Host Hotels & Resorts Inc (HST) 2025 Q2 法說會逐字稿

Good morning and welcome to the Host Hotels & Resorts second-quarter 2025 earnings conference call.

早安，歡迎參加 Host Hotels & Resorts 2025 年第二季財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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. 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 and 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.

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。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。您可以在我們的網站 hosthotels.com 上找到此資訊以及與最直接可比較的 GAAP 資訊和昨天的收益新聞稿以及我們向 SEC 提交的 8-K 表格的對帳以及補充財務資訊。

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 和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。

We are proud to have achieved another strong quarter of operating and financial results, leading to outperformance in the first half of 2025. In the second quarter, we delivered adjusted EBITDAre of $496 million, an increase of 3.1% over last year and adjusted FFO per share of $0.58, an increase of 1.8% over last year.

我們很自豪地再次取得了強勁的季度營運和財務業績，並帶領 2025 年上半年取得了優異的業績。第二季度，我們的調整後 EBITDAre 為 4.96 億美元，比去年增長 3.1%，調整後每股 FFO 為 0.58 美元，比去年增長 1.8%。

Second quarter adjusted EBITDAre and adjusted FFO per share benefited from $9 million of business interruption proceeds related to hurricanes Helene and Milton while the second quarter of 2024 benefited from $30 million of business interruption proceeds related to Hurricane Ian and the Maui wildfires.

第二季調整後的 EBITDAre 和調整後的每股 FFO 受益於與颶風海倫和米爾頓相關的 900 萬美元業務中斷收益，而 2024 年第二季度受益於與颶風伊恩和毛伊島野火相關的 3000 萬美元業務中斷收益。

Comparable hotel total RevPAR improved 4.2% compared to the second quarter of 2024 and comparable hotel RevPAR improved 3% driven by stronger transient demand, higher ADR, and more ancillary spend. Comparable hotel EBITDA margin declined by 120 basis points year over year to 31% driven by a 120 basis point impact from business interruption proceeds that were received last year for the Maui wildfires.

與 2024 年第二季相比，同店總 RevPAR 成長了 4.2%，同店平均營收成長了 3%，這得益於更強勁的臨時需求、更高的平均房價和更多的輔助支出。可比飯店 EBITDA 利潤率年減 120 個基點至 31%，因為去年毛伊島野火導致業務中斷收益下降 120 個基點。

The operational results discussed today refer to our 78 hotel comparable portfolio in 2025, which excludes the Alila Ventana Big Sur, The Don CeSar, and The Westin Cincinnati, which we sold in June.

今天討論的營運結果是指我們 2025 年的 78 家可比飯店組合，其中不包括我們 6 月出售的 Alila Ventana Big Sur、The Don CeSar 和 The Westin Cincinnati。

Turning to business mix. RevPAR growth in the second quarter was better than expected driven by leisure transient demand, and rate growth, despite a continuation of the international demand imbalance. We saw particularly strong performance in Maui, Miami, Orlando, Atlanta, New York, the Florida Gulf Coast, and San Francisco.

轉向業務組合。儘管國際需求持續失衡，但第二季的 RevPAR 成長率好於預期，這得益於休閒短程需求和房價成長。我們看到毛伊島、邁阿密、奧蘭多、亞特蘭大、紐約、佛羅裡達灣沿岸和舊金山的表現特別強勁。

Transient revenue grew by 7% driven by both the Easter calendar shift and the ongoing recovery of Maui, the latter of which accounted for approximately 40% of the transient revenue growth in the quarter. Digging into Maui, the leisure transient demand recovery continued, driving Maui's strong results for the second quarter. Maui's 19% RevPAR growth provided a 100 basis point benefit to a portfolio RevPAR growth in the quarter. Total RevPAR at our 3 Maui resorts was also up 19% driven by robust growth in F&B outlets as well as golf and small revenue, a clear indication that the recovery in Maui is well underway.

受復活節日曆變化和毛伊島持續復甦的推動，臨時收入增長了 7%，其中毛伊島持續復甦約佔本季臨時收入增長的 40%。深入毛伊島，休閒短程需求持續復甦，推動毛伊島第二季業績強勁。毛伊島的 RevPAR 成長了 19%，為本季投資組合的 RevPAR 成長帶來了 100 個基點的收益。由於餐飲店、高爾夫和小型收入的強勁增長，我們位於毛伊島的 3 家度假村的每間可用客房收入總額也上漲了 19%，這清楚地表明毛伊島的復甦正在順利進行。

Turning to business transient. Revenue was relatively flat in the second quarter as the demand decreases were nearly offset by rates. As expected, group room revenue decreased 5% year over year driven primarily by the Easter calendar shift, planned renovation disruption from the Hyatt Transformational Capital Program, business mix shifting from group to transient in Maui, and reduced group pick up.

轉向業務瞬變。由於需求下降幾乎被利率抵消，第二季營收相對持平。正如預期的那樣，團體客房收入年減 5%，主要原因是復活節日曆的變化、凱悅轉型資本計劃的翻新計劃中斷、毛伊島的業務組合從團體轉向臨時，以及團體接待減少。

Our properties actualized 1.1 million group room nights in the second quarter and our definite group room nights on the books increased to 3.8 million for 2025. Total group revenue pace is up 1.6% to the same time last year.

我們的飯店在第二季實現了 110 萬個團體間夜，而到 2025 年，我們帳面上的確定團體間夜將增加到 380 萬個。集團總營收比去年同期成長1.6%。

Ancillary spending by guests at our properties remain strong as illustrated by our 4% total RevPAR growth in the second quarter. F&B revenue was up 4%, driven by outlet revenues. Banquet revenue grew by 1% as contribution per group room night outpaced absolute group room night declines.

我們飯店賓客的輔助支出依然強勁，第二季總 RevPAR 成長了 4%。餐飲收入成長 4%，主要得益於門市收入。由於每間團體間夜的貢獻超過了絕對團體間夜的下降，宴會收入增加了 1%。

We also saw particularly strong growth in other revenue, which was up 13%, including golf and spa.

我們也看到其他收入成長尤為強勁，成長了 13%，其中包括高爾夫和水療。

Turning to The Don CeSar. During the second quarter, we completed the North pool and pool bar. In early July, we completed the marketplace in lower-level retail spaces. In the third quarter, we expect to complete the final phase of reconstruction, including the lower-level kitchen and two F&B outlets.

轉向唐·塞薩爾。第二季度，我們完成了北泳池和泳池酒吧的建設。7月初，我們完成了低層零售空間的市場建置。我們預計將在第三季完成重建的最後階段，包括下層廚房和兩家餐飲店。

Since the reopening, we are seeing better than expected near term transient pick up, higher F&B capture in average tax, and increased group bookings which allowed us to raise our full year expectations for the resort to $3 million from negative $1 million.

自重新開放以來，我們看到短期內短暫的回暖好於預期，餐飲業的平均稅收更高，團體預訂也增加了，這使我們能夠將度假村的全年預期從負 100 萬美元提高到 300 萬美元。

We collected $9 million of business interruption proceeds, hurricanes Helene and Milton in the second quarter, bringing the total business interruption proceeds collected to $19 million for the first half of the year. We also collected an additional $5 million of business interruption proceeds in July related to those two hurricanes, which are included in our updated guidance.

我們在第二季度收取了 900 萬美元的業務中斷收益、海倫颶風和米爾頓颶風，使今年上半年收取的業務中斷收益總額達到 1,900 萬美元。我們還在 7 月獲得了與這兩次颶風相關的額外 500 萬美元業務中斷收益，這些收益已包含在我們更新的指南中。

While we expect to collect additional business interruption proceeds, the timing and amounts of additional payments are subject to stabilization of the asset and ongoing discussions with our insurance carriers.

雖然我們預計將收取額外的業務中斷收益，但額外支付的時間和金額取決於資產的穩定以及與保險公司的持續討論。

Turning to capital allocation. In June, we sold the 456 key leasehold interest in The Westin Cincinnati for $60 million or 14.3 times trailing 12-month EBITDA. When calculating the EBITDA multiple, we included $54 million of estimated disrupted capital expenditures over the next five years.

轉向資本配置。6 月份，我們以 6000 萬美元或過去 12 個月 EBITDA 的 14.3 倍的價格出售了辛辛那提威斯汀酒店的 456 個主要租賃權益。在計算 EBITDA 倍數時，我們納入了未來五年預計的 5,400 萬美元資本支出中斷。

Since 2018, we have disposed of approximately $5.1 billion of hotels at a blended 17.2 times EBITDA multiple, including estimated foregone capital expenditures of $1 billion which compares favorably to our $4.9 billion of acquisitions over the same period at a blend 13.6 times EBITDA multiple.

自 2018 年以來，我們已以 17.2 倍的綜合 EBITDA 倍數處置了約 51 億美元的酒店，其中包括估計放棄的 10 億美元資本支出，這與同期我們 49 億美元的收購（綜合 EBITDA 倍數為 13.6 倍）相比更為有利。

In addition to dispositions, we repurchased 6.7 million shares of common stock during the second quarter at an average price of $15.56 per share for a total of $105 million, bringing our total repurchases to $205 million year-to-date at an average price of $15.68 per share.

除了處置之外，我們還在第二季以平均每股 15.56 美元的價格回購了 670 萬股普通股，總計 1.05 億美元，使我們今年迄今的總回購額達到 2.05 億美元，平均每股 15.68 美元。

Since 2022, we have repurchased $520 million of stock and an average repurchase price of $16.03 per share and we have $480 million of remaining capacity under our share repurchase program.

自 2022 年以來，我們已回購了價值 5.2 億美元的股票，平均回購價格為每股 16.03 美元，我們的股票回購計畫剩餘容量為 4.8 億美元。

Turning to portfolio reinvestment. As of the second quarter, the Hyatt Transformational Capital Program is approximately 50% complete and is tracking on time and under budget. We completed the guest rooms renovations at the Grand Hyatt Washington D.C. and pause the remaining public space renovations to accommodate group business on the books while we complete the comprehensive renovations at Hyatt Regency Capitol Hill.

轉向投資組合再投資。截至第二季度，凱悅轉型資本計畫已完成約 50%，並且正在按時且在預算之內進行。我們完成了華盛頓特區君悅酒店的客房裝修，並暫停了其餘公共空間的裝修，以便在完成國會山凱悅酒店的全面裝修期間，為團體業務提供服務。

We also started comprehensive renovations at the Manchester Grand Hyatt San Diego. The final property in the Hyatt Transformational Capital Program, which we expect to complete in early 2027. We continue to make progress on value enhancing development projects, including The Don CeSar Ballroom expansion and the Phoenician Canyon Villa Suites, both of which we expect to complete in the fourth quarter of 2025.

我們也開始對聖地牙哥曼徹斯特君悅酒店進行全面翻修。這是凱悅轉型資本計畫的最後一處房產，我們預計將於 2027 年初完工。我們繼續在增值開發項目上取得進展，包括 Don CeSar 宴會廳擴建和 Phoenician Canyon Villa Suites，預計這兩個項目都將在 2025 年第四季完工。

We also made progress on the condo development at the Four Seasons Resort Orlando at Walt Disney World Resort. We expect to complete the mid-rise condominium building and begin closing on sales in the fourth quarter of this year.

我們也在華特迪士尼世界度假區的奧蘭多四季度假酒店的公寓開發方面取得了進展。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。

We now have deposits and purchase agreements for 20 of the 40 units, including 8 of the 9 villas. In 2025, our capital expenditure guidance range is $590 million to $660 million which includes between $70 million and $80 million for property damage reconstruction majority of which we expect to be covered by insurance.

目前，我們已經收到 40 個單元中 20 個單元的定金和購買協議，其中包括 9 棟別墅中的 8 棟。2025 年，我們的資本支出指引範圍為 5.9 億美元至 6.6 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。

Our CapEx guidance also reflects approximately $270 million to $305 million of investment for redevelopment, repositioning and ROI projects. As part of our climate risk and resiliency program, we purchased flood barriers for nine high-risk properties with measures being put in place for the 2025 hurricane season.

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 3.05 億美元的投資。作為我們氣候風險和復原力計畫的一部分，我們為九處高風險房產購買了防洪屏障，並為 2025 年颶風季節採取措施。

We also developed a resiliency ROI method and expanded the program to new hotels with a focus on emergency power and wildfire risk. Within 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.

我們還開發了一種彈性投資回報率方法，並將該計劃擴展到新酒店，重點關注應急電源和野火風險。在凱悅轉型資本計畫的框架下，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。

As a reminder, we expect to benefit from approximately $27 million of operating profit guarantees related to the Hyatt Transformational Capital Program in 2025, which we expect will offset the majority of the EBITDA disruption at those properties.

提醒一下，我們預計將從 2025 年凱悅轉型資本計劃相關的約 2700 萬美元的營業利潤擔保中受益，我們預計這將抵消這些酒店的大部分 EBITDA 中斷。

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. Looking back at prior transformational renovations, we completed investments in 24 properties between 2018 and 2023, which are continuing to provide meaningful tailwinds for our portfolio.

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度假區的奧蘭多四季度假酒店的公寓開發上投資 7500 萬至 8500 萬美元。回顧先前的改造翻新，我們在 2018 年至 2023 年期間完成了對 24 處房產的投資，這將繼續為我們的投資組合提供有意義的順風。

Of the 20 hotels that have stabilized post renovation operations to date, the average RevPAR index share gain is over 8.7 points, which is well in excess of our targeted gain of 3 to 5 points.

在迄今已實現裝修後營運穩定的 20 家飯店中，平均 RevPAR 指數份額增幅超過 8.7 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。

Turning to our outlook for 2025. Despite the heightened macroeconomic uncertainty, we continue to outperform our expectations in the second quarter. As a result of our strong performance in the first half of the year, we are increasing our comparable hotel RevPAR and total RevPAR guidance ranges.

展望 2025 年。儘管宏觀經濟不確定性加劇，但我們第二季的業績仍超乎預期。由於我們上半年的強勁表現，我們提高了可比飯店 RevPAR 和總 RevPAR 指引範圍。

As Sourav will discuss in more detail, the low end of our guidance range contemplates softer demand in the second half of the year, while the high end assumes a more stable macroeconomic environment. Similar to last quarter, we are also providing an approximate rule of thumb for the current environment based on how our portfolio is positioned today.

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到了下半年需求的疲軟，而高端則假設了更穩定的宏觀經濟環境。與上一季類似，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 point change in RevPAR, we would expect to see a $32 million to $37 million change in adjusted EBITDAre which is consistent with the range we provided last quarter. As we have said many times before, Host is well positioned to weather any environment because of our fortress investment grade balance sheet, a leverage ratio of 2.8 times, our size and scale, our diversified business and geographic mix and our continued reinvestment in our portfolio.

我們預計，RevPAR 每變動 100 個基點，調整後 EBITDAre 將發生 3,200 萬至 3,700 萬美元的變化，這與我們上個季度提供的範圍一致。正如我們之前多次說過的，Host 完全有能力抵禦任何環境，因為我們擁有穩健的投資級資產負債表、2.8 倍的槓桿率、我們的規模和範圍、我們多元化的業務和地理組合以及我們對投資組合的持續再投資。

We will continue to use our competitive advantages to create value for our shareholders and position Host to outperform over the long term.

我們將繼續利用我們的競爭優勢為股東創造價值，並使 Host 長期保持優異表現。

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 second quarter operations, updated 2025 guidance and our balance sheet.

根據吉姆的評論，我將詳細介紹我們第二季的營運情況、更新後的 2025 年指引和我們的資產負債表。

Starting with the total revenue trends. Comparable hotel total RevPAR growth outpaced RevPAR growth as both group and transient guests maintained elevated levels of out of room spend. Comparable hotel, food and beverage revenue grew 4% in the quarter driven by outlets.

從總收入趨勢開始。由於團體客人和臨時客人均保持較高的房外消費水平，同店可比酒店總 RevPAR 增幅超過了 RevPAR 增幅。在門市的推動下，本季可比飯店、食品和飲料收入成長了 4%。

Outlet revenue grew 9% driven by transient room night growth in Maui as well as recently repositioned outlets including The View at the New York Marriott Marquis, AVIV at the 1 Hotel South Beach and outlets at The Singer Oceanfront Resort.

受毛伊島客房夜數短暫增長以及近期重新定位的門市（包括紐約萬豪侯爵酒店的 The View、南海灘 1 號酒店的 AVIV 和辛格海濱度假村的門店）的推動，門市收入增長了 9%。

Properties in Orlando, Nashville, and Naples also contributed to outlet growth. Banquet revenue grew 1% as increases in banquet and catering contributions per group room night outpaced decreases in group room night volume.

奧蘭多、納許維爾和那不勒斯的物業也促進了門市的成長。由於每間團體間夜的宴會和餐飲貢獻的成長速度超過了團體間夜量的下降速度，宴會收入增加了 1%。

Banquet and catering contribution was up 7% in the quarter, signaling the continued health of group spending. Growth was driven by our large group hotels in San Diego, San Francisco, New York, Orlando, and Naples.

本季宴會和餐飲貢獻增加了 7%，顯示團體支出持續健康。成長主要得益於我們在聖地牙哥、舊金山、紐約、奧蘭多和那不勒斯的大型集團飯店。

Other revenue grew 13% in the second quarter of golf and spa revenues continue to grow. This is further indication that the high-end consumer is prioritizing spending on premium experiences.

其他營收第二季成長13%，高爾夫和水療收入持續成長。這進一步表明高端消費者優先考慮優質體驗的支出。

Shifting to business mix. Overall transient revenue was up 7% compared to the second quarter of 2024, driven by higher rates and the continued growth of transient room nights at our resorts led by Maui. During the second quarter, our resorts saw modest transient wage growth year over year alongside 21% transient room night growth which benefited from the Easter calendar shift and the recovery in Maui.

轉向業務組合。與 2024 年第二季度相比，整體短期收入增長了 7%，這得益於更高的房價以及以毛伊島為首的度假村短期間夜量的持續增長。在第二季度，由於復活節日曆的變化和毛伊島的復甦，我們的度假村的臨時工資同比略有增長，同時臨時客房夜數增長了 21%。

Excluding Maui, transient revenue at our resorts was up in the mid-teens, driven by our resorts in Orlando, Oahu, and Miami. Looking at recent holidays, revenue for Memorial Day weekend was up over 2%, driven by our resorts in Maui, Miami, Orlando, and Naples.

除毛伊島外，我們度假村的臨時收入增加了 15% 左右，這主要得益於奧蘭多、瓦胡島和邁阿密度假村的推動。回顧最近的假期，陣亡將士紀念日週末的收入增長了 2% 以上，這得益於我們在毛伊島、邁阿密、奧蘭多和那不勒斯的度假村。

Revenue for July 4 was down 1% for the comparable portfolio. Our resorts were up 6%, but storms over the holiday weekend heavily impacted the short-term pick up at many of our properties. Business transient revenue was relatively flat to the second quarter of 2024 as 6% rate growth nearly offset business transient room night declines.

7 月 4 日，可比投資組合的收入下降了 1%。我們的度假村成長了 6%，但假日週末的暴風雨嚴重影響了我們許多度假村的短期成長。商務臨時收入與 2024 年第二季相比相對持平，因為 6% 的房價成長幾乎抵消了商務臨時間夜量的下降。

It is worth noting that corporate negotiated room night volumes were down slightly which is in line with the recent quarters. As a reminder, we expect business transient revenue to remain flat for the remainder of this year as a result of the uncertain macroeconomic environment.

值得注意的是，企業協商間夜量略有下降，與最近幾季的情況一致。提醒一下，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. As expected, revenue was down 5% year over year driven by planned renovation disruption from the Hyatt Transformational Capital Program and business mix shifting from group to transient in Maui.

轉向小組。正如預期，由於凱悅轉型資本計劃的計劃翻新工程中斷以及毛伊島的業務組合從團體轉向臨時，收入同比下降了 5%。

Group room revenue also faced headwinds from the Easter calendar shift and reduced group pick up. Despite these headwinds, our properties in San Francisco achieved group revenue growth of more than 30% driven by meaningful citywide recovery.

團體客房收入也因復活節日曆變更和團體接待人數減少而面臨阻力。儘管面臨這些不利因素，但由於全市經濟復甦的推動，我們在舊金山的飯店集團營收仍成長了 30% 以上。

Our [risk causing] resorts in Naples, Florida also benefited by strategically adding high quality groups in the quarter. For full year 2025, we have over 3.8 million definite group room nights on the books, representing a 6% increase since the first quarter.

我們位於佛羅裡達州那不勒斯的度假村也因本季策略性地增加高品質團體而受益。預計 2025 年全年，我們的預訂團體客房晚將超過 380 萬間，較第一季成長 6%。

As Jim mentioned, total group revenue pace is up 1.6% over the same time last year. As we discussed last quarter, we have seen softer short-term group pick up, particularly for the third quarter due to macroeconomic uncertainty.

正如吉姆所提到的，集團總收入比去年同期成長了 1.6%。正如我們上個季度所討論的那樣，我們看到短期群體回暖趨於疲軟，尤其是第三季度，原因是宏觀經濟的不確定性。

That said, rate continued to grow across the portfolio for bookings made in the second quarter for the rest of 2025. We also continue to see double digit citywide booking pace in many of our key markets, including San Francisco, San Antonio, and New Orleans.

儘管如此，2025 年剩餘時間內，第二季預訂的整個投資組合的費率將繼續成長。我們還看到，包括舊金山、聖安東尼奧和新奧爾良在內的許多主要市場的全市預訂速度繼續保持兩位數成長。

Shifting gears to margins. Comparable hotel EBITDA margin of 31% was 120 basis points below the second quarter of 2024, which includes a 120 basis point impact from business interruption proceeds we received for the Maui wildfires last year. Outside of the BI proceeds impact, margin performance in the second quarter was the result of strong revenue growth, as well as higher HTCP guarantee amounts which offset headwinds from elevated wage rate growth. We continue to expect negative year over year margin comparisons for the remainder of the year, primarily driven by elevated wages and benefits. On the insurance front, our June 1 property renewal came in meaningfully better than expected at down 4% compared to last year which equates to a $14 million expense reduction compared to our prior guidance.

轉向利潤。可比飯店 EBITDA 利潤率為 31%，比 2024 年第二季低 120 個基點，其中包括去年我們因毛伊島野火收到的業務中斷收益的 120 個基點的影響。除了 BI 收益的影響之外，第二季的利潤率表現是強勁的收入成長以及更高的 HTCP 擔保金額抵消了工資率成長帶來的阻力的結果。我們預計今年剩餘時間的利潤率仍將為負值，主要原因是薪資和福利上漲。在保險方面，我們 6 月 1 日的財產續保情況明顯好於預期，與去年相比下降了 4%，與我們先前的指導相比，這相當於減少了 1,400 萬美元的費用。

This savings has been reflected in our updated guidance.

這項節省已反映在我們更新的指南中。

Turning to our outlook for 2025. As Jim mentioned, we are increasing our comparable hotel RevPAR and total RevPAR guidance ranges as a result of our outperformance in the first half of the year. As a reminder, we have assumed a gradual improvement at our Maui properties this year and no improvement in the international demand imbalance.

展望 2025 年。正如吉姆所提到的，由於我們上半年的出色表現，我們正在提高可比酒店 RevPAR 和總 RevPAR 指導範圍。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。

At the low end of our guidance, we have assumed softer demand in the second half of the year, and at the high end, we have assumed improvements in the overall macroeconomic environment driven by clarity on trade and other policies.

在我們的指引低端，我們假設下半年需求會疲軟；而在指引高端，我們假設受貿易和其他政策明晰性的推動，整體宏觀經濟環境會有所改善。

Our full year 2025 guidance contemplates comparable hotel RevPAR growth of between 1.5% and 2.5% over 2024. We expect comparable hotel EBITDA margins to be down 90 basis points year over year, at the low end of our guidance to down 60 basis points at the high end, a 60 basis points improvement over our prior guidance at the midpoint.

我們預計 2025 年全年飯店 RevPAR 將比 2024 年成長 1.5% 至 2.5%。我們預計可比飯店 EBITDA 利潤率將同比下降 90 個基點，處於我們指導的低端，高端下降 60 個基點，比我們之前指導的中間值提高 60 個基點。

Consistent with our prior guidance, we expect negative year over year RevPAR in the third quarter driven by softer short-term group volume and slightly positive RevPAR growth in the fourth quarter. The midpoint assumes comparable hotel RevPAR growth of 2% compared to 2024, and the comparable hotel EBITDA margin of 28.6% which is 70 basis points below 2024.

與我們先前的預測一致，我們預計第三季 RevPAR 年比將出現負成長，原因是短期集團業務量疲軟，而第四季 RevPAR 將略有正向成長。中點假設可比飯店 RevPAR 與 2024 年相比成長 2%，可比飯店 EBITDA 利潤率為 28.6%，比 2024 年低 70 個基點。

As we think about bridging our 2024 results to 2025, we estimate a 100 basis point impact to full year comparable hotel EBITDA margin from wage and benefit rate increases, and a 40 basis point impact from lower business interruption proceeds in the comparable portfolio, which are partially offset by an estimated 70 basis point benefit from operational improvements.

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酒店 EBITDA 利潤率產生 100 個基點的影響，而可比投資組合中業務中斷收益的減少將產生 40 個基點的影響，但運營改善帶來的約 70 個基點的收益將抵消這些影響部分。

For the full year, we continue to expect overall wage and benefit expenses to increase 6% which comprises approximately 50% of our total hotel operating expenses. Our 2025 full year adjusted EBITDAre midpoint is $1,705 million.

就全年而言，我們預計整體薪資和福利支出將增加 6%，約占我們酒店總營運支出的 50%。我們 2025 年全年調整後的 EBITDAre 中位數為 17.05 億美元。

This represents a $60 million or 3.6% improvement over our prior guidance midpoint driven by outperformance in the first half of the year. This includes $19 million of business interruption proceeds that were received in the first half of the year for hurricanes Helene and Milton and an additional $5 million of business interruption proceeds that were received in July.

這比我們之前的指導中點高出 6000 萬美元或 3.6%，這得益於上半年的優異表現。其中包括今年上半年因颶風海倫和米爾頓而收到的 1,900 萬美元業務中斷收益，以及 7 月收到的另外 500 萬美元業務中斷收益。

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.

我們 2025 年全年調整後的 EBITDAre 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 $3 million contribution at The Don CeSar, an improvement of $4 million since the last quarter and an estimated $13 million contribution from the 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 The Don CeSar 的預計 300 萬美元貢獻，自上一季以來增加了 400 萬美元，以及 Alila Ventana Big Sur 的營運預計貢獻 1300 萬美元，這兩家酒店均不包含在我們 2025 年的可比酒店組合中。

Turning to our strong balance sheet and liquidity position. In May, we redeemed the $500 million Series E notes which matured in June with proceeds from the recent $500 million 5.7% Series M notes issuance. Our weighted average maturity is now 5.4 years at a weighted average interest rate of 4.9%.

談到我們強勁的資產負債表和流動性狀況。5 月份，我們用最近發行的 5 億美元 5.7% M 系列票據的收益贖回了 6 月份到期的 5 億美元 E 系列票據。我們的加權平均期限目前為 5.4 年，加權平均利率為 4.9%。

We currently have $2.3 billion in total available liquidity, which includes $279 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.

我們目前擁有總計 23 億美元的可用流動資金，其中包括 2.79 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。

In July, 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 rest of the year.

7月份，我們支付了每股0.20美元的季度現金股利。與往常一樣，未來的股利須經公司董事會批准。在今年剩餘的時間裡，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 strong investment grade balance sheet as well as our size, scale, and diversification uniquely position Host to execute in the current environment while capitalizing on opportunities for growth in the future.

總而言之，我們相信，我們強勁的投資等級資產負債表以及我們的規模、範圍和多樣化使 Host 能夠在當前環境中生存，同時利用未來的成長機會。

With that, we would be happy to take your questions.

我們很樂意回答您的問題。

To ensure we have time to address as many questions as possible, please limit yourselves to one question.

為了確保我們有時間回答盡可能多的問題，請將問題限制為一個。

(Operator Instructions)

（操作員指示）

Duane Pfennigwerth, Evercore ISI.

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

(technical difficulty) of room nights on the books up 6% sequentially versus the last quarter and your 3Q group commentary. I assume this means you're seeing groups further out for '26 and beyond continue to book, but maybe you could just talk a little bit about the group dynamics that you're seeing second half and then longer term.

（技術難度）預訂客房晚數與上一季和您的第三季集團評論相比較上季成長 6%。我認為這意味著您將看到 26 年及以後的團體繼續預訂，但也許您可以稍微談談您在下半年以及更長期看到的團體動態。

It's Jim. Can you state the question over? We didn't catch the first part of it. I think you were on mute. So if you wouldn't mind restating it, we'd appreciate it.

是吉姆。你能把問題再說一次嗎？我們沒有看到它的第一部分。我認為你處於靜音狀態。因此，如果您不介意重申這一點，我們將非常感激。

Yeah. Just help us match up the commentary of room nights on the books up 6% versus last quarter versus the 3Q commentary that you're making. I assume that means you're seeing group bookings further out into '26 and beyond.

是的。只需幫助我們將帳面客房晚數較上一季度增加 6% 的評論與您所做的第三季評論進行匹配即可。我認為這意味著您會看到團體預訂持續到 26 年甚至更久。

It's Sourav.

是 Sourav。

So yes, just to put it into perspective, when we started off the year, we had an expectation of achieving about 4.3 million group room nights and you may recall last quarter, we took our forecast for overall group room night then by about 100,000 room nights.

是的，從這個角度來看，當我們今年年初時，我們預計將實現約 430 萬間團體間夜，而您可能還記得上個季度，我們對整體團體間夜的預測比上個季度增加了約 10 萬間夜。

So we're at about 4.2. Based on what we are seeing in terms of softening sort of short term group pick up, we looked at the second half, particularly the third quarter, and took out about another 75,000 to 77,000 group room nights.

所以我們的比率大約是4.2。根據我們所看到的短期團體住宿回升趨勢的放緩，我們觀察了下半年，特別是第三季度，又減少了大約7.5萬到7.7萬個團體間夜。

So we have 3.8 million group room nights which we have on the books and now our expectation for the full year is approximately 4.1 million group room nights. That said, when you look out into the future, as you were saying, at '26 to '28, we had messages last time that that group pace was in the higher single digits, that actually improved slightly from the last quarter.

因此，我們已記錄的團體間夜數為 380 萬，而我們預計全年團體間夜數約為 410 萬。話雖如此，當你展望未來時，正如你所說，在 26 年至 28 年期間，我們上次收到的消息是，該集團的步伐處於較高的個位數，實際上比上一季略有改善。

So yes, we see groups continuing to book out into the future. It's more the short term pick up, particularly in the third quarter that we have taken some risk off the table. Just to put some numbers around sort of what we picked up in the second quarter for the remainder of the year, we picked up 215,000 group room nights for the remainder of the year and about 20% call it was for Q2 and 80% of that was for the rest of the year.

所以是的，我們看到未來團體預訂的情況會繼續增加。這更多的是短期回升，特別是在第三季度，我們已經消除了一些風險。僅就我們在第二季為今年剩餘時間所獲得的數據給出一些數字，我們為今年剩餘時間所獲得的團體間夜數為 215,000 個，其中約 20% 為第二季度所獲得的數據，而 80% 為今年剩餘時間所獲得的數據。

And if you look at compared to 2024, that was about 311,000 group room nights. So definitely, somewhat softening in terms of the third quarter, but as we look out, particularly in the future, it's strong and the only other thing I would add is the group rate that we booked into the second half is extremely strong as well.

若與 2024 年相比，團體客房晚數約為 311,000 間。因此，第三季肯定會有所疲軟，但從我們的角度來看，特別是在未來，它是強勁的，我唯一想補充的是，我們下半年預訂的團體價格也非常強勁。

So that continues to really show up.

因此，這種情況確實持續顯現。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Jim or Sourav, I was hoping you could dive in a little bit further on Hawaii and I think more widely, we've been getting these messages through various news sources about what's going on there. Can you maybe shed a little bit of light on what you're seeing within your portfolio and how confident you feel about that for the back half of the year and maybe any early thoughts on '26?

吉姆或索拉夫，我希望你們可以更深入地了解夏威夷的情況，我認為從更廣泛的角度來看，我們已經透過各種新聞來源獲得了有關那裡發生的事情的消息。您能否稍微解釋一下您對投資組合的看法，以及您對今年下半年的信心，以及對 26 年有什麼初步想法？

Yeah. Chris, I'll start and Sourav can feel free to jump in if he has additional color he wants to add, but we are of the opinion that Maui's recovery is firmly underway. We had 19% RevPAR growth in the quarter for our Maui resorts.

是的。克里斯，我先開始，如果索拉夫還有什麼想補充的，也可以隨時加入，但我們認為毛伊島的復甦正在穩步進行中。本季度，毛伊島度假村的每間可用客房收入 (RevPAR) 成長了 19%。

That was matched by 19% of out of room spend as well really driven by outlet growth. The recovery is being fueled by leisure transient and it's a -- somewhat of a new phenomenon for Maui because the booking window is very short term.

這與客房外消費的 19% 相匹配，並且真正受到門市成長的推動。休閒旅遊的短暫性推動了經濟復甦，這對毛伊島來說是一個新現象，因為預訂窗口非常短。

We had said that we anticipated Maui to contribute $100 million of EBITDA this year for the portfolio. We are now assuming that the Maui resorts will contribute $110 million. So we're seeing very positive momentum. There's no question about it going forward.

我們曾表示，預計 Maui 今年將為該投資組合貢獻 1 億美元的 EBITDA。我們現在假設毛伊島度假村將貢獻 1.1 億美元。因此，我們看到了非常積極的勢頭。毫無疑問，它將繼續向前發展。

I think this is fueled in large part by a marketing campaign, that a group of hotel owners banded together to undertake marketing individual properties combined with the state of Hawaii led by the governor, who endorsed and sponsored a -- I think about a $6.3 million marketing campaign as well.

我認為這在很大程度上是由一場行銷活動推動的，一群酒店業主聯合起來對個人酒店進行營銷，並與夏威夷州州長一起，州長還支持並贊助了一場——我認為是一場耗資約 630 萬美元的營銷活動。

So when people see what is happening on the island, and you were there, in February, you know that it's open for business, and Wailea is a great place to be, the west side where the Hyatt Regency is. It's a great place to visit as well.

因此，當人們看到島上發生的事情時，你就知道，二月的時候，島上已經開門營業了，威雷亞是一個很棒的地方，位於凱悅酒店所在的西側。這裡也是一個值得遊覽的好地方。

It's I think probably the best group hotel on the island. And that's what we have to see happen to really get back to where we were pre-fire levels. We have to start seeing the incentive groups come back to Hawaii and we're getting good traction with meeting planners.

我認為這可能是島上最好的團體酒店。這就是我們必須看到的情況，才能真正恢復到火災前的水平。我們必須開始看到獎勵團體重返夏威夷，我們與會議策劃者的關係也越來越好。

They're taking trips called fam trips, F-A-M, familiarization trips so they can just go see what is happening on the island. There's a long lead time for incentive group bookings to occur. It's at least six months and it can be a year or longer in some instances.

他們正在進行家庭旅行（F-A-M），即熟悉旅行，以便他們可以去看看島上發生的事情。獎勵團體預約需要很長的準備時間。至少需要六個月，在某些情況下可能需要一年甚至更長。

So we expect to see the group pace pick up as we get into 2026 and '27 and beyond. But Maui is definitely open for business and we're really pleased with what we're seeing. The other thing that has to happen, Chris is, we have to see additional airlift made available.

因此，我們預計，隨著進入 2026 年、2027 年及以後，集團步伐將會加快。但毛伊島肯定已經開放營業，我們對目前看到的情況感到非常滿意。克里斯，另一件必須要做的事情是，我們必須看到有額外的空運可用。

It's a bit of a chicken and an egg situation where the airlines are not going to want to bring additional capacity back online and so they have a good feeling about their ability to fill those seats, and vice versa. We don't want our customers who want to come to Hawaii and not be able to find a seat on an airplane.

這有點像先有雞還是先有蛋的問題，航空公司不願意重新增加運力，因此他們對自己填滿這些座位的能力很有信心，反之亦然。我們不希望我們的客戶來到夏威夷卻無法在飛機上找到座位。

So compared to where we were pre-wildfire in terms of airline capacity in Maui, we're down about 20%. We're hopeful that that's going to change over time. The recovery is well underway. In addition to the outlet revenue, we saw a meaningful pick up in spa revenue and golf revenue as well.

因此，與山火發生之前相比，毛伊島的航空運力下降了約 20%。我們希望這種情況會隨著時間的推移而改變。復甦工作正在順利進行中。除了門市收入外，我們還看到水療收入和高爾夫收入的顯著增長。

So people are definitely coming and they're spending.

所以人們一定會來，而且會消費。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

I wanted to ask more about Hawaii and in particular, as Jim, the Turtle Bay sort of caught my fancy. Can you just give us an update on how you're doing with that? What's been sort of the best surprise? Maybe if there's any negative surprises with it.

我想更多地了解夏威夷，特別是海龜灣，因為吉姆，我對此很感興趣。您能否向我們介紹一下您的最新進展？最好的驚喜是什麼？如果它有任何負面驚喜的話，也許會這樣。

And I just want to be clear about how we're comping that hotel in the RevPAR, right? That was sort of out for 2Q, I believe, right? And is that sort of done by 3Q and in there? Those are my sort of two questions.

我只是想清楚地了解我們如何在 RevPAR 中比較該酒店，對嗎？我相信這對第二季來說已經是未知數了，對吧？這是 3Q 完成的嗎？這是我的兩個問題。

Turtle Bay, the hotel pro forma, the hotel operations, David, are exceeding our pro forma expectations. So it's been well-received into the Ritz-Carlton system. Bonvoy is driving a lot of business to the property. I wouldn't say that there are any negative surprises with respect to hotel ops at all.

戴維，龜灣酒店，酒店的營運情況，都超出了我們的預期。因此它在麗思卡爾頓系統中受到了熱烈歡迎。Bonvoy 為該酒店帶來了大量業務。我不會說飯店營運方面有任何負面意外。

The property is performing well. We've had a change of plans with respect to our repositioning and renovation of the Fazio Golf Course. You may recall from your visit that there are two golf courses on property, the Fazio and the Palmer.

該物業表現良好。我們對法齊奧高爾夫球場的重新定位和翻新計劃進行了更改。您可能還記得，您來訪時曾去過那裡，那裡有兩個高爾夫球場，分別是 Fazio 和 Palmer。

We have leased the Palmer course to the developer that is developing some residential units adjacent to the resort itself, Arte development, and we own -- continue to own the Fazio course. For a number of reasons, we've made the decision that we're not going to reposition and upgrade the Fazio course at this point in time but we're going to spend the time really preparing the site for potential future development, while we have the opportunity to do that.

我們已將帕爾默球場租給正在度假村附近開發一些住宅單元的開發商 Arte 開發公司，並且我們擁有並繼續擁有法齊奧球場。由於多種原因，我們決定目前不重新定位和升級 Fazio 球場，但我們會花時間為場地未來的潛在發展做好準備，只要我們有機會這樣做。

So if you're seeing a shortfall in operating performance for the resort in total, it's as a result of the golf. It's not as a result of the hotel. And I'll let Sourav address your other question regarding comp, non-comp.

因此，如果您發現度假村整體營運表現出現下滑，這是高爾夫運動造成的。這並不是酒店造成的。我會讓 Sourav 回答您關於 comp、non-comp 的其他問題。

Yeah. It is actually in our comparable results. We did not own the hotel. However, we do have the actual numbers and performance from that hotel. So it is not comparable numbers. You just have to look at the comp tables.

是的。這實際上就在我們的可比較結果中。我們不是這家飯店的所有者。然而，我們確實有該酒店的實際數據和業績。所以這不是可比較的數字。您只需看一下比較表即可。

So it's in 2Q --

所以第二季——

I think it's on page 10, I believe.

我認為它在第 10 頁。

Smedes Rose, Citigroup.

花旗集團的斯梅德斯‧羅斯 (Smedes Rose)。

I wanted to ask a little more about wages and benefits. You mentioned that they're tracking up 6% for this year. Can you maybe, Sourav, just give some thoughts on, what are the components of that like labor versus benefits to employees and kind of how you're thinking about, like, pace into next year?

我想進一步詢問一些有關工資和福利的問題。您提到他們今年的成長率為 6%。索拉夫，您能否談談這其中的組成部分，例如勞動力與員工福利，以及您對明年的進度有何看法？

Sure. When you think about sort of overall really is obviously market dependent it is being driven by where there was CBA negotiations finalized, and that's driving a big piece of the increase for this year just given the front loading impact.

當然。當你考慮整體情況時，它顯然依賴市場，它受到 CBA 談判最終結果的驅動，考慮到前期投入的影響，這在很大程度上推動了今年的成長。

For next year, all I can tell you that it is going to be overall lower than where it is this year. That's the expectation, but it's too early to tell, frankly, because we haven't seen budgets from our managers yet and we will not see that until later.

對於明年，我只能告訴你，總體而言它將比今年的水平低。這是預期，但坦白說，現在說還為時過早，因為我們還沒有從我們的經理那裡看到預算，而且我們也要等到以後才能看到。

So can't really comment on the exact number, but the expectation is the growth should be slightly lower than this year. What that is, I can't comment right now.

因此無法真正評論確切的數字，但預計增長應該略低於今年。那是什麼，我現在無法評論。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Can you talk a little bit about the cadence for RevPAR growth in the second half of the year, and specifically what might drive Q4 growth relative to the third quarter? And then just a clarification on the insurance savings. Is the $14 million an annualized number or just what you expect to save this year?

您能否談談下半年 RevPAR 的成長節奏，特別是相對於第三季度，哪些因素可能推動第四季的成長？然後只是澄清一下保險儲蓄。1,400 萬美元是年度數字還是您預計今年可以節省的金額？

The $14 million is just what we expect to save for this year. So that's what we have effectively -- you take out, reduce from our prior guidance of which we had at $1.645 million. It's a savings of $14 million from that number, so just this year.

這 1,400 萬美元正是我們今年預計節省的金額。這就是我們實際上所做的——從我們之前的指導中拿出並減少，即 164.5 萬美元。光是今年就節省了 1400 萬美元。

And to your first question in terms of why we have confidence in the fourth quarter growth and what's driving that, right at the beginning of the year, we had pretty solid pace for the fourth quarter. A couple of things happening in the third and fourth quarter that you have to remember.

關於您的第一個問題，為什麼我們對第四季度的成長充滿信心，以及推動這一成長的因素是什麼，今年年初，我們第四季的成長速度相當穩健。你必須記住第三季和第四季發生的幾件事。

One is Rosh Hashanah was in October of last year. That's falling in September, so that's helping the fourth quarter and it's detrimental to the third quarter. Second, our big Hyatt -- Grand Hyatt Manchester in San Diego is under renovation. That's impacting group pace as well.

一個是猶太新年是去年十月。9 月這一數字有所下降，這對第四季度有幫助，但對第三季度則不利。第二，我們的大型凱悅酒店—聖地牙哥曼徹斯特君悅酒店正在裝修。這也會影響團隊步伐。

The other big thing for the fourth quarter that's helping, you might recall that when there was elections, a week before and a week after elections, nobody was really booking, so that's actually uplifting your Q4 pace numbers as well.

第四季的另一件大事是，你可能還記得，在選舉期間，選舉前一周和選舉後一周，沒有人真正預訂，所以這實際上也提升了你第四季度的步伐數字。

So the expectation of fourth quarter is better as a result of that. So those are sort of the three components.

因此，對第四季的預期會更好。這就是這三個組成部分。

Robin Farley, UBS.

瑞銀的羅賓法利。

Can you talk a little bit about the transaction environment? Just -- you sold an asset. Just sort of broadly, what the environment's like for that and also any opportunities to buy? And then I do have one quick follow up.

可以稍微談一下交易環境嗎？只是──你出售了一項資產。整體來說，那裡的環境是什麼樣的，還有什麼購買機會嗎？然後我有一個快速的跟進。

Sure, Robin. Let me start by saying that the debt capital markets are wide open. CMBS market is wide open. It's very active at this point in time. We've seen a notable pick up in transaction activity over the last 90 days or so.

當然，羅賓。首先我要說的是，債務資本市場是完全開放的。CMBS市場前景廣闊。目前它非常活躍。我們發現過去 90 天左右交易活動明顯增加。

It's certainly not -- I wouldn't characterize it as robust. It's certainly not at the levels that it has been in the past. There is still a fairly significant bid-ask spread between buyers and sellers. However, in certain instances, we have seen that bid-ask spread narrow and transactions get done.

它肯定不是——我不會把它描述為強大的。它肯定沒有達到過去的水平。買家和賣家之間的買賣價差仍然存在相當大的。然而，在某些情況下，我們看到買賣價差縮小，交易得以完成。

So we'll see what happens as we get a bit more certainty on the macro picture over the remainder of this year and into 2026. I think that it's still somewhat difficult to underwrite a potential acquisition aggressively given the macro uncertainty right now, and that may be holding some people back at this point in time, but our belief is that a number of assets have not been invested in since COVID days.

因此，隨著我們對今年剩餘時間和 2026 年的宏觀形勢有了更多的確定性，我們將拭​​目以待。我認為，鑑於目前的宏觀不確定性，積極承銷潛在收購仍然有些困難，這可能會在目前阻礙一些人，但我們認為，自新冠疫情以來，許多資產尚未被投資。

So we're talking five years now. And the properties there are in dire need of capital, of CapEx, and those are -- something is going to have to happen with those assets going forward. So I mean, we were in the really fortunate position as you know that we had the balance sheet that allowed us to invest in our assets.

所以我們現在談的是五年。那裡的資產急需資本和資本支出，這些資產未來必須處理。所以我的意思是，我們真的很幸運，因為你知道，我們擁有允許我們投資資產的資產負債表。

And over the last six years, we have invested $1.7 billion in ROI CapEx in our properties. We've completed 24 transformational renovations. Of those 24 properties, 20 have stabilized operations and we picked up close to 9 points in yield index. And that is -- that's one of the reasons why we continue to outperform. It's really our capital allocation decisions that have been made from 2017 forward.

在過去的六年裡，我們為我們的房地產投資了 17 億美元的投資回報資本支出。我們已完成 24 項改造工程。在這 24 處房產中，有 20 處已經穩定運營，收益率指數上升了近 9 點。這就是我們繼續表現出色的原因之一。這其實是我們從 2017 年開始做出的資本配置決策。

So to answer the second part of your question, are we interested in buying hotels? I'll never say never, but I will tell you as we sit here today, it's not at this top of our list. We think that the better use of our capital, certainly in the second quarter, in the first half of this year has been investing in our assets, so that we can continue to drive the types of returns that we're seeing paying a sustainable dividends subject to the approval of our Board of Directors and buying back shares.

那麼回答你問題的第二部分，我們有興趣購買飯店嗎？我永遠不會說永遠，但是今天當我們坐在這裡時，我可以告訴你們，這不是我們最優先考慮的事情。我們認為，更好地利用我們的資本，當然在今年第二季度，也就是今年上半年，就是投資於我們的資產，這樣我們就可以繼續推動我們所看到的回報類型，在董事會批准的情況下支付可持續的股息併回購股票。

We bought back $205 million worth of stock in the first half of the year and we think the stock is a screaming bargain today given where it's valued relative to the quality of our portfolio and our fortress balance sheet.

我們在今年上半年回購了價值 2.05 億美元的股票，我們認為，考慮到該股票相對於我們投資組合的品質和我們的資產負債表的估值，今天的股價非常划算。

Just one quick clarification following up and maybe one for Sourav. With the guidance change, you're getting a little more cautious on that sort of close in Q3 group bookings. And I know that's relative to what you said three months ago.

接下來只要快速澄清一下，也許對 Sourav 也需要澄清一下。隨著指導方針的改變，您對第三季團體預訂的這種結束會變得更加謹慎。我知道這與您三個月前所說的有關。

Some have sort of pointed to things picking up a little bit in July. Are you seeing at least in the very near term something maybe a little bit better than the sort of delta you're talking about versus April?

有些人指出，七月情況會略有改善。您是否看到至少在短期內會出現比您所說的與四月相比更好的情況？

Because it's such short term business, I think that's kind of why we have taken some of the risk out of Q3. Is July trending well? I'm not in a position to give a number for July, but yes, it has been certainly trending well relative to our expectations.

因為這是短期業務，我認為這就是我們在第三季消除部分風險的原因。七月的趨勢好嗎？我無法給出七月份的具體數字，但確實，相對於我們的預期，它的趨勢確實很好。

So could it get better? There's certainly a possibility, but it's really tough because these groups are sometimes really booking one week out or even a couple of days out. So you want to make sure we're appropriately cautious as we were doing our forecast.

那麼情況會變得更好嗎？當然有可能，但確實很難，因為這些團體有時真的要提前一周甚至幾天預訂。因此，您要確保我們在進行預測時保持適當的謹慎。

Dan Politzer, JPMorgan.

摩根大通的 Dan Politzer。

I just wanted to follow up on the group commentary. Is there any more detail in terms of like lead volumes, corporate versus association? And then are you seeing actual changes in terms of the spending patterns from these groups in terms of some of that ancillary or F&B?

我只是想跟進小組評論。關於企業與協會的領先數量，是否有更多詳細資訊？那麼，您是否看到這些族群在某些輔助或餐飲方面的消費模式發生了實際變化？

Yeah. So it's very similar to what we had talked about on the first quarter in terms of where we are seeing some of the weakness in groups. It certainly is a little more on the association side, particularly, as it relates to associations that either rely on government funding or somehow tied to government funding.

是的。因此，就我們看到的某些群體弱點而言，這與我們在第一季討論的情況非常相似。這當然更偏向於協會方面，特別是因為它涉及依賴政府資助或以某種方式與政府資助掛鉤的協會。

In terms of the folks that are actually showing up to the hotels, they're spending well. So if you look at our second quarter results, group volume was down but our banquet and catering revenue was actually up and we look at the banquet and catering revenue on a per group room night basis.

就實際入住飯店的客人而言，他們的消費水平不錯。因此，如果您查看我們第二季度的業績，您會發現團體客流量下降了，但我們的宴會和餐飲收入實際上是上升的，而且我們按每團體間夜數來計算宴會和餐飲收入。

That was up 7%. So overall, groups, when they're coming to the hotels are actually spending and spending well and continue to spend. So that trend really hasn't changed and it's certainly -- it has the same momentum as it did which we saw in the first quarter, and we have that same expectation going into the groups that are going to be coming in in the third and fourth quarter as well.

漲幅達 7%。因此，整體而言，團體入住飯店時實際上都在消費，而且消費水平很高，並且會繼續消費。所以這種趨勢實際上並沒有改變，而且它肯定具有與我們在第一季看到的相同的勢頭，並且我們對第三季度和第四季度即將到來群體也有同樣的預期。

Daniel Hogan, Baird.

丹尼爾·霍根，貝爾德。

Just quickly on the Cincinnati sale. Looking at the rest of the portfolio, how many more assets are in need of that amount of CapEx or would be potential non-core sale candidates and how are both you and potential buyers thinking about that amount of CapEx needs differently and that able to then get a deal across the line?

辛辛那提的促銷活動很快就結束。看看投資組合的其餘部分，有多少資產需要那麼多的資本支出，或者是潛在的非核心銷售候選，以及您和潛在買家對那麼多的資本支出需求有何不同看法，以及是否能夠達成交易？

The Cincinnati, I would say probably ranked at the bottom of our portfolio, Dan, from a CapEx perspective. It's in a tough market, very low RevPAR asset. It's subject to a ground lease. What we sold was the leasehold interest, and we really hadn't invested in that property since 2009.

丹，從資本支出的角度來看，我想說辛辛那提可能在我們的投資組合中排名墊底。市場競爭激烈，RevPAR 資產非常低。它受土地租約約束。我們出售的是租賃權益，自 2009 年以來我們實際上就沒有投資過該房產。

So I don't know of any other hotel in our portfolio that is in that dire need of CapEx. So we like what we own. Obviously, if you look at the makeup of our portfolio, our top 40 assets account for over 80% of our EBITDA. We have 78 comparable hotels plus the Alila Ventana and the Don in non-comp, but that should give you a sense of the magnitude of EBITDA that something like a Westin Cincinnati contributes to the overall earnings of Host.

所以我不知道我們投資組合中還有哪家飯店急需資本支出。所以我們喜歡我們所擁有的東西。顯然，如果你看看我們的投資組合組成，我們前 40 項資產占我們 EBITDA 的 80% 以上。我們有 78 家可比飯店，加上非可比飯店中的 Alila Ventana 和 Don，但這應該可以讓您了解威斯汀辛辛那提等飯店的 EBITDA 對 Host 整體收益的貢獻有多大。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Jim, can you comment on the relative strength across sort of the high-end luxury hotel segment relative to what's really been a more sluggish demand backdrop for seemingly most of the rest of the industry? To be candid with you, I'm kind of surprised the dynamic has lasted as long as it has, and I wonder what your perspective is on whether it persists and also how your perspective may or may not inform your portfolio positioning going forward.

吉姆，您能否評論一下高端豪華酒店領域的相對實力，相對於整個行業大部分領域看似較為低迷的需求背景？坦白說，我有點驚訝這種動態能持續這麼長時間，我想知道您對它是否會持續存在的看法，以及您的觀點是否會對您未來的投資組合定位產生影響。

Chris, we began the journey to reposition this portfolio in 2017, '18. We sold and our performance today is -- has to do as much with what we sold as with what we bought. So we disposed of $5.1 billion assets with the purchase price roughly at $5.1 billion that needed significant CapEx of roughly $1 billion at a 17.2 times EBITDA multiple.

克里斯，我們在 2017 年、2018 年開始重新定位這個投資組合。我們賣出了什麼，我們今天的表現與我們賣出的和買入的一樣多。因此，我們以約 51 億美元的購買價格處置了價值 51 億美元的資產，需要約 10 億美元的大量資本支出，EBITDA 倍數為 17.2 倍。

And over the same time frame, we acquired $4.9 billion of assets at 13.6 times EBITDA. And there was a keen focus on luxury, and the focus on luxury is really informed by our opinion that the long-term RevPAR CAGRs of luxury properties, luxury resorts in particular, outperform other segmented hotels in the industry.

在同一時間段內，我們以 EBITDA 的 13.6 倍收購了價值 49 億美元的資產。人們非常關注奢華，而對奢華的關注實際上是基於我們的觀點，即奢華酒店、尤其是奢華度假村的長期 RevPAR CAGR 優於業內其他細分酒店。

'And I think that has really proved itself out as we see no resistance really to rate at our resort portfolio today and we see a continued increase in out of room spend by customers on a per occupied room basis at the outlets at spa, at golf, et cetera.

「我認為這確實得到了證實，因為我們今天沒有看到度假村組合的評級遇到任何阻力，而且我們看到顧客在水療中心、高爾夫球場等場所每間客房的房外支出持續增加。

So the affluent consumer is clearly in a very good position. They want to continue to prioritize experiences, and they're willing to spend money to do that. If you look at the performance of the various segments over the second quarter, luxury was followed by upper upscale, which is where the rest of our portfolio is.

因此富裕的消費者顯然處於非常有利的地位。他們希望繼續優先考慮體驗，並且願意為此花錢。如果你看第二季各個細分市場的表現，你會發現豪華產品之後是高端產品，而我們的其他產品也處於這一水平。

We outperformed the industry across the board and that has to do with the investments that we made in our assets that I spoke to earlier. And then as you move further down the chain scale where our consumers -- the US consumers are stressed, and you look at the economy segment, you see negative RevPAR growth.

我們在各方面的表現都優於整個產業，這與我之前提到的我們對資產的投資有關。然後，當你進一步沿著連鎖規模向下移動時，我們的消費者——美國消費者感到壓力很大，當你看經濟部門時，你會看到 RevPAR 出現負成長。

So I mean, the amount of wealth, that in our opinion, the amount of wealth that's been created in this country, through housing and through the stock market, it's substantial and we like the way the portfolio is positioned for the long term.

所以我的意思是，我們認為，這個國家透過房地產和股票市場創造的財富數量是巨大的，而且我們喜歡投資組合的長期定位方式。

Obviously, if something were to go awry and people didn't feel as good about their balance sheets going forward, that would impact the business. But we're certainly not seeing that at this point in time.

顯然，如果出現問題，人們對未來的資產負債表感到不滿意，那麼就會對業務產生影響。但目前我們肯定還沒看到這種情況。

Gregory Miller, Truist Securities.

格雷戈里·米勒（Gregory Miller），Truist Securities。

Could you provide some detail on how summer leisure demand from international inbound is performing relative to your exhortations a few months ago? Are there certain markets or property types performing better or worse?

您能否詳細說明一下國際入境遊客的夏季休閒需求相對於您幾個月前的勸告表現如何？某些市場或房地產類型的表現是否更好或更差？

Sure. So when you look at what happened with international outbound and inbound, first quarter, we had talked about or I would say hope that that would somewhat moderate and it would effectively be a wash. We were expecting lower inbound travel, but we were also expecting lower outbound travel, in a way that's kind of what happened, not to a very large degree, but net net, it was effectively a wash.

當然。因此，當您查看第一季度國際出境和入境情況時，我們已經討論過，或者我希望這種情況會有所緩和，並且實際上會是一種平局。我們預期入境旅遊人數會減少，但我們也預期出境旅遊人數會減少，從某種程度上來說，情況確實如此，雖然幅度不是很大，但淨額實際上是一種平手。

If you may recall that in the fourth quarter, when it peaked in 2024, outbound relative to 2019 was at 125% and inbound was at 94%. That progressed. In Q1 2025, outbound became 124%. So came down a little bit. In Q2, it went down to 122% and actually in June, it came down a little bit further to 120%.

您可能還記得，在 2024 年第四季達到高峰時，相對於 2019 年，出站流量為 125%，入站流量為 94%。事情有了進展。2025 年第一季度，出境遊比例達 124%。所以就下降了一點。在第二季度，這一比例下降至 122%，實際上在 6 月份，這一比例進一步下降至 120%。

In the same token, your inbound also reduced. So while outbound did go down, the inbound cadence was Q4 '24, it was 94%, and this is all relative to '19 levels. Q1 '25, 89% and then Q2, 86%. So when you think about the actual change in the inbound relative to the change in outbound, it net net sort of washed out.

同樣，您的入站流量也會減少。因此，雖然出站流量確實下降了，但入站流量在 24 年第四季的節奏為 94%，這都是相對於 19 年的水平而言的。25 年第一季為 89%，第二季為 86%。因此，當您考慮入站的實際變化相對於出站的變化時，它的淨淨值就被沖淡了。

So overall, as we look at our international demand, I mean at least specifically for our portfolio, it has been relatively strong overall. I mean, there's certain markets driving that. I mean, New York's driving that, while Seattle did see Canadian visitors significantly declined. Our Westin overall actually did well.

因此，總體而言，當我們審視我們的國際需求時，我的意思是至少對於我們的投資組合而言，總體而言相對強勁。我的意思是，某些市場正在推動這項進程。我的意思是，紐約是推動這一趨勢的因素，而西雅圖的加拿大遊客數量卻大幅下降。我們的威斯汀飯店整體來說表現不錯。

A lot of these markets where we've seen declining Canadian travels, it has been made up by other European markets. So thus far, it hasn't had a meaningful impact one way or the other, and kind of what we expected, no real change in the international inbound outbound imbalance, that sort of coming to fruition thus far.

我們看到，在許多市場中，加拿大遊客數量有所下降，但其他歐洲市場已經彌補了這個缺口。因此到目前為止，它還沒有產生任何有意義的影響，正如我們所預期的那樣，國際入境出境不平衡並沒有發生真正的變化，這種情況迄今為止還沒有實現。

Greg, just a data point on New York. I mean, we -- the portfolio's position where over 90% of our revenues come from domestic US travel. So there is a roughly 8.5%, 9% that does come from international visitors to the US.

格雷格，這只是關於紐約的一個數據點。我的意思是，我們的投資組合中 90% 以上的收入來自美國國內旅遊。因此，大約有 8.5% 到 9% 的遊客來自美國國際遊客。

But I just want to follow up on what Sourav said, he referenced New York as one of those markets. Just for a point of reference, so you have a sense of how our assets are performing. The New York Marriott Marquis underwent a transformational renovation beginning in 2019.

但我只是想跟進索拉夫所說的話，他提到紐約就是其中一個市場。僅作為參考，以便您了解我們的資產表現如何。紐約萬豪侯爵酒店於 2019 年開始進行轉型翻新。

So as base year 2018 -- using 2018 as the base year, this year, our RevPAR is going to be up 16%. Our EBITDA at the Marriott Marquis is going to be up 46% over 2019 -- 2018. We did $66 million in EBITDA in 2018.

因此，以 2018 年為基準年 - 以 2018 年為基準年，今年我們的 RevPAR 將成長 16%。萬豪侯爵酒店的 EBITDA 將比 2019 年至 2018 年成長 46%。2018 年我們的 EBITDA 為 6,600 萬美元。

We're on budget to do $96 million this year, and that's on top of a 16% RevPAR increase. So the health of our New York assets is very good and very strong.

我們今年的預算是 9,600 萬美元，而且 RevPAR 還將成長 16%。因此，我們的紐約資產的健康狀況非常好、非常強勁。

Jack Armstrong, Wells Fargo.

傑克·阿姆斯特朗，富國銀行。

Just returning to Maui again here briefly, we've heard from you and some of your peers, some of the strength you've been having there is related to promotional activity. Obviously, you've seen an uptick in transient demand, but what's the plan for rolling off that promotional activity and then kind of replacing that demand with group?

再次回到毛伊島，我們從您和您的一些同事那裡聽說，您在那裡所擁有的一些優勢與促銷活動有關。顯然，您已經看到了瞬時需求的上升，但是，推出促銷活動並用團體需求取代這種需求的計劃是什麼？

Is that a late '25 event or 2026 and is there a chance you kind of get a spot in between those two?

這是 2025 年末或 2026 年的事件嗎？您是否有可能在這兩者之間找到一個位置？

Yeah. Just to be clear, it's not like a group is not being pushed at these properties. So -- as Jim mentioned earlier, we are engaging with meeting planners. We are having fam trips. So that is progressing and what's important to know, they're very encouraged by how 2026 is pacing.

是的。需要明確的是，這並不意味著這些房產中沒有團體受到推崇。所以——正如吉姆之前提到的，我們正在與會議策劃者合作。我們正在進行家庭旅行。所以這是在進步，重要的是要知道，他們對 2026 年的步伐感到非常鼓舞。

And at some point, we'll provide very specific numbers on Maui group pace for 2026, but overall, when you look at sort of Maui, and this is Wailea as well as the Hyatt Regency Ka'anapali. They're effectively pacing very, very close at this point to where there were not only pre-fire but pre pandemic levels.

在某個時候，我們將提供 2026 年毛伊島集團步伐的非常具體的數字，但總的來說，當你看毛伊島時，這是威雷亞以及卡納帕利凱悅酒店。目前，他們的水平實際上非常接近火災前的水平，甚至接近疫情前的水平。

So we're very encouraged by that. And remember, the lead times with these incentive groups is 9 to 12 months. So while it is going to take some time to pick up, we fully expect to have a much better group year in 2026.

因此我們對此感到非常鼓舞。請記住，這些激勵團體的準備時間為 9 至 12 個月。因此，儘管需要一些時間才能恢復，但我們完全相信 2026 年的集團業績會更好。

And just to put into perspective, so you have what the peak was for Maui. Like in 2019, we did about 100,000 group room nights or so in Maui. And this year, our expectation is call it around 81,000 and we certainly expect to improve on that into next year.

從這個角度來看，你就知道毛伊島的山峰是什麼樣的了。例如，2019 年，我們在毛伊島的團體住宿晚數約為 10 萬晚。今年，我們預計這一數字約為 81,000，我們當然希望明年這一數字能夠有所提高。

Well, thank you all for joining us. We appreciate the opportunity to discuss our quarterly results with you. Enjoy the rest of your summer and we look forward to seeing many of you at conferences this fall.

好吧，謝謝大家加入我們。我們很高興有機會與您討論我們的季度業績。享受剩下的夏天吧，我們期待今年秋天在會議上見到你們。

That concludes today's presentation. You may now disconnect.

今天的演講到此結束。您現在可以斷開連線。