Host Hotels & Resorts, Inc. (HST) 2025 Q4 法說會逐字稿

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

早安，歡迎參加 Host Hotels & Resorts 2025 年第四季財報電話會議。今天的會議正在錄影。

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

此時，我想把電話交給投資人關係資深副總裁 Jaime Marcus。

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 and 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。

The operational results discussed today refer to our 76 hotel comparable portfolio in 2025, which excludes Alila Ventana Big Sur, The Don CeSar and St. Regis Houston, which we sold in January. With me on today's call are Jim Risoleo, President and Chief Executive Officer; and Sourav Ghosh, Executive Vice President and Chief Financial Officer.

今天討論的營運表現指的是我們 2025 年的 76 家可比飯店組合，其中不包括我們於 1 月出售的 Alila Ventana Big Sur、The Don CeSar 和 St. Regis Houston。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。

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

接下來，我想把電話交給吉姆。

Thank you, Jaime, and thanks to everyone for joining us this morning. 2025 was another strong year for Host. We delivered operational improvements across our portfolio driven by rate growth and out-of-room spending, and we continue to successfully allocate capital through dispositions, portfolio reinvestment, share repurchases and dividends. We also maintained an investment-grade balance sheet while positioning Host to take advantage of future opportunities.

謝謝傑米，也感謝今天早上所有參與的朋友。 2025年對Host來說又是個碩果累累的一年。在房價成長和客房外消費的推動下，我們實現了投資組合的營運改進，並且我們繼續透過資產處置、投資組合再投資、股票回購和分紅來成功配置資本。我們也保持了投資等級的資產負債表，同時為 Host 抓住未來的機會做好了準備。

Turning to our results, we finished 2025 meaningfully above our most recent guidance estimates. For the full year, we delivered adjusted EBITDAre of $1,757 million, a 4.6% increase over 2024, and adjusted FFO per share of $2.07, a 3.5% increase year over year. Comparable hotel total RevPAR grew 4.2% and comparable hotel RevPAR grew 3.8% compared to 2024. Comparable hotel EBITDA margin of 28.9% was down 40 basis points year over year, driven by $21 million of business interruption proceeds that we received in 2024 for the Maui wildfires. Our full year RevPAR and adjusted EBITDAre exceeded our initial 2025 guidance by 2.3 percentage-points and 8.5%, respectively. Notably, our portfolio outperformed the upper tier industry RevPAR growth by approximately 200 basis points for the year.

從我們的業績來看，2025 年的最終業績顯著高於我們最近的預期。全年來看，我們實現了調整後的 EBITDA 為 17.57 億美元，比 2024 年增長了 4.6%；調整後的每股 FFO 為 2.07 美元，同比增長了 3.5%。與 2024 年相比，同類型飯店的總每間可供出租客房收入增加了 4.2%，而同類型飯店的每間可供出租客房收入增加了 3.8%。可比飯店 EBITDA 利潤率為 28.9%，年減 40 個基點，主要原因是我們在 2024 年收到了因毛伊島山火造成的 2,100 萬美元業務中斷賠償金。我們的全年每間可供出租客房收入 (RevPAR) 和調整後 EBITDA 分別比我們最初的 2025 年預期高出 2.3 個百分點和 8.5%。值得注意的是，我們的投資組合全年的RevPAR成長比高端產業平均高出約200個基點。

During the fourth quarter, we delivered adjusted EBITDAre of $428 million and adjusted FFO per share of $0.51. Comparable hotel total RevPAR improved 5.4% compared to the fourth quarter of 2024, and comparable hotel RevPAR was up 4.6%, driven by strong leisure transient demand, higher room rates and increased out-of-room spending. Comparable hotel EBITDA margins declined by 30 basis points to 28% as these operational improvements were offset by certain onetime benefits in the fourth quarter of 2024.

第四季度，我們實現了調整後 EBITDA 為 4.28 億美元，調整後每股 FFO 為 0.51 美元。與 2024 年第四季相比，可比飯店總 RevPAR 成長了 5.4%，可比飯店 RevPAR 成長了 4.6%，這主要得益於強勁的休閒散客需求、更高的房價以及客房外消費的增加。由於 2024 年第四季某些一次性收益抵消了這些營運改善，可比飯店 EBITDA 利潤率下降了 30 個基點至 28%。

Turning to business mix. RevPAR growth in the fourth quarter was better than expected, driven by resilient transient demand, particularly at our luxury resorts. Transient revenue grew by 6%, driven almost entirely by rate increases. In terms of markets, we saw particularly strong transient performance in Maui, New York and San Francisco. In fact, Maui was a standout market, contributing more than one-third of the transient revenue growth in the fourth quarter.

轉向業務組合。第四季每間可供出租客房收入 (RevPAR) 的成長優於預期，這主要得益於穩定的短期住宿需求，尤其是我們豪華度假村的需求。臨時收入成長了 6%，幾乎完全是由費率上漲推動的。從市場角度來看，毛伊島、紐約和舊金山的短期住宿市場表現特別強勁。事實上，毛伊島是一個表現突出的市場，在第四季度貢獻了超過三分之一的短期住宿收入成長。

RevPAR grew 15% and TRevPAR grew 13%, driven by strong demand growth. For context, Maui contributed $111 million of EBITDA for the year, which was slightly ahead of our most recent forecast and significantly ahead of our initial $90 million expectation at the start of 2025. Looking forward, we expect Maui to contribute approximately $120 million of EBITDA in 2026.

受強勁需求成長的推動，RevPAR成長了15%，TRevPAR成長了13%。作為參考，毛伊島在本年度貢獻了 1.11 億美元的 EBITDA，略高於我們最近的預測，並且遠高於我們在 2025 年初最初預測的 9,000 萬美元。展望未來，我們預計毛伊島在 2026 年將貢獻約 1.2 億美元的 EBITDA。

Turning to business transient. Revenue was up 1% in the fourth quarter as increases in rate offset a decline in room nights. Group revenue for the quarter was up approximately 1% year over year as rate increases offset group room night declines, which were driven by renovations and citywide softness in several markets. Our properties sold 900,000 group rooms in the fourth quarter, bringing our total group room nights sold for 2025 to $4.1 million.

轉向商務旅行。第四季營收成長1%，房價上漲抵銷了客房夜數的下降。由於房價上漲抵消了部分市場因翻新和整體疲軟而導致的團體客房夜數下降，本季團體營收年增約 1%。我們的物業在第四季度售出了 90 萬間團體客房，使我們 2025 年團體客房總銷售額達到 410 萬美元。

Ancillary spending remained strong in the quarter with continued growth in food and beverage revenues and out-of-room spending. Comparable hotel F&B revenue grew 6%, driven by strong outlet performance and banquet contribution per group room night. We also saw particularly strong growth in other revenue, which was up 10% in the quarter, including growth in golf and spa. Taken together, we continue to benefit from the strength of the affluent consumer across properties in our portfolio.

本季輔助支出依然強勁，餐飲收入和客房外支出持續成長。同店餐飲收入成長 6%，主要得益於餐廳業績強勁以及宴會每間客房每晚的貢獻。我們也看到其他收入成長尤為強勁，本季成長了 10%，其中包括高爾夫和水療業務的成長。綜上所述，我們持續受益於旗下所有物業的富裕消費者的強勁需求。

Turning to capital allocation. In 2025, we sold The Westin Cincinnati and Washington Marriott at Metro Center for a combined $237 million. We also provided $114 million of seller financing for the Washington Marriott at Metro Center transaction at a 6.5% interest rate. Yesterday, we announced the sale of the Four Seasons Resort Orlando at Walt Disney World Resort and the Four Seasons Resort and Residences Jackson Hole for $1.1 billion, which represents a 14.9 times EBITDA multiple on trailing 12-month EBITDA. The multiple includes approximately $88 million of estimated foregone capital expenditures over the next five years.

接下來討論資本配置。2025 年，我們以 2.37 億美元的價格出售了辛辛那提威斯汀酒店和華盛頓地鐵中心萬豪酒店。我們也為華盛頓地鐵中心萬豪酒店的交易提供了 1.14 億美元的賣方融資，利率為 6.5%。昨天，我們宣布以 11 億美元的價格出售位於華特迪士尼世界度假區的奧蘭多四季酒店和傑克遜霍爾四季酒店及住宅，這相當於過去 12 個月 EBITDA 的 14.9 倍。該倍數包含了未來五年預計放棄的約 8,800 萬美元資本支出。

We purchased the hotels in 2021 and '22, respectively, for a total of $925 million with no significant capital expenditures required under our ownership. The $1.1 billion sale price represents an 11% unlevered IRR and an EBITDA multiple that is more than four turns higher than our company's recent trading multiple. The IRR includes $58 million of capital expenditures, which was funded within the FF&E reserve as well as transaction costs. These items negatively impacted the IRR calculation by approximately 170 basis points.

我們分別於 2021 年和 2022 年收購了這些飯店，總價為 9.25 億美元，在我們擁有期間無需進行任何重大資本支出。11 億美元的售價相當於 11% 的無槓桿內部收益率 (IRR) 和 EBITDA 倍數，比我們公司最近的交易倍數高出四倍多。內部收益率包括 5,800 萬美元的資本支出，這筆資金來自家具、設備及用品儲備金以及交易成本。這些因素對內部報酬率 (IRR) 的計算產生了約 170 個基點的負面影響。

We are retaining the ongoing condo development at the Four Seasons Orlando, which is excluded from the sale. In 2025, we recognized $17 million of net adjusted EBITDAre from the sale of 16 condo units, and we expect to recognize an additional $20 million to $25 million when the remaining units are sold. As we assess the best use of capital in the current environment, our investment-grade balance sheet provides meaningful financial flexibility to pursue the highest return opportunities. We expect to recognize a taxable gain of approximately $500 million from the sale of the two hotels, subject to final prorations, and we have 45 days to identify a potential like-kind exchange. If we are unable to identify an accretive acquisition within that time frame, we would intend to return the taxable gain to shareholders through a special dividend.

我們將保留奧蘭多四季酒店正在進行的公寓開發項目，該項目不包含在本次出售範圍內。2025 年，我們從出售 16 套公寓單元中確認了 1700 萬美元的淨調整後 EBITDA，我們預計在出售剩餘單元時還將確認 2000 萬至 2500 萬美元。在評估當前環境下資本的最佳用途時，我們投資等級的資產負債表提供了相當大的財務靈活性，可以追求最高回報的機會。我們預計出售這兩家酒店將產生約 5 億美元的應稅收益，具體金額將根據最終比例進行計算。我們有 45 天的時間來尋找潛在的同類資產交換。如果在該時間範圍內我們無法找到增值收購目標，我們將透過特別股利將應稅收益返還給股東。

For the remaining sale proceeds, we will evaluate the best path forward based on market conditions, which could include returning additional capital to shareholders through special dividends or share repurchases, reinvesting in our portfolio or pursuing accretive acquisitions. We also completed the previously announced sale of the St. Regis Houston for $51 million. The sale price represents a 25 times EBITDA multiple on trailing 12-month EBITDA. The multiple includes approximately $49 million of estimated foregone capital expenditures over the next five years.

對於剩餘的出售所得，我們將根據市場狀況評估最佳前進方向，其中可能包括透過特別股利或股票回購向股東返還額外資本、再投資於我們的投資組合或進行增值收購。我們也完成了先前宣布的休士頓瑞吉酒店的出售，售價為 5,100 萬美元。售價相當於過去 12 個月 EBITDA 的 25 倍。該倍數包含了未來五年預計放棄的約 4,900 萬美元資本支出。

Finally, the Sheraton Parsippany is under contract to sell for $15 million with an expected close in the second quarter. Since 2018, we have disposed of approximately $6.4 billion of hotel assets at a blended 16.7 times EBITDA multiple, including estimated foregone capital expenditures of $1.2 billion. This compares favorably to the $4.9 billion of acquisitions we completed over the same period at a blended 13.6 times EBITDA multiple.

最後，帕西帕尼喜來登酒店已簽訂出售合同，售價為 1500 萬美元，預計將於第二季度完成交易。自 2018 年以來，我們已處置了約 64 億美元的飯店資產，綜合 EBITDA 倍數為 16.7 倍，其中包括估計放棄的 12 億美元資本支出。相較之下，我們同期完成的收購總額為 49 億美元，綜合 EBITDA 倍數為 13.6 倍。

In addition to successfully allocating capital through dispositions, we also returned capital to shareholders through share repurchases and dividends. In 2025, we repurchased 13.1 million shares at an average price of $15.68 per share for a total of $205 million. For context, we have repurchased 69.2 million shares at an average price of $16.63 per share for a total of approximately $1.2 billion since 2017.

除了透過資產處置成功配置資本外，我們還透過股票回購和分紅向股東返還了資本。2025 年，我們以每股 15.68 美元的平均價格回購了 1,310 萬股股票，總計 2.05 億美元。作為參考，自 2017 年以來，我們已以每股 16.63 美元的平均價格回購了 6,920 萬股股票，總計約 12 億美元。

In the fourth quarter, we declared a quarterly common dividend of $0.20 per share and announced a special dividend of $0.15 per share, bringing the total dividends declared for the year to $0.95 per share. In total, we returned nearly $860 million of capital to shareholders in 2025, including share repurchases. Turning to portfolio reinvestment. In 2025, we invested approximately $644 million in capital expenditures, resiliency initiatives and hurricane restoration across our portfolio. As of the end of the fourth quarter, the Hyatt Transformational Capital Program is more than 75% complete and is tracking on time and under budget.

第四季度，我們宣布派發每股 0.20 美元的季度普通股股息，並宣布派發每股 0.15 美元的特別股息，使全年宣布的股息總額達到每股 0.95 美元。2025 年，我們總共向股東返還了近 8.6 億美元的資本，其中包括股票回購。轉向投資組合再投資。2025 年，我們投資了約 6.44 億美元用於我們投資組合中的資本支出、韌性計畫和颶風災後重建。截至第四季末，凱悅轉型資本計畫已完成超過 75%，並且按時完成，預算控制在合理範圍內。

Transformational renovations have been completed at the Grand Hyatt Atlanta Buckhead, the Hyatt Regency Capitol Hill and the Hyatt Regency Austin. We are nearing completion of the Hyatt Regency Reston and Grand Hyatt Washington D.C., both of which are expected to be finished in the first half of 2026.

亞特蘭大巴克海德君悅酒店、國會山凱悅酒店和奧斯汀凱悅酒店已完成改造與翻新。凱悅酒店（雷斯頓）和君悅酒店（華盛頓特區）的建設即將完成，預計這兩家酒店都將於 2026 年上半年完工。

The Manchester Grand Hyatt San Diego, the final asset in the program has been phased to mitigate business interruption and is expected to be substantially complete by the end of 2026. Additionally, we started the transformational renovation of the New Orleans Marriott in the third quarter of 2025, which is part of the second Marriott Transformational Capital Program. In the fourth quarter, we received $3 million of operating guarantees related to our Transformational Capital Programs, bringing the total received to $26 million in 2025.

曼徹斯特君悅酒店（聖地亞哥店）是該計劃中的最後一個項目，已分階段進行，以減少對業務的影響，預計將於 2026 年底基本完工。此外，我們於 2025 年第三季啟動了新奧爾良萬豪酒店的改造工程，這是萬豪酒店集團第二期轉型資本計畫的一部分。第四季度，我們收到了與轉型資本計畫相關的 300 萬美元營運擔保，到 2025 年，我們收到的擔保總額將達到 2,600 萬美元。

We also completed several major ROI projects over the course of 2025, including the oceanfront ballroom expansion at The Don CeSar, villa development at The Phoenician, Canyon Suites; the new AVIV Restaurant at the one Hotel South Beach, and the meeting space expansion and reopening of The View Restaurant at the New York Marriott Marquis.

2025 年，我們還完成了幾個重要的投資回報率項目，包括唐·塞薩爾酒店的海濱宴會廳擴建、菲尼基安酒店的別墅開發、峽谷套房酒店；南海灘一號酒店的新 AVIV 餐廳，以及紐約萬豪侯爵酒店的會議空間擴建和觀景餐廳重新開業。

We are nearing completion of the condo development at the Four Seasons Orlando, having completed the 31-unit mid-rise building, and we began closing on unit sales in the fourth quarter. To date, we have deposits and purchase agreements in place for 28 of the 40 units, including 8 of the 9 villas, which are expected to complete in the first half of this year.

我們位於奧蘭多四季酒店的公寓開發項目已接近尾聲，31 套單元的中層建築已經完工，我們在第四季度開始完成單元銷售。截至目前，40 套單元房中已有 28 套達成了定金和購買協議，其中包括 9 棟別墅中的 8 棟，預計將於今年上半年完工。

In 2026, our capital expenditure guidance range is $525 million to $625 million. This includes approximately $250 million to $300 million of investment focused on redevelopment, repositioning and ROI projects. As I just mentioned, we expect to substantially complete the Hyatt Transformational Capital Program renovations by the end of 2026. The second Marriott Transformational Capital Program is also well underway. We expect to start construction at The Ritz-Carlton Naples, Tiburon and Westin Kierland in the second quarter.

2026 年，我們的資本支出指引範圍為 5.25 億美元至 6.25 億美元。其中包括約 2.5 億至 3 億美元的投資，重點用於重建、重新定位和投資回報率項目。正如我剛才提到的，我們預計將在 2026 年底前基本完成凱悅酒店轉型資本計畫的翻新工程。萬豪酒店集團第二期轉型資本計畫也正在順利進行中。我們預計第二季開始興建那不勒斯麗思卡爾頓酒店、蒂伯龍酒店和基爾蘭威斯汀酒店。

As a reminder, we expect to benefit from approximately $19 million of operating profit guarantees in 2026 related to our Transformational Capital Programs, which we expect will offset the majority of the EBITDA disruption at these properties. In addition to our capital expenditure investment, we expect to spend $15 million to complete the condo development at the Four Seasons Orlando in 2026.

再次提醒大家，我們預計將在 2026 年從與轉型資本計劃相關的約 1900 萬美元的營業利潤保證中受益，我們預計這將抵消這些物業的大部分 EBITDA 中斷。除了我們的資本支出投資外，我們預計將在 2026 年花費 1500 萬美元完成奧蘭多四季酒店的公寓開發案。

Looking back on our portfolio reinvestments, we completed 23 transformational renovations between 2018 and 2023, which continue to provide meaningful tailwinds for our portfolio. Of the 21 hotels that have stabilized post renovation operations to date, the average RevPAR index share gain is 8.7 points, which is well in excess of our targeted gain of 3 to 5 points. As evidenced by our results, the continued reinvestments we have made in our portfolio yield strong returns and drive value creation for our shareholders.

回顧我們的投資組合再投資，我們在 2018 年至 2023 年間完成了 23 項變革性改造，這些改造繼續為我們的投資組合帶來顯著的利好。截至目前，已有 21 家飯店在翻新後營運趨於穩定，平均每間可供出租客房收入 (RevPAR) 指數份額增長了 8.7 個百分點，遠遠超過了我們設定的 3 到 5 個百分點的目標增長。我們的業績證明，我們對投資組合的持續再投資帶來了強勁的回報，並為股東創造了價值。

We continue to be recognized as a global leader in corporate responsibility over the course of 2025. As part of our climate risk and resiliency program, we completed the purchase and preinstallation of modular flood barriers that exceed FEMA 100-year flood elevation for eight high-risk properties. We are also working to formalize the connection between our climate risk program and our property insurance premiums to validate proactive resilience investment opportunities, quantify the impact and return on investment and scale efforts across our portfolio where we see elevated climate risk.

在2025年，我們將繼續被公認為企業社會責任領域的全球領導者。作為氣候風險和適應力計劃的一部分，我們完成了為八處高風險房產採購和預安裝模組化防洪屏障的工作，這些屏障的高度超過了 FEMA 100 年一遇的洪水水位。我們也在努力將氣候風險計畫與財產保險費正式聯繫起來，以驗證積極的韌性投資機會，量化投資的影響和回報，並在我們認為氣候風險較高的投資組合中擴大努力。

Wrapping up, we are very proud of the continued outperformance we delivered in 2025, which reflects the disciplined capital allocation decisions we have made since 2017. Our recent transactions represent an important step in advancing our capital allocation strategy and underscore our ability to generate meaningful shareholder value by monetizing assets at attractive returns and accretive multiples with an eye towards maximizing total shareholder returns.

總結起來，我們對 2025 年取得的持續優異業績感到非常自豪，這反映了我們自 2017 年以來所做的嚴謹的資本配置決策。我們最近的交易代表著我們在推進資本配置策略方面邁出的重要一步，並凸顯了我們透過以有吸引力的回報和增值倍數將資產貨幣化來創造有意義的股東價值的能力，同時著眼於最大限度地提高股東總回報。

Looking ahead, we are optimistic about the travel environment, particularly at the upper end of the chain scale, and we are confident that Host is well positioned to capitalize on future opportunities. With our geographically diversified portfolio, ongoing reinvestment in our properties and fortress balance sheet, we will continue to leverage our competitive advantages to create value for our shareholders in 2026 and beyond.

展望未來，我們對旅遊環境持樂觀態度，尤其是在高端連鎖飯店領域，我們相信 Host 已做好充分準備，把握未來的機會。憑藉我們地域多元化的投資組合、對旗下物業的持續再投資以及穩健的資產負債表，我們將繼續利用我們的競爭優勢，在 2026 年及以後為股東創造價值。

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 fourth quarter operations, full year 2026 guidance and our balance sheet.

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四季的營運狀況、2026 年全年業績指引以及我們的資產負債表。

Starting with total revenue trends. Total RevPAR growth continued to outpace RevPAR growth as transient guests maintained elevated levels of out-of-room spending. Comparable hotel food and beverage revenue for the quarter grew approximately 6%, driven by outlet revenue and banquet contribution per group room night. Outlet revenue grew 9%, driven by resorts and new restaurants at the one Hotel South Beach and the New York Marriott Marquis. Resort outlet growth was led by the ongoing recovery in Maui as well as the Ritz-Carlton Naples and the continued ramp-up of the Singer Island Oceanfront Resort and the Ritz-Carlton Turtle Bay.

首先來看總收入趨勢。由於散客在客房外的消費水準維持較高水平，總RevPAR成長速度持續超過RevPAR成長速度。本季同店飯店餐飲收入成長約 6%，主要得益於餐廳收入和宴會每間客房每晚的貢獻。奧特萊斯收入成長了 9%，這主要得益於南海灘一號酒店和紐約萬豪侯爵酒店的度假村和新餐廳的開幕。度假村奧特萊斯的成長主要得益於毛伊島的持續復甦，以及那不勒斯麗思卡爾頓酒店的開業，還有辛格島海濱度假村和麗思卡爾頓龜灣酒店的持續擴張。

Comparable banquet and catering revenue increased 4% in the fourth quarter, driven by 6% growth in banquet contribution per group room night. Other revenues increased 10%, propelled by sustained strength in golf and spa operations. Spa revenue was up 6%, driven by higher occupancy at luxury resorts and improved capture, particularly at the Ritz-Carlton, Amelia Island and Fairmont Kea Lani. Golf revenue grew 14% due to strong performance at our Maui and Naples golf courses. Shifting to rooms revenues.

第四季度，同店宴會和餐飲收入成長了 4%，主要得益於每間客房每晚宴會收入成長了 6%。受高爾夫和水療業務持續強勁增長的推動，其他收入增長了 10%。水療收入增加了 6%，這主要得益於豪華度假村入住率的提高和客流量的增加，尤其是麗茲卡爾頓酒店、阿米莉亞島酒店和費爾蒙基亞拉尼酒店。由於我們在毛伊島和那不勒斯的高爾夫球場表現出色，高爾夫收入增加了 14%。轉向客房收入。

Overall transient revenue grew 6% compared to the fourth quarter of 2024, driven by improving leisure transient demand and rate growth across the portfolio. Notably, resorts generated 80% of the transient revenue growth in the quarter. Transient revenue at luxury properties increased by more than 10%, underscoring the strength of high-end demand. The Ritz-Carlton Naples and Fairmont Kea Lani delivered double-digit room night growth while maintaining rates above $1,000, representing a 5% increase year over year, further validating the meaningful impact of our transformational reinvestment strategy.

與 2024 年第四季相比，整體短期住宿收入成長了 6%，這主要得益於休閒短期住宿需求的改善以及整個投資組合價格的成長。值得注意的是，度假村在本季貢獻了 80% 的短期住宿收入成長。豪華飯店的短期住宿收入成長超過 10%，凸顯了高端需求的強勁。那不勒斯麗思卡爾頓酒店和費爾蒙基亞拉尼酒店在保持房價高於 1000 美元的情況下，實現了兩位數的客房夜數增長，同比增長 5%，進一步驗證了我們轉型再投資戰略的顯著影響。

Looking at holidays in the fourth quarter. Thanksgiving revenue grew 3%, while festive season revenue grew 9%. Festive season revenue growth, which includes the two week period around Christmas and New Year's, was broad-based across the portfolio but led by resorts with four resorts generating more than $1 million of incremental revenue over the festive period. Looking at recent and upcoming 2026 holidays, transient booking pace is up meaningfully. For President's Day weekend, transient revenue pace was up approximately 8% compared to the same time last year, driven by rate and occupancy growth at our convention properties. For the spring break and Easter period, which runs from the end of March through the end of April, transient revenue pace is up 17%.

展望第四季假期。感恩節收入成長了 3%，而節日期間收入成長了 9%。節日期間的收入成長（包括聖誕節和新年前後兩週的時間）在整個投資組合中普遍存在，但度假村的成長最為顯著，其中四家度假村在節日期間創造了超過 100 萬美元的增量收入。從近期和即將到來的 2026 年假期來看，短期旅遊預訂速度顯著加快。總統日週末期間，由於我們會議飯店的房價和入住率成長，散客收入成長率比去年同期成長了約 8%。從 3 月底到 4 月底的春假和復活節期間，短期住宿收入成長為 17%。

Strength is broad-based across property type and led by hotels in Maui, Orlando and New York. Business transient revenue grew approximately 1% versus the fourth quarter of 2024, driven primarily by rate growth as our managers continued shifting towards corporate negotiated business. Group revenue in the fourth quarter was up 1% year over year as 3% rate growth outpaced group room night declines. Corporate groups led growth in the quarter, particularly at our properties in New York, Boston, San Diego and San Francisco. For 2026, we have 3.1 million in definite group room nights on the books, representing a 16% increase since the third quarter of 2025 and putting us slightly ahead of where we were this time last year.

酒店實力全面增強，涵蓋所有酒店類型，其中毛伊島、奧蘭多和紐約的酒店表現尤為突出。商務散客收入與 2024 年第四季相比成長了約 1%，主要原因是由於我們的經理繼續轉向企業協商業務，導致費率上漲。第四季團體收入年增 1%，其中 3% 的房價成長超過了團體客房夜數的下降幅度。本季度企業集團引領了成長，尤其是在紐約、波士頓、聖地牙哥和舊金山的物業方面。2026 年，我們已確定預訂團體客房晚數為 310 萬晚，比 2025 年第三季成長了 16%，比去年同期略有成長。

Total group revenue pace is up 5% over the same time last year, driven by rate and banquet growth. More specifically, we are seeing meaningful total group revenue pace in San Francisco, Washington, D.C., Nashville, Miami, New York, Austin and Atlanta. Group booking pace is strongest for the second and fourth quarters, driven by World Cup bookings and a beneficial holiday calendar shift in October. We are encouraged by citywide room night pace in key markets such as San Antonio, San Francisco and Washington, D.C.

受房價和宴會收入成長的推動，集團總收入成長率較去年同期成長 5%。更具體地說，我們在舊金山、華盛頓特區、納許維爾、邁阿密、紐約、奧斯汀和亞特蘭大都看到了顯著的集團總收入成長。受世界盃預訂和10月份有利的假期安排變化的推動，團體預訂速度在第二季和第四季最為強勁。我們對聖安東尼奧、舊金山和華盛頓特區等主要市場的城市客房夜間入住率成長感到鼓舞。

Shifting gears to margins. Full year 2025 comparable hotel EBITDA margin of 28.9% was 40 basis points below 2024, driven by the $21 million of business interruption proceeds that we received for the Maui wildfires as well as certain onetime benefits in 2024.

轉向利潤率。2025 年全年可比飯店 EBITDA 利潤率為 28.9%，比 2024 年低 40 個基點，主要原因是我們在 2024 年收到了 2,100 萬美元的毛伊島山火業務中斷賠償金以及某些一次性收益。

Turning to our outlook for 2026. The midpoint of our guidance contemplates a stable operating environment with a continuation of trends seen through the second half of 2025. This includes leisure transient strength driven by special events such as the World Cup, modest improvements to short-term group booking trends and stable business transient demand. At the low end of our guidance range, we have assumed no improvement in short-term group booking trends and weaker special events demand. And at the high end, we have assumed improving short-term group booking trends and increased demand around special events.

接下來展望2026年。我們預測的中點是基於穩定的經營環境，並假設目前的趨勢將持續到 2025 年下半年。這包括受世界盃等特殊賽事推動的休閒散客需求強勁增長、短期團體預訂趨勢略有改善以及穩定的商務散客需求。在我們的指導範圍的下限，我們假設短期團體預訂趨勢不會改善，特殊活動需求疲軟。在高端市場，我們假設短期團體預訂趨勢正在改善，特殊活動的需求也在增加。

For full year 2026, we anticipate comparable hotel total RevPAR growth of between 2.5% and 4%, and comparable hotel RevPAR growth of between 2% and 3.5% over 2025. Year over year, we expect comparable hotel EBITDA margins to be down 20 basis points at the low end of our guidance to up 20 basis points at the high end. In 2026, our 74 hotel comparable portfolio now includes the Alila Ventana Big Sur, but excludes The Don CeSar due to its closure in 2025.

我們預計 2026 年全年同店飯店總每間可供出租客房收入 (RevPAR) 將成長 2.5% 至 4%，較 2025 年成長 2% 至 3.5%。與去年同期相比，我們預計可比飯店 EBITDA 利潤率將下降 20 個基點（預期範圍下限）或上升 20 個基點（預期範圍上限）。2026 年，我們 74 家可比飯店組合中現在包括 Alila Ventana Big Sur，但不包括 The Don CeSar，因為它將於 2025 年關閉。

Our 2026 comparable portfolio also removed the Four Seasons Resort Orlando at Walt Disney World Resort, the Four Seasons Resort and Residences Jackson Hole and Sheraton Parsippany, which is under contract and expected to be sold in the second quarter.

我們的 2026 年可比投資組合還剔除了奧蘭多華特迪士尼世界度假區的四季酒店、傑克遜霍爾四季酒店及住宅以及帕西帕尼喜來登酒店（該酒店已簽訂合同，預計將於第二季度售出）。

In terms of comparable hotel RevPAR growth cadence for the year, we expect the first quarter to be the weakest with growth in the low single digits due to tough comparisons related to the presidential inauguration and pickup from the Los Angeles wildfires last year. January 2026 performance exceeded expectations with comparable hotel RevPAR declining only 40 basis points despite challenging comparisons to January 2025. We expect the second quarter to be the strongest of the year with mid-single-digit RevPAR growth driven by the World Cup and an earlier Easter. RevPAR growth in the second half of the year is expected to be between first and second quarter growth.

就全年可比飯店每間可供出租客房收入 (RevPAR) 的成長節奏而言，我們預計第一季將是成長最弱的季度，成長率將僅為個位數，這是由於去年總統就職典禮和洛杉磯山火造成的同比數據較高所致。2026 年 1 月的業績超出預期，儘管與 2025 年 1 月相比面臨嚴峻挑戰，但可比飯店的每間可供出租客房收入 (RevPAR) 僅下降了 40 個基點。我們預計第二季度將是今年表現最強勁的季度，受世界盃和復活節提前到來的推動，每間可供出租客房收入（RevPAR）將實現個位數中段的成長。預計下半年每間可供出租客房收入 (RevPAR) 的成長將介於第一季和第二季的成長之間。

At the midpoint of our guidance range, we anticipate comparable hotel RevPAR growth of 2.75% compared to 2025. This includes an estimated 40 basis points net benefit from special events for the full year with an estimated 60 basis points lift from the World Cup, partially offset by a 20 basis points headwind from last year's presidential inauguration. In addition, Maui is expected to contribute approximately 35 basis points to our full year RevPAR growth.

根據我們的預測範圍中位數，我們預計與 2025 年相比，可比飯店每間可供出租客房收入 (RevPAR) 將成長 2.75%。這包括全年特別活動帶來的約 40 個基點的淨收益，以及世界盃帶來的約 60 個基點的提振，部分被去年總統就職典禮帶來的 20 個基點的不利影響所抵消。此外，毛伊島預計將為我們全年的每間可供出租客房收入 (RevPAR) 成長貢獻約 35 個基點。

At the midpoint, we expect a comparable hotel EBITDA margin of 29.2%, which is flat to 2025. Our margin performance reflects our continued success in partnering with our operators to drive productivity gains across our portfolio as well as the value-enhancing capital allocation decisions we have made over the past few years. In 2026, we expect wage rates to increase approximately 5%. For context, in 2025, wages grew at slightly over 6%. As a reminder, wages and benefits comprise approximately 50% of our total comparable hotel operating expenses.

中期來看，我們預計可比飯店 EBITDA 利潤率為 29.2%，到 2025 年將保持不變。我們的利潤率表現反映了我們與營運商持續合作，推動整個投資組合的生產力提升，以及我們在過去幾年中做出的提升價值的資本配置決策。我們預計到 2026 年，薪資水準將上漲約 5%。作為參考，2025 年薪資成長略高於 6%。需要提醒的是，薪資和福利約占我們同類酒店總營運費用的 50%。

Our 2026 full year adjusted EBITDAre midpoint is $1,770 million. On a year over year basis, this reflects an expected 1% increase despite a decline of $87 million from dispositions, a $17 million net decline in business interruption proceeds and a $7 million net decline in transformational renovation program operating profit guarantees.

我們 2026 年全年調整後 EBITDA 的中位數為 17.7 億美元。與上年同期相比，儘管處置收入減少了 8,700 萬美元，業務中斷收益淨減少了 1,700 萬美元，轉型改造計畫營業利潤擔保淨減少了 700 萬美元，但仍預期成長 1%。

Our adjusted EBITDAre midpoint includes $28 million of estimated EBITDA from operations at The Don CeSar, which is excluded from our comparable hotel set in 2026, as previously mentioned. It also includes approximately $7 million of business interruption proceeds related to Hurricanes Helene and Milton, which we already received in January. Lastly, our 2026 full year adjusted EBITDAre midpoint includes between $20 million and $25 million of estimated net EBITDA from the Four Seasons condo development, which we expect to recognize concurrent with condo sale closings.

我們調整後的 EBITDA 中點包括 The Don CeSar 營運預計產生的 2800 萬美元 EBITDA，這部分 EBITDA 已從我們之前提到的 2026 年可比酒店中排除。其中還包括與颶風海倫和米爾頓相關的約 700 萬美元的業務中斷賠償金，我們已於 1 月收到這筆款項。最後，我們 2026 年全年調整後 EBITDA 的中點包括來自四季酒店公寓開發項目的 2000 萬美元至 2500 萬美元的預計淨 EBITDA，我們預計將在公寓銷售交割時同時確認這筆收入。

Turning to our balance sheet and liquidity position. Our weighted average maturity is 5.1 years at a weighted average interest rate of 4.8%. We have no debt maturities in 2026. We ended 2025 at a leverage ratio of 2.6 times, and we have $2.4 billion in total available liquidity including $167 million of FF&E reserves and $1.5 billion of availability on our credit facility. Our fortress balance sheet continues to be a distinct competitive advantage for Host.

接下來來看看我們的資產負債表和流動性狀況。我們的加權平均到期期限為 5.1 年，加權平均利率為 4.8%。我們2026年沒有到期債務。截至 2025 年底，我們的槓桿率為 2.6 倍，總可用流動資金為 24 億美元，其中包括 1.67 億美元的 FF&E 儲備金和 15 億美元的信貸額度。我們穩健的資產負債表仍是Host公司一項顯著的競爭優勢。

Wrapping up, in January, we paid a quarterly cash dividend of $0.20 per share and a special dividend of $0.15, bringing the total dividends declared in 2025 to $0.95 per share. On February 17, the Board of Directors authorized a quarterly cash dividend of $0.20 on our common stock to be paid on April 15 to shareholders of record on March 31. As always, future dividends are subject to approval by the company's Board of Directors.

綜上所述，1 月我們派發了每股 0.20 美元的季度現金股息和每股 0.15 美元的特別股息，使 2025 年宣布的股息總額達到每股 0.95 美元。2月17日，董事會批准向普通股股東派發每股0.20美元的季度現金股息，並將於4月15日支付給3月31日登記在冊的股東。與以往一樣，未來的股利發放須經公司董事會批准。

To conclude, we are proud of our accomplishments in 2025, and we believe that our diversified portfolio, continued reinvestment in our assets and strong balance sheet uniquely position Host to capitalize on future opportunities.

總而言之，我們對 2025 年的成就感到自豪，我們相信，我們多元化的投資組合、對資產的持續再投資以及強勁的資產負債表，使 Host 能夠獨具優勢地把握未來的機遇。

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）

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Jim, on the Four Seasons sales, certainly great execution there and you're proving out value. So of two parts here. One, how deep is that buyer pool today? And then two, can you, and next maybe, would you sell more of your top assets? Or what's the outlook and thinking around more high-value dispositions going forward?

吉姆，關於四季酒店的銷售，你的執行力確實很強，也證明了你的價值。所以這裡分為兩部分。第一，如今的買家群體有多大？其次，您能否出售更多優質資產？接下來，您是否願意出售更多優質資產？或者，對於未來更多高價值資產處置，有何展望與想法？

Sure, Mike. Good questions. As you always have good questions for us, and we appreciate that very much. Before I talk about the Four Seasons specifically, I just want to take a moment and go back and highlight our performance in 2025 and our guide in 2026. We -- Sourav said it.

當然可以，麥克。問得好。你們總是能提出很好的問題，我們非常感謝。在具體談論四季酒店之前，我想花點時間回顧一下我們 2025 年的業績以及 2026 年的指南。——索拉夫說的。

I said it as well. We're very proud of our '25 performance. TRevPAR of 4.2%, RevPAR of 3.8% and adjusted EBITDAre of $1,757 million. And our '26 guide, I think, is very strong with TRevPAR at the midpoint of 3.25% and RevPAR of 2.75%, and adjusted EBITDAre of $1,770 million. I think it is worth noting again, saying again that, that $1,770 million is after we sold $87 million of hotel EBITDA, and we won't benefit from BI proceeds and operating partner guarantees, disruption guarantees of $24 million.

我也這麼說過。我們為2025年的表現感到非常自豪。TRevPAR 為 4.2%，RevPAR 為 3.8%，調整後 EBITDA 為 17.57 億美元。我認為，我們 2026 年的業績指引非常強勁，TRevPAR 中位數為 3.25%，RevPAR 為 2.75%，調整後的 EBITDA 為 17.7 億美元。我認為值得再次指出，再次說明的是，這 17.7 億美元是在我們出售了 8700 萬美元的酒店 EBITDA 之後得出的，而且我們不會從 BI 收益和運營合作夥伴擔保以及 2400 萬美元的中斷擔保中受益。

So the run rate is really closer to $1.9 billion for 2025. And that didn't happen by accident. That's a result of all the capital allocation decisions that we made over the last nine years. And as you know, we have been exploring ways to unlock the value embedded in our shares. In other words, looking for ways to expand our trading multiple with the goal of maximizing total shareholder returns.

因此，2025 年的實際運行率更接近 19 億美元。而這並非偶然。這是過去九年我們所有資本配置決策的結果。如您所知，我們一直在探索釋放我們股票中所蘊含價值的方法。換句話說，我們正在尋找擴大交易倍數的方法，以期實現股東總回報最大化。

In addition to acquiring $4.9 billion of assets at 13.6 times, we sold $6.4 billion of assets with $1.2 billion of avoided CapEx at 16.7 times. The shares haven't really responded. We haven't received credit for portfolio recycling despite buying well below where we were selling on a blended basis. So I think it goes back to a healthy amount of skepticism with regard to some of the large acquisitions that we made, starting with the one Hotel South Beach, which in 2018, had $46 million of EBITDA. And in 2025, we ended the year with $65 million of EBITDA. So the story is solid, and it holds together very well.

除了以 13.6 倍的價格收購 49 億美元的資產外，我們還以 16.7 倍的價格出售了 64 億美元的資產，從而避免了 12 億美元的資本支出。股價並沒有真正做出反應。儘管我們以遠低於混合銷售價格的價格買入，但我們並未獲得投資組合回收的收益。所以我認為這源自於我們對一些大型收購案抱持合理的懷疑態度，從收購南海灘飯店開始，該飯店在 2018 年的 EBITDA 為 4,600 萬美元。2025 年，我們年底的 EBITDA 為 6,500 萬美元。所以故事本身很紮實，而且邏輯嚴密。

But to answer your question, is there a market for these assets? If so, at what valuation? Are we sellers of the crown jewels to realize the value that we've created. And the short answer is, yes. I mean you've heard us say that we're constantly testing the market with dispositions and that everything is for sale at the right price, and we mean it. This was an opportunistic transaction to create immediate and tangible value for our shareholders. We were looking for an opportunity to realize that value and we found one and we executed on it.

但要回答你的問題，這些資產有市場嗎？如果屬實，估值是多少？我們是否在出售皇冠上的珠寶，以實現我們創造的價值？簡而言之，答案是肯定的。我的意思是，你們都聽我們說過，我們會不斷試探市場對資產處置方式的反應，只要價格合適，所有資產都可出售，我們是認真的。這是一筆旨在為股東創造即時、實際價值的機會性交易。我們一直在尋找實現這一價值的機會，我們找到了，並且抓住了它。

So even though the two Four Seasons were top performers for Host, and we fully expect luxury to continue outperforming. We believe that it was prudent to maximize value for our shareholders by selling these assets at an attractive profit and accretive multiple. Quick summary of the transaction. We sold these two assets for $175 million more than where we bought them. A 14.9 times multiple, which is a 5.9% cap rate that is four turns higher than where Host shares have been trading.

儘管兩家四季酒店是 Host 表現最好的酒店，但我們完全預期豪華酒店將繼續表現出色。我們認為，以具有吸引力的利潤和增值倍數出售這些資產，從而最大限度地提高股東價值，是審慎的做法。交易簡述。我們出售這兩項資產的價格比我們購買的價格高出 1.75 億美元。14.9 倍的市盈率，即 5.9% 的資本化率，比 Host 股票目前的交易價格高出 4 倍。

And we think that provides a really favorable read-through on the value of our portfolio. We generated an 11% unlevered IRR for our ownership period, which clearly demonstrates our ability to create value. That includes $58 million of CapEx, which was funded within the FF&E reserve as well as transaction costs that hit the IRR by 170 basis points. We kept the condos in Orlando, and we expect the IRR and the condos to be above 11% with our guide to roughly $40 million of net EBITDA in total. And as you said in one of your notes, Mike, we sold 6.5% of enterprise value, but only 4.7% of our consolidated hotel EBITDA.

我們認為這能非常正面地反映出我們投資組合的價值。在我們的持有期間，我們實現了 11% 的無槓桿內部報酬率，這清楚地表明了我們創造價值的能力。其中包括 5,800 萬美元的資本支出，這筆資金來自 FF&E 儲備金，以及導致內部收益率下降 170 個基點的交易成本。我們保留了奧蘭多的公寓，預計公寓的內部收益率將超過 11%，淨 EBITDA 總額約為 4000 萬美元。正如你在筆記中所說，麥克，我們出售了 6.5% 的企業價值，但僅售出了 4.7% 的合併酒店 EBITDA。

So we think this was a really fantastic trade, the Four Seasons Orlando, based on 2019 year-end EBITDA saw an 18.4% CAGR from the time we bought it to our ownership period through '25, so it's performed very well. And we're very, very happy with the round-trip investment we made with these two resorts. Not only we feel that the transaction demonstrates the value of our portfolio, it also shows the value that we create for shareholders as a management team, including our unwavering focus on maximizing total shareholder return, which is what we've done here, we believe. So are there other opportunities to maximize value within the portfolio? I think there is, we'll be opportunistic.

所以我們認為這是一筆非常棒的交易，根據 2019 年底 EBITDA 計算，奧蘭多四季酒店從我們收購到 2025 年持有期間的複合年增長率為 18.4%，表現非常出色。我們對這兩家度假村的往返投資非常非常滿意。我們不僅認為此交易體現了我們投資組合的價值，也體現了我們作為管理團隊為股東創造的價值，包括我們始終致力於最大化股東總回報，而我們相信，這正是我們在這裡所做的。那麼，在投資組合中還有其他實現價值最大化的機會嗎？我認為有的，我們會抓住機會。

The buyer pool for these types of assets is, I think, a lot deeper than people realize. There are a lot of sovereigns out there who are very interested in luxury hotels. There are high net worth individuals who are interested in luxury properties as well. And there are a couple of big private equity firms that have a lot of capital that have been sitting on the sidelines waiting to -- waiting for the inflection point to jump back into the market.

我認為，這類資產的潛在買家群體比人們意識到的要大得多。世界上有很多君主對豪華酒店非常感興趣。也有一些高淨值人士對豪華房產感興趣。還有幾家大型私募股權公司擁有大量資本，一直觀望市場，等待轉折點再重新進入市場。

And we're hopeful that this is the inflection point that we can prove out that there is value here, value to be created, and we're certainly hopeful that we're going to get the read through and see some multiple expansion as a result of not only this decision, but all the capital allocation decisions that we've made over the last nine years.

我們希望這是一個轉捩點，我們可以證明這裡存在價值，存在可以創造的價值。我們當然希望，我們能夠看到這種價值得到體現，並看到估值倍數擴張，這不僅是因為這項決定，還因為我們在過去九年中所做的所有資本配置決定。

David Katz, Jefferies.

David Katz，傑富瑞集團。

I apologize if I missed it in your prepared remarks, but the Transformational Capital Program you included in the release with Marriott. Can you just put a little more color around that and sort of why those hotels, why now and what we can expect on the back end of that endeavor?

如果我在您準備好的演講稿中遺漏了，我深表歉意，但您在與萬豪酒店聯合發布的新聞稿中提到的轉型資本計劃。您能否再詳細解釋一下，為什麼選擇這些酒店，為什麼是現在，以及我們對這項計劃的後續進展有何期待？

Sure. Why those hotels, David. They're great assets, and they need to be repositioned, and we believe that by investing in these assets in a transformational way that we're going to meaningfully increase our yield index and realize mid-teens cash-on-cash returns as a result of our incremental investment that will benefit our shareholders. So the thesis is that we prove this out very strongly in our first Marriott Transformational Capital Program, which was 16 assets as well as 8 additional assets. We underwrote 3 to 5 points increase in yield index.

當然。為什麼是那些飯店，大衛？這些都是優質資產，需要重新定位。我們相信，透過對這些資產進行變革性投資，我們將大幅提高收益率指數，並透過新增投資實現十幾個百分點的現金回報率，這將使我們的股東受益。因此，我們的論點是，我們在第一個萬豪轉型資本計劃中非常有力地證明了這一點，該計劃涉及 16 項資產以及 8 項額外資產。我們預期收益率指數將上漲 3 至 5 個百分點。

On the stabilized hotels to date, we've picked up 8.7 points in yield index, which means other hotels in the market have lost yield index to our properties. And we think that this is a very, very solid use of our capital, and it's a clear read-through to our ability to really invest wisely for the benefit of our shareholders and see the proceeds drop right to the bottom line.

到目前為止，對於營運穩定的酒店，我們的收益率指數提高了 8.7 個百分點，這意味著市場上其他酒店的收益率指數都下降了，而我們的酒店則超過了它們。我們認為這是對我們資本非常非常穩健的運用，也清楚地表明了我們有能力真正明智地投資，從而造福我們的股東，並將收益直接轉化為利潤。

And the brands see it as well with Host. I mean we have -- not only is this our second Transformational Capital Program with Marriott. After we did 16 in the first round, we did four in this round. But we are in the midst of finishing up six properties with Hyatt. So it's great to be able to partner with the brands.

品牌方也從 Ho​​st 身上看到了這一點。我的意思是，這不僅是我們與萬豪的第二個轉型資本計畫。第一輪我們做了 16 個，這一輪我們做了 4 個。但我們正在與凱悅酒店集團合作完成六個項目的收尾工作。所以能夠與這些品牌合作真是太好了。

And they provide the support that we need to effectuate these transformational renovations while covering off anticipated disruption involved with the renovation and providing enhanced owner priority returns. So we couldn't be happier with our relationship with the brands and the support that they give us and the fact that we are investing in these assets, which elevates not only the EBITDA profile for Host, but the EBITDA profile for the brand as well, and we benefit from that all the way around. It's a round-trip investment, if you will.

他們為我們提供了實施這些變革性改造所需的支持，同時彌補了改造過程中可能造成的干擾，並為業主提供了更高的優先回報。因此，我們對與這些品牌的關係以及他們給予我們的支持感到無比滿意，而且我們對這些資產進行投資，這不僅提高了 Host 的 EBITDA 水平，也提高了品牌的 EBITDA 水平，我們從中受益匪淺。如果你願意的話，這可以算是往返投資。

And have you shared with us what the sort of reimbursement for Marriott will be and sort of how that cadence works for our model?

您有沒有跟我們分享萬豪酒店的報銷方式，以及這種報銷節奏如何適用於我們的模式？

Well, I'm sorry, the reimbursement, when we talk about the operating profit guarantees, sure. And Sourav can give you color on what they are, what we got last year, what we'll get this year. And the -- our anticipated property performance is reflected in our guidance. So that's already there for you.

哦，抱歉，關於報銷，當我們談到營業利潤保證時，當然可以。索拉夫可以給你詳細介紹一下這些情況，我們去年得到了什麼，今年我們會得到什麼。而我們對物業業績的預期已反映在我們的業績指引中。所以，這些都已經為你準備好了。

And just to expand on the guarantees. In 2025, we did receive some operating guarantee from the MTCP2, that was about $2 million. It was $1 million in the third quarter, $1 million in the fourth quarter. But remember, we did get a $24 million for HTCP, the Hyatt Transformational Capital Program, throughout 2025. In 2026, we will get operating profit -- guarantee for HTCP that's about $7 million, and that's really for the Hyatt Manchester in San Diego. And the MTCP2, we will get about $12 million through the year. So that's a total of $19 million. So in other words, it's about a $7 million delta in terms of what we'll get for '26 versus '25, so $7 million lower.

最後再補充一下保證條款。2025 年，我們確實從 MTCP2 獲得了一些營運擔保，大約為 200 萬美元。第三季營收為100萬美元，第四季營收為100萬美元。但請記住，我們在 2025 年獲得了 2,400 萬美元用於 HTCP（凱悅轉型資本計畫）。2026 年，我們將獲得 HTCP 的營運利潤保證，約 700 萬美元，這實際上是聖地牙哥曼徹斯特凱悅酒店的利潤。MTCP2項目，我們今年將獲得約1200萬美元的資金。所以總共是1900萬美元。換句話說，2026 年的收入比 2025 年少了約 700 萬美元，也就是少了 700 萬美元。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

I wanted to touch on Maui a bit here. You came into last year forecasting, I think, $90 million of EBITDA, ended at $110 million, and now you're forecasting $120 million for 2026. I guess what's -- is there some element of conservatism in there as we think about the path getting back to $160 million? And what are the puts and takes to that 2026 outlook?

我想在這裡稍微談談毛伊島。去年年初你預測 EBITDA 為 9,000 萬美元，最終達到 1.1 億美元，現在你預測 2026 年將達到 1.2 億美元。我想問的是——當我們思考如何重返 1.6 億美元的目標時，其中是否包含一些保守主義的因素？那麼，對於2026年的展望，有哪些利弊呢？

Sure. So when you look at -- you're right, we started off like last year at forecasting $90 million for 2025, and we ended up at $111 million. And now we are forecasting an additional $9 million. Based on the current booking pace and how things are shaping up, we feel pretty confident in terms of the $120 million guide. The reality is, as we had talked about earlier, that the Hyatt Regency, that's the one in Ka'anapali, that's the one which is going to take a little bit of time to come back because of the lead time required for the groups to come back in a meaningful way.

當然。所以當你查看——你說得對，我們去年一開始預測 2025 年的收入為 9000 萬美元，結果最終達到了 1.11 億美元。現在我們預計還將增加900萬美元。根據目前的預訂速度和發展趨勢，我們對 1.2 億美元的目標金額相當有信心。事實上，正如我們之前討論過的，凱悅酒店（位於卡阿納帕利的那家）需要一些時間才能恢復營業，因為團體遊客需要一定的準備時間才能以有意義的方式回歸。

I will say that the Wailea Hotel, the Fairmont Kea Lani actually reached a high watermark in 2025 with $49 million of EBITDA, and Andaz as well on the way there as well. So the Wailea side is almost completely recovered, if you will, relative to pre-fire. The Hyatt Regency has a little ways to go and has made meaningful progress, and we are expecting a significant amount of growth for the Hyatt Regency Maui. I mean just to put it into perspective, that property, we're expecting to go from about $28 million of EBITDA to close to $34 million for 2026. So significant growth there, and we're making considerable progress.

我想說的是，威雷亞酒店（Wailea Hotel）和費爾蒙基亞拉尼酒店（Fairmont Kea Lani）在 2025 年達到了 4900 萬美元的 EBITDA 高峰，安達仕酒店（Andaz）也朝著這個目標邁進。因此，與火災前相比，瓦伊萊亞一側幾乎完全恢復了原貌。凱悅酒店還有一段路要走，但已經取得了顯著的進展，我們預計茂宜島凱悅酒店將迎來顯著的成長。我的意思是，為了讓大家更清楚地了解情況，我們預計該物業的 EBITDA 將從 2026 年的約 2800 萬美元增長到接近 3400 萬美元。所以這方面成長顯著，我們取得了相當大的進展。

At this point in time, we feel comfortable with the $120 million. Does that change over the course of the year as we see potential group pace pick up and short-term pick up? Absolutely. So we will provide an update on the next call. So there could be potential upside in those numbers.

目前，我們對 1.2 億美元的預算感到滿意。隨著比賽節奏的加快和短期內比賽節奏的加快，這種情況是否會在一年中發生變化？絕對地。我們將在下次電話會議上提供最新情況。因此，這些數字可能存在上漲空間。

Smedes Rose, Citigroup.

Smedes Rose，花旗集團。

I just wanted to ask a little bit about as these CapEx programs that you're doing with the brands kind of finish up over the course of this year, and it looks like total CapEx spending is kind of on a downward trend. Is it fair to think that, that could continue to kind of move down slightly? And does that change the way you're thinking about -- you and the Board are thinking about your quarterly dividend payments versus kind of year-end true-ups?

我想問一下，隨著你們與各個品牌合作的資本支出項目在今年陸續結束，看起來資本支出總額似乎呈現下降趨勢。認為這個數字可能會繼續小幅下降，這種想法合理嗎？這是否會改變您和董事會對季度股利支付與年終結算的看法？

See, Smedes, we're always looking for opportunities to invest in our assets if we can generate an acceptable return on that investment. So we have done a lot of transformational renovations in the portfolio. I think it's a total of 33 assets will have been transformationally renovated now, and that excludes the Washington Marriott at Metro Center, which we sold, or would have been 34, that was one of the original 16 programs. So I think stay tuned. We'll look for other opportunities after we complete these assets going forward. The portfolio is in terrific shape given the amount of capital that we put in it. And you can see that in the performance that we've been able to generate.

斯梅德斯，你看，只要能獲得可接受的投資回報，我們總是會尋找投資資產的機會。因此，我們對投資組合中許多項目進行了改造升級。我認為目前總共有 33 處資產已經進行了徹底的翻新，這還不包括我們出售的華盛頓地鐵中心萬豪酒店，否則就是 34 處了，它是最初的 16 個項目之一。所以，敬請期待。完成這些資產的收購後，我們將繼續尋找其他機會。考慮到我們投入的資金量，該投資組合的狀況非常出色。從我們所取得的成績中，你可以看出這一點。

So with respect to the dividend, our objective is to pay out our taxable income and to pay a sustainable dividend going forward. So it's something that we will revisit from time to time. And if a policy change is warranted, that's something we'll discuss with the Board of Directors, and we will inform you at that point in time. But at this point in time, we are on track for our $0.20 dividend that's paid this quarter coming up and stay tuned for the next dividend announcement.

因此，關於股息，我們的目標是支付應稅收入，並在未來支付可持續的股息。所以我們會不時地重新審視這個問題。如果需要改變政策，我們會與董事會討論，屆時我們會通知您。但就目前而言，我們正按計劃發放本季每股 0.20 美元的股息，敬請關注下一次股息公告。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO資本市場。

Jim, you talked a bit about selling the Four Seasons and your general view on realizing value within the portfolio. I was hoping maybe you can talk a little bit about the other side of that and what you're seeing out there on the acquisition side, particularly with the $500 million of capital gains that could theoretically go towards acquisition.

吉姆，你剛才談到了出售四季酒店以及你對實現投資組合價值的整體看法。我希望您能談談另一方面，以及您在收購方面看到的情況，特別是理論上可用於收購的 5 億美元資本利得。

Sure, Aryeh. I would say that the acquisition market generally is better than it was last year, but it's still not robust. And we do have an opportunity to effectuate a reverse like-kind exchange. If we were in a position to identify assets, accretive asset acquisitions within 45 days, and I want to make that point very clear. If we do a reverse like-kind exchange, it's going to be an accretive transaction.

當然可以，Aryeh。我認為，收購市場整體比去年有所好轉，但仍不夠強勁。我們確實有機會實現反向同類交換。如果我們能夠在 45 天內確定資產，進行增值資產收購，我想非常明確地說明這一點。如果我們進行反向同類資產交換，這將是一筆增值交易。

We're not going to acquire an asset just to effectuate a like-kind exchange. I think the proof is in the pudding, and I've talked about it earlier today and talked about it in the past. So we are going to look at what's out there relative to our current trading multiple. And generally, most of the deals that we've done, Aryeh, have been based on relationships that we have in the industry. So we're thinking about it as a team, the investments team and others here at Host are thinking about what assets might be available to us to effectuate this.

我們不會僅為了進行同類交換而收購資產。我認為事實勝過雄辯，我今天早些時候談到過這一點，過去也談到過這一點。所以我們要看看相對於我們目前的交易倍數，市場上有哪些選擇。總的來說，Aryeh，我們達成的絕大多數交易都是基於我們在業界的人脈關係。所以我們正在作為一個團隊來思考這個問題，投資團隊和 Host 的其他人員正在思考我們可以利用哪些資產來實現這一目標。

But we're perfectly comfortable returning $0.5 billion in the form of a special dividend to our shareholders. I mean that is tangible. It's $0.72 a share roughly, it's meaningful, and it is a piece of total shareholder return. So I'd say, stay tuned. But at this point in time, I think it's more likely than not that we will pay the special dividend.

但我們完全樂意以特別股息的形式向股東返還 5 億美元。我的意思是，這是實實在在的。每股約 0.72 美元，這筆錢意義重大，也是股東總回報的一部分。所以我想說，敬請期待。但就目前情況來看，我認為我們發放特別股利的可能性很高。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

As we think about the $600 million in proceeds outside of the taxable gains, you noted a few options as it relates to allocation in terms of returning capital through dividend, buybacks, reinvesting in the portfolio and potentially acquisitions. As you sit here today, can you talk about which one of those options looks most attractive and where you're seeing the best opportunity?

當我們考慮扣除應稅收益後的 6 億美元收益時，您提到了一些與資本分配相關的選擇，包括透過分紅、股票回購、再投資於投資組合以及可能的收購來返還資本。今天您坐在這裡，能否談談您認為哪個選項最有吸引力，以及您認為哪個選項蘊藏最大的機會？

Cooper, this is going to evolve. It's not something that we have to -- we don't have to act on the balance of the proceeds in any short-term time frame. So we're going to sit back and take measure of how the market evolves, how our operating performance evolves over the course of the year, what happens in the acquisition market. And at the appropriate point in time, we will make some decisions with respect to what we do with the incremental cash that's left over. But I can't sit here today and tell you what the highest and best use of that cash is. It's something that we're going to take a measured approach to as we always do, and we'll just have to wait and see how the year plays out.

庫柏，這件事會不斷發展改變。我們不必－我們不必在任何短期內對剩餘收益採取行動。所以我們將靜觀其變，看看市場如何發展，我們的經營業績在一年中如何變化，以及收購市場會發生什麼。在適當的時候，我們會就如何處理剩餘的額外現金做出一些決定。但我今天無法坐在這裡告訴你，這筆錢的最佳用途是什麼。我們會像往常一樣採取謹慎的態度來處理這件事，我們只能拭目以待，看看今年的情況會如何發展。

Chris Darling, Green Street.

克里斯達林，格林街。

Jim or Sourav, I'd like to dive a little bit deeper on the expense outlook for the year. I think you mentioned wage and benefit expected to grow about 5%. Anything you can share on labor availability, whether you're seeing sort of an easing in the market? And then if you're able, it'd be helpful to break down some of your other expenses, any other major line items where you have visibility.

吉姆或蘇拉夫，我想更深入地探討今年的支出前景。我想你提到過工資和福利預計增長約 5%。關於勞動力供應情況，您能否分享一下？您是否看到市場出現某種程度的緩和？如果可以的話，最好能詳細列出你的其他開支，以及你清楚了解的其他主要項目。

Sure thing, Chris. So obviously, given at the midpoint, we're expecting flat margins. Our expense growth is -- total expense growth is assumed at 3.3% with total revenue growth of 3.3%. Yes, the wage rates are expected to go up 5% for the year. But obviously, we do have certain other benefits that our overall expenses can be lower for the year.

當然可以，克里斯。所以很明顯，考慮到中間點，我們預期利潤率將保持不變。我們的費用成長為－假設總費用成長率為 3.3%，總收入成長率為 3.3%。是的，預計今年薪資水準將上漲5%。但顯然，我們還有其他一些好處，例如可以降低全年的總支出。

That's being driven by a few things. It's productivity enhancements. There's a lot of focus on really honing in on what the best labor standards should be. And we literally are going position by position and working with our managers to make sure that there is keen focus on the ideal standards that drive scheduling and forecasting for labor. So that's a big piece of it.

這主要受以下幾個因素驅動。它能提高生產效率。人們非常關注如何真正完善最佳勞動標準。我們正在逐一職位進行評估，並與我們的經理合作，以確保重點關注推動勞動力排班和預測的理想標準。這是其中很重要的一部分。

The other thing is insurance should be down for the year. Obviously, we did not have any weather-related events in 2025. So hoping for a good outcome for our insurance renewal. So that stuff should help our overall expense growth as well.

另外，保險業務今年應該會下降。顯然，2025年我們沒有發生任何與天氣有關的事件。希望我們的保險續保能有個好結果。所以這些東西也應該有助於我們整體支出的成長。

In terms of labor availability, we have not seen any challenges. And honestly, didn't see any challenges at all even coming out of COVID. And that's primarily because, as we have stated earlier, we are really predisposed to brand-managed hotels, which really do a great job with talent acquisition and talent retention. So from that perspective, we haven't really had any issues being able to sort of staff at the hotel level.

就勞動力供應而言，我們尚未遇到任何挑戰。說實話，即使在新冠疫情結束後，我也沒看到任何挑戰。這主要是因為，正如我們之前所說，我們確實更傾向於品牌管理的酒店，因為它們在人才招募和人才保留方面做得非常出色。所以從這個角度來看，我們在酒店層級的人員配置方面並沒有遇到任何問題。

Duane Pfennigwerth, Evercore ISI.

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

Just headwinds and tailwinds from a market perspective. You've talked pretty consistently about Maui tracking better, maybe San Francisco. Maybe you could just comment on group pacing in Maui and for those two markets, what you expect the level of improvement to be? And then, I guess, away from those two markets, any markets you'd highlight in your portfolio that you think are going to be a material driver this year?

從市場角度來看，只有順風和逆風。你一直都說毛伊島的追蹤表現更好，也許舊金山更好。您能否就毛伊島的團體騎行節奏以及這兩個市場（指毛伊島和毛伊島）的騎行節奏調整發表一下看法？您預計這兩個市場的騎乘節奏調整等級會有多大的提升？那麼，除了這兩個市場之外，您認為投資組合中還有哪些市場將成為今年的重要驅動因素？

I'll let Sourav get into the pacing on Maui and some of the other markets, Duane. But one thing that we're excited about for the year that should be a benefit for our portfolio is the World Cup matches. So World Cup, we expect 60 basis points of full year RevPAR benefit from the World Cup. That's a net 40 basis points pickup if you take into consideration that 2025 benefited from the inauguration to the tune of 20 basis points. So we have -- given the geographic diversification of our portfolio, we have World Cup matches in 10 of our markets, which is, I think, really quite attractive for us going forward.

杜安，我會讓索拉夫去了解毛伊島和其他一些市場的比賽節奏。但今年有一件事讓我們感到興奮，那就是世界盃比賽，這應該會對我們的投資組合帶來好處。因此，我們預計世界盃將為全年RevPAR帶來60個基點的收益。如果考慮到 2025 年因就職典禮而受益 20 個基點，那麼淨收益將達到 40 個基點。鑑於我們投資組合的地理多元化，我們在 10 個市場都有世界盃比賽，我認為這對我們未來的發展非常有吸引力。

So we would expect a benefit in quarter two as there are more matches in more markets in quarter two than in quarter three. At this point in time, we don't have a good handle on how things are going to evolve because we believe that the booking pace is going to be 30 to 60 days out. And we'll have a much better indication in our May earnings call how World Cup is going to affect our performance for the year. So that's a big plus for us.

因此，我們預計第二季會有所成長，因為第二季比第三季有更多市場、更多比賽。目前，我們尚無法很好地掌握事態發展趨勢，因為我們認為預訂速度將提前 30 至 60 天。我們將在五月的財報電話會議上更清楚地了解世界盃將如何影響我們全年的業績。所以這對我們來說是個很大的優勢。

I'll let Sourav talk about pace in Maui and maybe pace in San Francisco as well because those are two other really strong markets for us in 2026.

我會讓索拉夫談談毛伊島的比賽節奏，或許還會談談舊金山的比賽節奏，因為這兩個地方也是我們在 2026 年的另外兩個非常重要的市場。

Yeah. Overall, just as a reminder, group makes up about only 22% in Maui. So the big push is really getting that group at the Hyatt Regency, and our RevPAR expectations right now for the Hyatt Regency is north of 10%, it's close to 11.5%. And we are pleased with how that is pacing.

是的。總的來說，需要提醒的是，該群體在毛伊島僅佔約 22%。因此，我們目前的主要目標是吸引這部分人潮入住凱悅酒店，我們目前對凱悅酒店的每間可供出租客房收入 (RevPAR) 預期超過 10%，接近 11.5%。我們對目前的進展速度感到滿意。

Overall, Maui pace is relatively flat to last year, but that's just given how well Wailea performed and where pace was last year for the two hotels in Wailea. But Hyatt Regency where the group matters meaningfully, we are pacing really strong. In terms of other markets where we're pacing really well, and this is specifically for the Host portfolio, we did mention Nashville, Atlanta, Miami, San Francisco, D.C. and Austin, which is benefiting just from the reno at the Hyatt Regency. Nashville, we were expecting to pace up 13%.

總體而言，茂宜島的節奏與去年相比相對平穩，但這只是考慮到威雷亞酒店去年的出色表現以及威雷亞兩家酒店的節奏。但凱悅酒店集團在集團業務中佔有重要地位，我們的發展勢頭非常強勁。至於我們進展非常順利的其他市場，特別是Host旗下飯店，我們提到了納許維爾、亞特蘭大、邁阿密、舊金山、華盛頓特區和奧斯汀，奧斯汀更是受益於凱悅酒店的翻新工程。納許維爾，我們預計增速將達到 13%。

Atlanta, we are pacing up right now close to 10%. Miami is double digits, close to 15%. And San Francisco is almost pacing 20%. This is all total group revenue. D.C. is double digit as well at 10%. And Austin is at 26%. And the ones which are pacing behind are where there is a citywide impact. So specifically, San Diego, which you all know about, to some extent, Chicago, Boston and Seattle.

亞特蘭大，我們目前的成長速度接近 10%。邁阿密的感染率接近兩位數，接近 15%。舊金山的成長速度接近 20%。這是集團的總收入。華盛頓特區也達到了兩位數，為 10%。奧斯汀的支持率為 26%。而那些進展緩慢的項目，往往會對整個城市產生影響。具體來說，就是聖地牙哥（你們或多或少都聽過）、芝加哥、波士頓和西雅圖。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Most of my questions have been asked already. But just circling back to what you're looking to do with the proceeds from the Four Seasons sale. I know you mentioned you're maybe even leaning towards the dividend. But just wondering if you could talk a little bit about what type of assets you're looking at to use those proceeds for?

偉大的。我的大部分問題都已經被問過了。但讓我們回到您打算如何處理四季酒店出售所得款項的問題上來。我知道你提到你可能傾向於選擇分紅。我想問一下，您能否稍微談談您打算用這些收益購買哪些類型的資產？

Robin, it's a broad question. So let me answer it in the context of the types of assets that we feel that we can create value with and also think about as we're deploying capital, maintaining our geographic diversification, which has served us very well over the course of the last nine years or so. So it's an asset that we believe will have meaningful upside opportunities from our asset management platform and our enterprise analytics platform. It will have diverse demand generators, a combination of group, leisure transient and business transient, and in a market that we feel has strong growth drivers going forward. So I can't get more specific in that because I don't have a specific asset in mind today, but those are the types of properties that we would be looking to acquire.

羅賓，這個問題太廣泛了。那麼，讓我從我們認為可以創造價值的資產類型的角度來回答這個問題，同時也要考慮到我們在部署資本時，要保持地域多元化，這在過去九年左右的時間裡對我們非常有利。因此，我們相信，透過我們的資產管理平台和企業分析平台，這項資產將帶來顯著的成長機會。它將擁有多元化的需求來源，包括團體遊客、休閒遊客和商務遊客，我們認為該市場未來將有強勁的成長動力。所以我無法給出更具體的建議，因為我目前還沒有具體的目標資產，但這些是我們希望收購的房產類型。

And we are out of time for questions. I would like to turn the call back over to Jim Risoleo.

提問時間已到。我想把電話轉回給吉姆·里索萊奧。

Well, thank you again for joining us today. We always appreciate the opportunity to discuss our quarterly results with you and our, in this case, our full year 2025 results, and we look forward to seeing many of you at conferences in the coming weeks. Have a great day, and thanks again.

再次感謝您今天收看我們的節目。我們一直很珍惜與您討論季度業績以及（在本例中）2025 年全年業績的機會，並期待在接下來的幾週的會議上見到各位。祝您今天過得愉快，再次感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。