Host Hotels & Resorts Inc (HST) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Host Hotels & Resorts third-quarter 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the call over to Jamie Marcus, Senior Vice President of Investor Relations. Please go ahead.

早安，歡迎參加 Host Hotels & Resorts 2025 年第三季財報電話會議。今天的會議正在錄影。此時，我想把電話交給投資人關係資深副總裁傑米‧馬庫斯。請繼續。

Thank you, and good morning, everyone. Before we begin, please note that many of the comments made today are considered to be forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and we are not obligated to publicly update or revise these forward-looking statements.

謝謝大家，大家早安。在開始之前，請注意，今天發表的許多評論都被視為聯邦證券法意義上的前瞻性陳述。正如我們在提交給美國證券交易委員會的文件中所述，這些聲明受到諸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有所不同，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，我們將討論一些非GAAP財務信息，例如FFO、調整後的EBITDA以及可比酒店層面的業績。您可以在昨天發布的盈利新聞稿、我們向美國證券交易委員會提交的 8-K 文件中以及我們網站 hosthotels.com 上的補充財務信息中找到這些信息，以及與最直接可比的 GAAP 信息的調節表。

With me on today's call are Jim Risoleo, President and Chief Executive Officer; and Sourav Ghosh, Executive Vice President and Chief Financial Officer. With that, I would like to turn the call over to Jim.

今天和我一起參加電話會議的有總裁兼執行長 Jim Risoleo，以及執行副總裁兼財務長 Sourav Ghosh。接下來，我想把電話交給吉姆。

Thank you, Jamie, and thanks to everyone for joining us this morning. We continue to outperform our expectations in the third quarter, building on strong operating and financial results in the first half of 2025. In the third quarter, we delivered adjusted EBITDAre of $319 million a decrease of 3.3% over last year, and adjusted FFO per share of $0.35, which is down 2.8% compared to the third quarter of 2024.

謝謝你，傑米，也謝謝今天早上所有收看節目的朋友們。在2025年上半年強勁的營運和財務業績的基礎上，我們第三季繼續超越預期。第三季度，我們實現調整後 EBITDA 為 3.19 億美元，比去年同期下降 3.3%；調整後每股 FFO 為 0.35 美元，比 2024 年第三季下降 2.8%。

Year-to-date compared to 2024, adjusted EBITDAre and adjusted FFO per share were up 2.2% and 60 basis points respectively. The operational results discussed today refer to our 76 hotel comparable portfolio in 2025, which excludes the Alila Ventana Big Sur and the Don CeSar. Additionally, we have removed the Washington Marriott and Metro Center, which was sold in the third quarter, and the St. Regis Houston, which was held for sale as of the third quarter and is expected to be sold in the fourth quarter.

今年迄今與 2024 年相比，調整後的 EBITDAre 和調整後的每股 FFO 分別成長了 2.2% 和 60 個基點。今天討論的營運表現指的是我們 2025 年的 76 家可比飯店組合，其中不包括 Alila Ventana Big Sur 和 Don CeSar。此外，我們已將第三季售出的華盛頓萬豪酒店和地鐵中心酒店，以及第三季開始待售、預計將在第四季度售出的休士頓瑞吉酒店移除。

Comparable hotel total RevPAR improved by 80 basis points compared to the third quarter of 2024, and comparable hotel RevPAR improved by 20 basis points, due to better-than-expected short-term transient demand pickup and higher rates across our portfolio. Comparable hotel EBITDA margin for the quarter declined by 50 basis points year-over-year to 23.9%, driven by expense increases in wages and benefits.

與 2024 年第三季相比，可比飯店總 RevPAR 提高了 80 個基點，而可比飯店 RevPAR 提高了 20 個基點，這得益於短期臨時需求好於預期的回升以及我們旗下所有飯店房價的上漲。受薪資和福利支出增加的影響，本季可比飯店 EBITDA 利潤率年減 50 個基點至 23.9%。

Turning to business mix. RevPAR growth in the third quarter exceeded our expectations at our resort properties, driven by short-term leisure transient demand pickup and rate growth despite headwinds from transformational renovations, the Jewish holiday shift and lingering impacts from macroeconomic uncertainty.

轉向業務組合。第三季度，我們度假村物業的每間可供出租客房收入 (RevPAR) 增長超出預期，這主要得益於短期休閒散客需求的回升和房價的增長，儘管面臨改造翻新、猶太節日調整以及宏觀經濟不確定性持續影響等不利因素。

Transient revenue grew by 2%, driven by double-digit growth at our resorts. We saw particularly strong performance in Maui, San Francisco, New York and Miami. Digging into Maui, the leisure transient demand recovery continued. Maui's 20% RevPAR growth and 19% TRevPAR growth were driven by a substantial increase in occupancy and strong out-of-room spending on F&B, golf and spa services. Looking forward, total group revenue pace in Maui is up 13% for 2026, reflecting continued momentum behind the recovery.

臨時住宿收入成長了 2%，這主要得益於我們度假村兩位數的成長。我們在毛伊島、舊金山、紐約和邁阿密都看到了特別強勁的表現。深入分析毛伊島的情況，休閒短期旅遊需求持續復甦。毛伊島的每間可供出租客房收入 (RevPAR) 增長了 20%，每間可供出租客房總收入 (TRevPAR) 增長了 19%，這主要得益於入住率的大幅提高以及客房外餐飲、高爾夫和水療服務方面的強勁消費。展望未來，2026 年毛伊島集團總營收成長率將達 13%，反映出復甦勢頭持續強勁。

Turning to business transient. Revenue was down 2% in the third quarter, driven by a continued reduction in government room nights. As expected, group room revenue decreased approximately 5% year-over-year driven primarily by planned renovation disruption, the Jewish holiday calendar shift and reduced short-term group pickup. Our definite group room nights on the books increased to 4 million for 2025. In full year 2025, total group revenue pace is up 1.2% to the same time last year.

轉向商務旅行。第三季營收下降 2%，主要原因是政府客房入住夜數持續減少。正如預期的那樣，團體客房收入比去年同期下降了約 5%，主要原因是計劃內的翻新工程中斷、猶太節日的日程安排變化以及短期團體預訂減少。2025 年我們已確定的團體客房預訂量增加到 400 萬晚。2025 年全年，集團總營收成長率預計比去年同期成長 1.2%。

Ancillary spending by guests remains strong, as evidenced by our 80-basis point total RevPAR growth in the third quarter. F&B revenue was flat as increases in outlet revenue were offset by decreases in banquet and catering revenue from lower group business volume. We also saw particularly strong growth in other revenue, which was up 7%, including growth in golf and Spa.

客人的輔助消費依然強勁，第三季總RevPAR成長了80個基點就證明了這一點。餐飲收入持平，因為門市收入的成長被宴會和餐飲服務收入的下降所抵消，而宴會和餐飲服務收入的下降是由於團體業務量減少造成的。其他收入也實現了特別強勁的成長，成長了 7%，其中包括高爾夫和水療業務的成長。

Turning to the Don CeSar. We completed the final phase of reconstruction in the third quarter, reopening two restaurant outlets and the lower-level kitchen. During the reconstruction, we rebuilt infrastructure to increase resilience, including elevating critical equipment and systems and incorporating flood barriers.

轉向唐·塞薩爾。我們在第三季完成了重建的最後階段，重新開放了兩家餐廳和底層廚房。在重建期間，我們重建了基礎設施以提高其韌性，包括抬高關鍵設備和系統，並加裝防洪屏障。

We are continuing to see better-than-expected near-term transient pickup, higher F&B capture and increased group bookings, which allowed us to raise our full year EBITDA expectations for the resort to $6 million from $3 million.

我們持續看到短期散客回升好於預期，餐飲收入增加，團體預訂量也增加，這使得我們將度假村全年 EBITDA 預期從 300 萬美元上調至 600 萬美元。

We collected $5 million of business interruption proceeds for Hurricanes Helene and Milton in the third quarter, which we discussed on our second quarter call, bringing the total business interruption proceeds collected to $24 million this year. While we expect to collect additional business interruption proceeds, the timing and amounts of additional payments are subject to ongoing discussions with our insurance carriers.

第三季度，我們因颶風海倫和米爾頓造成的業務中斷損失獲得了 500 萬美元的賠償金，我們在第二季度電話會議上討論了此事，使今年收到的業務中斷賠償金總額達到 2400 萬美元。雖然我們預計會收到額外的營業中斷賠償金，但額外賠償金的支付時間和金額仍需與我們的保險公司進行協商。

Turning to capital allocation. In August, we sold the Washington Marriott Metro Center for $177 million, or 12.7 times trailing 12-month EBITDA. As part of the transaction, we provided $114 million of seller financing at a 6.5% interest rate in order to facilitate a 1031 exchange for the buyer in a timely manner.

接下來討論資本配置。8 月份，我們以 1.77 億美元的價格出售了華盛頓萬豪地鐵中心酒店，相當於過去 12 個月 EBITDA 的 12.7 倍。作為交易的一部分，我們提供了 1.14 億美元的賣方融資，利率為 6.5%，以便及時為買方促成 1031 交換。

Since 2018, we have disposed of approximately $5.2 billion of hotels at a blended 17.1 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 blended 13.6 times EBITDA multiple.

自 2018 年以來，我們已處置了價值約 52 億美元的酒店，綜合 EBITDA 倍數為 17.1 倍，其中包括估計放棄的 10 億美元資本支出，這與我們同期收購的 49 億美元酒店（綜合 EBITDA 倍數為 13.6 倍）相比，優勢明顯。

Turning to portfolio reinvestment. As of the third quarter, the Hyatt Transformational Capital program is approximately 65% complete, and is tracking on time and under budget. Renovations at the Hyatt Regency Capitol Hill are complete, and subsequent to quarter end, we substantially completed the Hyatt Regency Austin. Renovation of the public and meeting spaces at the Grand Hyatt Washington, DC has resumed now that the Hyatt Regency Capitol Hill is complete. Renovations are also well underway at the Hyatt Regency Reston and the Manchester Grand Hyatt San Diego. The final property and the Hyatt Transformational Capital program which we expect to complete in early 2027. Building on the success of our prior transformational capital programs, we are excited to announce that we have reached a second agreement with Marriott to complete transformational renovations at four properties in our portfolio. The properties include the Ritz-Carlton Marina Del Rey, the Ritz-Carlton Naples Resort at Tiburón, the Westin Kierland and the New Orleans Marriott, which is already underway. We believe these reinvestments will position the hotels to outperform competitors in their respective markets while enhancing long-term performance. Marriott has agreed to provide $22 million in operating profit guarantees to cover the anticipated disruption associated with our investment, which is expected to be between $300 million and $350 million over the next four years.

轉向投資組合再投資。截至第三季度，凱悅轉型資本計畫已完成約 65%，進展順利，且預算控制在合理範圍內。凱悅酒店國會山店的翻新工程已經完成，季度末之後，我們基本上完成了奧斯汀凱悅酒店的翻新工程。隨著凱悅酒店國會山店的竣工，華盛頓特區君悅酒店的公共和會議空間的翻新工程已經恢復。雷斯頓凱悅酒店和聖地牙哥曼徹斯特君悅酒店的翻新工程也正在順利進行中。最後一項物業和凱悅轉型資本計畫預計將於 2027 年初完成。繼我們先前轉型資本項目取得成功之後，我們很高興地宣布，我們已與萬豪酒店集團達成第二項協議，將對我們旗下的四家酒店進行轉型翻新。這些物業包括麗思卡爾頓馬裡納德爾雷酒店、麗思卡爾頓那不勒斯蒂布隆度假酒店、威斯汀基爾蘭酒店和新奧爾良萬豪酒店（目前正在建設中）。我們相信，這些再投資將使飯店能夠在各自的市場中超越競爭對手，同時提升長期業績。萬豪酒店已同意提供 2,200 萬美元的營業利潤擔保，以彌補我們投資可能帶來的預期損失，預計未來四年該投資將造成 3 億美元至 3.5 億美元的損失。

We are targeting stabilized annual cash-on-cash returns in the mid-teens through a combination of RevPAR index share gains and enhanced owner priority returns. Similar to the first Marriott transformational capital program, we are targeting average RevPAR index share gains of 3 to 5 points. We also continue to make progress on value-enhancing development projects, including the new ballroom at the Don CeSar, and the Phoenician Canyon Suites Villas, both of which are expected to complete in the fourth quarter of 2025.

我們的目標是透過提高每間可供出租客房收入指數份額和增強業主優先回報，實現穩定的年度現金回報率約為十幾個百分點。與萬豪集團首個轉型資本計畫類似，我們的目標是平均每間可供出租客房收入指數份額提高 3 至 5 個百分點。我們也不斷推動提升價值的開發項目，包括唐·塞薩爾酒店的新宴會廳和菲尼基峽谷套房別墅，這兩個項目預計都將在 2025 年第四季完工。

We also completed the meeting space expansion project at the New York Marriott Marquis and made additional progress on the condo development at the Four Seasons Resort Orlando at Walt Disney World Resort. Construction on the mid-rise condominium building at the Four Seasons, Orlando is substantially complete, and we are on track to begin closing on sales this quarter. We now have deposits and purchase agreements for 23 of the 40 units, including 8 of the 9 villas.

我們還完成了紐約萬豪侯爵酒店的會議空間擴建項目，並在奧蘭多華特迪士尼世界度假區的四季酒店公寓開發項目上取得了進一步進展。奧蘭多四季酒店的中層公寓大樓建設已基本完成，我們預計在本季開始完成銷售。目前，40 套房產中有 23 套已收到訂金並簽訂了購買協議，其中包括 9 棟別墅中的 8 棟。

In 2025, our capital expenditure guidance range is $605 million to $640 million, which includes between $75 million and $80 million for property damage reconstruction, the majority of which we expect to be covered by insurance. Our CapEx guidance also reflects approximately $280 million to $295 million of investment for redevelopment, repositioning and ROI projects.

2025 年，我們的資本支出指引範圍為 6.05 億美元至 6.4 億美元，其中包括 7,500 萬美元至 8,000 萬美元的財產損失重建費用，我們預計其中大部分將由保險覆蓋。我們的資本支出指引也反映了約 2.8 億美元至 2.95 億美元用於重建、重新定位和投資回報率項目。

We expect to benefit from approximately $24 million of operating profit guarantees related to the Hyatt Transformational Capital program in 2025, which will offset the majority of the EBITDA disruption at those properties. We also expect to receive $2 million in operating profit guarantees related to the second Marriott Transformational Capital program this year.

我們預計將在 2025 年從凱悅轉型資本計劃中獲得約 2,400 萬美元的營業利潤擔保，這將抵消這些酒店的大部分 EBITDA 中斷。我們也預計今年將收到與萬豪第二期轉型資本計畫相關的 200 萬美元營業利潤擔保。

In addition to our capital expenditure investment, we expect to spend $80 million to $85 million on the condo development at the Four Seasons Resort Orlando at Walt Disney World Resort in 2025. Looking back at prior transformational renovations and adjusting for the sale of Marriott Metro Center, we completed investments in 23 properties between 2018 and 2023, which are continuing to provide meaningful tailwinds for our portfolio. Of the 20 hotels that have stabilized post-renovation operations to date, the average RevPAR index share gain is over 8.5 points, which is well in excess of our targeted gain of 3 to 5 points. In short, the continued reinvestments we make in our properties yield strong returns and drive continued value creation for shareholders. In August, we released our 2025 corporate responsibility report, which details our CR program, our key impact initiatives and industry-leading accomplishments. The report also provides an update on our performance and progress toward our 2030 CR goals, which are aligned with our long-term vision to create lasting value and drive positive outcomes for all stakeholders. The CR report can be found on the Corporate Responsibility section of our website at hosthotels.com.

除了我們的資本支出投資外，我們預計在 2025 年將在奧蘭多華特迪士尼世界度假區的四季酒店公寓開發項目上投入 8000 萬至 8500 萬美元。回顧先前的改造項目，並考慮到萬豪地鐵中心的出售，我們在 2018 年至 2023 年間完成了 23 個物業的投資，這些投資將繼續為我們的投資組合帶來顯著的利好。迄今為止，在翻新後營運趨於穩定的 20 家酒店中，平均每間可供出租客房收入 (RevPAR) 指數份額增長超過 8.5 個百分點，遠遠超過了我們 3 到 5 個百分點的目標增長。簡而言之，我們對旗下物業的持續再投資帶來了豐厚的回報，並為股東創造了持續的價值。8 月，我們發布了 2025 年企業責任報告，詳細介紹了我們的企業責任計畫、主要影響舉措和業界領先的成就。該報告還更新了我們在實現 2030 年企業社會責任目標方面的績效和進展，這些目標與我們為所有利害關係人創造持久價值和推動積極成果的長期願景相一致。您可以在我們網站 hosthotels.com 的企業責任部分找到 CR 報告。

Turning to our outlook for the full year. We once again outperformed our expectations in the third quarter. As a result of our strong performance year-to-date and improved expectations for the fourth quarter, we are increasing our comparable hotel RevPAR and total RevPAR guidance estimates to approximately 3% and 3.4%, respectively.

接下來展望全年情勢。第三季度，我們的業績再次超出預期。由於我們今年迄今的強勁業績以及對第四季度的預期有所提高，我們將可比酒店每間可供出租客房收入 (RevPAR) 和總每間可供出租客房收入 (RevPAR) 的預期增長分別上調至約 3% 和 3.4%。

We are also increasing our adjusted EBITDAre guidance to $1.730 billion, representing a $25 million, or 1.5%, improvement. Sourav will discuss the assumptions behind these updated estimates in more detail. It is worth noting that since we laid out our initial full year 2025 guidance in February, we have increased our RevPAR expectations by 150 basis points and our adjusted EBITDA expectations by $110 million. Wrapping up our third quarter commentary. We are pleased with our operating and financial outperformance this year, which we believe is a direct result of the capital allocation decisions we have made over the last eight years.

我們同時將調整後的 EBITDA 預期上調至 17.3 億美元，增幅為 2,500 萬美元，即 1.5%。Sourav 將更詳細地討論這些更新估算背後的假設。值得注意的是，自從我們在 2 月公佈 2025 年全年業績指引以來，我們已將每間可供出租客房收入 (RevPAR) 預期提高了 150 個基點，並將調整後的 EBITDA 預期提高了 1.1 億美元。第三季評論到此結束。我們對今年的營運和財務表現表現感到滿意，我們認為這是過去八年來我們所做的資本配置決策的直接結果。

The bifurcation of the consumer is likely to lead to continued outperformance for upper upscale and luxury hotels, and we believe Host will be a beneficiary given our higher-end properties, our size and scale, our diversified business and geographic mix and our continued reinvestment in our portfolio. With our strong investment-grade balance sheet and access to many capital allocation levers, we will continue to use our competitive advantages to create value for our shareholders and position Host to outperform over the long term.

消費者的分化可能會導致高檔豪華酒店繼續取得優異表現，我們相信，鑑於我們擁有高端物業、規模龐大、業務和地理分佈多元化，以及我們對投資組合的持續再投資，Host 將成為受益者。憑藉我們強大的投資等級資產負債表和眾多資本配置手段，我們將繼續利用我們的競爭優勢為股東創造價值，並使 Host 在長期內取得優異業績。

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

接下來，我將把電話交給索拉夫。

Thank you, Jim, and good morning, everyone. Building on Jim's comments, I will go into detail on our third quarter operations, our updated 2025 guidance and our balance sheet. Starting with total revenue trends, comparable hotel total RevPAR growth continued to outpace RevPAR growth in the third quarter as both group and transient guests maintained elevated levels of out-of-home spend. Comparable hotel food and beverage revenue was flat in the quarter as growth in outlets offset declines in banquet and catering. Outlet revenue grew 6% driven by resorts, particularly in Maui, Phoenix and Orlando, as well as the newly renovated view at the New York Marriott Marquis, and AVIV at the 1 Hotel South Beach. Overall, outset revenue per occupied room was up in the high single digits across our portfolio. Banquet revenue was down 4% as decreases in group room night volume outpaced increases in banquet and catering contribution per group room night.

謝謝你，吉姆，大家早安。在吉姆發言的基礎上，我將詳細介紹我們第三季的營運情況、我們更新後的 2025 年業績指引以及我們的資產負債表。從總收入趨勢來看，第三季可比飯店總RevPAR成長持續超過RevPAR成長，因為團體客人和散客都維持了較高的外出消費水準。本季同店飯店餐飲收入持平，因為門市成長抵消了宴會和餐飲服務的下滑。暢貨中心收入成長了 6%，這主要得益於度假村的蓬勃發展，尤其是毛伊島、鳳凰城和奧蘭多的度假村，以及紐約萬豪侯爵酒店新近翻新的景觀和南海灘 1 號酒店的 AVIV 餐廳。整體而言，我們旗下所有飯店的每間已入住客房的初始收入均實現了接近兩位數的成長。由於團體客房入住夜數的下降幅度超過了每間團體客房每晚宴會和餐飲收入的增長幅度，宴會收入下降了 4%。

Additional headwinds to growth included a tough comparison from a record banquet revenue in 2024 and planned renovation disruption this year. However, growth in banquet and catering contribution per group room night was up in the mid-single digits, driven by our hotels in Orlando, New York, Naples, Nashville, Chicago and Houston. Other revenue grew 7% in the third quarter as golf and spa revenues continued to grow. In fact, spa revenue was up double digits, driven by strength across the portfolio and continued tailwinds from recent spa renovations at our Westin Kierland and Ritz-Carlton Amelia Island. A further indication that affluent consumers are continuing to prioritize spending on premium experiences.

成長面臨的其他不利因素包括：2024 年宴會收入創歷史新高，以及今年計畫中的翻新工程造成的干擾。然而，宴會和餐飲服務對每間客房每晚的貢獻都增加了個位數中段，這主要得益於我們在奧蘭多、紐約、那不勒斯、納許維爾、芝加哥和休士頓的飯店。第三季其他收入成長了 7%，其中高爾夫和水療收入持續成長。事實上，水療收入實現了兩位數的成長，這得益於旗下所有酒店的強勁表現，以及威斯汀基爾蘭酒店和麗思卡爾頓阿米莉亞島酒店近期水療中心翻新帶來的持續利好。這進一步表明，富裕消費者仍然優先考慮在高端體驗上花錢。

Shifting to business mix. Overall transient revenue was up approximately 2% compared to the third quarter of 2024, driven by higher rates and the continued growth of transient room nights at our resorts, led by Maui. During the third quarter, our resorts saw 3% transient rate growth year-over-year, alongside 10% transient room night growth driven by Maui, the recently repositioned Singer Island Resort, the 1 Hotel South Beach, and both of our Four Seasons resorts. Excluding Maui, transient revenue at our resorts was up 8%, indicating broad-based strength in luxury leisure travel. Looking at recent holidays, resort revenue for the 4th of July and Labor Day weekend grew 8% and 13%, respectively. Maui drove results in both cases with other resorts up in the mid-single digits. Looking forward, transient revenue pace for the total portfolio is up 5% for Thanksgiving week compared to the same time last year. And the festive period is up 9%, driven by strength across the portfolio.

轉向業務組合。與 2024 年第三季相比，整體臨時收入成長了約 2%，這主要得益於更高的房價以及我們度假村（尤其是毛伊島）臨時客房夜數的持續增長。第三季度，我們的度假村的散客入住率年增 3%，同時，在 Maui、最近重新定位的 Singer Island Resort、1 Hotel South Beach 以及我們的兩家四季酒店的支持下，散客客房夜數增長了 10%。除毛伊島外，我們度假村的短期住宿收入成長了 8%，顯示豪華休閒旅遊整體強勁。從最近的假日來看，7 月 4 日和勞動節週末的度假村收入分別成長了 8% 和 13%。毛伊島在這兩方面都帶動了業績成長，其他度假村的增幅僅為個位數中段。展望未來，感恩節當週整體投資組合的短期收入成長比去年同期成長了 5%。節慶期間，受投資組合整體強勁表現的推動，整體上漲了 9%。

Business transient revenue was down 2% to the third quarter of 2024 as a decline in government room nights outpaced government and special corporate rate increases. For context, government room nights were down 20% in the third quarter, which is in line with decreases we saw in the second quarter.

到 2024 年第三季度，商務散客收入下降了 2%，因為政府客房夜數的下降超過了政府和特殊企業價格的成長。作為參考，政府飯店客房夜數在第三季下降了 20%，這與我們在第二季看到的下降趨勢一致。

Turning to group. As expected, revenue was down approximately 5% year-over-year, driven by planned renovation disruption, the Jewish holiday calendar shift and a reduced short-term group pickup. We estimate that approximately 70% of the group revenue decline was attributable to planned renovation disruption.

轉向小組。正如預期的那樣，受計劃內的翻新工程中斷、猶太節日日曆的變化以及短期團體預訂減少的影響，收入同比下降了約 5%。我們估計，集團收入下降約 70% 是由於計劃內的翻新工程造成的。

Despite these headwinds, our properties achieved group rate growth of 3%. Additionally, we remain encouraged by the ongoing recovery in San Francisco, where group room revenue was up 14% in the quarter, driven by association group room night growth. For full year 2025, we have 4 million definite room nights on the books, representing a 5% increase since the second quarter. As Jim mentioned, total group revenue pace is up 1.2% over the same time last year. Total group revenue pace is strong in the fourth quarter, driven by rate and banquet strength at our resorts.

儘管面臨這些不利因素，我們的物業組合仍實現了 3% 的成長。此外，舊金山持續復甦的勢頭也令我們倍感鼓舞，該季度團體客房收入增長了 14%，這主要得益於協會團體客房夜數的增長。2025 年全年，我們已確定預訂 400 萬個房間晚數，比第二季度增長 5%。正如吉姆所提到的，集團總營收成長率比去年同期成長了1.2%。第四季集團總營收成長強勁，這主要得益於我們度假村房價和宴會業務的強勁表現。

Looking ahead, our 2026 total group revenue pace is approximately 5% ahead of the same time last year, driven by rate, room nights and banquet contribution. In fact, 2026 citywide group room night pace in key markets, including New Orleans, Washington, DC and San Francisco is up meaningfully compared to the same time last year.

展望未來，在房價、客房夜數和宴會收入的推動下，我們 2026 年集團總營收成長率將比去年同期成長約 5%。事實上，包括新奧爾良、華盛頓特區和舊金山在內的主要市場的 2026 年全市團體客房夜數增長速度與去年同期相比顯著上升。

Shifting gears to margins. Comparable hotel EBITDA margin of 23.9% was 50 basis points below the third quarter of 2024, driven primarily by elevated wage rate growth. We continue to expect negative year-over-year margin comparisons for the fourth quarter, again primarily driven by elevated wages and benefits growth. Turning to our outlook for 2025. As Jim mentioned, we are increasing our comparable hotel RevPAR and total RevPAR guidance estimates as a result of our outperformance year-to-date, and improved expectations for the fourth quarter. We now expect comparable hotel RevPAR growth of approximately 3%, and comparable hotel total RevPAR growth of 3.4% compared to 2024. We expect low single-digit RevPAR growth in the fourth quarter, an improvement over our prior guidance, partially driven by strong estimated RevPAR growth of 5.5% in October.

轉向利潤率。同店飯店 EBITDA 利潤率為 23.9%，比 2024 年第三季低 50 個基點，主要原因是薪資水準成長較高。我們仍預期第四季年比利潤率為負，主要原因是薪資和福利成長過高。接下來展望2025年。正如吉姆所提到的，由於我們今年迄今的業績超出預期，並且對第四季度的預期有所提高，因此我們提高了可比酒店每間可供出租客房收入 (RevPAR) 和總每間可供出租客房收入 (RevPAR) 的預期。我們現在預計，與 2024 年相比，可比飯店每間可供出租客房收入 (RevPAR) 將成長約 3%，可比飯店總每間可供出租客房收入 (RevPAR) 將成長 3.4%。我們預計第四季度每間可供出租客房收入 (RevPAR) 將實現個位數低增長，這比我們之前的預期有所改善，部分原因是 10 月份預計的 RevPAR 增長強勁，達到 5.5%。

Our guidance assumes a continued recovery in Maui, no improvement in the international demand imbalance, and steady demand trends in the fourth quarter. Our guidance also takes into account the limited impact we saw from the government shutdown in October, primarily in Washington, DC and San Diego. If the government shutdown continues through the end of the year, full year RevPAR growth could be negatively impacted. We expect a comparable hotel EBITDA margin of approximately 28.8%, a 20-basis point improvement over our prior guidance midpoint, which is 50 basis points below 2024.

我們的預測基於以下假設：毛伊島持續復甦，國際需求失衡狀況沒有改善，以及第四季需求趨勢保持穩定。我們的指導方針也考慮了 10 月政府停擺造成的有限影響，主要影響範圍在華盛頓特區和聖地牙哥。如果政府停擺持續到年底，全年每間可供出租客房收入（RevPAR）成長可能會受到負面影響。我們預計可比飯店 EBITDA 利潤率約為 28.8%，比我們先前的指導中位數提高了 20 個基點，比 2024 年的預期低 50 個基點。

Our 2025 full year adjusted EBITDAre guidance is $1.730 billion. This represents a $25 million, or 1.5% improvement over our prior guidance midpoint, driven by outperformance in the third quarter and improved expectations for the fourth quarter. As a reminder, this includes $24 million of business interruption proceeds that were received for Hurricanes Helene and Milton in 2025.

我們對 2025 年全年調整後 EBITDA 的預期為 17.3 億美元。這比我們先前預期的中位數提高了 2,500 萬美元，增幅為 1.5%，主要得益於第三季的出色表現以及對第四季度預期的提高。提醒一下，這包括 2025 年颶風海倫和米爾頓造成的業務中斷而收到的 2,400 萬美元賠償金。

Our 2025 full year adjusted EBITDAre guidance also includes $16 million of estimated EBITDA from the Four Seasons Condo development which we expect to recognize concurrent with condo sales closings in the fourth quarter. The expected 2025 EBITDA contribution from the condo development has declined by $5 million, as 8 of the 23 contracts signed thus far have been for the villas, which are expected to close in 2026. It is important to note that we have not changed our overall EBITDA expectations for the project as sales prices and project costs remain on target.

我們對 2025 年全年調整後 EBITDA 的預期還包括來自四季公寓開發案的 1,600 萬美元預計 EBITDA，我們預計將在第四季度與公寓銷售交割同時確認。由於迄今為止簽署的 23 份合約中有 8 份是別墅合約（預計將於 2026 年完成），因此該公寓開發案預計 2025 年的 EBITDA 貢獻減少了 500 萬美元。值得注意的是，由於銷售價格和專案成本仍符合目標，我們並未改變對該專案的整體 EBITDA 預期。

Lastly, our adjusted EBITDAre guidance includes an estimated $6 million contribution from the Don CeSar, an improvement of $3 million since last quarter, and an estimated $14 million contribution from Alila Ventana Big Sur, an improvement of $1 million since last quarter. As a reminder, both properties are excluded from our comparable hotel set in 2025.

最後，我們調整後的 EBITDAre 預期包括 Don CeSar 預計貢獻 600 萬美元，比上一季增加 300 萬美元；以及 Alila Ventana Big Sur 預計貢獻 1400 萬美元，比上一季增加 100 萬美元。再次提醒，這兩家酒店均不在我們 2025 年的同類酒店名單中。

Turning to our strong balance sheet and liquidity position. Our weighted average maturity is 5.2 years at a weighted average interest rate of 4.9%. We currently have $2.2 billion in total available liquidity, which includes $205 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, and since our last call, Moody's upgraded the company's issuer rating from BAA3 to BAA2 with a stable outlook. Our strong balance sheet is an important competitive advantage facilitating many of the capital allocation decisions that are contributing to our outperformance in the current environment. In October, 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 over the near term. Wrapping up, we believe our investment-grade balance sheet as well as our size, scale and diversification uniquely position Host to outperform in the current environment while capitalizing on opportunities for growth in the future.

再來看看我們強勁的資產負債表和流動性狀況。我們的加權平均到期期限為 5.2 年，加權平均利率為 4.9%。我們目前共有 22 億美元的可用流動資金，其中包括 2.05 億美元的家具、設備及用品儲備金，以及根據信貸安排的循環額度部分可用的 15 億美元。我們季度末的槓桿率為 2.8 倍，自上次通話以來，穆迪將公司的發行人評級從 BAA3 上調至 BAA2，展望穩定。我們強大的資產負債表是一項重要的競爭優勢，它有助於我們做出許多資本配置決策，從而在當前環境下取得優異績效。10月份，我們派發了每股0.20美元的季度現金股利。與以往一樣，未來的股利發放須經公司董事會批准。短期內，我們將繼續採取策略性措施來管理我們的資產負債表和流動性狀況。綜上所述，我們相信，憑藉我們投資等級的資產負債表以及我們的規模、體積和多元化優勢，Host 在當前環境下擁有獨特的優勢，能夠跑贏大局，同時抓住未來的成長機會。

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.

那麼，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，請您每次只提一個問題。

(Operator Instructions)

（操作說明）

David Katz, Jefferies.

David Katz，傑富瑞集團。

Hi, good morning, everybody. Thanks for taking my question. Look, a couple of things. And this is, I hope, the broad question, Jim and team that you like to answer. But the asset sale during the quarter, the investments in what you've done and sort of the outperformance that we're seeing in the portfolio, it does suggest some differentiation of yourselves versus the group overall.

大家早安。謝謝您回答我的問題。聽著，有幾件事。我希望，吉姆和團隊，這就是你們想回答的那個大問題。但是，本季的資產出售、你們所做的投資以及我們在投資組合中看到的超額收益，確實表明你們與整個集團之間存在一些差異。

Part one of the question is can we take this to expect that there might be some more asset trading in the market based on what you're seeing? And second, how are you thinking broadly about valuation and other ways that you can capture a little differentiated value for Host in the public market? I know there's a lot in there, but I'll take what you got. Thank you.

問題的第一部分是：根據你觀察到的情況，我們是否可以預期市場上會有更多資產交易？其次，您從整體上是如何考慮估值以及其他方式，才能讓 Host 在公開市場上獲得一些差異化的價值？我知道裡面有很多東西，但我只要你給的就好了。謝謝。

I'll start, David, and then Sourav, feel free to jump in along the way. I'll answer your first question regarding the asset sales that we have completed year-to-date and the setup in the market generally for transactions. So, on many occasions, both in meetings and on earnings calls, I've said that we will be opportunistic with our capital allocation when it comes to dispositions and acquisitions.

我先開始，大衛，然後是蘇拉夫，你隨時可以加入。我先回答你的第一個問題，關於我們今年迄今完成的資產出售以及市場交易的總體情況。因此，我曾在許多場合，包括會議上和財報電話會議上，都說過，在資產處置和收購方面，我們將採取機會主義的資本配置策略。

And the two deals that we've already announced and provided metrics on this year, I think, are really strong indications of our ability to execute. To sell the Washington Marriott Metro Center at 12.7 times trailing 12 months EBITDA, a 6.5% cap rate. Urban hotel is, I think, a solid read through in many ways with respect to what sort of value is locked in this company. I mean that's not one of our best assets. And we're trading at 9.4 times plus EBITDA plus or minus, and we're able to execute on that deal at 12.7 times. Come on, guys, where's the multiple. Let's go.

我認為，我們今年已經宣布並提供相關指標的兩項交易，有力地表明了我們的執行能力。以過去 12 個月 EBITDA 的 12.7 倍（資本化率為 6.5%）出售華盛頓萬豪地鐵中心。我認為，《都市飯店》這本書從很多方面來說都是一本值得一讀的好書，它揭示了這家公司所蘊藏的價值。我的意思是，那不是我們最擅長的優勢之一。我們目前的交易價格是 9.4 倍 EBITDA 加減，而我們能夠以 12.7 倍的價格完成這筆交易。拜託各位，倍數在哪裡？我們走吧。

And the same with the disposition of the Westin Cincinnati, as well as when we're in a position to talk about it, I think you'll be pleased with the metrics on the St. Regis in Houston as well. We're not in a position to talk about that today. So we continue to test the market. We don't have to sell anything. I'll make that perfectly clear.

辛辛那提威斯汀酒店的經營狀況也是如此。而且，當我們有機會談論休士頓瑞吉酒店時，我想您也會對它的各項指標感到滿意。我們今天不方便談論這件事。因此，我們會繼續進行市場測試。我們不需要賣任何東西。我會把這一點說得很清楚。

We're sitting here with over $2 billion of liquidity today and a leverage ratio of 2.8 times, a true differentiator not only among lodging REITs, the only investment-grade balance sheet, but among REITs in general. It is truly a fortress balance sheet. And that leads to what we've been able to accomplish with the portfolio. We are -- we have a differentiated portfolio. I mean, the performance is proof that the capital allocation decisions that we made since 2018 have paid off in a material way.

我們目前擁有超過 20 億美元的流動資金，槓桿率為 2.8 倍，這不僅在酒店 REIT 中是一個真正的差異化優勢（是唯一一家擁有投資級資產負債表的公司），而且在整個 REIT 行業中也是一個真正的差異化優勢。這真是一份堅不可摧的資產負債表。而這最終促成了我們透過投資組合所取得的成就。我們擁有差異化的投資組合。我的意思是，業績證明，自 2018 年以來我們所做的資本配置決策已經取得了實質的成效。

We have raised guidance both RevPAR and EBITDA every quarter this year. We went from 1.5% RevPAR guide in the February call, and $1.620 billion of EBITDA guide to the bottom line. Today, we raised that to 3% RevPAR guide top line. And we raised our EBITDA guide by $110 million. So, the investments we made in our assets from 2019 to 2023, we've invested over $2 billion in ROI projects throughout the portfolio.

今年每個季度，我們都提高了RevPAR和EBITDA的預期。我們在 2 月的電話會議上給出的 RevPAR 指引值為 1.5%，EBITDA 指引為 16.2 億美元，最終結果為 16.2 億美元。今天，我們將RevPAR指導目標線提高到了3%。我們將 EBITDA 預期提高了 1.1 億美元。因此，從 2019 年到 2023 年，我們在資產方面進行了投資，在整個投資組合中，我們已投入超過 20 億美元用於 ROI 專案。

Marriott Transformational Capital Program, 16 hotels. We completed another eight properties that were outside of the MTCP program. As Sourav mentioned, and we both mentioned in our comments, we anticipated 3 to 5 points in yield index gains. Well, for the for the 23 properties that are left, I mean, Metro Center was one of them, we've achieved 8.5 points in yield index gains. That is meaningfully above mid-digit -- mid-teens cash-on-cash returns.

萬豪轉型資本計劃，16家飯店。我們也完成了另外八個不在 MTCP 計畫範圍內的房產計畫。正如 Sourav 所提到的，也是我們兩人在評論中提到的，我們預計收益率指數將上漲 3 到 5 個百分點。至於剩下的 23 處房產（Metro Center 就是其中之一），我們的殖利率指數已經提高了 8.5 個百分點。這遠高於中位數——現金回報率達到十幾位數。

So if you look at the composition of our portfolio, our top 40 assets contribute 80% of our EBITDA. And you can do the math. I mean we did 24 assets already transformational. We're doing 6 with Hyatt. We're doing another 4 with Marriott. We're well on the way, and we will continue to deploy capital in our assets because it's our clearest line of sight to see improvements in bottom line performance.

因此，如果您看一下我們投資組合的組成，我們前 40 項資產貢獻了我們 80% 的 EBITDA。你可以自己算算算看。我的意思是，我們已經完成了 24 項具有變革意義的資產。我們和凱悅酒店合作了6家。我們還要和萬豪合作另外 4 個專案。我們進展順利，並將繼續增加對資產的投資，因為這是我們最清晰地看到獲利能力改善的途徑。

And that coupled with, I would say what we acquired, but as importantly what we sold, is really leading to the outperformance today. And we're just really excited with how things are evolving here. And what we're seeing in 2026, the setup going forward. So, the transaction market itself is, I would say, still tepid.

再加上我們收購的資產，以及同樣重要的我們所出售的資產，才真正造就了我們今天的優異表現。我們對這裡的發展現狀感到非常興奮。而我們看到的是 2026 年的未來發展格局。所以，我認為交易市場本身仍然冷清。

There is not a lot of flow. Going back to Metro Center, I'll end with how I began. I mean the fact that we have relationships and that people seek out us. When they need an asset to effectuate a lifetime exchange, and we have the balance sheet that allows us to provide seller financing to give that buyer the added assurance that there's not going to be a hiccup and they're going to miss a window differentiator, 100%.

人流量不大。回到地鐵中心，我就以我開頭的方式結束吧。我的意思是，我們之間有關係，有人會主動來找我們。當他們需要一項資產來實現終身交換時，我們擁有足夠的資產負債表，能夠提供賣方融資，從而讓買方更有信心，確保不會出現任何問題，也不會錯過任何差異化優勢，100% 保證。

Thank you.

謝謝。

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Thanks. Good morning, everyone. Jim, my question is on CapEx. It kind of seems broadly that renovation returns have been coming down, but you've been bucking that trend. So I guess two parts. I guess, one, how are you picking the hotels and markets to invest in? And two, is it fair to assume that maybe you didn't buy back stock in the quarter because you see better returns on these transformational CapEx projects? Thanks.

謝謝。各位早安。吉姆，我的問題是關於資本支出的。總體而言，房屋翻新的回報率似乎一直在下降，但你卻逆勢而行。所以我想應該是兩個部分。我想問的是，首先，您是如何選擇投資的飯店和市場的？第二，是否可以合理地假設，您本季沒有回購股票是因為您認為這些變革性資本支出項目能帶來更好的回報？謝謝。

Sure, Mike. Yeah, we obviously screen all of our assets to determine what assets we should be putting capital in. And the level of CapEx that should be invested in any particular property. So as an example, the four new assets in the Marriott Transformational Capital Program were decided upon after we, as a team, our design and construction group, our asset management group, our enterprise analytics group really looked at what sort of lift we believe that we could get through transformational renovations.

當然可以，麥克。是的，我們當然會對所有資產進行篩選，以確定我們應該將資金投入哪些資產。以及應該對特定房產進行多少資本支出。例如，萬豪轉型資本計畫中的四個新資產，是我們團隊（包括設計和施工團隊、資產管理團隊和企業分析團隊）認真研究了我們認為透過轉型改造能夠獲得怎樣的提升之後才決定的。

And I do want to emphasize the word transformational. Because it's one thing to just do a rooms redo. That could be deemed to be somewhat defensive. You have to do it. But if we see an opportunity to completely reposition a property, including a new arrival experience, a new lobby, new F&B platform. And at Kierland, we redid the spa, and now we're doing the rest of the hotel. That is how our decision is made to allocate capital. And obviously, we work very collaboratively with our operators. We work collaboratively with Hyatt on the six assets that we selected and the scope of the renovation, and we work collaboratively with Marriott as well.

而且我想強調「變革性」這個詞。因為光是翻新一個房間是一回事。這或許可以被視為一種防禦姿態。你必須這麼做。但如果我們看到一個機會，可以徹底重新定位一個物業，包括全新的抵達體驗、全新的大廳、全新的餐飲平台。在基爾蘭酒店，我們重新裝修了水療中心，現在我們正在裝修酒店的其他部分。這就是我們決定如何分配資金的方式。顯然，我們與營運商之間有著非常密切的合作。我們與凱悅酒店集團就我們選定的六處物業和翻新範圍進行合作，我們也與萬豪酒店集團合作。

So we're delighted that not only given our size and scale, but our relationships, and our ability to perform has allowed us to, again, distinguish ourselves through the MTCP program, HCCP program and now MTCP 2 where the operators support our capital investment.

因此，我們非常高興，不僅憑藉我們的規模和實力，而且憑藉我們的關係和執行能力，我們能夠再次透過 MTCP 計劃、HCCP 計劃以及現在的 MTCP 2 脫穎而出，運營商也支持我們的資本投資。

And I think that's really important to stay focused on. Are they supported through providing operating profit guarantees for anticipated disruption and enhanced other priority returns, which gives us an opportunity to really kind of anchor the underwriting for the capital that we're putting into these assets. So we'll continue to do this going forward. It's the clearest line of sight we have to strong cash-on-cash returns in this environment. And yes, you're absolutely right.

我認為這一點非常重要，我們需要集中精力。他們是否透過提供營運利潤保證來應對預期中斷和其他優先回報，從而獲得支持？這讓我們有機會真正為我們投入這些資產的資本的承銷提供保障。所以接下來我們會繼續這樣做。在當前環境下，這是我們獲得強勁現金回報率的最清晰途徑。沒錯，你說得完全正確。

We didn't buy back stock in the quarter. We bought back $200 million of stock this year. But capital allocation in our mind, is a decision of where are we going to drive the greatest long-term value for our shareholders. And we believe investing in our assets, at least at this point in time, with our stock price not disrupted is where we will derive the better returns. We bought back $200 million worth of stock, and there is a methodology to determine what the IRR is on those stock buybacks.

本季我們沒有回購股票。我們今年回購了價值 2 億美元的股票。但我們認為，資本配置的決定，在於如何為股東創造最大的長期價值。我們相信，至少在目前這個階段，在股價未受干擾的情況下投資我們的資產，才能獲得更好的報酬。我們回購了價值 2 億美元的股票，並且有一套方法來確定這些股票回購的內部報酬率 (IRR)。

It's what you can reissue the stock price at down the road over a period of time. Well, the multiple hasn't moved anything. So we're still where we were, and it's very difficult to see a clear line of sight to underwrite a strong IRR on a stock buyback when we have a clear line of sight to investing in our assets.

這是你在一段時間後可以重新發行股票時的價格。嗯，倍數沒有任何變化。所以我們現在的情況和以前一樣，當我們有明確的投資目標來投資我們的資產時，很難找到明確的目標來保證股票回購能帶來強勁的內部報酬率。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great. Thanks for taking the question. Maui continues to have strong momentum and appreciate the early color on occupancy and out-of-room spend. Could you provide any early thoughts and color about how we should be thinking about the pace of recovery into '26 from an earnings perspective within the context of the $110 million guide implied in '25 guidance, and then the strong '26 group pace?

偉大的。感謝您回答這個問題。毛伊島持續保持強勁的成長勢頭，入住率和客房外消費的早期數據令人欣喜。您能否就我們應該如何看待 2026 年的復甦步伐，從盈利角度出發，結合 2025 年業績指引中隱含的 1.1 億美元目標，以及 2026 年集團強勁的增長步伐，提供一些初步的想法和見解？

Sure. So Maui continues to recover really well. Our total group revenue pace for 2026 is a positive 13% versus same time last year. Just to put this into perspective, in terms of group room nights, we already have 67,000 group room nights on the books for 2026. And last year, at the same time, we had 55,000 on the books.

當然。所以毛伊島的復甦情況持續良好。我們預計 2026 年集團總營收將比去年同期成長 13%。為了讓大家對這個數字有個概念，就團體客房預訂量而言，我們已經預訂了 2026 年 67,000 個團體客房晚數。去年同期，我們的註冊人數為 55,000 人。

Compare that to back in 2019, at the same time, we had 73,000 group room nights on the books. So in other words, we're effectively 92% of the way already there relative to 2019 at a pretty attractive rate. So we feel pretty confident that Maui is going to continue to recover. In terms of exactly how much incremental EBITDA we expect in addition to the $110 million of EBITDA that we are forecasting for this year - Obviously, we are still very preliminary reviews of the budgets.

相較之下，2019 年同期，我們預訂的團體客房晚數為 73,000 晚。換句話說，相對於 2019 年，我們已經以相當有吸引力的速度完成了 92% 的目標。因此我們相當有信心毛伊島會繼續復甦。至於除了我們預測今年 1.1 億美元的 EBITDA 之外，我們預計還能增加多少 EBITDA——顯然，我們目前仍處於預算的初步審查階段。

We don't have an exact number, but we are very hopeful that it's going to be positive. And it's going to be -- right now, I'll just say it's a wide range between the $110 million and the $160 million that we talked about. So hopefully, we will make incremental progress next year, but things are looking really good as it relates to group pace for 2026.

我們沒有確切的數字，但我們非常希望結果會是正面的。最終金額將會是——現在，我只能說，範圍很廣，介於我們之前討論的 1.1 億美元到 1.6 億美元之間。所以希望我們明年能取得逐步進步，但就 2026 年的集團速度而言，情況看起來真的很好。

Great. Thank you.

偉大的。謝謝。

Chris Darling, Green Street.

克里斯達林，格林街。

Thanks, good morning. Jim, you alluded to feeling good about Host setup for 2026. Hoping you could elaborate just in anecdotal fashion. And specifically, I'm thinking about some of the lower-hanging items across your portfolio, whether it be Maui, the Don, Turtle Bay, maybe there's others that you'd call out. So any way you could speak to that and perhaps quantify to some extent as well?

謝謝，早安。吉姆，你曾暗示你對 2026 年的 Host 設定感到滿意。希望您能以軼事的形式詳細說明一下。具體來說，我想談談你投資組合中一些比較容易實現的項目，例如 Maui、Don、Turtle Bay，或許你還會提到其他一些項目。那麼，您能否就此談談看法，並盡可能地進行量化分析呢？

Sure. Happy to, Chris. We have a number of our key markets, we are seeing really strong total group revenue pace for 2026. Sourav touched on Maui as one example. San Francisco is another one. I mean San Francisco is recovering really well. It's recovering nicely. 2026 total group revenue pace for San Fran is up over 20% for our portfolio. And group rate is pacing up 10%. Group room nights are pacing up 3%.

當然。樂意效勞，克里斯。我們看到，在我們一些主要市場，2026 年集團總營收成長非常強勁。索拉夫以毛伊島為例進行了說明。舊金山也是其中之一。我的意思是，舊金山的復甦情況非常好。復甦勢頭良好。在我們投資組合中，舊金山地區2026年集團總營收成長率預計超過20%。團體價格上漲了 10%。團體客房入住率增加了 3%。

So we feel really good about that. And the '26 citywide group room night pace is up 7% to last year in following a 54% increase in 2025. So San Fran has, I think, turned the corner. It really has. The Mayor and the President of the San Francisco travel are really out there taking the lead for positive change for the city.

所以我們對這一點感到非常滿意。2026 年全市團體客房夜間預訂量比去年增長了 7%，而 2025 年則增長了 54%。所以我覺得，舊金山已經扭轉了局面。確實如此。舊金山市長和舊金山旅遊局局長確實在積極引領城市走向積極的變革。

Violent crime is down 22% in the city and property crime is down 25%. So we're optimistic about San Francisco. And we also have Super Bowl in San Francisco as well next year. And the other the broad positive for our portfolio. And I'll give you some color on a couple of other major markets.

該市暴力犯罪率下降了 22%，財產犯罪率下降了 25%。所以我們對舊金山的前景持樂觀態度。明年舊金山也將舉辦超級盃。另一大利好因素則對我們的投資組合產生了廣泛正面影響。我也會向你介紹其他幾個主要市場的情況。

But we have 10 markets where we're going to see benefits from the World Cup as well. And that's going to provide a big positive for us. As an example, I think in New York, World Cup should be very positive for the market. Hosting a total of eight games, including the final. So it's going to bring additional tourism to New York City as well. Washington, DC is another bright star for us next year. Total group revenue pace is up 13%. So we feel good about that. Nashville total group revenue pace is up 26%.

但我們還有 10 個市場也將從世界盃中受益。這將給我們帶來很大的正面影響。例如，我認為在紐約，世界盃應該會對市場產生非常正面的影響。總共舉辦了八場比賽，包括決賽。所以它也會為紐約市帶來更多的遊客。明年，華盛頓特區將是我們另一個重要的目標城市。集團總收入成長率為13%。所以我們對此感到很滿意。納許維爾集團總收入成長率為 26%。

So there are a lot of really positive things out there on the group side of the business. And we're about 36% group. So it's meaningful to us, absolutely. Our total group revenue pace for the year at this point is up 5%, mid-single digits. We'll be watching that very closely to see how it evolves over the next couple of months.

所以，集團業務方面有很多非常正面的面向。我們這個群體佔比約為 36%。所以這對我們來說意義非凡，絕對是如此。截至目前，我們集團今年的總收入成長率為 5%，屬於中等個位數。我們將密切關注事態發展，看看未來幾個月情況會如何變化。

But with all that said, we do believe that the assets that we have -- the fact that we have strong geographic diversification, we have no one market that delivers more than 8% of our EBITDA, and that's been very thoughtful as we assembled this portfolio and as we run the business. And the quality of the assets we have and the -- where customers are staying today, and where they're spending money. The fact that the affluent customer continues to prioritize premium experiences. And we see it not only quarter-by-quarter or year-over-year. We see it weekly. We track our properties weekly to see what is happening with RevPAR and we're not seeing any slowdown, Chris. I'll tell you that. We just continue to see the affluent customers spend money. So that's what gives us confidence that we're set up well for 2026.

但即便如此，我們仍然相信我們所擁有的資產——我們擁有強大的地域多元化，沒有任何一個市場貢獻超過我們 EBITDA 的 8%，這在我們構建這個投資組合和經營業務的過程中都是經過深思熟慮的。還有我們擁有的資產質量，以及客戶目前在哪裡停留，在哪裡消費。富裕消費者依然將高端體驗放在第一位。而且我們不只是按季度或按年來看，就能看到這種變化。我們每週都能看到這種情況。克里斯，我們每週都會追蹤旗下物業的RevPAR（每間可供出租客房收入）情況，目前沒有發現任何放緩跡象。我會告訴你這一點。我們不斷看到富裕的顧客花錢。所以，這讓我們有信心，我們已經為2026年做好了充分的準備。

Okay. Appreciate the detail, thank you.

好的。感謝您提供的詳細資訊。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

Thanks, good morning. On the group side, near-term group bookings, it sounds like they've been maybe a touch softer. Hoping you can provide a little bit more color on that, and maybe how broad-based that might be across business verticals? And any change in cancellation, or attrition, or lead volumes more broadly from a forward booking standpoint? Thank you.

謝謝，早安。從團體預約來看，近期團體預約似乎略有放緩。希望您能就此提供更多細節，以及這種情況在各個商業領域的影響範圍有多廣？從預訂角度來看，取消訂單、客戶流失或更廣泛的潛在客戶數量是否有任何變化？謝謝。

Hey, Ari. There hasn't really been any sort of meaningful cancellation besides maybe a little bit what we have seen in DC tied with government business. But in general, I would say there is not a significant drop in terms of group pace by any means for Q4, we are set up really well. Our fourth quarter group pace is actually up over 7%. It's almost 8%.

嘿，阿里。除了我們在華盛頓特區看到的一些與政府事務相關的取消之外，實際上並沒有任何實質的取消。但總的來說，我認為第四季車隊的整體速度並沒有明顯下降，我們已經做好了充分的準備。我們第四季的集團成長速度實際上超過了7%。接近8%。

So still have a very strong group quarter. The third quarter, we always knew going in that it would be a soft group quarter given the shift in Jewish holidays. And you saw that with the outperformance of October at 5.5%. You kind of have to look at sort of September, October together to see the Jewish holiday shift impact. But that's really why group was down in the third quarter.

所以，我們仍然有一個非常強大的團隊季度。由於猶太節日的更迭，我們一直都知道第三季會是比較輕鬆的季度。10 月的優異表現（5.5%）也印證了這一點。要了解猶太節期的影響，需要把九月和十月放在一起看。但這正是該隊第三節表現下滑的真正原因。

And some of the softness is really related more to government and government adjacent businesses. Otherwise, overall, even though group volume was down, as you saw in Q3, which was expected, our banquet and catering revenue per group room night was actually up, so which shows that the groups are still willing to spend when they do show up with the properties. So we don't see any specific cracks in terms of driving group volume as we look at our group pace numbers into Q4 and into the future.

而部分軟化現像其實與政府和政府相關企業更有關。除此之外，總體而言，儘管團體數量有所下降（正如您在第三季度所看到的，這也在預料之中），但我們每間團體客房每晚的宴會和餐飲收入實際上有所上升，這表明團體入住酒店時仍然願意消費。因此，從我們第四季及未來的集團銷售來看，我們並未發現集團銷售方面有任何具體問題。

Thank you.

謝謝。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

Hey. Good morning and thanks for taking the questions and congratulations on a very good year-to-date. Just wanted to ask on the -- you guys have, I think, over time seen more success on some of the out-of-room spend growth, especially on the -- I think on the group side. Can you maybe talk a little bit about what's driving that and what visibility you have into that and what it's comprised of, whether it's just more higher menu prices, or more ancillary spend on things like retail and spa, and just your level of comfort that, that can continue? Thanks.

嘿。早安，感謝您回答問題，並祝賀您今年迄今為止取得了非常好的成績。我想問一下——我認為你們隨著時間的推移，在客房外消費成長方面取得了更大的成功，尤其是在——我認為是在團體消費方面。您能否談談推動這一趨勢的因素，以及您對這一趨勢的了解程度，並說明其構成，例如更高的菜單價格，或者在零售和水療等方面的額外支出，以及您對這種趨勢能否持續下去的接受程度？謝謝。

There definitely is just increased spend. And whether that's spa, whether that's golf, obviously, resort destination fee is a component of it as well. As we get into next year, you'll obviously get into tougher comps, just given how much we have moved, particularly on the ancillary revenue and the banquet and catering group room night.

支出確實增加了。無論是水療還是高爾夫，顯然，度假目的地費也是其中的一部分。進入明年，鑑於我們取得的巨大進步，尤其是在輔助收入以及宴會和餐飲團體客房預訂方面，你們顯然會面臨更嚴峻的競爭。

So if you're looking at next year, we had almost a point of delta between RevPAR and total RevPAR for this year, that is probably going to shrink for next year just given the tougher comps. But we -- just given the consumer that we are we are seeing, they continue to spend more.

所以，如果你展望明年，今年的每間可供出租客房收入 (RevPAR) 和總每間可供出租客房收入 (RevPAR) 之間幾乎存在一個點的差距，考慮到明年更嚴峻的競爭形勢，這個差距可能會縮小。但是，就我們目前所看到的消費者而言，他們的支出仍在增加。

And the other thing is us also reinventing and repositioning our outlets, which has really benefited this year with the View at the Marriott Marquis and AVIV, the 1 Hotel South Beach, obviously, that's driven meaningful growth. So we're continuing to look at outlet opportunities where we could really drive incremental returns and incremental EBITDA from repositioning these outlets. So while there are other opportunities, I think, next year, certainly, you will run into just tougher year-over-year comps just given a ton of the initiatives that came to fruition for 2025.

另一方面，我們也在不斷改造和重新定位我們的門市，今年萬豪侯爵酒店的 View 餐廳和 AVIV 餐廳（位於南海灘 1 號酒店）的開幕確實帶來了顯著的增長。因此，我們將繼續尋找能夠透過重新定位這些門市來真正推動增量回報和增量 EBITDA 的門市機會。所以，雖然還有其他機會，但我認為，明年肯定會遇到更嚴峻的年比比較，因為2025年有很多舉措都取得了成果。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thanks. I just wanted to get a little more insight into the group booking pace for next year. And when you mentioned it's up 5% for 2026. And that's room nights and rate, and I think forward banquet revenues. Just wondering if you could give us a little color on the nights increase versus rate increase. Just since it feels like overall group, not just for Host, but across the industry, just wondering if we're seeing real room night demand recovery there? Or if it's still sort of mostly rate driven, which has kind of been the case this year? Thanks.

偉大的。謝謝。我只是想更深入地了解明年的團體預訂情況。你提到2026年將上漲5%。這包括客房入住晚數和房價，我認為還有宴會收入的預期。我想請您簡單介紹一下夜間住宿費用增加與房價上漲之間的關係。因為這感覺像是整個行業，不僅僅是Host，而是整個集團，所以我想知道我們是否看到了真正的客房夜需求復甦？或者說，它仍然主要受利率驅動，而今年的情況似乎正是如此？謝謝。

Robin, so as of where we stand right now, it is more room night driven. It's effectively almost all room night driven. Rate is a very slight improvement year-over-year. And I'm talking about the pace, so the 5% that Jim referred to. We have effectively the same amount of group room nights on the books, it's slightly above relative to last year in terms of percentage of what we are expecting for next year. But we would expect the group room nights to be more just given the current pacing. But right now, as we stand on the 5%, just over 3% is group room nights.

羅賓，就目前的情況來看，這更多是受客房入住率的影響。實際上，幾乎完全是由客房夜間營運所驅動的。利率較去年同期略有提高。我指的是速度，也就是吉姆提到的 5%。我們目前已預訂的團體客房夜數與去年基本持平，就我們預計明年預訂量所佔的百分比而言，略高於去年。但鑑於目前的節奏，我們預期團體房間的分配會更加公平。但就目前而言，在我們計算出的 5% 中，團體客房夜數僅佔 3% 多一點。

Okay. Great. Super helpful. Thanks. And maybe just as a quick follow-up. I know you talked about your priorities and seeing your own multiple be so low. When you do think about potential asset acquisitions that Host -- what could interest you. Is there anything -- can you characterize if you feel like there's a market or a type of -- just anything that you feel like would enhance your portfolio just to give us a sense of where your interest might lie? Thanks.

好的。偉大的。非常有用。謝謝。或許還可以簡單補充一下。我知道你談到了你的優先事項，以及你自身的估值倍數非常低。當你考慮潛在的資產收購時，Host——哪些資產可能會讓你感興趣？您能否描述一下您認為是否存在某種市場或類型，或者任何您覺得可以增強您投資組合的東西，以便我們了解您的興趣所在？謝謝。

I would tell you, Robin, that asset acquisitions today are a very low priority for us. It’s just -- we don't think today in this environment with what we're seeing in the marketplace that we can generate the types of returns through acquisitions that we can generate through other capital allocation decisions.

羅賓，我可以告訴你，目前資產收購對我們來說優先順序非常低。只是——我們認為，在當今的市場環境下，透過收購無法像透過其他資本配置決策那樣獲得回報。

So that includes continuing to invest in our assets, continue to pay a sustainable dividend to our shareholders, which we have done consistently since we exited COVID, and we'll be thoughtful about dispositions in this environment. I think if we saw a path forward to really doing an accretive acquisition, of course we would consider it, but we evaluate everything that's out there in the marketplace, and we're just not seeing anything that we’ll underwrite at this point in time.

因此，我們將繼續投資於我們的資產，繼續向股東支付可持續的股息（自從我們走出新冠疫情危機以來，我們一直堅持這樣做），並且我們將在這種環境下謹慎對待資產處置。我認為，如果我們看到一條真正能帶來增值收益的收購之路，我們當然會考慮，但我們會評估市場上所有的機會，目前我們還沒有看到任何值得我們投資的項目。

Great. Very helpful. Thank you.

偉大的。很有幫助。謝謝。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

Hi, thank you. I was just hoping maybe you could talk a little bit -- maybe more -- Sourav, about kind of any updated thoughts you have on kind of wages and benefits increases in 2026? And besides New York, are there any major markets where labor contracts are coming due, or have to be renegotiated?

您好，謝謝。我只是希望你能稍微談談──或許可以多談談──Sourav，你對2026年的薪資和福利成長有什麼最新的想法嗎？除了紐約之外，還有哪些主要市場的勞動合約即將到期或需要重新談判？

Yeah. So for 2025, we are still expecting wage rate growth, which we had messaged earlier on the year at about 6%. Just given that a lot of the contracts were front-end loaded, our expectation is that for next year, the wage rate growth is going to be lower. How much lower, I still don't know yet. We're still, as I said, going through budgets, will have a better indication and we'll provide that information on our next call next year.

是的。因此，對於 2025 年，我們仍然預期薪資成長率將達到 6% 左右，正如我們年初預測的那樣。鑑於許多合約都是前期支付較高的薪酬，我們預期明年的工資成長率將會降低。具體低多少​​，我還不清楚。正如我所說，我們仍在審核預算，將會有更明確的指示，我們將在明年的下次電話會議上提供相關資訊。

In terms of contracts that are coming up, New York is really the only one that is coming up for next year -- mid next year. Obviously, we are not party to those negotiations with the union. It is our operators that negotiate with the union, and we will see where that ends up. It's too early to say at this point in time.

就即將到期的合約而言，紐約是唯一一個明年年中即將到期的合約。顯然，我們沒有參與與工會的談判。由我們的營運人員與工會進行談判，我們將拭​​目以待。現在下結論還為時過早。

Great. Thank you.

偉大的。謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thanks. This feels like the first clean fall in a while on the Gulf Coast without any major storms. I understand there are several puts and takes with operational impacts versus BI. But can you maybe frame the tailwinds to growth potential in 2026 from those storms on the Gulf Coast? Thank you.

嘿，謝謝。感覺這是墨西哥灣沿岸地區近來第一個沒有重大風暴侵襲的晴朗秋季。我了解到營運影響與商業智慧之間存在一些權衡取捨。但是，您能否將墨西哥灣沿岸的風暴視為 2026 年經濟成長的有利因素？謝謝。

Well, Duane, we have, I think, 24 days left till the end of the -- official end of the hurricane season. So let's keep our fingers crossed that when we talk in February that this will hold true to form, and we won't see anything happen on the Gulf Coast this year. The tailwinds for us will be really -- the Don CeSar is performing extremely well. It's beating our expectations. We raised our assumption for performance this year from $3 million in Q2 to $6 million this year, and we're excited with how the Don is set up for 2026.

杜安，我想，距離颶風季正式結束還有 24 天。所以讓我們祈禱二月我們討論的時候，情況能夠如我們所願，今年墨西哥灣沿岸不會發生任何事情。對我們來說，順風將非常有利——唐·塞薩爾號的表現非常出色。它超出了我們的預期。我們將今年的業績預期從第二季的 300 萬美元提高到今年的 600 萬美元，我們對 Don 為 2026 年所做的準備感到非常興奮。

The Ritz Naples continues to really perform quite well, and a lot of you have seen that property, a lot of you seen Tiburón as well, which we're going to be -- which Tiburón's going to be undergoing a completely transformational renovation.

那不勒斯麗茲酒店的表現一直非常出色，許多人參觀過這家酒店，許多人也參觀過蒂布隆酒店，而蒂布隆酒店即將進行徹底的改造翻新。

So that will -- and we will receive the operating profit guarantees for the anticipated disruption, but that will likely have an impact on RevPAR for the Gulf Coast, but it's fully anticipated, and it's fully baked in. And I think that the Gulf Coast -- the Gulf Coast of Florida, generally, when storms come, it affects everything in Florida. So we're excited with how the 1 Hotel South Beach is performing, with how the Ritz-Carlton Amelia Island is performing. Singer. The Singer resort is still ramping after a complete repositioning there as well. And this is all being driven by the type of customer that is continuing to prioritize experiences, premium experiences because these properties are all really high-end assets. And so -- let's get through November, and we'll see how the assets perform into 2026. We did talk a bit about festive being up. And a lot of those assets are part of festive, I think, was at 9% for this year. Festive pace is up 9%, which is very positive. So again, I think this helps us set up the company very well into 2026.

因此，我們將收到針對預期中斷的營業利潤保證，但這可能會對墨西哥灣沿岸的每間可供出租客房收入 (RevPAR) 產生影響，但這已完全預料到，並且已完全納入考慮。我認為，墨西哥灣沿岸地區——特別是佛羅裡達州的墨西哥灣沿岸地區——在風暴來襲時，會影響佛羅裡達州的一切。所以我們對 1 Hotel South Beach 和 Ritz-Carlton Amelia Island 的表現感到非常興奮。歌手。辛格度假村在完成全面重新定位後，目前仍在逐步恢復營運。這一切都源自於這樣一種客戶群：他們不斷將體驗，尤其是高端體驗放在首位，因為這些物業都是真正的高端資產。所以——讓我們撐過11月，看看這些資產在2026年的表現如何。我們確實聊了一會兒節日氣氛濃厚的事情。許多這類資產都屬於節慶範疇，我認為今年的節慶指數是 9%。節日期間的銷售速度加快了9%，這是一個非常積極的信號。所以，我認為這有助於我們為公司在 2026 年的發展奠定良好的基礎。

And Duane, I'll just add there, right? When you think about all the benefits we'll see from HCCP next year, we will still obviously be under renovation at the Grand Hyatt, Manchester, but every other HCCP project effectively will be done. We should see a lift from that. As Jim mentioned earlier, Super Bowl's in San Francisco, which we'll see a lift from that.

還有杜安，我就補充一下，對吧？考慮到明年 HCCP 項目將為我們帶來的所有好處，雖然曼徹斯特君悅酒店屆時仍將處於翻新狀態，但其他所有 HCCP 項目實際上都將完成。我們應該會看到提振。正如吉姆之前提到的，超級盃將在舊金山舉行，這將帶動當地經濟成長。

We have 10 cities where World Cup is going to be played depending on what teams play, in which cities, we should see lift from that. So we feel really good about our setup for next year to be able to drive incremental top line. So not just organic in the market, but all the capital investments that we have made in those specific markets.

世界盃將在 10 個城市舉行，具體情況取決於參賽隊伍和比賽城市，我們應該會從中受益。因此，我們對明年的發展規劃充滿信心，相信能夠推動營收成長。所以不僅包括市場上的有機產品，還包括我們在這些特定市場進行的所有資本投資。

Jay Kornreichwith Cantor Fitzgerald.

傑伊·科恩雷希與坎托·菲茨杰拉德。

Hi, thank you. Just circling back to the EBITDA guidance raised by $25 million. Was that more of a portfolio-wide story, or certainly key markets to call out like Maui? And then with the strong October up 5.5% on RevPAR, how is November, December shaping up? If you can give any commentary on that?

您好，謝謝。再說回之前提到的 EBITDA 預期會上調 2500 萬美元的事情。這更多的是關於整個投資組合的情況，還是特別強調像毛伊島這樣的重點市場？10 月 RevPAR 強勁成長 5.5%，那麼 11 月和 12 月的情況如何呢？您對此有何評論？

Sure thing. I'll provide the provide the bridge on the guidance. So it's just clear in terms of the [$1.705 million] how we got to the [$1.730 million] When you take the [$1.705 million], you're going to add $26 million in terms of just comparable operations lift. And that's $21 million in Q3 and $5 million in Q4.

當然可以。我將提供指導，搭建溝通的橋樑。所以很明顯，從 [170.5 萬美元] 到 [173 萬美元] 的計算過程是這樣的：當你把 [170.5 萬美元] 加上去，僅僅在可比運營提升方面，你就會增加 2600 萬美元。第三季營收為 2,100 萬美元，第四季營收為 500 萬美元。

It is really across the portfolio. Our guide for Maui has not changed for the full year. That's primarily because even though we have outperformed on the top line for Maui, given that it's -- we have added a ton of room nights, there have been incremental variable costs associated with that. So that guide from Maui at [$110 million] has effectively remained the same for the balance of the year. So that's $26 million overall comparable operations lift. Another $3 million. As Jim mentioned, we have taken Don CeSar from $3 million to $6 million, so $3 million incremental for Don. Interest income of $6 million. And then -- those are all the adds. The deducts are $5 million from the disposes. That's about $4 million for Metro Center and $1 million for St. Regis, and then about $5 million that we talked about for the Four Seasons condos. So that will get you to the [$1.730 million].

這確實涵蓋了整個投資組合。我們的毛伊島旅遊指南全年都沒有變化。這主要是因為，儘管我們在毛伊島的營業額表現出色，但由於我們增加了大量的客房入住晚數，因此也產生了相應的可變成本。因此，毛伊島的指導價（1.1億美元）在今年剩餘的時間裡基本保持不變。因此，整體可比營運規模提升了 2,600 萬美元。又增加了300萬美元。正如吉姆所提到的，我們已經把唐·塞薩爾的收入從 300 萬美元提高到了 600 萬美元，所以唐的收入增加了 300 萬美元。利息收入600萬美元。然後——這些就是所有的廣告了。從處置資產中扣除500萬美元。Metro Center 大約需要 400 萬美元，St. Regis 大約需要 100 萬美元，然後我們之前提到的四季酒店公寓大約需要 500 萬美元。這樣就能帶你到…[173萬美元]

As it relates to November and December, right, at this point, you provided October numbers, obviously, the implied Q4 is around 1.5%. So when you look at the blended November, December, it's effectively slightly negative. Now that is fully expected. And I will say that in our increased guide for fourth quarter, it's not all October. Two-thirds is October, one-thirds is November, December. We actually took up our guide for November, December as well. The reason is slightly negative, it's twofold.

至於 11 月和 12 月的情況，是的，目前您已經提供了 10 月的數據，顯然，隱含的第四季約為 1.5%。所以，當你把 11 月和 12 月的數據合併來看時，實際上略微偏負。這完全在意料之中。我還要說明的是，在我們提高第四季業績預期中，並非完全是10月的業績成長。三分之二是十月，三分之一是十一月和十二月。我們實際上也拿了11月和12月的旅遊指南。原因略顯負面，主要有兩方面。

One is, just last year, we had Christmas week overlap with Hanukkah. So you didn't have a Hanukkah on a separate week, which obviously impacts travel. This year, it's a tougher comp, Hanukkah does not overlap with Christmas week. Secondly, last year, right after elections, we had, you may recall, short-term group pickup. And we did quite a bit of group business towards the end of November, beginning of December.

其中之一是，就在去年，我們的聖誕節週與光明節週重疊。所以你們沒有在單獨的一周慶祝光明節，這顯然會影響出行。今年競爭更加激烈，因為光明節與聖誕節並不重疊。其次，去年大選結束後，我們進行了短期團體接送，您可能還記得。我們在 11 月底 12 月初做了不少團體業務。

So that helped 2024. So it's really tougher comps. But overall, at this point in time, assuming government shutdown gets resolved, and we don't have any issues with travel and airports, we are well positioned to be able to achieve our forecast.

所以這對2024年有幫助。所以比賽競爭真的更激烈了。但總的來說，就目前而言，假設政府停擺問題得到解決，旅行和機場方面也沒有任何問題，我們完全有能力實現我們的預測。

And that will conclude our question-and-answer session. I'll turn the call back over to Jim for any closing comments.

我們的問答環節到此結束。我將把電話轉回給吉姆，讓他做最後的總結發言。

Well, everyone, thank you again for joining us today. We really appreciate the time that you spend with us, and we appreciate the opportunity to discuss our quarterly results with you and look forward to seeing many of you at upcoming conferences. I want to wish everyone a very wonderful Thanksgiving with your family and friends. Take care.

好了，各位，再次感謝你們今天收看我們的節目。我們非常感謝您抽出時間與我們交流，也感謝有機會與您討論我們的季度業績，並期待在即將到來的會議上見到您們中的許多人。祝大家與家人朋友共度一個美好的感恩節。小心。

This concludes our call today. Thank you for joining. You may now disconnect.

今天的通話到此結束。感謝您的參與。您現在可以斷開連線了。