown to continue to weigh on demand until the government reopens, we are optimistic that we will benefit from the near-term pent-up demand upon reopening. Turning back to the third quarter. Weekday and occupancy trends softened as the quarter progressed, together driving overall portfolio occupancy declines.

雖然我們預計在政府重新開放之前，停工將繼續抑制需求，但我們樂觀地認為，重新開放後，我們將受益於短期內被壓抑的需求。回到第三節。隨著季度推進，工作日入住率和入住率趨勢有所放緩，共同導致整體投資組合入住率下降。

For the quarter, weekend occupancy was strong at 81%, but declined 120 basis points, slightly outperforming weekday occupancy, which declined 160 basis points. Weekend ADR was approximately flat for the quarter, turning negative in September after being positive in July and August, while weekday ADR was softer, declining 80 basis points for the quarter and contributing to overall RevPAR declines.

本季週末入住率表現強勁，達到 81%，但下降了 120 個基點，略優於平日入住率（下降了 160 個基點）。本季週末平均房價基本持平，7 月和 8 月為正值後，9 月轉為負值；而工作日平均房價則更為疲軟，本季度下降了 80 個基點，導致整體每間可供出租客房收入下降。

Highlighting same-store room night channel mix, brand.com bookings were up 110 basis points year-over-year at 40%; OTA bookings were up 70 basis points to 13%; property direct was down 120 basis points at 23%; and GDS bookings were down 20 basis points to 17%. Looking at third quarter same-store segmentation, bar was up 40 basis points at 33% of our occupancy mix; other discounts grew 30 basis points to 29%; corporate and local negotiated declined 70 basis points to 17% of our mix; and government declined 40 basis points to 5.2% of mix.

從同店客房夜數通路組合來看，品牌官網預訂量年增 110 個基點，達到 40%；OTA 預訂量年增 70 個基點，達到 13%；飯店直銷預訂量年減 120 個基點，至 23%；GDS 預訂量較去年同期下降 20 個基點，至 17%。從第三季同店細分來看，酒吧銷售額成長了 40 個基點，占我們銷售額的 33%；其他折扣銷售額成長了 30 個基點，達到 29%；公司和本地協商銷售額下降了 70 個基點，占我們銷售額的 17%；政府銷售額下降了 40 個基點，佔我們銷售額的 5.2%。

Group business mix improved 50 basis points to 15% and continues to be a focus area for our property teams in response to demand shifts in other segments. We continue to see growth in other revenues, which were up 4% on a comparable basis during the quarter and up 6% year-to-date, driven primarily by parking revenue and cancellation fees.

集團業務組合改善了 50 個基點，達到 15%，並且由於其他領域的需求變化，集團業務組合仍然是我們房地產團隊的重點領域。其他收入持續成長，本季以可比口徑計算成長了 4%，年初至今成長了 6%，主要得益於停車收入和取消費用的成長。

Turning to expenses. Comparable hotels total hotel expenses increased by 1.7% in the third quarter and 2.2% year-to-date through September as compared to the same periods of last year or 2.9% and 3.6% on a CPOR basis. On a same-store basis, total hotel expenses increased by only 1.5% for both the third quarter and year-to-date through September.

接下來談談費用。與去年同期相比，第三季可比飯店總支出增加了 1.7%，截至 9 月的年初至今成長了 2.2%；以 CPOR 計算，則分別成長了 2.9% 和 3.6%。以同店計算，第三季和截至 9 月的年初至今，飯店總支出僅增加了 1.5%。

Total payroll per occupied room for our same-store hotels was $40 for the quarter, up less than 2% to the third quarter of 2024, an improvement compared to first quarter growth of 4% and second quarter growth of 3%. We continue to achieve reductions in contract labor, which decreased during the quarter to 7% of total wages, down 140 basis points or 16% versus the same period in 2024.

本季我們同店飯店每間已入住客房的總薪資為 40 美元，比 2024 年第三季成長不到 2%，比第一季 4% 的成長率和第二季 3% 的成長率有所改善。我們繼續減少合約工用工，本季合約工用工佔總薪資的比例下降至 7%，比 2024 年同期下降 140 個基點或 16%。

Comparable hotels' variable hotel expenses increased by only 0.7% in the third quarter or 2% on a per occupied room basis. Occupancy declines and cost control efforts resulted in rooms expense decline of 1% versus third quarter of 2024, driven by same-store rooms wages decline of 0.8%. Comparable hotel administrative and repair and maintenance costs grew slightly higher at just under 4% and 3%, respectively, while sales and marketing expense as well as utilities were more muted at just 1% growth.

第三季度，同類飯店的可變飯店費用僅增加了 0.7%，以每間已入住客房計算則增加了 2%。入住率下降和成本控制措施導致客房支出較 2024 年第三季下降 1%，其中同店客房薪資下降 0.8%。可比飯店行政和維修保養成本分別略微上漲了近 4% 和 3%，而銷售和行銷費用以及公用事業費用則較為溫和，僅增加了 1%。

Consistent with the first and second quarters, fixed expense growth remained elevated, growing 12% in the third quarter, driven by increases in real estate taxes in several markets as well as general liability insurance premium increases. Despite the softer top line, our comparable hotels adjusted hotel EBITDA margin was strong at 35.2% for the third quarter as well as year-to-date through September, down 200 basis points and 190 basis points as compared to the same period of 2024, respectively.

與第一季和第二季一致，固定支出成長依然居高不下，第三季成長了 12%，主要原因是多個市場的房地產稅增加以及一般責任保費上漲。儘管營收有所下滑，但我們可比飯店的調整後飯店 EBITDA 利潤率在第三季和截至 9 月的年初至今均表現強勁，達到 35.2%，與 2024 年同期相比分別下降了 200 個基點和 190 個基點。

Adjusted EBITDAre was approximately $122 million for the quarter and $350 million year-to-date through September, both down approximately 5% as compared to the same periods of 2024. MFFO for the quarter was approximately $100 million or $0.42 per share, down approximately 7% on a per share basis as compared to the third quarter 2024. Year-to-date through September, MFFO was approximately $288 million or $1.21 per share, down 6% on a per share basis as compared to the same period of 2024.

本季調整後 EBITDA 約為 1.22 億美元，截至 9 月的年初至今約為 3.5 億美元，與 2024 年同期相比均下降約 5%。本季 MFFO 約為 1 億美元，即每股 0.42 美元，與 2024 年第三季相比，每股下降約 7%。截至 9 月份，今年迄今的 MFFO 約為 2.88 億美元，即每股 1.21 美元，與 2024 年同期相比，每股下降 6%。

Looking at our balance sheet. As of September 30, 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 three years. We had cash on hand of approximately $50 million; availability under our revolving credit facility of approximately $648 million; and approximately 68% of our total debt outstanding was fixed or hedged.

查看我們的資產負債表。截至 2025 年 9 月 30 日，我們的未償債務總額約為 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%。截至季末，我們的加權平均債務到期期限約為三年。我們手頭現金約 5,000 萬美元；循環信貸額度約 6.48 億美元；未償債務總額約 68% 為固定或已對沖債務。

Subsequent to the end of the third quarter, we repaid in full one secured mortgage loan associated with two of our hotels for a total of approximately $29 million, bringing the number of unencumbered hotels in our portfolio as of October 31 to 210. As previously disclosed, in July, we entered into a new unsecured $385 million term loan with a maturity date of July 31, 2030, enabling us to stagger our maturities as we approach our main credit facility in the coming months.

第三季結束後，我們全額償還了與旗下兩家酒店相關的一筆擔保抵押貸款，總額約為 2,900 萬美元，截至 10 月 31 日，我們投資組合中未受抵押的酒店數量達到 210 家。正如先前披露的那樣，7 月我們簽訂了一筆新的 3.85 億美元無擔保定期貸款，到期日為 2030 年 7 月 31 日，這使我們能夠在未來幾個月內隨著主要信貸額度的到期而錯開到期日。

Turning to our updated outlook for 2025 provided in yesterday's press release. The adjustments made to full year guidance reflect performance year-to-date as well as the potential negative impact of prolonged economic uncertainty and the government shutdown on the remainder of the year.

接下來，我們來看看昨天新聞稿中更新的 2025 年展望。全年業績預期所做的調整反映了年初至今的業績表現，以及經濟長期不確定性和政府停擺對今年剩餘時間可能產生的負面影響。

For the full year, we expect net income to be between $162 million and $175 million, comparable hotels RevPAR change to be between negative 2% and negative 1%, comparable hotels adjusted hotel EBITDA margin to be between 33.9% and 34.5% and adjusted EBITDAre to be between $435 million and $444 million.

預計全年淨利潤將在 1.62 億美元至 1.75 億美元之間，可比酒店每間可供出租客房收入變化將在 -2% 至 -1% 之間，可比酒店調整後 EBITDA 利潤率將在 33.9% 至 34.5% 之間，調整後 EBITDA 將在 4.35 億美元之間。

As compared to the midpoint of previously provided 2025 guidance, we are decreasing comparable hotels RevPAR change by 100 basis points while increasing comparable hotels adjusted hotel EBITDA margin by 20 basis points and increasing adjusted EBITDAre by approximately $300,000 as a result of strong cost control measures year-to-date, a more favorable general liability insurance renewal than anticipated and lower G&A expense.

與先前提供的 2025 年指引的中點相比，我們將可比飯店的每間可供出租客房收入 (RevPAR) 變動下調 100 個基點，同時將可比飯店調整後 EBITDA 利潤率上調 20 個基點，並將調整後 EBITDA 增加約 30 萬美元，這得益於年初保險及預期的營運成本較低、預期的綜合成本

We have assumed for purposes of guidance that total hotel expenses will increase by approximately 2.1% at the midpoint, which is 3.4% 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，我們假設飯店總支出將在中間值增加約 2.1%，以 CPOR 計算則為 3.4%。我們仍然認為，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）的成長率高於去年的水平。

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. While economic uncertainty remains elevated and the ongoing government shutdown continues to weigh on government demand and travel more broadly, we remain confident in our team's ability to successfully navigate shifting market conditions.

這項展望是基於我們目前的觀點，並未考慮我們業務中任何意想不到的發展或經營環境的變化，也未考慮任何未宣布的飯店收購或處置。儘管經濟不確定性仍然很高，持續的政府停擺也繼續對政府需求和更廣泛的旅行造成壓力，但我們仍然對團隊成功應對不斷變化的市場環境的能力充滿信心。

Our experience, discipline and agility enable us to adapt dynamically, maximize profitability and capture value through opportunistic transactions. The strength of our differentiated strategy has proven resilient across economic cycles, allowing us to preserve equity value in challenging environments and position ourselves to capitalize on emerging opportunities. While we have faced economic headwinds this year, favorable supply-demand dynamics persist.

我們的經驗、紀律和敏捷性使我們能夠動態調整，最大限度地提高獲利能力，並透過機會性交易獲取價值。我們差異化策略的優勢已在經濟週期中展現出強大的韌性，使我們能夠在充滿挑戰的環境中保持股權價值，並準備好抓住新興機會。儘管今年我們面臨經濟逆風，但有利的供需動態仍然存在。

Our recent capital allocation decisions and portfolio adjustments have driven shareholder value and our solid balance sheet continues to provide meaningful flexibility. Importantly, we remain focused on the long term. Despite near-term volatility, we are committed to executing our strategy with discipline and patience, ensuring our portfolio is well positioned to deliver growth and value creation over time.

我們近期的資本配置決策和投資組合調整提升了股東價值，而我們穩健的資產負債表也持續提供了相當大的彈性。重要的是，我們始終著眼於長遠發展。儘管短期內市場波動，但我們致力於以嚴謹和耐心執行我們的策略，確保我們的投資組合能夠隨著時間的推移實現成長和價值創造。

That concludes our prepared remarks, and we'll now open the call for questions.

我們的發言稿到此結束，現在開始接受提問。

(Operator Instructions)

（操作說明）

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great, thank you for taking the question. On expense reductions, curious how your full-time employee count has shifted over the quarter and how much of that is driving some of the cost improvements? And then any color on some of the momentum and cost improvements into 2026 would also be great.

太好了，謝謝你回答這個問題。關於降低成本，我想了解貴公司本季全職員工人數的變化情況，以及其中有多少變化推動了成本的降低？此外，如果能提供一些關於 2026 年發展動能和成本改善的資訊就更好了。

Absolutely. So for wages and payroll overall, in my prepared remarks, I shared some improvement for the quarter, and that is largely driven by managing labor in a way where we are adjusting to the top line from an occupancy decline perspective. And so while we have seen less wage pressure year-over-year in hourly associates, really, it is an improvement from an FTE perspective relative to top line performance.

絕對地。因此，就薪資和薪資總額而言，我在事先準備好的發言稿中提到，本季度情況有所改善，這主要是由於我們調整了勞動力管理方式，以應對入住率下降帶來的收入下滑。因此，雖然我們看到小時工的薪資壓力逐年減少，但從全職員工的角度來看，相對於營收表現而言，這確實是一個進步。

And as we think about that relative to both Q4 and going forward, I think we just want to emphasize the efficiency of our hotels in general. A select service asset can be managed with very few FTEs. And as the top line adjust both up and down, we have some flexibility with FTE counts. And so we were able to materialize some of that benefit in the third quarter and anticipate that whether we're seeing increases or decreases in occupancy that we'll be able to manage overall labor expenses well going forward.

當我們考慮第四季度以及未來發展時，我認為我們只想強調我們酒店的整體效率。特定服務資產只需極少的全職員工即可管理。由於總收入會上下調整，我們在 FTE 人數上有一定的彈性。因此，我們在第三季實現了部分收益，並預計無論入住率是上升還是下降，我們都能很好地控制未來的整體勞動成本。

Great. And then on the acquisition front, it seems like some of the newer additions you're making to the portfolio with the two new AC hotels are shifting your portfolio on a relative basis to a higher chain scale. Wondering if this is just where you're seeing the best opportunity or if this represents a slight shift in portfolio strategy longer term?

偉大的。在收購方面，您透過新增兩家 AC 飯店，似乎正在將您的投資組合相對地向更高規模的連鎖飯店轉變。想知道這只是您目前看到的最佳投資機會，還是代表著長期投資組合策略的輕微轉變？

Technically, from a chain scale standpoint, AC sits squarely in the upscale segment. And from an operating model it is comparable to other hotels that we have within that same space. Our leaning into the AC brand specifically, both from an acquisitions and development standpoint is really driven in large part by the efficiency of the model and our ability to drive incredibly strong margins with that brand.

從連鎖規模的角度來看，AC 嚴格來說屬於高階市場。從營運模式來看，它與我們在該領域的其他酒店類似。我們之所以特別重視 AC 品牌，無論是從收購還是發展的角度來看，很大程度上都是因為該品牌模式的效率以及我們能夠透過該品牌獲得非常高的利潤率。

We've found an ability, especially in markets that have higher -- an ability -- where we have an ability to drive higher rates that, that particular hotel brand competes incredibly effectively with higher chain scale product with an operating model that's meaningfully more efficient and that allows us to bring much more of the top line dollars to the bottom line.

我們發現，尤其是在房價較高的市場，我們有能力推動更高的房價，這使得該酒店品牌能夠與規模更大的連鎖產品進行非常有效的競爭，其營運模式效率更高，使我們能夠將更多的收入轉化為利潤。

Great. Thank you.

偉大的。謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Hey, good morning, everybody. I just was curious, Liz, going back to the guidance change, how much of the change would you attribute to the government shutdown directly or indirectly? And historically, how quickly does that demand typically return once the government reopens and things are operating a little bit more normal course?

嘿，大家早安。莉茲，我只是好奇，回到指導方針的改變，你認為這種改變有多少是直接或間接由政府停擺造成的？從歷史經驗來看，一旦政府重新開放，一切恢復正常運轉，這種需求通常會以多快的速度恢復？

Yes, absolutely. Happy to give some additional color. And I'll first give you some background as to how we're thinking about quantifying the government impact on October specifically relative to what we saw as we rounded out the third quarter. So first, I want to ground everyone in the fact that Q4 was our strongest RevPAR growth quarter of last year. We were up 2.8% on a comparable basis.

是的，絕對的。樂意補充一些細節。首先，我將向大家介紹一下我們是如何考慮量化政府在 10 月的影響的，特別是相對於我們在第三季末所看到的情況。首先，我想讓大家明白，去年第四季是我們RevPAR成長最強勁的一個季度。以可比口徑計算，我們成長了2.8%。

That was in part benefited by Hurricanes Helene and Milton. So October -- and October specifically was up 4% last year. So we've got some tough comps we have to overcome. As we think about what actualized in September and -- August and September, it's important to remember that some of that is likely due to the comps I mentioned, specifically in September and that non-repeat business.

這在一定程度上得益於颶風海倫和米爾頓。所以，10 月——尤其是 10 月——去年同期成長了 4%。所以我們有一些強勁的對手需要克服。當我們思考 9 月以及 8 月和 9 月的實際情況時，重要的是要記住，其中一些可能是由於我提到的比較，特別是 9 月的比較以及非回頭客業務造成的。

But also, as we rounded out August and September, we do see -- we did see some transient pickup sort of soften as we ended the third quarter. So while it's hard to quantify specifically, we do believe there was some softening in transient pickup before we even entered the government shutdown.

但是，隨著八月和九月的結束，我們確實看到——我們確實看到一些短暫的回暖勢頭在第三季末有所減弱。因此，雖然很難具體量化，但我們確實認為，甚至在政府停擺之前，過境車輛的運輸量就已經有所下降。

Had -- we had assumed in guidance for August and September that we would be down about 2%. We actualized down a little over 3% on deteriorating transient pickup. And so that was roughly 120 basis points of deterioration from our prior expectations for August and September relative to where we finished.

我們曾在 8 月和 9 月的業績預期中假設我們將下降約 2%。由於瞬態拾音器性能下降，我們的實際性能下降了略高於 3%。因此，與我們先前對 8 月和 9 月的預期相比，實際結果惡化了約 120 個基點。

And if you apply that to the 330 basis points adjustment we made to the fourth quarter at the midpoint, about one-third of that change to expectations is driven by fundamentals coming into the fourth quarter and two-third of that change is related to the government shutdown. But again, when we talk about the fundamental -- the fundamentals or even the government shutdown, there is just a backdrop of tough comps year-over-year as we're comparing what we're seeing real time.

如果將此應用於我們對第四季度中點進行的 330 個基點的調整，那麼大約三分之一的預期變化是由第四季度的基本面因素驅動的，而三分之二的變化與政府停擺有關。但話說回來，當我們談論基本面——基本面，甚至是政府停擺時，由於我們是在比較即時數據，所以每年的比較基數都很高。

And then the second part of your question, historically, so going back and fortunately or unfortunately, we do have a comparison time period. As we look at the last government shutdown, we did see a meaningful pickup in business following the shutdown, implying, we think that there was some business pent-up during that period of time that didn't materialize upon coming out of the shutdown.

然後是你問題的第二部分，從歷史角度來看，幸運的是（或者不幸的是），我們確實有一個可以比較的時間段。回顧上次政府停擺，我們確實看到停擺後商業活動出現了顯著回升，這意味著，我們認為在那段時間裡有一些被壓抑的商業需求，這些需求在停擺結束後並沒有得到滿足。

That's helpful. I guess where is the government segment as a percent of your business over the last month or so when you saw the disruption versus, I think you were in the 5% to 7% range historically? And any changes in terms of your exposure or strategy around government business, just given the volatility that you've seen over the past year?

那很有幫助。我想問一下，在過去一個月左右的時間裡，也就是你們業務受到衝擊的時候，政府業務佔你們業務的比例是多少？我記得你們的歷史平均值在 5% 到 7% 之間。鑑於過去一年來的市場波動，您在政府業務方面的風險敞口或策略是否有任何變化？

That's an interesting question. When you think about government over the long term and over as long as we've been in the space, it's historically been stabilizing to the portfolio. This is unique, what we've been experiencing this year. So the latter part of your question, I think, goes to one of the reasons that we believe in diversification broadly, both from a geographic perspective, but within individual markets, making sure that there's a broad range of demand so that we don't see meaningful fluctuations with one segment of demand falling off.

這是一個有趣的問題。從長遠來看，就我們在這個領域的經驗來看，政府投資從歷史上看一直對投資組合有穩定作用。今年我們所經歷的一切都是獨一無二的。所以，我認為你問題的後半部分，正是我們相信廣泛多元化的原因之一，無論是從地理角度還是在各個市場內部，都要確保有廣泛的需求，這樣我們就不會看到某個需求群體下降而導致的重大波動。

I -- when you mentioned the 5% to 7% historic range, last year for government, we were 5.5% of our occupancy mix. We have been trending, and I said in my prepared remarks for the third quarter, we were still at 5.2% of our occupancy mix for last quarter. It did drop in October to slightly under 4%. So you definitely saw the impact of the shutdown.

我——當您提到 5% 到 7% 的歷史範圍時，去年政府住房占我們入住率的 5.5%。我們一直保持著成長勢頭，我在第三季的準備發言稿中提到，我們的入住率仍然達到了上季的 5.2%。10月份確實下降到略低於4%。所以你肯定看到了停工的影響。

Thanks for taking the questions.

謝謝您回答問題。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO資本市場。

Thanks, and good morning. Justin, I was hoping you could talk a little bit more about the strategy of doing more of these development deals versus maybe acquisitions where there's a bit more of a track record. And what type of returns are you targeting? And maybe how you're balancing the acquisitions with share repurchases, which were maybe a little lighter in the quarter?

謝謝，早安。賈斯汀，我希望你能多談談，為什麼我們要更多地進行這類開發交易，而不是進行收購——收購通常有更多的成功案例。您希望獲得什麼樣的回報？或許你們是如何平衡收購和股票回購的？本季股票回購規模可能略小一些。

Absolutely. And there's a lot to unpack there. So have a little bit of patience with me. But as I highlighted in my prepared remarks, we have been working to balance a desire to take advantage of the short-term arbitrage between where we can sell assets and where we're able to buy our stock with a desire to maintain the long-term relevance of our portfolio, which includes factors such as age, market positioning and product type.

絕對地。這裡面有很多東西需要細細分析。所以請對我多一點耐心。但正如我在準備好的演講稿中所強調的那樣，我們一直在努力平衡兩方面的需求：一方面是希望利用短期套利機會出售資產，另一方面是希望保持投資組合的長期相關性，這其中考慮了年齡、市場定位和產品類型等因素。

What we -- and part of your question spoke to experience that we have with development deals. Historically, development has represented roughly 25% to 30% of our total acquisitions. And so we do have extensive experience with that particular type of acquisition. As we think about capital allocation and target yields for future development deals, we use an average weighted cost of capital, which takes into consideration a longer period of time.

我們——以及您問題的一部分——都涉及了我們在開發交易方面的經驗。從歷史上看，開發案約占我們總收購額的 25% 至 30%。因此，我們在該類收購方面擁有豐富的經驗。在考慮未來開發專案的資本配置和目標收益率時，我們使用平均加權資本成本，該成本考慮了更長的時間跨度。

And certainly, our expectation is between now and delivery of those assets, which would be two to three years from now, that we will be in a better position from a cost of capital standpoint. Those acquisitions, again, because they're some time off, do not preclude us from being active in acquiring our own stock.

當然，我們預計從現在到這些資產交付之間（大約兩到三年後），從資本成本的角度來看，我們將處於更有利的地位。雖然這些收購還需要一段時間才能完成，但這並不妨礙我們積極收購自己的股票。

From a balance sheet preservation standpoint, I've highlighted on past calls that it is our intent to fund share repurchases largely with proceeds from sale. To date, our share repurchases have exceeded closed sale transactions. And we do, as I highlighted, have 4 more assets under contract. They have not yet sold.

從資產負債表維護的角度來看，我曾在先前的電話會議中強調，我們打算主要用出售所得資金來為股票回購提供資金。迄今為止，我們的股票回購數量已超過已完成的股票出售交易數量。正如我之前提到的，我們還有 4 項資產正在洽談中。它們尚未售出。

And our expectation would be as those transactions close to use proceeds, especially to the extent we're trading at values at or around where we're currently trading to make additional share repurchases. So to clarify, it is our intent to be active in both spaces, both to take advantage of the near-term opportunity to drive incremental value for our shareholders through these selective sales and share repurchases and to use forward commitments on development deals to ensure that the long term -- that over a longer period of time, our portfolio remains relevant and positioned to drive strong returns for investors.

我們預計，隨著這些交易接近完成，所得款項（尤其是在我們股價與當前股價持平或相近的情況下）將用於進行額外的股票回購。因此，為了澄清，我們的目標是在兩個領域都保持活躍，一方面利用近期機會，透過選擇性出售和股票回購為股東創造增量價值，另一方面利用對開發交易的遠期承諾，確保長期——在更長的時間裡——我們的投資組合保持相關性，並能夠為投資者帶來強勁的回報。

Thanks, And maybe if I could just follow up. Is there a limit to how many of these deals you're willing to take on at any given time? You're nearing the completion of the Motto. Now you'll have these three. Is -- should we expect more over the next year or two ahead of these deliveries? Or is this kind of it, I suppose, for the near term?

謝謝，或許我可以再跟進。你同時願意承接的這類交易數量是否有限制？你即將完成座右銘的寫法。現在你將擁有這三樣東西。——我們是否應該預期在接下來一兩年內，也就是這些貨物交付之前，會有更多這樣的情況發生？或者說，短期內大概就是這樣吧？

Given the scale of these developments, it's generally been our intent to have no more than one or two close in any given year. I think from our perspective, that gives us the maximum amount of flexibility from an ability to close on those assets.

鑑於這些項目的規模，我們通常的目標是每年只完成一到兩個項目的交割。我認為從我們的角度來看，這給了我們最大的靈活性，使我們能夠完成這些資產的交易。

And barring a really exceptional deal, I would anticipate that as we look at out years with '27 and '28, this would represent the entirety of the forward commitments we were likely to make. Any additional commitments would likely be for assets anticipated to be delivered further out.

除非出現非常特殊的交易，否則我預計，當我們展望 2027 年和 2028 年時，這將代表我們可能做出的全部未來承諾。任何額外的承諾都可能是針對預計在更遠日期交付的資產。

Got it. Thanks for the color.

知道了。謝謝你提供的色彩。

Jay Kornreich, Cantor Fitzgerald.

傑伊·科恩雷希，坎托·菲茨杰拉德。

Hi, good morning. Thank you. I guess just first, I wanted to follow up on one of the previous government-related questions. As we look towards 2026, if government demand does remain soft, are there any, I guess, initiatives or maybe new strategies you can employ to fill some of the gap in the government and related travel should it continue to be slow, just having this past year of experience and more maybe visibility into what could transpire next year?

您好，早安。謝謝。首先，我想就之前提出的一個與政府相關的問題做個後續說明。展望 2026 年，如果政府需求依然疲軟，我想，是否有任何舉措或新策略可以採取，以填補政府及相關旅行方面的一些缺口？如果這種情況持續低迷，我們能否借鏡過去一年的經驗，並對明年可能發生的事情有更清晰的認識？

I think the team has done an exceptional job pivoting very quickly to build additional base business through group, which is both represented by leisure and corporate group business. I think the team will continue to lean into that as well as exploring other demand opportunities within those respective markets. The team, again, we felt the incremental burden of the pullback in March and April.

我認為團隊在迅速調整策略、透過團體業務拓展更多基礎業務方面做得非常出色，這其中既包括休閒團體業務，也包括企業團體業務。我認為團隊將繼續重視這一點，同時也將探索這些相關市場中的其他需求機會。團隊再次感受到了三月和四月縮減規模帶來的額外負擔。

And certainly, from a market share perspective, realized that. And very, very quickly, the team has been able to pivot and maximize based on what's available in market to regain share and be back in a market share growth position. So I think we'll continue to lean into that. And each market is different, but the team is certainly mobilized and working very hard to maximize in the current environment.

當然，從市場佔有率的角度來看，這一點是顯而易見的。團隊很快就能夠根據市場上的現有資源進行調整和最大化利用，從而重新奪回市場份額，並重回市場份額成長的位置。所以我認為我們會繼續朝著這個方向努力。每個市場的情況都不一樣，但團隊肯定已經動員起來，非常努力地在當前環境下實現最大效益。

Okay, thanks for that. And then just as a follow-up, any [curious] -- or what are, I guess, the updated thoughts as to how we should think about the mix shift going forward with some of the corporate occupancy potential lift and some potential deceleration on the leisure side?

好的，謝謝。那麼，作為後續問題，對於未來企業入住率可能上升而休閒娛樂方面可能放緩的趨勢，大家有什麼（好奇的）——或者說，對於我們應該如何看待這種組合轉變，有什麼最新的想法嗎？

So we're actually seeing the opposite in our portfolio. So when we look at recent performance, in part driven by the pullback in government. We've seen greater strength in leisure for our portfolio than we have in midweek corporate, where we saw some weakness, partially offset, as I highlighted in my earlier comments by improvement in group.

但我們的投資組合其實呈現相反的情況。因此，當我們審視近期的表現時，會發現部分原因是政府的政策緊縮。我們看到休閒旅遊業務在我們的投資組合中表現比周中商務旅遊業務更為強勁，後者出現了一些疲軟，但正如我之前的評論中所強調的，團體旅遊業務的改善部分抵消了休閒旅遊業務的疲軟。

I think to the comments that Liz just made, every market is a little bit different, and we will work in each market to maximize on the opportunities that are available to us. And I think continue in many markets to see potential, especially as the government shutdown resolves, which has impact both on government travel directly, but also adjacent businesses to begin to build back some of the corporate demand that has softened for us.

我認為正如 Liz 剛才所說，每個市場都略有不同，我們將努力在每個市場中充分利用現有的機會。我認為在許多市場中，我們仍能看到潛力，尤其是在政府停擺結束後，政府停擺不僅直接影響了政府出行，也影響了相關企業，使其開始重建一些先前疲軟的企業需求。

Which we were asked earlier about -- Jay, just as a follow-up, we were asked earlier about the rebound when the government reopens and what we've seen in the past. We believe that part of the negotiated pullback from a corporate standpoint is related to just general uncertainty or potential travel implications with the government shutdown. And that if we saw the government reopen and we did see a return of some of that pent-up demand, but that would not only benefit us from a government perspective, but also from a corporate transient perspective.

之前有人問過我們這個問題——傑伊，作為後續問題，之前有人問過我們政府重新開放後經濟反彈的情況，以及我們過去看到的情況。我們認為，從企業角度來看，部分協商撤資與政府停擺帶來的普遍不確定性或潛在的旅行影響有關。如果政府重新開放，而我們看到一些被壓抑的需求回歸，那麼這不僅對政府有利，對企業短期營運也有好處。

Got it. Okay, I appreciate the additional color as well.

知道了。好的，我也很喜歡這些額外的顏色。

Ken Billingsley, Compass Point.

肯·比林斯利，指南針角。

All right. Hopefully, I got the mute button working this time. Can you hear me?

好的。希望這次我能把靜音鍵弄好。你聽得到我嗎？

We can hear you.

我們能聽到你的聲音。

Excellent. Good morning. Two questions. One on the expense side, and it was a clarification of something you said earlier. So G&A expense savings has been pretty significant in '25. Is some of this temporary due to management decisions and we'll see this tick back up? Or is this something we can expect to continue?

出色的。早安.兩個問題。一是關於費用方面的，二是澄清你之前說過的一些話。因此，2025 年的 G&A 費用節省相當可觀。部分原因是由於管理決策造成的暫時性波動嗎？我們會看到這種情況再次好轉嗎？或者這種情況會持續下去嗎？

And with that, on the expense side, can you talk about the -- maybe I didn't quite understand. You're talking about the Marriott shift plan and expected expense savings? Or did I hear that incorrectly?

那麼，關於費用方面，您能談談——也許我沒完全理解。您指的是萬豪酒店的輪班計畫和預期節省的費用嗎？還是我聽錯了？

Okay. I'll start with G&A, and then we can pivot to the Marriott transitions. So from a G&A expense perspective, that is really tied primarily to the executive compensation incentive plan. And as such, it's really correlated to how we're performing from an operating metrics perspective, but largely relative and total shareholder return driven.

好的。我先從一般及行政費用說起，然後我們再來談談萬豪集團的過渡情況。因此，從一般及行政費用的角度來看，這主要與高階主管薪酬激勵計畫有關。因此，它與我們從營運指標角度來看的表現密切相關，但主要受相對股東回報和總股東回報的驅動。

So it resets every year. So it will fluctuate every year. This year, the way we've been trending year-to-date, that's what's providing the decline as we look to the revised guidance and as you look year-over-year.

所以它每年都會重置。所以它每年都會波動。今年以來，我們一直保持著這樣的發展趨勢，因此，當我們審視修訂後的業績指引以及同比數據時，就會發現業績有所下滑。

So it's all aligned with shareholders?

所以這一切都與股東利益一致？

Yes, very aligned with shareholders.

是的，與股東利益高度一致。

And then from a Marriott managed transition standpoint, as I highlighted in my prepared remarks, it is our intent over the coming months to transition our Marriott managed hotels to franchise, entering into long-term franchise agreements with Marriott for those hotels and consolidating management with existing third-party management partners that we're working with already in those same markets. That consolidation is anticipated to unlock incremental value, both in terms of near-term cash flow from the individual assets and over the longer term, to the extent we pursue a sales transaction with any of those assets.

然後，從萬豪酒店集團的過渡管理角度來看，正如我在準備好的發言稿中強調的那樣，我們計劃在未來幾個月內將萬豪酒店集團管理的酒店過渡到特許經營模式，與萬豪酒店集團就這些酒店簽訂長期特許經營協議，並將管理工作與我們已經在這些市場合作的現有第三方管理合作夥伴進行整合。預計此次整合將釋放增量價值，無論是在近期單一資產的現金流量方面，還是在長期內，如果我們對其中任何資產進行出售交易，都將釋放增量價值。

As I highlighted, that the transition aligns with Marriott's strategy to improve and enhance the efficiency of their organization, and we think provides us with an excellent opportunity to further drive operating performance for those hotels.

正如我所強調的那樣，這一轉變符合萬豪酒店集團提高組織效率的策略，我們認為這為我們提供了一個絕佳的機會，可以進一步提升這些酒店的營運表現。

Well, thank you. And then lastly, on the Las Vegas market, I mean I know this is a few years out, but I mean, some talk about it being weaker. Can you discuss the decision to put two more there at this time?

謝謝。最後，關於拉斯維加斯市場，我知道這還有幾年時間，但有人說它可能會比較疲軟。能否談談此時再增設兩個單位的決定？

Certainly. I think important to highlight in the beginning that despite the pullback in that market, we're currently yielding 10% on a trailing 12-month basis on the SpringHill Suites that we purchased in market. Our hotel has outperformed the market more broadly in part because we target a slightly different piece of business.

當然。我認為首先需要強調的是，儘管該市場有所回調，但我們目前在市場上購買的 SpringHill Suites 的過去 12 個月收益率為 10%。我們的酒店業績優於整體市場，部分原因是我們的目標客戶群略有不同。

We have historically owned hotels in the Vegas market and understand that because of the demand drivers in that market, it tends to be slightly more volatile than other markets where we have ownership in our portfolio. That said, we believe, as I highlighted in my prepared remarks, in the long-term trajectory of the market based on continued investment in meaningful demand drivers, which are more diverse than they have been historically.

我們一直在拉斯維加斯市場擁有酒店，並且了解由於該市場的需求驅動因素，其波動性往往比我們投資組合中的其他市場略大。也就是說，正如我在準備好的發言稿中所強調的那樣，我們相信，基於對有意義的需求驅動因素的持續投資，市場的長期發展軌跡將會保持穩定，而這些需求驅動因素比以往更加多樣化。

And given our location in market immediately adjacent to the recently expanded convention center, we see that being a meaningful driver for long-term value in this complex of hotels. I think when we purchased the SpringHill Suites, we acquired with it adjacent land, which is where these hotels will be built. They will be connected to the SpringHill Suites. And so when we think about operating efficiencies, we will have an ability using the same manager for all three hotels to drive really strong bottom line numbers for the hotels.

鑑於我們酒店所在的市場位置緊鄰最近擴建的會議中心，我們認為這將是該酒店群長期價值的重要驅動因素。我認為，當我們收購 SpringHill Suites 時，我們也同時獲得了相鄰的土地，這些酒店將建在那裡。它們將與 SpringHill Suites 連結。因此，當我們考慮營運效率時，我們可以透過讓同一位經理管理這三家酒店，為酒店帶來非常強勁的利潤。

And again, I think as we think about both additions and subtractions from our portfolio and look to prune and plan, we're taking a long-term view and see our presence in Vegas as a meaningful differentiator from our publicly traded peers and a potential driver for -- of long-term value.

再次強調，我認為，當我們考慮投資組合的增減，並著眼於精簡和規劃時，我們著眼於長遠，並將我們在拉斯維加斯的業務視為與上市同行的重要差異化因素，以及長期價值的潛在驅動力。

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Thanks, good morning, everyone. Just a -- first question for you, just in terms of CapEx and disruption, sort of two parts here. Just on the Seattle Lake Union project, any outsized cost there? And then how should we think about earnings disruption next year?

謝謝大家，早安。第一個問題想問你，就資本支出和顛覆性影響而言，這裡有兩個面向。單就西雅圖聯合湖計畫而言，是否有任何超支費用？那麼，我們該如何看待明年的獲利中斷問題呢？

I think that hotel is pretty large and significant in terms of earnings contribution. And then the 13 Marriott-managed hotels, just help us understand what's sort of the typical disruption like when you do transition a management company?

我認為這家酒店規模相當大，對獲利貢獻也相當重要。那麼，對於萬豪管理的13家飯店，請您幫我們了解一下，在更換管理公司時，通常會遇到哪些典型的混亂情況？

Both very good questions. When we think about the Residence Inn, because it was coming up on end of franchise, we anticipated that we would be renovating the hotel regardless of whether or not we transition brand. And so the renovation-related disruption, I think, would have been the same regardless of whether or not we had kept it within that same brand family.

這兩個問題都很好。當我們考慮 Residence Inn 酒店時，由於它的特許經營權即將到期，我們預計無論是否進行品牌過渡，我們都會對該酒店進行翻新。因此，我認為，無論我們是否將其保留在同一個品牌家族內，與翻新相關的干擾都會是一樣的。

I think as we looked at options in that market, and I highlighted this in my prepared remarks, we looked at competitive supply and recognized quickly that Marriott had significantly greater presence in the market than Hilton, more than double. And given the strength of both reward systems, we saw value in repositioning the hotel to another flag.

我認為，當我們考察該市場的各種選擇時（我在事先準備好的發言稿中也強調了這一點），我們考察了競爭供應情況，並很快意識到萬豪酒店在市場上的份額比希爾頓酒店大得多，是希爾頓酒店的兩倍多。鑑於這兩個獎勵體系的強大實力，我們認為將酒店重新定位到另一個品牌是有價值的。

Certainly, there should not be a read-through as to our feelings related to the Residence Inn brand or other Marriott brands as indicated by the recently signed development deals. We continue to feel very strongly that those are incredibly powerful brands. Our decision in this market was driven largely by the competitive supply picture and facilitated, frankly, by brand incentives, which helped to sweeten the deal.

當然，我們不應該從最近簽署的開發協議中看出我們對 ​​Residence Inn 品牌或其他萬豪品牌的態度。我們仍然堅信這些都是非常強大的品牌。我們在這個市場上的決策主要是受競爭激烈的供應情況驅動的，坦白說，品牌激勵措施也促成了這筆交易，使之更具吸引力。

As we think about disruption for that particular property, we anticipate some outsized disruption as we transition from one reservation system to another, because it's an extended state property with a higher percentage of direct sales than a typical hotel, we hope to mitigate a portion of that.

當我們考慮該特定物業可能受到的影響時，我們預計在從一個預訂系統過渡到另一個預訂系統時，會有一些特別大的干擾，因為它是一個規模較大的州立物業，直接銷售的比例比一般酒店要高，我們希望能夠減輕一部分幹擾。

And I think certainly, we'll be in a position to report back as we work through that process, remembering again that we've given a lot of advance notice to this group and that, that transaction still happens sometime in the future. Speaking to the other properties, the transition we anticipate there will be much less disruptive.

而且我認為，隨著我們推進這一過程，我們肯定會及時匯報進展情況，再次提醒大家，我們已經提前通知了該團體，而且這筆交易仍將在未來的某個時候進行。與其他物業相比，我們預計那裡的過渡將不會造成太大干擾。

And in fact, we have, from time to time, as you know, transitioned assets from one management company to another in an effort to drive incremental performance from those hotels, especially to the extent we're able to consolidate management within individual markets and leverage that combined presence to reduce staff and to combine sales efforts in a way that -- that really drive incremental profitability.

事實上，正如您所知，我們時不時會將資產從一家管理公司轉移到另一家管理公司，以期提高這些酒店的業績，尤其是在我們能夠整合各個市場的管理，並利用這種整合優勢來減少員工和整合銷售工作，從而真正提高盈利能力的情況下。

Because we have a lot of experience with that, I think we feel good about our ability to drive incremental value in the short term. That, combined with the fact that we will be transitioning the hotels during -- for most of the hotels, the slowest period of the year from an overall occupancy standpoint, we see those transitions as going smoothly and positioning us to drive near-term incremental efficiencies from an operational standpoint.

因為我們在這方面有很多經驗，所以我認為我們有信心在短期內創造更多價值。有鑑於此，我們將在一年中入住率最低的時期（對大多數酒店而言）進行酒店過渡，我們認為這些過渡將順利進行，並使我們能夠從營運角度推動近期效率的逐步提高。

Beyond that, the transition to franchise unlocks incremental flexibility as we think about potential transactions down the road. And so we saw it as a win-win-win with Marriott being able to achieve some incremental efficiencies from an operational standpoint on their side, us gaining operational efficiencies near term as we combine management in individual markets and then long term, unlocking incremental value to the extent we pursue a sale of the assets.

除此之外，向特許經營模式的過渡為我們考慮未來可能的交易提供了更大的靈活性。因此，我們認為這是一個三贏的局面：萬豪酒店集團可以從營運角度提高一些效率，而我們則可以在短期內透過整合各個市場的管理來提高營運效率，從長遠來看，如果我們最終出售這些資產，就能釋放出更多的價值。

Good. Understood. And then a follow-up for Liz. I think you mentioned 3.4% cost per occupied room this year at the midpoint. Just early look into next year, how should we think about cost per occupied room, at least the growth rate relative to this year? Any puts or takes to consider? That's it for me.

好的。明白了。然後是給莉茲的後續報道。我記得你曾提到今年年中每間入住房間的成本為 3.4%。展望明年，我們該如何看待每間已入住客房的成本，至少相對於今年的成長率？有什麼看漲或看跌的行情需要考慮嗎？就這些了。

So I think it's a little bit early for us to give definitive guidance from an expense growth perspective given where we are in the budgeting process. And as Justin mentioned, we have several things we're working through, which we ultimately believe will go smoothly and will put us in a better position, but could have some short-term impact.

因此，鑑於我們目前處於預算編制過程的階段，我認為現在從支出成長的角度來看，給出明確的指導還為時過早。正如賈斯汀所提到的，我們正在處理幾件事，我們最終相信這些事情會順利進行，並使我們處於更有利的地位，但可能會產生一些短期影響。

So if we remove that from the equation, I think we have seen in many areas, expenses moderate as we've moved through the year and feel like the team has done a very, very good job given the top line flexing and maximizing cost savings and maximizing profitability as we think about the bottom line. We've outperformed our expectations, and we certainly hope that we'll be able to carry some of that through as we think about next year.

因此，如果我們把這一點從等式中排除，我認為我們已經看到，在很多領域，隨著時間的推移，支出有所緩和，考慮到營收的靈活性，以及​​在考慮最終利潤時最大限度地節省成本和提高盈利能力，我覺得團隊做得非常好。我們取得的成績超出了預期，我們當然希望在展望明年時能夠保持這種勢頭。

(Operator Instructions)

（操作說明）

Chris Darling, Green Street.

克里斯達林，格林街。

Thanks. Good morning. So just a quick follow-up on the Las Vegas development deal. Would you expect any revenue synergies just being next to the convention center with a larger footprint over time?

謝謝。早安.關於拉斯維加斯開發協議，我再簡單跟進。您認為隨著時間的推移，毗鄰會展中心並擴大佔地面積是否會帶來任何收入協同效應？

Absolutely. And especially, I think our team was incredibly thoughtful in the selection of brands such that we could, from a sales perspective, present a very versatile total product with an ability to house larger groups spread among the three brands in ways that drive their overall stay experience.

絕對地。尤其值得一提的是，我認為我們的團隊在選擇品牌方面考慮得非常周全，從銷售的角度來看，我們可以提供一個非常多樣化的整體產品，能夠以提升整體住宿體驗的方式，將較大的團體分散到這三個品牌中。

But certainly, believe that having the combined assets there meaningfully better positions us from a sales standpoint as well as providing us with incremental ability to drive operational efficiencies on brands that, quite frankly, are already leading brands from a margin production standpoint.

但可以肯定的是，我相信，將這些資產合併起來，從銷售角度來看，將使我們處於更有利的地位，同時也將使我們有能力提高旗下品牌的營運效率，坦白說，這些品牌從利潤率的角度來看已經是領先的品牌了。

All right. Understood. That's helpful. And then maybe more broadly, just taking a step back, as you think about the past few years of transaction activity, hoping you can discuss how you think about market selection. When you're buying into new markets, maybe selling out of others, just curious what are the driving factors behind those decisions? Is it supply? Is it the ability to densify with the same operators? What are the main factors you think about?

好的。明白了。那很有幫助。然後，或許可以更廣泛地回顧過去幾年的交易活動，希望您能談談您是如何看待市場選擇的。當你進軍新市場或從其他市場拋售股票時，我很好奇這些決定背後的驅動因素是什麼？是供應問題嗎？是使用相同的運算子進行密集化的能力嗎？您主要考慮哪些因素？

A good question. I think zooming out, we're mindful to start with the portfolio profile we're looking to create overall with an emphasis on creating exposure to a broad variety of demand segments and balancing that exposure in a way that creates overall stability from a performance standpoint in the portfolio overall.

問得好。我認為，從宏觀角度來看，我們應該先考慮我們希望創建的整體投資組合概況，重點是創造對各種需求領域的投資機會，並以一種能夠從整體績效角度創造投資組合穩定性的方式來平衡這種投資機會。

And then as we zoom in and look at individual markets, and hopefully, this is apparent as you look at our recent acquisition and disposition activity. Generally, we're looking to lean into markets that are business-friendly where the overall demand trends are expected to be positive and are supported by demographic trends, both in terms of the movement of people and in most cases, large businesses to those [same] markets.

然後，當我們放大觀察各個市場時，希望您在查看我們最近的收購和處置活動時能夠明顯感受到這一點。總的來說，我們希望進入那些對商業友善的市場，這些市場的整體需求趨勢預計會是積極的，並且受到人口趨勢的支持，包括人口流動，以及在大多數情況下，大型企業向這些市場遷移。

And so if we look at pending transactions and start with Nashville, which we anticipate closing on later this year, certainly, Nashville from a hotel performance standpoint has been negatively impacted near term by supply growth and the absorption of that supply.

因此，如果我們看一下待完成的交易，從我們預計將於今年晚些時候完成的納許維爾交易開始，可以肯定的是，從酒店業績的角度來看，納許維爾在短期內受到了供應增長和供應吸收的負面影響。

When you zoom out and look at the overarching trends from a demand standpoint in that market, they continue to be very strong, both from a leisure standpoint and as we look at continued movement of large and small businesses into that market and thinking specifically of the announced movement of Oracle's headquarters to the market as one example, but also expansion of electric vehicle battery plant facility as a joint venture in that same market, combining with expansion of sporting venues, which will have an ability to drive incremental concert-related business, all with the overarching kind of demand for that market continuing to be very strong leisure filling in the gaps.

從需求角度來看，該市場的整體趨勢仍然非常強勁，無論是休閒娛樂方面，還是大型和小型企業持續湧入該市場，例如甲骨文公司宣布將總部遷至該市場，以及電動汽車電池工廠的合資擴建，再加上體育場館的擴張，這將帶動與音樂會相關的業務增長。所有這些都表明，該市場的整體需求仍然非常強勁，休閒娛樂的需求填補了市場空白。

Moving to Vegas, similar, as we think about overall demographic trends, a largely growing market, they continue to see meaningful investment in additional demand drivers. And then Anchorage for some time has been one-off and for the past quarter and year-to-date, our top RevPAR producing market, benefiting again from a strong mix of leisure and business demand.

來到拉斯維加斯，情況也類似。考慮到整體人口趨勢，這是一個不斷增長的市場，他們繼續看到對其他需求驅動因素的重大投資。而安克雷奇在一段時間內一直獨樹一幟，在過去一個季度和今年迄今為止，它是我們每間可供出租客房收入最高的市場，再次受益於休閒和商務需求的強勁組合。

I think certainly, as we think about the makeup of our portfolio and our ability to drive long-term profitability, we're mindful of the margins that we're able to drive in those markets, which come from a combination of ability to drive top line performance with appropriate cost structure for that top line performance. And then we're looking at the overall age of our portfolio and our ability to efficiently maintain our assets. And all of those things combine to drive both our acquisitions and our dispositions activity.

我認為，當我們考慮投資組合的組成以及我們推動長期盈利能力的能力時，我們當然會關注我們能夠在這些市場中獲得的利潤率，而這來自於推動營收成長的能力與為實現營收成長而製定的適當成本結構相結合。然後，我們也要檢視我們投資組合的整體年齡以及我們有效維護資產的能力。所有這些因素共同推動了我們的收購和處置活動。

We've been fortunate in the current market to be able to transact at very attractive cap rates on the types of assets that we see as being less strategic for us long term, which has created really an incredible environment where we are able to achieve our strategic objectives in an environment where doing so also immediately enhances our performance from a fundamental standpoint. And I think as I highlighted in my prepared remarks, we will continue to lean into that. And in the near term, because of where we're trading, look to redeploy proceeds into our stock, in an effort to further improve our cost of capital to fund future acquisitions.

在當前的市場環境下，我們很幸運能夠以極具吸引力的資本化率交易那些我們認為長期戰略意義不大的資產類型，這創造了一個令人難以置信的環境，使我們能夠在實現戰略目標的同時，從根本上提升我們的業績。正如我在準備好的演講稿中所強調的那樣，我認為我們將繼續朝著這個方向努力。短期內，由於我們目前的交易情況，我們將考慮把所得資金重新投入到我們的股票中，以進一步降低我們的資本成本，為未來的收購提供資金。

Okay. I appreciate the detail and that's it for me. Thank you.

好的。我很欣賞這種細緻的觀察，僅此而已。謝謝。

I would like to turn the floor over to Justin for closing remarks.

我謹將發言權交給賈斯汀，請他作總結發言。

Thank you for joining us today. We continue to be excited about near- and long-term opportunities for our portfolio and hope, as always, that as you have an opportunity to travel, you'll take the opportunity to stay with us in one of our hotels. I know over the coming weeks and months, we'll have an opportunity to meet with many of you, and we look forward to seeing you in person and answering any further questions you might have.

感謝您今天蒞臨。我們對我們的投資組合的近期和長期機會依然充滿熱情，並一如既往地希望，當您有機會旅行時，能夠選擇入住我們旗下的酒店。我知道在接下來的幾週和幾個月裡，我們將有機會與你們中的許多人見面，我們期待與你們見面，並回答你們可能提出的任何其他問題。

This concludes today's teleconference. You may disconnect your lines at this time, and 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了，感謝您的參與。