Host Hotels & Resorts Inc (HST) 2025 Q1 法說會逐字稿

Good morning and welcome to the Host Hotels & Resorts first-quarter 2025 earnings conference call. Today's call is being recorded.

早安，歡迎參加 Host Hotels & Resorts 2025 年第一季財報電話會議。今天的通話正在錄音。

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.

謝謝大家，早安。

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.

在我們開始之前，請注意，根據聯邦證券法，今天發表的許多評論被視為前瞻性陳述。正如我們向美國證券交易委員會提交的文件中所述，這些聲明受到眾多風險和不確定性的影響，可能導致未來的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。

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 in our 8-K filed with the SEC and in the supplemental financial information on our website at hosthotels.com.

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。您可以在我們向美國證券交易委員會 (SEC) 提交的 8-K 表格中的昨天收益新聞稿以及我們網站 hosthotels.com 上的補充財務資訊中找到此資訊以及與最直接可比較的 GAAP 資訊的對帳。

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

和我一起參加今天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.

謝謝你，Jaime，也謝謝大家今天早上加入我們。

In the first quarter, we delivered adjusted EBITDAre of $514 million, an increase of 5.1% over last year, and adjusted FFO per share of $0.64, an increase of 4.9% over last year. First quarter adjusted EBITDAre and adjusted FFO per share benefited from $10 million of business interruption proceeds related to Hurricanes Helene and Milton, which is the same amount we recognized in the first quarter of 2024 related to Hurricane Ian.

第一季度，我們的調整後息稅折舊攤銷前利潤 (EBITDAre) 為 5.14 億美元，較去年同期成長 5.1%；調整後每股 FFO 為 0.64 美元，較去年同期成長 4.9%。第一季調整後的 EBITDAre 和調整後的每股 FFO 受益於與颶風海倫和米爾頓相關的 1000 萬美元業務中斷收益，這與我們在 2024 年第一季確認的與颶風伊恩相關的金額相同。

Comparable hotel total RevPAR improved 5.8% compared to the first quarter of 2024, and comparable hotel RevPAR improved 7%, driven by strong rate growth. Comparable hotel EBITDA margin improved by 30 basis points year over year to 31.8% as revenue growth outpaced the expenses due to higher rates.

與 2024 年第一季相比，可比飯店總 RevPAR 成長了 5.8%，受強勁房價成長的推動，可比飯店 RevPAR 成長了 7%。由於房價上漲導致營收成長超過支出成長，可比飯店 EBITDA 利潤率年增 30 個基點至 31.8%。

As a reminder, the operational results discussed today refer to our 79-hotel comparable portfolio in 2025, which excludes the Alila Ventana Big Sur and the Don CeSar. Additionally, this quarter, we are referring to revenue growth for our business mix segments as RevPAR growth due to the leap year in 2024.

提醒一下，今天討論的營運結果是指我們 2025 年的 79 家酒店可比投資組合，其中不包括 Alila Ventana Big Sur 和 Don CeSar。此外，本季度，由於 2024 年是閏年，我們將業務組合部門的營收成長稱為 RevPAR 成長。

Turning to business mix, RevPAR growth in the first quarter was better than expected, driven by increases in room rates. We saw particularly strong performance in Washington DC, New York, New Orleans, Los Angeles, and Maui. Transient RevPAR grew by 6%, driven by resorts, which benefited from a late Easter. Our three Maui resorts accounted for almost half of the transient RevPAR growth in the quarter, alongside strong performance in New York and Los Angeles.

從業務組合來看，受房價上漲的推動，第一季 RevPAR 成長優於預期。我們看到華盛頓特區、紐約、紐奧良、洛杉磯和毛伊島的表現特別強勁。受復活節較晚到來的推動，短期可用客房收入 (RevPAR) 增加了 6%。我們的三個毛伊島度假村佔本季臨時 RevPAR 成長的近一半，同時紐約和洛杉磯的表現也十分出色。

Digging deeper into Maui, the leisure transient recovery continued, driving Maui's strong results in the first quarter. Transient rooms sold were up approximately 70% year over year. Growth in revenues from transient guests more than offset declines from tough group comparisons in the first quarter of 2024, which included revenue from recovery and relief groups, as well as elevated group cancellation revenue.

深入研究毛伊島，休閒瞬時復甦持續進行，推動毛伊島第一季業績強勁。銷售的臨時客房數量年增約 70%。2024 年第一季度，來自臨時客人的收入成長遠遠抵消了與嚴格團體比較的下降，其中包括來自恢復和救援團體的收入，以及增加的團體取消收入。

Maui's 16% RevPAR growth in the first quarter provided a 70 basis points benefit to portfolio RevPAR growth. Total RevPAR at our three Maui resorts was also up nearly 7% due to strong outlet growth and increases in golf and spa revenue, despite collecting $8 million in attrition and cancellation revenue last year. Taken together, we are encouraged that the recovery is well underway in Maui.

毛伊島第一季的 RevPAR 成長了 16%，為投資組合 RevPAR 的成長帶來了 70 個基點的收益。儘管去年我們的三家毛伊島度假村的流失和取消收入為 800 萬美元，但由於門市數量強勁增長以及高爾夫和水療收入增加，總 RevPAR 也上漲了近 7%。總體而言，我們很高興看到毛伊島的恢復工作進展順利。

Business transient RevPAR grew 2%, driven by rate growth, as we saw a favorable market mix and a continued shift from government to corporate negotiated customers in the first quarter. Group RevPAR for the quarter was up 7% year over year as special events, the Easter holiday shift, and strong corporate group bookings in major markets drove group rate growth.

由於第一季市場組合良好，且客戶繼續從政府轉向企業協商客戶，受房價成長的推動，商務臨時 RevPAR 成長了 2%。由於特殊活動、復活節假期轉變以及主要市場的強勁企業團體預訂推動了團體價格的成長，本季團體 RevPAR 較去年同期成長 7%。

Our property sold $1.1 million group room nights in the first quarter, bringing our definite group room nights on the books for 2025 to $3.6 million, or 85% of comparable full-year 2024 group room nights. And total group revenue pace is up 3.3% to the same time last year.

我們飯店在第一季售出了價值 110 萬美元的團體間夜量，使得 2025 年預訂的確定團體間夜量達到 360 萬美元，相當於 2024 年全年團體間夜量的 85%。集團總收入比去年同期成長了 3.3%。

Turning to ancillary spend. RevPAR growth outpaced total RevPAR growth in the first quarter. Rate growth achieved around special events such as the inauguration and the Super Bowl drove outsized RevPAR growth in the first quarter, while the decline in attrition and cancellation revenue due to Maui's tough comparison muted total RevPAR growth. Despite a challenging comparison, we still saw solid growth in food and beverage and other revenues.

轉向輔助支出。第一季度，每間可用客房收入 (RevPAR) 的成長速度超過了總每間可用客房收入 (RevPAR) 的成長速度。就職典禮和超級盃等特殊活動期間實現的房價成長推動了第一季度 RevPAR 的大幅成長，而由於毛伊島的艱難比較導致的流失和取消收入的下降抑制了總 RevPAR 的成長。儘管比較起來很有挑戰性，但我們仍然看到食品、飲料和其他收入穩定成長。

F&B RevPAR grew 5%, driven by both banquet and outlet growth, and other revenue per available room grew 2%, despite a meaningful decline in attrition and cancellation revenue.

餐飲業 RevPAR 成長了 5%，這得益於宴會和門市的成長，儘管流失和取消收入大幅下降，但每間可用客房的其他收入仍增加了 2%。

Turning to the Don CeSar, we were thrilled to welcome guests back to the resort in late March after a six-month remediation effort following Hurricanes Helene and Milton. Our team leveraged strong industry relationships and lessons learned from the Ritz-Carlton, Naples to enhance amenities and rebuild infrastructure to increase resilience, including elevating critical equipment and systems.

說到 Don CeSar，在颶風海倫和米爾頓過後進行了六個月的修復工作後，我們非常高興在三月下旬歡迎客人重返度假村。我們的團隊利用強大的產業關係和從那不勒斯麗思卡爾頓酒店獲得的經驗教訓來改善設施並重建基礎設施以提高彈性，包括提升關鍵設備和系統。

The Don CeSar holds a cherished place in the hearts of hotel employees in the St. Pete Beach community. In fact, the majority of associates returned after six months, a testament to their resilience, loyalty, and commitment to the Don CeSar. Since the reopening, we are seeing stronger than anticipated transient demand, higher average checks in our temporary F&B outlets, increased demand for spa services, and a greater number of club members reactivating membership.

Don CeSar 在聖彼得海灘社區的飯店員工心中佔有重要地位。事實上，大多數員工在六個月後就回來了，這證明了他們的韌性、忠誠度以及對 Don CeSar 的承諾。自重新開放以來，我們看到臨時需求比預期更強勁，臨時餐飲店的平均消費額更高，水療服務的需求增加，以及更多的俱樂部會員重新激活會員資格。

As a reminder, we currently estimate our total property damage and remediation cost at the Don CeSar will be between $100 million and $110 million and our insurance deductibles are $20 million. We collected $10 million of business interruption proceeds in the first quarter. While we expect to collect additional business interruption proceeds, it is too early to estimate the timing or amount of additional payments.

提醒一下，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，我們的保險免賠額為 2000 萬美元。我們在第一季收取了 1000 萬美元的業務中斷收益。雖然我們預計將收取額外的業務中斷收益，但現在估計額外付款的時間或金額還為時過早。

Turning to capital allocation, during the first quarter, we repurchased 6.3 million shares of common stock at an average price of $15.79 per share for a total of $100 million. Since 2022, we have repurchased $415 million of stock at an average repurchase price of $16.16 per share. We have $585 million of remaining capacity under our Board-authorized share repurchase program.

談到資本配置，第一季度，我們以每股 15.79 美元的平均價格回購了 630 萬股普通股，總計 1 億美元。自 2022 年以來，我們已回購了價值 4.15 億美元的股票，平均回購價格為每股 16.16 美元。根據董事會授權的股票回購計劃，我們還有 5.85 億美元的剩餘容量。

Turning to portfolio reinvestment, during the first quarter, we completed comprehensive renovations at the Grand Hyatt, Atlanta in Buckhead, marking the first completion of six properties in the Hyatt Transformational Capital Program. We also completed and reopened The View, a two-story rotating restaurant lounge on the 48th floor of the New York Marriott Marquis, as well as Aviv, a new restaurant on the lobby level of the 1 Hotel South Beach.

談到投資組合再投資，第一季度，我們完成了位於巴克海特的亞特蘭大君悅酒店的全面翻新，標誌著凱悅轉型資本計劃中六處物業的首次完工。我們也完成並重新開放了位於紐約萬豪侯爵酒店 48 樓的兩層旋轉餐廳休息室 The View，以及位於南海灘 1 號酒店大堂層的新餐廳 Aviv。

We continue to make progress on the condo development at the Four Seasons Resort, Orlando at Walt Disney World. We expect to complete the mid-rise condominium building and begin closing on sales in the fourth quarter of this year. We now have deposits and purchase agreements for 16 of the 40 units.

我們在奧蘭多華特迪士尼世界四季度假村的公寓開發案上繼續取得進展。我們預計將於今年第四季完成這棟中層公寓大樓的建設並開始完成銷售。目前，我們已經為 40 個單位中的 16 個單位簽訂了訂金和購買協議。

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, 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。

With the Hyatt Transformational Capital Program, we expect to complete renovations at the Hyatt Regency Austin and the Hyatt Regency Capitol Hill in the second half of this year. As a reminder, we expect to benefit from approximately $27 million of operating profit guarantees related to the Hyatt Transformational Capital Program this year, which we expect will offset the majority of the EBITDA disruption at those properties.

透過凱悅轉型資本計劃，我們預計今年下半年完成奧斯汀凱悅酒店和國會山莊凱悅酒店的翻新工程。提醒一下，我們預計今年將受益於與凱悅轉型資本計劃相關的約 2700 萬美元的營業利潤擔保，我們預計這將抵消這些酒店的大部分 EBITDA 中斷。

Other major ROI projects this year include the construction of the Phoenician Canyon Suite 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 this year.

今年愛爾蘭共和國的其他主要項目包括腓尼基峽谷套房別墅擴建工程和 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，我們預計今年還將在華特迪士尼世界奧蘭多四季度假村的公寓開發上投資 7,500 萬至 8,500 萬美元。

Looking back at prior renovations, we completed 24 transformational renovations between 2018 and 2023, which we believe are continuing to provide meaningful tailwinds for our portfolio. Of the 19 hotels that have stabilized post renovation operations to date, the average RevPAR index share gain is over 8.9 points, which is well in excess of our targeted gain of 3 to 5 points.

回顧先前的改造工程，我們在 2018 年至 2023 年期間完成了 24 項轉型改造，我們相信這些改造將繼續為我們的投資組合提供有意義的推動力。在迄今已實現裝修後營運穩定的 19 家飯店中，平均 RevPAR 指數份額增幅超過 8.9 個百分點，遠遠超出了我們設定的 3 至 5 個百分點的增幅目標。

As of the first quarter, we are excited to share that all16 of the Marriott Transformational Capital Program comprehensive renovations have stabilized and are meaningfully contributing to our portfolio performance. As evidenced by our first-quarter results, our capital allocation decisions over the past few years continue to serve us well.

截至第一季度，我們很高興地宣布，萬豪轉型資本計畫的全部16項綜合翻新工程均已穩定下來，並對我們的投資組合業績做出了有意義的貢獻。正如我們第一季的業績所證明的那樣，我們過去幾年的資本配置決策繼續為我們帶來良好的服務。

Turning to our outlook for 2025. While we outperformed our expectations in the first quarter, we remain cautious given the heightened macroeconomic uncertainty. Demand trends appear to be holding for now, but the potential for deteriorating lodging fundamentals has increased.

展望 2025 年。儘管我們在第一季的表現超出了預期，但鑑於宏觀經濟不確定性加劇，我們仍然保持謹慎。目前需求趨勢似乎不變，但住宿基本面惡化的可能性增加。

Based on the information we have today, we are maintaining our comparable hotel RevPAR guidance range with a slight reduction to total RevPAR driven by moderating trends and group lead volume. As Sourav will discuss in more detail, the low end of our guidance range contemplates a mild slowdown, while the high end assumes a more stable macroeconomic environment.

根據我們今天掌握的信息，我們將維持可比酒店 RevPAR 指導範圍，但由於趨勢緩和以及團體領先量的原因，總 RevPAR 將略有下降。正如 Sourav 將更詳細地討論的那樣，我們的指導範圍的低端考慮了溫和的放緩，而高端則假設了更穩定的宏觀經濟環境。

In preparing our guidance, we looked to prior downturns, including the recession in the early 1990s, the 2008 financial crisis, and the pandemic, which had the most severe impact on the lodging industry. As a result of the wide range of potential economic outcomes, we are also providing an approximate rule of thumb for the current environment based on how our portfolio is positioned today.

在製定指引時，我們回顧了以往的經濟衰退，包括 20 世紀 90 年代初的經濟衰退、2008 年的金融危機以及對住宿業影響最嚴重的疫情。由於潛在的經濟結果範圍很廣，我們也根據我們目前的投資組合狀況，為當前環境提供了近似的經驗法則。

For every 100 basis points change in RevPAR, we would expect to see a $32 million to $37 million change and adjusted EBITDAre.

我們預計，RevPAR 每變動 100 個基點，EBITDAre 就會發生 3,200 萬至 3,700 萬美元的變動。

In times like this, it is important to remember that Host is well positioned to weather any environment and continue to thrive as a result of our fortress investment grade balance sheet, a leverage ratio of 2.8 times, our access to capital, our size and scale, our diversified business and geographic mix, and our continued reinvestment in our portfolio. We will continue to utilize our competitive advantages, be disciplined in our capital allocation approach, and position Host to outperform in the current environment and over the long term.

在這樣的時期，重要的是要記住，Host 完全有能力抵禦任何環境，並憑藉我們穩固的投資級資產負債表、2.8 倍的槓桿率、我們的資本獲取渠道、我們的規模和範圍、我們多元化的業務和地理分佈以及我們對投資組合的持續再投資而繼續蓬勃發展。我們將繼續利用我們的競爭優勢，嚴格執行我們的資本配置方法，並使 Host 在當前環境和長期內表現出色。

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

說完這些，我現在將電話轉給 Sourav。

Thank you, Jim, and good morning, everyone.

謝謝你，吉姆，大家早安。

Building on Jim's comments, I will go into detail on our first quarter operation, updated 2025 guidance, and our balance sheet. Starting with total revenue trends, RevPAR growth outpaced total RevPAR for the first time in over a year, as outsized rate growth driven by special events boosted RevPAR. Despite challenging comparisons, group and transient guests continued to increase their out of room spend at our hotels.

根據吉姆的評論，我將詳細介紹我們的第一季營運狀況、更新後的 2025 年指引以及我們的資產負債表。從總收入趨勢來看，RevPAR 的成長速度一年多來首次超過了總 RevPAR，因為特殊活動推動的超額房價成長推動了 RevPAR 的成長。儘管比較起來很有挑戰性，但團體客人和臨時客人在我們飯店的房外消費仍然持續增加。

Comparable hotel food and beverage RevPAR grew 5% in the quarter driven by both banquets and outlets. Banquet revenue increased 5%, driven by growth in group room nights and contribution per group room night outside of Maui. Results were driven by both Ritz-Carlton resorts in Naples, the Phoenician, the New York Marriott Marquis, the Grand Hyatt Manchester San Diego, and our recently acquired 1 Hotel and Embassy Suites complex in Nashville.

在宴會和門市的推動下，本季同店可比飯店餐飲 RevPAR 成長了 5%。宴會收入增加了 5%，這得益於團體間夜數的增長以及毛伊島以外地區每團體間夜數的貢獻。業績成長主要得益於那不勒斯的麗思卡爾頓度假村、腓尼基酒店、紐約萬豪侯爵酒店、聖地亞哥曼徹斯特君悅酒店以及我們最近收購的納許維爾 1 號酒店和大使套房酒店。

Outlet revenue also grew 5%, resulting from more normalized operations in Maui, the opening of The View Restaurant at the New York Marriott Marquis, and the repositioned Singer Oceanfront Resort. Other revenue per available room grew 2% in the first quarter, despite difficult comparisons from record levels of attrition and cancellation collected last year. Golf and spa revenues continue to grow, leaving us encouraged that the affluent consumer is still prioritizing spending on premium experiences.

由於毛伊島營運的更加標準化、紐約萬豪侯爵酒店 The View 餐廳的開幕以及辛格海濱度假村的重新定位，門市收入也成長了 5%。儘管與去年創紀錄的流失率和取消率相比存在困難，但第一季每間可用客房的其他收入仍增加了 2%。高爾夫和水療收入持續成長，讓我們感到鼓舞的是，富裕的消費者仍然優先考慮高端體驗的支出。

Overall, transient RevPAR was up 6% compared to the first quarter of 2024, driven by improving leisure transient demand in Maui. Outside of Maui, transient strength was driven by the repositioned Singer Oceanfront Resort, the Four Seasons Orlando Resort at Walt Disney World, the Westin Kierland, and the Four Seasons Jackson Hole. In fact, year over year, the Four Seasons Jackson Hole held transient rate over $2,800 while increasing transient rooms sold by 15%.

總體而言，受毛伊島休閒短途需求改善的推動，短途 RevPAR 與 2024 年第一季相比成長了 6%。在毛伊島以外，重新定位的辛格海濱度假村、華特迪士尼世界奧蘭多四季度假村、威斯汀基爾蘭酒店和傑克遜霍爾四季酒店均短暫地增強了其酒店業的實力。事實上，與去年同期相比，傑克遜霍爾四季酒店的臨時住宿費維持在 2,800 美元以上，而臨時住宿客房銷售量則增加了 15%。

Special events and holidays in the quarter showed meaningful growth. For our five hotels in Washington DC, RevPAR for the inauguration was up an impressive 660% over the same time frame last year. For President's Day weekend, all hotel types had double-digit RevPAR growth, resulting in 16% RevPAR growth for the comparable portfolio.

本季的特殊活動和假期表現出有意義的成長。對於我們位於華盛頓特區的五家酒店而言，就職典禮期間的每間可用客房收入 (RevPAR) 與去年同期相比增長了驚人的 660%。在總統日週末，所有類型的酒店均實現了兩位數的 RevPAR 成長，使可比較組合的 RevPAR 成長了 16%。

Looking ahead to holidays in the second quarter, transient revenue pace is down slightly for Memorial Day weekend compared to the same time last year, as convention hotels have opted to take more groups on the books that weekend. Outside of convention hotels, transient revenue is pacing up in the mid-single digits, with Maui pacing up over 30%. July 4th's transient revenue pace is also up 4% over last year, again driven by Maui. Business transient RevPAR was up 2% to the first quarter of 2024, driven by nearly 7% rate growth, while volume was down 5%. We expect business transient revenue to remain flat for the remainder of this year as a result of the uncertain macroeconomic environment.

展望第二季度的假期，陣亡將士紀念日週末的臨時收入速度與去年同期相比略有下降，因為會議酒店選擇在那個週末接待更多的團體遊客。除會議飯店外，臨時收入正以中等個位數的速度成長，其中毛伊島的收入成長超過 30%。7 月 4 日的臨時收入速度也比去年同期增長了 4%，這同樣是由毛伊島推動的。到 2024 年第一季度，商務臨時 RevPAR 上漲 2%，受房價成長近 7% 的推動，而銷量則下降了 5%。由於宏觀經濟環境的不確定性，我們預計今年剩餘時間內業務瞬時收入將保持穩定。

Turning to group, RevPAR was up 7% year over year, which includes an estimated 200 basis points negative impact from Maui. As expected, group room nights were down compared to the first quarter of 2024, driven by recovery and relief group room nights in Maui last year, which did not repeat in 2025.

就集團而言，RevPAR 年成長 7%，其中包括來自毛伊島約 200 個基點的負面影響。正如預期的那樣，與 2024 年第一季相比，團體間夜數有所下降，這是由於去年毛伊島的恢復和救援團體間夜數有所下降，而 2025 年並未出現這種情況。

Group room night volume was up slightly for the portfolio excluding Maui. Group RevPAR growth was driven by broad-based corporate group strengths across the portfolio, as well as association groups. For full year 2025, we have over $3.6 million definite group room nights on the books, representing a 12% increase since the fourth quarter. As Jim mentioned, total group revenue pace is up 3.3% over the same time last year.

除毛伊島外，其他飯店的團體客房晚數略有上升。集團 RevPAR 的成長得益於整個投資組合以及協會集團的廣泛企業集團實力。2025 年全年，我們的固定團體客房晚數將超過 360 萬美元，較第四季成長 12%。正如吉姆所提到的，集團總收入比去年同期成長了 3.3%。

Group lead volume has moderated as association and government-related groups pause new bookings due to the heightened uncertainty, but we are encouraged that rates continue to hold across the portfolio for bookings made in the first quarter for the rest of 2025. We also continue to see strong city-wide booking pace in many of our key markets, including San Francisco, New Orleans, San Antonio, and Nashville.

由於不確定性加劇，協會和政府相關團體暫停了新的預訂，導致團體領先交易量有所放緩，但我們感到鼓舞的是，2025 年剩餘時間內第一季度預訂的整個投資組合的費率將繼續保持不變。我們也看到許多主要市場的全市預訂速度持續強勁，包括舊金山、新奧爾良、聖安東尼奧和納許維爾。

Shifting gears to margin, comparable hotel EBITDA margin of 31.8% was 30 basis points above the first quarter of 2024 as a result of weight-driven total RevPAR growth, which outpaced fixed expenses growth. We expect year-over-year margin comparisons to decline as the year progresses, primarily driven by wages and benefits and fixed expense pressures alongside a modest reduction in total RevPAR forecasts.

轉向利潤率，可比飯店 EBITDA 利潤率為 31.8%，比 2024 年第一季高出 30 個基點，這是由於權重驅動的總 RevPAR 成長超過了固定費用的成長。我們預計，隨著時間的推移，年比利潤率將會下降，主要原因是薪資和福利以及固定費用壓力，以及總 RevPAR 預測的小幅下降。

Turning to our outlook for 2025, as Jim discussed, we are maintaining our comparable hotel RevPAR guidance range with a slight reduction to total RevPAR driven by moderating group lead volume. It is important to note that the guidance range we are providing is based on the information we have today, and we remain cautious given the heightened uncertainty.

談到我們對 2025 年的展望，正如 Jim 所討論的，我們將維持可比酒店 RevPAR 指導範圍，但由於團體領先量減少，總 RevPAR 將略有下降。值得注意的是，我們提供的指導範圍是基於我們今天掌握的信息，鑑於不確定性加劇，我們仍保持謹慎。

As a reminder, we have assumed a gradual improvement at our Maui properties this year and no improvement in the international demand imbalance. At the low end of our guidance, we have assumed a mild slowdown driven by deteriorating macroeconomic sentiment and the worsening international demand imbalance. And at the high end, we have assumed a more stable macroeconomic environment driven by clarity on trade policies and improvements in the international demand imbalance.

提醒一下，我們預計今年毛伊島的物業狀況將逐步改善，但國際需求不平衡的情況不會改善。在我們的指引低端，我們假設由於宏觀經濟情緒惡化和國際需求失衡加劇，經濟將出現溫和放緩。在高端，我們假設宏觀經濟環境更加穩定，這得益於貿易政策的明確性和國際需求失衡的改善。

Our full year 2025 guidance contemplates comparable hotel RevPAR growth of between 50 basis points and 2.5% over 2024. We expect comparable hotel EBITDA margins to be down 160 basis points year over year at the low end of our guidance to down 100 basis points at the highest, a 50 basis points improvement over our prior guidance.

我們預計 2025 年全年飯店 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 160 個基點（最低指引值），最高指引值將下降 100 個基點，比我們先前的指引值提高 50 個基點。

In terms of RevPAR growth cadence for the remainder of the year, our guidance reflects quarterly growth in the negative 2% to positive 1% range, with fourth quarter being strongest and third quarter being weakest. As Jim mentioned, given the uncertainty and range of potential outcomes, we are providing an approximate rule of thumb in the current environment based on how the portfolio stands today.

就今年剩餘時間的 RevPAR 成長節奏而言，我們的預期是季度成長在-2% 到+1% 之間，其中第四季成長最強勁，第三季成長最弱。正如吉姆所提到的，考慮到不確定性和潛在結果的範圍，我們根據當前的投資組合狀況，在當前環境下提供了一個近似的經驗法則。

For modeling purposes, we estimate that every 100 basis points change in RevPAR would roughly equate to a $32 million to $37 million change in adjusted EBITDAre. The midpoint assumes comparable hotel RevPAR growth of 1.5% compared to 2024 and a comparable hotel EBITDA margin of 28%, which is 130 basis points below 2024.

為了建模的目的，我們估計 RevPAR 的每 100 個基點變化大約相當於調整後 EBITDAre 的 3,200 萬至 3,700 萬美元變化。中點假設可比飯店 RevPAR 與 2024 年相比成長 1.5%，可比飯店 EBITDA 利潤率為 28%，比 2024 年低 130 個基點。

As we think about bridging our 2024 results to 2025, we estimate a 110 basis points impact to full-year comparable hotel EBITDA margin from wage and benefit rate increases and a 40 basis points impact from lower business interruption proceeds, which is partially offset by a 20 basis points benefit from operational improvement.

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的提高將對全年可比較酒店 EBITDA 利潤率產生 110 個基點的影響，而業務中斷收益的減少將產生 40 個基點的影響，但營運改善將帶來 20 個基點的收益，從而部分抵消這一收益。

For the full year, we continue to expect overall wage and benefit expenses to increase over 6%, which comprises approximately 57% of our total hotel operating expenses. Our 2025 full year adjusted EBITDAre midpoint is $1.645 million. This represents a $25 million or 1.5% improvement over our prior guidance midpoint driven entirely by first-quarter outperformance. 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 or amount of any additional payments.

就全年而言，我們預計整體薪資和福利支出將增加 6% 以上，約占我們酒店總營運支出的 57%。我們 2025 年全年調整後的 EBITDAre 中位數為 164.5 萬美元。這比我們之前的指導中點高出 2500 萬美元或 1.5%，這完全得益於第一季的優異表現。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或金額還為時過早。

Our 2025 full year adjusted EBITAre 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.

我們 2025 年全年調整後的 EBITAre 中點還包括來自四季公寓開發案的 2,500 萬美元預計 EBITDA，我們預計該金額將在第四季度與公寓銷售結束同時確認。

Lastly, our midpoint includes an estimated $1 million loss at the Don CeSar and an estimated $13 million contribution from operations at Alila Ventana Big Sur, both of which are excluded from our comparable hotel sets in 2025.

最後，我們的中點包括 Don CeSar 預計 100 萬美元的損失和 Alila Ventana Big Sur 營運預計 1,300 萬美元的貢獻，這兩家酒店均不包含在我們 2025 年的可比飯店組合中。

Turning to our fortress balance sheet and liquidity position, our weighted average maturity is 5 years at a weighted average interest rate of 4.7%. We currently have $2.2 billion in total available liquidity, which includes $264 million of FF&E reserves and $1.5 billion available under the revolver portion of the credit facility. Our quarter end leverage ratio was 2.8 times. In April, we paid a quarterly cash dividend of $0.20 per share. As always, future dividends are subject to approval by the company's Board of Directors. We will continue to be strategic in managing our balance sheet and liquidity position as we move through the remainder of 2025.

談到我們的堡壘資產負債表和流動性狀況，我們的加權平均期限為 5 年，加權平均利率為 4.7%。我們目前擁有總計 22 億美元的可用流動資金，其中包括 2.64 億美元的 FF&E 儲備金和 15 億美元的信貸額度循環部分可用資金。我們的季末槓桿率為2.8倍。四月份，我們支付了每股 0.20 美元的季度現金股息。與往常一樣，未來的股利須經公司董事會批准。在 2025 年剩餘時間內，我們將繼續策略性地管理我們的資產負債表和流動性狀況。

Wrapping up, we believe our investment grade balance sheet as well as our size, scale, and diversification uniquely positions hosts to successfully navigate in uncertain times while capitalizing on opportunities for growth in the future.

總而言之，我們相信，我們的投資等級資產負債表以及我們的規模、範圍和多樣化使主機能夠成功度過不確定的時期，同時利用未來的成長機會。

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) Ari Klein, BMO.

（操作員指示）Ari Klein，BMO。

Thank you. I was hoping you talk a little bit more about some of the recent trends you've been seeing in April from a demand standpoint? And then maybe on a market level, are you expecting some kind of divergence in performance and assets and gateway markets that are more exposed to inbound international travel and perhaps you can just talk a little bit more broadly about what you're seeing on that front? Thank you.

謝謝。我希望您從需求的角度進一步談談您在四月看到的一些最新趨勢？那麼也許在市場層面上，您是否預計業績和資產以及更多地受到入境國際旅遊影響的門戶市場會出現某種差異，也許您可以更廣泛地談談您在這方面看到的情況？謝謝。

Hi, Ari, I'll take the second part of your question and Sourav can take the first part regarding trends.

你好，Ari，我將回答你問題的第二部分，Sourav 可以回答有關趨勢的第一部分。

The top markets in the country, the top 25 are actually performing really well. And if you look through our first-quarter performance. I know we called out certain markets with one-time events like the inauguration in Washington, DC and the Super Bowl in New Orleans, and Los Angeles and New York City and Maui. But if you were to exclude those markets, we still had solid RevPAR performance throughout the rest of the portfolio.

該國排名前 25 名的市場實際上表現得非常好。如果你看一下我們第一季的業績。我知道我們透過一次性活動吸引了某些市場，例如華盛頓特區的就職典禮和新奧爾良的超級碗，以及洛杉磯、紐約市和毛伊島。但即使排除這些市場，我們其餘投資組合中的 RevPAR 表現仍然穩健。

So international inbound is about 8% of our total room nights and the markets that are frankly most affected by Canadian inbound travel are Seattle and New York City, and as you know, we don't have a large presence in Seattle. And New York City has just been performing extremely well, and I think that can all be tied back to the transformational renovation that we undertook at the Marriott Marquis during COVID.

因此，國際入境遊客約占我們總客房晚數的 8%，坦白說，受加拿大入境旅遊影響最大的市場是西雅圖和紐約市，而如您所知，我們在西雅圖的業務並不大。紐約市的表現一直非常好，我認為這都與我們在新冠疫情期間對萬豪侯爵酒店進行的轉型翻新有關。

And our group business is extremely strong at the Marquis and we mentioned it in our prepared comments, we're excited that we have been able to open The View restaurant with Danny Meyer running it. I think it's going to do fantastically well for us. So we're not seeing the drag on our portfolio from international inbound, that's been talked about across the board.

我們的團體業務在 Marquis 非常強勁，我們在準備好的評論中提到了這一點，我們很高興能夠開設 The View 餐廳並由 Danny Meyer 經營。我認為這對我們來說將會產生非常好的效果。因此，我們並沒有看到國際入境對我們的投資組合造成拖累，這一點已經得到了廣泛的討論。

I think there is a divergence clearly today between, the top 25 markets and luxury resorts that we have a lot of, and as you know, the secondary and tertiary markets, the lower chain scales. And we're delighted with how the portfolio is positioned today. And we have seen strong leisure demand. I'll let Sourav give you some stats around that in the first quarter across all of our resorts.

我認為，如今我們擁有的眾多前 25 個市場和豪華度假村與二級和三級市場（較低連鎖規模）之間存在明顯分歧。我們對目前的投資組合定位感到非常滿意。我們看到了強勁的休閒需求。我會讓 Sourav 向您提供我們所有度假村第一季的一些統計數據。

Yeah, Ari, as it relates to April, we obviously don't have final numbers for April, but when you look at the travel data month to date April for upper tier is up 2.5%. Luxury is up above that and upper upscale is effectively flat, and other scales, I believe is down 3%. For our portfolio, we are actually trending better than the upper tier performance for April month to date, and it's really being driven by our luxury resorts that had a very strong Easter. So all in all, luxury is holding very strong as we said in our prepared remarks.

是的，阿里，就四月份而言，我們顯然沒有四月份的最終數據，但是當你查看四月份迄今為止的旅行數據時，上層階級的旅行增長了 2.5%。豪華型價格高於高端型，高端產品價格基本上持平，其他檔次的價格我認為下降了 3%。就我們的投資組合而言，從四月份至今，我們的表現實際上比高端市場要好，這主要是受到我們的豪華度假村在復活節期間表現強勁的推動。總而言之，正如我們在準備好的發言中所說的那樣，奢侈品市場仍然保持強勁。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thanks. Maui clearly did a little bit better I think than you think. Can you just talk about your outlook for the remainder of the year? I guess both from a RevPAR perspective, are there any periods that have easier versus tougher comps and then from a profit growth or EBITDA growth perspective?

嘿，謝謝。我認為毛伊島的表現顯然比你想像的要好一些。您能談談今年剩餘時間的展望嗎？我想從 RevPAR 的角度來看，是否存在比較容易和比較困難的時期，然後從利潤成長或 EBITDA 成長的角度來看？

Thank you.

謝謝。

Sure, Duane. So when you look throughout the year for Maui, obviously, Q1 is very strong for Maui, and so is Q4. Q2, Q3 somewhat moderating. But let me walk you through the Maui, the updated Maui bridge, if you will, because we've provided that last quarter. So if you remember, we had sort of restated our 2024 EBITDA at $72 million so that was, if you recall, $97 million net of BI left $17 million from relief and recovery rooms, and then left $8 million from the one-time attrition cancellation revenue that got us to a restated $72 million number, deduct from that the $7 million for wage and benefit increase in 2025.

當然，杜安。因此，當你回顧毛伊島全年的表現時，顯然，第一季毛伊島的表現非常強勁，第四季也是如此。Q2、Q3 有所緩和。但是，如果您願意的話，請允許我帶您參觀一下毛伊島，也就是更新後的毛伊島大橋，因為我們在上個季度已經提供了該大橋。因此，如果您還記得的話，我們曾將 2024 年的 EBITDA 重申為 7,200 萬美元，也就是說，如果您還記得的話，扣除 BI 後，剩餘的 1700 萬美元來自救濟和恢復室，然後剩餘的 800 萬美元來自一次性人員取消收入，這讓我們得到了重申萬美元。

And now you would add to that $30 million to $40 million estimated for the year in terms of improvement in operations. Last quarter, we had stated instead of $30 million to $40 million, we had stated our estimate at that point in time was $15 million to $30 million. So in other words, our expectation for Maui from an EBITDA standpoint has gone up by approximately $10 million to the midpoint. So in that sense, our EBITDA projection for Maui currently stands at the midpoint at about $100 million.

現在，您還要在這個基礎上再增加 3,000 萬到 4,000 萬美元，用於改善今年的營運狀況。上個季度，我們當時的估計數字是 1500 萬至 3000 萬美元，而不是 3000 萬至 4000 萬美元。換句話說，從 EBITDA 的角度來看，我們對 Maui 的預期已經上漲了約 1,000 萬美元至中點。因此從這個意義上講，我們對毛伊島的 EBITDA 預測目前處於中間值，約為 1 億美元。

It was previously what we had said was somewhere around $80 million to $95 million, so certainly, that has improved. I would say the majority of that improvement, $10 million is Q1. However, we still anticipate a little bit of continued improvement throughout the year as well.

我們之前說的大約是 8000 萬到 9500 萬美元，所以現在肯定有所改善。我想說，其中大部分的改進，即 1000 萬美元，是第一季的成果。不過，我們仍預期全年情況仍會持續改善。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey, guys, good morning. Jim, you guys kind of set yourself apart from your peers a little bit coming out of COVID with a lot of acquisitions, and you've been busy in the last couple of years and I know we're not quite even halfway through the year yet, but do you think all the uncertainty in the world that that we're all talking about, is that in your mind create more opportunities on the acquisition front in the near term?

嘿，大家早安。吉姆，在新冠疫情之後，你們透過大量收購讓自己與同行略有不同，而且過去幾年你們一直很忙，我知道今年還沒有過半，但你是否認為，我們正在談論的世界上所有的不確定性，在你看來，會在短期內在收購方面創造更多機會？

Well, Chris, I wish I had a crystal ball to really answer that question in a precise manner. I really don't know what's going to happen. I can only point to what we've done in the past as maybe a prelude to how we think about markets and deploying capital in the future. But there's been a lot of talk all throughout COVID regarding the stress in the markets and that they're going to be a lot of asset sales and it didn't occur.

好吧，克里斯，我希望我有一個水晶球，可以真正準確地回答這個問題。我真的不知道會發生什麼事。我只能指出我們過去所做的事情也許是我們未來如何思考市場和配置資本的前奏。但在整個新冠疫情期間，人們一直在談論市場壓力以及將會有大量資產出售，但這並沒有發生。

And based on what we're seeing, certainly within our portfolio from a operating fundamental perspective, we hope that this translates to other owners of hotels as well, that the big R word is a thing of the past and that we see a shift in policy, which is really causing all the uncertainty out there today, and that we have other great things coming out of Washington, the tax bill and the budget bill in the second half of the year. And that the economy takes off and the uncertainty goes away.

根據我們所看到的情況，當然是從營運基本面角度來看，我們希望這也能轉化為其他酒店業主的感受，即“大 R”一詞已成為過去，我們看到政策的轉變，這才是造成當今所有不確定性的真正原因，並且華盛頓還將在今年下半年出台其他偉大的事情，如稅收法案和預算法案。經濟起飛，不確定性消失。

So I really think if that does happen, and obviously it's dependent somewhat upon interest rates, that you may see a more active transaction market pickup later this year. But as of today, I think the general attitude and mood out there is everyone's in a wait-and-see mode. There is just not a lot happening in the transaction market because of the uncertainty that exists in the macro basis.

所以我真的認為，如果這種情況確實發生，而且顯然這在某種程度上取決於利率，那麼你可能會在今年稍後看到更活躍的交易市場回升。但截至今天，我認為大家的整體態度和情緒都是處於觀望狀態。由於宏觀基礎存在不確定性，交易市場上沒有發生太多事情。

So from our perspective, we're going to continue being opportunistic as we deploy capital, we will continue to invest in our portfolio that has served us very well. We have seen great results of the 16 Marriott Transformational Capital Program assets that we completed, as well as 8 other assets that we've undertaken transformational renovations on.

因此，從我們的角度來看，我們將在部署資本時繼續抓住機會，我們將繼續投資於為我們提供良好服務的投資組合。我們已完成的 16 項萬豪轉型資本計畫資產以及已進行轉型改造的其他 8 項資產均取得了顯著成果。

Now, we picked up 8.9 points in yield index. I mean, that's very significant and that flows right to the bottom line. We underwrote 3 to 5 points. So I think investing in your assets, done smartly, is a really good use of capital, buying back stock when we're trading at levels that we are today is also a good use of capital and continuing to pay a dividend is also something that's very important to us. So we're in a unique position, Chris, given the balance sheet and the fact that we're sitting here today only 2.8 times leverage and we have $2.2 billion of liquidity. We really are in the unique position where we can do it all.

現在，收益率指數上升了8.9點。我的意思是，這非常重要，而且直接關係到最終結果。我們承保了 3 到 5 點。因此，我認為明智地投資資產是對資本的良好利用，在目前的交易水平上回購股票也是對資本的良好利用，繼續支付股息對我們來說也非常重要。因此，克里斯，考慮到資產負債表以及我們今天的槓桿率僅為 2.8 倍且擁有 22 億美元流動資金的事實，我們處於一個獨特的地位。我們確實處於一個獨特的位置，可以做到這一切。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, everyone, thanks for taking my question. And I'm going to sort of follow on this just a little bit, because in a stable operating environment, without any prospects for sizable deals, and I'm not trying to put words in your mouth and suggest that there aren't. But I'd love to get a sense for when you might consider, perhaps returning some more capital through repurchases or other kind of one-time events? Just a thought.

大家好，感謝你們回答我的問題。我接下來會繼續討論這個問題，因為在穩定的營運環境中，沒有任何大規模交易的前景，而且我也不是想強迫你說話，暗示沒有這樣的交易。但我很想知道您何時會考慮透過回購或其他一次性事件返還更多資本？只是一個想法。

Well, I think that you will see us continue to be thoughtful about repurchasing stock and continuing to pay our dividend, David. We went into blackout on March 24. That was about a week or so before Liberation Day when the stock really started to underperform. I think it's safe to say that if we were in a position to buy back additional shares when the stock price really weakened, then you would have seen us do that in the marketplace.

好吧，我想你會看到我們繼續認真考慮回購股票並繼續支付股息，大衛。我們於 3 月 24 日陷入停電。那是在解放日前大約一周左右，當時股票真正開始表現不佳。我認為可以肯定地說，如果我們能夠在股價真正走弱時回購更多股票，那麼你就會看到我們在市場上這樣做。

So we're going to keep one eye on operations as we always do because we have a lot of priorities that are important to the long-term growth of this business and to the long-term value creation for our shareholders, so I can't sit here definitively today and give you a number about how much we're going to deploy to buy back shares and whether or not we're going to be acquiring assets, given the landscape that's out there today, and the fact that there just isn't a lot out there that's exciting. So I would just tell you it's a wait-and-see approach, we'll be opportunistic and let's see how the year plays out.

因此，我們將一如既往地關注運營，因為我們有很多優先事項，這些事項對於業務的長期增長和股東的長期價值創造至關重要，因此，考慮到目前的形勢以及目前還沒有太多令人興奮的事情，我今天無法明確地告訴你們我們將投入多少資金回購股票，以及我們是否會收購資產。所以我只想告訴你，這是一種觀望態度，我們會抓住機會，看看今年的情況如何。

Shaun Kelly, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelly)。

Hi, good morning, everyone, and thanks for taking my question. Jim or Sourav, I just wanted to go back to the consumer environment a little bit. You called out a couple of data points which are interesting, which were the bookings on those sort of peak weekends, 4th of July, Memorial Day, which actually sound pretty encouraging.

大家早安，感謝您回答我的問題。吉姆或索拉夫，我只是想稍微回到消費者環境。您列舉了幾個有趣的數據點，即 7 月 4 日、陣亡將士紀念日等高峰週末的預訂情況，這聽起來確實相當令人鼓舞。

What are you seeing in sort of the off-peak periods, be it weekday, weekend or just sort of particularly for some of the same -- that same portfolio? Are you seeing -- the question is are you seeing a high, low dynamic where people are coming at those periods but a little softer in the shoulders or is it consistent throughout just given your mix and the higher end consumer? Thanks.

您在非高峰時段（工作日、週末或特定於相同的投資組合）看到了什麼？您是否看到了——問題是，您是否看到了一種高、低動態，人們在這些時期來到這裡，但肩膀稍微軟一點，或者它是否始終保持一致，只是考慮到您的組合和高端消費者？謝謝。

Hey, Shaun, I would say so far, it's still been pretty consistent. There hasn't been a meaningful change in trend as we look at weekday and weekend, and obviously, that does differ from asset to asset and from market to market. But overall, there's nothing meaningful that has really shown up that we can sort of speak to. And like we said, we still have a positive group booking pace, our total group revenue pace for the year is at 3.3%, and that group rate has held.

嘿，肖恩，我想說到目前為止，情況仍然相當一致。從工作日和週末來看，趨勢並沒有顯著變化，而且顯然，不同資產、不同市場之間趨勢有所不同。但總體而言，目前還沒有任何值得我們談論的有意義的事情出現。正如我們所說的那樣，我們的團體預訂速度仍然保持積極態勢，全年團體總收入增速為 3.3%，而該團體預訂率一直保持穩定。

You might recall we have set up the group rate effectively for the full year with that 4%. We are effectively still there at 3.8%. So and then leisure, as I mentioned earlier, has been holding on pretty strong, and nothing dramatic on the BT front. Yes, volume was lower year over year on the BT front, but weight was higher, and we're pretty much seeing the same thing as we look at April as well, so nothing unique there.

您可能還記得，我們​​已經將全年的團體費率有效地設定為 4%。我們實際上仍保持在 3.8% 的水平。因此，正如我之前提到的，休閒領域一直保持強勁，而 BT 方面並沒有什麼戲劇性的變化。是的，BT 方面的交易量同比有所下降，但權重有所上升，我們在 4 月也看到了類似的情況，因此沒有什麼特別之處。

Mike Bellisario, Baird.

麥克貝利薩裡奧，貝爾德。

Thanks, good morning, guys.

謝謝，大家早安。

Jim, a question for you on sort of margins and operations. Have you guys implemented broader cost-cutting initiatives yet? Are you making any staffing changes or kind of any preemptive cuts at this point to manage margin for the remainder of the year?

吉姆，我想問你一個關於利潤和營運的問題。你們已經實施了更廣泛的成本削減措施了嗎？您現在是否會進行任何人員調整或任何先發製人的裁員來管理今年剩餘時間的利潤率？

Well, the past downturns have been very instructive and informative, Mike. I mean, we have developed contingency plans property by property, not on a portfolio-wide basis because each asset is different. And the plans are ready to be implemented if and when the need occurs. At this point in time with how the portfolio is performing, I mean, we always have an eye on expenses always, and I think Sourav mentioned in his remarks that we had a 20 basis points operational improvement based on productivity and in actions that we've taken at the property level.

嗯，過去的經濟衰退非常具有啟發性和啟發性，麥克。我的意思是，我們針對每個資產制定了應急計劃，而不是針對整個投資組合製定的，因為每個資產都是不同的。如果有需要，這些計劃隨時可以實施。此時，就投資組合的表現而言，我的意思是，我們始終關注費用，我認為 Sourav 在他的評論中提到，基於生產力和我們在房地產層面採取的行動，我們的營運效率提高了 20 個基點。

So if things were to go south, and we're not seeing that today, I mean, we are not seeing it today. I want to emphasize that very clearly. We are very comfortable with the guidance that we're maintaining for the balance of this year, but if things were to go south, of course, we would be in a position to very quickly implement our contingency planning and cut expenses as needed across the portfolio.

所以，如果事情變糟了，而我們今天沒有看到這種情況，我的意思是，我們今天沒有看到這種情況。我想非常明確地強調這一點。我們對今年剩餘時間維持的指導方針非常滿意，但如果情況惡化，我們當然能夠非常迅速地實施應急計劃，並根據需要削減整個投資組合的開支。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Hey, thanks, good morning. To what extent is your CapEx budget for the year at risk given the tariff situation and then how is the current backdrop impacted your thinking around planned capital projects in future years and is that really where we might see some risk?

嘿，謝謝，早安。考慮到關稅情況，您今年的資本支出預算在多大程度上面臨風險？目前的背景如何影響您對未來幾年規劃資本項目的思考？這是否真的是我們可能看到一些風險的地方？

Yeah, Chris, I think it's a little too early to tell exactly how tariff policy is going to play out. We are maintaining our CapEx guidance as we've discussed today. It's the same numbers that we gave you on the fourth-quarter call in February. And we have a diverse group of suppliers for our products. Obviously, the tariff risk is greatest probably whenever you're doing a guest room, given the FF&E that's involved, then it becomes less impactful on other spaces in the hotel.

是的，克里斯，我認為現在判斷關稅政策究竟會如何發揮作用還為時過早。正如我們今天討論的那樣，我們將維持我們的資本支出指導。這些數字與我們在二月份第四季電話會議上給出的數字相同。我們的產品擁有多元化的供應商群。顯然，當您裝修客房時，關稅風險可能是最大的，考慮到所涉及的家具、家具和設備 (FF&E)，它對飯店其他空間的影響就會小一些。

So we have clearly developed off-ramps for -- referring to Mike's question on contingency planning from an operational perspective. Well, to be prudent, we've developed off-ramps for our capital projects if the need should present itself. But I don't anticipate that happening at this point in time. We're moving full steam ahead with our Hyatt Transformational Capital Program.

因此，我們明確制定了應對措施 - 從營運角度回答 Mike 關於應急計劃的問題。好吧，為了謹慎起見，我們已經為我們的資本項目開發了出口坡道，以備不時之需。但我預計目前這種情況不會發生。我們正全力推動凱悅轉型資本計畫。

We've completed the Grand Hyatt in Buckhead already this year, and we will be completing the Hyatt Regency Capitol Hill and the Hyatt Regency Austin this year as well. And to answer your question about 2026, it's a little too early to really start talking about budgeting and what we're thinking about on a capital basis for next year. We will do that later in the summer, which is something that we've done on a historical basis.

我們今年已經完成了巴克海特君悅酒店的建設，並且今年我們還將完成國會山凱悅酒店和奧斯汀凱悅酒店。回答您關於 2026 年的問題，現在開始討論預算以及我們對明年資本基礎的考慮還為時過早。我們將在今年夏天晚些時候這樣做，這是我們過去一直在做的事情。

Jay Kornreich, Wedbush.

傑伊‧科恩賴希 (Jay Kornreich)，韋德布希 (Wedbush)。

Hi, thanks. Good morning. You commented on the current economic uncertainty leading to business transient RevPAR expectations to be flat for the year or the rest of the duration of the year and group new bookings moderating. So I'm wondering if you can just drill a little bit further down to provide more details into those two legs of demand?

你好，謝謝。早安.您評論說，當前的經濟不確定性導致企業暫時預期全年或今年剩餘時間內的 RevPAR 持平，並且團體新預訂量將放緩。所以我想知道您是否可以進一步深入研究這兩個需求方面的更多細節？

And then specifically on the group side, are you seeing the moderation coming in more in the year for the year bookings or more as you're looking out to 2026 bookings and beyond?

然後具體到團體方面，您是否認為今年的預訂量會更趨於平穩，還是展望 2026 年及以後的預訂量會更趨於平穩？

Sure, so when you're looking at a group, it is really more in the year for the year. So when we're speaking to lead volumes, it's in the year for the year, it's in the quarter for the quarter, in the month for the month. The lead time is effectively shrinking. In other words, folks are certainly taking a pause, and I would say specifically it's government groups, which is not a surprise, and associations. That's where we're seeing a sort of moderation of lead volumes, but it's really a 2025 phenomenon.

當然，所以當你觀察一個群體時，它實際上更多的是一年中的某一年。因此，當我們談論銷售線索量時，我們指的是年度銷售線索量、季度銷售線索量、每月銷售線索量。交貨時間正在有效縮短。換句話說，人們肯定會停下來思考，我想特別指出的是政府團體（這並不奇怪）和協會。我們看到鉛產量正在出現某種減緩，但這確實是 2025 年的現象。

We actually picked up about 470,000 group room nights for 2026 through 2028, and we're pacing '26 to '28 in the high-single digits, so it is certainly not as much of an issue for future years but more so what we're seeing in the year for the year and in the month for the month as well. As it relates to business transient, like I mentioned earlier, Q1 volume was down year over year. We were down about 5% or so in terms of BT room nights.

實際上，我們在 2026 年至 2028 年期間獲得了約 470,000 個團體間夜，並且我們預計 2026 年至 2028 年期間的增長率將達到高個位數，因此這對於未來幾年來說肯定不是什麼大問題，但更重要的是我們在全年和每月所看到的情況。正如我之前提到的，由於與業務瞬態有關，第一季的銷售量較去年同期下降。我們的 BT 間夜量下降了約 5% 左右。

A majority of that decline, I would say, a little over 50% was really driven by government, so government falls under our BT room night. Our rate was up 6.5% for us in Q1, and even government rate actually was up about 4% or so. We expect that the volume -- in our previous guidance, we anticipated that you would continue to see the steady recovery of BT as we had seen last year. Right now, we're assuming that's not going to be the case effectively the decline in volume we saw year over year will continue throughout the year and we will see a moderate year-over-year rate increase similar to what we saw in Q1.

我想說，下降的大部分（略高於 50%）實際上是由政府推動的，因此政府屬於我們的 BT 房間夜。我們第一季的利率上漲了 6.5%，甚至政府利率實際上也上漲了 4% 左右。我們預計，在我們之前的指導中，我們預計您將繼續看到 BT 的穩定復甦，就像我們去年看到的那樣。目前，我們假設情況不會真的如此，我們看到的同比交易量下降將持續全年，而且我們將看到與第一季類似的同比溫和增長。

So effectively not much of a change in BT just given the macroeconomic uncertainty.

因此，考慮到宏觀經濟的不確定性，英國電信實際上不會發生太大變化。

Jack Armstrong, Wells Fargo.

傑克·阿姆斯特朗，富國銀行。

Good morning. Thanks for taking the question. How have you seen the administration's policies now that you had a few months to see them play out, impact you in terms of supply and labor markets? Are you seeing incremental pressure on margins there? And then on the tariff side, how have your expectations for tariffs shape your full year margin guide?

早安.感謝您回答這個問題。現在您有幾個月的時間來觀察政府政策的實施情況，您認為這些政策對供應和勞動市場有何影響？您是否發現利潤率面臨越來越大的壓力？那麼在關稅方面，您對關稅的預期如何影響您的全年利潤率指南？

The first part of your question, Jack, was that regarding supply or was it supply of labor?

傑克，你問題的第一部分是關於供應還是勞動力供應？

Yeah, labor supply.

是的，勞動力供應。

Labor supply, we're fortunate that we have the majority of our properties managed by Marriott and Hyatt, 2 really solid employers that people go to because they want to have hospitality as a career and we have not seen any pressure on the labor front, and that's been consistent. I mean, we were able to recover coming out of COVID pretty quickly and restaff our hotels as needed. So no issue there whatsoever.

在勞動力供應方面，我們很幸運，我們的大部分酒店都由萬豪和凱悅管理，這兩家公司都非常可靠，人們之所以選擇他們，是因為他們想把酒店業作為職業，而且我們在勞動力方面沒有看到任何壓力，這種情況一直持續下去。我的意思是，我們能夠很快地從 COVID 中恢復過來，並根據需要重新安排酒店的工作人員。所以根本沒有任何問題。

There is no, at this point in time, no indication that tariffs are going to impact our margins at the hotel level. We've given you guidance on how we think margins are going to perform over the course of this year. Of course, if things change, then we will change accordingly but as we sit here right now, we're comfortable with the margin guidance that we provided.

目前，沒有跡象表明關稅會影響我們酒店的利潤率。我們已經為您提供了有關今年利潤率表現的指導。當然，如果情況發生變化，我們也會做出相應的改變，但就目前而言，我們對所提供的保證金指導感到滿意。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤角。

Hey, thanks for taking my question. Jim, I have a question for you on the transaction market. We've been hearing some signs that some buyers could be pulling out of transactions. Do you currently have assets in the market and what do you think is going to happen in terms of pricing expectation?

嘿，謝謝你回答我的問題。吉姆，我有一個關於交易市場的問題想問你。我們聽到一些跡象表明一些買家可能會退出交易。您目前在市場上有資產嗎？您認為價格預期會發生什麼變化？

Yeah, Floris, I think I got your question. You're breaking up a little bit over your line. It was about the transaction market and you're hearing that buyers are pulling out of transactions. What's going to happen long term? I think I mentioned it earlier, it is a wait-and-see approach right now for the most part in the marketplace, there were -- the CMBS market had backed up, it had closed down for a period of time. It's back now, it's open.

是的，弗洛里斯，我想我明白你的問題了。你的分手有點超出你的界線了。這是關於交易市場的事情，你聽說買家正在退出交易。長期來看會發生什麼事？我想我之前提到過，目前市場大多採取觀望態度，CMBS 市場已經回落，關閉了一段時間。現在它回來了，它開放了。

So I would expect that we get a little more clarity on policy and we can get through this period of uncertainty that my expectation would be later in this year that we can see the transaction market continue to open up and some of the deals that have been out there that are on pause right now. I think that they're likely to get done. I think certain buyers of assets that I'm aware of, which I'm not at liberty to speak about, not our assets, but other assets in the marketplace, just need a little more time.

因此，我希望我們的政策能夠更加清晰，這樣我們就可以度過這個不確定的時期，我預計今年晚些時候我們可以看到交易市場繼續開放，一些已經暫停的交易也會出現。我認為他們很可能會完成。我認為我所知道的某些資產買家（我不方便談論這些買家，不是我們的資產，而是市場上的其他資產）只是需要多一點時間。

And it was really driven by the debt markets, not necessarily by the equity markets. So I think pricing is going to depend on the type of asset that you're looking at. With luxury, still commanding very high prices, and upper upscale assets as well, commanding high prices. One of the really positive factors that I don't think we talked about enough that has happened in the hotel space is very low levels of new supply.

它實際上是由債務市場推動的，不一定是由股票市場推動的。所以我認為定價將取決於您所關注的資產類型。奢侈品的價格仍然很高，高檔資產的價格也很高。我認為我們沒有充分討論酒店業的一個真正積極因素是新供應量非常低。

We're just not seeing levels of new supply, certainly not in the luxury and upper upscale space, which is where our exposure is and I think that will drive in part pricing for transactions because people are not going to have to worry about a new luxury resort being built right next to them, or another upper upscale major city center hotel being built as well.

我們只是沒有看到新的供應量，當然不是在豪華和高檔領域，而這正是我們所接觸的領域，我認為這將在一定程度上推動交易定價，因為人們不必擔心在他們旁邊建造新的豪華度假村，或者另一個高檔的主要城市中心酒店也在建造。

So I think it's a little too soon to say at this point in time how this is all going to play out, but I think it's wait and see across the board. The good news is operations are still strong and hotels are cash flowing, and this is a policy, self-made policy issue that is creating all the uncertainty and that can change very quickly, that can change on a dime. So let's just sit back and see what happens and run the business the best we can going forward.

因此我認為現在就說這一切將如何發展還為時過早，但我認為大家還是拭目以待吧。好消息是，營運仍然強勁，酒店現金流充沛，而這是一項政策，一項自我制定的政策問題，它造成了所有的不確定性，而且可能很快發生變化，瞬息萬變。所以，讓我們坐下來，看看會發生什麼，並盡我們所能，繼續經營好我們的業務。

Are you testing any assets in the market right now, Jim?

吉姆，你現在正在測試市場上的任何資產嗎？

We always test assets, Floris, of course. We would not be prudent if we weren't testing assets. The good news is for hosts, we don't have to sell any assets. I mean, given the quality of the portfolio that we have and the balance sheet that we have, we're under no stress, no pressure to do anything. And if we don't get the pricing that we think is appropriate for our assets, we're not going to sell anything. It's really that simple.

當然，我們總是測試資產，弗洛里斯。如果我們不對資產進行測試，那我們就不謹慎。對房東來說，好消息是，我們不必出售任何資產。我的意思是，考慮到我們擁有的投資組合的品質和資產負債表，我們沒有壓力，也沒有採取任何行動的壓力。如果我們無法獲得適合我們資產的定價，我們就不會出售任何東西。真的就這麼簡單。

So we have nothing of any meaningful size out there that we've listed with brokers, that we've talked to some people on an off-market basis about buying assets from us. And we're very respectful that it's difficult to navigate waters when you're deploying new capital today. So again, wait and see, we'll see how it plays out.

因此，我們目前還沒有任何具有重大意義的資產，我們也沒有向經紀人推薦過，我們也已經在場外與一些人談過購買我們資產的事情。我們非常尊重這一點，即當你今天部署新資本時，航行是困難的。所以，再說一遍，拭目以待，看看結果如何。

Smedes Rose, Citigroup.

花旗集團的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thanks. I just wanted to ask, you spoke a lot about Maui, which was really helpful, but just in terms of what you're seeing in O'ahu, specifically with the Ritz-Carlton Turtle Bay, how is that, I guess, performing relative to your expectations and any change in kind of your initial underwriting there given the more uncertainty in the market?

你好，謝謝。我只是想問一下，您談了很多關於毛伊島的事情，這確實很有幫助，但就您在瓦胡島看到的情況而言，特別是麗思卡爾頓海龜灣酒店，我認為它相對於您的預期表現如何？考慮到市場不確定性的增加，您在那裡的初始承保有什麼變化嗎？

No, I think Turtle Bay was up 13% in the quarters meets. RevPAR was up 13% at the hotel level. We have made a decision, a strategic decision, as you know, there are two golf courses there. One is the Fazio course and the other was the Palmer course, and you may recall from your visit to the island that there's another party that is developing some residential, and they have a lease on the Palmer course and they're going to renovate it and do a bunch of different things to it.

不，我認為 Turtle Bay 在四分之一決賽中上漲了 13%。飯店層級的 RevPAR 上漲了 13%。我們已經做出了一個決定，一個戰略決定，如你所知，那裡有兩個高爾夫球場。一個是法齊奧球場，另一個是帕爾默球場，您可能還記得，在您訪問島嶼時，還有另一方正在開發一些住宅，他們租下了帕爾默球場，他們打算對其進行翻新並做一些不同的事情。

So we made a decision that we were going to delay the transfer of the Palmer course and expedite the renovation of the Fazio course which we own today, while we had the opportunity to. So it's about a six-month delay. The hotel itself is performing very well. We're very happy with what we're seeing in terms of O'ahu performance. I just like Maui for our assets. So nothing but positive news there, and we're excited to get the Fazio course redesigned and put the money that we anticipated we would have to put into it when we bought it done.

因此，我們決定，趁還有機會的時候，推遲帕爾默球場的轉讓，並加快我們目前擁有的法齊奧球場的翻新工程。所以大約延後了六個月。酒店本身表現非常好。我們對瓦胡島的表現感到非常滿意。我只是喜歡毛伊島作為我們的資產。所以那裡只有好消息，我們很高興能夠重新設計 Fazio 球場，並投入我們預計在購買球場時必須投入的資金。

That will conclude our question-and-answer session, and I will now turn the conference back over to Jim for closing comments.

我們的問答環節到此結束，現在我將把會議交還給吉姆進行總結發言。

Well, thank you all for joining us today. We really appreciate the opportunity to discuss our quarterly results with you. I look forward to seeing many of you at conferences in the coming months and have a great summer and great rest of the year. Thank you.

好吧，感謝大家今天加入我們。我們非常感謝有機會與您討論我們的季度業績。我期待在未來幾個月的會議上見到你們，並祝你們度過一個愉快的夏天和今年餘下的時間。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。