Host Hotels & Resorts Inc (HST) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Host Hotels & Resorts fourth-quarter 2024 earnings conference call. Today's conference is being recorded.

早安，歡迎參加 Host Hotels & Resorts 2024 年第四季財報電話會議。今天的會議正在錄製。

At this time, I would like to turn the call over to Jaime Marcus, Senior Vice President of Investor Relations. Please go ahead.

現在，我想將電話轉給投資者關係高級副總裁 Jaime Marcus。請繼續。

Thank you, and good morning, everyone. Before we begin, please note that many of the comments made today 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 from those expressed, and we are not obligated to publicly update or revise these forward-looking statements. In addition, on today's call, we will discuss certain non-GAAP financial information, such as FFO, adjusted EBITDAre and comparable hotel level results. You can find this information together with reconciliations to the most directly comparable GAAP information in yesterday's earnings press release and our 8-K filed with the SEC and in the supplemental financial information on our website at hosthotels.com.

謝謝大家，早安。在我們開始之前，請注意，今天發表的許多評論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，這些聲明受到多種風險和不確定性的影響，可能導致未來結果與所表達的結果不同，我們沒有義務公開更新或修改這些前瞻性聲明。此外，在今天的電話會議上，我們將討論某些非 GAAP 財務信息，例如 FFO、調整後的 EBITDAre 和可比較酒店水平結果。您可以在昨天的收益新聞稿和我們向美國證券交易委員會提交的 8-K 文件以及我們網站 hosthotels.com 上的補充財務信息中找到此信息以及與最直接可比的 GAAP 信息的對賬。

With me on today's call are Jim Risoleo, President and Chief Executive Officer; and Sourav Ghosh, Executive Vice President and Chief Financial Officer.

今天與我一起參加電話會議的還有總裁兼執行長 Jim Risoleo；以及執行副總裁兼財務長 Sourav Ghosh。

With that, I would like to turn the call over to Jim.

說完這些，我想把電話轉給吉姆。

Thank you, Jaime, and thanks to everyone for joining us this morning. 2024 was a busy year for Host. We delivered operational improvements driven by continued rate growth and out-of-room spending. We acquired $1.5 billion of iconic and irreplaceable real estate across four properties, three of which are in new markets for Host. We continue to reinvest in our portfolio through capital expenditures and resiliency investments.

謝謝你，Jaime，也謝謝大家今天早上加入我們。 2024年對Host來說是忙碌的一年。在持續的利率成長和房外消費的推動下，我們實現了營運改善。我們收購了四處價值 15 億美元的標誌性和無可替代的房地產，其中三個位於 Host 的新市場。我們繼續透過資本支出和彈性投資對我們的投資組合進行再投資。

We made progress on the Hyatt Transformational Capital Program and the condo development at the Four Seasons Resort Orlando at Walt Disney World Resort. We returned significant capital to stockholders in the form of dividends and share repurchases and we maintained an investment-grade balance sheet and continue to position Host to take advantage of potential opportunities in the future.

凱悅轉型資本計畫和華特迪士尼世界度假區奧蘭多四季度假酒店的公寓開發案取得了進展。我們以股息和股票回購的形式向股東返還了大量資本，並保持了投資等級資產負債表，繼續幫助 Host 利用未來的潛在機會。

Turning to our results. We finished 2024 above our most recent guidance estimates. For the full year, we delivered adjusted EBITDAre of $1,656 billion, a 1.7% increase over 2023, and adjusted FFO per share of $1.97, a 2.6% increase year over year. Comparable hotel total RevPAR grew 2.1%, while comparable hotel RevPAR grew 90 basis points compared to 2023. Comparable hotel EBITDA margin of 29.2% was down 60 basis points versus 2023, primarily due to increased wages, fixed expense pressures, and performance in Maui following the wildfires in 2023.

談到我們的結果。2024 年的業績超出了我們最近的指導預期。全年，我們實現的調整後 EBITDAre 為 16,560 億美元，較 2023 年增長 1.7%，調整後每股 FFO 為 1.97 美元，較上年增長 2.6%。可比飯店總 RevPAR 成長 2.1%，而可比飯店 RevPAR 與 2023 年相比成長 90 個基點。可比飯店 EBITDA 利潤率為 29.2%，較 2023 年下降 60 個基點，主要原因是薪資上漲、固定費用壓力以及 2023 年山火之後毛伊島的業績。

During the fourth quarter, we delivered adjusted EBITDAre of $373 million and adjusted FFO per share of $0.44. Comparable hotel total RevPAR improved 3.3% compared to the fourth quarter of 2023, and comparable hotel RevPAR was up 3%, driven by strong transient demand, including an improving leisure transient demand in Maui and increased ancillary revenues. Comparable hotel EBITDA margin improved by 30 basis points year over year to 28.1%, driven by improvements in rates, increases in ancillary spending, sustained productivity improvements, and certain one-time items.

第四季度，我們的調整後 EBITDAre 為 3.73 億美元，調整後每股 FFO 為 0.44 美元。與 2023 年第四季相比，可比飯店總 RevPAR 成長了 3.3%，可比飯店 RevPAR 成長了 3%，這得益於強勁的臨時需求，包括毛伊島休閒臨時需求的改善和輔助收入的增加。可比飯店 EBITDA 利潤率年增 30 個基點至 28.1%，這得益於房價上漲、輔助支出增加、生產力持續提高以及某些一次性專案的推動。

As a reminder, the operational results discussed today refer to our 78 hotel comparable portfolio in 2024, which excludes the Ritz-Carlton Naples, Alila Ventana Big Sur, and the Don CeSar. In 2025, our 79-hotel comparable portfolio only excludes Alila Ventana Big Sur and the Don CeSar as the Ritz-Carlton Naples is comparable in 2025.

提醒一下，今天討論的營運結果是指我們 2024 年的 78 家酒店可比投資組合，其中不包括那不勒斯麗思卡爾頓酒店、Alila Ventana Big Sur 和 Don CeSar。到 2025 年，我們的 79 家酒店可比組合僅排除 Alila Ventana Big Sur 和 Don CeSar，因為 2025 年那不勒斯麗思卡爾頓酒店 (Ritz-Carlton Naples) 可比。

Turning to business mix. RevPAR growth in the fourth quarter was better than expected, driven by over 3% rate growth. Transient revenue drove the outperformance in the quarter, growing 8%, which is the highest improvement in the last six quarters. Revenue growth was led by leisure in Maui, New York, and Oahu, which all had strong festive seasons. Notably, our three Maui resorts accounted for nearly half of the transient room revenue growth in the fourth quarter.

轉向業務組合。第四季 RevPAR 成長優於預期，受 3% 以上房價成長的推動。短暫性收入推動了本季的出色表現，成長了 8%，這是近六個季度以來的最高增幅。收入成長主要受毛伊島、紐約和歐胡島的休閒旅遊帶動，這些地區的節慶季客流量都很大。值得注意的是，我們位於毛伊島的三家度假村佔第四季臨時客房收入成長的近一半。

Transient rates at our comparable resorts remained robust at 44% above 2019 levels, even as our Maui resorts strategically offered leisure incentives to drive demand. Excluding Maui, transient rates at our comparable resorts were in line with recent quarters.

儘管我們的毛伊島度假村策略性地提供了休閒獎勵來推動需求，但我們同類度假村的臨時住宿價格仍保持強勁，比 2019 年的水平高出 44%。除毛伊島外，我們同類度假村的臨時住宿價格與最近幾季一致。

Business transient revenue grew approximately 6%, driven by strong rate growth as we saw a favorable market mix and a continued shift from government to the corporate negotiated segment. As expected, group room revenue for the quarter was down approximately 5% year over year due to tough comparisons in San Francisco and Maui as Maui benefited from recovery and relief group room nights in 2023. Our properties sold 960,000 group room nights in the fourth quarter, bringing our total group room nights sold for 2024 to $4.3 million or 101% of comparable 2023 group room nights.

由於我們看到有利的市場組合以及從政府到企業協商部分的持續轉變，強勁的利率成長推動了業務臨時收入成長約 6%。正如預期的那樣，由於舊金山和毛伊島的比較困難，本季的團體客房收入同比下降約 5%，因為毛伊島受益於 2023 年的恢復和救濟團體客房晚數。我們的飯店在第四季售出了 96 萬間團體間夜，使我們 2024 年售出的團體間夜總數達到 430 萬美元，相當於 2023 年同類團體間夜的 101%。

Digging deeper into Maui, the leisure recovery is underway. Total RevPAR at our three Maui resorts was up 6.4% in the fourth quarter as leisure guest total spend exceeded recovery and relief group business last year. Transient rooms sold were up approximately 50% year over year at our 2 Wailea Resort and transient rooms sold at the Hyatt Regency Maui and Kaanapali were up 325%. The leisure guest continues to spend at our F&B outlets, spas and golf courses, leaving us encouraged by the leisure recovery that is beginning to take shape in Maui.

深入挖掘毛伊島，休閒業的復甦正在進行中。由於去年休閒遊客的總消費超過了恢復和救援小組的業務，我們三家毛伊島度假村的 RevPAR 總和在第四季度上漲了 6.4%。我們兩家威雷亞度假村的臨時客房銷量年增約 50%，毛伊島和卡納帕利凱悅酒店的臨時客房銷量年增 325%。休閒客人繼續在我們的餐飲店、水療中心和高爾夫球場消費，從毛伊島開始形成的休閒復甦令我們感到鼓舞。

For the full year, we estimate that Maui impacted our comparable hotel total RevPAR by 110 basis points, RevPAR by 160 basis points, and EBITDA margin by 20 basis points, including the business interruption proceeds received during the year.

就全年而言，我們估計，毛伊島對我們可比較酒店總 RevPAR 產生了 110 個基點的影響，RevPAR 產生了 160 個基點的影響，EBITDA 利潤率產生了 20 個基點的影響，其中包括年內收到的業務中斷收益。

Turning to ancillary spend. We continue to see improvements in food and beverage revenues and out-of-room spending. F&B revenue grew nearly 3% in the quarter, driven by outlets at our resorts. Notably, banquet revenue increased despite a decrease in group room nights driven by growth in banquet revenue per group room night. Other revenue grew 8% despite an expected moderation of attrition and cancellation revenue.

轉向輔助支出。我們繼續看到食品和飲料收入以及客房外支出的改善。受度假村門市成長的推動，本季餐飲收入成長了近 3%。值得注意的是，儘管團體間夜數減少，但由於每團體間夜的宴會收入增加，宴會收入仍有所增加。儘管員工流失和取消收入預計將放緩，但其他收入仍增加了 8%。

For the full year, F&B revenue grew 3.6%, driven by an increase in banquet contribution and an improvement in group room night volume. Taken together, we continue to see the strength of the affluent customer across properties in our portfolio.

全年餐飲收入成長 3.6%，主要得益於宴會貢獻的增加和團體客房晚數的改善。總體而言，我們繼續看到富裕客戶在我們投資組合中的房地產中表現強勁。

Moving to our reconstruction efforts at the Don CeSar. We have substantially completed our remediation efforts and our focus has shifted to rebuilding compromised infrastructure to increase resilience, including elevating critical equipment and systems as we did at the Ritz-Carlton Naples. We expect a phased reopening of the property beginning late in the first quarter.

轉向我們在 Don CeSar 的重建工作。我們的補救工作已基本完成，重點已轉向重建受損的基礎設施以提高恢復能力，包括像我們在那不勒斯麗思卡爾頓酒店所做的那樣提升關鍵設備和系統。我們預計該酒店將在第一季末分階段重新開放。

We currently estimate our total property damage and remediation costs at the Don CeSar will be between $100 million and $110 million, and our total insurance deductible is $20 million. Additionally, we expect to collect business interruption proceeds. We have included approximately $9 million of business interruption proceeds in our 2025 adjusted EBITDAre guidance, which we expect to receive in the first half of the year, but it is still too early to estimate the timing or amounts of additional payments. In total, we estimate that Hurricanes Helene and Milton negatively impacted our adjusted EBITDAre by $15 million in 2024.

我們目前估計 Don CeSar 的財產損失和補救總成本將在 1 億至 1.1 億美元之間，我們的保險免賠額總額為 2000 萬美元。此外，我們也希望收取業務中斷收益。我們已在 2025 年調整後 EBITDAre 指引中包含了約 900 萬美元的業務中斷收益，預計該收益將在上半年收到，但現在估計額外支付的時間或金額還為時過早。總體而言，我們估計颶風海倫和米爾頓對我們 2024 年的調整後 EBITDAre 產生了 1500 萬美元的負面影響。

Turning to capital allocation. In 2024, we completed $1.5 billion of acquisitions across four hotels, including the 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown, the 1 Hotel Central Park and the Ritz-Carlton Oahu, Turtle Bay. Thus far, our new acquisitions are performing in line with our underwriting expectations.

轉向資本配置。2024 年，我們完成了對四家酒店價值 15 億美元的收購，包括納許維爾 1 號酒店 (1 Hotel Nashville)、納許維爾市中心希爾頓逸林酒店 (Embassy Suites by Hilton Nashville Downtown)、中央公園 1 號酒店 (1 Hotel Central Park) 和歐胡島海龜灣麗思卡爾頓酒店 (Rahutle Bay)。到目前為止，我們新收購的表現符合我們的核保預期。

In addition to successfully allocating capital through acquisitions, we also returned capital to stockholders through share repurchases and dividends. In 2024, we repurchased 6.3 million shares at an average price of $16.99 per share for a total of $107 million. Since 2022, we have repurchased $315 million of stock at an average repurchase price of $16.27 per share, and we have $685 million of remaining capacity under our share repurchase program.

除了透過收購成功配置資本外，我們還透過股票回購和股利向股東返還資本。2024 年，我們以平均每股 16.99 美元的價格回購了 630 萬股，總計 1.07 億美元。自 2022 年以來，我們已以每股 16.27 美元的平均回購價格回購了 3.15 億美元的股票，我們的股票回購計劃下剩餘容量為 6.85 億美元。

In the fourth quarter, we declared a quarterly cash dividend of $0.20 per share and announced a special dividend of $0.10 per share, bringing the total dividends declared for the year to $0.90 per share. In total, we returned over $844 million of capital to stockholders in 2024.

第四季度，我們宣布每股 0.20 美元的季度現金股息，並宣布每股 0.10 美元的特別股息，使全年宣布的總股息達到每股 0.90 美元。整體而言，我們在 2024 年向股東返還了超過 8.44 億美元的資本。

Turning to portfolio reinvestment. In 2024, we invested nearly $550 million in capital expenditures and resiliency investments. We completed renovations to approximately 2,100 guestrooms; 213,000 square feet of meeting space; and approximately 93,000 square feet of public space. In addition, we completed the repositioning renovation at the Singer Oceanfront Resort, as well as made progress on the Hyatt Transformational Capital Program. We also completed vertical construction on the mid-rise condominium building at the Four Seasons Resort Orlando at Walt Disney World Resort, marking a significant milestone in the development. Sales efforts for the condos started in November of 2024, and we have deposits and purchase agreements for 14 of the 40 units.

轉向投資組合再投資。2024 年，我們在資本支出和彈性投資上投資了近 5.5 億美元。我們完成了約 2,100 間客房的翻新； 213,000 平方英尺的會議空間；以及約93,000平方英尺的公共空間。此外，我們也完成了辛格海濱度假村的重新定位翻新，並在凱悅轉型資本計畫方面取得了進展。我們也完成了華特迪士尼世界度假區奧蘭多四季度假飯店中層公寓大樓的垂直施工，標誌著該開發案的重要里程碑。該公寓的銷售工作於 2024 年 11 月開始，我們已為 40 個單元中的 14 個單元支付了定金並簽訂了購買協議。

In 2025, our capital expenditure guidance range is $580 million to $670 million, which includes between $70 million and $80 million for property damage reconstruction, the majority of which we expect to be covered by insurance. Our CapEx guidance also reflects approximately $270 million to $315 million of investment for redevelopment, repositioning, and ROI projects.

2025 年，我們的資本支出指引範圍為 5.8 億美元至 6.7 億美元，其中包括 7,000 萬至 8,000 萬美元用於財產損失重建，我們預計其中大部分將由保險承保。我們的資本支出指引也反映了對重建、重新定位和投資回報項目的約 2.7 億至 3.15 億美元的投資。

Within the Hyatt Transformational Capital Program, we expect to start renovations at the Hyatt Regency Washington on Capitol Hill, the Manchester Grand Hyatt San Diego, and the Hyatt Regency Austin. As a reminder, we expect to benefit from approximately $27 million of operating profit guarantees in 2025 related to the Hyatt Transformational Capital Program, which we expect will offset the majority of the EBITDA disruption at those properties.

在凱悅轉型資本計畫的框架內，我們預計將對國會山華盛頓凱悅酒店、聖地牙哥曼徹斯特君悅酒店和奧斯汀凱悅酒店進行翻新。提醒一下，我們預計將從 2025 年與凱悅轉型資本計劃相關的約 2700 萬美元的營業利潤保障中受益，我們預計這將抵消這些酒店的大部分 EBITDA 損失。

Other major ROI projects for 2025 include the construction of The Phoenician Canyon Suites villa expansion and the Don CeSar ballroom expansion, which we expect to complete in the fourth quarter of 2025. In addition to our capital expenditure investment, we expect to spend $75 million to $85 million on the condo development at the Four Seasons Resort Orlando at Walt Disney World Resort this year.

2025 年的其他主要 ROI 項目包括 Phoenician Canyon Suites 別墅擴建工程和 Don CeSar 宴會廳擴建工程，我們預計將於 2025 年第四季完工。除了資本支出投資外，我們預計今年還將投資 7,500 萬至 8,500 萬美元用於華特迪士尼世界度假區的奧蘭多四季度假村的公寓開發。

More broadly, we have completed 24 transformational renovations since 2018, which we believe will continue to provide meaningful tailwinds for our portfolio. Of the 16 hotels that have stabilized post renovation operations to date, the average RevPAR index share gain is over 7.5 points, which is well in excess of our targeted gain of 3 to 5 points.

更廣泛地說，自 2018 年以來，我們已經完成了 24 項轉型改造，我們相信這將繼續為我們的投資組合提供有意義的推動力。在目前已實現裝修後穩定營運的 16 家飯店中，平均 RevPAR 指數份額增益超過 7.5 個百分點，遠高於我們設定的 3 至 5 個百分點的增益目標。

We continued to be recognized as a global leader in corporate responsibility over the course of 2024. Last month, Host was named to Newsweek's list of America's Most Responsible Companies for the sixth year in a row. The annual ranking analyzes data from more than 2,000 of the largest public companies in the United States before selecting the most responsible. The final list for 2024 recognizes the top 600 most responsible companies spanning dozens of industries. Host landed at spot number 88 and is ranked number 4 in the real estate and housing industry.

2024 年，我們繼續被公認為企業責任領域的全球領導者。上個月，Host 連續第六年被《新聞周刊》評為美國最具責任感的公司。這項年度排名會分析美國 2,000 多家最大上市公司的數據，然後選出最具責任感的公司。2024 年的最終名單表彰了數十個行業的 600 家最具責任感的公司。Host 排名第 88 位，在房地產和住房行業排名第 4。

We also continued to make progress on our sustainability goals with four properties achieving LEED certification during the year, bringing the total to 20. Importantly, we achieved a new milestone in our sustainability efforts for renewable energy use and green building certifications, resulting in the maximum pricing benefit under our credit facility, which reduced the interest rate for the outstanding term loans by 5 basis points.

我們在永續發展目標方面也持續取得進展，今年有 4 個物業獲得 LEED 認證，使認證總數達到 20 處。重要的是，我們在再生能源使用和綠色建築認證的可持續發展努力中取得了新的里程碑，從而獲得了信貸安排下的最大定價優惠，將未償還定期貸款的利率降低了 5 個基點。

Wrapping up, we are proud of our accomplishments in 2024, including the iconic portfolio we have assembled and the investment-grade balance sheet we have maintained. We are encouraged by the state of travel, as affluent consumers continue to prioritize experiences, and the supply picture for our markets and chain scales remains below historical levels. We continue to believe that Host is well positioned due to our geographically diversified portfolio, our continued reinvestment in our assets and our fortress balance sheet, and we are confident in the opportunities for continued shareholder value creation in 2025.

總而言之，我們為 2024 年的成就感到自豪，包括我們組成的標誌性投資組合和維持的投資等級資產負債表。旅行狀況令我們感到鼓舞，因為富裕的消費者繼續優先考慮體驗，而且我們市場和連鎖規模的供應狀況仍低於歷史水平。我們仍然相信，憑藉我們地域多元化的投資組合、我們對資產的持續再投資以及我們穩健的資產負債表，Host 處於有利地位，並且我們對 2025 年繼續為股東創造價值的機會充滿信心。

With that, I will now turn the call over to Sourav.

說完這些，我現在將電話轉給索拉夫。

Thank you, Jim, and good morning, everyone. Building on Jim's comments, I will go into detail on our fourth quarter operations, full year 2025 guidance and our balance sheet.

謝謝你，吉姆，大家早安。基於吉姆的評論，我將詳細介紹我們第四季的營運狀況、2025 年全年指引和我們的資產負債表。

Starting with total revenue trends. Total RevPAR growth continued to outpace RevPAR growth as both group and transient guests maintained elevated levels of out-of-room spending.

從總收入趨勢開始。由於團體客人和臨時客人均維持較高的房外消費水平，總 RevPAR 增幅持續超過 RevPAR 增幅。

Comparable hotel, food and beverage revenue grew approximately 3% in the quarter, driven by 5% growth in resort outlet revenue per occupied room. Approximately half of the resort outlet revenue per occupied room growth came from Maui. It is worth noting that our newly repositioned Singer resort achieved a 50% increase in outlet revenue per occupied room compared to the pandemic highs, which were achieved in the fourth quarter of 2022. Banquet and catering revenue grew 2% in the fourth quarter as banquet contribution per group room night growth of 7% more than offset fewer group rooms sold year-over-year. Notable group strength at the Manchester Grand Hyatt San Diego, Orlando World Center, our Phoenix Resorts and the Four Seasons Orlando bolstered banquet revenue growth.

本季可比飯店、餐飲收入成長約 3%，這得益於度假村每間客房收入成長 5%。度假村門市每間客房收入成長中約有一半來自毛伊島。值得注意的是，我們重新定位的 Singer 度假村每間入住客房的門市收入與 2022 年第四季疫情期間的最高水準相比增長了 50%。第四季宴會和餐飲收入增加了 2%，因為每間團體客房晚數的宴會貢獻增加了 7%，超過了同比銷售的團體客房數量的減少。聖地牙哥曼徹斯特君悅酒店、奧蘭多世界中心、鳳凰城度假村和奧蘭多四季酒店的強勁集團實力推動了宴會收入的成長。

Other revenues grew 8% despite the expected moderation of attrition and cancellation revenues. Spa revenue was up 18%, driven by the newly expanded spa at the Ritz-Carlton, Amelia Island. Golf revenue was up 6% when adjusting for the operational change at the Ritz-Carlton Oahu, Turtle Bay. To put golf's lasting popularity into perspective, full year 2024 golf revenue was 70% above prepandemic levels.

儘管員工流失和取消收入預計將放緩，但其他收入仍增加了 8%。受阿米莉亞島麗思卡爾頓酒店水療中心新擴建的推動，水療中心收入增加了 18%。考慮到歐胡島海龜灣麗思卡爾頓酒店的營運變化，高爾夫收入增加了 6%。為了充分了解高爾夫運動的持久受歡迎程度，我們可以看看 2024 年全年高爾夫收入比疫情前高出 70%。

Shifting to room revenues. Overall, transient revenue was up by 8% compared to the fourth quarter of 2023, driven by improving leisure transient demand in Maui as well as strong rate growth across the portfolio. Looking at holidays in the fourth quarter, Thanksgiving RevPAR grew 8% and festive season RevPAR grew 12%, driven by Maui and the New York Marriott Marquis in both cases. Maui RevPAR for the festive season actualized 42% ahead of last year, which is further evidence of the meaningful leisure recovery that is beginning to take shape.

轉向客房收入。總體而言，由於毛伊島休閒短途需求的改善以及整個投資組合的費率強勁增長，短途收入與 2023 年第四季度相比增長了 8%。在縱觀第四季的假日期間，感恩節期間 RevPAR 成長了 8%，節日期間 RevPAR 成長了 12%，這都得益於毛伊島和紐約萬豪侯爵酒店的成長。毛伊島節日期間的 RevPAR 實際上比去年同期增長了 42%，這進一步證明了休閒業正在開始有意義的復甦。

Looking ahead to holidays in 2025, the Easter shift from late March to late April makes spring break comparisons difficult. Using the months of March and April combined as an indication, transient revenue pace is up approximately 4% compared to the same time last year.

展望 2025 年的假期，復活節從 3 月下旬移至 4 月下旬，這給春假的比較帶來了困難。以三月和四月的數據為例，短期收入速度比去年同期上漲了約4%。

Business transient revenue grew 6% versus the fourth quarter of 2023, driven primarily by rate growth, which is consistent with the trends we saw for the full year. In 2025, we expect further business transient in demand growth driven by large corporate accounts.

商業臨時收入與 2023 年第四季相比成長了 6%，這主要得益於費率成長，這與我們全年看到的趨勢一致。我們預計，到 2025 年，在大型企業帳戶的推動下，業務需求將進一步短暫成長。

Group room revenue in the fourth quarter was down 5% year-over-year due to expected tough comparisons, including APEC in San Francisco, and the recovery and relief group rooms in Maui last year. Outside of Maui, hotels in San Diego, New Orleans, San Antonio and Phoenix had the largest group revenue increases. Corporate groups continued to show strength with revenue up 6%, driven fairly evenly by room nights and rate.

由於預期的艱難比較，包括舊金山的 APEC 會議和去年毛伊島的恢復和救濟團體客房，第四季度團體客房收入較去年同期下降 5%。除毛伊島外，聖地牙哥、紐奧良、聖安東尼奧和鳳凰城的飯店團體收入增幅最大。企業集團持續展現強勁勢頭，營收成長 6%，主要得益於間夜量和房價。

Looking ahead to 2025, we have 3.2 million definite group room nights on the books, representing a 16% increase since the third quarter, putting us nearly 3% ahead of where we were this time last year. Total group revenue pace is up 5.6% over the same time last year, driven by widespread rate growth across the portfolio coupled with the demand growth. More specifically, we are seeing growth in San Francisco, San Antonio and New York. Notably, our San Francisco hotels booked over 70% more group rooms for 2025 in the fourth quarter versus the same time last year. We continue to be encouraged by the ongoing strength of group business as evidenced by strong portfolio pace as well as citywide room night pace in key markets such as San Francisco, San Antonio, New Orleans and Denver.

展望 2025 年，我們已預訂的團體認定間夜量為 320 萬間，較第三季成長 16%，較去年同期成長近 3%。受整個投資組合利率普遍上漲和需求成長的推動，集團總收入比去年同期成長了 5.6%。更具體地說，我們看到舊金山、聖安東尼奧和紐約的成長。值得注意的是，與去年同期相比，我們舊金山飯店第四季預訂的 2025 年團體客房數量增加了 70% 以上。我們繼續對團體業務的持續強勁增長感到鼓舞，這從舊金山、聖安東尼奧、新奧爾良和丹佛等主要市場的強勁投資組合速度以及全市客房夜數增長中可以看出。

Shifting gears to margins. Full year 2024 comparable hotel EBITDA margin of 29.2% was 60 basis points below 2023. The decrease was driven primarily by wages and benefits, fixed expense pressures as well as the impacts from Maui.

轉向利潤。2024 年全年可比飯店 EBITDA 利潤率為 29.2%，比 2023 年低 60 個基點。下降的主要原因是薪資和福利、固定支出壓力以及毛伊島的影響。

Turning to our outlook for 2025. The midpoint of our guidance contemplates a stable operating environment with a continued improvement in group business, a continued gradual recovery in business transient and steady leisure demand. We have assumed a gradual improvement at our Maui properties this year and the continuation of the international demand imbalance. At the low end of our guidance, we have assumed a slower recovery in Maui and the deterioration of the international demand imbalance. And at the high end, we have assumed a faster recovery at our Maui resorts and an improvement in the international demand imbalance.

展望 2025 年。我們預期的中間值是考慮穩定的營運環境，團體業務持續改善，業務瞬息萬變，休閒需求穩定。我們預計今年毛伊島的物業狀況將逐步改善，國際需求不平衡的情況將持續存在。在我們的預期低端，我們假設毛伊島的復甦將會放緩，國際需求不平衡將會惡化。在高端方面，我們預計毛伊島度假村的復甦速度將更快，國際需求不平衡的情況也將改善。

For full year 2025, we anticipate comparable hotel RevPAR growth of between 50 basis points and 2.5% over 2024. We expect comparable hotel EBITDA margins to be down 210 basis points year-over-year at the low end of our guidance to down 150 basis points at the high end.

對於 2025 年全年而言，我們預計同店可比飯店 RevPAR 將比 2024 年成長 50 個基點至 2.5%。我們預計，可比較飯店 EBITDA 利潤率將年減 210 個基點（最低指引值），最高指引值將下降 150 個基點。

In terms of RevPAR growth cadence for the year, we anticipate mid-single-digit growth in the first quarter with January comparable hotel RevPAR growth up 9.5%. For the remaining 3 quarters, we anticipate growth in the low single digits.

就全年 RevPAR 的成長節奏而言，我們預計第一季將實現中等個位數成長，1 月可比飯店 RevPAR 成長率達到 9.5%。對於剩下的 3 個季度，我們預計成長率將保持在個位數以下。

As a reminder, the second quarter faces difficult comparisons to 2024 as a result of the Easter holiday shift into April, and we have a lack of visibility into how the international travel imbalance will trend this summer.

提醒一下，由於復活節假期移至 4 月，第二季度與 2024 年相比很難進行比較，而且我們無法預測今年夏天國際旅行不平衡的趨勢。

At the midpoint of our guidance, we anticipate comparable hotel RevPAR growth of 1.5% compared to 2024 and the comparable hotel EBITDA margin of 27.5%, which is 180 basis points below 2024.

在我們的指導中點，我們預計可比飯店 RevPAR 將比 2024 年成長 1.5%，可比飯店 EBITDA 利潤率為 27.5%，比 2024 年低 180 個基點。

As we think about bridging our 2024 results to 2025, we estimate a 110 basis point impact to full year comparable hotel EBITDA margin from wage and benefit rate increases, a 40 basis point impact from lower business interruption proceeds and a 30 basis point impact from Maui operations given the onetime benefits in 2024.

當我們考慮將 2024 年的業績過渡到 2025 年時，我們估計工資和福利率上調將對全年可比較酒店 EBITDA 利潤率產生 110 個基點的影響，業務中斷收益減少將產生 40 個基點的影響，而考慮到 2024 年的一次性福利，毛伊島運營點的影響。

In 2025, we expect overall wage and benefit expenses to increase over 6%. For context, in 2024, overall wages and benefits grew 5.4% and comprised approximately 57% of our total hotel operating expenses.

2025年，我們預期整體薪資和福利支出將成長6%以上。具體來說，2024 年，整體薪資和福利成長 5.4%，約占我們飯店總營運費用的 57%。

Our 2025 full year adjusted EBITDAre midpoint is $1,620 million. On a year-over-year basis, this reflects an expected $140 million to $160 million headwind from wages and benefits, the Don CeSar, Maui, lower business interruption proceeds and lower interest income. It includes approximately $9 million of business interruption proceeds related to Hurricanes Helene and Milton, which we expect to receive in the first half of the year. It is important to note that we expect to receive additional business interruption proceeds for the Don CeSar, but it is still too early to estimate the timing and the amounts of any additional payments.

我們 2025 年全年調整後的 EBITDAre 中位數為 16.2 億美元。與去年同期相比，這反映了預計的 1.4 億至 1.6 億美元的工資和福利逆風、毛伊島的 Don CeSar、業務中斷收益減少和利息收入減少。其中包括與颶風海倫和米爾頓有關的約 900 萬美元的業務中斷收益，我們預計將在今年上半年收到這筆資金。值得注意的是，我們預計將收到 Don CeSar 的額外業務中斷收益，但現在估計任何額外付款的時間和金額還為時過早。

Our 2025 full year adjusted EBITDAre midpoint also includes $25 million of estimated EBITDA from the Four Seasons condo development, which we expect to recognize concurrent with condo sale closings in the fourth quarter and $24 million of restricted stock-based compensation, which we are adding back to adjusted EBITDAre beginning in 2025, consistent with industry practice.

我們 2025 年全年調整後 EBITDAre 中點還包括來自四季公寓開發項目的 2500 萬美元預計 EBITDA，我們預計將在第四季度與公寓銷售結束同時確認，以及 2400 萬美元的限制性股票薪酬，我們將從 2025 年開始將其加回到調整後的 EBITDAre 中，與行業慣例一致。

Lastly, our midpoint includes an estimated $3 million loss at the Don CeSar and an estimated $12 million contribution from operations at Alila Ventana Big Sur, both of which are excluded from our comparable hotel set in 2025.

最後，我們的中點包括 Don CeSar 的預計 300 萬美元損失和 Alila Ventana Big Sur 運營的預計 1200 萬美元貢獻，這兩家酒店均被排除在我們 2025 年的可比酒店組合之外。

Turning to our balance sheet and liquidity position. Our weighted average maturity is 5.2 years at a weighted average interest rate of 4.7%. We have a balanced maturity schedule with our next maturity of $500 million coming due in June of this year. We are closely monitoring the debt capital markets and we believe our balance sheet provides us with ample optionality and flexibility. We ended 2024 at a leverage ratio of 2.7 times, and we have $2.3 billion in total available liquidity, which includes $242 million of FF&E reserves and $1.5 billion of availability on our credit facility.

轉向我們的資產負債表和流動性狀況。我們的加權平均期限為 5.2 年，加權平均利率為 4.7%。我們有一個均衡的到期時間表，下一筆 5 億美元的到期債務將於今年 6 月到期。我們正在密切關注債務資本市場，我們相信我們的資產負債表為我們提供了充足的可選性和靈活性。截至 2024 年，我們的槓桿率為 2.7 倍，總可用流動資金為 23 億美元，其中包括 2.42 億美元的 FF&E 儲備金和 15 億美元的可用信貸額度。

Wrapping up, in January, we paid a quarterly cash dividend of $0.20 per share and a special dividend of $0.10, bringing the total dividends declared in 2024 to $0.90 per share. The Board of Directors authorized a quarterly cash dividend of $0.20 on our common stock to be paid on April 15, 2025, to stockholders of record on March 31, 2025. As always, future dividends are subject to approval by the company's Board of Directors.

總結一下，1 月我們支付了每股 0.20 美元的季度現金股息和 0.10 美元的特別股息，使 2024 年宣布的總股息達到每股 0.90 美元。董事會批准對普通股發放 0.20 美元的季度現金股息，於 2025 年 4 月 15 日支付給 2025 年 3 月 31 日登記在冊的股東。與往常一樣，未來的股利須經公司董事會批准。

To conclude, we are pleased with our achievements in 2024, and we believe our diversified portfolio and strong balance sheet leave us uniquely positioned to capitalize on opportunities in the future.

總而言之，我們對 2024 年的成就感到滿意，我們相信，多元化的投資組合和強勁的資產負債表使我們具有獨特的優勢，可以抓住未來的機會。

With that, we would be happy to take your questions. To ensure we have time to address as many questions as possible, please limit yourself to one question.

我們很樂意回答您的問題。為了確保我們有時間解答盡可能多的問題，請將問題限制在一個範圍內。

(Operator Instructions) Michael Bellisario, Baird.

（操作員指示）邁克爾貝利薩裡奧，貝爾德。

Just on your guidance, I know you mentioned Maui and across-border travel were kind of the high low sensitivities. But I guess, what else have you assumed at the high end, low end, just from a macro backdrop perspective? And then maybe, what have you derisked and where might we see upside materialize as the year progresses?

僅根據您的指導，我知道您提到毛伊島和跨境旅行具有較高的敏感度。但我想，從宏觀背景角度來看，您對高端和低端還假設了什麼？然後也許，您已經降低了哪些風險，隨著時間的推移，我們可能在哪些方面看到上行空間？

Sure. From a macro perspective, we have effectively worked on the best knowledge we have as of today in terms of GDP growth and nonresidential fixed investment. Obviously, that can change throughout the year, but it's just based on information -- best information available as of today.

當然。從宏觀角度來看，我們有效地運用了迄今為止在GDP成長和非住宅固定投資方面所掌握的最佳知識。顯然，這可能會在一年內發生變化，但這只是基於資訊——截至今天可獲得的最佳資訊。

In terms of where there could be upside, group is certainly strong, our group pace is very strong for the year. Our group rate is at 4% year-over-year. We already have 3.2 million group room nights, which is 2.7% better than last year from a pay standpoint. And our total group revenue pace was 5.6% versus last year. So we do expect that there could be further strengthening of group.

從可能的優勢來看，集團實力肯定很強，我們集團今年的步伐非常強勁。我們的團體利率年增了 4%。我們目前已有 320 萬個團體間夜，從薪資角度來看比去年成長了 2.7%。我們集團的整體營收比去年同期成長了 5.6%。因此我們確實預期集團能夠進一步加強。

Right now, the way it's pacing, our first quarter and the fourth quarter group pace are extremely strong. There certainly is room in the second and third quarter for in the year for the year bookings. And I would say, tied to the group pace, there is certainly potential in terms of driving more banquet and catering business. That's I think where the upside is on the group side.

現在，就節奏而言，我們第一節和第四節的集體節奏非常強勁。第二季和第三季的全年預訂肯定還有空間。我想說，與集團步伐相結合，在推動更多宴會和餐飲業務方面肯定具有潛力。我認為這就是集團方面的優勢。

On the business transient side, depending on business sentiment remaining strong for the remainder of the year, there certainly could be tailwinds that we see from the large corporations really traveling again an increase in BT volume.

從業務瞬態來看，如果商業信心在今年剩餘時間內保持強勁，我們肯定會看到大公司確實再次推動 BT 業務量的增加，從而帶來順風。

Smedes Rose, Citigroup.

花旗集團的 Smedes Rose。

I wanted to maybe ask you a little bit more about Maui. If you take out the business interruption insurance for '24, it looks like you came in at around $95 million. Could you just maybe kind of level set what you think the range is at the high and the low end could be for $95 million, and maybe other factors that might have positively impacted '24 that perhaps won't be repeated in '25?

我可能想多問您一些關於毛伊島的問題。如果您購買 24 年的營業中斷保險，那麼您的收入似乎約為 9,500 萬美元。您能否將範圍設定為最高和最低，可能是 9500 萬美元，也許還有其他因素可能會對 24 年產生積極影響，而這些因素可能不會在 25 年重演？

Yes. Smedes, I think that's a great question because there are a lot of moving pieces with respect to Maui. And I think Sourav has a bridge that we're prepared to talk through right now.

是的。斯梅德斯，我認為這是一個很好的問題，因為毛伊島有很多變動因素。我認為索拉夫已經搭建了一座橋樑，我們現在就準備好進行討論。

So going through the bridge, Smedes, you're right, it's about $97 million of EBITDA that we achieved in 2024, net of BI. Use that as a starting point, I would deduct about $17 million for nonrecurring relief and recovery rooms that we saw in 2024, also deduct about $8 million for onetime attrition and cancellation revenue that we received. So that brings your restated 2024 Maui EBITDA to $72 million. So that effectively excludes your onetime items. Now from that $72 million, you should deduct about $7 million for about a 7% increase in wage and benefits that we are seeing in 2025 versus 2024.

因此，透過橋樑，Smedes，您是對的，我們在 2024 年實現的 EBITDA 約為 9700 萬美元，扣除 BI。以此為起點，我將扣除我們在 2024 年看到的約 1700 萬美元的非經常性救濟和恢復室，還將扣除我們收到的約 800 萬美元的一次性人員流失和取消收入。因此，您重新申報的 2024 年毛伊島 EBITDA 達到 7,200 萬美元。這樣就有效地排除了您的一次性物品。現在從這 7,200 萬美元中，你應該扣除約 700 萬美元，這是因為我們看到 2025 年與 2024 年相比工資和福利增長了約 7%。

And then I would add about $15 million to $30 million estimate of improvement in operations. So that's where we are seeing actual improvement in operations. That would get you effectively to $80 million to $95 million for 2025. If you do the math, that's sort of the low to high.

然後我會加上大約 1500 萬到 3000 萬美元的營運改善預算。這就是我們看到的營運實際改善的地方。到 2025 年，這將有效幫助您獲得 8,000 萬至 9,500 萬美元的收入。如果你算一下，這就是從低到高的順序。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Jim, I guess if we look back in '24, obviously, leisure in Maui, we're kind of -- what caused you to be off versus initial? But if we think about group and BT a year ago and how they actualize. I mean is it fair to say both of those were better and you're starting from a fairly conservative point on those? And so just thinking about which parts of the business get better in '25 and leisure, Maui, especially getting better is really not something you're contemplating in guidance. But just kind of how '24 shook out versus initial on the group and BT?

吉姆，我想如果我們回顧 24 年，顯然，毛伊島的休閒活動，我們會有點——是什麼導致你與最初有所不同？但如果我們思考一下一年前的集團和 BT 以及它們是如何實現的。我的意思是，是否可以說這兩者都更好，並且你是從一個相當保守的角度出發的？因此，只考慮哪些業務部分會在 25 年變得更好，尤其是毛伊島的休閒業務會變得更好，這並不是您在指導中考慮的事情。但是，與最初相比，24 對集團和 BT 的影響如何？

Yes. Chris, BT is continuing a slow, steady climb. We saw a 6% increase in BT revenues last year. We anticipate that there could be some tailwind on the business transient side of the business. We have the big consulting companies and tech companies are getting back on the road.

是的。克里斯，英國電信 (BT) 正在繼續緩慢而穩定地攀升。去年，我們看到 BT 收入成長了 6%。我們預計，業務瞬態方面可能會出現一些順風。我們擁有大型顧問公司和科技公司，它們正在重回正軌。

And I think that's very positive. And it's obviously not something that you can forecast with any degree of certainty given the short-term nature of it. But businesses are back traveling. Businesses are back in the office in many instances. So we feel good about how BT performed in '24 and are optimistic with respect to how BT will perform in '25.

我認為這是非常積極的。而且鑑於其短期性，顯然你無法對此做出任何確定性的預測。但企業已恢復營業。在許多情況下，企業已恢復營業。因此，我們對 BT 在 24 年的表現感到滿意，並對 BT 在 25 年的表現感到樂觀。

The same on the group side of the business. And the piece of group that continues to perform exceptionally well is out of room spend. Banquet and catering revenues continue to climb to new highs. It's a testament to the affluent consumer who is booking the group business, particularly for incentive groups that they're not holding back on F&B offerings and AV offerings and the like and spend actually at the spa and the golf courses.

集團業務方面也是如此。而持續表現優異的那部分族群則沒有空間支出。宴會、餐飲收入不斷攀升。這表明預訂團體業務的富裕消費者，尤其是獎勵團體，不會抑制餐飲服務和視聽服務等，而是實際在水療中心和高爾夫球場消費。

So we feel good about how group is set up this year. We're ahead of where we were at the same time last year. And we have some room in a couple of quarters, as Sourav said, to really pick up some additional rooms in the year for the year or in the quarter for the quarter. So all in all, I think we feel good about BT and group.

因此，我們對今年的團隊組建感到滿意。我們比去年同期有所進步。正如索拉夫所說，在未來幾個季度裡，我們確實還有空間，可以在當年或當年季度增加一些額外的房間。總而言之，我認為我們對 BT 和集團感覺良好。

And the Maui situation, we feel -- obviously, it's a little too soon to really drill down on how it's going to perform this year, but I will tell you we had an incredible festive season at our Maui resorts. And as you know, Chris, from your visit to the island, our properties are in terrific shape. And we're optimistic going forward that we're going to continue to see business come back to Maui.

就毛伊島的情況而言，我們認為——顯然，現在深入探討今年的表現還為時過早，但我可以告訴你們，我們在毛伊島的度假村度過了一個令人難以置信的節日。克里斯，正如您所知，從您訪問島嶼以來，我們的財產狀況非常好。我們非常樂觀地認為未來我們將繼續看到業務重返毛伊島。

It's going to take a little bit of time for incentive group to come back only because there's a 6-plus month booking window to get that type of business on the books. And as you know, Maui just recently reopened for business in the last quarter or so. And we're starting to see meeting planners visit the island and come away very optimistically.

獎勵旅遊團體需要一點時間才能回歸，因為需要 6 個多月的預訂窗口期才能將這類業務納入帳目。如您所知，毛伊島剛剛在上個季度左右重新開放。我們開始看到會議策劃者造訪島嶼並感到十分樂觀。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

I wanted to go back to a release a while back regarding selling some noncore assets. And I think we've had a little more debate around how fertile the asset trading market is going to be right now. How should we think about that? I know there isn't a specific timing on it, but just a commitment to do so and whatever updated thoughts?

我想回顧一下之前發布的關於出售一些非核心資產的公告。我認為我們就資產交易市場現在的活躍程度進行了更多的討論。我們該如何思考這個問題？我知道這沒有具體的時間安排，但只是承諾這樣做，還有什麼更新的想法？

Well, David, the release was a rumor that one of the online services published. I think that article indicated that we had hired an adviser to assist us in the sale of a portfolio of hotels. In fact, we did not hire an adviser. And we always test the market with different groups of assets to see what sort of pricing might be available to us.

嗯，大衛，這個消息只是某個線上服務發布的謠言。我認為那篇文章表明我們已經聘請了一位顧問來協助我們出售一系列酒店。事實上，我們並沒有聘請顧問。我們總是用不同的資產組來測試市場，看看我們能得到什麼樣的定價。

Let me level set and say that we're very, very comfortable with the portfolio that we have today. It's in great physical condition. We continue to invest in our assets. We're continuing to pick up significant share gains on the 24 transformational renovations that we completed, we're almost 8 points ahead in yield index relative to underwriting of 3 to 5 points.

讓我客觀地說，我們對目前的投資組合非常非常滿意。它的身體狀況非常好。我們繼續投資我們的資產。我們已完成 24 項轉型改造，並繼續獲得顯著的份額增長，收益率指數相對於承保 3 到 5 個百分點領先近 8 個百分點。

So Host is in a unique position where if we have an opportunity to sell something that we feel is good value for our shareholders, we will, but we're certainly under no compulsion to do so. And that's how we will continue to approach the markets.

因此，Host 處於一個獨特的地位，如果我們有機會出售我們認為對股東有價值的東西，我們就會這麼做，但我們絕對沒有義務這麼做。這就是我們將繼續採用的方式進入市場。

With respect to the transaction market generally, there is -- it hasn't opened up as much as I think a lot of us thought that it would. I think we're still seeing a bit of a damper given where the 10-year treasury is trading right now, and there is still a fairly wide bid-ask spread between sellers and buyers, particularly with respect to sellers who don't have to sell. So that is actually good for us, given our balance sheet and the liquidity that we have. If we were to see an opportunity in the marketplace that made sense for us, we certainly could transact.

就整體交易市場而言，我認為它的開放程度還沒有我們很多人想像的那麼大。我認為，考慮到目前 10 年期國債的交易情況，我們仍然看到了一些抑制因素，並且賣家和買家之間的買賣價差仍然很大，特別是對於不必出售的賣家而言。考慮到我們的資產負債表和流動性，這實際上對我們來說是有利的。如果我們看到市場上有一個對我們有意義的機會，我們當然可以進行交易。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

And sorry, I missed Hawaii. I was in the middle of our other earnings season. But so look, 4Q surprised positively.

很抱歉，我錯過了夏威夷。我當時正處於另一個獲利季節。但這樣看，第四季的表現令人驚喜。

We could do it again, Duane, that's all right.

我們可以再做一次，杜安，沒關係。

Great. Let's talk about that offline. I might take you up on that. So look, 4Q surprised positively, 1Q is surprising positively from a topline perspective, at least relative to our estimates. And it looks like your guidance assumes meaningful decel that you don't actually see.

偉大的。我們線下再討論吧。我可能會接受你的建議。所以看起來，第四季的業績令人驚喜，從營收角度來看，第一季的業績也令人驚喜，至少相對於我們的估計是如此。並且看起來您的指導假設了您實際上沒有看到的有意義的減速。

So maybe you could just comment on that. Do you actually see this decel or you don't see it yet? It might happen, it might not happen, it might happen?

所以也許您可以對此發表評論。您確實看到了這個減速嗎，或者您還沒有看到它嗎？可能會發生，可能不會發生，還是可能會發生？

And then if RevPAR growth does play out better, can you just help us think about how we should think about flow through to the bottom line? How have you positioned your portfolio for flow-through to the bottom line if the top line actually does play out better?

如果 RevPAR 成長確實表現較好，您能否幫助我們思考我們應該如何考慮流入底線的問題？如果營收確實表現較好，您如何定位您的投資組合，以便將利潤傳導至利潤？

Yes. I'll take the first part of the question, and then I'll let Sourav address flow-through. It's early in the year from a guidance perspective. And I think we really want to sit back and see how Maui recovers and also see if there is a shift either way in the international outbound-inbound demand imbalance. So our midpoint assumes that the Maui bridge that Sourav laid out have $15 million to $30 million improvement in operations over the last year after you wash out the onetime events.

是的。我將回答問題的第一部分，然後讓 Sourav 解決流通問題。從指導角度來看，現在還處於年初。我認為我們真的想坐下來看看毛伊島如何復甦，看看國際出入境需求不平衡是否會轉變。因此，我們的中點假設，在消除一次性事件的影響後，索拉夫設計的毛伊大橋在去年的營運中將獲得 1500 萬至 3000 萬美元的改善。

And our assumptions regarding international inbound at the midpoint assumes that it remains static where it is today, which is basically 125% international outbound flights over 94% of international inbound. And that actually -- that statistic actually weakened a bit from the last quarter. We were at 120% in the last quarter. So we're still seeing the affluent American consumers wanting to travel to Europe and elsewhere.

我們對中間點國際入境航班的假設是，它保持在今天的水平，基本上是 125% 的國際出站航班和 94% 的國際入境航班。事實上 — — 該統計數據實際上比上一季略有減弱。上個季度我們的成長率達到了 120%。因此，我們仍然看到富裕的美國消費者想要前往歐洲和其他地方旅遊。

So we felt that it was prudent to just be thoughtful about those two drivers of our forecast. And as we see the year evolve, we will address it accordingly. So I don't want to beat a dead horse on our comfort level with how group is set up and how BT is set up, but you'll note that I don't talk -- we don't talk about those when it comes to the drivers of our range of RevPAR guidance and total RevPAR guidance for the year.

因此，我們認為，謹慎考慮影響我們預測的這兩個驅動因素是明智的。隨著時間的演變，我們也會相應地解決它。因此，我不想在我們對集團設置方式和 BT 設置方式的熟悉程度上重複老生常談，但您會注意到，當談到我們全年 RevPAR 指導範圍和總 RevPAR 指導的驅動因素時，我們不會談論這些。

Yes. And to that, I will also add. In January, we achieved RevPAR of 9.5%. Remember, we do have a meaningful presence in DC and inauguration really helped January and DC was up 77%. So when you actually take D.C. out, January was up 6%. So obviously, a meaningful delta. And then as I spoke to earlier, our pace was set up really well.

是的。對此，我還要補充一點。一月份，我們的 RevPAR 達到了 9.5%。請記住，我們確實在華盛頓特區有著重要的存在，就職典禮確實對一月份起到了幫助，華盛頓特區的銷售額增長了 77%。因此，如果實際上除去華盛頓特區，一月則上漲了 6%。顯然，這是一個有意義的增量。然後正如我之前所說的那樣，我們的步伐設定得非常好。

Group pace was very much Q1 loaded. And also think about sort of the Easter shift that's taking place, so Q1 will perform better and Q2 is going to be challenged with Easter being in late April in addition to all the things that Jim mentioned.

團體速度主要受 Q1 影響。也要考慮正在發生的復活節轉變，因此第一季的表現會更好，而第二季將面臨挑戰，因為除了 Jim 提到的所有事情之外，復活節是在四月下旬。

From a flow-through standpoint, the way to think about it is at the midpoint of our guidance at 1.5% RevPAR growth, our total expense, hotel expense growth is 4.3%, and that accounts for the BI delta between the two years or the $31 million delta between 2024 and '25, because remember, we had about $40 million of business interruption proceeds in '24, and we are -- in our current guidance have $9 million for 2025. So that's obviously getting impacted because that shows up as a contract expense in our income statement.

從流通的角度來看，思考的方式是處於我們指導的中間點，即 RevPAR 增長率為 1.5%，我們的總費用、酒店費用增長率為 4.3%，這解釋了兩年之間的 BI 差異或 2024 年至 2025 年之間的 3100 萬美元差異，因為請記住，我們在 240 萬美元的企業中獲得了價值美元。所以這顯然會受到影響，因為這在我們的損益表中顯示為合約費用。

So if you adjust for BI, then the total hotel expense growth is only 3.7% despite the wage and benefit growth that we talked about being just over 6% for the portfolio. So in other words, if you do the math, if you're including the BIPs, if we get to a 4.3% RevPAR growth, then you would effectively breakeven on the margin front. And if you want to exclude the BI, then all you need is 3.7% of RevPAR growth to breakeven. Hopefully, that helps.

因此，如果根據 BI 進行調整，那麼儘管我們談到的投資組合的工資和福利增長率剛好超過 6%，但酒店總費用增長率僅為 3.7%。換句話說，如果你算一下，如果包括 BIP，如果我們達到 4.3% 的 RevPAR 成長，那麼你就可以在利潤方面有效實現收支平衡。而如果您想排除 BI，那麼您只需要 3.7% 的 RevPAR 成長即可達到收支平衡。希望這能有所幫助。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Jim, how are you thinking about labor availability today given some of the rhetoric coming out of the current administration? And then maybe more broadly, can you speak to some of the tools that your operators have available to mitigate labor-related challenges going forward from here?

吉姆，考慮到現任政府的一些言論，您如何看待目前的勞動力供應？然後也許更廣泛地說，您能否談談您的運營商可以使用哪些工具來緩解未來與勞動力相關的挑戰？

Sure, Chris. I think we're positioned very well on the labor front, given that we have two of the best-in-class managers running most of our hotels in Marriott and Hyatt. And we have not heard of any concerns across the portfolio with respect to availability of labor. Both Marriott and Hyatt are companies where people want to go to work if they want a career in hospitality. And we always want to make certain that we have the best and the most capable people at each of our properties.

當然，克里斯。我認為我們在勞動力方面處於非常有利的地位，因為我們擁有兩位最優秀的經理來管理萬豪和凱悅的大多數酒店。而且我們還沒有聽到投資組合中存在任何有關勞動力供應方面的擔憂。如果人們想從事酒店業，萬豪和凱悅都是他們想去的公司。我們始終希望確保我們的每家酒店都擁有最優秀、最有能力的員工。

And we've worked closely with our managers over the years to make certain that, that is the case. So no concern on the labor front.

多年來，我們一直與我們的管理人員密切合作，以確保情況確實如此。因此，勞動力方面無需擔心。

With respect to productivity enhancements, I'll let Sourav talk a little bit about how we view productivity. But one of the really interesting things that is starting to evolve and I think it can be exciting going forward is the use of artificial intelligence to assist customers at the hotels to book out of room spend, whether it's outlet revenue, whether it's spa, whether it's golf, whether it's experiences off property. And that just further leverages the labor force that we have in place.

關於提高生產力，我想讓索拉夫稍微談談我們如何看待生產力。但真正有趣的事情之一正在開始發展，而且我認為未來會令人興奮，那就是使用人工智慧來幫助飯店顧客預訂客房消費，無論是門市收入，還是水療中心、高爾夫，還是場外體驗。這進一步充分利用了我們現有的勞動力。

So I think there are a lot of good things to come. We continue to talk about total RevPAR. The total RevPAR is very important to the Host portfolio. We have about 40% of our revenues this year that are going to be non-rooms revenues. And while we don't necessarily make the same margin on non-room revenues, $1 of EBITDA is $1 of EBITDA.

所以我認為未來還會有很多好事發生。我們繼續討論總 RevPAR。總 RevPAR 對 Host 投資組合來說非常重要。我們今年約 40% 的收入來自非客房收入。儘管我們在非客房收入上獲得的利潤率不一定相同，但 1 美元的 EBITDA 就是 1 美元的 EBITDA。

So we will push hard to continue to make that happen.

因此，我們會繼續努力，實現這一目標。

On the productivity side, I would just say that obviously, the major managers have really strong tools. Marriott, for example, uses Atlas. And the focus really is making sure that they are utilizing best-in-class labor standards as they figure out scheduling and tying that appropriately with the forecast that we have for the property, and that's how we can drive productivity. And I would say they use a multitude of tools to also attract and retain talent, which has never really been a challenge, as Jim said, for our major managers.

在生產力方面，我只想說，顯然主要管理人員擁有非常強大的工具。例如，萬豪 (Marriott) 使用 Atlas。真正的重點是確保他們在製定日程安排時採用一流的勞動力標準，並將其與我們對房產的預測進行適當的結合，這樣我們才能提高生產力。我想說他們使用多種工具來吸引和留住人才，正如吉姆所說，對於我們的主要經理來說，這從來都不是一個真正的挑戰。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

Just to clarify, the $25 million in condo sales proceeds. Are you including in guidance just the condos for which you have deposits or in other words, could there be upside to that? And also, I apologize if you've said this already, we have so many companies reporting today. Did you say what you're expecting the corporate negotiated rate increase to be for '25?

需要澄清的是，公寓銷售收益為 2,500 萬美元。您的指導中是否只包括您有存款的公寓，或者換句話說，這樣做是否有好處？另外，如果您已經這麼說了，我很抱歉，因為今天我們有太多公司要報告。您是否說過，您預期 25 年企業協商利率會上漲多少？

Sure. On the condo sales, Robin we are assuming more right now than the 14 deposits that we have already received. And that's an assumption that we're making as we go through the year. We expect to grow -- or I should say, get deposits on more condos, but it is right now, the guidance includes more than the 14 condos that we have received deposits on.

當然。關於公寓銷售，羅賓，我們目前假設收到的訂金將超過 14 筆。這是我們在這一年中所做的假設。我們預計會成長——或者我應該說，會收到更多公寓的押金，但目前，預期數字包括我們已經收到的 14 套以上的公寓押金。

The other thing I will say is I would not expect any EBITDA from the condo until the fourth quarter of this year. Just keep that in mind because we actually have to hand over the keys to the owners before we can recognize the revenue from the sales.

我要說的另一件事是，我預計公寓在今年第四季之前不會產生任何 EBITDA。請記住這一點，因為我們必須先將鑰匙交給業主，然後才能確認銷售收入。

And then your next question in terms of sort of negotiated rates. I'm sure you heard sort of Marriott's call, it's effectively close to the mid-single-digit number.

然後您的下一個問題是關於協商利率的。我相信您聽到了萬豪的電話，它實際上接近中等個位數。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO資本市場。

You previously noted that group will take longer to recover in Maui. Just curious what your expectations are around that for 2025 and if you're starting to see that pick up for 2026? And then maybe just from a bridging standpoint as it relates to Maui, do some of the wage headwinds that you're seeing impact that $175 million or some number? Or does that come down a little bit?

您之前曾指出，該團體在毛伊島的恢復時間會更長。只是好奇您對 2025 年的預期是什麼，以及您是否開始看到 2026 年出現回升？然後也許只是從與毛伊島相關的過渡角度來看，您所看到的一些薪資阻力是否會影響 1.75 億美元或某個數字？或者說會下降一點嗎？

Sorry, say the last part of your question again, Aryeh. Which number came down?

抱歉，阿里耶，請再說一次你問題的最後部分。哪一個數字下降了？

Just in terms of the ultimate recovery number getting back to where it was, I think it was around $175 million. So you had around $80 million gap to make up. Does that come down a little bit as you think about the potential opportunity given higher wage costs?

就最終的回收金額而言，我認為約為 1.75 億美元。所以你需要彌補大約 8000 萬美元的缺口。如果您考慮到薪資成本上升帶來的潛在機會，那麼這個數字是否會下降？

Over time, I think there is still potential to get back to the $172 million for sure. It's right before the fire, Maui was doing extremely well and given what we have invested in the assets in Maui, we certainly feel there is potential to grab more share. And we are pretty confident we can still get back to the $172 million that we had spoken about in earlier calls. It's just a matter of sort of when we get to that point.

隨著時間的推移，我認為仍然有潛力回到 1.72 億美元。在火災發生之前，毛伊島的經營狀況非常好，考慮到我們在毛伊島的資產投資，我們當然覺得有潛力獲得更多的份額。我們非常有信心，我們仍然可以回到先前電話會議中談到的 1.72 億美元目標。這只是我們何時到達那個點的問題。

And then in terms of -- sorry. On Maui's group. And I did want to mention quickly on -- we are definitely seeing group picking up for Maui. It is encouraging to see not only in the year for the year group pickup, but also '26 and beyond and certainly seeing more activity than earlier. As a matter of fact, we picked up a meaningful amount of group room nights in the fourth quarter for 2025 and encouraging signs in January as well.

然後就--抱歉。在毛伊 (Maui) 的小組中。我確實想快速提一下——我們確實看到了團體對毛伊島的青睞。令人鼓舞的是，不僅看到今年年級學生人數有所回升，而且看到26年及以後的學生人數也比以前有所增加。事實上，我們在 2025 年第四季獲得了大量團體間夜，並且在 1 月也出現了令人鼓舞的跡象。

Jay Kornreich, Wedbush Securities.

韋德布什證券公司的傑伊‧科恩賴希 (Jay Kornreich)

Just curious about how you're thinking about deploying capital at this point in 2024. You put a significant amount in acquisitions, buying back stock, internal ROI projects. So just curious about how you're thinking about capital deployment in 2025.

只是好奇您在 2024 年這個時候是如何考慮部署資本的。您在收購、回購股票和內部投資回報項目上投入了大量資金。所以我很好奇你對 2025 年的資本部署有何看法。

Sure, Jay. I would say, think about it from an opportunistic perspective. And the fact that we are sitting here with an investment-grade balance sheet at 2.7 times leverage gives us a lot of flexibility to deploy capital across a number of different areas, including buying back stock, including additional acquisitions if something presented that made sense to us, and continue to invest in our portfolio. And we have seen very, very good results from both the Marriott Transformational Capital Program and the other eight assets that we repositioned with transformational renovations. And we're focused this year on the Hyatt Transformational Capital Program.

當然，傑伊。我想說，從機會主義的角度來思考這個問題。事實上，我們目前的資產負債表處於投資等級，槓桿率為 2.7 倍，這讓我們擁有很大的靈活性，可以在多個不同領域部署資本，包括回購股票、進行額外收購（如果出現對我們有意義的情況）以及繼續投資於我們的投資組合。我們從萬豪轉型資本計畫和其他透過轉型改造重新定位的八項資產中看到了非常非常好的成果。我們今年的重點是凱悅轉型資本計畫。

We're excited about that. We have a number of projects that we're going to start in '25, including the Manchester Grand Hyatt, the Hyatt Regency in Austin and the Hyatt Regency on Capitol Hill. The Grand Hyatt in Washington, DC will be completing this year. So as we think about deploying capital into our assets, there are other properties that we think could pick up meaningful market share if we were to reposition them.

我們對此感到非常興奮。我們有許多計畫將於25年啟動，包括曼徹斯特君悅酒店、奧斯汀凱悅酒店和國會山莊凱悅酒店。華盛頓特區的君悅酒店將於今年完工。因此，當我們考慮將資本部署到我們的資產時，我們認為，如果我們重新定位其他資產，它們也可以獲得有意義的市場份額。

So we continue to have conversations with our brand partners along those lines. And we think that's a good place to put some money to work.

因此，我們繼續與我們的品牌合作夥伴就此進行對話。我們認為這是一個投資的好地方。

Floris Van Dijkum, Compass Point.

弗洛里斯·範·迪庫姆 (Floris Van Dijkum)，Compass Point。

Just a quick question. Could you remind us, you ended the year -- I think your full year occupancy was 67.5% for your domestic portfolio. What was it for at the peak for a year? And could you distinguish between resorts and urban hotels in particular, what the deltas are potentially for -- to get back to peak occupancy?

這只是一個簡單的問題。您能否提醒我們，截至今年年底—我認為您國內投資組合的全年入住率為 67.5%。巔峰期待了一年幹什麼？您能否特別區分度假村和城市酒店，差異的潛在目的是什麼——以恢復到高峰入住率？

I can tell you what it is in terms of the portfolio. We'll have to get back to you specifically on the delta for resorts versus urban. There is still an 8-point occupancy gap to peak for us right now. And expectation for this year in terms of occupancy is pretty similar to 2024.

我可以告訴你投資組合的情況。我們必須具體回覆您有關度假村與城市的差異問題。目前，我們與峰值佔用率之間仍有 8 個百分點的差距。預計今年的入住率與 2024 年相當。

Smedes Rose, Citigroup.

花旗集團的 Smedes Rose。

I just wanted to follow up maybe on capital deployment. And obviously, forecasts are going to go down for '25 based on your updated guidance versus what was out there on consensus. But even lowering those forecast, I mean, it looks, at least to us, that, I mean the stock is trading at like, I don't know, 10 times, 10.5 times EBITDA, cap rate is pretty high relative to certainly what we see in the private market for those transactions that are available or to be seen. What is the argument for not having a more sort of holistic approach to buying back your own stock here? And you've talked about being opportunistic, but I mean, it's very difficult to predict your own share price.

我只是想跟進一下資本部署的情況。顯然，根據您更新的指導意見與普遍共識相比，25 年的預測將會下降。但即使降低這些預測，至少對我們來說，股票交易價格是 EBITDA 的 10 倍或 10.5 倍，相對於我們在私人市場上看到的那些可用或可見的交易，資本化率是相當高的。沒有採取更全面的方法回購自己的股票的理由是什麼？您談到了機會主義，但我的意思是，預測自己的股價是非常困難的。

So why not just sort assign a certain amount of capital on a quarterly basis to bring down your share count here and be buying at what looked like fairly compelling valuations?

那麼，為什麼不按季度分配一定數量的資本來降低這裡的股票數量，然後以看起來相當有吸引力估值進行買入呢？

Smedes, I agree with you that the stock is underpriced, and it's a good value. And as we look at our capital allocation opportunities across the board, stock buybacks will certainly be one of them. But in terms of -- if you're suggesting some sort of programmatic plan to buy back stock, that's not something we're in favor of doing. I mean, we have to keep one eye on operations and what's happening at our properties, one eye on the balance sheet as well. So the investment-grade balance sheet is sacrosanct to us.

Smedes，我同意你的觀點，該股票價格被低估，而且價值不錯。當我們全面審視資本配置機會時，股票回購肯定是其中之一。但就——如果你建議採取某種程序性計畫來回購股票，那是我們不支持的。我的意思是，我們必須一邊關注營運和我們的財產狀況，一邊關注資產負債表。因此，投資等級資產負債表對我們來說是神聖不可侵犯的。

But at the time that we can buy back shares, we proved to you and to the Street that we will buy back shares. The fourth quarter, we would have bought back stock given where it traded, but unfortunately, we went into black out. And we're in blackout today as a good example because we haven't filed our 10-K. So there are moments in time where you will see us buy back stock, and there are other points in time where, for whatever reason, we won't be able to.

但是在我們可以回購股票的時候，我們向您和華爾街證明我們將回購股票。第四季度，根據股票交易情況，我們本應回購股票，但不幸的是，我們陷入了停牌。一個很好的例子就是我們今天處於停電狀態，因為我們還沒有提交 10-K 表。因此，有些時候我們會看到回購股票，而有些時候，無論出於何種原因，我們都無法回購股票。

And that concludes our Q&A session. I will now turn the conference back over to Jim Risoleo for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Jim Risoleo，請他致閉幕詞。

Well, thank you for joining us today. We really appreciate the opportunity to discuss our quarterly results and our 2025 outlook with you. And I'm sure I'll see many of you at conferences in the coming weeks and months. Have a good day.

好吧，感謝您今天加入我們。我們非常感謝有機會與您討論我們的季度業績和 2025 年展望。我相信在未來幾週和幾個月裡我會在會議上見到你們中的許多人。祝你有美好的一天。

And this concludes today's conference call. Thank you for your participation. 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。