Apple Hospitality REIT Inc (APLE) 2025 Q4 法說會逐字稿

Greetings and welcome to the Apple Hospitality REIT fourth quarter and full year 2025 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Kelly Clark. Thank you. You may begin.

各位好，歡迎參加 Apple Hospitality REIT 2025 年第四季及全年業績電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人凱莉克拉克。謝謝。你可以開始了。

Thank you and good morning. Welcome to Apple Hospitality REIT's fourth quarter and full year 2025 earnings call. Today's call will be based on the earnings release in Form 10-K which we distributed and filed yesterday afternoon. Before we begin, please note that today's call may include forward-looking statements as defined by federal securities laws.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2025 年第四季及全年業績電話會議。今天的電話會議將基於我們昨天下午分發和提交的 10-K 表格中的收益報告。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當前的觀點和假設，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、績效或成就與表達、預測或暗示的內容有重大差異。

Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including our 2025 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. In addition, non-GAAP measures of performance will be discussed during this call.

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（包括我們的 2025 年 10-K 表格年度報告）中描述的風險因素的限制，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。此外，本次電話會議也將討論非GAAP績效指標。

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.

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 fourth quarter and full year 2025, and an operational outlook for 2026. 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 年第四季和全年的業績，以及 2026 年的營運展望。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 fourth quarter and full year 2025 earnings call. Against the challenging backdrop in 2025, our corporate management and hotel teams skilfully executed against strategic initiatives to maximize operating performance, manage expenses, capitalize on dislocations in the stock market, optimize our existing portfolio, enhance our growth profile, and position the company to maximize shareholder value throughout performance in the years ahead.

早安，感謝各位今天參加我們2025年第四季及全年財報電話會議。在 2025 年充滿挑戰的背景下，我們的企業管理團隊和飯店團隊巧妙地執行了各項策略舉措，以最大限度地提高營運績效、控制支出、利用股市波動、優化現有投資組合、提升成長前景，並使公司在未來幾年透過業績最大化股東價值。

Our portfolio of efficient, high-quality hotels is broadly diversified across 84 markets with exposure to a variety of demand generators. During the year, leisure travel remained strong across our hotel portfolio while policy uncertainty and a pullback in government travel impacted midweek demand, temporarily disrupting the steady improvement in midweek occupancy that characterized much of 2024.

我們高效率、高品質的飯店組合廣泛分佈於 84 個市場，涵蓋各種需求來源。年內，休閒旅遊在我們酒店組合中保持強勁勢頭，而政策的不確定性和政府旅行的減少影響了周中需求，暫時擾亂了 2024 年大部分時間裡周中入住率穩步提高的趨勢。

Our asset management and hotel teams adjusted strategy to optimize the mix of business at our hotels as demand trends shifted in many cases layering on additional group business to bolster market share and strengthen overall portfolio performance.

隨著需求趨勢的變化，我們的資產管理和飯店團隊調整了策略，優化了飯店的業務組合，在許多情況下增加了團體業務，以鞏固市場份額並加強整體投資組合的績效。

Through the successful navigation of changes in government-dependent demand combined with continued strength in leisure travel, we achieved comparable hotels RevPAR of $118 for the full year 2025, down 1.6% to the prior year.

透過成功因應政府依賴型需求的變化，以及休閒旅遊的持續強勁增長，我們實現了 2025 年全年可比酒店每間可供出租客房收入 (RevPAR) 為 118 美元，比前一年下降 1.6%。

Based on preliminary results, comparable hotels RevPAR declined by approximately 1.5% in January 2026, as compared to January 2025, primarily as a result of challenging comps related to wildfire recovery-related business which benefited a number of our California hotels last year, and the Presidential inauguration which benefited our hotels in the Washington DC area.

根據初步結果，與 2025 年 1 月相比，2026 年 1 月可比酒店的每間可供出租客房收入下降了約 1.5%，這主要是由於去年加州多家酒店受益於野火災後重建業務，以及華盛頓特區地區的酒店受益於總統就職典禮，導致可比酒店收入面臨挑戰。

Winter storms also weighed on January and early February results, but occupancies have improved meaningfully with recent weeks showing significant year over year growth. Together with our management teams, we remain focused on ensuring that we are growing market share and prudently managing expenses to maximize the profitability of our hotels.

冬季風暴也對 1 月和 2 月初的業績造成了影響，但入住率已顯著改善，最近幾週的入住率較去年同期有顯著增長。我們將與管理團隊一起，繼續專注於確保市場份額的成長，並謹慎地控制支出，以最大限度地提高酒店的盈利能力。

Variable expense growth for our portfolio has moderated with higher growth in fixed costs during 2025, largely coming as a result of challenging year over year comparisons. We achieved comparable hotels EBITDA of $99 million for the quarter and $474 million for the year, resulting in an industry-leading comparable hotels EBITDA margin of 31.1% for the quarter and 34.3% for the year.

2025 年，由於年比數據較為嚴峻，我們投資組合的變動費用成長放緩，而固定成本成長則有所加快。本季我們實現了可比飯店 EBITDA 9,900 萬美元，全年實現了 4.74 億美元，從而實現了業界領先的可比飯店 EBITDA 利潤率，本季為 31.1%，全年為 34.3%。

In January, we successfully completed the transition of our 13 Marriott managed hotels to franchise, consolidating management with third-party management companies who were in most instances already operating hotels for us in the market in order to realize incremental operational synergies.

1 月，我們成功完成了旗下 13 家萬豪酒店向特許經營的過渡，將管理權整合到第三方管理公司手中，這些公司在大多數情況下已經為我們在該市場運營酒店，以實現運營協同效應的提升。

We are confident these transitions, together with a select number of additional market level management consolidations, will 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, and increase the marketability of the hotels in the future as we consider select dispositions.

我們相信，這些轉型，加上一些額外的市場層面管理整合，將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帶來更大的靈活性，並在未來我們考慮進行特定處置時提高飯店的市場競爭力。

The Marriott transitions aligned with Marriott's publicly stated goal to drive incremental efficiencies in our own business, and we appreciate their willingness to work with us in pursuit of a mutually beneficial outcome.

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。

Our disciplined approach to capital allocation has been a hallmark of our strategy throughout our history, balancing both near- and long-term allocation decisions to capitalize on existing opportunities while securing the long-term relevance, stability and performance of our portfolio and maximizing value for our shareholders.

貫穿我們整個發展歷程，我們始終堅持嚴謹的資本配置方法，在短期和長期配置決策之間取得平衡，以把握現有機遇，同時確保投資組合的長期相關性、穩定性和業績，並為股東創造最大價值。

While our long-term goal is to grow our portfolio, our stock has traded at an implied discount to values we can achieve in private market transactions for much of the past year. We prudently capitalize on the disconnect by selectively selling assets and redeploying proceeds into the purchase of our own stock, preserving our balance sheet to safeguard against potential macroeconomic volatility and to protect our ability to act quickly on future accretive acquisition opportunities.

雖然我們的長期目標是擴大投資組合，但在過去一年的大部分時間裡，我們的股票交易價格都低於我們在私募市場交易中所能達到的價值。我們審慎地利用這種脫節局面，有選擇地出售資產，並將所得款項重新投入到購買我們自己的股票中，從而保持我們的資產負債表，以防範潛在的宏觀經濟波動，並保護我們能夠迅速抓住未來增值收購機會的能力。

During the year, we sold seven hotels for a combined gross sales price of approximately $73 million and repurchased 4.6 million common shares for a total of approximately $58 million. Shares repurchased during 2025 were priced at around a [2.4] turn spread to dispositions completed during the year and around a [6.5] turn EBITDA multiple spread after taking into consideration brand-mandated capital investments.

年內，我們出售了七家酒店，總銷售價格約為 7,300 萬美元，並回購了 460 萬股普通股，總金額約 5,800 萬美元。2025 年回購的股票價格與當年完成的處分價格相差約 2.4 倍，考慮到品牌強制資本投資後，其 EBITDA 倍數相差約 6.5 倍。

Our team has done a tremendous job pursuing opportunistic asset sales that further optimize our portfolio concentration, help to manage portfolio CapEx needs and free capital for accretive redeployment and a meaningful spread. Pricing for the individual hotel spares.

我們的團隊在尋求機會性資產出售方面做得非常出色，這進一步優化了我們的投資組合集中度，幫助管理投資組合的資本支出需求，並釋放資金用於增值再部署和有意義的利差。飯店各零件的定價。

However, as a group, the seven hotels we sold in 2025 traded at a 6.5% blended cap rate or a 12.4times EBITDA multiple before CapEx and a 4.9% cap rate or 16.5times EBITDA multiple after taking into consideration the estimated $24 million in anticipated capital improvements.

然而，作為一個整體，我們在 2025 年出售的七家酒店的交易綜合資本化率為 6.5%，即 EBITDA 倍數（未計入資本支出），而資本化率為 4.9%，即 EBITDA 倍數（未計入資本支出），在考慮預計 2400 萬美元的資本改善後，5%。

We were able to use 1031 exchanges to reinvest gains on hotel sales, redeploying proceeds into the acquisition of the Homewood Suites Tampa Brandon, which sits adjacent to our Embassy Suites in market and the Moto by Hilton, Nashville Downtown, which we acquired in late December upon completion of construction.

我們利用 1031 條款將飯店銷售收益再投資，並將所得款項重新投入對坦帕布蘭登 Homewood Suites 飯店的收購。這家飯店毗鄰我們在市場上的 Embassy Suites 酒店。此外，我們還收購了納許維爾市中心的 Moto by Hilton 酒店，該酒店於 12 月底竣工。

Recent acquisitions have performed well despite headwinds in several markets. The Embassy in Madison, Wisconsin saw meaningful year-over-year improvement as the hotel completed its first full year of operations. In the AC Hotel in Washington, D.C., which was also purchased in 2024, and produced full year RevPAR of $205, and a 43% house profit margin despite the meaningful pullback in government travel and a weaker convention calendar.

儘管多個市場面臨不利因素，但近期的收購項目表現良好。位於威斯康辛州麥迪遜的使館酒店在完成其第一個完整的營運年度後，實現了顯著的同比改善。位於華盛頓特區的 AC 酒店也是在 2024 年收購的，儘管政府旅行大幅減少，會議日程也較為疲軟，但該酒店全年每間可供出租客房收入 (RevPAR) 仍達到 205 美元，酒店利潤率達到 43%。

Four of the six hotels we purchased in 2023 achieved yields in excess of 10% last year, including our SpringHill Suites in Las Vegas despite meaningful declines in the performance of that market due to lower inbound foreign travel and a weaker convention calendar.

2023 年我們收購的六家飯店中，有四家去年的收益率超過 10%，其中包括我們在拉斯維加斯的 SpringHill Suites 飯店。儘管由於入境外國遊客減少和會展日程疲軟，該市場的表現大幅下滑，但 SpringHill Suites 酒店依然取得了不錯的成績。

The Nashville motto is ramping nicely, and we continue to have forward commitments for two future hotel development projects which are currently in early stages, including a dual brand, AC and Residence Inn located adjacent to our SpringHill Suites in Las Vegas and an AC in Anchorage Alaska. The ACM Anchorage has broken ground and is expected to be delivered in late 2027.

納許維爾的座右銘正在穩步推進，我們繼續推動兩個未來的酒店開發項目，目前這兩個項目都處於早期階段，其中包括位於拉斯維加斯 SpringHill Suites 旁的 AC 和 Residence Inn 雙品牌酒店，以及位於阿拉斯加安克雷奇的 AC 酒店。ACM Anchorage 已破土動工，預計將於 2027 年底交付。

Construction has not yet begun on the two Vegas hotels, though current expectations are for the AC and Residence Inn to be completed sometime in the second quarter of 2028. We do not currently have any pending acquisitions slated for 2026.

雖然拉斯維加斯的兩家酒店尚未動工，但目前預計 AC 酒店和 Residence Inn 酒店將於 2028 年第二季完工。我們目前沒有任何計劃在 2026 年進行的收購項目。

Through all phases of the economic cycle, we seek to create value for our shareholders by driving incremental earnings per share through accretive transactions that enhance the quality and competitiveness of our existing portfolio and ensure that we are well positioned for future outperformance. 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.

在經濟週期的各個階段，我們都致力於透過增值交易提高每股收益，從而為股東創造價值，增強現有投資組合的品質和競爭力，並確保我們為未來的優異表現做好充分準備。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。

In the near term, we anticipate that we will continue to pursue select asset dispositions where we can redeploy proceeds at a multiple spread while at the same time, managing future CapEx needs and fine-tuning the distribution of our portfolio to increase exposure to potentially higher growth markets.

短期內，我們預計將繼續進行部分資產處置，以便以倍數利差重新部署收益，同時管理未來的資本支出需求，並微調投資組合的分佈，以增加對潛在高成長市場的曝險。

Disciplined reinvestment in our portfolio is another key component of our strategy and ensures that our hotels maintain competitive positioning within their respective markets and present guests with the value proposition that enables our hotels to drive incremental rate.

對我們的投資組合進行有紀律的再投資是我們策略的另一個關鍵組成部分，確保我們的酒店在其各自的市場中保持競爭地位，並為客人提供價值主張，從而使我們的酒店能夠提高房價。

Our historical annual CapEx spend has been between 5% and 6% of total revenue, which is a significant differentiator for us relative to our full-service peers. Combined with higher margins, the lower CapEx obligation enables us to produce meaningfully more free cash from operations which we then use to fund shareholder distributions and strategic investments.

我們歷年的年度資本支出佔總收入的 5% 到 6%，這與我們全方位服務的同行相比，是一個顯著的優勢。結合更高的利潤率和更低的資本支出義務，我們可以從經營活動中產生更多可觀的自由現金流，然後我們用這些現金流來為股東分紅和策略投資提供資金。

Our experienced capital investment team leverages our scale ownership to reduce costs, maximize the value of reinvested dollars and minimize revenue displacement by optimally scheduling projects during periods of seasonally lower demand. For the year ended December 31, capital expenditures totaled approximately $88 million.

我們經驗豐富的資本投資團隊利用我們的規模優勢，透過在季節性需求較低的時期優化專案安排，來降低成本、最大化再投資資金的價值並最大限度地減少收入損失。截至 12 月 31 日止年度，資本支出總額約為 8,800 萬美元。

For 2026, we expect to reinvest between $80 million and $90 million in our portfolio with major renovations planned for approximately 21 of our hotels, including the conversion of our resins in Seattle Lake Union to Homewood Suites beginning in the fourth quarter of this year.

預計到 2026 年，我們將對我們的投資組合進行 8000 萬至 9000 萬美元的再投資，計劃對我們旗下約 21 家酒店進行重大翻新，其中包括從今年第四季度開始將我們在西雅圖聯合湖的酒店改建為 Homewood Suites 酒店。

The transition of this hotel will happen as it reaches the end of its current franchise term, with the determination to change brands informed by competitive supply dynamics within the market and brand incentives.

這家酒店的轉型將在其當前特許經營期限結束時進行，更換品牌的決定是基於市場競爭供應動態和品牌激勵措施。

The hotel will continue to operate as a resin in through the renovation, which is expected to be complete in the second quarter of 2027. Supported by strong cash flow from our portfolio of hotels, we continue to pay an attractive dividend, which meaningfully enhances total returns for our investors.

酒店將在翻新期間繼續作為樹脂旅館運營，預計將於 2027 年第二季完成翻新。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，從而顯著提高投資者的總回報。

During the fourth quarter, we paid distributions totaling approximately $57 million or $0.24 per common share and for the full year, we paid distributions totaling approximately $240 million or $1.01 per 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 7.8%.

第四季度，我們派發了總計約 5,700 萬美元（即每股普通股 0.24 美元）的股息；全年，我們派發了總計約 2.4 億美元（即每股 1.01 美元）的股息。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7.8%的年收益率。

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. Historically, low supply growth continues to materially reduce the overall risk profile of our portfolio limiting potential downside and enhancing potential upside as lodging demand strengthens.

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。從歷史上看，低供應成長持續大幅降低我們投資組合的整體風險狀況，限制潛在下行風險，並在住宿需求增強時提高潛在上行風險。

At year-end, nearly 59% of our hotels did not have any new upper upscale, upscale or upper mid-scale product under construction within a 5 meter radius.

到年底，近 59% 的飯店在 5 公尺半徑範圍內沒有任何新的高檔、中高檔或中高檔產品正在建設中。

Throughout our 26 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, strategically reinvesting in our hotels and closely aligning our efforts with the associates and management teams who operate our hotels.

在酒店業的 26 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，對我們的酒店進行戰略性再投資，並與運營我們酒店的員工和管理團隊緊密合作。

In 2025, we skillfully executed strategic initiatives to further maximize operating performance, capitalize on dislocations in the stock market, optimize our existing portfolio, enhance our growth profile and position the company for outperformance in the years ahead. Travel demand for our portfolio has remained resilient, further reinforcing the merits of our underlying strategy. Our guidance for 2026 calls for comparable hotels RevPAR to be flat at the midpoint, which generally aligns with Star forecast for our chain scales.

2025年，我們巧妙地執行了各項策略舉措，以進一步最大限度地提高營運績效，利用股市錯位，優化現有投資組合，增強成長勢頭，並為公司在未來幾年取得優異業績做好準備。我們投資組合的旅遊需求依然強勁，進一步證明了我們現有策略的優勢。我們對 2026 年的預測是，可比飯店的每間可供出租客房收入 (RevPAR) 將在中間值持平，這與我們連鎖飯店的星級預測基本一致。

We believe that this represents a measured base case scenario for our portfolio with early summer potentially benefiting from incremental leisure travel related to the FIFA World Cup 2026, and easier comparisons to periods adversely impacted by cuts in government spending, tariff announcements and the government shutdown in late 2025, we acknowledge that this guidance could ultimately prove conservative.

我們認為，這代表了我們投資組合的一個經過權衡的基本情況，初夏可能會受益於與 2026 年 FIFA 世界盃相關的休閒旅遊的增長，並且更容易與 2025 年底受政府削減開支、關稅公告和政府停擺等不利因素影響的時期進行比較。我們承認，這項指導最終可能會被證明是保守的。

With January and February being seasonally lower occupancy months, it is early in the year for us to identify with conviction trends for either business or leisure travel. And as we saw last year, the possibility of policy-related demand disruption is real. We are, however, optimistic about the setup for the year and feel we are well positioned regardless of how things play out in the broader economy.

由於一月和二月通常是入住率較低的月份，因此現在就確定商務旅行或休閒旅行的趨勢還為時過早。正如我們去年所看到的，與政策相關的需求中斷的可能性是真實存在的。不過，我們對今年的發展前景持樂觀態度，並認為無論整體經濟狀況如何，我們都已做好充分準備。

We remain confident in the long-term outlook for the hospitality industry, the strength of our portfolio specifically and our ability to drive profitability and maximize long-term value for our shareholders. 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.

我們對酒店業的長期前景、我們投資組合的實力以及我們為股東創造盈利能力和實現長期價值最大化的能力仍然充滿信心。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 faced several macroeconomic headwinds in 2025, we are generally pleased with the performance and resilience of our portfolio. Comparable hotels total revenue was $319 million for the quarter and $1.4 billion for the full year 2025, down approximately 2% and 1% to the same periods of 2024.

謝謝你，賈斯汀，早安。儘管旅遊業在 2025 年面臨許多宏觀經濟逆風，但我們對投資組合的表現和韌性總體上感到滿意。同類型飯店本季總營收為 3.19 億美元，2025 年全年總營收為 14 億美元，分別比 2024 年同期下降約 2% 及 1%。

Comparable hotels adjusted hotel EBITDA was approximately $99 million for the quarter and $474 million for the year, down approximately 8% and 6% as compared to the same period of 2024. Fourth quarter comparable hotels RevPAR was $107, down 2.6%. ADR was $152, down 90 basis points and occupancy was 70%, down 1.7% as compared to the fourth quarter of 2024.

同類型飯店經調整後的 EBITDA 本季約為 9,900 萬美元，全年約為 4.74 億美元，與 2024 年同期相比分別下降約 8% 和 6%。第四季同店飯店每間可供出租客房收入為 107 美元，下降 2.6%。平均房價為 152 美元，下降 90 個基點；入住率為 70%，與 2024 年第四季相比下降 1.7%。

For the year ended December 31, 2025, comparable hotels RevPAR was $118, down 1.6%. ADR was $159, down only 10 basis points, and occupancy was 74%, down 1.6% to 2024. Our portfolio continues to outperform the industry where STAR reports RevPAR of $100 an average occupancy of 62% for 2025, highlighting the relative strength of our portfolio demand despite year-over-year disruption.

截至 2025 年 12 月 31 日止年度，可比飯店的每間可供出租客房收入為 118 美元，下降 1.6%。平均房價為 159 美元，僅下降 10 個基點；入住率為 74%，至 2024 年下降 1.6%。我們的投資組合繼續優於行業平均水平，STAR 報告顯示，2025 年我們的每間可供出租客房收入 (RevPAR) 為 100 美元，平均入住率為 62%，這凸顯了儘管逐年受到干擾，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，重新優化了飯店的業務組合，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，從而增強了市場份額和整體業績。

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 RevPAR performing hotels during the quarter as compared to the same period last year included our Embassy Suites in Anchorage, Alaska, which was up almost 42% and our Homewood Suites in Tukwila, Washington, which was up 33%; our Courtyard in Franklin, Tennessee, which was up almost 22% and our residents in Renton, Washington, which was up over 21% as the hotel lapped Boeing strikes in 2024.

與去年同期相比，本季RevPAR表現最佳的酒店包括：阿拉斯加州安克雷奇的Embassy Suites酒店，增長近42%；華盛頓州圖克維拉的Homewood Suites酒店，增長33%；田納西州富蘭克林的Courtyard酒店，增長近22%；以及華盛頓州倫頓的Residents酒店，增長超過21%，該酒店在2024年的罷工影響上一年。

Other top performers included our Manassas Residence Inn St., louis Hampton Inn and Nashville Airport TownPlace Suites. Hotels with significant year-over-year RevPAR declines for the quarter included our San Bernardino Residence Inn, our Arlington Hampton Inn & Suites, our Panama City TownePlace Suites, our Huntsville Hampton & Suites and our Orlando, SpringHill and Fairfield Inn Suites, which benefited from Hurricane Milton business during the fourth quarter of 2024.

其他表現優異的飯店包括馬納薩斯 Residence Inn St.、路易斯 Hampton Inn 和納許維爾機場 TownPlace Suites。本季RevPAR年比大幅下降的飯店包括我們的聖貝納迪諾Residence Inn飯店、阿靈頓Hampton Inn & Suites飯店、巴拿馬城TownePlace Suites飯店、亨茨維爾Hampton & Suites飯店以及奧蘭多、SpringHill和Fairfield Inn Suites飯店，這些飯店在2024年第四季受益於米爾頓颶風的業務。

Based on preliminary results for the month of January 2026, comparable (technical difficulty) declined by approximately 1.5% as compared to January 2025, impacted by travel disruption related to winter weather, challenging comps related to wildfire recovery-related business, and the presidential inauguration last year as well as ramp from our Nashville motto, which opened at the end of December.

根據 2026 年 1 月的初步結果，與 2025 年 1 月相比，可比（技術難度）下降了約 1.5%，受到冬季天氣造成的旅行中斷、與野火恢復相關的業務的挑戰性比較、去年的總統就職典禮以及我們在 12 月底開業的納許維爾旗艦店的開業挑戰性的影響。

Performance has improved in February, bringing comparable RevPAR growth slightly positive year-to-date. Turning back to the fourth quarter, weekday occupancy was down 140 basis points and weekend occupancy was down only 50 basis points as compared to the same period last year.

2月業績有所改善，使得今年迄今的RevPAR成長略微為正。回到第四季度，與去年同期相比，平日入住率下降了 140 個基點，週末入住率僅下降了 50 個基點。

Encouragingly, occupancy growth turned positive in December with weekday occupancy up 10 basis points after being down around 2% in October and November and weekend occupancy was up 90 basis points after being down around 1% in October and November. ADR declines were more pronounced on weekdays, down 1% for the quarter, while weekend ABR was essentially flat.

令人鼓舞的是，12 月份入住率增長轉正，工作日入住率在 10 月和 11 月下降約 2% 後上升了 10 個基點，週末入住率在 10 月和 11 月下降約 1% 後上升了 90 個基點。平日平均房價跌幅更為明顯，本季下降了 1%，而週末平均房價基本上持平。

As previously mentioned, following a pullback in October and November due to travel disruption related to the government shutdown, we began to see improvement in December. Highlighting same-store room night channel mix for the quarter, brand.com bookings were flat year-over-year at 40%. OTA bookings were up 110 basis points to 14%.

如前所述，由於政府停擺導致旅行中斷，10 月和 11 月出現下滑，但 12 月開始出現好轉。本季同店客房夜數通路組合方面，brand.com 預訂量與去年同期持平，為 40%。OTA預訂量上升110個基點至14%。

Property Direct was up 70 basis points at 25%, and GDS bookings were down 80 basis points to 16%. Looking at fourth quarter same-store segmentation, bar was around flat at 33% of our occupancy mix, other discounts grew 30 basis points to 31% of mix. Corporate and local negotiated declined 150 basis points to 16% of our mix, and government declined 100 basis points to 4% of our mix.

Property Direct 的預訂量上漲了 70 個基點，達到 25%；而 GDS 的預訂量下降了 80 個基點，至 16%。從第四季同店細分來看，酒吧的佔比基本上持平，為 33%，其他折扣的佔比增長了 30 個基點，達到 31%。企業和地方協商付款下降了 150 個基點，占我們付款組合的 16%；政府付款下降了 100 個基點，占我們付款組合的 4%。

Group business mix improved 130 basis points to 15%. Our fourth quarter channel mix and segmentation trends highlight the relative strength of our leisure consumer. The pullback in government and other business transient as a result of the government shutdown, and our team's ability to reoptimize and grow property direct and group business where available.

集團業務組合改善130個基點至15%。我們第四季的通路組合和細分趨勢凸顯了休閒消費者的相對優勢。由於政府停擺，政府和其他商業流動性活動減少，而我們的團隊有能力在條件允許的情況下重新優化和發展房地產直接和團體業務。

We continue to see growth in other revenues which were up 5% on a comparable basis during the quarter and up 6% year-to-date, driven primarily by parking revenue and cancellation fees. Turning to expenses. Comparable hotels, total hotel expenses increased by only 1% in the fourth quarter and 1.9% for the year as compared to the same period of last year. Our 2.5% and 3.3% on a CPOR basis.

其他收入持續保持成長，本季以可比口徑計算成長了 5%，年初至今成長了 6%，主要得益於停車收入和取消費用的推動。接下來談談費用。與去年同期相比，同類型酒店的總酒店支出在第四季度僅增長了 1%，全年增長了 1.9%。我們以CPOR計算的收益率分別為2.5%和3.3%。

On a same-store basis, total hotel expenses increased by only 1% for both the fourth quarter and full year. Total payroll per occupied room for our same-store hotels was $43 for the quarter, up 3.5% to the fourth quarter of 2024 and $41 for the full year, up 3% versus full year 2024.

以同店計算，第四季和全年飯店總支出僅增加了 1%。本季我們同店飯店每間已入住客房的總薪資為 43 美元，比 2024 年第四季成長 3.5%；全年為 41 美元，比 2024 年全年成長 3%。

Our managers continue to achieve reductions in contract labor, which decreased during the quarter to 7% of total same-store wages, down 120 basis points or 14% versus the same period in 2024. Comparable hotels variable hotel expenses increased only 0.5% in the fourth quarter or 1.9% on a per occupied room basis.

我們的管理人員持續努力減少合約工的使用，本季合約工的使用量已降至同店總薪資的 7%，比 2024 年同期下降了 120 個基點或 14%。第四季度，可比飯店的可變飯店費用僅增加了 0.5%，以每間已入住客房計算則增加了 1.9%。

Cost control efforts amid occupancy softness kept expense growth muted with only 80 basis points of comparable operating expense growth, 30 basis points of hotel administrative expense, and flat sales and marketing expenses. Comparable utilities and repair and maintenance expense grew slightly higher at 2% and fixed expenses remained an expected headwind at 7% growth.

在入住率疲軟的情況下，成本控制措施使支出成長保持溫和，可比營運支出僅成長了 80 個基點，飯店管理支出成長了 30 個基點，銷售和行銷支出保持不變。可比公用事業和維修保養費用略微增加 2%，固定費用仍將面臨 7% 的成長預期阻力。

Our comparable hotels adjusted hotel EBITDA margin was strong at 31.1% for the fourth quarter and 34.3% for the year, down 210 basis points and 190 basis points as compared to the same periods of 2024. Adjusted EBITDAre was approximately $93 million for the quarter and $444 million for the full year, down approximately 3.6% and 5.1% as compared to the same periods of 2024.

我們同店飯店調整後 EBITDA 利潤率第四季為 31.1%，全年為 34.3%，與 2024 年同期相比分別下降了 210 個基點和 190 個基點。本季調整後 EBITDA 約為 9,300 萬美元，全年約 4.44 億美元，與 2024 年同期相比分別下降約 3.6% 和 5.1%。

MFFO for the quarter was approximately $73 million or $0.31 per share, down 3.1% on a per share basis as compared to the fourth quarter of 2024. For the full year 2025, MFFO was approximately $361 million or $1.52 per share, down 5.6% on a per share basis as compared to 2024.

本季 MFFO 約為 7,300 萬美元，即每股 0.31 美元，與 2024 年第四季相比，每股下降 3.1%。2025 年全年，MFFO 約為 3.61 億美元，即每股 1.52 美元，與 2024 年相比，每股下降 5.6%。

Looking at our balance sheet, as of December 31, 2025, we had approximately $1.5 billion of total outstanding debt approximately 3.4times our trailing 12 months EBITDA, with a weighted average interest rate of 4.7%. At quarter end, our weighted average debt maturities were approximately three years.

從我們的資產負債表來看，截至 2025 年 12 月 31 日，我們未償債務總額約為 15 億美元，約為過去 12 個月 EBITDA 的 3.4 倍，加權平均利率為 4.7%。截至季末，我們的加權平均債務到期期限約為三年。

We had cash on hand of approximately $9 million, availability under our revolving credit facility of approximately $587 million, and approximately 64% of our total debt outstanding was fixed or hedged. The number of unencumbered hotels in our portfolio as of December 31, was 207.

我們手頭現金約 900 萬美元，循環信貸額度約 5.87 億美元，未償債務總額約 64% 為固定或已對沖債務。截至 12 月 31 日，我們投資組合中未受限制的飯店數量為 207 家。

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 a recast of our main credit facility in the coming months. Turning to our outlook for 2026 provided in yesterday's press release.

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對主要信貸安排進行重組時，錯開我們的到期日。讓我們回顧一下昨天新聞稿中對 2026 年的展望。

For the full year, we expect net income to be between $133 million and $160 million, comparable hotels RevPAR change to be between negative 1% and positive 1%, comparable hotels adjusted hotel EBITDA margin to be between 32.4% and 33.4% and adjusted EBITDAre to be between $424 million and $447 million.

預計全年淨利潤將在 1.33 億美元至 1.6 億美元之間，可比酒店每間可供出租客房收入變化將在 -1% 至 +1% 之間，可比酒店調整後 EBITDA 利潤率將在 32.4% 至 33.4% 之間，調整後 EBITDA 將在 4.24 億美元之間。

We have assumed for purposes of guidance that total hotel expenses will increase by approximately 3% at the midpoint, which is 2% on a CPOR basis. Effective January 1, 2026, the company will begin excluding from the calculation of adjusted EBITDA and MFFO the expense recorded for share-based compensation.

為了方便指導，我們假設飯店總支出將在中間值增加約 3%，即以 CPOR 計算增加 2%。自 2026 年 1 月 1 日起，公司將開始在調整後的 EBITDA 和 MFFO 的計算中排除已記錄的股份支付費用。

As it represents a non cash transaction and the add back to net income is consistent with the calculation of adjusted EBITDA for the company's financial covenant ratios under its credit facilities and is consistent with the presentation of other public lodging rates. As Justin mentioned earlier, this outlook aligns with STAR forecast for our chain scales, and we believe represents a measured base case scenario for our portfolio.

由於這是一筆非現金交易，因此加回淨收入與公司根據其信貸安排的財務契約比率計算調整後的 EBITDA 一致，並且與其他公共住宿費率的列報一致。正如賈斯汀之前提到的，這一前景與我們鍊式秤的 STAR 預測一致，我們認為這代表了我們投資組合的一個經過衡量的基本情況。

With early summer potentially benefiting from incremental leisure travel related to the FIFA World Cup 2026, and easier comparisons to periods adversely impacted by cuts in government spending, tariff announcements and the government shutdown in late 2025, we acknowledge that this guidance could ultimately prove conservative.

鑑於初夏可能會受益於與 2026 年 FIFA 世界盃相關的休閒旅遊的增長，並且更容易與 2025 年底受政府支出削減、關稅公告和政府停擺等不利因素影響的時期進行比較，我們承認這一指導最終可能會被證明是保守的。

Our outlook is based on our current view, which is limited 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. Trends early in the year are always difficult to extrapolate, but we are encouraged by recent improvement in midweek occupancies and GDS bookings.

我們的展望是基於我們目前的看法，這種看法是有限的，沒有考慮到我們業務中任何意想不到的發展或經營環境的變化，也沒有考慮到任何未宣布的酒店收購或處置。年初的趨勢總是很難推斷，但我們對近期周中入住率和 GDS 預訂量的改善感到鼓舞。

While uncertainty remains elevated and the possibility of policy-related demand disruption continues, including the ongoing partial government shutdown, we believe our experience discipline and agility will enable us to adapt dynamically to maximize profitability, and we remain confident in our team's ability to successfully navigate shifting market conditions.

儘管不確定性依然很高，政策相關的需求中斷的可能性依然存在，包括目前部分政府停擺，但我們相信，憑藉我們的經驗、紀律和敏捷性，我們將能夠動態調整，最大限度地提高盈利能力。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。

The strength of our differentiated strategy has proven resilience 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.

我們差異化策略的優勢已證明其在經濟週期中具有韌性，使我們能夠在充滿挑戰的環境中保持股權價值，並為自己抓住新興機會做好準備。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 enhanced our portfolio positioning and performance. And our solid balance sheet continues to provide us with stability and meaningful flexibility to pursue accretive opportunities in the future.

我們近期採取的資本配置決策和投資組合調整措施提升了我們的投資組合定位和績效。我們穩健的資產負債表繼續為我們提供穩定性和足夠的靈活性，以便在未來尋求增值機會。

Importantly, we remain focused on the long term and committed to executing our strategy with discipline and patience, ensuring our portfolio is well positioned to deliver growth and value creation for shareholders over time. That concludes our prepared remarks, and we'll now open the call for questions.

重要的是，我們始終著眼於長期發展，並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為股東帶來成長和價值創造。我們的發言稿到此結束，現在開始接受提問。

(Operator Instructions)

（操作說明）

Jack Armstrong, Wells Fargo.

傑克·阿姆斯特朗，富國銀行。

Hey. Good morning. Thanks for taking the question. What would you say was the total drag on RevPAR in 2025 from Liberation Day and the government shutdown? And how much of that do you expect to come back as a benefit in 2026?

嘿。早安.感謝您回答這個問題。您認為解放日和政府停擺對 2025 年每間可供出租客房收入 (RevPAR) 的總影響為何？您預計其中有多少會在 2026 年轉化為收益？

Good morning, Jack. It's a good question. I think as we've progressed through the year, and reported on government being pulled back and related business, whether it be government adjacent that we can identify or general BT related to some uncertainty, we've been clear, it's hard to quantify completely.

早上好，傑克。這是個好問題。我認為，隨著我們今年的進展，以及對政府撤資和相關業務的報道，無論是我們可以識別的與政府相關的業務，還是與英國電信相關的某些不確定性，我們都明確表示，這很難完全量化。

If you look at room nights for government on a same store basis, for the full year they were down about 12% and negotiated was down 5% to 6%, which really that trend did not start until [Doge] and certainly ebbed and flowed throughout the year, ending the year down a little bit more with the government shutdown.

如果以同一家飯店計算政府的房間夜數，全年下降了約 12%，協商下降了 5% 到 6%，而這一趨勢實際上是從 [狗狗幣] 開始的，並且肯定在全年都有起伏，由於政府停擺，年底下降幅度更大。

So I'd say if you think about it from that perspective, and you assume a good portion of that could come back. The total of those could be about one point in occupancy. But some of that from a [doge] perspective may not return. And so that's why the team worked really, really hard to optimize the mix of business and replace some of that with group business throughout the year.

所以我覺得，如果你從這個角度考慮，並假設其中很大一部分可以恢復。這些加起來可能只佔入住率的一點左右。但從狗狗幣的角度來看，其中一些收益可能不會再回來了。所以，這就是為什麼團隊全年都在努力優化業務組合，並用集團業務取代部分業務的原因。

Okay. Helpful color there. And then can you take us through some of the building blocks on the expense side on the fixed and variable side to get us to the 3% for the full year?

好的。顏色很醒目。那麼，您能否帶我們了解固定支出和可變支出方面的一些基本要素，以便我們實現全年 3% 的目標？

Yes. On a comparable basis at the midpoint, you're just under 3% for variable expenses, about 2.7% and then fixed is just under 5%, so 4.5% or so, for fixed expenses at the midpoint.

是的。以中間值計算，變動費用略低於 3%，約 2.7%；固定費用略低於 5%，約 4.5%。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Austin Wurschmidt, KeyBanc Capital Markets Inc.

Austin Wurschmidt，KeyBanc Capital Markets Inc.

Great. Thanks. Liz, just you discussed all the moving pieces related to the outlook this year from some of the policy-related disruption that went on last year as well as the event-driven demand coming this year. I'm just wondering if the RevPAR growth guidance assumes any volatility and if you could just kind of maybe provide some of the cadence of how you're thinking about the quarters or first half versus back half of this year? Thanks.

偉大的。謝謝。Liz，你剛剛討論了今年前景中所有與政策相關的變動因素，包括去年發生的一些政策相關幹擾以及今年即將到來的事件驅動型需求。我只是想知道RevPAR成長預期是否考慮了任何波動性，以及您能否大致說明一下您對今年上半年和下半年季度成長節奏的看法？謝謝。

It's a good question. I think as we think about FIFA World Cup, to the extent we get benefited from that, that would occur probably mostly in late second quarter. We provided in our prepared remarks as well as in the press release last night that not much of that, if any, is contemplated at the midpoint of our guidance range. It's a little early to know how that might materialize.

這是個好問題。我認為，當我們考慮世界盃時，如果我們能從中受益，那麼很可能主要發生在第二季末。我們在準備好的發言稿以及昨晚的新聞稿中都提到，在我們指導範圍的中點，幾乎沒有考慮過這種情況（如果有的話）。現在判斷這件事最終會如何實現還為時過早。

So we are optimistic about the potential. So if you think about cadence sort of outside of the guidance range, I'd say, the end of the second quarter is when we're anticipating for our hotels where we see the most benefit, the way the matches are lining up.

因此，我們對它的潛力持樂觀態度。所以，如果你考慮一下超出指導範圍的節奏，我認為，根據目前的比賽安排，我們預計酒店業務在第二季末將獲得最大收益。

As we think about the midpoint of guidance and what was assumed in guidance, moving throughout the year, the cadence is fairly flat in the middle of the year and then a slight decrease in the first quarter because of the California wildfire comp to last year, where we experienced the most benefit. And certainly, the weather that we've experienced so far year-to-date has had some impact, too.

當我們回顧業績指引的中點以及指引中所作的假設時，考慮到全年的情況，年中業績成長節奏較為平穩，而第一季度由於加州野火的影響，業績略有下降，與去年同期相比有所下降，而去年我們受益最大。當然，今年迄今為止我們所經歷的天氣也產生了一定的影響。

And then the fourth quarter, certainly, we would have a little bit more of an increase due to the government shutdown last year. So highest growth in the fourth quarter, weakest quarter first quarter.

那麼，由於去年政府停擺，第四季肯定會出現更大幅度的成長。因此，第四季成長最快，第一季成長最慢。

Yeah. That's helpful. And then, you did reference you were kind of forced to shift the business mix throughout the year given all the things we just discussed last year. How are you approaching this year with respect to business mix versus last year, and just the potential benefits that that could have on ADR from remixing that business, last year? Thank you.

是的。那很有幫助。然後，你也提到，鑑於我們去年討論的所有事情，你不得不在這一年中調整業務組合。與去年相比，今年在業務組合方面有何計劃？去年業務組合的調整可能會對平均每日收益產生哪些潛在好處？謝謝。

We've actually been incredibly pleased with our team's ability to bring group into the hotels at attractive rates, and I think as we move forward this year, we expect those efforts to continue, direct sales to group within market.

我們對團隊能夠以優惠的價格吸引團體客人入住酒店感到非常滿意，我認為隨著今年的推進，我們預計這些努力將繼續下去，直接向市場內的團體進行銷售。

Ideally we see improvement in government business which helps to fill in the gaps, but certainly benefiting from, the efforts of our property level teams in going out and seeking business to replace the business that was no longer available during the government shutdown.

理想情況下，我們希望政府業務能夠有所改善，這有助於填補空缺，但當然，我們也受益於我們的物業團隊努力尋找業務，以取代政府停擺期間不再存在的業務。

So, our expectation would be relative to years prior to last year, potentially slightly less, government, slightly more group. But we'll see how the year plays out. I think what we've demonstrated is that we have, a team at our hotels that has the ability to act on existing demand in the market, and we have product that's versatile and appeals to a broad variety of potential customers.

因此，我們的預期是相對於去年之前的年份而言，政府可能會略少一些，團體可能會略多一些。但我們拭目以待，看看今年情況會如何發展。我認為我們已經證明，我們酒店擁有一支能夠根據市場現有需求採取行動的團隊，而且我們的產品用途廣泛，能夠吸引各種潛在客戶。

Thanks for the time.

謝謝你抽出時間。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

Thanks and good morning. Just going back to the RevPAR outlook. Just at the high end of the range, is that incorporating the fact that comps are getting easier and some of the event tailwinds that you talked about? And then 2025 was characterized more so by weaker occupancy than ADR growth. Is that your assumption for 2026 will play out as well? Thanks.

謝謝，早安。讓我們回到RevPAR（每間可供出租客房收入）的展望上來。就範圍的高端而言，這是否考慮到了比賽變得越來越容易以及您提到的一些賽事順風因素？而 2025 年的特徵是入住率下降，而非平均房價成長。你認為2026年的情況也會如此嗎？謝謝。

It's a good question. Yes. I mean, I think we at the midpoint of guidance assumes little impact or benefit from the special events that may happen this year or a return to some of the business we were missing. As you move higher up the range, and hopefully beyond the range, it would anticipate some growth in occupancy as we lap those comps, more so than rate, though I think that some of the special events to the extent they materialize should provide some rate opportunity as well.

這是個好問題。是的。我的意思是，我認為我們目前給出的指導意見中期假設，今年可能發生的特殊事件或我們失去的一些業務的恢復不會產生太大影響或帶來什麼好處。隨著價格區間的提高，甚至超出這個區間，預計入住率會有所增長，因為我們將超越那些同類酒店，而不是價格。不過，我認為一些特殊活動（如果能夠實現的話）也應該會帶來一些價格方面的機會。

Okay. And then, Justin, maybe you can talk a little bit about just what you're seeing as far as the transaction market is concerned, are you more focused on dispositions at this juncture? Just any color there would be helpful. Thank you.

好的。那麼，賈斯汀，或許你可以談談你目前在交易市場方面觀察到的情況，你現在更關注的是資產處置嗎？任何顏色都可以。謝謝。

Yeah, absolutely. I'm incredibly pleased with our team's ability to execute last year. specifically on dispositions, I highlighted numbers during my prepared remarks, but their ability to execute at the multiples they were able to execute at gave us a tremendous amount of flexibility to redeploy at spread multiples, which we think will meaningfully benefit us.

是的，絕對的。我對我們團隊去年的執行能力感到非常滿意。尤其是在資產處置方面，我在事先準備好的發言稿中重點強調了一些數字，但他們能夠在如此高的倍數下執行交易，這給了我們極大的靈活性，使我們能夠以不同的倍數重新部署，我們認為這將對我們大有裨益。

I highlighted in my prepared remarks that at this point in time, we do not have any acquisitions under contract or currently contemplated for this year. A lot can change as we move through the year. And I think we've demonstrated an ability to be nimble and to adjust strategy based on existing opportunities. But today, the environment looks very similar to the environment that we experienced last year.

我在事先準備好的發言稿中強調，目前我們沒有任何已簽訂合約或正在考慮在今年進行的收購。隨著時間的推移，很多事情都會改變。我認為我們已經展現了靈活應變的能力，能夠根據現有機會調整策略。但現今的環境與我們去年所經歷的環境非常相似。

And I think in the near term, it's safe to assume that we will be focused on select dispositions where we have confidence, we can redeploy proceeds into higher producing opportunities. And I think, certainly, at current levels, we see our shares as being attractively priced. Thank you.

我認為在短期內，我們可以合理地假設，我們將專注於我們有信心將收益重新部署到更高收益機會中的特定資產處置。而且我認為，就目前的股價而言，我們認為我們的股票定價很有吸引力。謝謝。

Richard Hightower, Barclays.

理查德·海托沃，巴克萊銀行。

Hey. Good morning, guys. Thanks for taking the questions here. I think you mentioned in the prepared comments that occupancy for sort of midweek transient business got a little bit better in December. And maybe just if we could dig into your outlook specifically for that segment in '26, better or worse? What trends are you seeing sort of within the core corporate transient group of customers?

嘿。各位早安。感謝您回答這些問題。我認為您在準備好的評論中提到，12 月周中短期客流量的入住率略有改善。我們能否深入了解您對 2026 年該領域的展望，是好是壞？您觀察到核心企業臨時客戶群有哪些趨勢？

Good morning, Rich. So I think we were encouraged, especially post government shutdown that we saw a return to midweek occupancy in December with some slight growth midweek. I mean it was a little better than flat. And I think as we crossed over into the new year, we've had a noisy year-to-date run here with weather especially.

早上好，里奇。所以我覺得我們受到了鼓舞，尤其是在政府停擺之後，我們看到 12 月份周中入住率恢復正常，並且周中入住率略有增長。我的意思是，這比完全平坦要好一些。我認為，進入新的一年後，我們經歷了一段動盪不安的時期，尤其是在天氣方面。

We've seen signs of -- especially in February, signs of good midweek occupancy growth, so we're encouraged there. As we look at segmentation, we'll have more data as we round out current months, and we'll string together a trend.

我們已經看到一些跡象——尤其是在二月——周中入住率出現了良好的增長，這讓我們感到鼓舞。隨著我們完成當前幾個月的數據，在進行市場細分時，我們將獲得更多數據，並將這些數據串聯起來，形成趨勢。

It's a little early because we've had some stops and starts with weather to get too excited about the clean weeks, thinking that there could be some pent-up demand. But what we are seeing is encouraging from a midweek occupancy perspective. We believe that that translates to business transient or the cause of that is business transient whether it comes through the negotiated segment or not.

現在談論清潔用水週還為時過早，因為天氣時好時壞，我們不能過於樂觀地認為可能會有一些積壓的需求。但從周中入住率的角度來看，我們看到的情況令人鼓舞。我們認為，這意味著業務的暫時性，或者說造成這種情況的原因是業務的暫時性，無論這種暫時性是否是透過協商達成的。

And one of the reasons that I highlighted in my prepared remarks, we are seeing an improvement in GDS bookings, which is business oriented. So some positive -- some positive signs. But as we look forward and as we contemplated guidance given the stops and starts and I'd say every year on this call, at this time, but it's just a really it's a difficult time to extrapolate the full year and what we anticipate from a business transient standpoint.

我在準備好的演講稿中強調的原因之一是，我們看到 GDS 預訂量有所改善，這與商業相關。所以有一些積極的跡象。但展望未來，考慮到業務的起伏不定，我們一直在思考指導意見。我想說，每年這個時候，在這個電話會議上，我們都會做出同樣的判斷，但現在確實很難推斷全年的情況，以及我們從業務波動角度所預期的情況。

I think we're a little gun shy because we were seeing slow and steady business transient growth up until the announcement of [doge] and those cuts and that's really when that trend pulled back. Once we see that trend pick back up and continue, we'll get a little bit more optimistic.

我認為我們有點畏首畏尾，因為在宣布[狗狗幣]和那些削減措施之前，我們看到業務的瞬時增長緩慢而穩定，而正是從那時起，這種趨勢開始逆轉。一旦我們看到這種趨勢重新興起並持續下去，我們就會更加樂觀。

I think one of the things that's important is what Justin mentioned earlier, which is the broad diversification from a demand standpoint that our properties attract, and that the team has done a really good job finding additional business in market, and we'll continue to do that, whether it's midweek occupancy coming through transient and that's business oriented or whether it's group that we're able to put on the books at attractive rates and then drive incremental retail.

我認為重要的一點是賈斯汀之前提到的，那就是我們的物業從需求角度來看具有廣泛的多樣性，而且團隊在市場上尋找更多業務方面做得非常出色，我們將繼續這樣做，無論是通過散客帶來的周中入住率（這是以商務為導向的），還是我們能夠以優惠的價格預訂的團體，然後推動零售業的增長。

So, the team continues to be really focused. We do believe there is room to grow from standpoint, it is the trend we're looking for. It's just a little too early to get excited about the recent things we've seen. But we are happy that despite some of the weather that people have gotten out, and we've seen some improvement here in February.

所以，團隊依然保持著高度專注。我們相信，從角度來看，還有發展空間，這也是我們所期待的發展趨勢。現在就對最近發生的事情感到興奮還為時過早。但我們很高興，儘管天氣有些不好，人們還是出門了，二月的情況也有所好轉。

Okay. That's helpful, Liz. And then my second question, I guess, since we're putting a spotlight on this quarter. We all noticed that share-based comp is going to go up in '26 versus '25. So maybe just help us understand the mechanical calculation of how that gets put together every year, if you don't mind.

好的。那很有幫助，莉茲。那麼，既然我們專注於本季度，我想問的就是我的第二個問題了。我們都注意到，2026 年的股權激勵薪酬將比 2025 年成長。如果您不介意的話，能否幫我們理解一下每年是如何將這些東西組裝起來的機械計算方法？

Absolutely. So the mechanics of how we're approaching our total G&A, which would be now corporate expense and the share-based compensation line items. Combined is the same. We start the year at target compensation, and then we adjust throughout the year based on how we're performing in third-party estimates from a return -- total return and relative return metric standpoint.

絕對地。因此，我們計算總一般及行政費用（現在包括公司費用和股份支付項目）的機制是這樣的。合併後的結果是一樣的。年初我們設定目標薪酬，然後根據第三方對回報（總回報和相對回報指標）的評估結果，在一年中進行調整。

And so, we're recalibrating to target-based compensation at the beginning of the year like we typically do. Last year, we underperformed. And so G&A expense, including share-based compensation, which is much lower than target. So that's the disconnect between last year and where we're guiding this year at the midpoint.

因此，我們將像往常一樣，在年初重新調整薪酬體系，採用基於目標的薪酬方式。去年，我們的業績低於預期。因此，包括股權激勵在內的一般及行政費用遠低於目標。這就是去年與我們今年年中預測方向之間的脫節之處。

I see. So there is flexibility throughout the year depending on performance.

我懂了。因此，全年都會根據業績情況進行彈性調整。

Yes.

是的。

So that could change in other words. Okay.

換句話說，情況可能會改變。好的。

Got it. It will likely change.

知道了。情況可能會改變。

As we move through the year meaningfully, if you go back and look at the prior year, the delta is less significant.

隨著一年時間的推移，如果你回顧去年，你會發現這種差異並不顯著。

Got it. Thank you, guys.

知道了。謝謝大家。

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Thanks. Good morning, everyone.

謝謝。各位早安。

Morning, Mike.

早上好，麥克。

I just Want to go back to guidance. Can you just have the expense front here? Can you help us bridge the changes in the same-store comp; I think New York is having a big impact on the headline growth rate is -- I think that's a very low-margin property. And also how was Nashville impacting growth rates and margins in '26. Any kind of clarification there as a of like the true comp for comp number would be helpful.

我只想回到指導階段。您能只提供預付費用嗎？您能否幫助我們因應同店銷售額的變化？我認為紐約對整體成長率產生了很大的影響——我認為這是一個非常低利潤的物業。2026 年，納許維爾對成長率和利潤率產生了怎樣的影響？如果能提供一些關於實際補償金額的說明就更好了。

Yes. Okay. So there is a lot of noise, especially since, and thank you for highlighting since I didn't include it in my prepared remarks, we are adding Hotel 57 back to the comparable set. So that creates some noise. It is a lower-margin asset. And so normalizing 2025 comparable for 57 would have a 40 basis point impact on 2025 margin. So that's one thing to note.

是的。好的。所以現在有很多噪音，尤其是因為（感謝您指出這一點，因為我沒有把它寫進我的準備發言稿中），我們將 Hotel 57 重新添加到可比集中。這樣就會產生一些噪音。它是利潤率較低的資產。因此，將 2025 年的可比較數據標準化為 57，將對 2025 年的利潤率產生 40 個基點的影響。所以這是需要注意的一點。

When you look at same-store total hotel expense growth at the midpoint, that's actually 1.6%. The additional increase comes from Nashville, adding Hotel 57 back in. And then, of course, we have Tampa that's also not part of the same store set that we bought earlier last year. So that's impacting total growth rates, but same store is 1.6% which is something we're proud of, especially given the top line at the midpoint.

如果從中點來看，同店飯店總支出成長率其實是 1.​​6%。新增的收益來自納許維爾，將 Hotel 57 重新納入統計範圍。當然，我們還有坦帕，它也不屬於我們去年稍早收購的那批門市之一。因此，這影響了總成長率，但同店成長率為 1.6%，我們對此感到自豪，尤其是在中期營收的情況下。

We're getting some benefit from not having brand conferences in 2026, which we had in 2025. There also have been some fee reductions for the brands, and we'll benefit from that. That's probably a net benefit of -- all three of those things combined $5 million.

2026 年我們沒有舉辦品牌大會，而 2025 年我們舉辦了品牌大會，所以我們從中獲得了一些好處。品牌方也獲得了一些費用減免，我們將從中受益。這三件事加起來的淨收益可能為 500 萬美元。

Got it. That's helpful. And then similarly, just on the manager changes, I know you previously you said touched on qualitative expectations but is there any list explicitly included in your outlook now for 2026?

知道了。那很有幫助。同樣地，關於管理層變動，我知道您之前提到過定性預期，但您現在對 2026 年的展望中是否明確列出了任何清單？

Not really at this point. And I think we continue to feel good about how the transitions will materialize. Remembering that there are some incremental costs in the beginning of any manager transition, our base case expectations are that we would be offsetting transition costs through more efficient operations as we move through the year with the primary benefit of the transactions being realized in future years.

目前還不是這樣。我認為我們對這些過渡將如何實現仍然充滿信心。考慮到任何經理更迭初期都會產生一些額外成本，我們的基本預期是，隨著年內營運效率的提高，我們將抵消這些過渡成本，而交易的主要收益將在未來幾年實現。

I think that is as is the remainder of our guidance, a reasonable base case or a measured base case. As we interact with management at those properties, their expectations for how they might perform are meaningfully higher.

我認為，正如我們其餘的指導意見一樣，這是一個合理的基準情況或經過深思熟慮的基準情況。當我們與這些物業的管理層進行交流時，發現他們對物業營運表現的期望值明顯較高。

Helpful. that's all for me. Thank you.

很有幫助。我的就這些了。謝謝。

(Operator Instructions)

（操作說明）

Jay Kornreich, Cantor Fitzgerald LP.

Jay Kornreich，Cantor Fitzgerald LP。

Hi. Thanks. I just wanted to ask, as we move closer to the World Cup, which I get is tough to pencil how are you guys thinking about, I guess, just the potential upside to your portfolio, either from people attending the games or maybe international travelers extending vacations between games? And what would you estimate as the booking window before the games actually begin?

你好。謝謝。我想問一下，隨著世界盃臨近，我知道這很難預測，你們是如何考慮世界盃可能給你們的投資組合帶來的潛在收益的，例如人們去現場觀看比賽，或者國際遊客在比賽間隙延長假期？那麼，您估計比賽正式開始前多久可以預訂？

A lot of good questions there. I want to clarify; we are incredibly excited about the potential for incremental business and incremental travel related to the World Cup. Our team is both at our corporate office and our management teams are intently focused on working to ensure that we maximize the opportunity, which means layering the appropriate business into the hotels, taking group where appropriate, and early bookings and then blocking rooms to maximize rate as we get closer to the games.

這些問題都很好。我想澄清一下：我們對世界盃帶來的業務成長和旅行增加的潛力感到無比興奮。我們的團隊在公司總部和管理團隊都全心投入工作，以確保我們最大限度地把握機會，這意味著將合適的業務安排到酒店中，在適當的時候接待團體客人，提前預訂，然後在比賽臨近時鎖定房間以最大限度地提高房價。

The booking window is still short. And so, I think a significant part of the reason that at the midpoint of guidance, we're not reflecting the optimism we have about the potential business is because from our perspective, it's too soon to talent. As we get closer and our in a better position with more business on the books, we will also be in a better position to quantify the actual impact.

預訂窗口期仍然很短。因此，我認為，在業績指引的中期，我們沒有反映出對潛在業務的樂觀態度，很大程度上是因為從我們的角度來看，現在談論人才還為時過早。隨著我們越來越接近目標，業務量越來越大，我們也能更好地量化實際影響。

I think as we've had discussions with our property teams. And as we've thought more broadly about how things might play out. We anticipate that this could be a meaningful driver of incremental business as we move through the year. We just are not yet based on business that we have on the books in a position to give you a really good estimate.

我認為我們已經和我們的物業團隊討論過了。當我們更廣泛地思考事情可能會如何發展時。我們預計，隨著年內業務的推進，這可能會成為推動業務成長的重要因素。根據我們目前已有的業務量，我們還無法給您一個非常準確的估價。

Okay. That's it for me. Thank you.

好的。就這些了。謝謝。

Kenneth Billingsley, Compass Point.

Kenneth Billingsley，指南針角。

Good morning. Thanks for taking my questions here. Two of them here is one on EBITDA growth you've expressed a lot of conservatism on the call with regard to growth expectations, revenue being lower than expense growth guidance. How much is that conservatism impacting your EBITDA guidance, which is lower than last year. How much of it is your conservatism versus just fewer hotels that are in the comps?

早安.感謝您回答我的問題。這裡有兩個問題，一個是關於 EBITDA 成長，你在電話會議上對成長預期表達了很多保守態度，收入低於支出成長指引。這種保守做法對你們的 EBITDA 預期（低於去年）產生了多大影響？你的保守態度佔多大比重，還是只因為參與評選的飯店數量較少？

A portion of it will be that we sold assets last year, though we also were adding the motto and Hotel 57 back into back into the pool of assets. So I think for the most part, it's revenue-driven, and it's top line driven. But certainly, there are some puts and takes with hotels sold and again, the new properties as well.

一部分原因是我們去年出售的資產，不過我們也把座右銘和 57 號飯店重新納入了資產池。所以我覺得，在很大程度上，它是以收入為導向的，是以營收為導向的。但可以肯定的是，酒店出售和新物業的開發都存在一些利弊權衡。

Okay. Thank you. And then on the Marriott franchise transition, I think it was 13 of them. You mentioned how do you expect by doing that transition, you talked about improved returns. Can you talk about where you see that opportunity? And then the other part is, does it make them more marketable assets by having them under the franchise agreement?

好的。謝謝。然後，在萬豪特許經營權的過渡期間，我認為有 13 家。您提到您期望透過這種轉型獲得怎樣的回報，您也談到了提高回報。您能談談您認為機會在哪裡嗎？另一方面，將他們納入特許經營協議是否會使他們成為更具市場價值的資產？

So to answer the second part of your question first, it makes them infinitely more marketable. We have tremendous amount of flexibility to sell at this point, those assets unencumbered by management, which meaningfully increases the potential buyer pool.

先回答你問題的第二部分，這使得它們更具市場競爭力。目前我們有極大的出售彈性，這些資產不受管理層約束，這大大增加了潛在買家的範圍。

And even assuming operations remain constant in terms of net income produced by the assets. we see an ability to the extent we were to sell any of these assets to unlock significant value. Outside of that, I think there are two primary drivers that we anticipate for incremental profitability from these assets.

即使假設各項資產所產生的淨收入不變，我們認為，如果我們出售其中任何一項資產，都將釋放出巨大的價值。除此之外，我認為我們預期這些資產的獲利能力成長主要有兩個驅動因素。

The first is that we are, in most cases, consolidating management within markets. with management companies that we already have operating in market, which we believe will drive cost savings, both on formerly Marriott managed assets as well as our other assets in market as we share expenses and build presence with specific management companies in those markets.

首先，在大多數情況下，我們正在整合市場內的管理，與我們已在該市場運營的管理公司合作，我們相信這將降低成本，無論是在之前由萬豪管理的資產上，還是在我們在該市場的其他資產上，因為我們可以分攤費用並與這些市場中的特定管理公司建立聯繫。

And then outside of that, Marriott from an efficiency standpoint, that has not been one of their strengths, especially as they work to deploy themselves against the types of assets that we own -- and so we also anticipate meaningful reductions in overhead allocations to the properties, which will support a stronger bottom line.

此外，從效率的角度來看，萬豪酒店集團一直不是他們的強項，尤其是在他們努力將自身部署到與我們擁有的資產類型相同的領域時——因此，我們也預計物業管理費用分配將大幅減少，這將有助於提高盈利能力。

I think outside of that, we expect that our managers will bring increased focus and attention to the properties which has potential to drive incremental top line results, meaning stronger rate and occupancy at the hotels. But our primary underwriting was on the cost side and easily justified the transition just through anticipated cost savings. Thank you.

我認為除此之外，我們期望我們的管理人員能夠更加關注酒店，這有可能推動營收成長，這意味著酒店房價和入住率將得到提升。但我們的主要承保方是成本方，僅憑預期節省的成本就足以證明轉型的合理性。謝謝。

Chris Darling, Green Street

克里斯達林，綠街

Thanks. Good morning. Justin, in the prepared remarks, I want to say you said that 59% of your hotels have no new construction within, I believe, 5 mile radius. I think back over the last couple of years, I think that number has sort of consistently gone higher.

謝謝。早安.賈斯汀，我想說的是，你在準備好的演講稿中提到，你認為你旗下 59% 的酒店在方圓 5 英里內沒有新建項目。回想過去幾年，我覺得這個數字一直持續上升。

Although sequentially, it looks like it went lower this quarter. Wondering if you could dig in a little bit anything idiosyncratic driving that change? And maybe just a broad overview of what you're seeing in the supply backdrop would be helpful.

雖然從環比來看，本季似乎有所下降。想知道能否深入探討一下，是什麼特殊因素促成了這種變化？或許，對你所看到的供應背景狀況做一個大致的概述會很有幫助。

Absolutely. So from a supply standpoint, we continue to feel incredibly good about the supply picture. And I've highlighted on past calls and continue to believe that it meaningfully changes the risk profile of our portfolio, reducing downside risk and improving upside potential as the demand picture improves. Some of the subtle adjustments are nuanced and driven by changes to our overall portfolio.

絕對地。因此，從供應角度來看，我們仍然對供應情況感到非常樂觀。我在先前的電話會議中強調過這一點，並且仍然認為，這將顯著改變我們投資組合的風險狀況，降低下行風險，並在需求情況改善時提高上行潛力。有些細微的調整是經過深思熟慮的，並且是由我們整體投資組合的變化所驅動的。

So when you look at the assets that we've been selling and the types of markets that we've been selling out of -- those are, in some instances, lower supply markets, and the net result has been shrinking the total number of assets, increasing our concentration in some individual markets.

因此，當你審視我們一直在出售的資產以及我們一直在出售的市場類型時——在某些情況下，這些是供應量較低的市場，最終結果是資產總數減少，我們在某些​​特定市場的集中度增加。

And so on the margin, the difference that you're seeing between the number we reported last and the number now has as much to do with kind of subtle shifts in our portfolio as it does a change in outlook or incremental supply.

因此，從邊際效應來看，您看到的我們上次報告的數字與現在的數字之間的差異，與其說是由前景變化或新增供應造成的，不如說是我們的投資組合的微妙變化造成的。

I think what we have historically been accustomed to in terms of supply growth in our markets is meaningfully greater exposure than we have now. And given the dynamics that continue to exist between construction costs and profitability, we see a meaningful impediment to increase supply growth for the foreseeable future.

我認為，就我們市場的供應成長而言，我們過去習慣的規模要比現在大得多。鑑於建築成本與獲利能力之間持續存在的動態關係，我們認為在可預見的未來，增加供應成長將面臨重大阻礙。

Okay. That makes sense. Helpful to hear sort of the nuance there. As a follow-up, if we circle back to the capital allocation discussion, what's the level of appetite you're seeing among private buyers for portfolio deals these days? Or is it safe to say one-off deals still represent best execution?

好的。這很有道理。了解其中的細微差別很有幫助。作為後續問題，如果我們回到資本配置的討論，您認為目前私人買家對投資組合交易的興趣程度如何？或者說，一次性交易仍然代表著最佳執行效果嗎？

We -- and I've commented in the past, our team continues to probe the market with various size potential portfolio transactions. To date, we continue to see more attractive pricing for individual assets. I think that potentially shifts as we see industry numbers improve more universally.

我們——我過去也曾說過——我們的團隊將繼續探索市場，尋找各種規模的潛在投資組合交易。到目前為止，我們持續看到個別資產的價格更具吸引力。我認為隨著行業數據普遍改善，這種情況可能會發生轉變。

As investors in order for us to achieve portfolio premiums, generally speaking, investors need to see an industry level trend that would advantage them from buying in scale. And what we're finding more often is that we're able to maximize value by creating the story around an individual asset for often a local owner operator that has ties to the individual market and an ability to bring incremental efficiencies to the property.

一般來說，作為投資者，為了獲得投資組合溢價，投資者需要看到行業層面的趨勢，這種趨勢將使他們能夠透過規模化購買獲得優勢。我們發現，透過圍繞單一資產打造故事，我們能夠最大限度地提高價值，而這些資產通常是與當地市場有聯繫的業主經營者，並且能夠為該物業帶來增量效率。

So I think you based on our track record over a more extended period of time, I think we have demonstrated an ability to pivot as we see changes in the overall marketplace. For the near term, my expectations are that we'll be likely transacting on individual assets, but we'll continue to probe and look for other opportunities.

所以我認為，根據我們較長一段時間以來的業績記錄，我們已經證明了我們有能力根據整體市場的變化進行調整。短期內，我預計我們可能會進行個別資產交易，但我們會繼續探索和尋找其他機會。

All right. Understood. I appreciate the time.

好的。明白了。感謝您抽出時間。

Thanks.

謝謝。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Justin Knight for closing comments.

我們的問答環節到此結束。現在我把發言權交還給賈斯汀奈特，讓他做總結發言。

We appreciate you taking the time to join with us this morning and are excited about the year ahead of us. as always, I hope that as you're traveling, you'll take the opportunity to stay with us at one of our hotels, and we look forward to providing you with updates as we continue through the year.

感謝您今天早上抽出時間與我們一同參與，我們對即將到來的一年充滿期待。一如既往，希望您在旅行途中有機會入住我們旗下的飯店，我們也期待在接下來的日子裡持續為您提供最新資訊。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。