Diamondrock Hospitality Co (DRH) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to DiamondRock Hospitality Company second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 DiamondRock Hospitality Company 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Briony Quinn, Chief Financial Officer. Please go ahead.

現在我想將會議交給今天的發言人、財務長 Briony Quinn。請繼續。

Thank you, Justin. Good morning, everyone, and thank you for joining us. With me on the call today is Jeff Donnelly, our Chief Executive Officer; and Justin Leonard, our President and Chief Operating Officer.

謝謝你，賈斯汀。大家早安，感謝您加入我們。今天與我一起參加電話會議的是我們的執行長 Jeff Donnelly；以及我們的總裁兼營運長賈斯汀·倫納德 (Justin Leonard)。

Before we begin, let me remind everyone that many of our comments today are not historical facts and are considered to be forward-looking statements under Federal Securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ materially from what we discuss today.

在開始之前，讓我提醒大家，我們今天的許多評論都不是歷史事實，根據聯邦證券法被視為前瞻性陳述。正如我們向美國證券交易委員會提交的文件中所述，這些聲明面臨眾多風險和不確定性，可能導致未來結果與我們今天討論的結果產生重大差異。

In addition, on today's call, we will discuss certain non-GAAP financial information. A reconciliation of this information to the most directly comparable GAAP financial measure can be found in our earnings press release.

此外，在今天的電話會議上，我們將討論某些非公認會計準則財務資訊。您可以在我們的收益新聞稿中找到這些資訊與最直接可比較的 GAAP 財務指標的調整表。

We were pleased with our second quarter results, which exceeded our expectations going into the quarter. Comparable RevPAR grew 2.2% over last year, which was 260 basis points higher than the growth that we saw in the first quarter and exceeded the 100 to 150 basis point of sequential acceleration we expected.

我們對第二季的業績感到滿意，超出了我們對本季的預期。可比 RevPAR 比去年增長 2.2%，比我們第一季的成長高 260 個基點，超過我們預期的 100 至 150 個基點的環比加速。

Total RevPAR increased 4.5%, also an acceleration from the 2.4% total RevPAR growth in the first quarter. The 230 basis point gap between total RevPAR growth and room RevPAR growth was the result of an intentional mix shift toward Group business that drove strong out-of-room spend. The strategy has worked.

總 RevPAR 成長了 4.5%，也較第一季 2.4% 的總 RevPAR 成長加速。總 RevPAR 成長與客房 RevPAR 成長之間 230 個基點的差距是有意向集團業務轉型的結果，這推動了客房外支出的強勁成長。該策略已奏效。

Group's revenue increased 7.2% over last year and banquet catering and AV revenue increased over 20%. The strong revenue growth was driven by both our resort and urban hotels. Comparable RevPAR at our resorts was 1.9% higher than last year, with total RevPAR 2.7% higher. Comparable RevPAR at our urban hotels was 2.2% higher than last year, with total RevPAR 5.4% above 2023.

集團收入較去年成長7.2%，其中宴會餐飲及AV收入成長超過20%。強勁的收入成長是由我們的度假村和城市酒店推動的。我們度假村的可比 RevPAR 比去年增長 1.9%，總 RevPAR 成長 2.7%。我們城市酒店的可比 RevPAR 比去年高 2.2%，總 RevPAR 比 2023 年高出 5.4%。

Comparable hotel operating expenses increased 4.5% from last year, which was largely in line with our expectations. Total wages and benefits increased by 7%, a better growth rate than the prior quarter. Early in the second quarter, we renewed our insurance program with a better-than-anticipated outcome. Overall, our premium cost was reduced by 16%, which led to insurance expense for the quarter declining 14.5% from 2023.

可比飯店經營費用較去年增加 4.5%，基本上符合我們的預期。薪資和福利總額成長 7%，成長速度優於上一季。第二季初，我們更新了保險計劃，結果好於預期。總體而言，我們的保費成本降低了 16%，這導致本季的保險費用較 2023 年下降 14.5%。

Comparable hotel adjusted EBITDA was $99.5 million, reflecting a 5.5% growth over last year on a 20 basis point increase in margin. Adjusted FFO per share increased 6% over 2023 to $0.34 per share.

可比飯店調整後 EBITDA 為 9,950 萬美元，較去年增長 5.5%，利潤率增加 20 個基點。調整後每股 FFO 比 2023 年成長 6%，達到每股 0.34 美元。

Turning to our outlook. The success of our group strategy has exceeded our expectations, shifting our mix towards group as well as a focus on building occupancy in our resorts may reduce room RevPAR growth, but it is done so to the benefit of total RevPAR and ultimately profit. Accordingly, we are adjusting our RevPAR growth outlook to a range of 1.5% to 3%.

轉向我們的展望。我們集團策略的成功超出了我們的預期，將我們的組合轉向集團以及專注於提高度假村的入住率可能會降低客房每間客房收入的增長，但這樣做有利於總每間客房收入和最終利潤。因此，我們將 RevPAR 成長前景調整至 1.5% 至 3% 的範圍。

However, we expect total RevPAR growth to be in the range of 3% to 4.5%. Our group strategy has performed well, and we expect it will continue to drive incremental revenue and profit. But due to the types of groups on the calendar, we do not expect out-of-room spending in the second half of the year will contribute 250 basis points to our total RevPAR growth as it did in the first half of the year.

然而，我們預計 RevPAR 總成長率將在 3% 至 4.5% 之間。我們的集團策略表現良好，我們預計它將繼續推動收入和利潤的增量。但由於日曆上的團體類型，我們預計下半年的客房外支出不會像上半年那樣為我們的總 RevPAR 成長貢獻 250 個基點。

We now expect 2024 adjusted EBITDA to range between $278 million and $290 million. Our 2024 adjusted FFO to range between $201.5 million to $213.5 million and the resulting adjusted FFO per share range increases to $0.95 to $1.

我們現在預計 2024 年調整後 EBITDA 將在 2.78 億美元至 2.9 億美元之間。我們的 2024 年調整後 FFO 範圍為 2.015 億美元至 2.135 億美元，調整後的每股 FFO 範圍增加至 0.95 美元至 1 美元。

Turning to capital allocation. We commenced share repurchase activity during the quarter. To-date, we have repurchased 2.8 million shares with a weighted average price of $8.36 per share for total consideration of approximately $23.5 million. We continue to explore asset dispositions, the proceeds of which can fund additional share repurchases, internal ROI projects or external growth.

轉向資本配置。我們在本季開始了股票回購活動。迄今為止，我們已回購 280 萬股股票，加權平均價格為每股 8.36 美元，總代價約為 2,350 萬美元。我們繼續探索資產處置，其收益可以為額外的股票回購、內部投資回報項目或外部成長提供資金。

Our balance sheet remains strong. As of the end of the quarter, our net-debt-to-EBITDA ratio was 3.8 times trailing four quarter results, and our liquidity was $630 million. We plan to repay our $73 million mortgage maturity in early August with cash on hand.

我們的資產負債表仍然強勁。截至本季末，我們的淨負債與 EBITDA 比率是過去四個季度業績的 3.8 倍，流動資金為 6.3 億美元。我們計劃用手頭現金償還 8 月初到期的 7,300 萬美元抵押貸款。

In addition, we intend to exercise our one-year extension right on our $300 million term loan, bringing the maturity to January 2026. We continue to monitor and assess all available options to address our upcoming 2025 debt maturities, and we'll continue to keep you updated on that front.

此外，我們打算對 3 億美元定期貸款行使一年延期權，將到期日延長至 2026 年 1 月。我們將繼續監控和評估所有可用選項，以解決即將到來的 2025 年債務到期問題，並將繼續向您通報這方面的最新情況。

I also want to share that during the quarter, DiamondRock successfully completed the implementation of a new Oracle cloud-based ERP system that has streamlined our accounting related activities as well as a new Enterprise Analytics system to better collect and analyze the enormous volume of hotel level operating and financial data available to us.

我還想分享的是，在本季度，DiamondRock 成功完成了基於Oracle 雲端的新ERP 系統的實施，該系統簡化了我們的會計相關活動，以及新的企業分析系統，以更好地收集和分析酒店層面的大量數據我們可獲得的營運和財務數據。

Together, we expect these systems will extend our impact while maintaining one of the most efficient teams amongst our peers. Kudos to our accounting and asset management teams for their efforts on this significant project.

我們預計這些系統將共同擴大我們的影響力，同時保持我們同行中最高效的團隊之一。感謝我們的會計和資產管理團隊在這個重要項目上所做的努力。

I'll now turn the call over to Jeff for additional color on the quarter.

我現在將把電話轉給傑夫，以獲取有關本季度的更多資訊。

Thanks, Briony, and thanks to all of you for joining us this morning. I want to highlight the excellent efforts of our entire team who worked hard this quarter to deliver strong Q2 results amid a transition in leadership and information systems.

謝謝布里奧妮，也謝謝大家今天早上加入我們。我想強調我們整個團隊的出色努力，他們在本季度努力工作，在領導層和資訊系統的過渡中取得了強勁的第二季業績。

I also want to recognize Bill Tennis, who recently retired after serving as DiamondRock's General Counsel for 14 years. Finally, I want to welcome Anika Fischer, who joined DiamondRock as Senior Vice President and General Counsel from Essex Property Trust. She's been an excellent addition to our team, and I'm personally very happy to have this rising star on board.

我還要感謝比爾·泰尼斯 (Bill Tennis)，他在擔任 DiamondRock 總法律顧問 14 年後最近退休了。最後，我要歡迎 Anika Fischer，她從 Essex Property Trust 加入 DiamondRock，擔任高級副總裁兼總法律顧問。她是我們團隊的優秀補充，我個人很高興有這位後起之秀的加入。

Now let's talk a little more about the second quarter. It is critical to understand we're focused on maximizing profit, not RevPAR, not margin. This is why Justin and his team made the conscious decision a few quarters ago to increase our focus on group. All else equal, this mix shift can result in slightly lower room RevPAR growth to the benefit of higher total RevPAR growth.

現在讓我們多談談第二季。重要的是要明白，我們關注的是利潤最大化，而不是 RevPAR 或利潤最大化。這就是為什麼賈斯汀和他的團隊在幾個季度前做出有意識的決定，增加我們對團隊的專注。在其他條件相同的情況下，這種混合轉變可能會導致房間 RevPAR 增長略低，但總 RevPAR 增長更高。

The year-to-date spread between our room RevPAR and total RevPAR growth was a robust 250 basis points. And while higher total RevPAR growth can result in higher total expense growth and possibly even lower margin, it accrues to the benefit of higher bottom line profit.

今年迄今為止，我們的客房 RevPAR 與總 RevPAR 成長之間的差距高達 250 個基點。雖然較高的總 RevPAR 成長可能會導致較高的總費用成長，甚至可能降低利潤率，但它會帶來較高底線利潤的好處。

And to us, profit is king. As Briony mentioned, comparable EBITDA for the portfolio increased 5.5% in the quarter and F&B profit at our urban hotels increased nearly 27% after the incremental costs, such as food and labor associated with non-room group revenue.

對我們來說，利潤就是王道。正如Briony 所提到的，該投資組合的可比EBITDA 在本季度增長了5.5%，扣除增量成本（例如與非客房集團收入相關的食品和勞動力）後，我們城市酒店的餐飲利潤增長了近27% 。

Urban hotels had the largest spread between total RevPAR and RevPAR growth. The Clio's spread was 1,000 basis points, the Worthington 780, Chicago Marriott 740, Westin Seaport 520, and The Gwen 480 basis points.

城市酒店的總 RevPAR 和 RevPAR 成長之間的差距最大。Clio 的利差為 1,000 個基點，Worthington 780、Chicago Marriott 740、Westin Seaport 520 和 Gwen 480 個基點。

Looking ahead to the second half of 2024, group room revenue on the books is up 14% over the prior year with well over 30% growth at the Chicago Marriott, Westin D.C. and the Worthington. For the year, we have 704,000 group room nights on the books, which is a 7.3% increase over 2023 and represents 88% of our 2024 budget.

展望 2024 年下半年，團體客房帳面收入比上年增長 14%，其中芝加哥萬豪酒店、威斯汀特區酒店和沃辛頓酒店的成長超過 30%。今年，我們登記的團體間夜數為 704,000 間，比 2023 年增長 7.3%，佔 2024 年預算的 88%。

Turning to our resorts; this was the first quarter of positive RevPAR growth in our resort portfolio since the end of 2022. Resort comparable occupancy increased 8.6%, offset by a 6.1% decline in ADR. Despite the increased reliance on occupancy, a historically more expensive source of revenue growth, we were able to drive EBITDA 7.1% higher by holding expenses to 2.5% growth.

轉向我們的度假村；這是自 2022 年底以來我們度假村組合中可售房收入 (RevPAR) 首次出現正成長的季度。度假村可比入住率成長 8.6%，但被平均房價下降 6.1% 所抵消。儘管對入住率的依賴日益增加，而入住率歷來是一種成本更高的收入增長來源，但我們仍透過將費用增長控制在 2.5% 的水平，將 EBITDA 提高了 7.1%。

Importantly, we are outperforming our markets, taking share in 14 of our 16 resorts. And like our urban hotels, we have leaned into group sometimes to the detriment of average rate to maximize total RevPAR and profit. It is no longer 2021 or 2022 when resorts were richly rewarded for holding out for last minute transient, but it isn't quite 2019 either.

重要的是，我們的表現優於市場，在我們 16 個度假村中的 14 個度假村中佔據了份額。與我們的城市酒店一樣，我們有時傾向於集團化，從而損害平均房價，以最大限度地提高總 RevPAR 和利潤。現在已經不再是 2021 年或 2022 年，當時度假村因堅持最後一刻的短暫停留而獲得豐厚回報，但也不再是 2019 年。

Our resorts are still operating over 40% above 2019 levels, and we are staying nimble on our revenue strategy to maximize profit. In the back half of the year, we expect we will profitably trade off ADR for occupancy.

我們度假村的營運水準仍比 2019 年水準高出 40% 以上，並且我們在收入策略上保持靈活，以實現利潤最大化。在今年下半年，我們預計我們將透過 ADR 換入住率來實現盈利。

It is partly for this reason we expect our full year room RevPAR growth will be slightly lower than original guidance, but the total RevPAR and profit growth expectations are higher. We completed the room renovation of the Westin San Diego Bay front. We also completed the conversion of Hilton Burlington to Hotel Champlain.

部分基於這個原因，我們預計全年客房 RevPAR 成長將略低於最初的指導，但總 RevPAR 和利潤成長預期較高。我們完成了聖地牙哥海灣威斯汀酒店的房間裝修。我們也完成了伯靈頓希爾頓酒店向尚普蘭酒店的改建。

The hotel has a casual fun and creative new restaurant called Original Skiff Fish & Oysters by renowned chef, Eric Warnstedt. The hotel product feels great from the sense of arrival to the two story lobby, new health club and spacious rooms.

酒店設有休閒有趣且富有創意的新餐廳，名為 Original Skiff Fish & Oysters，由著名廚師 Eric Warnstedt 烹製。從到達感到兩層大廳、新的健身俱樂部和寬敞的客房，酒店產品給人的感覺都很棒。

We have a pipeline of additional ROI properties opportunities underway, such as the new hotel bar Havana Cabana, Marina at Tranquility Bay and the integration of our two Sedona resorts in 2025. We are constantly reviewing our portfolio for value-add opportunities, but are also reexamining our six-year capital expenditure plan to maximize efficiency for increased capital retention.

我們正在進行一系列額外的投資回報率物業機會，例如新的酒店酒吧 Havana Cabana、寧靜灣碼頭以及 2025 年整合我們的兩個塞多納度假村。我們不斷審查我們的投資組合以尋找增值機會，同時也重新審查我們的六年資本支出計劃，以最大限度地提高效率，從而提高資本保留率。

In this regard, we've elected to reduce the scope of the ROI project we are pursuing in New Orleans by 40%. We had previously expected to spend about $13 million to renovate the 220 rooms and re-concept the lobby and pool areas to create new F&B outlets.

在這方面，我們決定將新奧爾良的 ROI 專案範圍縮小 40%。我們先前預計將花費約 1,300 萬美元來翻修 220 間客房，並重新設計大廳和泳池區，以創建新的餐飲店。

The rationale for the original budget was based upon the expectation the expenditure would justify the implementation of an urban amenity fee, capture incremental market share and drive incremental F&B outlet profit.

最初預算的基本原則是基於這樣的預期：支出將證明城市便利費的實施是合理的，佔據增量市場份額並推動增量餐飲店利潤。

Since conception, we have asset managed the hotel to gain significant share, and we now believe it is prudent to reduce the scope of the capital plan to focus exclusively on renovating the rooms product. The revised scope still supports the business case behind the amenity fee while retaining optionality pursue the additional outlets later. We expect the renovation will be complete before Super Bowl.

自構思以來，我們對酒店進行資產管理，獲得了相當大的份額，現在我們認為，謹慎的做法是縮小資本計劃的範圍，專門專注於客房產品的翻新。修訂後的範圍仍然支持便利費背後的商業案例，同時保留稍後尋求額外門市的選擇性。我們預計翻修工程將在超級盃比賽前完成。

This is a good moment to step back and talk about strategy. Shareholders have asked us how the recent leadership transition will change strategy, and we've said we will continue to have a long-term focus on growing our leisure market exposure, whether those are resorts in unique destinations or hotels and lifestyle cities, but we also see value in targeted urban markets. We've also said you should expect we will be more deliberate and analytical in our actions.

現在是退一步討論策略的好時機。股東問我們最近的領導層換屆將如何改變策略，我們表示我們將繼續長期關注增加我們的休閒市場曝光度，無論是獨特目的地的度假村還是酒店和生活方式城市，但我們也看到了目標城市市場的價值。我們也說過，您應該期望我們的行動會更加深思熟慮和更具分析性。

Our overarching focus is identifying avenues to drive incremental earnings per share as a path towards narrowing our discount to net asset value. The stock market focuses on RevPAR, but this only captures a portion of revenue and doesn't contemplate the effect leverage, branding, age and other factors have on long-term earnings growth.

我們的首要重點是尋找推動每股盈餘增量的途徑，以此縮小我們對淨值的折扣。股票市場關注的是RevPAR，但這僅反映了收入的一部分，並沒有考慮槓桿、品牌、年齡和其他因素對長期獲利成長的影響。

To support our focus on earnings per share growth, we're working to reduce our costs. At the corporate level, we focused on our G&A through our leadership transition as well as implementation of new technologies to drive efficiency. At our hotels, we are working to reduce our capital expenditures as a percentage of revenues through thoughtful scrutiny of what truly creates cash flow and value.

為了支持我們對每股盈餘成長的關注，我們正在努力降低成本。在公司層面，我們透過領導過渡以及新技術的實施來提高效率，並專注於一般管理費用。在我們的飯店，我們正在努力透過仔細審查真正創造現金流和價值的因素來降低資本支出佔收入的百分比。

Full-service hotel REITs historically spend about 11% to 12% of revenue on capital expenditures. When you consider typical dividend payouts and that most companies are well over 5 times leverage, including preferred, it is simply too high to have meaningful retained earnings to organically fund share repurchases, pursue ROI projects or acquisitions to drive earnings per share growth. It is a priority for us to manage our annual capital spend to the high single digits.

全方位服務酒店房地產投資信託基金歷來將收入的約 11% 至 12% 用於資本支出。當你考慮典型的股息支付，而大多數公司的槓桿率（包括優先股）遠遠超過5 倍時，你會發現，如果沒有有意義的留存收益來有機地資助股票回購、追求投資回報率項目或收購以推動每股收益成長，那麼槓桿率太高了。我們的首要任務是將年度資本支出控制在高個位數。

Every 100 basis points we reduce our capital expenditures is over $10 million preserved and potentially 50 basis points of per share earnings growth. The $5 million reduction in scope in New Orleans, while small is significant because it highlights how DiamondRock is improving to be prudent and aggressive stewards of your capital. It also highlights that we are the sole decision-maker on the scope and timing of renovations at our independent hotels in order to cater the product to our target customer in that specific market. What else can we do?

我們每減少 100 個基點的資本支出，就可以節省超過 1,000 萬美元，每股盈餘可能會成長 50 個基點。新奧爾良 500 萬美元的規模縮減雖然規模不大，但意義重大，因為它突顯了 DiamondRock 如何改進，成為您資本的審慎和進取的管理者。它還強調，我們是獨立酒店翻修範圍和時間的唯一決策者，以便為特定市場的目標客戶提供產品。我們還能做什麼？

Average age is important. Real estate can, of course, be renovated, but like a snowball rolling downhill, the frequency and scope of capital investment picks up speed and size with age. Yet market values do not always accurately reflect the obsolescence of older assets.

平均年齡很重要。房地產當然可以翻新，但就像滾下山的雪球一樣，資本投資的頻率和範圍會隨著年齡的增長而加快速度和規模。然而，市場價值並不總是準確反映舊資產的過時情況。

We've all seen instances of new hotels transacting at similar EBITDA multiples despite the growing capital needs of an older asset. We are working to take advantage of opportunities to recycle non-core assets in our portfolio into higher after capital cash flow yield such that it accretes to earnings. We also need to be flexible and cater our investment strategy to the local environment.

我們都看過新飯店以相似的 EBITDA 倍數進行交易的例子，儘管舊資產的資本需求不斷增長。我們正在努力利用機會將投資組合中的非核心資產回收為更高的資本現金流收益率，從而增加收益。我們還需要保持靈活性，使我們的投資策略適應當地環境。

For instance, in some markets, urban markets, an upscale hotel may be far more lucrative over the long-term than an upper upscale product given the similar profit per key, but reduced capital scope. In conclusion, our asset focus remains largely unchanged but what has changed are the approaches we are taking to drive earnings per share growth. It is our belief this focus will ultimately drive relative multiple expansion and total shareholder return.

例如，在某些市場、城市市場中，鑑於每間客房的利潤相似，但資本範圍較小，從長遠來看，高檔飯店可能比高檔產品利潤更高。總之，我們的資產重點基本上保持不變，但改變的是我們推動每股盈餘成長的方法。我們相信，這種關注最終將推動相對倍數擴張和股東總回報。

At this time, we would like to open it up, so Justin, Briony and I can take your questions.

現在，我們想打開它，這樣賈斯汀、布里奧妮和我可以回答你們的問題。

(Operator Instructions) Austin Wurschmidt, KeyBanc Capital Markets.

（操作員說明）Austin Wurschmidt，KeyBanc 資本市場。

Thanks and good morning everybody. Jeff, I guess I'm just curious how far along you are in sort of identifying the noncore assets that you'd potentially like to sell. And if you can just kind of provide an update on the transaction market, kind of depth of the buyer pool and interest for you to execute kind of on this new on strategy investments?

謝謝大家，早安。傑夫，我想我只是好奇你在確定你可能想要出售的非核心資產方面進展到了什麼程度。您能否提供交易市場的最新情況、買家池的深度以及您對這項新的策略投資執行的興趣？

Yeah. Good morning, Austin. I would say that from the list of noncore assets, I would describe it as really the assets we've talked about in the past. I mean we've highlighted previously like our Westin in Washington, D.C, Chicago Marriott and even like our Fifth Avenue Courtyard in New York. I would tell you that list isn't more extensive. It hasn't changed materially.

是的。早上好，奧斯汀。我想說的是，從非核心資產清單中，我將其描述為我們過去討論過的真正資產。我的意思是，我們之前曾強調過華盛頓特區的威斯汀酒店、芝加哥萬豪酒店，甚至紐約的第五大道庭院酒店。我會告訴你這個清單並不更廣泛。它沒有發生實質變化。

I think it's how we're looking at those assets when we kind of think about the long-term capital needs of them and where we think we can find reinvestment opportunities. It's not all going to happen in a day, but I think those are the sort of the most likely characters that we look at as non-core for us in the coming quarters.

我認為，當我們考慮這些資產的長期資本需求以及我們認為可以找到再投資機會時，這就是我們看待這些資產的方式。這一切不會在一天內發生，但我認為這些是我們在未來幾季中最有可能被視為非核心的角色。

As far as the current market and Justin can chime in as well. I think it's been challenging out there, I think for buyers. It's not that there's not a lot of capital chasing assets. I think with debt costs relatively high, it could be difficult for folks to get things financed and bought at a level that's accretive, but it's also appealing to us. And therein lies the bid ask spread between buyers and sellers. But I don't know, Justin, if you want to add in?

就目前的市場而言，賈斯汀也可以插話。我認為對於買家來說，這一直是一個挑戰。這並不是說沒有大量資本追逐資產。我認為，由於債務成本相對較高，人們可能很難以增值的水平融資和購買物品，但這對我們也很有吸引力。這就是買家和賣家之間的買賣價差。但我不知道，賈斯汀，你是否想加入？

Yeah, we're still seeing a significant drop-off in transaction volume. I think if you look at the last sort of 8 to 10 years, hospitality transactions are sort of a $20 billion to $25 billion transactional market on an annual basis and the first half of the year was about $5 billion. So that gives you a sense of kind of the amount of transactions are actually getting done relative to our normal run rate. We still see a pretty large bid ask spread between buyers and sellers.

是的，我們仍然看到交易量大幅下降。我認為，如果你看看過去 8 到 10 年，飯店交易每年的交易市場規模為 200 億美元到 250 億美元，今年上半年約為 50 億美元。因此，這可以讓您了解相對於我們正常運行率實際完成的交易量。我們仍然看到買家和賣家之間的買賣價差相當大。

Got it. That's helpful. And then just separately in last quarter, you had indicated that the rate impact to leisure was really more of this mix shift strategy to more group which clearly benefited you this past quarter by shrinking the base. But what's sort of the latest update on just rate sensitivity of that leisure transient customer? And does the group demand remain strong enough for you to continue kind of with that strategy of filling the base without having to sacrifice some rate too much?

知道了。這很有幫助。然後就在上個季度，您曾表示對休閒的利率影響實際上更多是這種向更多群體的混合轉移策略，這顯然通過縮小基數使您在上個季度受益。但是，該休閒臨時客戶的費率敏感度最新更新是怎麼樣的呢？群體需求是否仍然足夠強勁，足以讓您繼續採用填充基礎的策略，而不必犧牲太多利率？

Yeah. I think it's more of a reversion back to prior patterns as opposed to just seeing a weakness in the overall leisure transient customer. I mean during -- kind of during the period of COVID, you are penalized for having group, you were penalized for having base because the demand was so strong and the demand pattern was so consistent.

是的。我認為這更多的是回歸到以前的模式，而不是只看到整體休閒短暫客戶的弱點。我的意思是，在新冠疫情期間，你會因為有團體而受到懲罰，你會因為有基礎而受到懲罰，因為需求如此強勁，而且需求模式如此一致。

I think we've seen midweek in some of our resorts reverting not back to what it was in '19, but definitely not what it was in '21. So we're having to layer-in more of those discounted leisure customers midweek and more group. And I think that's where we've had success, honestly, in building the base. I think we can continue to do it.

我認為周中我們的一些度假村沒有恢復到 19 年的狀態，但絕對不是 21 年的狀態。因此，我們必須在周中吸引更多折扣休閒客戶和更多團體客戶。老實說，我認為這就是我們在建造基地方面取得成功的地方。我認為我們可以繼續這樣做。

I mean we were up 20% in group in our resorts for Q2, and we anticipate to be up about the same in Q3. That's where our pace is sitting. So that continued shift. I think we still have the ability to put more group into these resort assets and get back to closer to what we were in 2019 from resort percentage of segmentation.

我的意思是，第二季我們的度假村整體成長了 20%，我們預計第三季的成長幅度大致相同。這就是我們的步伐所在。就這樣繼續轉變。我認為我們仍然有能力將更多的團隊投入到這些度假村資產中，並從度假村細分百分比上恢復到更接近 2019 年的水平。

Thank you for taking my question.

感謝您回答我的問題。

Patrick Scholes, Truist.

派崔克‧斯科爾斯，真理主義者。

Thank you. Good morning everyone. When I think about your results this year and your portfolio composition, certainly, the composition, I think of you folks more leisure-centric. I find it very interesting that you've been able two consecutive quarters to have raised your guidance, which is quite unique here.

謝謝。大家早安。當我想到你們今年的業績和你們的投資組合組成（當然是構成）時，我認為你們更加以休閒為中心。我發現非常有趣的是，您連續兩個季度都提高了指導意見，這裡非常獨特。

You certainly have talked about certainly shifting group mix in there. But anything else you'd like to call out there, how you've been able to do that, especially in relation to other public REITs that haven't been able to that are maybe less resort-centric. And then I'll also relate that to one of the themes that's earning certainly some pressure on the leisure customer. Jeff, any other color or thoughts around that? And then I'll have another question.

你當然已經談到了在那裡改變群體組合。但您還想提出其他任何問題，您如何做到這一點，特別是與其他可能不太以度假村為中心的公共房地產投資信託基金相關。然後我也將把這一點與給休閒顧客帶來一定壓力的主題之一聯繫起來。傑夫，還有其他顏色或想法嗎？然後我還有另一個問題。

Thanks, Patrick. I mean we discussed this in our remarks and I think in our release, but I think Justin and his team were smart several quarters ago to really lean in group and group -- not just at our urban hotels but even at the leisure hotels or more resort-oriented hotels.

謝謝，派崔克。我的意思是，我們在演講中討論了這一點，我認為在我們的新聞稿中，但我認為賈斯汀和他的團隊在幾個季度前就很聰明，他們真正依靠團體和團體- 不僅在我們的城市酒店，甚至在休閒酒店或更多度假村型酒店。

And as Justin just said a moment ago, I think in the last few years a lot of hotels out there were effectively trained to always be taking transient and they can be maximizing their rate every day of the year. And then as we begin the transition to today, you begin to see those patterns change.

正如賈斯汀剛才所說，我認為在過去的幾年裡，許多飯店都經過了有效的培訓，能夠始終提供短暫的住宿，並且他們可以在一年中的每一天都最大限度地提高房價。然後，當我們開始過渡到今天時，您開始看到這些模式發生了變化。

And I think there's a little bit of reeducation at some of these resorts to realize that this is a made up example, but the $500 rate you get on the weekend, it's okay to sell it for $350 a night to a group midweek. The transient guest doesn't perceive that, but it's revenue to us that otherwise might have been missed had we even trying to hold out for a transient guest during the week.

我認為，有些度假村需要接受一些再教育，才能意識到這是一個編造的例子，但週末的價格為 500 美元，周中以每晚 350 美元的價格出售給團體也是可以的。過客不會意識到這一點，但這對我們來說是一項收入，否則如果我們在一周內試圖為過客堅持下去，就可能會錯過這一點。

I think you're just trying to lean in and realize that those patterns are changing. But to be clear, it's not necessarily discounting per se because again that weekend customer isn't seeing that rate change. This is just sort of finding different guests at different price points that you can bring in. And I think it was just being smart to lean in on that early, and there's groups that we can bring in at resort-oriented properties just as there are at urban-oriented properties. And our resorts might be more murky type business, but I think it's just trying to be realistic about the current environment.

我認為你只是想努力了解這些模式正在改變。但要明確說明的是，這本身並不一定是折扣，因為週末的客戶並沒有看到價格變動。這只是以不同的價位找到不同的客人，你可以帶進來。我認為儘早利用這一點是明智之舉，我們可以在面向度假村的酒店中引進一些群體，就像在面向城市的酒店中一樣。我們的度假村可能是一個更陰暗的行業，但我認為這只是試圖對當前的環境採取現實的態度。

Okay. That's great. And then another question and I suspect I know the answer to this, but I'd like to hear it crystal clear from you. What is your appetite for dilutive trophy asset acquisitions and levering up now that rates are higher? Thank you.

好的。那太棒了。然後是另一個問題，我懷疑我知道這個問題的答案，但我想聽你說得一清二楚。既然利率更高，您對稀釋性獎盃資產收購和槓桿化的興趣是什麼？謝謝。

A little bit of a softball. Dilutive is not appealing to us. At the end of the day, I mean you want to be allocating capital well. I recognize to be clear that there can be assets -- I'm not saying that I'm amenable to them where you sort of step back and step forward someday where the initial yields can be low and the IRRs can be great.

有點像壘球。稀釋對我們沒有吸引力。歸根結底，我的意思是你想很好地分配資本。我清楚地認識到，可以有資產——我並不是說我願意接受它們，有一天你會退後一步，初始收益率可能很低，而內部收益率可能很高。

And I would tell you that there are a lot of those in the marketplace today. There's a lot of sort of distressed urban assets that are selling at very low basis, but they have oftentimes zero or negative yields, and that's not really appealing to us because it's a very painful cost of carry and really weighs against the long-term IRR. So I would say it's very difficult for us to make those pencils.

我想告訴你，今天市場上有很多這樣的產品。有很多不良城市資產以非常低的價格出售，但它們的收益率通常為零或負，這對我們來說並沒有真正的吸引力，因為這是一個非常痛苦的持有成本，並且確實不利於長期內部報酬率。所以我想說我們製造這些鉛筆非常困難。

And conversely, at the other end of the spectrum, I know there's been deals that have been done at sort of mid-single-digit cap rates, but at a basis that oftentimes it's very high or very close to replacement cost. And that's not particularly appealing to us either, but given it's hard to underwrite a lot of upside to that asset down the road.

相反，在另一端，我知道有些交易是以中等個位數的上限利率完成的，但其基礎通常非常高或非常接近重置成本。這對我們來說也不是特別有吸引力，但考慮到未來很難為該資產提供大量上行空間。

We're really trying to find that milligram where we can get a good deal on the asset from a basis perspective but also get some yield. So it's a little bit of a needle to thread, but that's really what we're looking for urban markets.

我們確實在努力找到這樣的毫克，從基礎角度來看，我們可以在資產上獲得很好的交易，同時也獲得一些收益。所以這有點棘手，但這確實是我們正在尋找的城市市場。

Dori Kesten, Wells Fargo Securities.

多麗‧凱斯滕 (Dori Kesten)，富國銀行證券公司。

Thanks. Good morning. What is the new enterprise analytics platform give you access to that you didn't previously have? And how do you intend to utilize it?

謝謝。早安.新的企業分析平台可以讓您存取哪些以前無法存取的內容？您打算如何利用它？

I think Dori what we're really excited about is we have I think 12 different managers within the portfolio, all with a different reporting process. And so it's really given us the ability to do with standardized remap every single one of those P&Ls into a standardized format and do a significant amount of benchmarking within the portfolio to identify issues, particularly from a cost perspective.

Dori，我認為我們真正感到興奮的是，我們的投資組合中有 12 位不同的經理，他們都有不同的報告流程。因此，它確實使我們能夠將每項損益表標準化重新映射為標準化格式，並在投資組合中進行大量基準測試以識別問題，特別是從成本角度來看。

I think before it was a lot more cumbersome for us to take all of those different packages and try to isolate where we were overspending within certain categories and what we've been able to do over the last two quarters, I think, hopefully, you can see that in some of the cost mitigation is really line all of them up and put them in buckets where they are comparable assets and look for some best practices that we can translate throughout the entire portfolio.

我認為之前，我們要麻煩得多，要採取所有這些不同的包裹，並嘗試隔離我們在某些​​類別中超支的地方以及我們在過去兩個季度中能夠做的事情，我想，希望您可以看到，在一些成本緩解措施中，實際上是將它們全部排列起來，並將它們放入具有可比較資產的桶中，並尋找一些我們可以在整個投資組合中轉化的最佳實踐。

Okay. And then as you think about the likely trajectory of occupancy over the next few quarters, are we in an environment where your FTEs may be contracting flat growing?

好的。然後，當您考慮未來幾季的入住率可能軌跡時，您的 FTE 是否處於收縮持平增長的環境中？

I think on a year-over-year basis if we continue to see what we're forecasting, which is significantly more out-of-room spend, we'll see FTE growth. The reality is food and beverage is a relatively labor intensive business. So in the last two quarters, we've had 11% food and beverage growth so to take -- take a fair amount of man hours. That's why it's a bit of a lower-margin business. So I think all else equal, if that continues to be the trend, we'll probably see a little bit growth in FTE, but I think it stabilizes towards the end of the year.

我認為，如果我們繼續看到我們的預測，即室外支出顯著增加，那麼我們將看到 FTE 的成長。現實情況是，食品和飲料是一個相對勞動密集的行業。因此，在過去兩個季度中，我們的食品和飲料業務成長了 11%，因此需要大量的工時。這就是為什麼它是一個利潤率較低的業務。因此，我認為在其他條件相同的情況下，如果這種趨勢持續下去，我們可能會看到 FTE 略有增長，但我認為它會在年底趨於穩定。

Okay. And then you addressed the ROI project at Bourbon, New Orleans. Have you made any other material changes to the ROI pipeline in the last few months, whether it's adding to plans, redlining completely pulling in?

好的。然後您談到了新奧爾良波旁市的投資回報率項目。在過去的幾個月裡，您是否對投資回報率管道進行了任何其他重大更改，無論是添加到計劃中，還是完全拉動紅線？

There's been no material changes to the ROI pipeline at this time, Dori, nothing that's really materially been added or altered at this point. But we're always looking at projects available in our pipeline or in our portfolio that we can identify so no big changes.

Dori，目前 ROI 管道沒有發生任何實質變化，此時沒有任何實質添加或更改。但我們一直在尋找我們的管道或投資組合中可用的項目，我們可以識別這些項目，因此沒有太大的變化。

Okay. And just last one, I might have missed this. Did you provide any guardrails around Q3 RevPAR growth or margin expectations?

好的。就在最後一篇，我可能錯過了這一點。您是否對第三季 RevPAR 成長或利潤率預期提供了任何保障？

Hi, Dori, this is Briony. We have not, but I would tell you that I would expect our Q3 RevPAR to be slightly higher than the growth rate we saw in Q2.

嗨，多麗，我是布里奧妮。我們還沒有，但我想告訴您，我預計第三季的 RevPAR 將略高於第二季的成長率。

Okay. Thank you.

好的。謝謝。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi, guys. I just maybe wanted to switch to uses of capital. Could you just talk about where share repurchase kind of falls in terms of priorities? And would you consider maybe just sort of putting in place some sort of a programmatic repurchase program? Will you just have sort of a constant dollar amount being targeted to share repurchase every quarter?

嗨，大家好。我可能只是想轉向資本的用途。您能否談談股票回購的優先順序？您是否會考慮實施某種程序化回購計畫？每季回購股票的目標金額是否固定？

Good morning, Smedes. In effect, that's a little bit of what we did this quarter, as a matter of fact, not so much to be at a specific dollar number that you had to hit at any price. But I would tell you that right now, I think the allocation of capital to share repurchases is one of the more lucrative areas that we can put money towards.

早上好，斯梅德斯。實際上，這就是我們本季所做的一些事情，事實上，並不是要達到一個特定的美元數字，你必須以任何價格達到。但我想告訴你，現在，我認為股票回購的資本配置是我們可以投入資金的更有利可圖的領域之一。

I think we trade at north of a 9-cap. And given that we have a little bit higher-than-average leisure exposure, just on that alone, you look at where cap rates are resort type assets in the marketplace, they're handedly probably 5 and 6-cap rates. So I think we were able to buy those resorts relatively inexpensively and same thing on urban.

我認為我們的交易價格在 9 上限之上。考慮到我們的休閒風險敞口略高於平均水平，僅此一點，您看看市場上度假勝地類型資產的上限利率，它們通常可能是 5 倍和 6 倍上限利率。所以我認為我們能夠以相對便宜的價格購買這些度假村，在城市也能買到同樣的東西。

As I mentioned earlier, there's not a lot of urban assets that have transacted -- they're a little more barbelled. If they're distressed, they're sort of a zero cap rates. And if they're operating, I think some of our peers are paying sort of stabilized 6s. So there's a big gap.

正如我之前提到的，已經進行交易的城市資產並不多——它們的風險更大一些。如果他們感到苦惱，他們的資本化率就為零。如果他們正在運營，我認為我們的一些同行正在支付某種穩定的 6 美元。所以差距很大。

I would tell you that I think right now, share repurchases are very appealing. We do watch our leverage though. I emphasize that all the time. So I think while we're comfortable buying back shares and recycling capital from asset sales into share repurchases we do try to be careful about where we maintain our overall financial leverage.

我想告訴你，我認為目前股票回購非常有吸引力。不過，我們確實會注意我們的槓桿作用。我一直強調這一點。因此，我認為，雖然我們願意回購股票並將資產銷售中的資金回收到股票回購中，但我們確實會努力謹慎地維持整體財務槓桿。

Okay. And then I just wanted to ask you, I know it's -- I guess you have quite some time here to address the 2025 maturities. So just sort of in general, would you rather move to more unsecured debt or you think it's just refinancing at property level kind of just generally, what's your sort of preference there all else equal?

好的。然後我只是想問你，我知道，我猜你有相當長的時間來解決 2025 年的到期問題。因此，一般而言，您是否願意轉向更多無擔保債務，或者您認為這只是一般意義上的財產層面的再融資，在其他條件相同的情況下，您的偏好是什麼？

Hey, Smedes. Generally, our preference is to move to be more of an unsecured borrower. I think we continually evaluate the secured market. We certainly would do that if it was more attractive. But I think becoming an unsecured borrower just provides us a little bit more flexibility at the operating level.

嘿，斯梅德斯。一般來說，我們更傾向於成為無擔保借款人。我認為我們不斷評估安全市場。如果它更具吸引力，我們當然會這樣做。但我認為成為無擔保借款人只會為我們在營運層面提供更多的彈性。

Okay. Thank you.

好的。謝謝。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Thanks. Good morning. Just on your comments on grouping up. I wonder what is the downside, if any of grouping up? Other than the reported metrics of RevPAR, which you did a good job of kind of walking us through -- what are the set of circumstances that you'd be leaving money on the table by taking a more aggressive approach on group?

謝謝。早安.只是關於你對分組的評論。我想知道如果有的話，分組有什麼缺點？除了所報告的 RevPAR 指標（您在某種程度上向我們介紹了這一指標）之外，您在哪些情況下會透過對團隊採取更積極的方法而將資金留在桌面上？

Group is a -- especially in the larger assets, there's a long booking window. And so I think what you're taking surety for potential rate upside if the market were to reaccelerate. I think we just decided a year ago that we would rather have some of the safety that goes along with taking a significant shift towards the group piece of the market and the ancillary spend that comes along with it.

集團是一個——尤其是在較大的資產中，有一個很長的預訂窗口。因此，我認為如果市場重新加速，您對潛在利率上行的保證是什麼？我認為我們在一年前就決定，我們寧願擁有一些安全性，同時向市場的集團部分以及隨之而來的輔助支出進行重大轉變。

So I think that's -- I mean that's really the risk is that you put too much on the books at a low rate or a lower rate than the market you could ultimately achieve a transient. I think that's really where the reeducation has had to come across because in the middle, especially in leisure assets during COVID, you got penalized for having group because the rates ran so fast and so far, if you had group on the books from a year prior, you were giving up -- you were losing share in the market.

所以我認為，我的意思是，真正的風險在於，你以較低的利率或低於市場的利率投入過多的資金，最終可以實現短暫的目標。我認為這確實是再教育必須遇到的地方，因為在中間，特別是在新冠疫情期間的休閒資產中，如果你一年內有團體，你會因為團體而受到懲罰，因為費率跑得太快、太遠。

So I think just sort of rethinking that as we return back to a little bit more of a normal pattern, has taken a little bit of time to work that through our operators.

因此，我認為，當我們回到正常模式時，需要重新思考一下，我們的營運商需要花費一些時間來解決這個問題。

One thing I would add to that, Duane, is that when you think about the average size of our assets, we're around 200, 225 rooms. The type of groups that's coming to our hotel are not necessarily groups that are going to book three years in advance.

Duane，我要補充的一件事是，當你考慮到我們資產的平均規模時，我們大約有 200 到 225 個房間。入住我們飯店的團體類型不一定是提前三年預訂的團體。

Our average group size is relatively smaller compared to some of the big box hotels in the marketplace, which are arguably going to have a longer booking window or maybe you're not as appealing to a 30 person offsite. So we have a little bit.

與市場上的一些大型酒店相比，我們的平均團體規模相對較小，這些酒店可能會有更長的預訂窗口，或者可能您對 30 人的異地酒店沒有那麼有吸引力。所以我們有一點。

There's a little bit of the ability to be more nimble when we group up.

當我們組隊時，有一點可以變得更靈活的能力。

Makes a lot of sense. And then just for my follow-up on the larger asset disposition front. If you had to guess, how long do we need to wait for that unlock? And again, what are the set of circumstances we need to see for your recycling strategy to really kick in? Thanks. Thanks for taking the question.

很有道理。然後是我對更大的資產處置方面的後續行動。如果你不得不猜測，我們需要等待多長時間才能解鎖？再說一次，我們需要看到哪些情況才能讓您的回收策略真正發揮作用？謝謝。感謝您提出問題。

I can't really give you a date. I mean I think we're just looking for an opportunity where I think where rates are fortunately seem to be moving or the expectation of rate cuts seem to be moving in a favorable direction and results in our hotels are doing well.

我真的不能給你一個約會。我的意思是，我認為我們只是在尋找機會，幸運的是，房價似乎正在發生變化，或者降息的預期似乎正在朝著有利的方向發展，並且我們酒店的業績表現良好。

So I think the stars are aligning for that. But as Justin mentioned, there's not a lot of assets that have been on the market that could play to our advantage, but I think there's going to be time in the coming quarters where we're going to investigate this. So I can't give you a specific date. I don't want to negotiate against

所以我認為明星們正在為此而努力。但正如賈斯汀所提到的，市場上沒有太多資產可以發揮我們的優勢，但我認為在未來幾季我們將有時間對此進行調查。所以我無法給你具體的日期。我不想談判

Makes sense. Thank you.

有道理。謝謝。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning, everyone. For Jeff or Justin here, I want to go back to group. That 14% pace that you mentioned for the back half. Where do you think that actualizes by the end of the year? And then what's the pace differential 3Q versus 4Q?

謝謝。大家早安。對於這裡的傑夫或賈斯汀，我想回到球隊。你提到的後半段的 14% 速度。您認為到今年年底這會實現什麼？那麼第三季與第四季的速度差異是多少呢？

My guess I think forecast, we've got a very high single digit in terms of actualized on a year-over-year basis, and it's slightly better in Q3 versus Q4 on a year just from a pace perspective.

我想我認為預測，我們在同比實現方面取得了非常高的個位數，並且從速度角度來看，第三季度比第四季略好一些。

Got it. And then that 88% of booked so far that's of your target budget, let's call it, 20% remaining for the back half of the year. Like what's the risk there? What are you hearing from your hotels or corporate planners? Any change in size of event or booking window or cancellation attrition just for that remaining piece that still needs to be booked for the year?

知道了。然後，到目前為止已預訂的 88% 是您的目標預算，我們可以稱之為，下半年還剩下 20%。比如說那裡有什麼風險？您從飯店或企業策劃者那裡聽到了什麼？活動規模或預訂窗口是否有任何變化，或僅針對當年仍需要預訂的剩餘部分的取消損耗？

We're not seeing any significant change in trend in terms of group revenues coming in at or above attrition levels or what we're seeing from an inbound lead perspective. I think we're a little bit more conservative in our forecast and in the year for the year pick up for the back half of the year than what we actually produced in the first half of the year. So I don't think we see any reason right now to sort of change that outlook.

就集團收入達到或高於流失水準或從入站銷售線索的角度來看，我們沒有看到任何顯著的趨勢變化。我認為我們對下半年的預測和逐年回升的預測比上半年的實際生產要保守一些。因此，我認為我們現在沒有任何理由改變這種前景。

Got it. And then just one more on group -- thinking here in Chicago with the DNC in a few weeks and just more broadly big events. How meaningful is something like that, especially in a maybe a slower week in late August in Chicago?

知道了。然後還有一個小組討論——幾週後在芝加哥與民主黨全國委員會一起思考以及更廣泛的重大活動。這樣的事情有多有意義，尤其是在八月下旬芝加哥可能比較慢的一週？

Is that -- is something like that moving the RevPAR needle for your entire portfolio 0.5 percentage point -- 1 percentage points? How meaningful are some of these big super events that are kind of onetime driving the RevPAR for your portfolio in the back half?

是不是類似的事情會讓您的整個作品集的 RevPAR 指標移動 0.5 個百分點至 1 個百分點？這些大型超級活動在下半年會一度推動您的作品集的 RevPAR 有何意義？

Not as meaningful as you might think. I think the reality of the super events, especially for the large hotels is a lot of that block is required to be given in order to secure the event in the beginning, right? So when you think through a lot of times Super Bowl or the DNC for someone like the Marriott, they're part of that initial bid.

並不像你想像的那麼有意義。我認為超級賽事的現實情況是，特別是對於大型飯店來說，為了確保賽事一開始就需要提供大量的資金，對嗎？因此，當你多次考慮超級盃或民主黨全國委員會對像萬豪酒店這樣的酒店的看法時，他們就是最初出價的一部分。

So the room rate that you get is not as much of a premium as you might think. A lot of times, it's actually more beneficial for some of our smaller hotels because they're outside of the large block that's required to be given or to garner the group in the first place, and they can really compress around that.

因此，您獲得的房價並不像您想像的那麼高。很多時候，這實際上對我們的一些小型酒店更有利，因為它們位於需要提供或首先吸引團體的大塊區域之外，並且它們確實可以圍繞該塊進行壓縮。

That's helpful for me. Thank you.

這對我很有幫助。謝謝。

Dany Asad, Bank of America.

丹尼·阿薩德，美國銀行。

Hi. Good morning, guys. Just to go back to the guidance update. When we think about the -- your change in EBITDA, can you just like -- and I know you had in your prepared remarks and we kind of touched on the difference between RevPAR and total RevPAR. But can you just explain like what specifically it is that's offsetting the rooms, the RevPAR reduction to kind of drive EBITDA higher in -- when we think about that total RevPAR piece.

你好。早安，夥計們。只是回到指導更新。當我們考慮您的 EBITDA 變化時，您能喜歡嗎？ 我知道您在準備好的發言中提到過，我們談到了 RevPAR 和總 RevPAR 之間的差異。但是，當我們考慮總 RevPAR 部分時，您能否解釋一下具體是什麼抵消了房間的影響，RevPAR 的減少推動 EBITDA 更高。

Sure, Dany. So just to quantify a little bit the change in our EBITDA. I think a portion of that reflects a little bit of outperformance that we saw in Q2, maybe call that around $1 million. We also talked about on the call, our positive insurance renewal, and that should benefit us about $1 million a quarter for the balance of the year given that, that was a Q2 renewal.

當然，丹妮。我們只是量化一下 EBITDA 的變化。我認為其中一部分反映了我們在第二季度看到的一點優異表現，也許可以稱之為 100 萬美元左右。我們還在電話中談到了我們積極的保險續保，考慮到這是第二季的續保，這應該會讓我們在今年剩餘的時間裡每季受益約 100 萬美元。

And then the balance really reflects the benefit of our mix shift in the back half, although lower than the first half, I think it's better than we originally anticipated. So there's a little bit of that in there. And then we are offset by a little higher corporate G&A, about $1 million on that front. But when you look at our G&A overall, it's still lower than pre-transition.

然後平衡確實反映了我們後半段混合轉變的好處，雖然低於上半場，但我認為比我們最初預期的要好。所以裡面有一點。然後，我們被略高的企業管理費用（G&A）所抵消，約為 100 萬美元。但當你看看我們的整體管理費用時，你會發現它仍然低於過渡前。

Got it. Thank you, Briony. And Jeff, in one of your answers earlier, we were just thinking about your capital recycling strategy. Some of the hotels you highlighted seem to tilt a little bit more towards urban versus resort, a little bit more on the urban side.

知道了。謝謝你，布里奧妮。傑夫，在您之前的回答之一中，我們只是在考慮您的資本回收策略。您強調的一些酒店似乎更傾向於城市而不是度假村，更偏向城市一側。

As you look to redeploy that capital, are you going to -- is it going to be one for one? Like are you going to be looking to redeploy that same capital into urban markets? Where would it be in the country, just given your mix of already leisure versus urban? Are you comfortable with that? And kind of where would those extra dollars go?

當你希望重新部署這些資本時，你會——這會是一對一的嗎？您是否打算將相同的資本重新部署到城市市場？考慮到休閒與城市的結合，鄉村會在哪裡？你對此感到滿意嗎？這些額外的錢會去哪裡呢？

It meaning that if we were to sell an urban asset, where we need to redeploy?

這意味著如果我們要出售城市資產，我們需要重新部署到哪裡？

Yeah. Yeah, that's right.

是的。是的，沒錯。

I mean you think right now maybe we're about two-thirds, 60% give or take in urban markets. And I think longer term, it's appealing to us to grow our resort or leisure exposure, but we want to do so profitably. And I think right now, it's very difficult to do that. It doesn't mean we've stopped looking.

我的意思是，你認為現在我們大約有三分之二，即 60% 在城市市場上給予或接受。我認為從長遠來看，增加我們的度假村或休閒業務對我們很有吸引力，但我們希望這樣做能夠獲利。我認為現在很難做到這一點。這並不意味著我們已經停止尋找。

I think what could happen or I guess I'd say I'd like to see happen is that maybe you sell one of those larger urban assets and then does it result in two transactions. It results in an urban asset that you purchased that right now can have some attractive returns if we find the right situations. But maybe it results in a resort asset as well.

我認為可能發生的情況，或者我想我會說我希望看到發生的情況是，也許您出售其中一項較大的城市資產，然後導致兩筆交易。如果我們找到合適的情況，您現在購買的城市資產可以帶來一些有吸引力的回報。但也許它也會帶來度假村資產。

And so potentially, you can replace the same or roughly the same amount of income and end up at sort of a higher concentration of leisure, but you have sort of two assets and a little more diversified that have a better growth profile.

因此，你可能可以替換相同或大致相同的收入，最終獲得更高程度的休閒集中度，但你擁有兩種資產，並且更加多元化，具有更好的成長前景。

So I don't know if it answers your question entirely. We don't have specific target markets where we say we've got to be in market X or we've got to be in market Y. We're really just looking for situations where we can accrete value at the end of the day.

所以我不知道它是否完全回答了你的問題。我們沒有特定的目標市場，我們說我們必須進入市場 X 或我們必須進入市場 Y。我們實際上只是在尋找最終可以增值的情況。

Got it. Thank you very much.

知道了。非常感謝。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey. Good morning, everyone. Thank you for taking my question. Jeff, I think you guys still have about 13 independent hotels in the portfolio. And I'm curious as to whether there's been any recent kind of thought on branding and I realize there are a lot of markets where the demand is kind of self-sustained and they're recognizable. But as I see some of the hotels that the brands are letting in frankly to the soft brands, it kind of makes me wonder whether you -- is there something you're leaving on the table there?

嘿。大家早安。感謝您回答我的問題。Jeff，我認為你們的投資組合中還有大約 13 家獨立飯店。我很好奇最近是否有關於品牌的想法，我意識到有很多市場的需求是自我維持的並且是可識別的。但當我看到一些品牌坦率地向軟品牌出租的酒店時，這讓我想知道你是否會留下一些東西？

No. I would say definitely not. I think there's a lot of focus that people pay to the top line, but look to the [diagony], I know that's whenever we went to the other direction we exited the hotel system. And we've said upfront that that's one where we could shed potentially 8%, 10% of top line revenue, leaving the system, but you will also gain back a significant amount of expense.

不。我想說絕對不會。我認為人們非常關注頂線，但看看[對角線]，我知道每當我們走向另一個方向時，我們就會退出酒店系統。我們已經預先說過，我們可能會損失 8%、10% 的營收，離開系統，但您也將收回大量費用。

And that decision was really based on that sort of middle of the P&L, if you will, to drive bottom line profit. And so far, we continue to be on plan with that. So I guess I would tell you that our job as owner is really to drive profit, not top line revenue.

如果你願意的話，這個決定實際上是基於損益表的中間部分，以推動底線利潤。到目前為止，我們繼續按計劃進行。所以我想我會告訴你，我們作為所有者的工作實際上是為了推動利潤，而不是營收。

And so I hear you that there is an opportunity there to collect the check. But typically, the key money checks, I think if you speak to the brands, they tend to expect mid-teen IRRs on that money, which means it's not cheap.

所以我聽說你有機會領支票。但通常情況下，關鍵的錢會檢查，我想如果你和品牌交談，他們往往會期望這筆錢的內部收益率在十幾歲左右，這意味著它並不便宜。

Yeah. Yeah. Fair enough, Jeff. You're right on that. Keeping with the brand question. So let's just hypothetically say that we do have a downturn at some point in the next year. Given the brands give you guys a fair amount of flexibility during the pandemic on brand standards. Do you think, a, would they be willing to kind of do that again? And b, are there things you can still do because it feels like you're -- in the post COVID world, you're already running pretty efficiently.

是的。是的。很公平，傑夫。你說得對。繼續討論品牌問題。因此，我們假設明年某個時候確實會出現經濟衰退。鑑於這些品牌在大流行期間為你們在品牌標準方面提供了相當大的靈活性。你認為他們願意再做一次嗎？b，還有哪些事情你仍然可以做，因為感覺就像你在後新冠世界中，你已經運行得相當高效了。

There's always opportunities to get more efficient. I mean I don't think anybody ever sort of rose the perfect race or hits the perfect game. So I think there's always opportunities for efficiencies out there. As far as what the brands will do, I'd like to believe that they've learned from this past event that they can flex on brand standards in difficult times and things could be say okay or successful for their system.

總有機會提高效率。我的意思是，我認為沒有人能夠參加完美的比賽或打出完美的比賽。所以我認為總是有提高效率的機會。至於品牌將做什麼，我相信他們從過去的事件中學到了，他們可以在困難時期靈活運用品牌標準，並且他們的系統可以說是好的或成功的。

So I'd like to believe that the next time that we confront another event, not necessarily a pandemic, but even a recession, they might be a little more tolerant on that front. So that can be appealing.

因此，我願意相信，下次我們面對另一件事時，不一定是大流行，甚至是經濟衰退，他們可能會在這方面更加寬容。所以這很有吸引力。

Okay. Very good. Thanks, guys.

好的。非常好。謝謝，夥計們。

Chris Darling, Green Street.

克里斯達林，格林街。

Hey, thanks. Good morning. Circling back to some of the prior discussion around capital recycling. Wondering if you could speak to your philosophy as it pertains to, on the one hand, trying to maximize the price that if you sell a property versus taking advantage of the arbitrage opportunity inherent in the share price even if you don't quite realize every last dollar value.

嘿，謝謝。早安.回到之前關於資本回收的一些討論。想知道您是否可以談談您的哲學，因為它涉及，一方面，嘗試最大化價格，如果您出售房產，而不是利用股價固有的套利機會，即使您不太了解每一個最後的美元價值。

Yeah, it's a good question, Chris. I think there's a tendency in my experience for people to just sort of focus on maximizing that last dollar. And to me, it's sort of the paired trade, if you will. It's looking at what you're selling and what you're buying. And there are times where you might not maximize value on an asset, but if you're able to buy something, whether it's your shares or another property that has a more attractive IRR going forward that seems like a sensible trade for me.

是的，這是個好問題，克里斯。我認為，根據我的經驗，人們傾向於專注於最大化最後一美元。對我來說，如果你願意的話，這有點像是配對交易。它著眼於您銷售的產品和購買的產品。有時您可能無法最大化資產的價值，但如果您能夠購買某些東西，無論是您的股票還是其他具有更有吸引力的內部收益率的財產，這對我來說似乎是明智的交易。

Got it. Maybe shifting gears, just one more for me. When you look across your portfolio, whether it's on the resort or the urban side, are you seeing any evidence that the consumer is trading down in any regard or is the weakness kind of we've talked about in the leisure transient segment truly a matter of where those individuals are choosing to travel rather than a matter of whether they're spending to the same degree.

知道了。也許換檔，對我來說只是換檔。當你審視你的投資組合時，無論是在度假村還是在城市方面，你是否看到任何證據表明消費者在任何方面都在降低消費，或者我們在休閒短暫領域中討論過的弱點確實是一個問題這些人選擇去哪裡旅行，而不是他們的消費水平是否相同。

Justin, do you have any thoughts on that?

賈斯汀，你對此有什麼想法嗎？

I mean, I think we're just -- we'd just be speculating from a trading down perspective. I think we do see a bit more people start looking for discount or looking for a sale and willing to change travel pattern relative to price. I don't know if that's necessarily trading down or as much as it's trading days.

我的意思是，我認為我們只是——我們只是從下跌交易的角度進行猜測。我認為我們確實看到越來越多的人開始尋找折扣或尋找促銷，並願意改變相對於價格的旅行模式。我不知道這是否一定是下跌或與交易日一樣多。

But I think that's what we've been doing, I think as we revert back to prior pattern is really trying to do more kind of price variability between weekends and midweek and between peak periods and non-peak periods encourage travelers to fill up our hotels off season. I think that's definitely a trend that we've seen kind of continue over the last 18 months.

但我認為這就是我們一直在做的事情，我認為當我們恢復到之前的模式時，我們實際上是在嘗試在周末和周中以及高峰期和非高峰期之間進行更多的價格變化，以鼓勵旅客入住我們的飯店淡季。我認為這絕對是過去 18 個月中我們看到的持續趨勢。

Appreciate the [color]. That's all for me.

欣賞[顏色]。這就是我的全部。

Bill Crow, Raymond James.

比爾·克勞，雷蒙德·詹姆斯。

Hey. Good morning, guys. Jeff, I'm wondering as you think about grouping up smaller urban properties and your leisure oriented properties, are those more kind of dependent on in the quarter for the quarter, group bookings say compared to Chicago or some of the bigger assets out there, and therefore, maybe a bit more sensitive to the way there changing economic conditions?

嘿。早安，夥計們。傑夫，我想知道，當您考慮將較小的城市房產和休閒導向型房產分組時，團體預訂表示，與芝加哥或其他一些較大的資產相比，這些房產在本季度是否更加依賴，因此，也許對經濟狀況變化的方式更加敏感？

I don't necessarily think so, Bill. I mean I understand the root of the question. I think for some of our properties that it can be everything from a wedding. It could be social related like smart business. It can be small corporate offsites.

我不一定這麼認為，比爾。我的意思是我理解問題的根源。我認為對於我們的一些房產來說，它可以是婚禮的一切。它可能與智慧業務等社交相關。它可以是場外的小型企業。

And sometimes those follow restructurings at companies, which can be a negative event in the economy, but yet drives a sort of let's get the team together and figure out new strategy. So it's difficult to say. I mean there are times that we say this a lot internally, where we think we're big enough to see trends, but we question whether or not we really see trends.

有時，這些是在公司重組之後發生的，這可能對經濟產生負面影響，但也會促使我們讓團隊聚集在一起，制定新的策略。所以很難說。我的意思是，有時我們在內部經常這樣說，我們認為我們足夠大，可以看到趨勢，但我們質疑我們是否真正看到了趨勢。

And certainly, a bigger property like Chicago Marriott does tend to have a more -- a longer booking window just given the nature of that asset. We can, of course, accommodate small groups, but something -- an asset of that size tends to have much greater success in those larger groups.

當然，考慮到資產的性質，像芝加哥萬豪酒店這樣規模更大的酒店確實往往有更長的預訂窗口。當然，我們可以容納小團體，但某種規模的資產往往會在較大的團體中取得更大的成功。

So I'm not sure if I'm quite answering your question, but I think there's a very big audience of sort of small group activity that our hotels, both resort and urban can tap into.

所以我不確定我是否完全回答了你的問題，但我認為我們的度假村和城市酒店都可以利用小團體活動的大量受眾。

Do you think that it's more or less sensitive to economic change, the smaller groups. I'm not talking weddings because I think that's kind of independent of the economy largely. But do you think you're more volatile maybe on the group front your hotels?

您認為較小的群體對經濟變化或多或少敏感。我不是說婚禮，因為我認為這在很大程度上獨立於經濟。但您是否認為您的飯店在集團方面更加不穩定？

Think so. I mean it's hard to know the alternative quite candidly. And I think just looking at our pace for the rest of the year vis-a-vis just what I've been hearing about some of our peers, it doesn't feel like we have been as sensitive, I guess just looking at very near-term results. It feels like we've actually been a little more resilient on that group front than some of the bigger box hotels. So just on near-term results, the answer would be no, but I can't say definitely.

這麼想吧。我的意思是很難坦率地知道替代方案。我認為，只要看看我們今年剩餘時間的步伐，以及我所聽到的一些同行的情況，就感覺我們並沒有那麼敏感，我想只是看看非常近期結果。感覺我們在集團方面實際上比一些較大的盒子酒店更有彈性。因此，就近期結果而言，答案是否定的，但我不能肯定地說。

And thank you. And I am showing no further questions. I would now like to turn the call back over to Jeff Donnelly for closing remarks.

謝謝你。我沒有提出任何進一步的問題。我現在想將電話轉回傑夫唐納利 (Jeff Donnelly) 進行結束演講。

Well, thank you, everybody, for joining us today. We really appreciate it. Have a great summer, and hopefully, we'll see you out on the road. Thanks.

好的，謝謝大家今天加入我們。我們真的很感激。祝你有個愉快的夏天，希望我們能在路上見到你。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。