Apple Hospitality REIT Inc (APLE) 2026 Q1 法說會逐字稿

Greetings. Welcome to Apple Hospitality REIT first quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Apple Hospitality REIT 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Kelly Clarke, Vice President, Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係副總裁 Kelly Clarke。謝謝。您可以開始了。

Good morning, and welcome to Apple Hospitality REIT's first-quarter 2026 earnings call. Today's call will be based on the earnings release in Form 10-Q, which we distributed and filed yesterday afternoon.

早安，歡迎參加 Apple Hospitality REIT 2026 年第一季財報電話會議。今天的會議將以我們的 Form 10-Q 財報新聞稿為基礎，我們已於昨天下午發布並向主管機關申報。

Before we begin, please note that today's call may include forward-looking statements as defined by federal securities laws. These forward-looking statements are based on current views and assumptions and, as a result, are subject to numerous risks, uncertainties, and the outcome of future events that could cause actual results, performance, or achievements to materially differ from those expressed, projected, or implied.

在開始之前，請注意今天的會議可能包含依聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述係基於目前的觀點與假設，因此受到眾多風險、不確定性以及未來事件結果的影響，可能導致實際結果、表現或成就與所表達、預測或暗示者出現重大差異。

Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including in our 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.

任何此類前瞻性陳述均受我們向美國證券交易委員會（SEC）提交之文件中所述風險因素的限制與約束，包括我們 2025 年 Form 10-K 年報，且僅反映截至今日的情況。除法律要求外，本公司不承擔公開更新或修訂任何前瞻性陳述之義務。

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，本次會議將討論非 GAAP 的績效衡量指標。這些指標與 GAAP 指標之調節表，以及我們談話中提及之若干項目的定義，已載於昨日本公司的財報新聞稿及其他向 SEC 提交的文件中。如需財報新聞稿副本或公司更多資訊，請造訪 applehospitalityreit.com。

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the first quarter 2026 and an operational outlook for the remainder of the year. Unless otherwise stated, all changes in performance metrics refer to year-over-year changes for the comparable period.

今天上午，我們的執行長 Justin Knight 與財務長 Liz Perkins 將概述 2026 年第一季的營運成果，並提供今年剩餘期間的營運展望。除非另有說明，所有績效指標的變動均指與去年同期相比的年增減變化。

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

概述結束後，我們將開放問答。現在，我很榮幸將會議交給 Justin。

Good morning, and thank you for joining us today for our first-quarter 2026 earnings call. We are pleased to report a strong start to the year, with comparable hotels RevPAR growth of more than 2%, despite challenging year-over-year comparisons to the first quarter of 2025.

早安，感謝各位今天參加我們 2026 年第一季財報電話會議。我們很高興報告今年開局強勁；儘管相較 2025 年第一季的同比比較具挑戰性，可比飯店 RevPAR 仍成長超過 2%。

Underscoring the strength of the quarter, approximately two-thirds of our hotels delivered RevPAR growth; and, on a same-store basis, RevPAR grew nearly 3% with margin expansion. The efficient operating model of our hotels, combined with our prudent management of expenses, enabled us to deliver meaningful flow-through of top-line improvements to bottom-line performance, resulting in growth across comparable hotels-adjusted hotel EBITDA, adjusted EBITDAre, and modified funds from operations.

凸顯本季表現強勁的是，約三分之二的飯店實現 RevPAR 成長；以同店口徑計算，RevPAR 成長接近 3%，且利潤率擴張。我們飯店高效率的營運模式，加上對費用的審慎管理，使我們能將營收端改善有效轉化為獲利端表現，帶動可比飯店調整後飯店 EBITDA、調整後 EBITDAre，以及修正後營運資金（modified funds from operations）均實現成長。

Demand momentum has continued into the second quarter. Preliminary reports for the month of April indicate comparable hotels RevPAR growth of over 4%, supported by continued strength in demand and the benefit of favorable year-over-year comparisons related to the negative effects of DOGE, Liberation Day, and the resulting general macroeconomic uncertainty.

需求動能延續至第二季。4 月的初步報告顯示，可比飯店 RevPAR 成長超過 4%，主要受持續強勁的需求支撐，並受惠於有利的同比比較，該比較與 DOGE、「解放日」以及由此引發的整體宏觀經濟不確定性所造成的負面影響有關。

While the ongoing conflict in the Middle East and its effects on global energy markets adds to an uncertain geopolitical and economic backdrop, our broadly diversified rooms-focused portfolio continues to demonstrate demand resilience. Improving occupancy and forward-booking trends give us confidence heading into the summer months.

儘管中東持續衝突及其對全球能源市場的影響，使地緣政治與經濟背景更添不確定性，我們廣泛分散、以客房為主的投資組合仍持續展現需求韌性。入住率改善與提前預訂趨勢，讓我們對即將到來的夏季月份更具信心。

Reflecting our year-to-date outperformance, we are raising our full-year RevPAR guidance 100 basis points to 1% at the midpoint. The revised range maintains a measured view of the year ahead, and we believe it could ultimately prove conservative.

反映我們年初至今的優於預期表現，我們將全年 RevPAR 指引上調 100 個基點，中位數上調至 1%。修訂後的區間仍維持對未來一年審慎衡量的觀點，我們認為最終可能偏保守。

Transient demand has been stronger than anticipated. Early summer performance may benefit from incremental leisure travel tied to the FIFA World Cup, and we are beginning to lap periods negatively affected by reduced government spending, tariff-related disruption, and last year's government shutdown. Taken together, these factors represent potential upside not fully reflected in our updated outlook.

散客（Transient）需求強於預期。初夏表現可能受惠於與 FIFA 世界盃相關的額外休閒旅遊需求；同時，我們也開始進入先前受政府支出縮減、關稅相關干擾以及去年政府停擺所負面影響的期間之同比比較。綜合而言，這些因素代表潛在上行空間，尚未完全反映在我們更新後的展望中。

Disciplined capital allocation has been central to our success over decades in the lodging industry. We prudently balanced near and long-term investment decisions to capitalize on current opportunities while positioning for the future. Over time, this approach is designed to deliver compelling total returns to our shareholders through durable earnings growth and long-term capital appreciation.

在旅宿產業數十年的經營中，嚴謹的資本配置一直是我們成功的核心。我們審慎平衡短期與長期的投資決策，以把握當前機會，同時為未來布局。長期而言，此一策略旨在透過穩健的獲利成長與長期資本增值，為股東帶來具吸引力的總報酬。

In April of this year, we completed the sale of our Hampton Inn and Suites in Rochester, Minnesota, for approximately $9 million. The sales price represents a 5% cap rate or 14.5 times EBITDA multiple before CapEx and a 4% cap rate or 19.6 times EBITDA multiple after taking into consideration an estimated $3 million in anticipated capital improvements. We continue to see opportunity to selectively prune our portfolio through transactions that enable us to reinvest proceeds in ways that enhance returns for our shareholders.

今年 4 月，我們完成出售位於明尼蘇達州羅徹斯特的 Hampton Inn and Suites，成交價約 900 萬美元。該成交價相當於資本化率（cap rate）5% 或資本支出（CapEx）前 EBITDA 倍數 14.5 倍；若考量預估約 300 萬美元的資本改善支出，則相當於資本化率 4% 或 EBITDA 倍數 19.6 倍。我們仍看到透過交易選擇性修剪投資組合的機會，使我們能以提升股東報酬的方式再投資出售所得。

Recent acquisitions have performed well despite headwinds in several markets. The Embassy Suites in Madison, Wisconsin, saw meaningful improvement as the hotel completed its first full year of operations. BAC Hotel in Washington, D.C., also acquired in 2024, produced full-year 2025 RevPAR of $205 and a 43% house profit margin, solid results given the meaningful pullback in government travel and weaker convention calendar last year.

近期收購案在多個市場面臨逆風的情況下仍表現良好。威斯康辛州麥迪遜的 Embassy Suites 在完成首個完整營運年度後，表現顯著改善。同樣於 2024 年收購的華盛頓特區 BAC Hotel，2025 年全年 RevPAR 為 205 美元、房務利潤率（house profit margin）為 43%；在政府差旅明顯縮減及去年會展行事曆較弱的背景下，仍屬穩健成果。

The Nashville Motto, which recently received Hilton's New Build of the Year award for the Motto brand, continues to ramp well, with average RevPAR approaching $200 over recent weeks. And the Homewood Suites Tampa-Brandon acquired last year continues to produce strong yields in advance of full renovation and repositioning planned this summer.

納許維爾的 Motto 近期獲得希爾頓頒發 Motto 品牌「年度最佳新建案」獎項，持續順利爬坡，近幾週平均 RevPAR 接近 200 美元。而去年收購的 Homewood Suites Tampa-Brandon，在今年夏季規劃進行全面翻新與重新定位之前，仍持續產生強勁收益。

Turning to out-year commitments, we continue to have forward contracts for two projects in the early stages of development, an AC in Anchorage, Alaska; and a dual brand AC and Residence Inn located adjacent to our Spring Hill Suites in Las Vegas.

就未來年度承諾而言，我們仍有兩個處於開發初期階段專案的遠期合約：一是阿拉斯加州安克拉治的 AC；二是位於拉斯維加斯、緊鄰我們 Spring Hill Suites 的 AC 與 Residence Inn 雙品牌專案。

The AC in Anchorage has broken ground and is expected to be delivered in late 2027. Construction has not yet begun on the Las Vegas project. The dual-brand AC and Residence Inn are currently expected to be completed in the second quarter of 2028.

安克拉治的 AC 已動工，預計於 2027 年底交付。拉斯維加斯專案尚未開始施工。該雙品牌 AC 與 Residence Inn 目前預計於 2028 年第二季完工。

The current transaction environment does not yet support accretive opportunities relative to our cost of capital, and we do not currently have any agreements for acquisitions in 2026. Consistent with our disciplined approach, we remain actively engaged in the transaction market, evaluating potential hotel acquisitions relative to other uses of capital with a focus on maximizing long-term value for our shareholders.

目前的交易環境尚不足以支持相對於我們資本成本具增益（accretive）的機會，因此我們目前在 2026 年沒有任何收購協議。秉持我們一貫嚴謹的作法，我們仍積極參與交易市場，並將潛在飯店收購案與其他資金用途進行評估，重點在於為股東最大化長期價值。

As we have continuously demonstrated over the years, the flexibility of our balance sheet and our reputation for strong execution puts us in a position to act quickly when market conditions shift to be more favorable. We also continue to strategically reinvest in our portfolio, ensuring that our hotels remain competitive within their respective markets and maintain a strong value proposition for our guests.

正如我們多年來持續展現的，我們資產負債表的彈性以及強勁執行力的聲譽，使我們在市場條件轉為更有利時，能迅速採取行動。我們也持續策略性地再投資於投資組合，確保旗下飯店在各自市場中保持競爭力，並為賓客維持強而有力的價值主張。

For the full year, we expect to reinvest between $80 million and $90 million, including major renovations planned at 21 hotels. The scale of our portfolio, efficient design of our rooms-focused hotels, and our experienced in-house project management team enable us to maintain our assets with average annual CapEx spend of approximately 6% of revenues, significantly lower than full-service portfolios.

就全年而言，我們預期將再投資8,000萬至9,000萬美元，其中包括計畫對21家飯店進行重大翻新。我們投資組合的規模、以客房為核心的飯店之高效率設計，以及我們經驗豐富的內部專案管理團隊，使我們能以約占營收6%的平均年度資本支出（CapEx）來維護資產，顯著低於全服務型投資組合。

Combined with stronger operating margins, this efficiency translates into substantial free cash flow from operations, which we use to fund shareholder distributions and strategic investments. For the quarter, capital expenditures totaled approximately $27.5 million.

結合更強勁的營運利潤率，這項效率轉化為可觀的營運自由現金流，我們用以支應股東配息與策略性投資。本季資本支出合計約2,750萬美元。

Supported by strong cash flow from our diverse portfolio of hotels, we continue to return capital to shareholders through attractive monthly distributions, which contribute to total returns. During the first quarter, we paid distributions totaling approximately $57 million, or $0.24 per common share.

在我們多元化飯店投資組合所帶來的強勁現金流支持下，我們持續透過具吸引力的每月配息向股東返還資本，並為總報酬作出貢獻。第一季期間，我們支付的配息合計約5,700萬美元，或每股普通股0.24美元。

Based on Friday's closing stock price, our annualized regular monthly cash distribution of $0.96 per share represents an annual yield of approximately 7.2%. Together with our Board of Directors, we will continue to evaluate these distributions in the context of portfolio performance, capital needs, and other accretive opportunities to create long-term shareholder value.

以週五收盤股價計算，我們每股0.96美元的年化例行每月現金配息，代表約7.2%的年化殖利率。我們將與董事會一同，持續在投資組合表現、資本需求及其他具增值效益的機會脈絡下評估這些配息，以創造長期股東價值。

Throughout our 26-year history in the lodging industry, we have refined our strategy with intention. We invest in high-quality hotels that appeal to a broad set of business and leisure customers. We diversify our portfolio across markets and demand generators. We maintain a strong and flexible balance sheet with low leverage.

在我們住宿產業26年的歷史中，我們有意識地精煉策略。我們投資於高品質飯店，以吸引廣泛的商務與休閒客群。我們在不同市場與需求來源之間分散投資組合。我們維持低槓桿、強健且具彈性的資產負債表。

We reinvest strategically in our portfolio. And we work closely with the experienced management teams who operate our hotels. We own one of the largest, most diverse portfolios of upscale rooms-focused hotels in the United States.

我們以策略性方式再投資於投資組合。並與營運我們飯店的資深管理團隊密切合作。我們擁有美國規模最大、最多元的高階、以客房為核心的飯店投資組合之一。

216 hotels with almost 30,000 guest rooms diversified across 83 markets in 37 states and the District of Columbia. Travel demand for our portfolios remained resilient, with meaningful growth in recent months, reinforcing the merits of our strategy.

共216家飯店、近30,000間客房，分散於37個州及哥倫比亞特區的83個市場。我們投資組合的旅遊需求仍具韌性，近幾個月出現顯著成長，進一步印證我們策略的優勢。

We continue to believe that historically low supply growth from new hotel construction in our markets materially reduces the overall risk profile of our portfolio, limits potential downside, and enhances potential upside. At quarter end, 57% of our hotels did not have any new upper upscale or upper mid-scale product under construction within a five-mile radius.

我們仍然相信，在我們市場中，新飯店建設所帶來的供給成長處於歷史低位，能實質降低投資組合的整體風險輪廓、限制潛在下行風險，並提升潛在上行空間。截至季末，我們有57%的飯店在五英里範圍內沒有任何新的高端（upper upscale）或中高端（upper mid-scale）產品正在興建。

We have confidence in the outlook for the hospitality industry and in the strength and positioning of our portfolio. As we look ahead, we will continue to focus on the things within our control: operational execution, disciplined capital allocation, and an uncompromising commitment to integrity. Above all, we are committed to creating lasting value for our shareholders.

我們對旅宿產業前景，以及我們投資組合的實力與定位充滿信心。展望未來，我們將持續聚焦於可控事項：營運執行、嚴謹的資本配置，以及對誠信毫不妥協的承諾。最重要的是，我們致力於為股東創造持久價值。

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.

接下來我很高興把電話會議交給Liz，請她就我們的資產負債表、本季財務表現，以及今年剩餘期間的展望提供更多細節。

Thank you, Justin, and good morning. The first quarter was a strong start to the year, with our portfolio demonstrating the durability of our operating model. We are especially pleased with our performance relative to initial expectations that Q1 would be our weakest quarter in the year.

謝謝你，Justin，大家早安。第一季為今年帶來強勁開局，我們的投資組合展現了營運模式的耐久性。我們尤其滿意相較於先前預期第一季將是全年最疲弱季度的表現。

With a strong finish to February and acceleration into March, we ended the quarter with RevPAR growth exceeding the high end of our initial full-year guidance range. For the quarter, comparable hotels RevPAR was $115, up 2.2%; ADR was $157, up 0.1%; and occupancy was 73%, an increase of 2.1%.

隨著2月強勢收尾並在3月加速成長，我們以RevPAR成長超越原先全年指引區間上緣的表現結束本季。本季可比飯店RevPAR為115美元，成長2.2%；ADR為157美元，成長0.1%；入住率為73%，提升2.1%。

Performance improved as we moved through the quarter. In January, comparable hotels RevPAR was down 1.6%, reflecting a challenging comparison to the same period last year, nearly half of which was attributable to wildfire-related recovery business in early 2025. Excluding our California hotels that saw benefit, first quarter RevPAR grew 3%.

隨著季度推進，表現持續改善。1月可比飯店RevPAR下滑1.6%，反映與去年同期相比的艱難比較，其中近一半可歸因於2025年初與野火相關的復原需求所帶來的業務。若排除受惠的加州飯店，第一季RevPAR成長3%。

In February, comparable hotels RevPAR increased by 1.5%, supported by strengthening business and leisure demand despite some weather disruption. March performance was particularly noteworthy, with comparable hotels RevPAR growth of 5.8%, well ahead of expectations and indicative of broad-based demand strength across the portfolio, extending beyond the early effects of policy-driven demand headwinds experienced last year.

2月可比飯店RevPAR成長1.5%，在部分天候干擾下仍受益於商務與休閒需求轉強。3月表現尤其值得關注，可比飯店RevPAR成長5.8%，大幅優於預期，顯示投資組合各地需求普遍強勁，且此動能延伸至去年因政策因素造成需求逆風的早期影響之外。

For the quarter, comparable hotels total revenue was up 4.3% to $337 million, supported by continued strength in other revenues, which were up 10%. The efficient operating models in our hotels, combined with disciplined expense management, drove strong flow-through from top-line growth to bottom-line results.

本季可比飯店總營收成長4.3%至3.37億美元，主要受其他收入持續強勁支撐，其他收入成長10%。我們飯店的高效率營運模式，加上嚴謹的費用管理，使營收成長能強勁地轉化為獲利表現。

For the quarter, we delivered comparable hotels adjusted hotel EBITDA of $108 million, up 3.6%, and an adjusted hotel EBITDA margin of 32.2%, a reduction of just 20 basis points, results reflect the ongoing ramp of our recently opened motto Nashville Downtown and the seasonal impact of Hotel 57, both of which weighed on overall comparable hotels results.

本季我們達成可比飯店調整後飯店EBITDA為1.08億美元，成長3.6%，調整後飯店EBITDA利潤率為32.2%，僅下降20個基點；結果反映我們近期開幕的Motto Nashville Downtown仍在爬坡期，以及Hotel 57的季節性影響，兩者皆對整體可比飯店結果造成壓力。

On a same-store basis, which excludes the impact of the Motto Nashville Downtown, the transition of Hotel 57 and our recently acquired Homewood Suites Tampa-Brandon, RevPAR grew by 2.8% for the quarter. Same-store total revenue grew 3.1%, supported by continued strength in non-room revenues, which grew 6% in the quarter. Strong top-line growth, combined with disciplined cost management, drove same-store adjusted hotel EBITDA growth of 4.2% and 30 basis points of adjusted hotel EBITDA margin expansion.

以同店口徑（排除Motto Nashville Downtown的影響、Hotel 57的轉換，以及我們近期收購的Homewood Suites Tampa-Brandon）計算，本季RevPAR成長2.8%。同店總營收成長3.1%，受非客房收入持續強勁支撐，非客房收入本季成長6%。強勁的營收成長結合嚴謹的成本管理，帶動同店調整後飯店EBITDA成長4.2%，並帶來調整後飯店EBITDA利潤率擴張30個基點。

These bottom-line results are especially encouraging given the ADR headwinds we faced during the quarter and the disruption in transition expenses associated with converting our Marriott-managed hotels to franchise. As we move into seasonally higher occupancy months, stabilize recently transitioned hotels, and see greater contribution from rate growth, we would expect even stronger flow-through to the bottom line.

鑑於本季我們面臨ADR逆風，以及將Marriott管理的飯店轉為加盟所產生的轉換費用干擾，這些獲利端結果尤其令人鼓舞。隨著進入季節性較高入住率月份、近期完成轉換的飯店趨於穩定，並看到房價成長帶來更大貢獻，我們預期獲利端的轉化率將更為強勁。

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

如同我們在1月所強調的，我們已完成將13家由Marriott管理的飯店轉為加盟，並將管理整合至第三方管理公司；在多數情況下，這些公司原本就已在當地市場為我們營運飯店，使我們得以實現額外的營運綜效。

While still early, we are encouraged by the initial results and remain confident these transitions, together with the select number of additional market-level management consolidations, will further drive operating performance for our portfolio. The transition also provides us with additional flexibility and enhances the marketability of these hotels as we evaluate select dispositions in the future.

雖然仍在早期階段，我們對初步成果感到鼓舞，並持續有信心這些轉換，加上少數額外的市場層級管理整併，將進一步推動我們投資組合的營運表現。此轉換也為我們帶來更多彈性，並在我們未來評估選擇性處分時，提升這些飯店的可銷售性。

The broad-based strength across our portfolio was noteworthy during the quarter. As Justin highlighted, approximately two-thirds of our hotels delivered RevPAR growth year over year, despite several markets having challenging comparisons, including wildfire-related recovery business benefiting our California hotels in early 2025 and the inauguration in D.C. This reflects both the diversification of our portfolio and our team's continued focus on hotel and market-level execution.

本季我們投資組合呈現廣泛的強勁表現，值得關注。如Justin所指出，約三分之二的飯店年增RevPAR，儘管若干市場面臨艱難比較，包括2025年初與野火相關的復原業務使加州飯店受惠，以及華盛頓特區的就職典禮因素。這反映了我們投資組合的多元分散，以及團隊持續聚焦於飯店與市場層級的執行。

Several of our markets stood out as top RevPAR performers in the quarter. Pittsburgh grew 23%, benefiting from multiple sporting events and a strong convention calendar. Alaska grew 21%, driven by strong leisure demand in market, further aided by incremental crew business.

本季我們有數個市場在RevPAR表現上特別突出。匹茲堡成長23%，受惠於多項體育賽事與強勁的會議展覽行事曆。阿拉斯加成長21%，由當地強勁的休閒需求帶動，並進一步受益於新增的機組人員（crew）業務。

Seattle grew 18% with the return of Boeing production business and additional project-related business at a nearby shipyard. Palm Beach grew 16%, continuing to flourish with both strong leisure and business transient demand. And Memphis grew 14%, capturing incremental medical personnel and airline crew business amid increased government demand in market.

西雅圖隨著波音生產業務回流，以及鄰近造船廠新增的專案相關業務，成長18%。棕櫚灘成長16%，在強勁的休閒與商務短住需求帶動下持續蓬勃發展。孟菲斯成長14%，在市場政府需求增加之際，成功吸納新增的醫療人員與航空機組人員業務。

Based on preliminary results for the month of April, comparable hotels RevPAR increased by over 4%. Despite the ongoing benefit in 2025 from the wildfire recovery business in Southern California, we continue to see broad demand strength across our portfolio and additionally benefited from favorable comparisons over a challenging April 2025, which experienced disruption from government policy-related announcements.

根據4月份的初步結果，可比飯店RevPAR成長超過4%。儘管2025年南加州野火復原相關業務仍持續帶來效益，我們仍在整體投資組合中看到廣泛的需求強勁，並且也受惠於相較於充滿挑戰的2025年4月之有利比較基期；當時因政府政策相關公告而出現干擾。

Turning back to the first quarter, weekday occupancy was up 170 basis points and weekend occupancy was up 270 basis points. Weekday occupancy followed the same monthly pattern as overall results, down 200 basis points in January, up 200 basis points in February, and up over 400 basis points in March. Weekend occupancy was positive throughout the quarter, up 100 basis points in January, 200 basis points in February, and nearly 500 basis points in March.

回到第一季，平日入住率上升170個基點，週末入住率上升270個基點。平日入住率的月度走勢與整體結果一致：1月下降200個基點、2月上升200個基點、3月上升超過400個基點。週末入住率在整季皆為正成長：1月上升100個基點、2月上升200個基點、3月接近上升500個基點。

ADR trends also strengthened as we moved through the quarter. After negative ADR growth in January and February, weekday ADR turned positive in March, up 1.4%, finishing the quarter up 30 basis points. Weekend ADR was up 3.5% in March and up 70 basis points for the quarter, a meaningful positive inflection that contributed to the broader RevPAR gains.

ADR趨勢也隨著季度推進而轉強。在1月與2月ADR成長為負之後，平日ADR於3月轉正，成長1.4%，使得整季平日ADR成長30個基點。週末ADR於3月成長3.5%，整季成長70個基點，這是一個顯著的正向轉折，並對更廣泛的RevPAR增長作出貢獻。

Excluding our L.A. and D.C. markets, which faced challenging comparisons year over year related to wildfire recovery and inauguration business, both weekday and weekend ADR grew over 1% for the quarter, indicative of our ability to drive rate growth alongside occupancy in our portfolio.

排除洛杉磯與華盛頓特區市場（其因野火復原與就職典禮相關業務而面臨較具挑戰的年對年比較基期）後，平日與週末ADR在本季皆成長超過1%，顯示我們有能力在投資組合中於提升入住率的同時推動房價成長。

Looking at same-store room night channel mix, the quarter illustrated improvement in transient trends. Brand.com remained our largest channel at 39% of room nights, up 40 basis points year over year; while OTA bookings were up 170 basis points to 13% of mix. Property-direct declined 90 basis points to 26%, and GDS bookings declined 90 basis points to 18%.

從同店房晚的通路組合來看，本季顯示散客趨勢有所改善。Brand.com仍為我們最大的通路，占房晚39%，年增40個基點；同時OTA訂房占比上升170個基點至13%。飯店直訂（Property-direct）占比下降90個基點至26%，GDS訂房占比下降90個基點至18%。

Turning to segmentation. Transient trends improved each month, while group business remained strong and provided a strong base that helped us grow overall occupancy. [R] led the way with impressive room night growth, particularly in February and March, growing 120 basis points to 34% of our occupancy mix in the first quarter. Other discounts were more steady, declining 50 basis points to 27% of mix.

接著看客群分布。散客趨勢每月皆改善，而團體業務維持強勁，提供了穩固基礎並協助我們提升整體入住率。[R]以亮眼的房晚成長領先，尤其在2月與3月，於第一季入住率組合中占比提高120個基點至34%。其他折扣類別則較為平穩，占比下降50個基點至27%。

Corporate and local negotiated declined 130 basis points to 17% of mix, but showed steady improvement throughout the quarter and contributed to overall March results. Government grew 20 basis points to 6% of mix, largely driven by comparisons to disruptions in March 2025. Group business mix improved 30 basis points to 17%.

企業與本地議價（Corporate and local negotiated）占比下降130個基點至17%，但整季穩步改善，並對3月整體表現有所貢獻。政府需求占比上升20個基點至6%，主要受惠於相較2025年3月干擾情況的比較基期。團體業務占比改善30個基點至17%。

Turning to expenses. Same-store hotels total hotel expenses grew 2.6% in the quarter, down slightly to last year on a CPOR basis. Expense discipline was a meaningful contributor to our margin performance in the quarter.

接著看費用。同店飯店總飯店費用於本季成長2.6%，以每間已入住客房成本（CPOR）計算則較去年略降。費用控管是本季我們利潤率表現的重要貢獻因素。

Same-store variable hotel expense per occupied room grew just 0.3% year over year. Total payroll per occupied room was $43, up just 1%. We also continue to see reduced reliance on contract labor, which fell to under 7% of total same-store wages, a decline of 80 basis points or 7% year over year.

同店可變動飯店費用（每間已入住客房）年增僅0.3%。每間已入住客房的總薪資成本為43美元，僅成長1%。我們也持續看到對外包/合約勞務的依賴降低，其占同店總薪資比重降至7%以下，年減80個基點或7%。

Non-payroll variable expenses declined 10 basis points on a per occupied room basis; and fixed same-store hotel expenses declined 1.5%, driven by a favorable property insurance comparison and property tax appeals. For the quarter, we achieved adjusted EBITDAre of approximately $101 million, up 2.2%,; and MFFO of approximately $80 million, or $0.34 per share, up 1.9% and 3%, respectively.

非薪資的可變動費用以每間已入住客房計算下降10個基點；同店固定飯店費用下降1.5%，主要受惠於產物保險較有利的比較基期以及房產稅申訴。本季我們達成調整後EBITDAre約1.01億美元，成長2.2%；MFFO約8,000萬美元（每股0.34美元），分別成長1.9%與3%。

Turning to our balance sheet. As of March 31, 2026, we had approximately $1.6 billion of total debt outstanding, approximately 3.4 times our trailing 12-month EBITDA, with a weighted average interest rate of 4.6% and a weighted average maturity of approximately three years.

接著看資產負債表。截至2026年3月31日，我們未償還總負債約16億美元，約為過去12個月EBITDA的3.4倍；加權平均利率為4.6%，加權平均到期年限約三年。

At quarter end, approximately 63% of our total debt was fixed or hedged. We had approximately $8 million of cash on hand and $559 million of availability under our revolving credit facility, providing meaningful liquidity.

截至季末，我們總負債中約63%為固定利率或已避險。我們手上現金約800萬美元，循環信用額度尚可動用額度為5.59億美元，提供充足流動性。

At the end of the first quarter, we had 207 unencumbered hotels in our portfolio. Conversations are ongoing with our unsecured lenders regarding the scheduled debt maturities for this year, and we are confident we are well positioned to address those maturities on attractive terms.

第一季末，我們投資組合中有207家未設定擔保的飯店。我們正與無擔保貸款人就今年到期的既定債務到期安排持續溝通，並有信心能以具吸引力的條件妥善處理這些到期債務。

Building on our strong first quarter, we are raising our full-year outlook. Consistent with the measured approach we took when we initiated guidance, we have continued to be thoughtful in our expectations for the balance of the year, recognizing the economic and geopolitical uncertainty in the broader environment while remaining confident in the underlying strength of our portfolio.

在第一季強勁表現的基礎上，我們上調全年展望。延續我們在提出指引時所採取的審慎作法，我們對今年餘下期間的預期仍保持周全考量；在認知整體環境存在經濟與地緣政治不確定性的同時，我們仍對投資組合的基本面強勁保持信心。

For the full year, we expect net income to be between $143 million and $169 million, comparable hotels RevPAR change to be between 0% and 2%, comparable hotels adjusted hotel EBITDA margin to be between 32.9% and 33.9%, and adjusted EBITDAre to be between $436 million and $458 million. 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.

就全年而言，我們預期淨利介於1.43億至1.69億美元；可比飯店RevPAR變動介於0%至2%；可比飯店調整後飯店EBITDA利潤率介於32.9%至33.9%；調整後EBITDAre介於4.36億至4.58億美元。在指引假設中，我們假設總飯店費用在中位數約增加3%，以CPOR計算為2%。

We remain confident in our operating model and the ability to manage expenses and are pleased to share we achieved a favorable property insurance renewal last month, which will generate incremental monthly savings compared to our initial expectations.

我們對營運模式與費用管理能力仍具信心，並很高興分享我們上月完成了有利的產物保險續約，將相較於我們原先預期帶來額外的每月節省。

As a reminder, effective January 1, 2026, the company began excluding from the calculation of adjusted EBITDA and MFFO the expense recorded for share-based compensation, 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 consistent with the presentation of other public lodging rates.

提醒一下，自2026年1月1日起，公司開始在計算調整後EBITDA與MFFO時排除以股份為基礎之薪酬所認列的費用，因其屬非現金交易；且將其加回淨利的作法，與公司在其信用融資下用於財務契約比率的調整後EBITDA計算一致，也與其他公開上市住宿業者的呈現方式一致。

Demand for our broadly diversified rooms-focused hotels has proven resilient. With recent stronger-than-anticipated transient demand, early summer potentially benefiting from incremental leisure travel related to the FIFA World Cup, and easier comparisons to periods adversely impacted by cuts in government spending, tariff announcements, and the government shutdown in 2025, we acknowledge that our revised guidance could continue to prove conservative.

我們以客房為主、且高度多元化的飯店之需求已證明具韌性。鑑於近期散客需求強於預期、初夏可能受惠於與FIFA世界盃相關的新增休閒旅遊，以及相較於2025年受政府支出削減、關稅公告與政府關門不利影響期間的較容易比較基期，我們也承認修訂後的指引可能仍偏保守。

Our outlook is based on our current view, which is limited and does not take into account any unanticipated development in our business or changes in the operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions.

我們的展望係基於目前的觀點，該觀點具有限性，未納入任何未預期的業務發展或營運環境變化，也未納入任何尚未公告的飯店收購或處分。

Recent improvements in occupancy and booking trends highlight the resiliency of travel demand overall and the strength of demand for our hotels specifically. 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.

近期在入住率與預訂趨勢上的改善，凸顯整體旅遊需求的韌性，並特別展現對我們飯店的強勁需求。我們近期的資本配置決策與投資組合調整，已強化我們投資組合的定位與表現，而我們穩健的資產負債表也持續為我們提供穩定性與實質的彈性，以在未來把握具增值性的機會。

We are confident with the experience, discipline, and agility of our teams; the broad consumer appeal of our portfolio; and the strength and flexibility of our balance sheet. We are well-positioned to successfully navigate changing market conditions and capitalize on emerging opportunities to deliver growth and maximize total returns for shareholders over time.

我們對團隊的經驗、紀律與敏捷性；我們投資組合廣泛的消費者吸引力；以及我們資產負債表的實力與彈性，充滿信心。我們已做好充分準備，能成功因應變動的市場環境並把握新興機會，隨時間推進實現成長並為股東最大化總報酬。

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

以上為我們事先準備的發言，接下來我們將開放提問。

(Operator Instructions) Austin Wurschmidt, KeyBanc Capital Markets.

(接線員指示) Austin Wurschmidt，KeyBanc Capital Markets。

It's Josh on for Austin.So to the extent that you do see more ADR growth moving forward, does the margin guidance assume RevPAR growth is driven entirely by occupancy, or is it a composition of the two? And if it was entirely driven by ADR, what would that imply for flow-through?

我是 Josh，代 Austin 發問。若往後你們確實看到 ADR 有更多成長，那麼你們的利潤率指引是否假設 RevPAR 成長完全由入住率帶動，還是兩者的組合？如果完全由 ADR 帶動，那對流量轉換率（flow-through）意味著什麼？

That's a good question. And I think generally, as we think about guidance, we are looking at the most recent trends and speaking to the impact of ADR headwinds from last year impacting our margin performance in the quarter. And as we lap those comps from last year, specifically related to the LA wildfires, we anticipate we'll be able to drive more rate. That is not entirely built into the guide.

這是個好問題。我想一般而言，當我們思考指引時，我們會看最新趨勢，並說明去年 ADR 逆風對本季利潤率表現的影響。隨著我們跨過去年同期基期，特別是與洛杉磯野火相關的部分，我們預期將能推動更高房價。這並未完全納入本次指引之中。

When we look to revise guidance for Q1, we, given how close in proximity it was to when we reported at year end and the fact that we're still early in the year, took a more measured approach and really, for the most part, exclusively incorporated the outperformance of Q1 and some improvement in April as well. And so, the balance between occupancy and ADR for the remainder of the year, as far as guidance goes at the midpoint, is still a split very similar to what we had anticipated at the beginning of the year.

當我們修訂第一季指引時，考量到距離年終財報發布時間很近、且今年仍在年初階段，我們採取較為審慎的作法，基本上主要只納入第一季的優於預期表現，以及四月也有一些改善。因此，就指引中點而言，今年剩餘期間入住率與 ADR 的平衡，仍與我們年初預期的分配非常接近。

But should trends continue and should we continue to see more broad-based demand improvement, we do anticipate, as we lap those comps and ability to drive rate, as we've demonstrated, if you exclude those comparisons from even actual results through Q1 and into April.

但若趨勢延續、且我們持續看到更廣泛的需求改善，我們確實預期，隨著跨過那些同期比較、並具備推動房價的能力——正如我們所展現的，若排除這些比較因素，即使在截至第一季的實際結果以及進入四月亦然。

And then my second question is around the price sensitivity around the consumer. So I guess, what are you seeing from that perspective? And then with the macro risks that are currently out there, what could a potential impact on a consumer look like from a demand perspective within your portfolio?

我的第二個問題是關於消費者對價格的敏感度。所以我想問，你們從這個角度看到什麼？另外，在目前存在的總體風險下，從你們投資組合的需求角度來看，對消費者可能造成的影響會是什麼樣子？

Or I guess more broadly, like, what are the possible scenarios that you considered at the low end of guidance? And I'd also be curious to know the flip side of that around what you assumed at the high end. And that's all for me.

或者更廣泛地說，在指引低端你們考量了哪些可能情境？我也想了解相反的一面，也就是在高端你們做了哪些假設。我這邊就這些，謝謝。

We are not currently seeing significant price sensitivity with our customers. As Liz highlighted in her prepared remarks, as we move through the quarter, we were able to grow both occupancy and rate. And the primary weight on overall ADR growth for the portfolio was that the year-over-year comps with both the inauguration, which is a high rate event in D.C.; and wildfires, which drove rates in the L.A. area.

我們目前並未看到客戶有顯著的價格敏感度。如 Liz 在事先準備的發言中所提到，隨著季度推進，我們能同時提升入住率與房價。而投資組合整體 ADR 年增的主要拖累，來自去年同期比較因素：包括就職典禮（這是華盛頓特區的高房價事件）以及野火（推升洛杉磯地區房價）。

I think as we look forward to the remainder of the year, as Liz highlighted, we've taken a very conservative approach to guidance for the remainder of the year. And really, what's implied there is very limited growth, either in occupancy or in rate.

我想展望今年剩餘時間，如 Liz 所說，我們對剩餘期間的指引採取非常保守的作法。而其中所隱含的，其實是不論入住率或房價，成長都非常有限。

And we recognize that that is counterintuitive to our most recent experience and likely conservative. As we think about how things play out for the remainder of the year, we will be moving shortly into higher occupancy months and anticipate that growth during those months will come increasingly from rate, which will drive incremental margins.

我們也知道，這與我們最近的實際經驗相悖，且可能偏保守。當我們思考今年剩餘時間的發展，我們很快將進入入住率較高的月份，並預期在那些月份的成長將愈來愈多來自房價，進而帶動額外的利潤率提升。

And really, given the price point for our hotels and perceived value associated with them, we don't anticipate, absent a meaningful pullback in demand, broadly speaking, any challenges related to our ability to drive rate on the margin.

而且，考量我們飯店的價位與其所帶來的價值感知，我們預期在沒有出現顯著需求回落的情況下，就整體而言，我們在邊際上推動房價的能力不會面臨任何挑戰。

Jay Kornreich, Cantor Fitzgerald.

Jay Kornreich，Cantor Fitzgerald。

You're referencing a lot about how guidance could be conservative, and you mentioned some of the additional components of lapping the easier government demand comps from last year as well as tariffs, in addition to some of the potential upside from the World Cup leisure demands.

你們多次提到指引可能偏保守，也提到一些額外因素，包括跨過去年較容易的政府需求同期比較，以及關稅，另外還有世界盃休閒需求可能帶來的上行空間。

So I guess in those specific areas, I wonder if you could just unpack those a bit more in terms of, I guess, what your potential upside could be from those. And within the government demand, I think that was really your main headwind last year. So as that came back strongly in 1Q, do you see that continuing to be strong throughout the year?

所以我想在這些特定領域，能否請你們再多拆解一些，談談這些因素可能帶來的上行空間？另外在政府需求方面，我認為那確實是你們去年主要的逆風。既然政府需求在第一季強勁回升，你們是否認為全年都會持續強勁？

We're certainly encouraged by the improvement in government demand that we've seen as we lapped the most or the earliest comps from last year from the impact of DOGE and Liberation Day. So we are hopeful that we'll see that continue.

我們確實對政府需求的改善感到鼓舞，因為我們已跨過去年最主要、或最早期的同期比較——也就是 DOGE 與 Liberation Day 影響所造成的部分。因此我們希望這樣的趨勢能持續。

Remembering, too, that as we move into higher occupancy months, should there be broader-based demand or special event compression, we could choose to yield that out, which could make some of our year-over-year comparisons hard to draw meaningful conclusions from if we choose to yield it out. But at this point, given where occupancy levels were for the first quarter, particularly once we entered March and then April, we were able to take incremental government demand and saw improvement around 13% and, from a mixed perspective approach, around 6%.

也要記得，當我們進入入住率較高的月份時，若出現更廣泛的需求或特殊活動造成的供給吃緊（compression），我們可能會選擇把需求「yield out」（以收益管理方式排除/拒接部分需求），如此一來，若我們選擇 yield out，部分年對年比較可能就較難得出有意義的結論。但就目前而言，考量第一季的入住率水準，特別是進入三月與四月之後，我們能承接額外的政府需求，並看到約 13% 的改善；而從混合（mix）角度的衡量方式來看，約改善 6%。

So encouraged from a government perspective. As we move through the year, we did see government steadily improve. And when I say that, the decline year over year decreased as we moved into the summer months and then, of course, increased when we had the government shutdown in the fourth quarter. And so I think that the comps as we move throughout the year will be a little bit fluid. But again, encouraged initially by seeing that improvement in group.

因此從政府面來看是令人鼓舞的。隨著年度推進，我們確實看到政府需求穩步改善。我所謂的改善是指：年對年下滑幅度在進入夏季月份時逐步收斂，然後當然在第四季政府關門時又再度擴大。因此我認為，隨著今年推進，同期比較會有些變動性。但同樣地，一開始看到團體（group）需求的改善，讓我們感到鼓舞。

Remembering again, when we issued guidance in the beginning, we anticipated that first quarter would be our most difficult quarter and that we would see improved performance after that. I'm certainly incredibly pleased with how we performed in the first quarter.

也再次提醒，當我們在年初發布指引時，我們預期第一季會是最具挑戰的一季，之後表現會改善。我對我們第一季的表現當然非常滿意。

And our current guidance does not include potential upside from World Cup, though we have seen strong bookings, especially in some of our smaller markets, which we do anticipate will be incremental to the strong demand trends that we're already seeing.

而我們目前的指引並未納入世界盃可能帶來的上行空間，儘管我們已看到強勁的預訂，特別是在我們一些較小的市場；我們確實預期這將在我們已經看到的強勁需求趨勢之上，帶來額外增量。

Okay, I appreciate that. And maybe just following up on your last comment, Justin, just about some of the World Cup bookings you've already seen. Is that largely coming from where you have exposure to markets where games are being played or, I think as we've talked about before, the potential for international travelers extending stays, traveling to the US for a week or two, and maybe some additional markets where you have exposure to? Just any lens of insight into where you expect that and where you've already seen some demand.

好的，謝謝說明。我想再追問你最後那點，Justin，關於你們已經看到的一些世界盃預訂。這主要是來自你們在有比賽舉辦的市場的曝險，還是如我們之前討論過的，國際旅客可能延長停留、來美國旅遊一到兩週，並帶動你們在其他一些市場的需求？想請你分享一些觀察：你們預期需求會出現在哪些地方，以及目前已經在哪些地方看到一些需求。

It's difficult to determine specifically what's driving demand in markets outside of markets that will benefit from FIFA gains. That said, when we look at current bookings, a very small percentage of our current bookings are international. That's consistent with past experience.

很難具體判斷，究竟是什麼在推動那些不在可受惠於FIFA增量的市場之外的市場需求。不過，從目前的預訂情況來看，我們現有預訂中只有極小一部分來自國際市場。這與過往經驗一致。

The bulk of what we have on the books now is domestic, and we continue to anticipate that will be a primary driver. Should we see, as we get nearer to the games, an uptick in international bookings, that would be incremental.

目前帳上預訂的主體仍是國內需求，我們也持續預期這將是主要驅動因素。若在臨近賽事時我們看到國際預訂有所上升，那將屬於額外增量。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

Justin, you talked a little bit about obviously, it's in service nature of the guide, but also that you're seeing positive forward booking trends. Curious if you can just unpack a little bit more about what you're seeing from a forward booking standpoint. It doesn't seem to be reflected in the guide, but it would be helpful just to get a sense of what you're seeing.

Justin，你稍早提到，指引顯然帶有服務性質，但你們也看到正向的遠期預訂趨勢。想請你再多拆解一下，從遠期預訂的角度你們看到了什麼。這似乎沒有反映在指引中，但若能了解你們所見的情況會很有幫助。

I mean, very consistent with what Justin said. As we look forward, we are beginning to see -- we typically look 90 days out or rely more on what's closer in than further out. And within the 90-day window, you're starting to see certainly some impact from the advanced bookings around World Cup, which is positive.

我的意思是，這與Justin所說的非常一致。往前看，我們開始看到——我們通常看未來90天，或更倚重較近端而非更遠端的情況。在90天的窗口內，你開始確實看到一些來自世界盃提前預訂的影響，這是正面的。

And even as we enter June, thinking about May outside of the calendar shift, that looks positive as well. So from a forward bookings perspective, we are continuing to see improvements around occupancy and rate as we look forward.

而且即使進入6月，回頭看5月（撇除日曆位移因素），看起來也同樣正面。因此，從遠期預訂的角度來看，隨著時間往前推進，我們持續看到在入住率與房價方面的改善。

And then maybe just on the transaction market. Can you just talk a little bit about what you're seeing there and maybe what you need to see to get more active on the trend acquisition fund?

另外也想問一下交易市場。你能否談談你們目前看到的情況，以及要看到什麼條件才會讓你們在趨勢收購基金（trend acquisition fund）上更積極？

Absolutely. I think debt markets have been supportive of transactions for some time. With improving fundamentals, we are beginning to see more interest in this space. And I think for some time, there has been a lot of product on the market that would be attractive to us. The challenge has been a meaningful gap between seller expectations and what we would be willing to pay.

當然可以。我認為債務市場在一段時間以來一直對交易提供支撐。隨著基本面改善，我們開始看到這個領域的興趣增加。而且我認為一段時間以來，市場上有很多對我們而言具吸引力的標的。挑戰在於賣方預期與我們願意支付的價格之間存在顯著落差。

We've spoken about this in the past, but our acquisitions model runs a comparative analysis to alternative uses of capital, including share repurchases. And as we look at the environment today and pricing for individual assets relative to the implied value or implied multiple in our stock, our stock still screens better.

我們過去談過這點，但我們的收購模型會把收購與其他資本用途做比較分析，包括庫藏股回購。以目前環境來看，單一資產的定價相對於我們股票所隱含的價值或隱含倍數，我們的股票仍然更具吸引力。

I think as we think about an environment where we would get more aggressive from an acquisition standpoint, it would be an environment where that reverses. And that could happen either as a result of continued improvement in our share price or a reduction in expectations from sellers. And the most likely scenario is a combination of both.

我認為，若要讓我們在收購面更積極，會是在上述情況反轉的環境。這可能因為我們股價持續上升，或賣方下修其價格預期而發生。而最可能的情境是兩者的組合。

And as I highlighted in my prepared remarks, given our history in the space and the flexibility that we have with our balance sheet, as the environment shifts, we're poised to move very quickly.

正如我在事先準備的發言中所強調的，考量我們在此領域的歷史經驗，以及資產負債表所具備的彈性，當環境轉變時，我們已準備好能非常快速地採取行動。

Michael Bellisario, Baird.

Michael Bellisario，Baird。

My question is for you on the cost side, so two parts here. One, could you quantify the insurance savings and/or how much that's boosting your outlook? And then also just with expenses still at plus 2% per occupied room, is the right way to think about it now we're in a steady state, or are there other puts and takes looking at that might cause that 2% number to be either inch higher or inch lower?

我想從成本端問你一個問題，分兩部分。第一，你能否量化保險節省的金額，以及／或這對你們展望的提振有多大？第二，既然每間已入住客房的費用仍為年增2%，現在是否可以把它視為穩態水準？還是還有其他增減因素，可能讓這個2%的數字略微上升或略微下降？

Okay, I'll answer the first part. Related to the property insurance renewal, what we assumed beginning in the second quarter through the end of the year was about a $900,000 improvement to the forward guidance for the last three quarters. So that's a little less than half of the incremental bottom line impact outside of truing up year-to-date. The other portion comes through April improvement on the top-line and flow through there.

好，我先回答第一部分。關於財產保險續保，我們在第二季初到年底的假設，是對接下來三個季度的前瞻指引帶來約90萬美元的改善。因此，這略低於（在把年初至今調整到位之外）增量稅後／底線影響的一半。另一部分則來自4月營收端的改善，以及其帶來的利潤流入（flow-through）。

And then from an expense perspective, we've guided to how the properties have been operating from a cost control perspective. We've gotten very granular from an individual line item perspective and believe that what we've provided is a good run rate.

至於費用面，我們已就物業在成本控管上的營運方式提供指引。我們從各個單一費用科目做了非常細緻的拆解，並相信我們所提供的是一個良好的常態運行水準（run rate）。

Now, certainly, if the environment was to shift and a cost line item or something was to materialize differently than what we've anticipated, that could potentially impact how we thought about expenses. But we've had a good trend of very good cross controls and seen some improvement on the property insurance line for several years now and, outside of the fixed cost real estate tax comps from last year, have seen some good appeals and some steady run rates there, too.

當然，如果環境出現變化，某個成本科目或某些事項的實際發展與我們預期不同，可能會影響我們對費用的看法。但我們在交叉控管方面一直有很好的趨勢；而且在財產保險這條線上，我們也已連續好幾年看到一些改善。再者，除了去年固定成本中的不動產稅比較基期因素之外，我們也看到一些成功申訴（appeals）以及相對穩定的常態水準。

So we're encouraged about what we've seen from an expense management perspective, and that's certainly factored in here.

因此，我們對費用管理面所看到的情況感到鼓舞，而這也確實已納入本次考量。

Ken Billingsley, Compass Point.

Ken Billingsley，Compass Point。

I have a question. I want to follow-up on the M&A side, maybe from the opposite side. I think you talked about targets necessarily not fitting what you're looking for. But can you talk about maybe inbounds and what you're seeing in requests for properties you would be interested in selling?

我有個問題。我想從相反的角度追問一下併購（M&A）面。我想你提到過，標的未必符合你們在找的條件。但你能否談談主動找上門的詢問（inbounds），以及你們目前看到對你們可能有興趣出售之物業的詢價／需求情況？

Certainly. And I think for clarification, we've spoken to this at some length in the past. But we're continually in the market, both underwriting potential acquisitions and testing potential dispositions.

當然。為了釐清，我想我們過去已就此談了不少。但我們一直都在市場上，同時對潛在收購進行承作評估（underwriting），也測試潛在處分的可能性。

And since -- well, over the past several years, we've tested the market with both individual assets and portfolios, looking to gauge pricing, and have executed where we've been able to achieve pricing that's most attractive to us relative to alternative uses for proceeds from those sales.

而且自——嗯，過去幾年來，我們用單一資產與資產組合（portfolio）來測試市場，以衡量價格水準；並在能夠取得相對於出售所得款項之其他用途更具吸引力的價格時，便會執行交易。

I think in any environment, we also, from time to time, we see the inbounds. I can tell you, as we test the market today, we're generally seeing an increased number of potential buyers, so increased interest, with a large number of people signing confidentiality agreements, seeking data for the individual assets.

我認為在任何環境下，我們也會不時看到主動找上門的詢問。我可以告訴你，當我們現在測試市場時，整體上看到潛在買家數量增加、也就是興趣提升；有大量人士簽署保密協議，並針對單一資產索取資料。

And really, I think absent the war or the conflict in the Middle East and fears related to potential impact on energy prices, we would be seeing an even more active market. With buyers interested in assets, should we continue to see growth industry-wide and specific to our portfolio like we have year-to-date, my expectation is that the market would get meaningfully more active with buyers beginning to stretch for individual assets.

而且我認為，若不是因為中東的戰爭或衝突，以及對能源價格可能受影響的擔憂，市場本會更加活躍。若我們持續看到全產業以及我們投資組合（portfolio）如同年初至今的成長，我預期市場將顯著更活躍，買方也會開始在單一資產上願意出更高的價格（stretch）。

And in that environment, we have in our portfolio prioritized assets for potential sale and could act quickly on that side as well as get more aggressive from an acquisition side.

在那樣的環境下，我們已在投資組合中排定優先順序、挑出可供出售的資產；我們也能在處分端迅速行動，同時在收購端變得更積極。

Is that mix of buyer evolving?

買方組成（mix）有在演變嗎？

I would say yes. Where we have been executing or successful in executing over the past several months, maybe even a couple of years, has been primarily with local owner operators who have the capacity to drive incremental margins because of their presence in market and lower operating cost operating model.

我會說有。過去幾個月、甚至可能過去一兩年，我們能夠成交或成功成交的對象，主要是本地的自營業主／營運商（local owner-operators）。他們因為在當地市場的存在，以及較低營運成本的營運模式，有能力推動額外的利潤率提升。

Those buyers have tended not to be cap rate bidders. Instead, they're looking more closely at value relative to replacement costs and bidding based on a revenue multiple, which is a very different type of buyer and a pricing process and has enabled us to sell at relatively low cap rates and redeploy at a meaningful spread either into our stock or into additional assets.

那些買方往往不是以資本化率（cap rate）出價的買家。相反地，他們更仔細地看重相對於重置成本的價值，並以營收倍數為基礎出價；這是一種非常不同類型的買家與定價流程，也使我們能以相對較低的資本化率出售，並以顯著的利差將資金再部署到我們的股票或額外資產上。

As the market becomes more active, we would anticipate and are beginning to see signs of increased interest for smaller private equity shops with dedicated hotel practice. And then certainly, to the extent we're able to sustain the momentum industry-wide that we've seen recently, our expectation is that that would broaden to some of the larger players as well.

隨著市場變得更活躍，我們預期並且也開始看到，對於具備專注飯店領域的較小型私募股權機構，其興趣正在增加。此外，若我們能在全產業層面維持近期所見的動能，我們預期也會擴大到一些更大型的參與者。

And lastly, I just want to ask about Pittsburgh and get an idea of what your expectations were versus, I believe you said it was, 23% RevPAR growth in first quarter of '26. But with the NFL draft exceeding expectations, can you talk about how your expectations were met or exceeded?

最後，我想問一下匹茲堡，了解一下你們的預期與實際表現之間的差異；我記得你提到 2026 年第一季 RevPAR 成長 23%。但在 NFL 選秀（draft）超出預期的情況下，你能談談你們的預期是如何被達成或超越的嗎？

Generally -- and it's not unique to Pittsburgh. I think we were encouraged about how many markets performed relative to our initial expectations. So I think general demand was stronger in many markets. And certainly, Pittsburgh performed well relative to expectations as well.

整體而言——而且這並非匹茲堡獨有。我認為，我們對於有多少市場的表現相較於我們最初的預期更好，感到受到鼓舞。所以我認為許多市場的整體需求更強。當然，匹茲堡的表現也優於預期。

But when you look across our portfolio -- and Liz highlighted a number of markets where we saw strong double-digit growth. For Anchorage, which had an amazing year last year, to again move up double-digits in the first quarter was equally -- equally surprised us to the positives.

但當你放眼我們的投資組合——而 Liz 也點出了多個我們看到強勁雙位數成長的市場。以安克拉治為例，去年表現非常亮眼，而今年第一季又再度出現雙位數成長，同樣——同樣讓我們感到正向的驚喜。

So I think the demand strength across our portfolio was much stronger than we anticipated through the first quarter and, as Liz highlighted, has carried forward into April.

因此，我認為截至第一季，我們整個投資組合的需求強度遠高於我們原先預期，而且如 Liz 所提到的，這股趨勢也延續到了 4 月。

What I was trying to get at -- that's good to hear. What I was trying to get at is trying to understand if the consumer is going to travel to these events and, even though we have high expectations, that they are resilient and maybe more people are likely to get out to go to these unique events that we're going to see through the remainder of the year.

我想追問的是——這很高興聽到。我想了解的是，消費者是否會為了這些活動而出行；即便我們有很高的期待，他們仍具韌性，而且可能會有更多人願意走出去參加這些獨特活動，而我們在今年剩餘時間將會看到這些活動。

I think early indications are positive on that front.

我認為目前初步跡象在這方面是正面的。

Chris Darling, Green Street.

Chris Darling，Green Street。

Just following up on the capital allocation discussion. Where is your head at in terms of incremental development takeout transactions, and how is the opportunity set for those types of deals evolving?

延續資本配置的討論。就新增的開發承接（development takeout）交易而言，你們目前的想法是什麼？而這類交易的機會集合正在如何演變？

It's interesting. And we've been fortunate in our ability to find deals that meet our underwriting criteria. But I'll tell you, as we look across the country and as we evaluate development takeout, the same factors that are limiting new supply in our markets make underwriting development difficult.

這很有意思。我們很幸運能找到符合我們承銷標準的交易。但我可以告訴你，當我們放眼全國並評估開發承接時，限制我們市場新增供給的同樣因素，也使得對開發案進行承銷變得困難。

Meaning, I think in most markets, cost of construction has increased faster than fundamentals for hotels have improved. And as a result, there are very few markets where development pencils, broadly speaking.

也就是說，我認為在多數市場，施工成本上升的速度快於飯店基本面改善的速度。因此，整體而言，真正算得過來（pencil）的開發市場非常少。

That said, I think our appetite for new development has always been limited, meaning we've generally targeted within $100 million a year of new development acquisitions. And so should we consider additional development projects, we would be looking beyond 2028 to future years.

話雖如此，我們對新開發的胃納一向有限；也就是說，我們通常將新開發收購目標控制在每年 1 億美元以內。因此，若我們考慮額外的開發專案，我們會把目光放在 2028 年之後的未來年度。

And we don't currently have any deals pending in that area or that regard. I think as we think about capital allocation opportunities in the near-term, we continue to be focused on the existing assets and our shares.

而我們目前在那個領域或就那方面，沒有任何待定交易。就近期的資本配置機會而言，我們仍專注於既有資產以及我們的股票。

And in answer to an earlier question, I highlighted how we evaluate those. Given that the forward commitments really are a long ways out, we have a tremendous amount of flexibility in the near-term to allocate capital to accretive opportunities and then I think to fund those acquisitions as they are completed.

而在回答先前的問題時，我也說明了我們如何評估這些機會。鑑於遠期承諾（forward commitments）其實還很久才會到期，我們在短期內有非常大的彈性，可以把資本配置到具增益（accretive）的機會上，並且我認為在這些收購完成時再為其提供資金。

Remembering again, the structure of our development deals is such that the developer carries the project on their balance sheet and then our only cache outlay is at the time of completion.

再提醒一次，我們開發交易的結構是由開發商在其資產負債表上承擔該專案，而我們唯一的現金支出是在完工時點。

Okay, that's helpful context all around. And then one more for me, hoping you could elaborate on the early operating trends for your formerly Marriott-managed hotels. And if you could, I think it's 13 total properties. Can you quantify what percent of overall EBITDA those hotels represent?

好的，這些背景資訊很有幫助。另外我還有一個問題，希望你能進一步說明先前由萬豪（Marriott）管理的飯店在營運上的早期趨勢。如果可以的話，我想總共有 13 個物業。你能量化一下這些飯店約占整體 EBITDA 的百分之多少嗎？

I will let Liz work on the second piece. We are very pleased with our progress in the transition. As Liz highlighted in her prepared remarks, there were transition-related expenses. And I think we were somewhat disappointed with sales efforts by prior Marriott management immediately prior to our takeover of the properties.

第二部分我讓 Liz 來處理。我們對於轉換過程的進展非常滿意。如 Liz 在事先準備的發言中所提到，確實有一些與轉換相關的費用。而且我認為，在我們接手物業之前，先前萬豪管理團隊在銷售方面的努力，讓我們有些失望。

That said, the new managers have come in and moved quickly and really established themselves in the properties in a way that we think will drive positive results this year. The 13 assets, because of their location, a portion of them are meaningful. A number of them are in California markets that are higher rated markets. And we may have to get back to you with the exact percentage.

話雖如此，新管理團隊已經進駐並迅速行動，且確實以我們認為能在今年帶來正面成果的方式，在各物業中建立起他們的運作。這 13 項資產因其所在地點，其中一部分相當重要。其中有不少位於加州市場，屬於評等較高的市場。至於確切的百分比，我們可能需要再回覆你。

Yeah, I'll have to pull it for you.

是的，我得幫你把數字拉出來。

No worries. I didn't mean to put you on the spot with that one, but I appreciate the thoughts.

沒問題。我不是要讓你為難，但我很感謝你的想法。

Absolutely.

當然。

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

目前沒有進一步的提問。我想把電話會議交回給 Justin Knight 作結語。

We appreciate you joining us for our first quarter earnings call. We're incredibly pleased with the way our portfolio performed during the first quarter and excited about carrying that momentum through the remainder of the year.

感謝各位參加我們第一季財報電話會議。我們對於投資組合在第一季的表現感到非常滿意，也很期待把這股動能延續到今年剩餘時間。

As always, as you travel, we hope you'll take an opportunity to stay with us in one of our hotels. And we look forward to meeting with many of you as we begin interacting at some of the upcoming conferences.

一如既往，當各位出行時，我們希望你能把握機會入住我們旗下的其中一家飯店。也期待在接下來的一些會議上開始互動時，能與各位中的許多人見面。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。你現在可以中斷連線，感謝你的參與。