Apple Hospitality REIT Inc (APLE) 2022 Q1 法說會逐字稿

Greetings, and welcome to Apple Hospitality REIT's First Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kelly Clarke, Vice President of Investor Relations.

您好，歡迎參加 Apple Hospitality REIT 2022 年第一季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。

Thank you, and good morning. Welcome to Apple Hospitality REIT's First Quarter 2022 Earnings Call. Today's call will be based on the earnings release and Form 10-Q, which we distributed and filed yesterday afternoon. As a reminder, today's call will contain forward-looking statements as defined by federal securities laws, including statements regarding future operating results and the impact to the company's business and financial condition from and measures being taken in response to COVID-19.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2022 年第一季財報電話會議。今天的電話會議將基於我們昨天下午分發和提交的收益報告和 10-Q 表。提醒一下，今天的電話會議將包含聯邦證券法所定義的前瞻性陳述，包括有關未來經營業績以及 COVID-19 對公司業務和財務狀況的影響以及為應對 COVID-19 而採取的措施的陳述。

These statements involve known and unknown risks and other factors, which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

這些聲明涉及已知和未知的風險和其他因素，可能導致 Apple Hospitality 的實際結果、業績或成就與此類前瞻性聲明表達或暗示的未來結果、業績或成就有重大差異。

Participants should carefully review our financial statements and notes thereto as well as the risk factors described in our 2021 annual report on Form 10-K and other filings with the SEC. Any forward-looking statement that Apple Hospitality makes speaks only as of today, May 6, 2022, and the company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

參與者應仔細審查我們的財務報表及其附註以及我們 2021 年 10-K 表年度報告和向美國證券交易委員會提交的其他文件中所述的風險因素。 Apple Hospitality 所做的任何前瞻性聲明僅截至今天（2022 年 5 月 6 日）有效，除非法律要求，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, non-GAAP measures of performance will be discussed during this call. Reconciliations of those measures to GAAP measures and definitions of certain items referred to in our remarks are included in yesterday's earnings release and other filings with the SEC. For a copy of the earnings release or additional information about the company, please visit applehospitalityreit.com. 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 of 2022. Following the overview, we will open the call for Q&A.

此外，本次電話會議也將討論非公認會計準則績效衡量指標。這些指標與 GAAP 指標的對帳以及我們在評論中提到的某些項目的定義都包含在昨天的收益報告和向美國證券交易委員會提交的其他文件中。如需查看收益報告副本或有關該公司的更多信息，請訪問 applehospitalityreit.com。今天上午，我們的執行長賈斯汀奈特 (Justin Knight)；我們的財務長 Liz Perkins 將概述我們 2022 年第一季的業績。概述之後，我們將開始問答環節。

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

現在，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us. During the first quarter of this year, performance steadily improved across our portfolio as the effects of the Omicron variant, which negatively impacted travel in January and February ease. Both leisure transient and leisure group demand remained resilient. Smaller corporate and regional business travel continue to strengthen and larger corporate business made additional strides towards recovery.

早安，感謝您加入我們。今年第一季度，隨著對 1 月和 2 月旅行造成負面影響的 Omicron 變體的影響逐漸減輕，我們整個投資組合的業績穩步提升。休閒短暫停留和休閒團體需求均保持強勁。小型企業和地區商務旅行繼續加強，大型企業業務在復甦方面取得了進一步的進展。

First quarter RevPAR for our portfolio was $92, up 67% compared to first quarter 2021 and down only 9%, compared to the first quarter of 2019. Throughout this recovery, our revenue management teams have done an exceptional job maintaining rate integrity and pushing rates beyond pre-pandemic levels on high occupancy nights. We are pleased to report ADR of $137 for the quarter, up 38% to 2021 and slightly ahead of our ADR for the first quarter of 2019.

我們投資組合的第一季 RevPAR 為 92 美元，與 2021 年第一季相比成長 67%，與 2019 年第一季相比僅下降 9%。在整個復甦過程中，我們的收益管理團隊在保持價格完整性和將價格推高至疫情前高入住率水準方面做得非常出色。我們很高興地報告，本季的 ADR 為 137 美元，比 2021 年增長 38%，略高於 2019 年第一季的 ADR。

Occupancy for the quarter was 67%, up 21% to 2021 and down 9% to 2019. Occupancy, ADR and RevPAR improved sequentially through the quarter, with March RevPAR down only 1.5% to March 2019. Positive momentum has continued and preliminary results show RevPAR for the month of April, ahead of April 2019. Our corporate and on-site management teams have continued to maximize profitability despite a challenging labor environment and increasing inflationary pressures. First quarter operations were significantly ahead of the same period last year.

本季入住率為 67%，比 2021 年成長 21%，比 2019 年下降 9%。入住率、平均房價和每間可用客房收入在本季較上季改善，3 月每間可用客房收入僅比 2019 年 3 月下降 1.5%。積極的勢頭持續著，初步結果顯示 4 月份的每間可用客房收入高於 2019 年 4 月。儘管面臨嚴峻的勞動力環境和不斷增加的通膨壓力，我們的企業和現場管理團隊仍繼續實現盈利能力最大化。第一季的營運情況明顯優於去年同期。

With comparable hotels total revenue up more than 70% relative to the first quarter of 2021, we achieved comparable hotels adjusted hotel EBITDA margin of 34% despite weaker occupancies early in the quarter, adjusted EBITDAre of $78 million and modified funds from operations of $63 million or $0.28 per share.

與 2021 年第一季相比，可比飯店總收入成長了 70% 以上，儘管本季初入住率較低，但我們仍實現了可比飯店調整後飯店 EBITDA 利潤率 34%，調整後 EBITDAre 為 7,800 萬美元，調整後經營活動資金為 6,300 萬美元或每股 0.28 美元。

The pace of recovery has exceeded our expectations and the rapidly recovering and operating environment provides meaningful momentum as we enter the seasonally stronger summer months. We are encouraged that airlines are opening more business routes in response to rapid increases in demand and see this together with strong group bookings, adding to the robust leisure demand to fuel the recovery over the coming months. With locations in 86 markets across 36 states, we benefit from broad geographic diversification and significant exposure to a variety of business-friendly markets that offer attractive cost of living, popular leisure and entertainment venues, a wide variety of demand generators and various guest amenities.

復甦的速度超出了我們的預期，隨著我們進入季節性較強的夏季，快速復甦和營運環境提供了有意義的動力。我們感到鼓舞的是，航空公司正在開闢更多商務航線以應對快速增長的需求，再加上強勁的團體預訂，強勁的休閒需求將推動未來幾個月的復甦。我們的業務範圍遍布 36 個州的 86 個市場，得益於廣泛的地理分佈和對各種商業友好型市場的廣泛接觸，這些市場提供誘人的生活成本、受歡迎的休閒和娛樂場所、各種各樣的需求生成器和各種賓客設施。

For the quarter, 33% of our hotels achieved RevPAR at or exceeding 2019 levels even without a full recovery in business transient, which has historically represented more than half of our total revenue mix and despite reduced travel during the quarter related to the omicron variant.

本季度，即使商務臨時業務尚未完全恢復，我們仍有 33% 的酒店實現了達到或超過 2019 年 RevPAR 的水平，而商務臨時業務歷來占我們總收入組合的一半以上，儘管本季度與 omicron 變體相關的旅行有所減少。

As the recovery spreads to an increasing number of markets, we see meaningful upside to 2019 for our portfolio. With fewer hotel projects under construction in our markets, we anticipate the pace of new supply, which represented a meaningful headwind for us in 2019 to be less of a factor over the next several years. Relatively low supply, combined with continued improvement in demand should further accelerate and prolong this recovery.

隨著復甦蔓延至越來越多的市場，我們預計我們的投資組合在 2019 年將顯著上漲。由於我們市場上正在建造的酒店項目減少，我們預計新供應的速度（這在 2019 年對我們造成了重大阻力）在未來幾年將不會那麼重要。相對較低的供應量加上需求的持續改善應該會進一步加速和延長這一復甦。

Almost 50% of our hotels do not have any exposure to new projects currently under construction within a 5-mile radius. Consistent strategic reinvestment in our hotels has ensured they remain relevant and well positioned to take advantage of continued rate and occupancy growth opportunities. We invested approximately $8 million in capital expenditures during the first quarter of 2022 and anticipate spending a total of $55 million to $65 million during the year.

我們幾乎 50% 的酒店都沒有接觸到半徑 5 英里內正在建造的新項目。我們對飯店持續進行策略性再投資，確保了它們保持相關性，並能夠充分利用持續的房價和入住率成長機會。我們在 2022 年第一季投資了約 800 萬美元的資本支出，預計全年總支出將達到 5,500 萬至 6,500 萬美元。

Through our scale, ownership of branded rooms-focused properties over more than 2 decades, we have significant experience in determining the most effective scope and timing of our investment to ensure minimal disruption to property operations and maximum impact for dollar spent.

憑藉我們超過 20 年的規模和對以品牌客房為主的物業的所有權，我們在確定最有效的投資範圍和時機方面擁有豐富的經驗，以確保對物業運營的干擾最小，並使所花費的資金發揮最大的作用。

Our ability to maintain our assets with capital spend ranging between 5% and 6% of revenues is a meaningful differentiator for our portfolio and a contributor to total shareholder returns over time. Our acquisitions and dispositions activity since the onset of the pandemic has further optimized our portfolio for the recovery by lowering the average age of our assets, reducing near-term CapEx and increasing our exposure to markets that we anticipate will outperform over the next cycle, all while maintaining the strength and flexibility of our balance sheet.

我們能夠透過將資本支出控制在收入的 5% 到 6% 之間來維持我們的資產，這是我們投資組合的一個顯著差異化因素，並有助於長期提高股東總回報。自疫情爆發以來，我們所進行的收購和處置活動透過降低資產平均年齡、減少短期資本支出、增加對預計下一週期將表現優異的市場的敞口，進一步優化了我們的投資組合，以應對經濟復甦，同時保持了我們資產負債表的實力和靈活性。

We have been and will continue to be intentional in the build-out of our portfolio pursuing assets that are additive to those we currently own located in strong RevPAR markets with attractive cost structures and significant growth potential and at pricing that will allow us to achieve our targeted returns.

我們一直並將繼續致力於擴大我們的投資組合，尋求對我們目前擁有的資產具有附加價值的資產，這些資產位於強勁的 RevPAR 市場，具有誘人的成本結構和巨大的成長潛力，並且定價能夠讓我們實現目標回報。

Increased interest in the type of assets we own from both private equity and public buyers continues to push prices higher in our space, increasing the value of our owned portfolio, while at the same time, making accretive acquisitions more challenging. As we seek out opportunities, we are leveraging relationships developed over 2 decades as well as our unparalleled experience buying, selling and owning branded upscale rooms-focused product.

私募股權和公共買家對我們所擁有的資產類型的興趣不斷增加，這繼續推高了我們所在領域的價格，增加了我們所擁有的投資組合的價值，但同時，也使增值收購變得更具挑戰性。在尋找機會時，我們利用 20 多年來建立的關係以及我們在購買、銷售和擁有品牌高檔客房產品方面的無與倫比的經驗。

We currently have under contract the previously discussed Embassy Suites that is under development in Madison, Wisconsin, for an anticipated purchase price of approximately $79 million. And we are actively underwriting and exploring dozens of opportunities, both on and off market and anticipate that we will be a net acquirer of assets in 2022.

我們目前已簽訂了先前討論過的位於威斯康辛州麥迪遜市的 Embassy Suites 的開發合同，預計購買價格約為 7900 萬美元。我們正在積極承保和探索市場內外的數十個機會，並預計到 2022 年我們將成為資產的淨收購者。

On our last call, we announced that our Board of Directors reinstated regular monthly cash dividends beginning with the distribution in March of $0.05 per share. Based on our closing price yesterday, the annualized distribution of $0.60 per share represents an annual yield of approximately 3.6%.

在我們上次電話會議上，我們宣布董事會恢復定期每月現金股息，從 3 月每股 0.05 美元的分配開始。根據我們昨天的收盤價，每股 0.60 美元的年化分配代表著約 3.6% 的年收益率。

Moving forward, we will continue to interact with our Board on a monthly basis and assess our payout in the context of the current operating environment, our expectations for the future, acquisitions and dispositions and other opportunities to ensure that we are allocating capital to drive the strongest total returns for our shareholders.

展望未來，我們將繼續每月與董事會互動，並根據當前營運環境、對未來的預期、收購和處置以及其他機會評估我們的支出，以確保我們分配資本，為股東帶來最強勁的總回報。

Our ability to provide investors with a meaningful cash yield on their investment early in the recovery and well ahead of peers is a testament to the merits of our investment strategy and the strength of our team. Our performance since the onset of the pandemic would not have been possible without the collaborative efforts of our corporate brand and management teams and the hard work and dedication of the associates at our hotels.

我們能夠在復甦初期為投資者提供豐厚的現金收益，並且遠遠領先於同行，這證明了我們的投資策略的優點和我們團隊的實力。如果沒有我們企業品牌和管理團隊的共同努力以及我們酒店員工的辛勤工作和奉獻，我們不可能在疫情爆發以來取得這樣的成績。

I look forward to announcing our 2021 Apple Award recipients over the coming weeks. For these awards, we once again focus on the associates at our hotels, and we look forward to recognizing 5 individuals, nominated by their management companies and peers for their outstanding contributions to the safety, well-being and overall satisfaction of our guests.

我期待在未來幾週內宣布 2021 年 Apple 獎獲獎者。對於這些獎項，我們再次將重點放在我們酒店的員工身上，我們期待表彰由其管理公司和同行提名的 5 位個人，以表彰他們為客人的安全、福祉和整體滿意度做出的傑出貢獻。

As we look forward to the remainder of 2022, we are confident in our ability to continue to produce industry-leading results. That confidence has been bolstered by recent operating trends, which have exceeded our expectations and created meaningful momentum as we enter what have historically been the strongest quarters of the year.

展望 2022 年剩餘時間，我們有信心繼續取得業界領先的業績。近期的營運趨勢增強了這種信心，這些趨勢超出了我們的預期，並在我們進入歷史上最強勁的季度時創造了有意義的動力。

Our strategy of investing in a broadly diversified portfolio of high-quality rooms-focused hotels with low leverage has been tested and consistently yielded compelling results for our investors. With operations moving beyond pre-pandemic levels and trends pointing to strengthening demand as we move through the second and into the third quarter, we have reason to be optimistic about the future of our business. It is now my pleasure to turn the time over to Liz, who will provide additional details on our balance sheet, operations and financial performance during the quarter.

我們的投資策略是投資於多元化、高品質、低槓桿率、以客房為中心的酒店組合，這項策略已經過檢驗，並持續為我們的投資者帶來令人信服的成果。隨著營運規模超越疫情前的水平，且進入第二季和第三季度，需求趨勢將不斷增強，我們有理由對業務的未來感到樂觀。現在我很高興將時間交給 Liz，她將提供有關本季資產負債表、營運和財務表現的更多詳細資訊。

Thank you, Justin, and good morning. Top line performance for the first quarter improved sequentially by month with the Omicron variant negatively impacting the seasonally lower occupancy months of January and February, followed by a robust improvement in March.

謝謝你，賈斯汀，早安。第一季的營收表現逐月改善，Omicron 變體對 1 月和 2 月季節性入住率較低的月份產生了負面影響，但 3 月出現了強勁改善。

Despite the impact of the variant, first quarter ADR was $137, occupancy was 67% and RevPAR was $92, showing growth over a strong fourth quarter RevPAR. The March rebound resulted in RevPAR down less than 2% as compared to 2019 for the month with RevPAR of $112, our highest monthly RevPAR since the onset of the pandemic.

儘管受到變數的影響，第一季的平均房價為 137 美元，入住率為 67%，每間可用客房收入為 92 美元，與第四季度的強勁每間可用客房收入相比有所增長。 3 月的反彈導致 RevPAR 與 2019 年同期相比下降不到 2%，當月 RevPAR 為 112 美元，這是我們自疫情爆發以來最高的月度 RevPAR。

We are optimistic about the remainder of the year, especially our seasonally strong second and third quarters as preliminary April results show continued increases in occupancy, ADR and RevPAR pushing past 2019 RevPAR level, a meaningful milestone for our portfolio.

我們對今年剩餘時間的業績持樂觀態度，尤其是我們季節性強勁的第二季度和第三季度，因為 4 月份的初步業績顯示，入住率、平均房價和每間可用客房收入 (RevPAR) 持續增長，超過了 2019 年的每間可用客房收入 (RevPAR) 水平，這對我們的投資組合來說是一個有意義的里程碑。

Recent performance is both a reflection of the continued strength in leisure and the ongoing recovery in business demand. For comparable hotels, weekend occupancy and ADR exceeded 2019 each month during the quarter. January and February weekend occupancies were 63% and 78%, respectively, and March weekend occupancy was 85%. Weekday occupancy improved sequentially through the quarter with January weekday occupancy of 54%, down 24% to 2019, February weekday occupancy of 65%, down 16% to 2019 and March weekday occupancy of 73%, down only 10% to 2019.

最近的表現既反映了休閒產業的持續強勁，也反映了商業需求的持續復甦。對於可比飯店而言，本季每個月的週末入住率和平均房價都超過了 2019 年。一月和二月的週末入住率分別為 63% 和 78%，三月的週末入住率為 85%。本季工作日入住率逐月提高，1 月份工作日入住率為 54%，較 2019 年下降 24%，2 月份工作日入住率為 65%，較 2019 年下降 16%，3 月份工作日入住率為 73%，僅較 2019 年下降 10%。

With improvements in weekday occupancy, weekday ADR meaningfully improved, moving from $124 in January to $142 in March, an increase of 16% (sic) [15%]. These weekday ADR levels were down 10% to 2019 for January and improved to down only 4% in March. As we look at demand segments and business transient trends, travel patterns are beginning to normalize, with Tuesday and Wednesday occupancies around 78% in March and pushing to approximately 80% in April.

隨著工作日入住率的提高，平日平均房價也顯著提高，從 1 月的 124 美元上漲至 3 月的 142 美元，漲幅達 16% [15%]。 2019 年 1 月份，這些工作日 ADR 水準下降了 10%，而 3 月份則有所改善，僅下降了 4%。當我們觀察需求細分和業務瞬態趨勢時，旅行模式開始正常化，3 月週二和週三的入住率約為 78%，4 月則上升至約 80%。

Performance across our Sun Belt markets continues to be strong and suburban demand continues to outpace urban. However, we are pleased to see some improvement relative to 2019 as some of our hotels located in markets that have been slower to recover. As Justin mentioned, 33% of our hotels had RevPAR for the quarter, exceeding the same period in 2019, a decrease from the fourth quarter of 2021 due in part to the impact of the variant in January and February. However, in March, 41% of our hotels surpassed 2019 RevPAR, an increase to what we saw in the fourth quarter.

我們的陽光地帶市場表現持續強勁，郊區需求持續超過城市。不過，我們很高興看到與 2019 年相比有所改善，因為我們的一些酒店位於復甦較慢的市場。正如賈斯汀所提到的，本季度我們 33% 的酒店的平均可出租客房收入 (RevPAR) 超過了 2019 年同期，但較 2021 年第四季度有所下降，部分原因是受到 1 月和 2 月疫情的影響。然而，3 月份，我們 41% 的酒店的平均可出租客房收入超過了 2019 年的水平，比第四季度有所增長。

Overall, our portfolio has benefited from continued strength in leisure demand with improvements in business transient and group, further bolstering portfolio results and underscoring the value of our significant market and demand diversification. With the recovery impacting a growing number of markets, we see meaningful upside for our portfolio.

整體而言，我們的投資組合受益於休閒需求的持續強勁以及商務臨時和團體活動的改善，進一步增強了投資組合的業績，並凸顯了我們重要的市場和需求多樣化的價值。隨著經濟復甦影響越來越多的市場，我們看到我們的投資組合具有顯著的上漲空間。

In terms of room night channel mix, brand.com bookings were up 2 percentage points to the fourth quarter at approximately 38%. OTA bookings continue to be elevated relative to prior years but declined again quarter-over-quarter to 13%. Property direct bookings dropped slightly to 29% still up compared to the same period in 2019, a testament to the continued efforts of our property and management company sales support team.

從客房晚數通路組合來看，brand.com 預訂量較第四季上漲 2 個百分點，達到約 38%。 OTA 預訂量相對於前幾年繼續上升，但環比再次下降至 13%。與 2019 年同期相比，房地產直接預訂量略有下降，至 29%，但仍有所成長，這證明了我們的房地產和管理公司銷售支援團隊的持續努力。

Most notably, we continue to see improvement in GDS bookings, which were up a percentage point from Q4. GDS room night mix increased each month within the first quarter, reaching 13% for the quarter and moving even higher in April. Looking at total room nights booked, GDS bookings increased 36% in the first quarter over the fourth quarter, another positive data point as we review business transient trends.

最值得注意的是，我們繼續看到 GDS 預訂量的改善，比第四季上升了一個百分點。第一季度，GDS 客房夜數組合每月都在增加，本季達到 13%，4 月則進一步上升。從預訂客房晚數來看，第一季 GDS 預訂量比第四季增加了 36%，這是我們回顧業務瞬態趨勢時的另一個正面數據點。

Looking at first quarter same-store segmentation, bar remained elevated to 2019 levels at 34%. Other discounts moved down from 30% in the fourth quarter to 27% in the first quarter. Even with the variant impact in January and February, negotiated increased a percentage point to 17%, showing continued improvement in business travel. Group was just under 16% in the quarter, up almost 3 percentage points from the same period in 2019.

從第一季同店細分來看，酒吧仍維持在 2019 年水準的 34%。其他折扣從第四季的30%下降到第一季的27%。即使受到 1 月和 2 月變數的影響，協商後的收入仍增加了一個百分點，達到 17%，顯示商務旅行持續改善。該集團本季的銷售額略低於 16%，比 2019 年同期成長了近 3 個百分點。

Turning to expenses. Total payroll per occupied room for our same-store hotels was around $34 for the quarter, up 1% to the first quarter of 2019. Total payroll on a per occupied room basis was impacted by the lower-than-anticipated occupancy levels as we started the quarter. Given the current labor environment, as we mentioned on our February call, we intentionally maintained staffing levels with the confidence that travel demand and our portfolio occupancy would return quickly.

談到費用。本季度，我們同店飯店每間入住客房的總薪資約為 34 美元，比 2019 年第一季成長 1%。本季初，入住率低於預期，影響了每間入住客房的總薪資。鑑於當前的勞動力環境，正如我們在二月份的電話會議上提到的那樣，我們有意維持人員配備水平，並相信旅行需求和我們的投資組合入住率將迅速恢復。

With improvement in occupancy, total payroll per occupied room was approximately $31 for March, down slightly to 2019. Our managers continue to focus on filling vacant positions as markets recover and adjust wages in a more competitive labor environment. Our teams remain intently focused on efficient labor models to help offset wage pressures while balancing service levels, morale and turnover, all of which can be costly if overlooked for near-term financial benefit.

隨著入住率的提高，3 月每間入住客房的總薪資約為 31 美元，較 2019 年略有下降。隨著市場復甦，我們的經理繼續專注於填補空缺職位，並在更具競爭力的勞動力環境中調整薪資。我們的團隊始終專注於高效的勞動力模式，以幫助抵消工資壓力，同時平衡服務水平、士氣和營業額，如果為了短期財務利益而忽視這些因素，則代價高昂。

Same-store rooms expenses, excluding payroll were well controlled, down 5% per occupied room compared to 2019 for the quarter. Our team's persistent efforts to control costs and maximize profitability resulted in first quarter comparable adjusted hotel EBITDA of approximately $88 million and comparable adjusted hotel EBITDA margin of approximately 34%, down 250 basis points to first quarter of 2019.

同店客房支出（不含薪資）得到良好控制，與 2019 年同期相比，本季每間入住客房支出下降了 5%。我們的團隊堅持不懈地努力控製成本並實現盈利最大化，使得第一季可比調整後酒店 EBITDA 約為 8800 萬美元，可比調整後酒店 EBITDA 利潤率約為 34%，較 2019 年第一季下降 250 個基點。

While lower occupancy in January and February combined with continued supply chain challenges and wage and inflationary pressures negatively impacted margins relative to 2019 early in the quarter, hotel EBITDA margin improved with occupancy sequentially and March finished approximately 190 basis points higher than March of 2019.

雖然 1 月和 2 月入住率較低，加上持續的供應鏈挑戰以及工資和通膨壓力，對本季度初的利潤率產生了相對於 2019 年同期的負面影響，但酒店 EBITDA 利潤率隨著入住率的環比提高而有所改善，3 月份的利潤率比 2019 年 3 月份高出約 190 個基點。

Though we have been successful in managing productivity and expenses in a challenging environment, we continue to believe that growth in rate will be the primary driver of margin expansion as we move through the recovery. We continue to be encouraged and confident in the rate recovery, especially as we approach and exceed peak night occupancy levels.

儘管我們在充滿挑戰的環境中成功地管理了生產力和費用，但我們仍然相信，隨著經濟復甦，利率成長將成為利潤率擴張的主要驅動力。我們繼續對房價回升感到鼓舞和有信心，特別是當我們接近並超過夜間入住高峰水平時。

Following similar trends, modified funds from operations also improved sequentially each month and was approximately $63 million or $0.28 per share for the first quarter, up slightly as compared to the fourth quarter of 2021.

延續類似趨勢，調整後營運資金也逐月環比改善，第一季約為 6,300 萬美元或每股 0.28 美元，較 2021 年第四季略有成長。

Looking at our balance sheet. As of March 31, 2021, we had $1.4 billion in total outstanding debt, approximately 5x our 2021 EBITDA with a weighted average interest rate of 3.5% and availability under our revolving credit facility of approximately $349 million.

查看我們的資產負債表。截至 2021 年 3 月 31 日，我們的未償還債務總額為 14 億美元，約為 2021 年 EBITDA 的 5 倍，加權平均利率為 3.5%，我們的循環信貸額度下可用金額約為 3.49 億美元。

Total outstanding debt, excluding unamortized debt issuance cost and fair value adjustments is comprised of approximately $491 million in property-level debt secured by 28 hotels and approximately $947 million outstanding on our unsecured credit facility. At quarter end, our weighted average debt maturities for 3 years with approximately $226 million net of reserves maturing in 2022. Our 2022 maturities include our revolving credit facility, which we have the option to extend for up to 1 year and $155 million of property level debt maturing in the second half of the year.

未償還債務總額（不包括未攤銷債務發行成本和公允價值調整）包括由 28 家酒店擔保的約 4.91 億美元的房地產級債務和我們無擔保信貸額度的未償債務約 9.47 億美元。截至季末，我們的加權平均債務到期日為 3 年，其中約 2.26 億美元的淨儲備將於 2022 年到期。我們 2022 年的到期債務包括循環信貸額度（我們可以選擇將其延長至 1 年）和 1.55 億美元的房地產層面債務，將於今年下半年到期。

We are in the process of exploring options with our lenders and are confident in our ability to repay, refinance or extend our near-term maturity. As for our outlook for the remainder of 2022, we remain confident in the broader industry recovery and the performance of our portfolio specifically.

我們正在與貸款人探討各種選擇，並且有信心我們有能力償還、再融資或延長短期債務。至於我們對 2022 年剩餘時間的展望，我們仍然對更廣泛的產業復甦以及我們投資組合的表現充滿信心。

While we are still not in a position to give specific operational guidance, first quarter performance exceeded our internal forecast. Preliminary results for April RevPAR are positive to 2019 and average daily booking trends are ahead of pre-pandemic booking levels.

雖然我們仍然無法給出具體的營運指導，但第一季的業績超出了我們的內部預測。 2019 年 4 月 RevPAR 的初步結果為正值，每日平均預訂趨勢高於疫情前的預訂水準。

Although external economic and pandemic-related factors continue to add a layer of uncertainty, with the ongoing strength in leisure demand and increase in business transient demand and a demonstrated ability to achieve meaningful rate growth as occupancies improve, we believe our portfolio could continue to reach and potentially exceed 2019 RevPAR levels if current trends continue.

儘管外部經濟和疫情相關因素繼續增加不確定性，但隨著休閒需求持續強勁、商務瞬時需求增加，以及隨著入住率提高而實現有意義的價格增長的能力，我們相信，如果目前的趨勢持續下去，我們的投資組合可以繼續達到並可能超過 2019 年的 RevPAR 水平。

As we move into the second quarter, we are optimistic, without encumbering our balance sheet, we have transacted in ways that have optimized our portfolio for the future. We have a proven ability to drive strong operating results throughout economic cycles. And with current trends showing continued strength in leisure and improvement in business transient demand, we are confident in our ability to drive shareholder returns. We would now be happy to answer any questions that you have for us this morning.

隨著進入第二季度，我們感到樂觀，在不影響資產負債表的情況下，我們以優化未來投資組合的方式進行交易。我們已證明有能力在整個經濟週期中推動強勁的經營業績。當前趨勢顯示休閒產業持續強勁，商務瞬間需求改善，我們有信心為股東帶來回報。我們很樂意回答您今天早上向我們提出的任何問題。

(Operator Instructions)

（操作員指示）

Our first question comes from Neil Malkin with Capital One Securities.

我們的第一個問題來自 Capital One Securities 的 Neil Malkin。

Nice quarter. First one for me is about sort of the recovery in BT. You gave some good color in your prepared remarks, Liz. Just kind of wondering if you can talk about in terms of the larger national accounts, what kind of demand are you continuing to see in the second quarter?

不錯的季度。對我來說，第一個是關於英國電信的復甦。莉茲，你準備好的發言為大家增添了不少亮點。我只是想知道您是否可以談談從更大的國家帳戶的角度來看，您在第二季度會繼續看到什麼樣的需求？

And are you doing that sort of variable pricing model versus a fixed-negotiated model? And then the other part of that would be, do you expect to compete just like some of the more sort of urban "portfolios" as the corporate demand continues to accelerate?

您採用的是那種可變定價模型，而不是固定協商定價模型嗎？那麼另一部分是，隨著企業需求的不斷加速，您是否預計會像一些城市「投資組合」一樣競爭？

Happy to talk about business transient trends. In the prepared remarks, I mentioned how much we've improved mid-week. Weekday ADRs already have improved in the quarter from $124 to $142 from January to March throughout the quarter, which was an increase of 15%. Part of that was driven by occupancy improvement midweek, but peak nights improved as well, and that was a reflection of some shift between CNR and LNR.

很高興談論商業瞬息萬變的趨勢。在準備好的發言中，我提到了我們在周中取得了多大的進步。本季度，工作日 ADR 已經從 1 月至 3 月的 124 美元上漲至 142 美元，增幅達 15%。部分原因是周中入住率的提高，但高峰夜入住率也有所提高，這反映了 CNR 和 LNR 之間的一些轉變。

That corporate-negotiated historically, so going back to 2019 represented over 60% of our negotiated business. Through the pandemic, it's run more in line with 50-50 between corporate-negotiated and local-negotiated, local tipping a little bit higher than corporate over the course of the pandemic. In the first quarter, we actually saw corporate-negotiated tip over 50% to 53%, so being more dominant than LNR.

從歷史上看，這是企業談判的結果，因此，追溯到 2019 年，這占我們談判業務的 60% 以上。在整個疫情期間，企業協商的小費和當地協商的小費比例基本上一致，當地小費的比例略高於企業小費。在第一季度，我們實際上看到企業協商的小費超過 50% 至 53%，因此比 LNR 更占主導地位。

And so starting to see that shift back with corporate-negotiated business. So I think as we move forward and as we think about the trends and the GDS trends, which really is a reflection of that corporate demand continuing to increase, month-over-month and quarter-over-quarter, despite the impacts of the variant earlier on in the quarter, we're optimistic.

因此，我們開始看到這種轉變隨著企業談判業務而重新出現。因此，我認為，隨著我們不斷前進，當我們思考趨勢和 GDS 趨勢時，這確實反映了企業需求持續增長，環比和環比增長，儘管受到本季度早些時候變量的影響，我們仍然持樂觀態度。

We have an ability to mix manage in a way to drive rate what -- with that mix of corporate-negotiated layered in. And as you mentioned, we did shift some of those corporate negotiated accounts over the course of the pandemic to be a percentage off of bar rates or retail rates, which really will help as we compress those peak nights with increased demand to be able to drive corporate-negotiated rates in line with retail rates.

我們有能力透過混合管理來推動利率——將企業協商的利率混合在一起。正如您所提到的，在疫情期間，我們確實將一些企業協商的帳戶調整為酒吧利率或零售利率的一定百分比，這確實會有所幫助，因為我們可以壓縮那些需求增加的高峰夜晚，從而使企業協商的利率與零售利率保持一致。

Taking that even one step further, if you look back, pre-pandemic, our weekday occupancies historically ran premiums over weekday occupancy. And while we are shrinking the gap slightly, there's still meaningful upside there as corporate-negotiated comes back.

更進一步說，如果回顧疫情之前，我們工作日的入住率歷來高於平日入住率。儘管我們正在稍微縮小差距，但隨著企業談判的回歸，差距仍然具有顯著的上升空間。

Okay. Great. Appreciate that. Other one -- last one for me is, I guess, on the acquisition front. It seems like most asset types have seen a big slowing in the first quarter from the fourth quarter. And I think, obviously, interest rates have a fair bit to do with it.

好的。偉大的。非常感謝。另一個——對我來說最後一個，我想，是在收購方面。看起來大多數資產類型在第一季都比第四季出現了大幅放緩。我認為，顯然利率與此有很大關係。

But just curious, Justin, how you guys are approaching the transaction environment, given the rising rate, obviously, stacks have been pretty weak here. And how that compares to how you think about, obviously, dispositions. We've seen some pretty high price per key trades on the select service side.

但只是好奇，賈斯汀，考慮到利率上升，你們是如何處理交易環境的，顯然，這裡的堆疊相當薄弱。這與你對性格的看法顯然有何不同？我們已經看到精選服務方面的一些關鍵交易價格相當高。

I'm just curious to get your thoughts on how that all fits as you guys underwrite or think about growth in a sort of dynamic and, I guess, more uncertain environment than we've seen in the last several quarters, that would be great.

我只是好奇地想知道你們對這一切的看法，因為你們在一種動態的、我想是比過去幾個季度更不確定的環境中承保或考慮增長，那將會很棒。

Yes, certainly. As I highlighted in my prepared remarks, we've continued to see significant interest in the types of assets that we own. And certainly, I think there's read through to the value of our existing portfolio. I also highlighted that it's our intent over the course of the year to be net acquirers.

是的，當然。正如我在準備好的演講中所強調的那樣，我們繼續看到人們對我們所擁有的資產類型的濃厚興趣。當然，我認為這已經影響到我們現有投資組合的價值。我還強調，我們的目標是在今年成為淨收購者。

We're in the unique position to be opportunistic. And given the current environment, we'll explore both acquisitions and dispositions activity and pursue those options, which we feel are most likely to drive returns for our shareholders. I think the rising interest rate disproportionately negatively impacts private equity players who use higher leverage levels in their acquisitions modeling.

我們處於一個獨特的機會主義地位。鑑於當前環境，我們將探索收購和處置活動，並推行那些我們認為最有可能為股東帶來回報的選擇。我認為利率上升會對在收購模式中使用較高槓桿的私募股權參與者產生不成比例的負面影響。

And certainly, I think, on a relative basis, puts us in a better position to acquire assets that would meet our return thresholds. We continue to be very active underwriting a large number of deals and having on and off-market conversations, so talking to both brokers and with groups that we've had relationships with for a long period of time and anticipate we will be active as we continue to move through the year.

當然，我認為，相對而言，這使我們處於更有利的位置來收購能夠滿足我們的回報門檻的資產。我們繼續非常積極地承銷大量交易，並進行場內和場外對話，因此與經紀人和我們長期保持關係的團體進行交談，並預計我們將在今年繼續保持活躍。

And just real quick, are you seeing an impact from rising rates in terms of deals, retrades or pricing impacts versus, call it, beginning of the year?

那麼，與年初相比，您是否看到利率上升對交易、再交易或定價產生影響？

So we have not experienced that directly. Anecdotally, there have been some who would use rising interest rates as an excuse to renegotiate pricing on deals that they are tied up, but that hasn't been the case in deals that we've been working on specifically.

所以我們還沒有直接經歷過。據傳，有些人會以利率上升為藉口，重新協商他們所參與的交易的定價，但在我們具體處理的交易中，情況並非如此。

Our next question is from Dori Kesten with Wells Fargo.

下一個問題來自富國銀行的 Dori Kesten。

Your dividend makes you stand out currently among your lodging REIT peers. How should we think about the trajectory of the dividend over the next year? I mean is it fair to go back and look at historic payout or -- is it likely to be a little bit lower just expecting that you'll be in that acquirer over the year?

您的股息使您在目前的住宿房地產投資信託同業中脫穎而出。我們該如何看待明年股利的走勢？我的意思是，回顧一下歷史支出是否公平，或者——只是預計你一年後會成為收購方，支出可能會稍微低一些？

That's a fair question. We -- so as we began the year and considered reinstating a dividend with our Board of Directors, we ran a variety of scenarios. And as we've discussed with you and with others in the past, given the increased volatility that we're experiencing broadly in the market today is -- the range of possibilities was more extensive than what we've looked at in times past where we were operating in a much more stabilized environment. That said, we reinstated the dividend at a point that we felt incredibly comfortable we could maintain, given the broad range of scenarios that we were assessing as reasonable possibilities.

這是一個合理的問題。因此，當我們開始新的一年並考慮與董事會恢復分紅時，我們考慮了各種各樣的方案。正如我們過去與您和其他人討論過的那樣，鑑於我們今天在市場上普遍經歷的波動性增加，可能性的範圍比我們過去在更加穩定的環境中運營時所考慮的要廣泛得多。儘管如此，考慮到我們評估的合理可能性範圍廣泛，我們還是將股息恢復到了我們認為可以維持的水平。

Since that time, we have consistently performed above the high end of our internal projections, then should we continue to do that, we will certainly be in a position to reassess our dividend. As we look at other opportunities, whether it's acquisitions or share repurchases with the intent to, again, provide our investors with the highest total return.

自那時起，我們的業績一直高於內部預測的高端，如果我們繼續這樣做，我們肯定能夠重新評估我們的股息。我們正在尋找其他機會，無論是收購還是股票回購，目的都是再次為我們的投資者提供最高的總回報。

Our next question is from Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

Just another question on the transaction market. We've heard that we've seen more buyers look at hotels as an inflation hedge. That said, rising rates are an impact here. So do you think select service assets have risen in value year-to-date and how even cap rates have trended for the segment year-to-date?

關於交易市場的另一個問題。我們聽說越來越多的買家將酒店視為通膨對沖工具。話雖如此，利率上升確實會產生影響。那麼，您是否認為今年迄今精選服務資產的價值有所上漲，以及今年迄今該細分市場的資本化率趨勢如何？

So absolutely, we believe that values for select service assets have risen year-to-date. And if you look at publicly available information on recent trades and per key pricing for those deals. I think that's indicative. Certainly, a number of factors playing into that.

因此，我們絕對相信，今年迄今為止，精選服務資產的價值已經上漲。如果你查看最近交易的公開資訊以及這些交易的每個關鍵定價。我認為這很有指示意義。當然，有很多因素在起作用。

One, I think, a broader recognition of the value of select service hotels, having lived now through a pandemic and viewing the relative performance, the types of assets that we own versus other assets within the hospitality category. I think there's been increased interest in ownership by a number of private equity buyers.

首先，我認為，在經歷了疫情之後，我們應該更廣泛地認識到精選服務酒店的價值，並觀察其相對錶現，比較我們擁有的資產類型與酒店類別中的其他資產。我認為許多私募股權買家對所有權的興趣增加。

I think relative pricing, looking at other forms of real estate versus multifamily or industrial or retail has also attracted groups to the space. And then you have that combined with strong underlying fundamentals. So a very rapid recovery in underlying fundamentals and meaningful increases in cost of construction, which are driving replacement value higher. All of that has been impacting the value of assets and I think driving value over time.

我認為相對定價，將其他形式的房地產與多戶住宅、工業或零售進行比較，也吸引了許多團體進入該領域。然後你就把它與強大的基本面結合。因此，基本面的快速復甦和建築成本的大幅增加，推動了重置價值的上升。所有這些都影響著資產的價值，我認為隨著時間的推移，它們會推動資產的價值成長。

Looking at what's traded so far, over the past 12 to 24 months. The quality of the assets generally has been high and in line with the types of assets that we own. And our sense is that -- and again, now is a tricky time to peg cap rates because a portion of the assets that have traded have not had pre-pandemic operating history. And so they're being priced on forward numbers. And there isn't always transparency related to those. But the sense we get talking to groups in the industry is that the cap rates have compressed 100 to 150 basis points from where we were pre pandemic.

回顧過去 12 至 24 個月內迄今為止的交易情況。資產品質整體較高，與我們擁有的資產類型一致。我們的感覺是——再次強調，現在是確定資本化率的棘手時刻，因為部分已交易的資產沒有疫情前的營運歷史。因此，它們的定價是基於預期數字的。但這些並不總是透明的。但我們與業內團體交談時得到的感覺是，資本化率已比疫情前下降了 100 至 150 個基點。

Right. And that's despite the rising rate environment, so that's just positive. Given that where do share buybacks, I guess, look for capital allocation, obviously, the stocks were very volatile. Some of your peers have signaled that they're interested in buybacks. What's your kind of view on that? I know you had the authorization, but what's kind of the current view?

正確的。儘管利率環境不斷上升，但這仍然是積極的。考慮到股票回購在哪裡尋找資本配置，我猜，顯然股票非常不穩定。您的一些同行已表示對回購感興趣。您對此有何看法？我知道您已獲得授權，但是目前的觀點是什麼樣的？

We look at buybacks simultaneously with potential acquisitions and view acquiring our stock in the same way we view adding assets to the portfolio. We have authorization to acquire shares and a trading fund in place that allows us to trade during blackout periods. And certainly, at appropriate times would look to buy shares as we have in the past.

我們同時考慮回購和潛在收購，並以同樣的方式看待收購股票和向投資組合中增加資產。我們擁有收購股票的授權和交易基金，使我們能夠在禁售期內進行交易。當然，我們會在適當的時候考慮購買股票，就像我們過去所做的那樣。

Maybe one more quick one. Looking out the next like 90 days or so, how are your leisure hotels looking at pricing relative to last year in 2019. There's been a lot of back and forth about leisure pricing power over the near term. So I'm curious what you're seeing in your portfolio.

也許再快一點。展望未來 90 天左右，您的休閒飯店 2019 年的定價相對於去年而言如何？近期，關於休閒定價權的爭論一直不斷。所以我很好奇你在你的投資組合中看到了什麼。

We still see positive trends on the leisure front. I mean even as our mix shifted in the first quarter and OTA dropped a little bit as a mix percentage, OTA bookings were actually still up for Q1 relative to Q1 of 2019, absolute room nights booked. As we look forward and we look at what we have on the books through the remainder of the year, weekend occupancy or weekend bookings is strong, rates are strong and higher than they have been in 2021. So we're still very optimistic about leisure demand and, that coupled with, the return of corporate-negotiated and the continual recovery there, we think puts us in a great position to maximize ADR both weekday and weekend.

我們仍然看到休閒的正面趨勢。我的意思是，即使我們的組合在第一季發生了變化，並且 OTA 的組合百分比略有下降，但與 2019 年第一季相比，第一季的 OTA 預訂量實際上仍然有所上升，預訂的絕對間夜數也是如此。展望未來，我們回顧了今年剩餘時間的預訂情況，週末入住率或週末預訂量很高，房價也很高，高於 2021 年的水平。因此，我們仍然對休閒需求非常樂觀，再加上企業協商的回歸和持續復甦，我們認為這將使我們處於有利地位，可以最大限度地提高工作日和週末的 ADR。

Really on that point, we see much greater potential for upside in ADR for our portfolio with business coming back than we do downside from the potential with leisure becoming less strong. In what we're looking at today based on forward bookings, we continue to see very strong leisure numbers reflected in our weekend bookings and the rates at which these bookings are coming in.

確實，就這一點而言，我們認為，隨著業務復甦，我們的投資組合的 ADR 上漲潛力比隨著休閒活動減弱而下跌的潛力大得多。根據我們今天看到的預訂情況，我們繼續看到週末預訂量和這些預訂量的成長速度反映出非常強勁的休閒數據。

And now what we're most excited about is the rapid improvement in business transient, which has historically been the leading revenue producer of our portfolio and has historically been the most meaningful driver of rate for our portfolio.

現在，我們最興奮的是業務瞬態的快速改善，這在歷史上一直是我們投資組合的主要收入來源，也是我們投資組合利率最重要的驅動因素。

So I think as we look at markets that have been slow to recover, coming online now and beginning to build back occupancy to levels where we should have similar pricing power midweek to what we've seen on the weekends. I think we're much more optimistic about where rates could go for our portfolio over the next several quarters.

因此，我認為，當我們觀察那些復甦緩慢的市場時，它們現在已經上線並開始恢復入住率，我們應該在周中擁有與週末類似的定價能力。我認為，我們對未來幾季投資組合的利率走向更加樂觀。

Our next question is from Floris Van Dijkum with Compass Point.

我們的下一個問題來自 Compass Point 的 Floris Van Dijkum。

Obviously, you mentioned that you think there's a possibility that you could achieve '19 levels of RevPAR in '22. And maybe if you can comment on margin. And I know, in the past, you said that it's possible that you're -- because of the various initiatives with the hotels, et cetera, that margin could be 100 to 200 basis points higher. Obviously, the margin in the first quarter was lower than what it was in '19. But maybe as you look out, is it possible that you would improve margins later on in '22 relative to '19?

顯然，您提到您認為有可能在 22 年實現 2019 年的 RevPAR 水準。也許您可以對保證金進行評論。我知道，您過去曾說過，由於飯店等方面的各種舉措，利潤率可能會提高 100 到 200 個基點。顯然，第一季的利潤率低於2019年的水準。但也許正如您所看到的，您是否有可能在 2022 年後期相對於 2019 年提高利潤率？

We're looking at each other to see who wants to take the question first. I think first, we've been reluctant to provide specific guidance around what we anticipate for margin growth. And really, that's less reflective of our optimism related to the potential for margin growth and more a reflection on the complexity of the calculation.

我們互相看著對方，看誰想先回答這個問題。我認為首先，我們不願意就利潤成長預期提供具體的指導。實際上，這並不反映我們對利潤成長潛力的樂觀態度，而是更反映了計算的複雜性。

I think as Liz highlighted in her prepared remarks, we continue to believe that the primary driver of margin expansion for us and really for the industry at large will be rate growth. It's certainly, we and others have done, I think, a very good job managing expenses in our business in a way that have enabled us to flow more of the top line growth we've seen, especially at higher occupancy hotels running strong rates to the bottom line.

我認為，正如 Liz 在她的準備好的演講中所強調的那樣，我們仍然相信，對於我們以及整個行業來說，利潤率擴張的主要驅動力將是利率成長。當然，我認為，我們和其他公司在管理業務費用方面做得非常好，這使我們能夠將更多的收入增長轉化為利潤增長，特別是那些入住率較高的酒店，其強勁的房價為利潤帶來了增長。

We believe we will maintain the efficiencies that we've achieved in terms of productivity. How those translate taxable margin will depend on what we see in terms of continued inflationary pressures related to cost of goods and to wages. And at this point, we continue to operate in a low unemployment environment. Wage pressure is real and certainly a factor that we're dealing with across our entire portfolio. That said, our first quarter margins were negatively impacted by lower occupancy in January and February, which is due to Omicron.

我們相信，我們將維持在生產力方面所取得的效率。這些如何轉化為應稅利潤將取決於我們所看到的與商品成本和工資相關的持續通膨壓力。目前，我們繼續在低失業率的環境中運作。薪資壓力是真實存在的，而且肯定是我們整個投資組合中都要應對的因素。儘管如此，由於 Omicron 的影響，我們第一季的利潤率受到了 1 月和 2 月入住率下降的負面影響。

And when you look at March numbers in isolation, we did very well from a margin standpoint, growing margins to 2019. We had signaled, coming into the first quarter, that because labor was challenging, even with the temporary downturn in occupancy, we would retain employees and would not make drastic cuts as we did at the onset of the pandemic and that, that would potentially negatively impact margins.

如果單獨看 3 月的數據，從利潤率的角度來看，我們的表現非常好，利潤率在 2019 年有所成長。進入第一季時，我們曾表示，由於勞動成本較高，即使入住率暫時下降，我們仍會留住員工，不會像疫情爆發時那樣大幅裁員，因為這可能會對利潤率產生負面影響。

Given the strength of March, the negative impact to margins was not nearly as meaningful as it might have otherwise been. And in April, where we're beginning to push past 2019 top line numbers, we feel good, especially in the near term, about our ability to drive margins.

考慮到三月的強勁表現，利潤率受到的負面影響並不像原本可能的那麼嚴重。到了 4 月份，我們的營收數字開始突破 2019 年的水平，我們對提高利潤率的能力充滿信心，尤其是在短期內。

To that point, specifically, that's the fact that we've gotten back to top line numbers consistent with where we were in '19, faster than many, will benefit us because inflation compounds. And so being at a point where we can begin to drive rate beyond where we were in 2019 on a consistent basis puts us ahead of the curve from an inflationary standpoint and better positions us to achieve long-term margin expansion.

具體來說，事實上我們已經恢復到了與 19 年水準一致的頂線數字，比許多公司都快，這將使我們受益，因為通貨膨脹會加劇。因此，如果我們能夠開始持續推動利率超越 2019 年的水平，那麼從通膨的角度來看，我們就處於領先地位，並且更有能力實現長期利潤率擴張。

Justin, in another way, I guess, the answer I was trying to get at is, would it be feasible for you to achieve the $423 million of adjusted EBITDA. And it sounds like it's in the realm of possibilities, but you don't want to go out there because there are a lot of things going on. But I hear you.

賈斯汀，我想，換句話說，我試圖得到的答案是，你是否能夠實現 4.23 億美元的調整後 EBITDA。這聽起來像是有可能的，但你不想去那裡，因為有很多事情正在發生。但我聽到了。

Maybe if I can ask a question and my follow-up is on markets. I noticed something, Dallas, Oklahoma City, Orange County, San Diego, Seattle, appear to be lagging and then you've got Phoenix L.A., Fort Worth and Fort Lauderdale are leading markets, and so is Miami. Maybe what's -- I don't know enough about your Dallas-Fort Worth. I mean I usually think of them as one market. One is doing well. One is not doing well. Maybe you can walk through some of the reasoning behind that and why you think L.A. and -- well, obviously, L.A. is doing well, Orange County is not, what's going to change there in your view? Or what's going to drive the profitability in some of those lagging markets?

也許我可以問一個問題並且我的後續關注點是市場。我注意到，達拉斯、俄克拉荷馬城、橘郡、聖地牙哥、西雅圖似乎落後了，而鳳凰城、洛杉磯、沃斯堡和勞德代爾堡是領先的市場，邁阿密也是如此。也許是——我對達拉斯-沃斯堡了解不夠。我的意思是我通常將它們視為一個市場。一個人做得很好。一個人做得不好。也許您可以解釋一下這背後的一些原因，以及為什麼您認為洛杉磯——顯然，洛杉磯發展得很好，而奧蘭治縣卻不行，您認為那裡會發生什麼變化？或者什麼將推動一些落後市場的獲利能力？

So some of the market impact is related to the fact that we're looking a long way back when we're comparing to 2019. And specific markets had events or special circumstances that inflated 2019 numbers. So looking at Atlanta, for example, for the quarter, we were down 37%. And certainly, in the downtown area of Atlanta, that potential -- that part of Atlanta has been slower to recover.

因此，部分市場影響與我們在 2019 年進行比較時回顧過去的情況有關。特定市場發生了一些事件或特殊情況，導致 2019 年的數據膨脹。以亞特蘭大為例，本季我們的銷售額下降了 37%。當然，在亞特蘭大市中心，這種潛力——亞特蘭大那部分的恢復速度較慢。

But we're comparing to Super Bowl comps in that market, which artificially inflated it in 2019. Denver, our Denver numbers where we were down just under 30% for the market overall. A portion of that is market-driven, and certainly, with our downtown asset, we're somewhat dependent on convention business, which was soft in the quarter. But we also had rooms out of service at that particular hotel for renovation.

但我們將其與該市場的超級盃數據進行比較，這在 2019 年被人為誇大了。丹佛，我們的丹佛數據與整個市場相比下降了近 30%。其中一部分是由市場驅動的，當然，憑藉我們的市中心資產，我們在一定程度上依賴會議業務，而該業務在本季度表現疲軟。但該酒店也有一些房間因裝修而暫停使用。

So I think it's difficult, given that our ownership is a subset of the total market to draw large conclusions on a single quarter performance for individual assets. The overarching trend though, as we highlighted earlier, is that leisure across all of our markets continues to be very strong. And increasingly, we're seeing business transient come back in individual markets.

因此，我認為，鑑於我們的所有權只是整個市場的子集，因此很難根據單一資產的單一季度表現得出重大結論。不過，正如我們之前強調的那樣，總體趨勢是，我們所有市場的休閒業務仍然保持強勁。我們越來越常看到個別市場的業務短暫復甦。

When we look at Syracuse, for example, which was one of the markets that was meaningfully up in the quarter. A combination of drivers in that market, medical university and a significant amount of film-related business propping that market up. But really, we're seeing it expand beyond that. And so looking at our Tidewater assets or Savannah or some of the other markets where we're up, really strong leisure combining with improving business transient. And with markets opening at different paces, our expectation is that we'll begin to see the strong trends across an increasing number of markets moving into the summer.

以錫拉丘茲為例，它是本季表現顯著上漲的市場之一。該市場的驅動因素包括醫學院和大量電影相關業務，它們共同支撐著該市場。但實際上，我們看到它的擴展已經超越了這一點。因此，請看看我們的 Tidewater 資產或薩凡納或我們所在的其他一些市場，我們發現，休閒業務非常強勁，商業瞬態也不斷改善。隨著市場以不同的速度開放，我們預計，進入夏季，越來越多的市場將出現強勁趨勢。

Just Floris, if you look at such sort of how those markets that you mentioned performed throughout the quarter, they improved as you moved from January to March, really the variant impacted some of those larger markets at the beginning of the quarter.

弗洛里斯，如果您觀察一下您提到的那些市場在整個季度的表現，您會發現從 1 月到 3 月，它們的表現有所改善，實際上，這種變化在本季度初影響了一些較大的市場。

And if I look at April, for example, for Dallas, that decline to 2019 looks like -- for preliminary numbers, looks like it's half of what it was in the first quarter and Atlanta actually turned positive in April. So I think you're seeing a lot of shift. You're seeing corporate rebound quickly. You're seeing demand pick up. And I think we're going to see different market performance as we move into the second quarter.

例如，如果我看 4 月的情況，達拉斯的銷售額與 2019 年相比有所下降——從初步數據來看，它只有第一季的一半，而亞特蘭大的銷售額在 4 月實際上實現了正成長。所以我認為你看到了很多轉變。你會看到企業迅速反彈。您會看到需求正在回升。我認為，進入第二季度，我們將看到不同的市場表現。

Some of these markets -- and I mentioned in my prepared remarks, we're really encouraged by what we're seeing in some of the markets that have been lagging. Chicago being one of them as well. And that went down almost 30% RevPAR to 2019 in the fourth quarter. And that decline is almost half of that now in March, what was in March. And San Diego too, seen good rebound there. So really encouraged by recent trends. Demand broadly is coming back strongly.

其中一些市場——我在準備好的發言中提到過，我們對一些一直落後的市場所看到的情況感到非常鼓舞。芝加哥也是其中之一。與 2019 年相比，第四季的 RevPAR 下降了近 30%。而這一降幅幾乎是 3 月降幅的一半。聖地亞哥也出現了良好的反彈。最近的趨勢確實令人鼓舞。整體而言，需求正在強勁回升。

Our next question is from Tyler Batory with Oppenheimer.

我們的下一個問題來自奧本海默公司的泰勒·巴托里。

Just one for me, a multipart question here. Just to put a finer point on the acquisition discussion. Can you just talk a little bit more about the pipeline, how many assets you're looking at today versus a few months ago? What are you seeing in terms of the volume or number of assets that are on the market more broadly? And then as you look through the year, are you expecting, just given the dynamics, to perhaps be doing more off-market transactions than normal and really utilizing some of your industry relationships to source future acquisitions?

對我來說這只是一個問題，這是一個由多個部分組成的問題。只是為了更詳細地闡述收購討論。您能否再多談管道狀況，與幾個月前相比，您今天看到的資產數量有多少？從更廣泛的角度來看，您看到市場上資產的數量和規模如何？然後，當您回顧這一年時，考慮到目前的動態，您是否預計可能會進行比平常更多的場外交易，並真正利用您的一些行業關係來尋找未來的收購？

So to the first point or question -- part of your question, we're definitely seeing more assets today than 12 months ago. So I think as we anticipated, there's been a gradual increase of assets coming to market. And certainly, the pricing that sellers have achieved on trades early in the pandemic have helped to fuel that. But those trades are also being fueled by -- or supported by increased optimism in a growing number of markets and strengthening numbers, which make financing transactions significantly easier.

因此，對於第一點或問題——您問題的一部分，我們今天看到的資產肯定比 12 個月前更多。所以我認為正如我們預期的那樣，進入市場的資產數量正在逐漸增加。當然，賣家在疫情初期的交易中獲得的定價也助長了這種趨勢。但這些交易也受到越來越多市場樂觀情緒的推動和支持，這使得融資交易變得非常簡單。

In terms of how we might transact on a go-forward basis. I think our expectation is that we will transact similar to the way we have in the past, continuing to underwrite and compete for broadly marketed deals. But certainly tapping into our long-term relationships as well and looking to do transactions directly with sellers with whom we've had long-standing relationships.

關於我們未來如何進行交易。我認為我們的期望是，我們將以類似於過去的方式進行交易，繼續承銷和競爭廣泛行銷的交易。但當然也要利用我們的長期關係，並尋求與我們已經建立長期關係的賣家直接進行交易。

And I think having been in the business for an extended period of time and having purchased hundreds of hotels, similar to those that we own now and those that we're looking to buy in the future, we have a very good reputation that enables us to be incredibly competitive in both areas.

我認為，我們在這個行業中已經經營了很長一段時間，並且購買了數百家酒店，類似於我們現在擁有的酒店以及我們未來想要購買的酒店，我們擁有非常好的聲譽，這使我們能夠在兩個領域都具有極強的競爭力。

Our next question is from Austin Wurschmidt with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

It's Daniel Tricarico on for Austin. In the release yesterday, you reported ADR, at your urban classified hotels, had reached within 2%, roughly, of comparable 2019 levels in the first quarter. Do you have what that figure is in March and or April? And then I'm curious, even though urban rate is already above portfolio average, do you expect this segment to be the primary driver of continued ADR growth going forward?

丹尼爾·特里卡里科 (Daniel Tricarico) 代表奧斯汀出賽。在昨天的發布會上，您報告稱，第一季您所在城市分類酒店的 ADR 已達到 2019 年同期水平的 2% 左右。您知道三月和四月的數字是多少嗎？然後我很好奇，儘管城市利率已經高於投資組合平均水平，您是否預計這一部分將成為未來 ADR 持續成長的主要驅動力？

So I'll answer the second part while Liz is grabbing the first part. But I think -- we did not see urban being the exclusive driver of the recovery for the industry going forward. And that said, we have a 1/4 to 1/3 of our portfolio that is urban. And certainly, that portion of our portfolio has probably been slower to recover given increased restrictions related to higher density areas.

因此，當 Liz 抓住第一部分時，我將回答第二部分。但我認為——我們並不認為城市是未來產業復甦的唯一驅動力。也就是說，我們的投資組合中有 1/4 到 1/3 是城市資產。當然，由於對高密度地區的限制增加，我們投資組合中的這部分恢復的速度可能較慢。

And the specifics related to the markets where we own or have urban exposure, but our belief is that the improvement will be broad based. And I think it's a fallacy to believe that business travel only goes to large cities. Certainly, historically, over half of our business has been business oriented.

具體細節與我們擁有或具有城市影響力的市場有關，但我們相信，這種改善將是廣泛的。我認為商務旅行只去大城市是一種謬論。當然，從歷史上看，我們一半以上的業務都是以商業為導向的。

And as I highlighted in response to one of the earlier questions, that portion of our business has been higher rated, been more consistent over time with the recent COVID pandemic being a unique instance where we saw leisure meaningfully outperforming for a period of time in business transient. Our expectation though is that when you look at across the country and specifically across our portfolio, we will see a lift in our urban markets, but outside of urban markets in high-density suburban as well.

正如我在回答之前的一個問題時所強調的那樣，我們業務的這一部分得到了更高的評價，並且隨著時間的推移更加一致，最近的 COVID 大流行是一個獨特的例子，我們看到休閒業務在一段時間內表現明顯優於其他業務。然而，我們的預期是，當你放眼全國，特別是我們的投資組合時，我們不僅會看到城市市場的成長，還會看到城市以外的高密度郊區市場的成長。

Yes, if I look at -- and then I caveat this with it being preliminary. For April, we did push past 2019 ADR levels in our urban locations but we push past across local (inaudible).

是的，如果我看一下——然後我警告說這是初步的。 4 月份，我們在城市地區的 ADR 確實超過了 2019 年的水平，但我們在當地（聽不清楚）的 ADR 也超過了水平。

That makes sense. It was really in the context of the size of urban within your portfolio and just growing off maybe a lower base, being the primary driver going forward. And then I guess a follow-up question, a little bit separate. You mentioned maintaining staffing levels through the short downturn in demand in January. But in terms of continuing to add back labor, where do you stand today on an FTE count per hotel and maybe how that compares to pre-COVID and then maybe where you see that reaching on a stabilized basis versus pre-COVID?

這很有道理。這實際上是根據你的投資組合中的城市規模而定的，並且可能只是在較低的基數上增長，這是未來發展的主要驅動力。然後我想問一個後續問題，有點獨立。您提到在一月需求短暫下滑期間維持人員配置水準。但是，就持續增加勞動力而言，您目前每家飯店的全職當量人數是多少？與新冠疫情之前相比如何？與新冠疫情之前相比，您認為這一數字是否會達到穩定水準？

I think in the fourth quarter, I shared we were probably around 75% 2019 FTE and that we would continue to look to fill positions in anticipation of a strong spring and summer season. And so we're probably around 80% now and adding labor as occupancies in markets warrant.

我想在第四季度，我曾表示我們的 2019 年全職員工比例大概在 75% 左右，我們將繼續尋找職位來填補，以迎接強勁的春季和夏季。因此，我們現在的勞動力比例大概在 80% 左右，並且會根據市場佔用增加勞動力。

I think when we think about long-term FTE counts, relative to 2019, it's really going to depend on a few things, the mix between occupancy and rate, what levels of occupancy we get back to, how much hourly labor do we need and from a salaried position perspective, what do we need at each individual hotel? Where is our business coming from? Do we need incremental sales associates or not? So I think we're going to be opportunistic and really focus on each individual market and what's needed.

我認為，當我們考慮長期 FTE 數量時，相對於 2019 年，它實際上取決於一些因素，入住率和房價的組合，我們恢復到什麼樣的入住率水平，我們需要多少小時勞動力，以及從受薪職位的角度來看，我們在每家酒店需要什麼？我們的業務從哪裡來？我們是否需要增加銷售人員？所以我認為我們將抓住機會，並真正關注每個市場及其需求。

The teams were really proud, and I mentioned in my prepared remarks, margin for March was up 190 basis points. It was over 42% in March. So it was up 190 basis points to 2019. The teams have done an exceptional job. And so to the extent we continue to see pricing power and we see more of our premium to 2019 coming through rate, I believe we'll have efficiencies from an FTE count standpoint. But as occupancies increase, we'll staff as appropriate to make sure that we provide the best experience for guests and that they'll come back and pay the rates that we're charging.

團隊感到非常自豪，我在準備好的發言中提到，3 月的利潤率上升了 190 個基點。 3月這一比例超過42%。因此到 2019 年上漲了 190 個基點。這些團隊做得非常出色。因此，只要我們繼續看到定價能力，並且看到我們的溢價比 2019 年更高，我相信從 FTE 數量的角度來看，我們的效率就會提高。但隨著入住率的增加，我們將適當安排人員，以確保為客人提供最佳體驗，並確保他們會再次入住並支付我們收取的費用。

Our next question is from Michael Bellisario with Baird.

我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Liz, just sort of one follow-up there, a related question for you. So what's the split today between fixed and variable hotel expenses? And then as urban markets recover, I would think the wages there are higher in absolute dollar terms. So would you maybe expect that as urban occupancy recovers or would that impact the cadence of margin recovery at all in your view?

莉茲，我只是想跟進一下，問你一個相關的問題。那麼，目前固定飯店費用和變動飯店費用的分攤比例是多少？隨著城市市場的復甦，我認為那裡的工資以絕對美元計算會更高。那麼，您是否預期城市入住率會恢復，或者您認為這是否會影響利潤率復甦的節奏？

I think we're seeing pressure on wages across market types. Secondary urban locations are similar to high-density suburban, it's really even broad -- more broadly market-specific. For example, I know in Phoenix, we've had labor challenges and wage pressure there. I mean it's really universal. So maybe on the margin, wages would be higher, but they've always been higher in urban locations. I think we'll see similar trends to what we've seen in other location types.

我認為我們看到各種市場類型的工資都面臨壓力。次要城市位置與高密度郊區類似，實際上範圍更廣——更廣泛地針對特定市場。例如，我知道在鳳凰城，我們面臨勞動力挑戰和薪資壓力。我的意思是它確實具有普遍性。因此，也許從邊際來看，工資會更高，但城市地區的工資一直較高。我認為我們會看到與其他地點類型類似的趨勢。

And between variable and fixed, we've proven that, that can shift with occupancy levels. I think we continue to optimize our operational models, both on a labor front and service and amenity front, and we'll continue to do that. But there are fixed expenses in the business and utilities, even though that will fluctuate some with occupancy levels, utilities have increased.

我們已經證明，在可變和固定之間，這會隨著入住率的變化而變化。我認為我們將繼續優化我們的營運模式，包括勞動力方面、服務和便利設施方面，我們將繼續這樣做。但在商業和公用事業方面有固定的開支，儘管這些開支會隨著入住率而有所波動，但公用事業費用已經增加了。

And so there are some puts and takes. I think where we're most encouraged is that the teams have done such a great job, our hotel managers have really worked hard consistently and haven't let up to try to drive profitability, coupled with the ability to increased rate as we shift business in our -- shift mix in our hotels and increased occupancy levels as we have in the past peak nights midweek.

因此存在一些得失。我認為最讓我們感到鼓舞的是，團隊做得非常出色，我們的酒店經理們確實一直在努力工作，並且沒有放鬆努力提高盈利能力，再加上我們隨著酒店輪班組合業務的轉變而提高房價的能力，以及像過去周中高峰夜晚那樣提高入住率。

Got it. Helpful. And then just back to your comments on March, I think I've heard you say 190 basis points. Anything odd in March that maybe caused that number to be higher than it otherwise would have been, perhaps demand coming back faster than expected and you weren't fully staffed yet or expenses were still held back? Just trying to think about is April, May, June also going to be somewhere in the 190 basis point range?

知道了。很有幫助。然後回到您對三月的評論，我想我聽到您說過 190 個基點。 3 月是否發生了任何異常情況，導致該數字高於原本的數字，也許是需求恢復得比預期的要快，而您尚未配備齊全的員工，或者費用仍然受到抑制？試想一下，四月、五月、六月是否也會處於 190 個基點的範圍內？

Yes. I would hedge there a little bit only to say that looking at one month in any quarter regardless of the dynamics, there can be nuances based on accrual and timing of invoices and things like that. In March, like you mentioned, demand came back very quickly and surpassed our expectations. So that's one.

是的。我想稍微規避一下，只是想說，無論動態如何，查看任何季度中的一個月，都可能存在基於應計和發票時間等的細微差別。正如您所說，3月需求回升非常快，超出了我們的預期。這就是其中之一。

And we continue to try to fill vacant positions in markets where occupancy is increasing. So I think we're -- we continue to be optimistic about our team's ability to maximize, but I would not -- I don't know that I'd extrapolate the full 190 basis points. Again, some of it will depend on mix of rate and occupancy and what we continue to experience on the cost pressure side.

我們將繼續努力填補入住率不斷上升的市場的空缺職位。所以我認為我們 - 我們繼續對我們團隊最大化的能力持樂觀態度，但我不會 - 我不知道我是否會推斷出全部 190 個基點。同樣，其中一些將取決於房價和入住率的組合以及我們在成本壓力方面繼續經歷的情況。

Got it. And then just switching gears, going back to the transaction market adjustment. Are you getting outbid on deals? Or is it that seller expectations broadly might be too high, so you're seeing a wider bid-ask spread today?

知道了。然後換個話題，回到交易市場調整。您在交易中被別人出價過高嗎？還是賣方的期望普遍過高，所以今天買賣價差才更大？

I'd say, a combination where we're actively bidding and not being successful. A portion of those are going to other buyers. I think it's safe to assume that we are bidding on everything that's quality that would be a fit within our portfolio. And certainly, you've seen some of the trades that have happened recently where we were likely active but not the high bidder. I think there are also instances where sellers' expectations are higher than the market is willing to support at this point in time.

我想說的是，我們積極競標，但並未成功。其中一部分將賣給其他買家。我認為可以肯定地說，我們正在競標所有適合我們投資組合的優質產品。當然，您已經看到最近發生的一些交易，在這些交易中我們可能很活躍，但不是出價最高的人。我認為也存在賣家的預期高於市場此時願意支持的價格的情況。

But I think as I highlighted in my prepared remarks, we're incredibly tactical in our pursuit of transactions. What we have in terms of an existing portfolio is incredibly good. And what we want as we transact either through dispositions or acquisitions is to make it better on the margin.

但我認為，正如我在準備好的演講中所強調的那樣，我們在交易追求上非常講究策略。就現有投資組合而言，我們擁有的資產非常好。無論透過處置或收購進行交易，我們都希望提高利潤率。

And I think hats off to our team who is very active in that space and by that, specifically our acquisitions team. But really, our assessment of transactions end up involving experts from all departments within our company for assessing and ensuring that what we pay is appropriate for the asset and that the assets we pursue in earnest are assets that will add to the portfolio that we currently own.

我想向我們在該領域非常活躍的團隊致敬，特別是我們的收購團隊。但實際上，我們對交易的評估最終需要公司所有部門的專家參與，以評估並確保我們支付的價格與資產相符，並且我們認真追求的資產將增加到我們目前擁有的投資組合中。

And then just last one for me. You mentioned some deals that are getting priced on forward numbers. Any maybe anecdotal examples or ranges that you could provide on maybe what those -- the cap rate or EBITDA multiples are on the forward basis that peers are pricing deals on that are getting done.

對我來說，這是最後一個。您提到了一些根據遠期數位定價的交易。您能否提供一些軼事例子或範圍，這些資本化率或 EBITDA 倍數是基於同行對即將完成的交易進行定價的遠期基礎。

Well, the trick there is that forward projections aren't fixed. And so there's not always a tremendous amount of transparency. And specifically with that comment, I was highlighting the number of deals that have traded that didn't exist in 2018 and 2019.

嗯，這裡的訣竅在於前瞻預測並不是固定的。因此，透明度並不總是很高。具體來說，我透過這則評論強調了 2018 年和 2019 年並不存在的交易數量。

So if you look at transactions early in the recovery, a greater percentage of them than we anticipated will be the case as we move through the recovery, have been newly constructed assets without historical performance. And so as a result, their pricing on futures or cap rates that are quoted are based on future projections.

因此，如果你觀察復甦初期的交易，你會發現，隨著復甦的推進，其中沒有歷史表現的新建資產所佔比例將比我們預期的要大。因此，他們對期貨或資本化率的定價都是基於未來預測的。

I think the market or the public disclosure generally puts them somewhere in that the 6% to 8% stabilized value to the extent we're -- that we haven't been successful, our underwriting would show lower cap rates than that. And I think as we continue to progress through the recovery, you'll see an increasing number of transactions related to assets that have trailing history and cap rates will be more of a valuable comparative metric than they happen, I think, recently.

我認為市場或公開揭露通常會將它們置於 6% 到 8% 的穩定價值範圍內——如果我們沒有成功，我們的承保將顯示低於該值的資本化率。我認為，隨著我們繼續推進復甦，你會看到越來越多的與具有歷史和資本化率的資產相關的交易將比最近更具有價值。

Our next question is from Bryan Maher with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Bryan Maher。

Justin and Liz, I don't want to be a Debbie Downer, but it seems like as we kind of wrap up lodging earnings here, everyone is hanging in their hats on higher ADRs to drive profitability, et cetera. But I'm not so sure that that's going to be the case.

賈斯汀和利茲，我不想成為一個掃興的人，但似乎當我們在這裡結束住宿收入時，每個人都希望透過更高的 ADR 來提高盈利能力等等。但我不太確定情況是否如此。

I mean you talked about 3 months out, but 6 months, 12 months out, I don't know too many college educated millennials who are feeling really flush these days with how much they have to spend on housing, seniors on fixed income, you look at -- if companies get squeamish about their profitability, travel is one of the first things that gets cut and then employees. So it just seems like everybody is trying to drive rates so hard.

我的意思是，您說的是 3 個月後，但 6 個月、12 個月後，我不知道有多少受過大學教育的千禧一代現在對自己在住房上的支出感到真正寬裕，老年人的固定收入，你看——如果公司對盈利能力感到不安，那麼旅行是首先被削減的項目之一，然後是員工。所以看起來好像每個人都在努力提高利率。

And I don't know how sustainable that is. And to the extent that you end up recognizing that, how quickly can you maybe pivot and kind of change course there as hoping that, that's what drives your margins higher?

我不知道這是否可持續。當你最終意識到這一點時，你能多快轉變方向並希望這能提高你的利潤率？

I mean, a couple of things. One, unlike some of our peers, the rate lift that we're seeing is broad-based across the entirety of our portfolio. And we don't have a small subset of our assets that are charging 50%, 60% higher rates and lifting the entirety of the portfolio. And to your second point, our experience over the past several decades has highlighted the fact that the business ordinarily tends to be less -- business travel tends to be less volatile, for the types of assets or business demand for the types of assets that we own tends to be less volatile than leisure in ordinary cycles.

我的意思是，有幾件事。首先，與我們的一些同行不同，我們所看到的利率上升是廣泛存在於我們整個投資組合中的。我們並沒有一小部分資產收取 50%、60% 的更高利率，並抬高整個投資組合。關於您的第二點，我們過去幾十年的經驗表明，商業旅行的波動性通常較小，對於我們所擁有的資產類型或業務對資產類型的需求而言，其波動性往往小於正常週期中的休閒活動。

And part of the reasoning for that is that the assets that we own sit in a sweet spot, looking at the full spectrum of hotel assets, where during periods of economic prosperity, corporate travel or business travelers tend to trade up into the types of assets that we own. And during periods where the economy is more challenged, business travelers tend to trade down into the assets that we own. And that over past cycles has helped us to maintain a level of stability and consistency, unique to the types of assets that we own.

部分原因在於，從飯店資產的整體情況來看，我們所擁有的資產處於一個最佳狀態，在經濟繁榮時期，企業旅行或商務旅客往往會選擇我們所擁有的資產類型。在經濟面臨更大挑戰的時期，商務旅客往往會選擇降低自己的資產。在過去的周期中，這有助於我們保持一定程度的穩定性和一致性，這對於我們所擁有的資產類型來說是獨一無二的。

I think looking for an update on our portfolio and where we have outperformed over the past several months and where we've underperformed, likely trajectory of those markets, combined with what we anticipate will be a continued evolution in the recovery of business travel. I think we're meaningfully less concerned that we're going to lose ground from where we are now.

我認為，我們需要了解我們的投資組合的最新情況，以及過去幾個月我們表現優異和表現不佳的地方，這些市場的可能發展軌跡，再加上我們預計商務旅行復甦將繼續發展。我認為，我們不再那麼擔心我們會失去現在的地位。

Now I think, certainly, as we look at potential margin expansion over time to the extent we saw a flattening of RevPAR for our portfolio at some point in the future and continued growth in expenses, we could find ourselves as an industry in a similar position to where we were prior to the pandemic, where we had seen slower growth in the top line, combined with continued and consistent increases in bottom line expenses.

現在我認為，當然，當我們觀察隨著時間的推移潛在的利潤率擴張時，我們會發現我們的投資組合在未來某個時候的 RevPAR 會趨於平穩，而支出會繼續增長，我們可能會發現自己的行業處於與疫情之前類似的境地，即營收增長放緩，而利潤支出則持續穩步增長。

There are a number of factors that are different this time. One, I highlighted in my prepared remarks, we have significantly less supply currently under construction, so potential deliveries in our market over the next several years than we did coming into the pandemic.

這次有許多因素有所不同。首先，我在準備好的發言中強調過，我們目前正在建設的供應量明顯減少，因此未來幾年我們市場的潛在交付量將比疫情爆發時減少。

And demand is only half of the supply-demand equation. I think what we see in terms of dynamics on a go-forward basis is positive in that area. And what we're doing in terms of performance today, having reached now on several occasions, top line performance in line with where we were in 2019 is still without meaningful recovery in business transient.

需求只是供需方程式的一半。我認為，就未來發展動態而言，我們所看到的這一領域是積極的。就目前的業績而言，我們已經多次達到與 2019 年相當的業績水平，但業務仍未出現明顯復甦。

And even if business travel were to stabilize nationally at lower levels than where it was before the pandemic, I think a broadly held belief is that it will stabilize above where it has been in the recent past. And all of those factors are reasons -- are the reasons that support our optimism on a go-forward basis.

即使全國範圍內的商務旅行穩定在比疫情前更低的水平，我認為人們普遍認為它將穩定在近期水平之上。所有這些因素都是原因——都是支持我們對未來保持樂觀的原因。

And Bryan -- Bryan, even if we -- I'm sorry, even if we don't drive incremental rate, the mix shift on corporate from local-negotiated rate will provide a premium in ADR. Historically, looking back at 2019, corporate-negotiated accounts typically were anywhere between 15% and 20% higher in rates relative to local-negotiated. So some of this is as demand comes back, will be attaining rate through a mix shift and some will be through driving incremental retail rates.

布萊恩 — — 布萊恩，即使我們 — — 對不起，即使我們不推動增量利率，企業從本地協商利率的組合轉變也將為 ADR 帶來溢價。從歷史上看，回顧 2019 年，企業協商帳戶的利率通常比本地協商帳戶的利率高出 15% 至 20%。因此，隨著需求回升，部分成本將透過混合轉變來實現，部分成本將透過推動增量零售價格來實現。

Look, for sure, you guys are better positioned than most. I think everyone would agree to that. But people and companies are getting poor at a very fast pace right now between inflation and loss of stock market wealth, et cetera. So I just think that everybody kind of hanging their hat on ADRs are growing to the sky is kind of a mistake and maybe I think people should be ready to pivot because not so sure it's there in 4, 5, 6 months, just saying and thank you for your thoughts on that.

瞧，你們的處境肯定比大多數人要好。我想每個人都會同意這一點。但由於通貨膨脹、股市財富損失等原因，個人和企業正迅速陷入貧困。所以我認為，每個人都寄希望於 ADR 會飛漲，這是一種錯誤，也許我認為人們應該做好轉變的準備，因為不太確定 4、5、6 個月後 ADR 是否還會繼續上漲，只是說聲謝謝您對此的想法。

(Operator Instructions) And our next question comes from Dany Asad with Bank of America.

（操作員指示）我們的下一個問題來自美國銀行的 Dany Asad。

I have a follow-up question on one of the earlier ones, but just -- can you help me walk through this, like if RevPAR trends are up or at least at 2019 levels, and if we're thinking about, to Liz, your prior comments about March being 200 basis points ahead of '19 levels on margins. Any reason why we shouldn't have April or Q2 EBITDA ahead of '19? Reasons -- is there something that we should be thinking about?

我對之前的一個問題有一個後續問題，但是 - 您能否幫我解釋一下，例如 RevPAR 趨勢是否上升或至少達到 2019 年的水平，以及我們是否考慮一下，對 Liz 來說，您之前關於 3 月份利潤率比 19 年水平高出 200 個基點的評論。為什麼我們不應該在 19 年之前公佈 4 月或第二季的 EBITDA？原因－有什麼是我們應該考慮的嗎？

I would go back to the comments we made earlier in that, demand came back quickly, we did not reduce staffing, anticipating that demand would return for the spring and summer. We had open positions, we're continuing to fill open positions, and we're still in an inflationary environment where cost and supply chain issues, inflationary pressures and wage pressures will -- are evolving.

我想回到我們之前的評論，需求很快回升，我們沒有減少員工，預計需求會在春季和夏季回升。我們之前有空缺職位，現在正在繼續填補空缺職位，我們仍然處於通膨環境中，成本和供應鏈問題、通膨壓力和工資壓力將會不斷演變。

And so we're optimistic, again, looking at the top line, preliminary top line for April, we're optimistic. And the team has shown that we will maximize in any environment. So regardless of what may happen on the top line, our team has done an exceptional job maximizing margin.

因此，我們再次感到樂觀，看看四月的初步收入，我們感到樂觀。而我們的團隊已經證明，我們在任何環境下都能發揮最大的潛力。因此，無論營收情況如何，我們的團隊都已出色地完成了利潤最大化的工作。

Thank you. Ladies and gentlemen, this concludes the question-and-answer session. I'd like to hand the call back to Justin Knight for any closing remarks.

謝謝。女士們、先生們，問答環節到此結束。我想將電話轉回給賈斯汀奈特 (Justin Knight)，讓他做最後發言。

We really want to thank you for joining us today. I appreciate the questions and the continued interest in our company. As always, to the extent you're traveling, we hope you'll take the opportunity to stay with us in one of our hotels, and we look forward to meeting with many of you here in the near future.

我們非常感謝您今天的參加。我非常感謝大家的提問以及對我們公司的持續關注。像往常一樣，如果您要旅行，我們希望您能藉此機會入住我們的酒店，我們期待在不久的將來在這裡與您中的許多人見面。

Thank you. This concludes today's conference. You may now disconnect.

謝謝。今天的會議到此結束。您現在可以斷開連線。