Chatham Lodging Trust (CLDT) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Chatham Lodging Trust First Quarter 2026 Financial Results Conference Call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Chatham Lodging Trust 2026 年第一季財務業績電話會議。(接線員指示)

This call is being recorded on May 7, 2026. I would now like to turn the conference over to Chris Daly. Please go ahead.

本次電話會議於 2026 年 5 月 7 日錄音。現在我想把會議交給 Chris Daly。請開始。

Thank you, Annis. Good morning, everyone, and welcome to the Chatham Lodging Trust First Quarter 2026 Results Conference Call. Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. These statements are subject to risks and uncertainties, both known and unknown, as described in our most recent Form 10-K and other SEC filings.

謝謝你，Annis。各位早安，歡迎參加 Chatham Lodging Trust 2026 年第一季業績電話會議。請注意，我們今天的許多評論依聯邦證券法之定義，屬於前瞻性陳述。這些陳述可能受到已知與未知之風險與不確定性影響，詳如我們最新的 Form 10-K 與其他 SEC 申報文件所述。

All information in this call is as of May 7, 2026, unless otherwise noted, and the company undertakes no obligation to update any forward-looking statements to conform these statements to actual results or changes in the company's expectations. You can find copies of our SEC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call on our website @chathamlodgingtrust.com.

除非另有說明，本次電話會議中的所有資訊截至 2026 年 5 月 7 日；公司不承擔任何義務更新任何前瞻性陳述，以使其與實際結果或公司預期之變化一致。您可於我們的網站 @chathamlodgingtrust.com 取得 SEC 申報文件與盈餘新聞稿，其中包含本次電話會議所提及之非 GAAP 財務衡量指標的調節表。

Now, to provide you some insight on Chatham's 2026 first quarter results, allow me to introduce Jeff Fisher, Chairman, President, and Chief Executive Officer; Dennis Craven, Executive Vice President and Chief Operating Officer; and Jeremy Wegner, Senior Vice President and Chief Financial Officer. Let me turn the session over to Jeff Fisher. Jeff?

現在，為了讓各位更了解 Chatham 2026 年第一季的業績，請容我介紹 Jeff Fisher（董事長、總裁暨執行長）、Dennis Craven（執行副總裁暨營運長）以及 Jeremy Wegner（資深副總裁暨財務長）。接下來把時間交給 Jeff Fisher。Jeff？

All right. Chris, thank you very much, and I certainly appreciate everyone joining us here today on our call. It was really a great quarter, obviously, for us on every front, delivering for our shareholders. Given our strong operating results, great acquisition, and continued share repurchases, as well as improved outlook for the remainder of the year, we have increased our guidance by approximately 15% since February.

好的。Chris，非常感謝你，也非常感謝各位今天加入我們的電話會議。這一季對我們而言確實非常出色，顯然在各個面向都為股東交出成果。鑑於我們強勁的營運表現、優質的收購案以及持續的庫藏股回購，再加上對今年剩餘期間展望改善，我們自 2 月以來已將財測上調約 15%。

On the corporate side, we increased our common dividend by 11% in the first quarter following a 28% increase in 2025. With a common dividend to FFO payout ratio of only 32%. Based on our updated guidance, our dividend is well covered with ample room to continue growing in the future. We will re-evaluate the quarterly dividend later this year.

在公司層面，我們於第一季將普通股股利提高 11%，此前 2025 年已提高 28%。普通股股利對 FFO 的配發率僅 32%。依據我們更新後的財測，股利覆蓋充足，未來仍有相當空間持續成長。我們將於今年稍晚重新評估季度股利。

Also, we continue to aggressively repurchase shares using free cash flow. Through the end of the first quarter, the company has repurchased 2.2 million shares or approximately 4% of our common equity at an average price of $7.04, which equates to a 10% cap rate based on the updated 2026 guidance.

此外，我們持續運用自由現金流積極回購股份。截至第一季末，公司已回購 220 萬股，約占普通股權益的 4%，平均回購價格為 7.04 美元；以更新後的 2026 年財測計算，相當於 10% 的資本化率（cap rate）。

At current share price levels, we're trading over a turn lower than our select service peers' current EBITDA multiple, which is not reflective of our financial strength or our upward trajectory of our portfolio, especially given the continued strength and increasing strength of our Silicon Valley recovery. We will continue to repurchase shares given the market disconnect.

以目前股價水準來看，我們的交易估值（以 EBITDA 倍數衡量）較同業的精選服務型飯店同儕低超過一個倍數轉折（over a turn），這並未反映我們的財務實力或投資組合向上成長的趨勢，尤其是在矽谷復甦持續強勁且力道仍在增強的情況下。鑑於市場定價落差，我們將持續回購股份。

Externally, we've been executing a massively successful recycling campaign over the last couple of years, highlighted by the recently acquired portfolio of six high-quality Hilton-branded hotels comprising 589 rooms for $92 million that are immediately accretive to Chatham's operating margins, FFO, and FFO per share. The portfolio diversifies our geographic footprint into areas of the country that are benefiting from expanded investments in manufacturing and distribution.

在對外策略方面，過去幾年我們執行了極為成功的資產汰換（recycling）計畫；其中亮點是近期收購由 6 家高品質希爾頓（Hilton）品牌飯店組成的投資組合，共 589 間客房，收購價 9,200 萬美元，並可立即增厚（accretive）Chatham 的營運利潤率、FFO 以及每股 FFO。該投資組合同時使我們的地理布局更多元，進入因製造與物流配送投資擴張而受惠的美國地區。

The hotels are generally the highest quality properties in their respective markets, with an average age of only 10 years, and 66% of the portfolio's rooms are extended stay. The hotels benefit from very favorable labor dynamics and will enhance Chatham's already industry-leading hotel EBITDA margins. Performance since closing has been great with the portfolio producing RevPAR growth of 6% in the first quarter and an even stronger 7% in April.

這些飯店通常是各自市場中品質最高的物件，平均屋齡僅 10 年，且投資組合中 66% 的客房為長住型（extended stay）。這些飯店受惠於非常有利的人力供需條件，並將進一步提升 Chatham 原本就領先業界的飯店 EBITDA 利潤率。自交割完成以來表現非常出色：第一季該投資組合的 RevPAR 成長 6%，4 月更強勁達 7%。

Obviously, we're very excited about this acquisition. Operationally, it was a great quarter for us with RevPAR hotel EBITDA margins and hotel EBITDA easily beating our expectations for the quarter. On a comparable basis, our hotel EBITDA grew 5%, and our hotel EBITDA margins gained 135 basis points. Facing difficult comps due to the significant amount of wildfire demand last year in our L.A. hotels, our RevPAR went from a decline of 5% in January to growth of 1% in February and up 5% in March, finishing the quarter up 1%, which was well above our expectations for the quarter.

顯然，我們對這項收購感到非常振奮。在營運面，我們第一季表現非常亮眼，RevPAR、飯店 EBITDA 利潤率以及飯店 EBITDA 均明顯優於我們對本季的預期。在可比基礎上，我們的飯店 EBITDA 成長 5%，飯店 EBITDA 利潤率提升 135 個基點。由於去年洛杉磯飯店受野火帶動的需求基期較高，面臨較艱難的比較基準，我們的 RevPAR 從 1 月下滑 5%，到 2 月轉為成長 1%，3 月成長 5%，最終第一季成長 1%，顯著高於我們對本季的預期。

Silicon Valley led the way with RevPAR growth of 23% in the quarter, when you exclude the Mountain View hotel, which was under significant renovation. We experienced broad demand growth across our portfolio, with over two third of our hotels generating RevPAR growth and approximately 25% of our hotels earning double-digit RevPAR gains. I do want to spend a few minutes talking about our largest market, Silicon Valley, since these hotels had an incredible start to the year.

矽谷表現領先；若排除正在大規模整修的 Mountain View 飯店，該市場第一季 RevPAR 成長 23%。我們的投資組合出現廣泛的需求成長，超過三分之二的飯店實現 RevPAR 成長，約 25% 的飯店取得雙位數 RevPAR 增幅。我確實想花幾分鐘談談我們最大的市場——矽谷，因為這些飯店今年開局表現驚人。

Occupancy at our four Silicon Valley hotels was 72%, flat to last year despite our Mountain View hotel being under renovation for the entirety of the quarter, and ADR was up 10% to a post-pandemic quarterly high of $210. Not a first-quarter high, a high mark for all post-pandemic quarters, and our RevPAR of $152 would be the second-best quarter over the last six years.

我們在矽谷的 4 家飯店入住率為 72%，與去年持平，儘管 Mountain View 飯店整季都在整修；ADR 上升 10% 至 210 美元，創疫情後單季新高。這不只是第一季的新高，而是疫情後所有季度的最高水準；我們的 RevPAR 為 152 美元，將是過去六年中表現第二好的季度。

These are great results and very encouraging again, especially considering the renovation at Mountain View during the quarter. For the other three hotels, RevPAR was up double digits in each month of the quarter, finishing the quarter with a strong growth of 23%, as I said, and advancing another 12% in April. As Dennis quoted in the release, demand was up 9% in the first quarter and in April across the entire San Jose Santa Cruz market.

這些成果非常出色，也再次令人振奮，尤其考量到本季 Mountain View 的整修影響。至於另外三家飯店，該季每個月 RevPAR 都呈雙位數成長，季度最終如我所述強勁成長 23%，並在 4 月再成長 12%。如 Dennis 在新聞稿中所引述，整個 San Jose Santa Cruz 市場第一季及 4 月的需求均成長 9%。

Our hotels did way better than that growth, as our extended-stay Residence Inn hotels, as we've said before, are best suited for the corporate traveler coming to the valley. RevPAR was up 15% at our San Mateo hotel, and our 2 Sunnyvale hotels shone with RevPAR up 26% in the quarter. Of course, massive capital investment announcements continue in technology from all types of companies.

我們的飯店表現遠優於該成長幅度；正如我們先前所說，我們的長住型 Residence Inn 飯店最適合前來矽谷的企業旅客。我們 San Mateo 飯店的 RevPAR 成長 15%，而我們位於 Sunnyvale 的兩家飯店表現亮眼，第一季 RevPAR 成長 26%。當然，各類型公司在科技領域的大規模資本投資公告仍在持續。

And seemingly unending these days, major technology companies are engaged in a historic multi-hundred billion dollar investment arms race, as it's been called in 2026, with big tech projected to spend over $650 billion on AI infrastructure alone. Capital is flowing aggressively into data centers, specialized semiconductors, and energy, with aggregate global AI investment projected to approach trillions.

而且在這些日子裡似乎永無止境，正如 2026 年所稱，主要科技公司正投入一場歷史性的、數千億美元規模的投資軍備競賽；預計大型科技公司僅在 AI 基礎設施上的支出就將超過 6,500 億美元。資本正積極湧入資料中心、專用半導體與能源領域，全球 AI 投資總額預計將逼近數兆美元。

Of course, Silicon Valley is the heart of the tech world. We don't see that changing anytime soon. And having just been out there last month, I can tell you the energy and overall activity are the most positive I've felt since before the pandemic. In Sunnyvale, construction of the multibillion-dollar Applied Materials chip facility, our number one account, by the way, that is near both of our hotels in Sunnyvale, is in full swing. Actually, they got a permit to build 24 hours a day.

當然，矽谷是科技世界的核心。我們不認為這會在短期內改變。而且我上個月才剛去過那裡，我可以告訴各位，那裡的能量與整體活動，是我自疫情前以來感受到最正面的。在 Sunnyvale，我們的第一大客戶 Applied Materials（順帶一提），其數十億美元的晶片廠正在興建中，工地就在我們在 Sunnyvale 的兩家飯店附近，工程正如火如荼進行。事實上，他們拿到了許可，可以一天 24 小時施工。

We tried to fly a drone over it to share on one of our investor reports, but we kind of got knocked down on that idea by the people in charge there. Anyway, our two Sunnyvale hotels are seeing surging room night production for our largest clients, many of whom are involved in these investments, as I said, such as Applied Materials, Palo Alto Networks, NVIDIA, of course, Google, particularly in Mountain View, Apple, Pure Storage, plug-and-play, and the list goes on and on.

我們曾想用無人機飛過去拍攝，分享在我們的一份投資人報告中，但這個想法被那邊的負責人給否決了。總之，我們在 Sunnyvale 的兩家飯店，來自最大客戶的間夜量正大幅攀升；如我所說，其中許多客戶都參與了這些投資，例如 Applied Materials、Palo Alto Networks、NVIDIA，當然還有 Google（特別是在 Mountain View）、Apple、Pure Storage、plug-and-play 等等，名單還長得很。

We certainly are encouraged about what finally seems to be happening for sure in the valley. In the short term, of course, adverse repercussions stemming from the turmoil in the Middle East, especially with respect to gas prices and their impact on travel, so far have yet to make any meaningful impact. We have easier comps over the last three quarters of the year in our 3 D.C.

對於矽谷終於看起來確實正在發生的事情，我們當然感到鼓舞。短期來看，當然，中東動盪所帶來的不利後果，特別是油氣價格及其對旅遊的影響，到目前為止仍未造成任何實質性的影響。我們在華盛頓特區的 3 家飯店，在今年剩餘三個季度的比較基期會更容易。

hotels as a result of all the Doge and shutdown events that occurred last year. And of course, we do have U.S. 250 celebrations. So as to that market, I think we've got some visible upside there. Additionally, we do, as others have mentioned, but we do have some of the highest exposure to the World Cup among lodging REITs.

這是因為去年發生的各種 Doge 與政府關門事件所致。而且當然，我們也有美國 250 週年慶祝活動。因此就那個市場而言，我認為我們有一些可見的上行空間。此外，正如其他人提到的，我們在住宿型 REIT 中，對世界盃的曝險也屬於最高之一。

And in Dallas, our Courtyard downtown is right next to the convention center, which will host up to 5,000 media professionals as it is serving as the international broadcast center for the World Cup. In addition to Dallas, our hotels are quite close to stadiums in San Francisco and Los Angeles, and our Bellevue Residence Inn is positioned for easy commuter rail access to the stadium in Seattle.

在達拉斯，我們市中心的 Courtyard 就在會展中心旁邊；該會展中心將接待多達 5,000 名媒體專業人士，因為它將作為世界盃的國際轉播中心。除了達拉斯之外，我們的飯店也非常靠近舊金山與洛杉磯的球場；而我們在 Bellevue 的 Residence Inn 也具備便利的通勤鐵路，可輕鬆前往西雅圖的球場。

And our Residence Inn in Fort Lauderdale should also benefit. And of course, importantly, business travel demand, especially in our tech markets, recovery in our tech hotels, which accounts for over 20% of our EBITDA, represents a unique opportunity for us to outperform our peers. Longer term, of course, just looking forward, the supply-demand equation that we've talked about before should still continue to benefit existing hotel owners.

我們在 Fort Lauderdale 的 Residence Inn 也應該會受惠。而且當然，重要的是，商務旅遊需求——尤其是在我們的科技市場——以及我們科技飯店的復甦（占我們 EBITDA 超過 20%），代表我們有一個獨特的機會可以跑贏同業。長期來看，當然，往前看，我們之前談過的供需方程式，仍應持續有利於既有飯店業主。

Construction costs, of course, remain quite high, and development is only justified in a few markets. Demand growth is quite encouraging so far, as we've said, in 2026. Business demand should continue to rise even if a portion of the trillions of dollars of announced investments in technology and reshoring of manufacturing come to fruition in the United States.

當然，營建成本仍然相當高，開發案只在少數市場才合理。如我們所說，2026 年迄今需求成長相當令人鼓舞。即使已宣布的數兆美元科技投資與製造業回流美國的計畫只有一部分落地，商務需求也應會持續上升。

Of course, that's where I think our Midwest portfolio that we acquired should also benefit, I think, on an outsized basis, being in the hub of the manufacturing belt in the U.S. Leisure travel, which is approximately 18% of our hotel EBITDA, will continue to benefit as well from changing consumer demand behavior, as travelers want more experiences and nights away from home.

當然，我認為我們所收購的中西部投資組合也將受惠，而且幅度可能更大，因為它位於美國製造業帶的樞紐地帶。

Finally, on my end, we'll continue to opportunistically sell some older nonperforming assets and with the goal, of course, capital recycling, reinvesting those proceeds into share repurchases or hotel investments. Also, we expect to commence our Portland, Maine hotel development during the quarter. So, although we've been talking about it for quite some time, they're actually beginning to erect a fence around that portion of the property.

最後，就我這邊而言，我們將持續把握機會出售一些較老、表現不佳的資產；目標當然是資本循環，並將所得再投入於庫藏股回購或飯店投資。另外，我們預期將在本季啟動緬因州波特蘭飯店的開發。所以，雖然我們談這個案子已經談了很久，但他們其實已開始在該地產的那一部分周圍架設圍籬。

So, it is happening with the opening before the fall season of 2028. Dennis may say otherwise, but we'll hedge that bet a little bit. We will provide a detailed breakdown of total spend and timing in connection with our second quarter earnings call in August, but I will tell you the unlevered returns are projected to be quite strong, as we've mentioned.

因此，這件事正在推進，目標是在 2028 年秋季旺季前開幕。Dennis 可能會有不同看法，但我們會對這個時間點稍微保守一點。我們會在 8 月的第二季財報電話會議中，提供總支出與時程的詳細拆解；但我可以告訴各位，如我們先前提到的，預計不含槓桿的報酬率將相當強勁。

With that, I'd like to turn it over to Dennis.

接下來，我想把時間交給 Dennis。

Thanks, Jeff. Good morning, everyone. To supplement Jeff's comment regarding using free cash flow to buy back shares, we implemented our $25 million repurchase plan in 2025, and our free cash flow was $15 million in 2025 and is projected to be approximately $20 million in 2026.

謝謝，Jeff。各位早安。為了補充 Jeff 關於使用自由現金流回購股票的評論，我們在 2025 年啟動了 2,500 萬美元的回購計畫；我們 2025 年的自由現金流為 1,500 萬美元，並預計 2026 年約為 2,000 萬美元。

Therefore, we intend to finish the entire $25 million program this year, and we'll be reevaluating a new plan in the coming months. After the end of the quarter, in April, we did buy approximately 200,000 shares at approximately $8.34 a share.

因此，我們打算在今年完成整個 2,500 萬美元的計畫，並將在未來幾個月重新評估新的計畫。在季度結束後的 4 月，我們確實以每股約 8.34 美元的價格回購了約 20 萬股。

Some additional quarterly information. Our top 5 RevPAR hotels in the quarter were our Residence Inn Fort Lauderdale with RevPAR of $262, our Home to Phoenix Downtown with RevPAR of $191, followed by our Residence Inn Gaslamp, our HGI Marina Del Rey, and our Residence Inn by Marriott White Plains with RevPAR of $164.

再補充一些季度資訊。本季 RevPAR 表現前五名的飯店分別是：Residence Inn Fort Lauderdale，RevPAR 為 262 美元；Home to Phoenix Downtown，RevPAR 為 191 美元；接著是 Residence Inn Gaslamp、HGI Marina Del Rey，以及 Residence Inn by Marriott White Plains，RevPAR 為 164 美元。

Our two Sunnyvale and San Mateo Residence Inns were three of our top 10 RevPAR hotels for the quarter. Our seven predominantly leisure hotels generated RevPAR growth of 2% and a little over 2% in the quarter six of our seven leisure-driven hotels produced RevPAR growth, with our Hyatt Place Pittsburgh leading the way with RevPAR growth of 23%, benefiting from a solid convention calendar, as the convention center is right across the river from our hotel.

我們在 Sunnyvale 與 San Mateo 的兩家 Residence Inn，是本季 RevPAR 前十名中的其中三家。我們七家以休閒為主的飯店，本季 RevPAR 成長 2% 以及略高於 2%；七家中有六家以休閒需求驅動的飯店實現 RevPAR 成長，其中以 Hyatt Place Pittsburgh 表現最佳，RevPAR 成長 23%，受惠於強勁的會展行事曆，因為會展中心就在河對岸、正對著我們的飯店。

And demand related to sporting events, especially the Pittsburgh Penguins' hockey. And of course, in April, the NFL draft was literally located right outside the doors of our hotel between our hotel and the Steelers' Stadium. And we did, of course, really well there with RevPAR up over about 250% during the week.

以及與體育賽事相關的需求，特別是匹茲堡企鵝隊的冰球賽。當然，在 4 月，NFL 選秀會的場地就真的設在我們飯店大門外、介於我們飯店與鋼人隊球場之間。那段期間我們表現當然非常好，當週 RevPAR 上升超過約 250%。

Our three predominantly government-oriented hotels, all in the Greater D.C. area, produced RevPAR growth of 9% despite tough comps in January, comping over the inauguration last year. As a group, those hotels represent approximately 9% of our EBITDA. Our Springfield and Tysons Corner hotels are recovering from all of the Doge and liberation Day and shutdown activity last year.

我們三家以政府客源為主的飯店（皆位於大華府地區）在一月面臨艱難的比較基期下，仍實現RevPAR成長9%，因為去年同期包含就職典禮帶來的高基期。整體而言，這些飯店約占我們EBITDA的9%。我們位於Springfield與Tysons Corner的飯店，正從去年所有與Doge、解放日以及停擺活動相關的影響中復甦。

San Diego RevPAR grew 5% in the quarter, outperforming our expectation, which was a decline of 5%. We're obviously quite pleased with the quarter. As a reminder, though, the 2026 convention count is a bit softer than 2025, and we are forecasting a RevPAR decline of about 2% for the rest of the year.

本季聖地牙哥RevPAR成長5%，優於我們原先預期的下滑5%。我們對本季表現顯然相當滿意。不過提醒一下，2026年的會展場次較2025年略為疲弱，因此我們預估今年剩餘期間RevPAR約下滑2%。

Hopefully, we have some upside there. In other large markets, our coastal Northeast hotels saw RevPAR decline 8% in the quarter. Our Portland and Exeter hotels benefited last year from renovations at hotels in the comp set.

希望那裡仍有一些上行空間。在其他大型市場方面，我們美國東北沿海的飯店本季RevPAR下滑8%。我們位於Portland與Exeter的飯店，去年受惠於同業比較組合中的飯店進行整修。

In Texas, our Dallas and Austin hotels have felt the impact of convention demand falloff with convention centers under renovation and ongoing expansions. RevPAR at our Courtyard Dallas was down 26% in the quarter, though the good news is that our comps get better in the second quarter as we start to lap over prior weaknesses from the closure.

在德州，我們達拉斯與奧斯汀的飯店受到會展需求下滑的影響，原因是會展中心正在整修且持續擴建。本季我們的Courtyard Dallas RevPAR下滑26%；不過好消息是，隨著我們開始跨越去年因關閉造成的疲弱表現，第二季的比較基期將轉為有利。

In Austin, our Residence Inn was under renovation for the bulk of the quarter, and that renovation is finished. Having said that, the entire Austin market has really been weak, with overall RevPAR down 6% over the last 12 months. Like Dallas, comps start to get easier there towards the second half of the year.

在奧斯汀，我們的Residence Inn在本季大部分時間都在整修，而該整修已完成。即便如此，整體奧斯汀市場確實偏弱，過去12個月整體RevPAR下滑6%。與達拉斯類似，當地的比較基期在今年下半年開始會變得較容易。

As an update, and this is really a great development, it was officially announced that the planned $3 billion MD Anderson Hospital and Research Center that was previously expected to be built downtown is now expected to be built at the J.J. Pickle Research Campus, and groundbreaking is expected to start this year.That campus is approximately one mile from both of our hotels at the Domain.

更新一下，而且這確實是非常好的進展：官方已正式宣布，原先預計在市中心興建、投資30億美元的MD Anderson醫院與研究中心，現改為預計在J.J. Pickle研究園區興建，並預期今年動工。該園區距離我們位於Domain的兩家飯店約一英里。

And because our two hotels are both extended stay, we should benefit greatly from this new facility. That will be under construction shortly. Of course, we only owned the new six pack of hotels for most of March. But as Jeff said, we're quite pleased with the performance of that group.

而且由於我們兩家飯店皆為長住型（extended stay），我們應可從這座新設施中大幅受益。該項目不久將開始施工。當然，我們對這新增的六家飯店組合（six pack）在三月大部分時間才完成持有。但如Jeff所說，我們對該組合的表現相當滿意。

RevPAR growth, again, for the quarter was up 6%, and then April was up 7%, slightly above our underwriting guidance. First quarter occupancy of 74% was 200 basis points higher than our portfolio average for the quarter. And given that this is the first time we've spoken publicly since closing the acquisition, I do want to spend some time just sharing some color on the portfolio that we acquired.

本季RevPAR成長再次達到6%，而四月成長7%，略高於我們的承作（underwriting）指引。第一季入住率74%，較本季我們整體投資組合平均高出200個基點。鑑於這是我們完成收購後首次公開談及，我確實想花點時間分享我們所收購投資組合的一些補充說明。

The markets further diversify our geographic footprint into areas of the country that are benefiting from expanded investments in manufacturing and distribution. Joplin, Missouri is adjacent to the intersection of both Interstates 44 and 49 in Southwest Missouri and benefits from its location between Kansas City, St.

這些市場進一步使我們的地理版圖更加多元，涵蓋到受惠於製造與配送投資擴張的地區。密蘇里州Joplin位於密蘇里州西南部，緊鄰44號與49號州際公路交會處，並受惠於其介於堪薩斯城、聖

Louis, Oklahoma City and the ever-growing Northwest Arkansas area, which is home to, of course, Walmart, J.B. Hunt and Tyson Foods. Key industries in the Joplin area include manufacturing, with major players there, including General Mills, Frito-Lay, Coca-Cola, Cargill, and the headquarters of Legggan & Platt. And obviously, distribution, given its proximity, is a major driver there.

路易斯、奧克拉荷馬市，以及持續成長的阿肯色州西北部之間的地理位置；該地區當然也是Walmart、J.B. Hunt與Tyson Foods的所在地。Joplin地區的關鍵產業包括製造業，主要企業包含General Mills、Frito-Lay、Coca-Cola、Cargill，以及Legggan & Platt的總部。此外，鑑於其地理鄰近性，物流配送顯然也是當地的重要驅動因素。

Additionally, the hotels will benefit from an almost $400 million development called Prospect Village, which will be home to a sports complex that will include a 135,000 square foot indoor athletic center as well as outdoor turf fields. The sports complex is expected to host 28 indoor tournaments and 22 outdoor tournaments over weekends each year that will generate an extra $12 million of annual spending, visitor spending, and 27,000 annual hotel room nights.

此外，飯店也將受惠於一項近4億美元的開發案「Prospect Village」，其中將包含一座運動綜合體，設有13.5萬平方英尺的室內運動中心以及戶外人工草皮球場。該運動綜合體預計每年於週末舉辦28場室內賽事與22場戶外賽事，將額外帶來每年1,200萬美元的支出（旅客消費）以及每年27,000個飯店間夜。

And these will be mostly weekend nights, thus enhancing our full week performance at the hotels. Paduca sits on Interstate 24 and is proximate to the many high-traffic commerce routes between St. Louis, Louisville, Nashville, and Memphis. Key industries include manufacturing with large-scale facilities in the area operated by Darling Ingredients, Frito-Lay, H.B.

而且這些多半會是週末夜，從而提升我們飯店全週的整體表現。Paduca位於24號州際公路旁，鄰近多條高流量商業路線，連結聖路易斯、路易維爾、納什維爾與孟菲斯。關鍵產業包括製造業，當地有Darling Ingredients、Frito-Lay、H.B.

Fuller, among many others, as well as the marine industry in Paducah, as it is a major hub for the inland marine industry due to its location at the confluence of the Ohio and Tennessee Rivers with proximity to the Mississippi and Cumberland Rivers. Like Joplin, Paducah is set to open in the next month, an almost $100 million multisport outdoor sports complex, and that's expected to open here in the next month and is expected to host 35 to 40 tournaments a year.

Fuller等多家企業營運的大型設施；此外，Paducah的海運產業也很重要，因其位於俄亥俄河與田納西河交會處，且鄰近密西西比河與坎伯蘭河，因此成為內河航運產業的重要樞紐。與Joplin類似，Paducah也將在下個月啟用一座近1億美元的多項運動戶外運動綜合體，預計每年舉辦35至40場賽事。

In 2026, it's projected to host at least two full weekend tournaments per month for the next 6 months. Additionally, on the longer-term horizon for Paducah, in March, it was announced that Global Laser Enrichment is planning to build a new nuclear enrichment facility on a 665-acre site in Paducah. Plans are currently under review by the Nuclear Regulatory Commission.

預計在2026年，未來6個月中每月至少舉辦兩場完整週末賽事。此外，就Paducah的長期展望而言，三月宣布Global Laser Enrichment計畫在Paducah一處665英畝基地興建新的核濃縮設施。目前相關計畫正由美國核能管理委員會（Nuclear Regulatory Commission）審查中。

And once approved, construction will take approximately thre years to open. The project is expected to generate approximately 1,000 jobs over the course of construction and hundreds of jobs upon completion. And just given the nature of the facility, it's going to be a constant source of demand from, obviously, ongoing visitations from authorities, interested parties, and everything of the like.

一旦獲准，建設至啟用約需三年。該專案預期在施工期間可創造約1,000個工作機會，完工後亦將帶來數百個職缺。而且就該設施的性質而言，顯然將持續帶來需求來源，包括主管機關、利害關係人等各類持續性訪視。

So, really good long-term project there. Fham sits at the crossroads of Interstates 57 and 70, midway between Indianapolis and St. Louis, and brings into its area about 200,000 of workers from eight neighboring counties each week. Key industries include food and agriculture, with major players such as Archer-Daniels-Midland, Crestige, Pepsi, and Simmer Milling. Manufacturing is also a major player with Flexing Gate, Hitachi Metals, Effingham Machine and Assembly, and Peerless of America.

因此，這確實是一個非常好的長期專案。Fham位於57號與70號州際公路交會處，介於印第安納波利斯與聖路易斯之間的中點，每週可吸引來自周邊八個郡約20萬名勞工進入該地區。關鍵產業包括食品與農業，主要企業如Archer-Daniels-Midland、Crestige、Pepsi與Simmer Milling。製造業也是重要產業，包括Flexing Gate、Hitachi Metals、Effingham Machine and Assembly，以及Peerless of America。

And then, of course, again, similar to the other two markets, distribution, given its relation to many different modes of transportation, is a big player. Shifting my comments back to our operating results. We grew hotel EBITDA 5% at our 33 comparable hotels as we were able to increase our GOP hotel margins on the back of a decline in labor and benefits per occupied room of over 1%.

此外，當然，與另外兩個市場相似，物流配送因其連結多種運輸方式而成為重要產業。把我的評論拉回到我們的營運結果。在我們33家可比飯店中，飯店EBITDA成長5%，因為每間已入住客房的勞動與福利成本下降超過1%，帶動我們提升了飯店GOP利潤率。

Additionally, we drove our other operating profit 6% higher in the first quarter. Looking at guidance for the remainder of the year, our hotel EBITDA margins are up about 100 basis points from our previous guidance. Continuing the trend since last year, we've stayed laser-focused on our staffing levels and maximizing productivity and efficiencies.

此外，我們在第一季也將其他營運利益提高了6%。就今年剩餘期間的指引來看，我們的飯店EBITDA利潤率較先前指引上調約100個基點。延續自去年以來的趨勢，我們始終高度專注於人力配置水準，並最大化生產力與效率。

As a reminder, in 2025, our labor and benefits costs declined slightly year-over-year, and we were the only lodging REIT to accomplish that. And like I said, in the first quarter, we were able to reduce our labor and benefits by over 1% or $0.50 per occupied room. We also benefited from lower property insurance renewal rates and property taxes due to some refunds, and those items we were able to absorb an approximate 12% increase in utility costs in our comparable hotels.

提醒一下，2025年我們的人力與福利成本較去年同期小幅下降，而我們是唯一做到這一點的住宿類REIT。而且如我所說，在第一季，我們得以將人力與福利成本降低超過1%，或每間已入住客房降低0.50美元。我們也受惠於較低的物業保險續保費率，以及因部分退稅而降低的物業稅；在這些因素的支撐下，我們得以吸收可比飯店約12%的公用事業成本上升。

We were particularly impacted by the massive snowstorm across the middle of the country and the Northeast in the early part of the first quarter. For the quarter, our top five producers of GOP were led by our Residence Inn San Diego, our 2 Sunnyvale Residence Inns, our Home2 Phoenix, and lastly, our Residence Fort Lauderdale. Outside of our top 5, but in our top 10, was also our Residence Inn San Mateo.

第一季初期，橫掃美國中部與東北部的大型暴風雪對我們影響特別明顯。就本季而言，我們GOP前五大貢獻飯店依序為：Residence Inn San Diego、兩家Sunnyvale的Residence Inn、Home2 Phoenix，以及最後的Residence Fort Lauderdale。不在前五但位列前十的，還有Residence Inn San Mateo。

So again, all three of the Silicon Valley hotels that were not under renovation were in our top 10. Looking at these comparable Silicon Valley hotels, hotel EBITDA grew a remarkable 35% year-over-year on what was a 23% RevPAR increase for a 1.5 times flow-through, again, going to show you the upside financial leverage we can get from these hotels starts to grow.

因此再次說明，矽谷三家未進行整修的飯店全都進入前十名。觀察這些可比的矽谷飯店，飯店EBITDA年增高達35%，而RevPAR成長為23%，對應1.5倍的流量轉換率（flow-through）；這再次顯示，當這些飯店開始成長時，我們能取得的上行財務槓桿。

That 35% growth is pro forma for a property tax refund that we received on one of those 3 hotels during the quarter. If you include that, the actual growth was about 50% in hotel EBITDA. On the CapEx front, we spent approximately $6 million in the quarter. We completed the full renovation of our Residence Inn in Austin and the rooms portion of the Mountain View renovation. We are completing major interior upgrades to the Mountain View Gatehouse that will be completed here in the next month.

這35%的成長是以本季其中一家飯店收到的物業稅退稅作為備考（pro forma）調整後的數字。若將該退稅納入，飯店EBITDA的實際成長約為50%。在資本支出（CapEx）方面，我們本季支出約600萬美元。我們完成了奧斯汀Residence Inn的全面翻新，以及Mountain View翻新工程的客房部分。我們正在對Mountain View的Gatehouse進行重大室內升級，預計將在未來一個月內完成。

Later this year, we will be completing a significant enhancement to our Gatehouse outdoor amenities that will be fantastic for our guests to enjoy the great weather, as well as to collaborate with other guests in a very nice setting. Our CapEx budget for 2026 is approximately $27 million. We have three hotels scheduled for renovation later this year.

今年稍晚，我們將完成對Gatehouse戶外設施的重大提升，讓賓客能在宜人的天氣中享受，也能在非常舒適的環境與其他賓客交流協作。我們2026年的資本支出預算約為2,700萬美元。今年稍晚有三家飯店排定進行翻新。

That's our Gaslamp Residence Inn, our Hyatt Place Pittsburgh, and our Farmington Homewood Suites, and those are all expected to start in the fourth quarter. Lastly, I'll add that the six recently acquired hotels have very little CapEx required this year. And in fact, only one hotel is scheduled for renovation over the next 2 years, the Hampton Inn and Suites Paducah. With that, I'll turn it over to Jeremy.

分別是Gaslamp Residence Inn、Hyatt Place Pittsburgh，以及Farmington Homewood Suites，預計都將在第四季動工。最後補充一下，近期收購的六家飯店今年所需的CapEx非常少。事實上，未來兩年內僅有一家飯店排定翻新，也就是Hampton Inn and Suites Paducah。接下來我把時間交給Jeremy。

Thanks, Dennis. Good morning, everyone. Our Q1 2026 hotel EBITDA was $21.4 million, adjusted EBITDA was $18.4 million, and adjusted FFO was $0.20 per share. We were able to generate a GOP margin of 40.2% and a hotel EBITDA margin of 31.8% in Q1. GOP margins for the quarter were up 60 basis points from Q1 2025 due to outstanding expense control.

謝謝你，Dennis。各位早安。我們2026年第一季飯店EBITDA為2,140萬美元，調整後EBITDA為1,840萬美元，調整後FFO為每股0.20美元。第一季我們的GOP利潤率為40.2%，飯店EBITDA利潤率為31.8%。由於出色的費用控管，本季GOP利潤率較2025年第一季提高60個基點。

As Dennis mentioned, Q1 labor and benefits costs actually decreased 1% on a per occupied room basis. Q1 hotel EBITDA margins increased by 140 basis points due to both the strong expense control and $500,000 of property tax refunds in the quarter. In early March, Chatham closed on the acquisition of a portfolio of 6 Hilton-branded hotels for $92 million.

如Dennis提到的，第一季人力與福利成本以每間已入住客房計算實際下降1%。第一季飯店EBITDA利潤率提高140個基點，原因包括強勁的費用控管，以及本季50萬美元的物業稅退稅。3月初，Chatham以9,200萬美元完成收購一組由6家希爾頓（Hilton）品牌飯店組成的投資組合。

The acquisition was funded with borrowings on our revolving credit facility, which currently has a rate of approximately 5.1%. We are very excited about this acquisition, given the hotel's average age of only approximately 10 years, outstanding margins, strong RevPAR growth, and limited near-term capital needs.

本次收購以我們循環信用額度（revolving credit facility）的借款資金支應，目前利率約為5.1%。我們對這項收購感到非常振奮，因為這些飯店平均屋齡僅約10年、利潤率出色、RevPAR成長強勁，且短期資本需求有限。

We expect this acquisition to be significantly accretive to Chatham's FFO and free cash flow. After this acquisition, Chatham's leverage ratio, as defined in our credit agreement, was only 32.5%. Chatham's strong balance sheet puts the company in an excellent position to continue actively repurchasing shares, pursue the planned development of a hotel in Portland, Maine, and to continue to grow opportunistically through accretive acquisitions.

我們預期這項收購將對Chatham的FFO與自由現金流帶來顯著增益（accretive）。完成收購後，依我們信貸協議所定義的槓桿比率，Chatham僅為32.5%。Chatham強健的資產負債表，使公司處於極佳位置，可持續積極回購股票、推進在緬因州波特蘭（Portland, Maine）規劃中的飯店開發案，並透過具增益性的收購把握機會、持續成長。

Turning to our 2026 guidance. We expect RevPAR growth of 0% to 2%, adjusted EBITDA of $95.3 million to $99.6 million, and adjusted FFO per share of $1.21 to $1.29 for the full year. Our guidance reflects the contribution from the $92 million acquisition from March 3 forward. Reflecting the pro forma impact of this acquisition, our 2025 RevPAR would have been $127 in Q1, $153 in Q2, $151 in Q3, $129 in Q4, and $140 for the full year.

接著談我們2026年的指引。我們預期全年RevPAR成長0%至2%，調整後EBITDA為9,530萬至9,960萬美元，調整後每股FFO為1.21至1.29美元。我們的指引反映了自3月3日起、9,200萬美元收購案的貢獻。若反映該收購案的備考（pro forma）影響，我們2025年的RevPAR在第一季將為127美元、第二季153美元、第三季151美元、第四季129美元，全年為140美元。

We generally expect Chatham's Q2 '26 RevPAR to increase approximately 1% to 2%. While our guidance does not reflect any share repurchases or acquisitions, our plan is to continue repurchasing shares and, over time, to continue to pursue accretive acquisitions. This concludes my portion of the call.

我們一般預期Chatham 2026年第二季RevPAR將增加約1%至2%。雖然我們的指引未反映任何股票回購或收購，但我們的計畫是持續回購股票，並隨時間推進、持續尋求具增益性的收購機會。我這部分的電話會議內容到此結束。

Operator opens the lines for questions.

接線員開放提問。

(Operator Instructions)

(接線員指示)

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Yeah, thank you. Good morning. I wanted to ask you about the portfolio acquisition, hoping to maybe get some more color. Was this like an off-market deal or a fully marketed deal? What were the CapEx rates like? And what do you attribute? It seems like the performance for the portfolio is coming in better than what you underwrote during the acquisition. What do you attribute that outperformance to?

是的，謝謝。早安。我想請教關於這次投資組合收購的問題，希望能再多了解一些細節。這是場外交易（off-market）還是完整公開行銷的交易？CapEx水準大概是多少？另外，你們認為原因是什麼？看起來這個投資組合的表現優於你們在收購時承作（underwrite）的預期。你們將這種超預期表現歸因於哪些因素？

Hey, Gaurav. Gaurav, yes, I mean, I think the transaction itself was a brokered transaction sent out to, I guess, a group of parties. I think one of the things that we liked about the deal and I think there aren't a lot of buyers that are out there that have the ability to take down a $100 million acquisition. It's too big for a bunch of buyers that we might see on an individual deal.

嗨，Gaurav。Gaurav，是的，我的意思是，我認為這筆交易本身是由經紀方安排、並發送給我猜是一組潛在買方的交易。我認為我們喜歡這筆交易的一點是，而且我想市場上具備承接一筆1億美元收購能力的買家並不多。對於我們在單筆交易中可能看到的許多買家來說，這個規模太大了。

And we were certainly involved in the transaction, and just a lot of the deals that we've looked at over the last couple of years, really excited about some of these other markets that might initially be off the radar of certain other people, but just doing a lot of work and seeing a lot of information like the transaction.

而且我們當然有參與這筆交易；另外，過去幾年我們看過的很多交易中，我們對一些其他市場感到非常興奮——這些市場一開始可能不在其他一些人的雷達上——但我們做了大量工作、看了很多資訊，就像這筆交易一樣。

The performance of the portfolio is, I wouldn't say meaningfully above our underwriting, but both in terms of the first quarter performance and the April performance, RevPAR growth, I'd say, is $1 or $2 above where we thought it was going to be.

該投資組合的表現，我不會說明顯高於我們的承銷假設，但無論是第一季表現還是4月表現，RevPAR成長我會說比我們原先預期高出1到2美元。

So, it's not just like significantly outperforming our underwriting, but it is outperforming. So, just very pleased with the 6 hotels, how they've gotten out of the gate so far, and really like what it does for us in terms of diversifying into some other industries and a little bit into the Midwest of the country.

所以，不是那種大幅超越我們承銷假設的情況，但確實有超出。因此，我們對這6家飯店目前的起步表現非常滿意，也很喜歡它在讓我們分散到其他產業、以及在美國中西部地區增加一些布局方面所帶來的效果。

All right. Thanks for that color. Maybe on the acquisition market in general, are you guys seeing more activity now in the transaction market compared to maybe even last quarter?

好的。謝謝你提供的補充說明。也許就整體收購市場而言，你們現在看到交易市場的活動量，是否比上一季更多？

I think it's similar to last quarter, Gaurav. I think it's still a challenging market, especially when you look at individual-type transactions. I think thankfully, the public, at least the public companies, their multiples, thankfully, we're starting to adjust a little bit here.

我認為跟上一季差不多，Gaurav。我認為這仍然是個具挑戰性的市場，尤其是你看單一資產類型的交易時。我想值得慶幸的是，至少公開市場——也就是上市公司——它們的估值倍數，慶幸地開始在這裡做一些調整。

So it's going to make it, I think, allows people to have a little bit of a lower cost of capital, which might generate some additional interest. But at the moment, I think it's pretty consistent in terms of deal flow from last quarter to this quarter. But then that's certainly more than what we saw a year ago.

因此我認為這會讓情況變得更可行，讓大家的資金成本稍微降低一些，可能會帶來額外的興趣。但就目前而言，從上一季到這一季的案源流量（deal flow）我認為相當一致。不過，這當然比我們一年前看到的要多。

All right, thanks for that color. And then maybe on the asset recycling disposition side, are there any more assets that you guys may sell, or have you sold asset that you guys sold in the last few quarters? Is that about it for now?

好的，謝謝你提供的補充說明。那麼在資產循環、處分（disposition）方面，還有沒有更多資產你們可能會賣？或者你們在過去幾季賣掉的那些資產——目前就到這裡了嗎？

We are still looking at that, Gaurav. I think we'll probably end up trying to sell 1 or 2, the balance of the year. I think with the whole purpose of, again, I think, as we noted, reinvesting those dollars into either share repurchases or new acquisitions. But certainly, that last program was really a pretty high volume for us, but I think it will just be 1 or twosies for the foreseeable future.

我們仍在評估這件事，Gaurav。我想我們今年剩餘時間可能會嘗試再賣1到2項。我認為其主要目的仍是——如同我們提到的——把這些資金再投入到庫藏股回購或新的收購上。但可以確定的是，上一次那個計畫對我們而言量其實很大；不過在可預見的未來，我想就會是零星的1、2筆而已。

All right. Thank you. That's all I have.

好的。謝謝。我這邊就這些問題。

Ari Klein, Bank of Montreal.

Ari Klein，蒙特婁銀行（Bank of Montreal）。

Thanks, and good morning. Maybe just a follow-up on the acquisitions. These are somewhat different markets from the rest of your portfolio. Just curious, any supply growth to speak of in these markets that we should be aware of?

謝謝，早安。也許追問一下收購的部分。這些市場和你們投資組合中的其他市場有些不同。想請教一下，這些市場是否有值得注意的供給成長（新增供給）？

Supply growth? Yes, very little. There's one hotel that just recently, I believe, opened in Paducah. But outside of that, really, no new supply that's coming to the three markets.

供給成長？是的，非常少。我相信在Paducah最近剛開了一家飯店。但除此之外，這三個市場基本上沒有新的供給要進來。

Got it. And maybe shifting gears a little bit. You mentioned that some of your markets will benefit from the World Cup. What are your World Cup expectations? And how is that factored into the guidance? And then just on the guide in general, it seems like you're assuming somewhat slower growth in the second half of the year. You do have some easier comps. Is that just factoring some level of conservatism on your part?

了解。那再稍微換個話題。你提到你們有些市場會受惠於世界盃。你們對世界盃的預期是什麼？這在財測指引中是如何納入考量的？另外就整體指引來看，似乎你們假設下半年成長會稍微放慢。你們確實有一些比較容易的比較基期。這是否只是你們在預估上納入了一定程度的保守性？

Yeah, listen, we do have some conservatives in there in general. The World Cup, we're being pretty conservative in regards to that as well. There's a lot of publicity and media attention around international travelers coming in, and the fact that tickets are really expensive on top of just trying to get to the country. So, we're taking a pretty measured approach when it comes to our forecast for most of those markets. Obviously, we're projecting growth.

是的，聽著，我們整體而言確實放了一些保守假設在裡面。世界盃方面，我們也採取相當保守的態度。目前有很多宣傳與媒體關注國際旅客入境，以及門票非常昂貴，再加上光是要到這個國家就不容易。因此，在多數相關市場的預測上，我們採取相當審慎、循序漸進的做法。當然，我們仍然預期會有成長。

But hopefully, we see some upside, not only with the World Cup, but I think just in general, as you said, we have some easier comps with a lot of the shutdown activity. But I think if you look at our guidance of 1% to 1.5% to 2% for the rest of the year, hopefully, we outperform.

但希望我們能看到一些上行空間，不僅是因為世界盃，我想也包括整體而言——如你所說——由於有不少停業（shutdown）活動，我們的比較基期會更容易一些。不過我認為，如果你看我們對今年剩餘時間給出的1%到1.5%到2%的指引，希望我們能夠超越。

Got it. And maybe just one last one. In Silicon Valley, previously, you used to get a decent amount of interim business. It has faded, maybe a little bit, in the last couple of years. How are you seeing that play out, I guess, over the course of the summer?

了解。那最後再問一個。在矽谷，以前你們通常會有相當不錯的實習生（intern）住房需求。過去幾年可能稍微淡了一些。你們怎麼看這個情況在今年夏天的發展？

Yeah. In general, the interim business has come down significantly from pre-pandemic, and especially, it was the summer of 2022, I believe, when we had a tremendous amount of business. There is some still out there. We do have one block of interns on the books at one of our hotels, not taking it to the bank yet, but we do have some interim business coming back this summer. So hopefully, that does end up happening.That will be from late May to mid-August.

是的。整體而言，實習生相關需求相較疫情前已大幅下降；尤其是我記得在2022年夏天，我們曾有非常大量的需求。目前市場上仍然有一些。我們確實在其中一家飯店的預訂中有一個實習生團體（block），但我們還不會太早下定論；不過今年夏天確實有一些實習生需求正在回來。所以希望最後能成真；時間會從5月下旬到8月中旬。

That's all for me. Thanks for all the color. Thank you.

我就這些問題。謝謝你提供的所有補充說明。謝謝。

Tyler Batory, Oppenheimer & Co Inc.

Tyler Batory，Oppenheimer & Co Inc.

Thanks. Good morning, everyone. A lot of good detail here, and congrats on the really strong results. Really nice to see the execution here. A couple of cleanup questions for me, and share repurchases, capital allocation first. It's been a while since your stock price was in the double digits. I guess we're starting to approach that.

謝謝。各位早安。這裡有很多很好的細節，也恭喜你們交出非常強勁的成果。很高興看到你們在執行面上的表現。我這邊有幾個釐清性的問題，先從股票回購與資本配置談起。你們的股價已經有一段時間沒有回到兩位數了。我想我們正開始接近那個水準。

Share repurchases still make sense up here? I mean, you mentioned the stock still being undervalued in your mind. Any help in terms of what the portfolio might be worth, what you think might be a fair multiple for your assets?

在這個價位上，股票回購仍然合理嗎？我的意思是，你提到你認為股價仍被低估。能否協助說明一下投資組合可能值多少、以及你認為你們資產合理的倍數大概是多少？

Well, that's a very interesting question. To talk about the share repurchases, I think if you look at where we're trading at as of literally right the second, we're around the 9% cap on our corporate NOI, around the 10% cap on our hotel NOI. So listen, it's still on a historical basis, even at $9.45 is an attractive investment for, again, what we determine a use of proceeds from our obviously, free cash flow and our capital recycling, so I think we'll continue to buy shares within our $25 million repurchase plan.

嗯，這是個非常有意思的問題。談到股票回購，如果你看我們此時此刻的交易水準，我們企業NOI大約是9%的資本化率（cap rate），飯店NOI大約是10%的資本化率。所以你聽我說，從歷史角度來看，即使在9.45美元，對我們而言仍是具吸引力的投資；同樣地，這也是我們在運用資金來源（顯然包括自由現金流與資本循環再投資）時所做的判斷，因此我想我們會在2,500萬美元的回購計畫額度內持續買回股票。

And that probably takes us through the end of the third quarter, which is most likely at the rate that we've been buying shares at. I think as far as what we're worth, that's a different loaded question.

而以我們目前買回股票的速度來看，這大概會讓我們執行到第三季末。至於我們值多少，我想那是另一個更複雜、帶有很多前提的問題。

But I think certainly, we feel our portfolio, and most, our peers would say the same, our underlying value is much better from a cap rate perspective and EBITDA multiple than where we're trading. We're still all trading at multiples that are in the history of lodging REITs fairly low. So I think there's a lot of upside.

但我認為可以肯定的是，我們覺得我們的投資組合——而且多數同業也會這麼說——從資本化率與EBITDA倍數的角度來看，其內含價值遠優於目前的交易水準。我們目前的交易倍數仍處在旅宿類REIT歷史上相對偏低的區間。所以我認為上行空間很大。

Yeah. I think even outside of the question of valuation, multiple or cap rate, we just see a ton of upside in the EBITDA and NOI in particular of our Silicon Valley assets. So even if the multiple weren't to re-rate at all, I think we still see a bunch of upside in the portfolio and in the stock.

是的。我想即便先不談估值、倍數或資本化率，我們仍看到我們矽谷資產的EBITDA與NOI，尤其是NOI，有非常大的上行空間。所以即使倍數完全不重新評價，我認為我們仍在投資組合與股價上看到不少上行潛力。

My follow-up on operations, and just to hit on Silicon Valley a little bit more. The RevPAR growth there is tremendous. And I'm trying to get a sense of, in terms of your guide talking about the rest of the year, just what's included in that outlook for Silicon Valley. And just if you could also just frame too, I think you got one of the assets there under renovation, too. I'm not sure if that's a catalyst in terms of driving further upside to that portfolio in the years ahead.

我接著想問營運面，也再多談一點矽谷。那裡的RevPAR成長非常驚人。我想了解的是，就你們在指引中談到今年剩餘時間而言，對矽谷的展望裡包含了哪些假設。另外也請你幫忙框架一下，我記得你們那邊有一個資產正在整修。我不確定這是否會成為未來幾年推動該投資組合進一步上行的催化劑。

Yeah. I mean, listen, I think the Mountain View renovation, and like I said, the Gate House has been completely closed, and check-in has been using our lobby, which is, in essence, two guest rooms. So it's been pretty disruptive there. But I think if you look at the balance of the year for the four hotels, and I'm just pulling up some information for you, Tyler.

是的。我的意思是，聽著，我認為Mountain View的整修，如我所說，Gate House已經完全關閉，而入住報到一直使用我們的大廳；本質上那相當於兩間客房。所以那邊確實相當具干擾性。但如果你看今年剩餘時間四家飯店的情況——Tyler，我正在把一些資訊調出來給你。

Obviously, we talked about the three hotels being up 12%. But when you look at coming out of the renovation, the four hotels, we're projecting mid- to upper single digits RevPAR growth for the balance of the year from essentially May to December.

顯然我們談過其中三家飯店成長了12%。但當你看整修後的四家飯店，我們預估今年剩餘期間（大致從5月到12月）的RevPAR成長會落在中到高個位數。

So that's a little bit, I think, obviously conservative compared to what the first four months of the year have done. Hopefully, we continue to see that demand growth, but there potentially could be some upside there as well.

所以我想這相較於今年前四個月的表現，顯然是比較保守的。希望我們能持續看到需求成長，但那裡也可能還有一些上行空間。

Okay. Appreciate the detail. That's all from me.

好的。感謝你提供這些細節。我這邊就到這裡。

Thank you. There are no further questions on the phone line. I will turn the call back to Mr. Fisher for some closing remarks.

謝謝。電話線上沒有其他問題。我將把電話交回給Fisher先生做結語。

Well, again, I just want to thank everybody for being on the call. We are pretty pleased here with not only the top-line results, but frankly, I'm very pleased with how the operator has been able to flow those top-line results to the bottom line. And as Denis mentioned, actually experiencing some reduction in some labor costs and otherwise due to some really strict controls that have been enforced very well.

好的，再次感謝各位參與本次電話會議。我們對這裡不僅是營收端（top-line）的成果感到相當滿意；坦白說，我也非常滿意營運方能夠把這些營收端成果有效轉化到獲利端（bottom line）。而如Denis所提到的，因為一些非常嚴格且執行得很到位的控管措施，我們也確實看到部分人力成本等項目有所下降。

So, we look forward to continuing to put up some good results for the rest of the year. I think conservatism, obviously, is reflected in our peers as well. It is probably the best bet for the time being, given that there is a war going on in the Middle East. And I don't think we mentioned that yet, but it's certainly worth keeping in mind. But again, we think the hotels themselves and the overall trends bode very well. Thank you.

因此，我們期待在今年剩餘時間持續交出不錯的成果。我認為保守態度顯然也反映在同業身上。鑑於中東正在發生戰爭，短期內這大概是最穩妥的做法。我想我們之前還沒提到這點，但確實值得記在心上。不過再次強調，我們認為飯店本身以及整體趨勢都非常有利。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.

各位女士先生，今天的電話會議到此結束。感謝各位的參與，並請您掛斷電話線路。祝您有美好的一天。