Host Hotels & Resorts, Inc. (HST) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Host Hotels & Resorts first quarter 2026 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the call over to Jaime Marcus, Senior Vice President of Investor Relations. Jaime, please go ahead.

早安，歡迎參加 Host Hotels & Resorts 2026 年第一季財報電話會議。今天的會議將進行錄音。此刻，我想把電話交給投資人關係資深副總裁 Jaime Marcus。Jaime，請開始。

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，各位早安。在開始之前，請注意今天所發表的許多評論，依據聯邦證券法規，均屬於前瞻性陳述。如同我們向美國證券交易委員會（SEC）提交的文件所述，這些陳述受到眾多風險與不確定性影響，可能導致未來結果與所表達者不同；且我們沒有義務公開更新或修訂這些前瞻性陳述。

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，在今天的電話會議中，我們將討論若干非 GAAP 財務資訊，例如 FFO、調整後 EBITDAre，以及可比飯店層級結果。您可在昨日的財報新聞稿、我們向 SEC 提交的 8-K，以及我們網站 hosthotels.com 上的補充財務資訊中，找到這些資訊及其與最直接可比 GAAP 資訊的調節表。

The operational results discussed today refer to our 74-hotel comparable hotel portfolio in 2026, which excludes the Don CeSar and Sheraton Parsippany. With me on today's call are Jim Risoleo, President and Chief Executive Officer; and Sourav Ghosh, Executive Vice President and Chief Financial Officer.

今天討論的營運結果係指我們 2026 年的 74 家可比飯店投資組合，不包含 Don CeSar 與 Sheraton Parsippany。今天與我一同出席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 Jim。

Thank you, Jaime, and thanks to everyone for joining us this morning. Our first quarter results exceeded our expectations, representing a strong start to 2026. We delivered adjusted EBITDAre of $543 million, an increase of 5.6% over last year, and adjusted FFO per share of $0.67, an increase of 4.7% over last year. First quarter adjusted EBITDAre and adjusted FFO per share benefited from $7 million of business interruption proceeds related to Hurricanes Helene and Milton compared to $10 million in the first quarter of 2025.

謝謝你，Jaime，也感謝各位今天早上加入我們。我們第一季的結果優於預期，為 2026 年帶來強勁開局。我們達成調整後 EBITDAre 5.43 億美元，較去年增加 5.6%；每股調整後 FFO 為 0.67 美元，較去年增加 4.7%。第一季調整後 EBITDAre 與每股調整後 FFO 受惠於與颶風 Helene 與 Milton 相關的 700 萬美元營業中斷理賠款，相較之下，2025 年第一季為 1,000 萬美元。

Comparable hotel total RevPAR improved 4.6% compared to the first quarter of 2025, and comparable hotel RevPAR improved 4.4% driven by rate growth and continued strength in out-of-room spending. Comparable hotel EBITDA margin improved by 70 basis points year over year to 32.7%, driven by revenue growth.

可比飯店總 RevPAR 較 2025 年第一季提升 4.6%，可比飯店 RevPAR 提升 4.4%，主要由房價成長與非客房消費持續強勁所帶動。可比飯店 EBITDA 利潤率年增 70 個基點至 32.7%，主要受營收成長帶動。

RevPAR growth in the first quarter was meaningfully better than expected. Strong rate growth was enabled by resilient demand despite estimated weather impacts of approximately 120 basis points and tough comparisons to last year. We saw particularly strong performance at our resorts in Florida and Phoenix as well as in San Francisco, which benefited from the Super Bowl and the ongoing market recovery. Notably, San Francisco achieved 26% RevPAR growth and more than 70% EBITDA growth in the quarter, reflecting continued momentum in the market's recovery.

第一季 RevPAR 的成長顯著優於預期。儘管估計天候影響約 120 個基點，且去年比較基期偏高，仍因需求具韌性而帶動強勁的房價成長。我們在佛羅里達與鳳凰城的度假村，以及舊金山的表現尤其強勁；舊金山受惠於超級盃以及市場持續復甦。值得注意的是，舊金山本季 RevPAR 成長 26%，EBITDA 成長超過 70%，反映市場復甦動能持續。

Turning to business mix. Transient revenue grew by 5.5%, driven by rate growth, particularly at our resorts. First quarter transient results benefited from Easter in early April, which compressed spring break demand in March, contributing to 9% transient revenue growth at our resorts. Feedback from our properties indicates that ongoing geopolitical uncertainty supported travelers favoring US luxury destinations over international destinations. As a result, resort properties delivered particularly strong performance in the first quarter.

接著談業務組合。散客（Transient）營收成長 5.5%，主要由房價成長帶動，尤其是在我們的度假村。第一季散客表現受惠於復活節落在四月初，使三月春假需求更為集中，促成我們度假村散客營收成長 9%。來自各物業的回饋顯示，持續的地緣政治不確定性，使旅客更偏好美國的奢華目的地而非國際目的地。因此，度假村物業在第一季交出特別強勁的表現。

Briefly touching on Maui. RevPAR grew 1.5% and total RevPAR grew 1.6% as growth was impacted by the Kona Low rainstorm in March. Prior to the storm, overall demand at our Maui resorts was tracking ahead of our expectations for the first quarter. It is important to note that the impacts from the storm were contained and are not ongoing. We have also seen strong re-bookings since the storm. And as a result, we continue to expect Maui to contribute approximately $120 million of EBITDA in 2026.

簡要談一下茂宜島（Maui）。RevPAR 成長 1.5%，總 RevPAR 成長 1.6%，成長受到三月 Kona Low 低壓雨暴影響。在風暴發生前，我們茂宜島度假村的整體需求走勢優於我們對第一季的預期。重要的是，風暴影響已受控，且並未持續。風暴過後我們也看到強勁的重新預訂。因此，我們仍預期茂宜島在 2026 年將貢獻約 1.2 億美元 EBITDA。

Business transient revenue grew 4%, driven by strong rate growth as we saw a continued mix shift from government to corporate-negotiated customers in the first quarter. Group room revenue for the quarter was up 2.4% year over year, driven by improvements in both demand and rate. Our properties sold 1.1 million group room nights in the first quarter, and definite group room nights on the books for 2026 now stand at 3.5 million, with total group revenue pace up nearly 4% to the same time last year.

商務散客（Business transient）營收成長 4%，由強勁的房價成長帶動；第一季我們持續看到客源組合由政府客戶轉向企業議價客戶。本季團體客房營收年增 2.4%，由需求與房價雙雙改善所帶動。第一季我們的物業售出 110 萬個團體間夜；而 2026 年已簽約（definite）的團體間夜目前為 350 萬個，團體總營收的預訂進度（pace）較去年同期提升近 4%。

Turning to ancillary spend. F&B revenue grew 5% and other revenue grew 6% with broad-based strength across departments, demonstrating the continued strength of the affluent consumer as well as the benefits of the strategic investments we have made in many of our properties over the last several years.

接著談附加消費。餐飲（F&B）營收成長 5%，其他營收成長 6%，各部門普遍走強，展現富裕消費者的持續韌性，以及我們過去數年在多個物業所進行策略性投資所帶來的效益。

Turning to capital allocation. We repurchased 4 million shares of common stock at an average price of $18.97 per share for a total of $75 million in the first quarter. Since 2017, we have repurchased 73.2 million shares at an average price of $16.76 per share, bringing our total share repurchases to approximately $1.2 billion.

接著談資本配置。第一季我們以每股平均 18.97 美元回購 400 萬股普通股，合計 7,500 萬美元。自 2017 年以來，我們以每股平均 16.76 美元回購 7,320 萬股，累計股票回購約 12 億美元。

Yesterday, the Board of Directors authorized a quarterly common dividend of $0.20 per share and a special dividend of $0.72 per share. The dividend will be paid on July 15th to stockholders of record on June 30th. The special dividend represents the distribution of the approximate $500 million taxable gain from the sale of the two Four Seasons resorts in the first quarter of this year.

昨日，董事會核准每季普通股股利每股 0.20 美元，以及每股 0.72 美元的特別股利。股利將於 7 月 15 日支付給 6 月 30 日登記在冊的股東。該特別股利代表分配今年第一季出售兩家四季（Four Seasons）度假村所產生、約 5 億美元的應稅收益。

Creating value for our stockholders remains our top priority. By returning capital through a regular quarterly cash dividend, special dividends like the one we will pay out this quarter, and our share repurchase program, we are advancing our objective of delivering long-term value for our investors.

為股東創造價值仍是我們的首要任務。透過定期的季度現金股利、本季將發放的此類特別股利，以及我們的股票回購計畫回饋資本，我們正推進為投資人提供長期價值的目標。

Turning to portfolio reinvestment. During the first quarter, we completed the comprehensive renovation at the Hyatt Regency Reston. As of the end of the first quarter, the Hyatt Transformational Capital Program is more than 80% complete and is tracking on time and under budget. Transformational renovations are now complete at four of the six hotels in the program, including the Grand Hyatt Atlanta Buckhead; the Hyatt Regency Capitol Hill; the Hyatt Regency Austin; and the Hyatt Regency Reston.

接著談投資組合再投資。第一季期間，我們完成了 Hyatt Regency Reston 的全面翻新。截至第一季末，Hyatt 轉型資本計畫已完成超過 80%，進度如期且低於預算。該計畫六家飯店中已有四家完成轉型翻新，包括 Grand Hyatt Atlanta Buckhead、Hyatt Regency Capitol Hill、Hyatt Regency Austin，以及 Hyatt Regency Reston。

We are nearing completion on the Grand Hyatt, Washington, DC, which is expected to be finished later this month. 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 this year.

我們即將完成位於華盛頓特區的 Grand Hyatt，預計將於本月稍晚完工。作為該計畫最後一項資產的 Manchester Grand Hyatt San Diego，已採分期施工以降低營業中斷影響，預計於今年底前大致完工。

Additionally, the second Marriott Transformational Capital Program is well underway. Guestroom renovations at the New Orleans Marriott are in progress and are scheduled to be completed in the third quarter. And renovations at The Ritz-Carlton Naples, Tiburon and the Westin Kierland are scheduled to start later this month.

此外，第二個 Marriott 轉型資本計畫也正順利推進。New Orleans Marriott 的客房翻新正在進行中，預計於第三季完成。而 The Ritz-Carlton Naples, Tiburon 與 Westin Kierland 的翻新工程預計將於本月稍晚開始。

The four-asset program is already more than 25% complete, and it is also tracking on time and under budget. In the first quarter, we received $3 million of operating guarantees related to our Transformational Capital Programs. As a reminder, we expect to benefit from approximately $19 million of operating profit guarantees in 2026 related to our two Transformational Capital Programs, which we expect will offset most of the EBITDA disruption at these properties.

四資產計畫已完成逾25%，且進度如期並低於預算。第一季，我們收到與轉型資本計畫（Transformational Capital Programs）相關的300萬美元營運保證。提醒一下，我們預期在2026年將受益於約1,900萬美元、與兩項轉型資本計畫相關的營運利潤保證，我們預期這將抵銷這些資產大部分的EBITDA擾動。

Looking at other ROI projects, we are nearing completion of the condo development at the Four Seasons Orlando. To date, we have closed on the sale of 20 of 31 units within the mid-rise building, and we have deposits and purchase agreements in place for eight of the nine villas, bringing total sales and deposits to 28 of 40 units. Overall, the project is on budget and expected to sell out by the end of this year.

就其他ROI專案而言，我們接近完成奧蘭多四季酒店（Four Seasons Orlando）的公寓開發案。截至目前，我們已完成中高層大樓31戶中的20戶銷售交割，且九棟別墅中有八棟已取得訂金並簽署購買協議，使總銷售與訂金達到40戶中的28戶。整體而言，該專案符合預算，並預期在今年底前全數售罄。

For 2026, our capital expenditure guidance range is $545 million to $655 million. This includes approximately $250 million to $300 million of investment focused on redevelopment, repositioning, and ROI projects, and $20 million to $30 million of property damage reconstruction associated with the Kona Low rainstorm in Hawaii.

針對2026年，我們的資本支出指引區間為5.45億至6.55億美元。其中包括約2.5億至3億美元的投資，聚焦於重建、重新定位及ROI專案，以及與夏威夷Kona Low暴雨風暴相關的2,000萬至3,000萬美元物業損害重建支出。

We also anticipate remediation costs of approximately $5 million. While we are still evaluating the total impacts of the storm, we expect our insurance coverage to cover the losses in excess of our deductible. 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.

我們亦預期整治（remediation）成本約500萬美元。雖然我們仍在評估風暴的總體影響，但我們預期保險理賠將涵蓋超過自負額（deductible）的損失。除資本支出投資外，我們預期在2026年將再支出1,500萬美元，以完成奧蘭多四季酒店的公寓開發案。

Our continued reinvestment across our portfolio is a true differentiator for Host. In fact, once the second Marriott Transformational Capital Program is complete, we will have invested $2.1 billion in comprehensive renovations at 34 hotels in our portfolio, which are expected to contribute approximately 60% of our total hotel EBITDA in 2026.

我們在整體投資組合持續再投資，是Host真正的差異化優勢。事實上，一旦第二項萬豪轉型資本計畫完成，我們將已在投資組合中的34家飯店進行全面翻新，累計投資達21億美元，預期在2026年可貢獻我們飯店總EBITDA約60%。

We have now stabilized post-renovation data on 21 hotels, and the average RevPAR index share gain is nearly 9 points. As evidenced by our results, our capital allocation decisions over the past few years are driving value creation for our shareholders.

我們目前已取得21家飯店翻新後的穩定化數據，平均RevPAR指數市占提升接近9個百分點。從我們的業績表現可見，過去幾年我們的資本配置決策正為股東創造價值。

We also reinforced our position as a global leader in corporate responsibility in the first quarter. Last week, Host was proud to be included in the Dow Jones Best-in-Class Index World for the seventh consecutive year and North America for the ninth consecutive year, ranking number three globally in our sector. In fact, Host was one of only two North American companies on the World Index and number one in our sector among seven companies on the North America Index.

我們也在第一季鞏固了作為企業責任全球領導者的地位。上週，Host很榮幸連續第七年入選道瓊最佳同級指數世界（Dow Jones Best-in-Class Index World），並連續第九年入選北美指數，在本產業全球排名第三。事實上，Host是世界指數中僅有的兩家北美公司之一，且在北美指數的七家公司中，我們在本產業排名第一。

Turning to our outlook for 2026. We continue to expect strong leisure demand, bolstered by special events, modest improvements to short-term group booking trends, and stable business transient demand. As a result, we are raising our 2026 comparable hotel RevPAR guidance range to 3% to 4.5% over 2025, and our comparable hotel total RevPAR growth guidance range to 3.5% to 5% over last year.

接著談我們對2026年的展望。我們仍預期休閒需求強勁，並受特殊活動帶動、短期團體訂房趨勢溫和改善，以及商務散客需求保持穩定。因此，我們將2026年可比飯店RevPAR指引區間上調至較2025年成長3%至4.5%，並將可比飯店總RevPAR成長指引區間上調至較去年成長3.5%至5%。

Looking ahead to the remainder of the year, we are optimistic about the travel environment. High-end consumers continue to prioritize experiences and supply across our markets and chain scales remains at historically low levels. Against this backdrop, our fortress balance sheet gives us the flexibility to continuously reinvest in our portfolio while also returning capital to shareholders through a sustainable quarterly dividend, periodic special dividends, and share repurchases.

展望今年剩餘時間，我們對旅遊環境保持樂觀。高端消費者仍持續優先追求體驗，而我們各市場與各品牌等級的供給仍處於歷史低位。在此背景下，我們堅實的資產負債表使我們具備彈性，得以持續再投資於投資組合，同時透過可持續的季度股利、不定期特別股利及股票回購向股東返還資本。

As our results over the past few years have shown, our competitive advantages uniquely position Host to continue to capture additional upside in the current environment and for many years to come.

正如過去幾年的業績所示，我們的競爭優勢使Host在當前環境下具備獨特定位，能持續掌握更多上行空間，並在未來多年延續。

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

接下來，我把電話會議交給Sourav。

Thank you, Jim, and good morning, everyone. Building on Jim's comments, I will go into detail on our first quarter operations, updated 2026 guidance and our balance sheet. Starting with total revenue trends, total RevPAR growth continued to outpace RevPAR growth due to broad-based strength across Food and Beverage and other department revenues. Comparable hotel Food and Beverage revenue for the quarter grew 5%, driven by recently repositioned outlets and strong banquet and catering contribution per group room night at convention hotels.

謝謝你，Jim，各位早安。延續Jim的評論，我將詳細說明我們第一季營運、更新後的2026年指引以及資產負債表狀況。先從總營收趨勢談起，由於餐飲（Food and Beverage）及其他部門營收呈現廣泛強勁表現，總RevPAR成長持續超越RevPAR成長。本季可比飯店餐飲營收成長5%，主要受近期重新定位的餐飲據點，以及會議型飯店每團體房晚的宴會與外燴貢獻強勁所帶動。

As Jim mentioned, this is the benefit of the strategic investments we have made over the last few years, which is clearly evident in out-of-room spending by our guests. Banquet and catering revenue increased 3%, led by our San Diego properties, the San Francisco Marriott Marquis, the San Antonio Marriott Rivercenter and the Ritz-Carlton, Amelia Island. These hotels all achieved banquet and catering contribution per group room night growth of over 7%.

如Jim所提，這正是我們過去幾年所做策略性投資的效益，並清楚反映在住客的非客房消費上。宴會與外燴營收成長3%，主要由我們在聖地牙哥的資產、舊金山萬豪侯爵酒店（San Francisco Marriott Marquis）、聖安東尼奧萬豪河心酒店（San Antonio Marriott Rivercenter）以及麗思卡爾頓阿米莉亞島（Ritz-Carlton, Amelia Island）帶動。這些飯店的每團體房晚宴會與外燴貢獻成長皆超過7%。

In fact, banquet and catering contribution at the Ritz-Carlton, Amelia Island grew 24%, driven by incentive groups and upsells. Outlet revenue grew 8%, driven by the New York Marriott Marquis, the 1 Hotel South Beach, and the Grand Hyatt San Diego, all of which have recently renovated restaurants. The San Francisco Marriott Marquis and Santa Clara Marriott also benefited from broad-based improvement in the first quarter, which was further enhanced by the Super Bowl in February.

事實上，麗思卡爾頓阿米莉亞島的宴會與外燴貢獻成長24%，主要由獎勵旅遊團體與加價銷售（upsells）帶動。餐飲據點（outlet）營收成長8%，主要由紐約萬豪侯爵酒店（New York Marriott Marquis）、南灘1 Hotel（1 Hotel South Beach）以及聖地牙哥君悅酒店（Grand Hyatt San Diego）帶動，這些飯店的餐廳近期皆完成翻新。舊金山萬豪侯爵酒店與聖塔克拉拉萬豪酒店（Santa Clara Marriott）在第一季也受惠於廣泛改善，而2月的超級盃進一步強化了表現。

Other revenues increased 6%, once again propelled by strength in golf and spa operations. Spa revenue was up 4%, driven by improved capture, particularly at Ritz-Carlton, Amelia Island and Westin Kierland, which continue to benefit from recent spa renovations. Golf revenue grew 9% despite impacts in Maui, led by strong performance at our Naples and Phoenix golf courses.

其他營收成長6%，再次由高爾夫與SPA營運的強勁表現所推動。SPA營收成長4%，主要受惠於攫取率（capture）提升，尤其是麗思卡爾頓阿米莉亞島與威斯汀基爾蘭（Westin Kierland），兩者持續受益於近期SPA翻新。儘管毛伊島受到影響，高爾夫營收仍成長9%，主要由我們那不勒斯（Naples）與鳳凰城（Phoenix）的高爾夫球場強勁表現帶動。

Shifting to room revenues, overall transient revenue was up 5.5% compared to the first quarter of 2025, driven by rate growth and leisure demand. Notably, our Florida and Phoenix resorts generated approximately 60% of the transient revenue growth in the quarter. Transient revenue at our resorts increased by more than 9%, underscoring the continued strength of high-end demand.

轉向客房營收，整體散客（transient）營收較2025年第一季成長5.5%，主要由房價成長與休閒需求帶動。值得注意的是，我們佛羅里達與鳳凰城度假村約貢獻本季散客營收成長的60%。我們度假村的散客營收成長超過9%，凸顯高端需求持續強勁。

Looking ahead to the upcoming holiday weekends, transient revenue pace is up 6% for Memorial Day weekend compared to the same time last year, driven by Resorts. Revenue pace for the weekend of July 4 is up nearly 50% over last year, driven by northeastern cities, including Philadelphia, Washington, DC, New York, and Boston. While we expect that number to actualize lower, it is encouraging to see early strength in both demand and rate for World Cup matches and the America 250 celebrations.

展望即將到來的假日週末，陣亡將士紀念日（Memorial Day）週末的散客營收進度（pace）較去年同期成長6%，主要由度假村帶動。7月4日週末的營收進度較去年增加近50%，主要由東北部城市帶動，包括費城、華盛頓特區、紐約與波士頓。雖然我們預期該數字最終落地會較低，但看到世界盃賽事與America 250慶祝活動在需求與房價上皆呈現早期強勁，令人鼓舞。

Business transient revenue was up 4% to the first quarter of 2025, driven primarily by rate growth. While overall business transient demand remains below pre-pandemic levels, government volume has stabilized, and we are encouraged by corporate activity from consulting, technology, and financial services firms.

商務散客（business transient）營收較2025年第一季成長4%，主要由房價成長所驅動。雖然整體商務散客需求仍低於疫情前水準，但政府客源量已趨於穩定，且我們對來自顧問、科技與金融服務公司的企業活動感到鼓舞。

Turning to group. Revenue was up 2.4% year over year. Growth was driven by both demand and rate improvements, particularly for association and other groups. Group revenue growth was led by San Francisco, which benefited from strong city-wide performance in addition to the Super Bowl.

接著談團體（group）。營收年增2.4%。成長由需求與房價改善共同帶動，尤其是協會及其他團體。團體營收成長以舊金山領先，除受惠於超級盃外，也受惠於全市性活動表現強勁。

For full year 2026, we have 3.5 million definite group room nights on the books, representing a 12% increase since the fourth quarter. As Jim mentioned, total group revenue pace is up nearly 4% over the same time last year. More specifically, we are seeing meaningful total group revenue pace in San Francisco, New York, the Florida Gulf Coast, and Miami. Group booking pace remains strongest for the second and fourth quarters.

就2026全年而言，我們目前帳上已有350萬個已確定的團體客房晚數，較第四季增加12%。如Jim所提及，團體總營收的進度較去年同期提升近4%。更具體而言，我們在舊金山、紐約、佛羅里達灣岸以及邁阿密看到顯著的團體總營收進度。團體預訂進度在第二季與第四季仍然最為強勁。

Shifting gears to margins. Comparable hotel EBITDA margin of 32.7% was 70 basis points above the first quarter of 2025 as a result of total revenue growth, which outpaced absolute wage and benefit increases. We expect year-over-year margin comparisons to moderate as the year progresses, primarily driven by lower average rate growth expectations in the second half of the year.

接著談到利潤率。可比飯店EBITDA利潤率為32.7%，較2025年第一季高出70個基點，主要因總營收成長超過薪資與福利的絕對增幅。我們預期隨著年度推進，年對年利潤率比較將趨於溫和，主要受下半年平均房價成長預期較低所驅動。

Turning to our outlook for 2026. We are increasing our comparable hotel RevPAR growth guidance range to 3% to 4.5% and our comparable hotel total RevPAR growth guidance range to 3.5% to 5%. The midpoint of our guidance contemplates a stable operating environment with the continuation of the trends seen in the first quarter. 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.

接著談我們對2026年的展望。我們將可比飯店RevPAR成長指引區間上調至3%至4.5%，並將可比飯店總RevPAR成長指引區間上調至3.5%至5%。我們指引的中位數假設營運環境穩定，並延續第一季所見的趨勢。其中包括由世界盃等特殊活動帶動的休閒散客強勁、短期團體預訂趨勢小幅改善，以及商務散客需求穩定。

At the low end of our guidance, 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. We expect comparable hotel EBITDA margins to be up 20 basis points year over year at the low end of our guidance to up 50 basis points at the high end, a 30 basis point improvement over our prior guidance.

在指引低端，我們假設短期團體預訂趨勢沒有改善，且特殊活動需求較弱。在指引高端，我們假設短期團體預訂趨勢改善，且特殊活動周邊需求增加。我們預期可比飯店EBITDA利潤率在指引低端將年增20個基點，在高端將年增50個基點，較我們先前指引提升30個基點。

In terms of comparable hotel RevPAR growth cadence for the remainder of the year, we expect second quarter RevPAR growth to be similar to that of the first quarter, driven by the World Cup. We expect comparable hotel RevPAR for April to increase approximately 4.4% year over year. RevPAR growth in the second half of the year is expected to be in the low-single digits.

就今年剩餘期間可比飯店RevPAR成長的節奏而言，我們預期第二季RevPAR成長將與第一季相近，主要由世界盃帶動。我們預期4月可比飯店RevPAR將年增約4.4%。下半年RevPAR成長預期為低個位數。

The midpoint assumes comparable hotel RevPAR growth of 3.75% compared to 2025, a 100-basis-point improvement over our prior guidance. We continue to expect an estimated 40-basis-point net benefit from special events for the full year with an estimated 60-basis-point lift from the World Cup, partially offset by a 20-basis-point headwind from the presidential inauguration in the first quarter of 2025. In addition, Maui is expected to contribute approximately 35 basis points to our full-year RevPAR growth.

中位數假設可比飯店RevPAR較2025年成長3.75%，較我們先前指引提高100個基點。我們仍預期全年特殊活動帶來約40個基點的淨利多，其中世界盃帶來約60個基點的拉升，部分被2025年第一季總統就職典禮帶來約20個基點的不利因素所抵銷。此外，預期茂宜（Maui）將為我們全年RevPAR成長貢獻約35個基點。

It is important to point out that bulk of the demand around the World Cup is expected to materialize within the 30-day booking window. That said, we are encouraged that transient revenue pace for our portfolio in World Cup markets is up nearly 40% year over year, and has been steadily picking up occupancy as we get closer to the match dates.

需要指出的是，圍繞世界盃的大部分需求預期將在30天的預訂窗口內顯現。即便如此，我們仍感到鼓舞的是，我們在世界盃市場的投資組合之散客營收進度年增近40%，且隨著比賽日期接近，入住率一直在穩步提升。

At the midpoint, we expect a comparable hotel EBITDA margin of 29.5%, which is 30 basis points above 2025. Our margin performance reflects our continued success in partnering with our operators to drive productivity gains across our portfolio as well as the capital allocation decisions we have made over the past few years.

在中位數情境下，我們預期可比飯店EBITDA利潤率為29.5%，較2025年高出30個基點。我們的利潤率表現反映出我們持續成功與營運方合作，在整體投資組合推動生產力提升，以及我們過去幾年所做的資本配置決策。

For the full year, we continue to expect wage rates to increase approximately 5%, which comprises approximately 50% of our total comparable hotel operating expenses. Our 2026 full-year adjusted EBITDAre midpoint is $1.810 billion. This implies a $40 million or more than 2% improvement over our prior-guidance midpoint, driven by first-quarter outperformance and a slightly more optimistic view of the second half of the year.

就全年而言，我們仍預期薪資水準將上升約5%，而薪資約占我們可比飯店總營運費用的50%。我們2026全年調整後EBITDAre中位數為18.10億美元。這意味著較我們先前指引中位數改善4,000萬美元（或超過2%），主要由第一季優於預期表現以及對下半年略為更樂觀的看法所帶動。

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. It also includes approximately $7 million of business interruption proceeds related to Hurricanes Helene and Milton, which we received in the first quarter. While we also expect to receive business interruption proceeds for the recent Kona Low rainstorm in Hawaii, it is still too early to estimate the timing or amount of any payments.

我們的調整後EBITDAre中位數包含Don CeSar營運所貢獻的估計2,800萬美元EBITDA；該飯店在2026年不納入我們的可比飯店範圍。其中亦包含約700萬美元、與颶風Helene與Milton相關的營業中斷保險理賠款，我們已於第一季收到。雖然我們也預期會收到與夏威夷近期Kona Low豪雨風暴相關的營業中斷理賠款，但目前仍過早，尚無法估計任何款項的時間或金額。

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. In the first quarter, we recognized $4 million of EBITDA associated with condo sales.

最後，我們2026全年調整後EBITDAre中位數包含來自四季（Four Seasons）公寓開發案的估計淨EBITDA約2,000萬至2,500萬美元，我們預期將在公寓銷售交割時同步認列。在第一季，我們已認列與公寓銷售相關的400萬美元EBITDA。

Turning to our balance sheet and liquidity position. Our weighted average maturity is 4.9 years at a weighted average interest rate of 4.8%. We currently have $3.4 billion in total available liquidity, which includes $151 million of FF&E reserves and $1.5 billion available under the revolver portion of the credit facility.

接著談我們的資產負債表與流動性狀況。我們的加權平均到期年限為4.9年，加權平均利率為4.8%。目前我們可動用的總流動性為34億美元，其中包括1.51億美元的FF&E準備金，以及信貸額度中循環額度（revolver）部分可用的15億美元。

In April, we paid a quarterly cash dividend of $0.20 per share. Yesterday, as Jim mentioned, the Board of Directors authorized a quarterly dividend of $0.20 per share and a special dividend of $0.72 per share to shareholders of record as of June 30th, which is payable on July 15th.

4月我們支付了每股0.20美元的季度現金股利。如Jim昨天所提及，董事會核准向截至6月30日的在冊股東發放每股0.20美元的季度股利，以及每股0.72美元的特別股利，並將於7月15日支付。

Payment of these dividends will reduce our total available liquidity by approximately $770 million, bringing our adjusted leverage ratio to 2.5 times. As always, any future dividends are subject to approval by the company's Board of Directors.

支付這些股利將使我們可動用的總流動性減少約7.70億美元，並使我們的調整後槓桿比率達到2.5倍。一如既往，任何未來股利均須經公司董事會核准。

In closing, we believe our investment-grade balance sheet as well as our size, scale, and diversification uniquely position Host to continue to outperform in the current environment while capitalizing on opportunities for growth in the future.

總結而言，我們認為我們的投資等級資產負債表，以及我們的規模、體量與多元化布局，使Host在當前環境中具備獨特優勢，得以持續跑贏並把握未來成長機會。

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

接下來，我們很樂意回答各位的問題。為確保我們有時間回覆盡可能多的提問，請每位僅限提出一個問題。

(Operator Instructions) Smedes Rose, Citi.

(接線員指示) Smedes Rose，花旗（Citi）。

Good morning. I guess I wanted to ask you on -- I'll ask on the World Cup. Sourav, you mentioned that I think transient revenues or -- I'm not sure if it's revenues or bookings are up 40% in World Cup markets. Where does that have to get to in order to achieve your gross RevPAR expectations for a 60 bps benefit from that event?

早安。我想我想問的是——我會問關於世界盃。Sourav，你提到我想在世界盃市場，散客營收——或我不確定是營收還是預訂——上升了40%。要達到什麼程度，才能實現你們對該活動帶來60個基點利多的總RevPAR預期？

Yeah. Just to back up a little bit, majority of the bookings really happen within the 45-day window and believe it or not, in the week leading up to the matches, 40% of the occupancy from the World Cup is actually booked in that last week. So there is -- we are pacing well relative to where we stand right now. But it's really a last-minute buildup, literally like three weeks leading into it with, like I said, 40% of the occupancy really being booked one week out. And that is in line with the World Cup occupancy build that we have from -- stats that we got from the last World Cup in Russia and Qatar.

是的。先稍微補充一下，大多數預訂其實都發生在45天的窗口內，而且你可能不相信，在比賽前一週，世界盃帶來的入住率中有40%其實是在最後那一週才完成預訂。所以——就我們目前所處的位置而言，我們的進度表現不錯。但這確實是一個臨近才快速堆疊的過程，基本上就是賽前大約三週開始累積，如我所說，有40%的入住率是在距離一週時才訂進來。這也與我們從上一屆俄羅斯與卡達世界盃取得的統計資料所呈現的入住率累積曲線一致。

And the other thing I would point out is you've seen in the news group block reductions. And that block reduction is not at all indicative of overall event. That sort of happens in the normal course. FIFA always -- there is a wash in terms of the overall group bookings that takes place. So it is really much more of a transient play than a group play and obviously, it differs from market to market.

我還想指出另一點是，你們在新聞上看到團體訂房區塊的縮減。而那種區塊縮減完全不代表整體活動的狀況。那在正常營運過程中本來就會發生。FIFA 一向如此——整體團體訂房在過程中會出現所謂的「沖銷／洗出」情況。所以這其實更像是短暫性的變動，而不是團體需求的結構性變化；而且很明顯，各市場之間也會有所不同。

Smedes, just to help you think about a little -- add a little more color to it. We think that about two-thirds of that 60-basis-point pickup is going to occur in the second quarter and the remainder in the third quarter. And it's -- the third quarter is much more difficult to forecast because of not knowing what teams are going to show up in the knockout rounds, et cetera. But we're very pleased with how things are pacing. I mean we have World Cup matches in, I think, 10 of our markets, led by New York and Miami, in particular, where there are going to be knockout matches occurring. So we feel good about our 60-basis-point gross assumption. I do want to point out that that's 40-basis-point net if you take out the inauguration benefit that we had last year.

Smedes，為了幫你更好地思考——我再補充一些背景。我們認為那 60 個基點的提升，大約三分之二會在第二季發生，其餘會在第三季。而第三季更難預測，因為我們不知道哪些球隊會進入淘汰賽等因素。但我們對目前的進度非常滿意。我的意思是，我們在大概 10 個市場有世界盃賽事，尤其以紐約和邁阿密為主，因為那裡會有淘汰賽進行。所以我們對 60 個基點的毛額假設很有信心。我也想指出，如果扣除去年我們因就職典禮帶來的利多，那就是 40 個基點的淨額。

Rich Hightower, Barclays.

Rich Hightower，巴克萊。

Good morning guys. Thanks for taking the question. Back to the significant dollars spent on all the collective ROI programs, but obviously, mainly the Marriott and Hyatt transformational programs. Given the strength that you're obviously seeing on the non-room side, I mean, are you able to break out what the returns have been on the non-room side versus the room side? What does that tell us about the business going forward? And you mentioned the significant gain in RevPAR share index. And I'm just -- maybe more general commentary on the non-CapEx competitors as we sit here six years after COVID, what does that dynamic look like? So a bit of a multi-parter.

各位早安。謝謝讓我提問。回到你們在各項整體 ROI 計畫上投入的大筆資金，當然主要是萬豪與凱悅的轉型計畫。鑑於你們在非客房端顯然看到的強勁表現，我是說，你們能否拆分一下非客房端相對於客房端的報酬表現？這對我們理解未來業務走向有何啟示？另外你們提到 RevPAR 市占指數顯著提升。我也想更一般性地請教：在我們坐在這裡、距離 COVID 已經六年之後，面對那些不需要資本支出（non-CapEx）的競爭者，這種競爭態勢看起來如何？所以問題有點多段。

Yeah. Rich, there's an awful lot in that question, but let me start by saying that our transformative renovations of over $2.1 billion to date have served Host shareholders very well. The 9 points in yield index that we picked up on 21 stabilized assets out of 34 that we'll complete is way above our expectations. And we continue to see that run rate improving as we have the six properties from the Hyatt Transformational Capital Program coming back online, and we complete the work at the four Marriott properties.

是的。Rich，你這個問題涵蓋很多，但我先從這點開始：截至目前我們已投入超過 21 億美元的轉型式翻新，對 Host 的股東帶來了非常好的成果。在我們將完成的 34 項資產中，有 21 項已穩定的資產，其收益率指數（yield index）提升了 9 個點，遠超出我們的預期。而且隨著凱悅轉型資本計畫（Hyatt Transformational Capital Program）的 6 家飯店重新恢復營運，以及我們完成 4 家萬豪飯店的工程，我們仍持續看到這個運行水準在改善。

Just for reference, the 4 Marriott properties are the New Orleans Marriott; the Ritz-Carlton, Tiburon; the Ritz-Carlton, Marina Del Rey, and the Westin Kierland Resort & Spa in Phoenix. So we couldn't be more pleased with how assets are performing. And we have not really stepped back and broken down the various components of where the returns came from. I think if you just look at the numbers, our pickup -- our continued pickup in banquet and catering revenues, out-of-room spend generally from spa investments has been meaningful.

供參考，這 4 家萬豪飯店分別是：新奧爾良萬豪（New Orleans Marriott）；麗思卡爾頓提布隆（Ritz-Carlton, Tiburon）；麗思卡爾頓瑪麗娜德爾雷（Ritz-Carlton, Marina Del Rey）；以及鳳凰城的威斯汀基爾蘭度假村與水療中心（Westin Kierland Resort & Spa）。所以我們對資產表現再滿意不過。而我們其實沒有退一步去把報酬來源的各個構成要素做細部拆分。我想如果你只看數字，我們在宴會與餐飲收入的提升——以及一般而言因水療投資帶動的非客房消費——都相當顯著。

Our outlet spend has been really quite good. And the outlet renovations are not necessarily tied to the Transformational Capital Program. I mean, the AVIV Restaurant at the 1 Hotel South Beach has opened above our pro-forma expectations as has the View at the New York Marriott Marquis. So we think this is a really strong use of capital. We have clear sight lines to generating mid-teens cash-on-cash returns. And it's something we're going to continue to do going forward.

我們的餐飲據點（outlet）消費表現也真的相當不錯。而且這些餐飲據點的翻新不一定都與轉型資本計畫綁在一起。例如 1 Hotel South Beach 的 AVIV 餐廳開幕後的表現高於我們的備考（pro-forma）預期，紐約 Marriott Marquis 的 View 也是如此。所以我們認為這是一個非常強的資本運用。我們清楚可見能夠創造約中十幾％的現金對現金報酬（cash-on-cash returns）。而這也是我們未來會持續推進的方向。

It's clearly a differentiator for Host. And it all began in -- when we went into COVID, and we had just started the Marriott Transformational Capital Program in 2018. One good example, Rich, is what happened at the Marriott Marquis. We started the transformational renovation there in '19. And while others pulled back when COVID hit, we accelerated the renovation.

這顯然是 Host 的差異化優勢。而這一切始於——當我們進入 COVID 時，我們在 2018 年才剛啟動萬豪轉型資本計畫（Marriott Transformational Capital Program）。Rich，一個很好的例子是 Marriott Marquis 發生的事。我們在 2019 年開始那裡的轉型翻新。當 COVID 來襲、其他人縮手時，我們反而加速了翻新。

So it's a statistic I talked about at our recent general managers' meeting that I think is worth repeating. In 2018, the Marriott Marquis did -- generated $65 million in EBITDA. In 2025, it generated $100 million in EBITDA. And that's based on $100 million total transformational renovation. So it's a great use of capital. You can expect to see us continuing to do that going forward.

所以這是一個我在最近的總經理會議上提過、我覺得值得再說一次的數據。在 2018 年，Marriott Marquis 創造了 6,500 萬美元的 EBITDA。在 2025 年，它創造了 1 億美元的 EBITDA。而這是建立在總計 1 億美元的轉型翻新投資之上。所以這是一個很棒的資本運用。你可以預期我們未來會持續這麼做。

Michael Bellisario, Baird.

Michael Bellisario，Baird。

Thank you. Good morning, everyone. I want to focus on Hawaii here, two parts. Just first, could you quantify the RevPAR and EBITDA impacts in both Maui and Oahu? And then the rebookings that you mentioned. Are those getting pushed into the second quarter? Or is it more that you're seeing a shift into 4Q and the pickup is going to occur a little bit further out?

謝謝。各位早安。我想把焦點放在夏威夷，分兩部分。首先，你能否量化毛伊島（Maui）與歐胡島（Oahu）的 RevPAR 與 EBITDA 影響？其次，你提到的重新預訂（rebookings）。那些是被推遲到第二季嗎？還是你看到更多是往第四季移動，而回補（pickup）會在更後面才發生？

Sure, Mike. So the overall impact from weather was 120 basis points. And that actually includes 80 basis points of RevPAR impact for Hawaii and 40 basis points from Winter Storm Fern. Just so clear, it's -- the Q1 impact is not just the Hawaii storm, but also the winter storm that took place on the East Coast. In terms of EBITDA impact, Maui was, call it, around $5 million-ish and then Oahu was about $1 million or so in terms of impact -- negative impact for the quarter.

當然可以，Mike。天氣帶來的整體影響是 120 個基點。其中包含夏威夷對 RevPAR 的 80 個基點影響，以及冬季風暴 Fern 帶來的 40 個基點。說清楚一點，第一季的影響不只是夏威夷的風暴，還包括發生在美東的冬季風暴。就 EBITDA 影響而言，毛伊島大約是 500 萬美元左右，而歐胡島大約是 100 萬美元左右——也就是本季的負面影響。

And then the rebookings?

那重新預訂呢？

The rebookings, as Jim mentioned, that is -- we are picking some of that up in late April and May and June. So certainly, some of it did bleed into the beginning of April in terms of cancels, but we are seeing those rebookings pick up through the remainder of the year.

重新預訂方面，如 Jim 所提到的——我們在 4 月下旬以及 5、6 月會回補到一部分。所以確實有一部分取消訂房延伸到 4 月初，但我們也看到這些重新預訂在今年剩餘期間持續回升。

Yeah, Mike, Maui was pacing ahead of our initial expectations in the first quarter. And we're very happy that we're able to maintain our guide for Maui of $120 million in EBITDA contribution to the midpoint. So we've also seen a pickup in seat availability from the airlines going into Maui and going into Hawaii in general. So we feel really good about how the market is recovering after some tough years post the wildfires.

是的，Mike，毛伊島在第一季的進度其實領先我們最初的預期。而我們也很高興能夠維持對毛伊島的指引：在中位數情境下，EBITDA 貢獻為 1.2 億美元。我們也看到航空公司提供前往毛伊島、以及整體前往夏威夷的座位供給有所增加。所以我們對市場在野火後經歷幾個艱難年份之後的復甦狀況感到非常樂觀。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Thank you and good morning. Appreciate it's tough to know the precise drivers of why somebody checks in or why demand was stronger in 1Q. But if we think about a real winter in the Northeast, no snow in the Rockies, safety concerns in Mexico, at least for a period of the quarter, this may have been a good combination that funneled more demand to warm weather destinations in the US. So I wonder, what do you think of that premise? And more importantly, what are you seeing in your bookings that convinces you better demand is sustaining going forward? Thank you.

謝謝，早安。我理解很難精準判斷是什麼驅動因素讓某人入住，或為何第一季需求更強。但如果我們想到東北部出現真正的冬季、洛磯山脈卻沒有下雪、以及墨西哥在本季至少一段期間的安全疑慮，這可能形成一個組合，把更多需求導向美國的暖和目的地。所以我想問，你怎麼看這個前提？更重要的是，你在訂房資料中看到了什麼，讓你相信較佳的需求會在未來持續？謝謝。

Yeah, Duane, we did see a very, very strong quarter in Florida and Arizona and our resorts in both markets. And more broadly, as we think about our customer and the affluent customer who visits our properties, we have not seen a pullback generally. I'd say a broad-based statement. The first quarter really proved that out.

是的，Duane，我們確實看到佛羅里達與亞利桑那，以及我們在這兩個市場的度假村，出現非常、非常強勁的一季。更廣泛來看，當我們思考我們的客群、以及造訪我們物業的高資產客群時，我們整體上並未看到需求回落。我會說這是一個普遍性的觀察。第一季確實證明了這一點。

There is some tangential evidence that as a result of what happened in Mexico and the Iran war dampening travel to -- certainly to the Middle East and anybody who was transiting through Dubai, which was the number one major international transit airport, caused people to stay in the US. So we're hopeful that as they visited our properties and they saw what great shape they're in, and they had fantastic experiences that we're going to be able to retain those guests and get them to come back.

有一些間接證據顯示，由於墨西哥發生的事件以及伊朗戰爭抑制了旅遊——特別是前往中東、以及任何需要經由杜拜轉機的人（杜拜曾是第一大國際轉運機場）——使得人們選擇留在美國。因此我們希望，當他們造訪我們的物業、看到物業維持得多麼良好，並且擁有極佳的體驗後，我們能夠留住這些旅客，讓他們再次回來。

I mean we saw a shift in and an imbalance in international inbound versus international outbound right after COVID hit, if you recall. And there was a lot of pent-up demand on the part of affluent US travelers, US consumers who couldn't travel to Europe and who couldn't travel to other international destinations due to quarantine restrictions and testing requirements and things of that nature. And as soon as those restrictions came off, people went. I think we were like 120% international outbound last year relative to 90% international inbound. We saw that number improve just a slight bit in the month of March, and we're hopeful that it's going to continue to improve going forward.

我的意思是，如果你還記得，在 COVID 剛爆發後，我們看到國際入境與國際出境之間出現了轉變與失衡。而美國的高資產旅客、消費者因為隔離限制、檢測要求等因素，無法前往歐洲或其他國際目的地，累積了大量被壓抑的需求。一旦這些限制解除，人們就出國了。我想去年相較於國際入境約 90%，我們的國際出境大概是 120%。我們在 3 月看到這個數字略有改善，我們也希望未來能持續改善。

And I would add, like if you look at our holiday -- upcoming holidays, the transient pace is really strong. So that gives us further confidence. I believe I mentioned in my prepared remarks, Memorial Day room revenue is -- overall transient is pacing, it's like 6%. So high-single digits. When you look at on the group side, what also gives us confidence in the first quarter, we picked up 95,000 rooms in Q1 for Q1. And despite Q2 with World Cup and being more heavily transient-focused, Q2 to Q4, we picked up 280,000 room nights in the first quarter for the remainder of the year. So we're really encouraged by that. So when you look at our group booking pace by quarter, Q2 and Q4 are both in the high-single digits. So that further gives us confidence in terms of our outlook for the balance of the year.

我再補充一點，如果你看我們接下來的假期——即將到來的假期——散客（transient）的預訂進度非常強勁。這也讓我們更有信心。我相信我在事先準備的發言中提到過，陣亡將士紀念日（Memorial Day）的客房收入——整體散客的預訂進度大約是 6%。所以是高個位數。再看團體方面，第一季也讓我們有信心的是，我們在第一季為第一季新增了 95,000 間夜的訂房。而且儘管第二季有世界盃、且更偏向散客需求，從第二季到第四季，我們在第一季為今年剩餘期間新增了 280,000 間夜的訂房。所以我們對此非常振奮。因此，當你按季度來看我們的團體訂房進度，第二季與第四季都在高個位數。這也進一步提升我們對今年剩餘期間展望的信心。

Floris Van Dijkum, Ladenburg.

Floris Van Dijkum，Ladenburg。

Thank you. Jim, I'm curious if you could touch a little bit on the transaction markets. Obviously, you've been very successful in selling your Four Seasons hotels. There are a number of hotels on the market. One of the hotel REITs is selling stuff, there's some private equity investors that are -- put in markets -- or some assets on the market. Could you talk a little bit about what you see in terms of returns available and where your most attractive investment opportunities are? Are they continuing to be in the -- in your core portfolio in the ROI projects or share buybacks or new assets? If you can give a little bit more color, that would be great.

謝謝。Jim，我想請你稍微談談交易市場。顯然，你們在出售四季酒店方面非常成功。目前市場上有不少酒店在出售。其中一家酒店 REIT 正在出售一些資產，也有一些私募股權投資人把——放到市場上——或是有一些資產在市場上。你能否談談你所看到的可取得報酬率，以及你們最具吸引力的投資機會在哪裡？它們是否仍然主要在——在你們核心投資組合中的 ROI 專案、或是庫藏股回購、或是新資產？如果你能提供更多細節，那就太好了。

Sure, Floris. Let me start by talking a bit about how we think about capital allocation. And then I can talk about both acquisitions and dispositions. But our focus remains unchanged. I mean, we're disciplined, we're return-focused, and we're very cycle-aware when it comes to capital allocation. And every decision is evaluated against the same yardstick, and that is long-term total shareholder return.

當然，Floris。我先從我們如何思考資本配置談起。接著我可以談談收購與處分兩方面。但我們的重點仍然不變。我的意思是，在資本配置上，我們保持紀律、以報酬為導向，並且非常重視景氣循環。每一項決策都用同一把尺來衡量，也就是長期股東總報酬。

So we think about it by four primary uses of capital, I would say: dividends, share repurchases, portfolio reinvestment, and opportunistic acquisitions. So we're in a great place with our fortress investment-grade balance sheet. We have low leverage. Even after we pay the dividend, we'll still be at 2.5 times leverage. So our balance sheet allows us to be opportunistic, and we're not being forced into any single-capital decision.

因此我們把資本用途大致分為四大類：股利、股票回購、投資組合再投資，以及機會型收購。我們擁有堅實的投資等級「堡壘式」資產負債表，處於非常好的位置。我們的槓桿很低。即使在支付股利之後，我們的槓桿仍會維持在 2.5 倍。因此，我們的資產負債表讓我們可以把握機會，而不會被迫做出任何單一的資本決策。

So I think the fact that we paid -- elected to pay a special dividend of $0.72 in connection with the sale of the two Four Seasons, it speaks loudly to the discipline that we have. There are a lot of acquisitions out there, a lot of potential acquisitions out there. We'll see what clears the market. I don't know, the guide -- the pricing guide is pretty high. It's a bar that we're not able to reach. We look at everything that comes into the market, but risk-adjusted returns are just not there for us.

所以我認為，我們在出售兩家四季酒店時選擇支付每股 0.72 美元的特別股利，充分展現了我們的紀律性。市場上有很多收購案、也有很多潛在收購案。我們會看看最後有哪些能夠成交、清出市場。我不知道——那個指引——定價指引相當高。那是一個我們無法達到的門檻。我們會看所有進入市場的標的，但就我們而言，風險調整後的報酬並不具吸引力。

So we like to stay by the hoop. We'd like to hang around, and we'll see what happens. We're the best buyer for a lot of these assets because of the fact that we can do transactions on an all-cash basis, we don't have to access the debt markets, and we can move quickly. And we've proved that time and time again.

所以我們喜歡待在籃框旁。我們會在旁邊觀望，看看會發生什麼。對於許多這類資產而言，我們是最好的買家，因為我們可以全現金完成交易，不需要進入債務市場，而且能夠快速行動。而且我們一次又一次證明了這一點。

But given the uncertain macro picture, I think discipline matters more than activity at this stage of the cycle. So how are we thinking about deploying capital? We do have $500 million left. We continue to view the dividend as a core component of shareholder returns. I mentioned the $0.72 special. We also declared a $0.20 quarterly regular dividend. And the special reflects our commitment to returning excess capital when appropriate, while maintaining the flexibility in the cap stack.

但在宏觀環境不確定的情況下，我認為在這個景氣循環階段，紀律比活躍度更重要。那麼我們如何思考資本部署？我們目前還有 5 億美元的額度。我們仍然把股利視為股東報酬的核心組成。我提到過每股 0.72 美元的特別股利。我們也宣告了每股 0.20 美元的季度常規股利。而特別股利反映了我們在適當時機返還多餘資本的承諾，同時維持資本結構（cap stack）的彈性。

Another place that we've been very active on deploying capital is on share buybacks. Share buybacks are always evaluated alongside all other capital uses. And we don't talk about this that often, but since 2017, we bought back 72.3 million shares of stock at an average price of $16.67. That's $1.2 billion of capital returned. So you can expect us to continue to tap the buyback market based on market conditions, our view of operations and alternative uses of capital.

另一個我們非常積極部署資本的地方是股票回購。股票回購一向會與其他所有資本用途一併評估。我們不常談這件事，但自 2017 年以來，我們以平均每股 16.67 美元回購了 7,230 萬股，合計返還了 12 億美元的資本。因此，你可以預期我們會根據市場狀況、我們對營運的看法，以及資本的替代用途，持續運用回購市場。

So I mean, capital allocation at Host is really -- it's all encompassing. It's acquisitions, it's dividends, it's share buybacks. It's dispositions, as you saw what we did with the two Four Seasons, and we're constantly testing the market, and we're willing to sell assets at the right price up and down the portfolio. So portfolio investment has served us really well. I mentioned in my remarks that -- or maybe Sourav did, I don't remember, 60% of our EBITDA this year is expected to come from hotels that have undergone or undergoing transformational renovations. And all this comes down to one thing, Floris.

所以，我的意思是，Host 的資本配置其實是——涵蓋所有面向。包括收購、股利、股票回購。也包括處分，就像你看到我們對兩家四季酒店所做的那樣；我們也持續測試市場，並且願意在合適的價格下，於投資組合的各個層級出售資產。因此，投資組合投資對我們的幫助非常大。我在發言中提到——或者可能是 Sourav 提到的，我不記得了——我們預期今年約 60% 的 EBITDA 將來自已完成或正在進行重大改造翻新的酒店。而這一切都歸結為一件事，Floris。

Ultimately, our goal is to grow free cash flow over time. And we lead the full-service lodging REITs in cumulative free cash flow since 2019. And capital allocation decisions, they're made through that lens, not just growth but durable, repeatable cash flow generation. So to answer your question, on the acquisition side, I think it's just wait and see.

最終，我們的目標是隨時間推進提升自由現金流。而且自 2019 年以來，我們在全方位服務型住宿 REIT 中的累計自由現金流領先同業。資本配置決策也是透過這個視角來做——不只是成長，而是可持續、可重複的現金流創造。所以回答你的問題，在收購方面，我認為就是再觀望一下。

Chris Woronka, Deutsche Bank.

Chris Woronka，德意志銀行。

Good morning guys. Thanks for taking the question. Jim or Sourav, I wanted to ask a little bit more about San Francisco. Great quarter, obviously, Super Bowl there. I think you have six assets in the market, four kind of downtown, two outside. There's a lot going on there. I think the market is in a pretty good recovery in the CBD, but also some of the AI now closer to the airport in Silicon Valley. So I guess if you break those two apart, which one do you think is more sustainable? Which one are you more excited about? Which one kind of helps your bottom line out there the most?

各位早安。謝謝讓我提問。Jim 或 Sourav，我想再多問一點關於舊金山的情況。很棒的一季，顯然那裡有超級盃。我想你們在該市場有六項資產，四個算是在市中心，兩個在外圍。那裡有很多事情正在發生。我認為 CBD 的市場復甦得相當不錯，但同時也有一些 AI 相關活動更靠近矽谷的機場一帶。所以如果把這兩塊拆開來看，你覺得哪一塊更具可持續性？你對哪一塊更興奮？哪一塊對你們在那裡的獲利貢獻最大？

Yeah. Sure, Chris. We've been a big believer on San Francisco. We haven't given up. We haven't sold any assets. We continuously are looking at potential opportunities in that market because there is a clear recovery, it's underway and it's accelerating. San Francisco is -- we're seeing office fundamentals improving meaningfully entering 2026. And a pundit used the phrase that it is now a boom loop as opposed to a gloom loop. I can't take credit for that. But it is a boom loop.

是的。當然，Chris。我們一直非常看好舊金山。我們沒有放棄。我們沒有出售任何資產。我們也持續在該市場尋找潛在機會，因為復甦很明確，正在進行中且正在加速。舊金山——我們看到辦公室基本面在邁入 2026 年時將顯著改善。有位評論者用了一個說法：現在是「繁榮循環」（boom loop），而不是「低迷循環」（gloom loop）。這不是我發明的。但確實是繁榮循環。

I mean San Francisco had outstanding growth in the first quarter. As I mentioned, we delivered a RevPAR of 26% in the quarter, benefiting from the Super Bowl and continued demand recovery and generated over 70% EBITDA growth. It's a diversified demand base. We like the assets we own in San Francisco. You've seen them, I'm sure, because they're well located, they're in great physical shape, and they can gear off of multiple demand generators, including leisure, group and business transient.

我的意思是，舊金山在第一季有非常亮眼的成長。如我提到的，我們該季 RevPAR 成長 26%，受惠於超級盃與需求持續復甦，並帶動 EBITDA 成長超過 70%。需求來源多元。我們喜歡我們在舊金山持有的資產。你應該也看過，因為它們地點很好、硬體狀況極佳，而且能受惠於多個需求驅動因素，包括休閒、團體與商務散客。

Importantly, our assets are well positioned to take on in-house medium and large groups, helping offset citywide demand gaps. So AI is real. The office recovery supports lodging fundamentals. Leasing activity and net absorption improved in early '26 driven by AI-related companies. And that is benefiting not only our properties in city center, but also the Hyatt on Burlingame, which is out by the airport and the Santa Clara Marriott. So we couldn't be happier with what's happening in that market and look forward to continued growth going forward.

重要的是，我們的資產很適合承接館內中型與大型團體，協助彌補全市層面的需求缺口。所以 AI 的確是真實存在的趨勢。辦公室復甦支撐住宿基本面。在 AI 相關公司帶動下，2026 年初的租賃活動與淨吸納量有所改善。這不僅讓我們市中心的物業受惠，也讓靠近機場的 Burlingame Hyatt，以及 Santa Clara Marriott 受惠。因此，我們對該市場正在發生的事情非常滿意，也期待未來持續成長。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通。

Good morning everyone and thanks for the question. I know we've talked a bit about it, but I just wanted to circle back on Maui. I think RevPAR there was up 1.5%, 1.6%. You mentioned, I think, 120 basis points of disruption. So close to 3%. I think, RevPAR growth, like as we think about that path to $120 million, right, it seems like you already saw a bit of a deceleration there. So I guess that -- what's the level of confidence in getting that $120 million for the year? And can you go -- maybe it's booking window or just the level of visibility in that path?

各位早安，謝謝讓我提問。我知道我們已經談過一些，但我想再回到茂宜島。我想那裡的 RevPAR 上升了 1.5%、1.6%。你提到我記得有 120 個基點的干擾。所以接近 3%。我想，當我們思考通往 1.2 億美元那條路徑時，似乎你們已經看到一些減速。所以我想問——對於今年達到 1.2 億美元的信心程度如何？以及你能否談談——可能是訂房窗口或只是對那條路徑的可見度？

Yeah. Just to be clear, the 120 basis points impact for the quarter was for Hawaii, the Kona Low storm, as well as the Winter Storm Fern. It was really 80 bps. And that's to the portfolio, not to Maui. So Maui would have effectively been in the higher single digits if it wasn't for the storm. So when you're looking at Maui RevPAR in the low single digits, that would have been in the high single digits. The impact that we were talking about is really the impact of the portfolio RevPAR for the first quarter.

是的。先澄清一下，本季 120 個基點的影響是針對夏威夷整體，包括 Kona Low 風暴以及冬季風暴 Fern。實際上是 80 個基點。而且那是對整體投資組合的影響，不是只對茂宜島。所以如果不是因為風暴，茂宜島本來有效會落在較高的個位數成長。因此當你看到茂宜島 RevPAR 是低個位數成長時，原本會是高個位數。我們所談的影響，主要是第一季整體投資組合 RevPAR 的影響。

In terms of how much confidence we do have, as Jim mentioned, we started the year off really well. We were really pacing ahead of what our expectations were before the storm hit. And when we are looking at sort of the re-bookings that are taking place from the cancels from the storm, that gives us further confidence as well as the overall group booking pace for Maui. And when we look at it by quarter, like fourth quarter is probably the strongest, close to nearly 20% in terms of group booking pace. So our expectation for Maui RevPAR for the full year in order to get to the $120 million is almost close to 9%, I would say. Hopefully, that helps.

至於我們有多大信心，如 Jim 提到的，我們年初開局非常好。在風暴來襲之前，我們的進度確實領先原先預期。而當我們觀察因風暴取消後所進行的重新訂房，這也提升了我們的信心，另外還有茂宜島整體團體訂房的進度。如果按季度來看，第四季可能最強，團體訂房進度接近 20%。所以我們對茂宜島全年 RevPAR 的預期，為了達到 1.2 億美元，大概接近 9% 左右，我會這麼說。希望這有幫助。

Robin Farley, UBS.

Robin Farley，瑞銀。

Great, thanks. Most of my questions have been answered already. I guess just a small one. I think you're still the largest hotel owner for Marriott. And I wonder if you could quantify if the recent change in the split of economics of the Bonvoy program, did that help or hurt you for Q1 or for the full year in either direction?

很好，謝謝。我大部分問題都已經被回答了。我想只問一個小問題。我想你們仍然是萬豪最大的飯店業主。我想知道你們能否量化一下，Bonvoy 計畫近期在經濟分成上的變更，對你們第一季或全年是有利還是不利？

Hey Robin, overall, it has helped us, because not only are we the largest, we also have a very high redemption of hotels within our portfolio. And certainly, the way the program works, it has been beneficial to us with the changes that have occurred both in Q1 and that expectation is that it would continue to benefit us for the full year.

嗨 Robin，整體而言，這對我們是有利的，因為我們不僅是最大的業主，我們投資組合內的飯店也有非常高的兌換（redemption）比例。而且就該計畫的運作方式來看，這些變更在第一季對我們有利，我們也預期全年會持續帶來正面效益。

And is there any way to quantify kind of roughly what that benefit is from that change? Because I think it's sort of -- I don't know if it's for you as well a one-time step-up or if it is something that would recur in your base. I know for them, it's a one-time step-up. So I just want to think about the -- if you can quantify. Thank you.

那有沒有辦法大致量化一下這項變更帶來的好處？因為我覺得這有點——我不知道對你們而言是否也是一次性的台階式上調，或是會在你們的基礎表現中持續反映。我知道對他們而言是一次性的台階式上調。所以我想了解——如果你能量化的話。謝謝。

It's tough to exactly quantify. We can maybe provide some ranges for you at some point in time, but I don't have that handy at this moment.

這很難精確量化。我們之後某個時間點也許可以提供一些區間給你，但我現在手邊沒有。

Logan Epstein, Wolfe Research.

Logan Epstein，Wolfe Research。

Thanks for taking the question and good morning. Maybe just one, you talked about the rate growth in the quarter, obviously strong. And you touched on some expected deceleration there for the rest of the year. Just curious if you could break out for the implied 2Q to 4Q RevPAR of 3.5%, how is it breaking out between rate and occupancy growth? And maybe how did that trend also in April, up 4.4%, too?

謝謝讓我提問，早安。也許就一個問題：你們談到本季房價成長，顯然很強勁。你們也提到今年剩餘期間預期會有一些減速。我想了解一下，對於隱含的第二季到第四季 RevPAR 成長 3.5%，在房價與入住率成長之間各自的拆分是如何？另外，4 月也成長 4.4%，那個趨勢又是如何？

Sure. When you're looking at the second half, I would say about occupancy is growing about 80 bps or so, and the remainder is rate. The rate for the second half is almost 1 point lower than the rate growth that we saw in the first half. And that's primarily because when you think about our portfolio, a lot of our resorts, the high season is Q1, and we saw that outperformance in the first quarter.

當然。當你看下半年時，我會說入住率大約成長了80個基點左右，其餘則來自房價。下半年的房價成長率幾乎比我們在上半年看到的房價成長低了將近1個百分點。這主要是因為就我們的投資組合而言，我們許多度假村的旺季在第一季，而我們在第一季看到了超預期的表現。

Obviously, there was a compressed spring break that also helped drive the Q1 results, particularly at our resorts. And then with World Cup, that's a meaningful transient rate pickup that we are expecting. So overall, that's why you just see a much higher rate in the first half versus the second half. In terms of first half occupancy, I would say the pickup was about 70 bps, is what we're expecting for the first half. And so it's very similar to the second half in terms of occupancy or demand pickup, but rate is going to be about -- the expectation is about 1 point lower or so.

顯然，春假期間被壓縮也有助於推動第一季的結果，特別是在我們的度假村。另外有世界盃，我們預期這將帶來相當可觀的散客房價提升。因此整體而言，這就是為什麼你會看到上半年的房價遠高於下半年。就上半年的入住率而言，我會說我們預期上半年的提升約為70個基點。所以在入住率或需求提升方面與下半年非常相近，但房價方面——預期大約會低1個百分點左右。

Jack Armstrong, Wells Fargo.

Jack Armstrong，富國銀行。

Good morning, and thanks for taking the question. Can you take us through some of the building blocks on the expense side that are assumed in your annual guidance? And we've heard from some of your peers over the last few days, the total wage and benefits came in below expectations in the first quarter, but partially as a function of lower head count. Is that something you're seeing in your portfolio?

早安，謝謝讓我提問。能否帶我們了解一下你們年度指引中，在費用端所假設的一些組成要素？過去幾天我們也聽到一些同業提到，第一季整體薪資與福利低於預期，但部分原因是人頭數較低。這也是你們在投資組合中看到的情況嗎？

So for us, in the first quarter, absolute wage and benefit growth was only 4.5%. And that really is being driven by productivity improvements. I mean, we work extremely closely with the operators and are very, very focused in terms of how they are leveraging their labor management systems. In the case of Marriott, that's Atlas, and you have Olympia in the case of Hyatt, particularly focused on really driving labor standards and each of the labor standards, given how unique our properties are, they are very unique to each property and to setting sort of best-in-class labor standards and then scheduling and forecasting based on the labor standards becomes critical.

就我們而言，第一季薪資與福利的絕對增幅只有4.5%。這主要是由生產力改善所帶動。我們與營運方合作非常緊密，並且非常、非常專注於他們如何運用勞動力管理系統。以萬豪而言是Atlas；而凱悅則是Olympia，特別著重於真正推動勞動標準。由於我們的資產非常獨特，各項勞動標準也都因物業而異；因此建立同業最佳的勞動標準，並依據這些標準進行排班與預測，就變得至關重要。

So there is -- as you will see in the income statement or our comp numbers, Rooms profit margin improved meaningfully, so did Food and Beverage profit margin, and it's all being driven by this honed-in focus on productivity across the portfolio. So that's why despite wage rates going up 5%, and that's what the expectation that we set out at the beginning of the year for the full year. And we saw that as wage rates are sort of sticking to that 5% increase. Our absolute dollar amount when you look at wage and benefit, that was only a 4.5% increase. So I would say it's really driving more productivity and efficiencies across the portfolio.

因此——你會在損益表或我們的同店數據中看到，客房利潤率有顯著改善，餐飲利潤率也同樣改善，而這一切都是由於我們在整個投資組合中對生產力的聚焦與精進所驅動。所以即便薪資水準上升5%，這也是我們在年初對全年所設定的預期。而我們也看到薪資水準大致維持在這個5%的增幅。但若看薪資與福利的絕對金額，增幅只有4.5%。所以我會說，這確實是在推動整個投資組合更高的生產力與效率。

Chris Darling, Green Street.

Chris Darling，Green Street。

Thank you and good morning. A couple of follow-ups related to capital allocation. First, Jim, I think you mentioned a high bar for acquisitions today. Does that suggest that incremental dispositions might be more likely through the rest of the year? And then secondly, from a tax efficiency standpoint, would the potential need for another special dividend deter you from pursuing that strategy?

謝謝，早安。有幾個與資本配置相關的追問。第一，Jim，我想你今天提到對收購的門檻很高。這是否意味著在今年剩餘時間裡，進一步處分資產的可能性更高？第二，從稅務效率的角度來看，若可能需要再發一次特別股利，會不會讓你們因此不想採取這個策略？

I'll answer the second question first, Chris, because that's the easier one of the two. No, it would not deter us. If we thought it was the right capital allocation decision to sell assets that would result in a special dividend in the event we couldn't do a like-kind exchange and we created significant shareholder value, that is certainly something we would do.

Chris，我先回答第二個問題，因為兩個之中這個比較容易。不會，這不會阻止我們。如果我們認為出售資產是正確的資本配置決策，而在無法進行同類資產交換（like-kind exchange）的情況下會導致發放特別股利，且能創造顯著的股東價值，那這當然是我們會做的事。

On dispositions versus acquisitions, we constantly test the market with dispositions all the time. And we have -- as I mentioned earlier in the call, our key focus is on generating free cash flow. We think that's a good metric, and it adds to growth in FFO per share, which has done quite well over time. I mean, from 2019 to 2025, our FFO per share was 19%, our growth. And relative to the other full-service lodging REITs, they had minus 33% FFO per share.

至於處分與收購，我們一直都在持續測試市場、隨時評估處分。而且——如我先前在電話會議中提到，我們的核心重點是創造自由現金流。我們認為這是一個很好的衡量指標，也能帶動每股FFO的成長，而這項指標長期表現相當不錯。也就是說，從2019年到2025年，我們每股FFO成長了19%。相較之下，其他全服務型住宿REIT的每股FFO是負33%。

So as we're thinking about how we approach capital allocation, dispositions are at many times as beneficial, if not more beneficial than acquisitions. So stay tuned. We'll see how the year plays out, but we are prepared to be sellers. We're also hopeful at some point in time that we can get back into the market and be a buyer.

因此，當我們思考如何進行資本配置時，處分在很多時候的效益不亞於收購，甚至可能更有利。所以敬請期待。我們會看今年接下來的發展，但我們已準備好成為賣方。同時我們也希望在某個時間點能回到市場，成為買方。

We have reached the end of the Q&A session. I will now turn the call back to Jim Risoleo for closing remarks.

問答環節到此結束。我現在把電話交回給Jim Risoleo做結語。

Well, as always, folks, we really appreciate you joining us. We appreciate the opportunity to discuss our quarterly results with you and how we're thinking about the balance of 2026. And we look forward to seeing many of you at conferences in the coming months.

各位，一如既往，我們非常感謝大家參與。也感謝有機會與各位討論我們的季度業績，以及我們如何看待2026年剩餘時間的情勢。我們也期待在接下來幾個月的會議上見到各位中的許多人。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。