Host Hotels & Resorts, Inc. (HST) 2026 Q3 法說會逐字稿

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，大家早安。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被視為前瞻性陳述。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的影響，可能導致未來結果與所表達者有所不同；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, in our 8-K filed with the SEC and in the supplemental financial information on our website at hosthotels.com.

此外，在今天的電話會議中，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 73 hotel comparable hotel portfolio in 2026. The comparable hotel portfolio excludes the Don CeSar and Alila Ventana Big Sur, which was closed for over 30 days due to a wildfire evacuation mandate. The comparable hotel portfolio also excludes the One Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West Hotel, which were acquired in the fourth quarter.

今天討論的營運結果係指我們於 2026 年的 73 家飯店可比飯店投資組合。可比飯店投資組合不包含 Don CeSar 與 Alila Ventana Big Sur，後者因野火撤離命令而關閉超過 30 天。可比飯店投資組合亦不包含第四季收購的 One Hotel Brooklyn Bridge 與 Renaissance Dallas at Plano Legacy West Hotel。

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

今天與我一同參與電話會議的有總裁兼執行長 Jim Rosoleo，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，我想把電話會議交給 Jim。

Thank you, Jamie, and thanks to everyone for joining us this morning. We continue to outperform our expectations in the third quarter, building on strong operating and financial results in the first half of 2026. In the third quarter, we delivered adjusted EBITDAre of $347 million, an increase of 8.8% over last year and adjusted FFO per share of $0.39, which was up 11.4% compared to the third quarter of 2025. Year-to-date compared to 2025, adjusted EBITDAre and adjusted FFO per share were up 6.5% and 8.3%, respectively.

謝謝你，Jamie，也感謝各位今天早上加入我們。我們第三季的表現持續優於預期，延續 2026 年上半年強勁的營運與財務成果。第三季我們達成調整後 EBITDAre 3.47 億美元，較去年成長 8.8%；調整後每股 FFO 為 0.39 美元，較 2025 年第三季成長 11.4%。年初至今相較 2025 年，調整後 EBITDAre 與調整後每股 FFO 分別成長 6.5% 與 8.3%。

Comparable hotel RevPAR improved 8.8% compared to the third quarter of 2025 and comparable hotel total RevPAR improved 7.3%, driven by rate growth, strong leisure, group and business transient demand and higher food and beverage revenues. Comparable hotel EBITDA margin increased 90 basis points year-over-year to 25.2%. As rate growth more than offset higher wage expense. RevPAR growth in the third quarter meaningfully exceeded our expectations with broad-based strength across markets and business mix.

可比飯店 RevPAR 較 2025 年第三季提升 8.8%，可比飯店總 RevPAR 提升 7.3%，主要受房價成長、強勁的休閒、團體與商務散客需求，以及更高的餐飲收入所帶動。可比飯店 EBITDA 利潤率年增 90 個基點至 25.2%，因房價成長足以抵銷較高的薪資費用。第三季 RevPAR 成長顯著超出我們的預期，各市場與各類客源結構皆呈現廣泛的強勢表現。

In fact, 23 of our 24 domestic markets delivered increases in comparable hotel RevPAR in the quarter. Growth was driven by leisure transient bolstered by special events, group demand pickup and improving business transient demand. Looking at World Cup performance, we estimate that the event contributed approximately 100 basis points of RevPAR growth in the third quarter. For the full year, the World Cup contributed approximately 70 basis points of gross RevPAR growth, which is consistent with our prior expectation.

事實上，我們 24 個美國國內市場中有 23 個在本季的可比飯店 RevPAR 皆呈現成長。成長動能來自休閒散客在特殊活動帶動下的提升、團體需求回升，以及商務散客需求改善。就世界盃的表現而言，我們估計該活動在第三季約貢獻 RevPAR 成長 100 個基點。就全年而言，世界盃約貢獻總 RevPAR 成長 70 個基點，與我們先前的預期一致。

Turning to business mix, transient revenue grew by approximately 12%, the strongest growth since early 2023, accounting for more than 80% of the room revenue increase in the third quarter. Growth was driven by both rate and occupancy, unlike the first half of the year, which was primarily rate-driven. We saw particularly strong transient performance in Maui, Washington DC, San Francisco and New York.

就客源結構而言，散客收入約成長 12%，為自 2023 年初以來最強勁的成長，並在第三季客房收入增量中占比超過 80%。成長同時由房價與住房率帶動，不同於上半年主要由房價驅動。我們在茂宜島、華盛頓特區、舊金山與紐約看到特別強勁的散客表現。

Turning to Maui, strong demand drove RevPAR growth of nearly 14% and total RevPAR growth of 12% despite weather-related disruptions. In fact, Maui accounted for more than two thirds of our resort RevPAR growth in the quarter. We now expect our Maui properties to generate approximately $122 million of EBITDA in 2026, a $2 million increase over our prior guidance.

談到茂宜島，儘管受到天候相關干擾，強勁需求仍帶動 RevPAR 成長近 14%，總 RevPAR 成長 12%。事實上，茂宜島在本季貢獻了我們度假型資產 RevPAR 成長的三分之二以上。我們目前預期 2026 年茂宜島資產將產生約 1.22 億美元 EBITDA，較先前指引上調 200 萬美元。

While Maui outperformed our expectations, storms in Hawaii impacted third quarter comparable hotel RevPAR growth by 25 basis points and full year comparable hotel RevPAR growth by 40 basis points. Including the Kona Low storm earlier this year, we estimate Hawaii weather events will impact full-year EBITDA by approximately $10 million, of which $7 million is attributable to Maui.

雖然茂宜島表現優於預期，但夏威夷的風暴使第三季可比飯店 RevPAR 成長受到 25 個基點的影響，全年可比飯店 RevPAR 成長受到 40 個基點的影響。包含今年稍早的 Kona Low 風暴在內，我們估計夏威夷天候事件將使全年 EBITDA 影響約 1,000 萬美元，其中 700 萬美元歸因於茂宜島。

Turning to business transient, revenue was up 9% in the third quarter, led by both room night and rate growth. Importantly, business transient room night growth was up in the mid-single-digits. An encouraging sign of building momentum for the segment going forward. Group room revenue for the quarter was up 5% year-over-year, driven by short-term bookings and corporate groups. Our definite group room nights on the books increased to $4 million for 2026. In full year 2026, total group revenue pace is up 6% to the same time last year with the fourth quarter pacing up nearly 10%.

再看商務散客，第三季收入成長 9%，主要由間夜數與房價成長共同帶動。重要的是，商務散客間夜數成長達到中個位數百分比。這是該細分市場未來動能正在累積的令人鼓舞訊號。本季團體客房收入年增 5%，主要由短期訂房與企業團體帶動。我們 2026 年已確定（definite）的團體客房間夜在手訂單增加至 400 萬。在 2026 年全年，團體總收入的預訂進度較去年同期提升 6%，其中第四季的預訂進度提升近 10%。

Turning to ancillary spending, food and beverage revenue grew 6%, spa revenue grew 2% and golf revenue grew 4%. Continued growth in ancillary spending underscores the strength of the affluent consumer and the benefits of our strategic portfolio investments in recent years. On the capital allocation front, yesterday we announced the acquisition of the leasehold interest in the 195-room One Hotel Brooklyn Bridge for $202 million in cash. The property has 83 years remaining on the ground lease with a government nonprofit lessor.

就附屬消費而言，餐飲收入成長 6%，SPA 收入成長 2%，高爾夫收入成長 4%。附屬消費的持續成長凸顯高端消費者的韌性，以及我們近年策略性投資於投資組合所帶來的效益。在資本配置方面，我們昨日宣布以 2.02 億美元現金收購 195 間客房的 One Hotel Brooklyn Bridge 之租賃權益（leasehold interest）。該物業的地上權租約尚餘 83 年，出租方為政府非營利機構。

The purchase price represents a 10.2 times EBITDA multiple and an approximately 8.2% cap rate based on estimated 2026 results. The property is expected to rank among our top 10 assets. With estimated total RevPAR of $1,130, RevPAR of $615 and EBITDA per key of approximately $100,000, further enhancing the quality of our portfolio. The 1 Hotel Brooklyn Bridge was the first new build for One Hotels, and it sits on an irreplaceable piece of property on the East River, along the riverfront park and adjacent to the Brooklyn Bridge.

以估計的 2026 年結果計算，該收購價格相當於 10.2 倍 EBITDA 倍數，且約為 8.2% 的資本化率（cap rate）。預期該物業將名列我們前 10 大資產之一。其估計總 RevPAR 為 1,130 美元、RevPAR 為 615 美元，且每房（per key）EBITDA 約 10 萬美元，將進一步提升我們投資組合的品質。1 Hotel Brooklyn Bridge 是 One Hotels 的首個新建案，坐落於東河沿岸一處不可取代的地段，緊鄰河濱公園並毗鄰布魯克林大橋。

Opened in 2017, the hotel is a LEED gold-certified luxury property with Manhattan skyline views and 195 oversized rooms, including 29 suites. The hotel has 12,000 square feet of meeting space, multiple food and beverage outlets, a 10-treatment room, Bamford Wellness Spa, a fitness center, underground parking and a rooftop pool.

該飯店於 2017 年開幕，為取得 LEED 金級認證的奢華物業，可眺望曼哈頓天際線，並擁有 195 間寬敞客房，其中包含 29 間套房。飯店設有 12,000 平方英尺的會議空間、多個餐飲據點、10 間療程室的 Bamford Wellness Spa、健身中心、地下停車場以及屋頂泳池。

The property also features Barbuto Brooklyn, the restaurant concept from James Beard Award-winning chef, Jonathan Waxman. The hotel benefits from convenient Manhattan access, strong Brooklyn demand drivers, and significant barriers to new supply. The acquisition expands our luxury presence in New York into a new submarket and further strengthens our relationship with the 1 Hotel brand.

該物業亦設有 Barbuto Brooklyn，為詹姆斯・比爾德獎得主主廚 Jonathan Waxman 的餐廳概念。飯店受惠於便捷的曼哈頓交通連結、布魯克林強勁的需求驅動因素，以及新供給進入的顯著障礙。此次收購將我們在紐約的奢華版圖擴展至新的次市場，並進一步強化我們與 1 Hotel 品牌的合作關係。

Brooklyn has emerged as an extension of Manhattan with high-end dining and retail, a growing technology hub, and a significant concentration of fashion and entertainment companies. We also announced the acquisition of the fee simple interest in the 308-room Renaissance Dallas at Plano Legacy West Hotel for approximately $172 million in cash. The purchase price represents an 11.2 times EBITDA multiple and an approximately 7.9% cap rate based on estimated 2026 results.

布魯克林已成為曼哈頓的延伸，擁有高端餐飲與零售、成長中的科技樞紐，以及大量時尚與娛樂公司聚集。我們也宣布以約 1.72 億美元現金收購 308 間客房的 Renaissance Dallas at Plano Legacy West Hotel 之完全所有權（fee simple interest）。以估計的 2026 年結果計算，該收購價格相當於 11.2 倍 EBITDA 倍數，且約為 7.9% 的資本化率（cap rate）。

The property is expected to rank among our top 25 assets on a total RevPAR and EBITDA per key basis based on estimated full year 2026 results. With expected total RevPAR of $380, RevPAR of $200 and EBITDA per key of approximately $50,000, further enhancing the geographic diversification of our portfolio. The acquisition establishes host presence in the high-growth Dallas-Fort Worth market through a uniquely positioned asset in the Plano-Frisco submarket.

該物業預期將依據估計的 2026 年全年業績，在總 RevPAR 與每間客房 EBITDA 指標上名列我們前 25 大資產之列。預期總 RevPAR 為 380 美元、RevPAR 為 200 美元，且每間客房 EBITDA 約為 50,000 美元，進一步提升我們投資組合的地域多元化。此項收購透過位於 Plano–Frisco 次市場、具獨特定位的資產，確立我們在高成長的達拉斯—沃斯堡市場的據點。

The Renaissance Plano features 16 suites, 35,000 square feet of meeting space, multiple food and beverage outlets, an outdoor pool, a fitness center and an attached parking garage. As the only hotel within Legacy West, a premier 240-acre mixed-use development anchored by major corporations, class A offices, luxury residences and high-end retail. The hotel benefits from strong business transient, corporate group and social demand.

Renaissance Plano 擁有 16 間套房、35,000 平方英尺的會議空間、多個餐飲據點、戶外泳池、健身中心以及相連的停車場。作為 Legacy West 內唯一的飯店；Legacy West 為一座占地 240 英畝的頂級複合式開發案，匯聚大型企業、A 級辦公室、豪華住宅與高端零售。該飯店受惠於強勁的商務散客、企業團體與社交活動需求。

With more than 75 Forbes Global 2000 companies in the area, the submarket is well positioned to benefit from continued corporate relocations and planned entertainment district development. Together, these acquisitions add two high-quality assets at attractive pricing, expand our presence in key growth markets, and enhance the quality, performance, and geographic diversification of our portfolio. They reflect our disciplined approach to capital allocation and our commitment to generating long-term shareholder value.

該區域周邊聚集超過 75 家《富比士》全球 2000 大企業，使該次市場具備良好條件，可受惠於持續的企業遷入以及規劃中的娛樂園區開發。綜合而言，這些收購以具吸引力的價格新增兩項高品質資產，擴大我們在關鍵成長市場的布局，並提升投資組合的品質、表現與地域多元化。這反映我們在資本配置上的紀律，以及我們致力於創造長期股東價值的承諾。

Taken together, the blended 10.7 times EBITDA multiple for these two acquisitions is more than one turn below the recent trading multiple of our shares and substantially completes the reallocation of proceeds from the Four Seasons sales earlier this year. Additionally, the acquisitions are immediately accretive to earnings and are expected to generate $6 million of EBITDA during our 2026 ownership period, which is included in our adjusted EBITDAre and FFO guidance. Compared with the interest income we would have earned on the cash invested, the combined acquisitions are expected to contribute approximately $4 million of incremental adjusted EBITDAre.

合併來看，這兩項收購的加權平均 EBITDA 倍數為 10.7 倍，較我們股票近期交易倍數低逾一個倍數轉（one turn），並且基本完成了今年稍早出售 Four Seasons 所得款項的再配置。此外，該等收購將立即增厚盈餘，並預期在我們 2026 年持有期間產生 600 萬美元 EBITDA，該金額已納入我們調整後 EBITDAre 與 FFO 指引。相較於我們將投入現金所能賺取的利息收入，合併收購預期可貢獻約 400 萬美元的增量調整後 EBITDAre。

Turning to portfolio reinvestment, as of the third quarter, the Hyatt Transformational Capital Program is approximately 90% complete and on track for completion by the end of this year. The final asset in the program, the Manchester Grand Hyatt San Diego, is expected to be substantially completed by year-end. We also made additional progress on the second Marriott Transformational Capital Program, which is approximately 50% complete and is tracking on time and under budget.

轉向投資組合再投資方面，截至第三季，Hyatt 轉型資本計畫（Transformational Capital Program）已完成約 90%，並按計畫將於今年底前完成。該計畫的最後一項資產——Manchester Grand Hyatt San Diego——預期將於年底前大致完工。我們也在第二期 Marriott 轉型資本計畫上取得進一步進展，目前約完成 50%，進度如期且低於預算。

Renovations at the Ritz-Carlton Naples Tiburon and the guest room renovation phase at the New Orleans Marriott are complete. The Westin Kierland and the Ritz-Carlton Marina del Rey are currently under renovation. In the third quarter, we received $7 million of operating guarantees related to our transformational capital programs. We expect approximately $19 million in operating profit guarantees from our two transformational capital programs in 2026, which is expected to offset most of the EBITDA disruption at those properties.

Ritz-Carlton Naples Tiburon 的翻新工程，以及 New Orleans Marriott 的客房翻新階段已完成。Westin Kierland 與 Ritz-Carlton Marina del Rey 目前正在翻新中。第三季，我們收到與轉型資本計畫相關的 700 萬美元營運保證金。我們預期 2026 年可自兩項轉型資本計畫取得約 1,900 萬美元的營運利潤保證，預計可抵銷這些物業大部分的 EBITDA 受干擾影響。

Looking at other ROI projects. We completed the final phase of the Four Seasons branded condo development at the Walt Disney World Resort during the second quarter on time and within budget. To date, we have closed on 29 of the 40 units, including 21 of 31 mid-rise units and eight of nine villas. We expect approximately $18 million of EBITDA in 2026, with $5 million expected to be recognized in 2027.

再看其他投資報酬（ROI）專案。我們已於第二季按期且在預算內完成位於華特迪士尼世界度假區的 Four Seasons 品牌公寓開發案最後階段。截至目前，我們已完成 40 個單位中的 29 個交割，包括 31 個中高樓層單位中的 21 個，以及 9 棟別墅中的 8 棟。我們預期 2026 年 EBITDA 約為 1,800 萬美元，其中 500 萬美元預計於 2027 年認列。

For 2026, our capital expenditure guidance range is approximately $550 million to $600 million. This includes approximately $255 million to $280 million of investment focused on redevelopment, repositioning, and ROI projects, as well as $10 million to $15 million of property damage reconstruction associated with the Kona Low rainstorm in Hawaii. We expect $2 million of remediation costs associated with the Hawaii storms this year and an additional $10 million of restoration spending in 2027, with insurance substantially covering losses above our deductible. In addition to our capital expenditure investments this year, we spent approximately $17 million to close out the condo development at the Four Seasons Orlando. Our continued portfolio reinvestment remains a key differentiator, and we believe it is a driver of host outperformance. Once the second Marriott transformational Capital Program is completed in 2029, we expect to have invested approximately $2 billion in comprehensive renovations across 34 hotels that are projected to generate more than 60% of our 2026 hotel EBITDA.

就 2026 年而言，我們的資本支出指引區間約為 5.5 億至 6.0 億美元。其中包括約 2.55 億至 2.80 億美元的投資，聚焦於重建、重新定位與 ROI 專案，以及因夏威夷科納（Kona）低壓暴雨所致的物業損害重建費用約 1,000 萬至 1,500 萬美元。我們預期今年將發生約 200 萬美元的夏威夷風暴修復費用，並於 2027 年再投入額外 1,000 萬美元的復原支出；保險將在超過自負額的損失部分提供實質承保。除今年的資本支出投資外，我們亦支出約 1,700 萬美元以完成 Four Seasons Orlando 公寓開發案的結案。我們持續的投資組合再投資仍是關鍵差異化因素，我們相信這也是 Host 表現優於同業的驅動力。待第二期 Marriott 轉型資本計畫於 2029 年完成後，我們預期將在 34 家飯店完成全面翻新，累計投資約 20 億美元；這些飯店預計將貢獻我們 2026 年飯店 EBITDA 的逾 60%。

At the 21 properties where post renovation performance has stabilized. RevPAR index share has increased by nearly 9 points on average, demonstrating the meaningful value created by our disciplined capital allocation strategy.

在 21 項翻新後表現已趨於穩定的物業中。RevPAR 指數市占平均提升近 9 個百分點，展現我們具紀律的資本配置策略所創造的顯著價值。

Turning to our outlook for the full year, we once again outperformed our expectations in the third quarter. As a result of our strong performance year-to-date and improved expectations for the fourth quarter, we are increasing our comparable hotel RevPAR and total RevPAR guidance estimates to approximately 6.75% and 6%, respectively. We are also increasing our adjusted EBITDAre guidance to $1,865 million, representing a $35 million or 2% improvement. Sourav will discuss the assumptions behind these updated estimates in more detail.

接著談我們對全年展望，我們在第三季再次優於預期。基於今年迄今的強勁表現以及對第四季預期的改善，我們將同店飯店 RevPAR 與總 RevPAR 指引估計分別上調至約 6.75% 與 6%。我們也將調整後 EBITDAre 指引上調至 18.65 億美元，較先前提高 3,500 萬美元或 2%。Sourav 將更詳細說明這些更新估計背後的假設。

Building on our outperformance in 2025, we have continued to exceed expectations throughout 2026. Since issuing our initial full year guidance in February. We have increased our RevPAR expectations by 400 basis points and our adjusted EBITDA are expectations by $95 million. Looking ahead to 2027, we remain optimistic about the travel outlook, supported by a favorable demand environment, the strength of the high-end consumer, continued growth in business travel and historically low supply growth across our markets and chain scales.

在 2025 年表現優於預期的基礎上，我們於 2026 年持續在各期間超越預期。自我們於 2 月發布初始全年指引以來。我們已將 RevPAR 預期上調 400 個基點，並將調整後 EBITDAre 預期上調 9,500 萬美元。展望 2027 年，在有利的需求環境、高端消費者的韌性、商務旅遊持續成長，以及我們所處市場與品牌層級供給成長維持歷史低位的支撐下，我們對旅遊前景仍保持樂觀。

We also expect to benefit from several Host-specific tailwinds, including incremental EBITDA from our recent acquisitions, a healthy 2027 total group revenue pace of 6 percent compared to the same time last year, continued recoveries in Maui and San Francisco, the ramp-up of our transformational capital projects and the Phoenician villas, moderating labor cost growth and lower property insurance expense. With a high-quality portfolio, an investment-grade balance sheet and a proven track record of execution, Host is well positioned to build on our outperformance and deliver compelling long-term value for our shareholders.

我們亦預期將受惠於多項 Host 特有的順風因素，包括近期收購帶來的增量 EBITDA、2027 年團體總收入進度（pace）相較去年同期成長 6%、毛伊島與舊金山的持續復甦、轉型資本專案與 Phoenician 別墅的爬坡、勞動成本成長趨緩，以及物業保險費用下降。憑藉高品質的投資組合、投資級資產負債表與經驗證的執行紀錄，Host 已具備良好條件，得以延續優於同業的表現，並為股東創造具吸引力的長期價值。

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

接下來，我將把電話會議交給 Sourav。

Thank you, Jim, and good morning, everyone. Building on Jim's comments, I will go into detail on our third quarter operations, financial results, our updated 2026 guidance and our balance sheet.

謝謝你，Jim，各位早安。延續 Jim 的評論，我將詳細說明我們第三季的營運、財務結果、更新後的 2026 年指引以及資產負債表狀況。

Starting with total revenue trends, RevPAR growth outpaced total RevPAR as outsized rates coupled with more than 2 points of occupancy growth boosted room revenue growth beyond ancillary revenue growth. Comparable hotel food and beverage revenue for the quarter grew 6%, led by banquet and catering revenue growth.

先從總營收趨勢談起，RevPAR 的成長幅度超越總 RevPAR；在房價顯著上升並搭配入住率提升逾 2 個百分點的帶動下，客房營收成長超過附屬收入的成長。本季同店飯店餐飲（F&B）營收成長 6%，主要由宴會與餐飲承辦（banquet and catering）營收成長所帶動。

Banquet and catering revenue increased 8%, driven by 6% growth in banquet and catering contribution per group room night and increases in group room night volume. Banquet growth was broad-based across both hotel types and markets. Restaurant and bar revenue grew 5% in the quarter, driven by our resorts in Maui and Oahu despite impacts from weather. In addition, we had a particularly strong quarter at the Orlando World Center Marriott.

宴會與餐飲承辦營收成長 8%，主要受團體每間夜宴會與餐飲承辦貢獻成長 6% 以及團體間夜量增加所驅動。宴會成長在不同飯店類型與市場間呈現廣泛分布。本季餐廳與酒吧營收成長 5%，主要由毛伊島與歐胡島的度假村帶動，儘管受到天候影響。此外，Orlando World Center Marriott 本季表現尤為強勁。

Golf revenue grew 4% and spa revenue grew 2% driven by our resorts in Naples and Maui, despite impacts from an unusually hot summer in Phoenix and renovations at the Hyatt Regency Coconut Point.

高爾夫營收成長 4%，SPA 營收成長 2%，主要由那不勒斯（Naples）與毛伊島的度假村帶動，儘管鳳凰城出現異常炎熱的夏季以及 Hyatt Regency Coconut Point 的翻新工程帶來影響。

Shifting to business mix. Transient revenue grew approximately 12% compared to the third quarter of 2025, reflecting broad-based strength in both rates and room nights. Momentum remained strong throughout the quarter, supported by event-driven compression, pricing strength, business transient growth and holiday outperformance.

接著談業務組合。相較於2025年第三季，散客收入約成長12%，反映房價與間夜數皆呈現廣泛的強勁表現。在活動帶動的供給緊縮、定價力道、商務散客成長以及假期表現優於預期的支撐下，本季動能全季維持強勁。

Maui, Washington DC, San Francisco and New York generated more than half of the transient room revenue increase. Resort RevPAR grew 6% in the quarter, driven by rate growth despite approximately 600 basis points of renovation impact. Hawaii led resort performance with double-digit transient RevPAR growth at all four of our resorts in Maui and Oahu. These results continue to underscore the strength of high-end demand.

茂宜島、華盛頓特區、舊金山與紐約貢獻了超過一半的散客客房收入增量。本季度假型飯店RevPAR成長6%，主要由房價成長帶動，儘管整修影響約600個基點。夏威夷領先度假型表現，我們在茂宜島與歐胡島的四家度假村散客RevPAR皆呈現雙位數成長。這些結果持續凸顯高端需求的韌性。

Looking at recent holidays, revenue for the July 4, and Labor Day weekend grew 27% and 10% respectively. Looking forward, transient revenue pace for the total portfolio is up 24% for Thanksgiving week compared to the same time last year and the festive period is up 14%. In all cases, recent holiday results and upcoming holiday transient pace are driven by broad-based strength across the portfolio. Business transient revenue was up 9% to the third quarter of 2025, driven by a 5% increase in room nights.

就近期假期而言，7月4日與勞動節週末的收入分別成長27%與10%。展望未來，整體投資組合在感恩節當週的散客收入預訂進度較去年同期高出24%，節慶期間則高出14%。在所有情況下，近期假期表現與即將到來假期的散客預訂進度，皆由整體投資組合的廣泛強勁表現所驅動。商務散客收入較2025年第三季成長9%，主要由間夜數增加5%所帶動。

San Francisco and Washington DC generated over 40% of the growth during the quarter. San Francisco's growth was led by technology demand, while DC benefited from both corporate and federal government travel. The growth in business transient room nights this quarter highlights the continued recovery in demand with additional upside as volume builds toward 2019 levels.

舊金山與華盛頓特區在本季貢獻了超過40%的成長。舊金山的成長主要由科技需求帶動，而華盛頓特區則同時受惠於企業與聯邦政府差旅。本季商務散客間夜數的成長，凸顯需求持續復甦，且隨著量體回升至2019年水準仍有進一步上行空間。

Turning to Group, revenue was up 5% year-over-year. Growth was driven by rate alongside modest room night growth. Corporate groups accounted for nearly 90% of the group revenue increase with in-the-quarter-for-the-quarter group room nights up 26%. Short-term bookings range from technology companies in San Francisco to consulting firms in Washington DC. For full year 2026, we have 4 million definite group room nights on the books, representing a nearly 6% increase since the second quarter. As Jim mentioned, total group revenue pace is up 6% year-over-year with particularly strong fourth quarter pace in San Diego, San Francisco, Maui, Miami, New Orleans and Oahu. Looking ahead, our 2027 total group revenue pace is also 6% ahead of the same time last year, driven by rate, room nights and strong banquets contribution. 2027 Group revenue pace is led by our properties in Phoenix, Washington DC, New York and Orlando.

接著談團體業務，收入年增5%。成長主要由房價帶動，並伴隨溫和的間夜數成長。企業團體貢獻了近90%的團體收入增量，且「當季預訂、當季入住」的團體間夜數成長26%。短期訂單涵蓋從舊金山的科技公司到華盛頓特區的顧問公司。就2026全年而言，我們目前已簽約確定的團體間夜數為400萬晚，較第二季增加近6%。如Jim所提，團體收入整體預訂進度年增6%，其中第四季在聖地牙哥、舊金山、茂宜島、邁阿密、紐奧良與歐胡島特別強勁。展望未來，我們2027年團體收入整體預訂進度亦較去年同期高出6%，由房價、間夜數以及宴會收入的強勁貢獻所帶動。2027年團體收入預訂進度以鳳凰城、華盛頓特區、紐約與奧蘭多的資產表現領先。

Turning to margins, comparable hotel EBITDA margin expanded by 90 basis points year-over-year to 25.2% as rate growth more than offset higher wage expense. Substantially lower food costs and improved food and beverage productivity also helped offset these cost pressures. As we would expect with higher occupancy, total expenses grew approximately 6% in the third quarter. However, total expenses per occupied room were only up 3%, reflecting our continued work with operators to control costs at the property level.

接著談利潤率，可比飯店EBITDA利潤率年增擴張90個基點至25.2%，因房價成長足以抵銷較高的薪資費用。食品成本大幅下降以及餐飲生產力提升，也有助於抵銷這些成本壓力。如同在較高入住率下的預期，本季第三季總費用約成長6%。然而，每間已入住客房的總費用僅上升3%，反映我們持續與營運商合作，在物業層級控管成本。

Turning to our outlook for 2026, as Jim mentioned, we are increasing our comparable hotel RevPAR and total RevPAR guidance estimates as a result of our outperformance year-to-date and improved expectations for the fourth quarter. Two-thirds of the increase in our guidance reflects our strong third quarter results, while the remaining third reflects improved expectations for the fourth quarter. We now expect comparable hotel RevPAR and total RevPAR to grow approximately 6.75% and 6% respectively compared to 2025.

接著談我們對2026年的展望，如Jim所提，基於年初至今的超預期表現以及對第四季預期的改善，我們上調可比飯店RevPAR與總RevPAR的指引估計。指引上調幅度的三分之二反映第三季強勁結果，其餘三分之一反映對第四季預期的改善。我們目前預期，相較2025年，可比飯店RevPAR與總RevPAR分別約成長6.75%與6%。

For the fourth quarter, we expect high single-digit RevPAR growth, an improvement from our prior guidance supported in part by estimated RevPAR growth of 6.5% in October. Our guidance assumes a stable operating environment with the continuation of the trends we saw through the first three quarters of the year, including rate-driven leisure transient strength, favorable group booking pace and improving business transient demand. We expect a comparable hotel EBITDA margin of approximately 30%, up 30 basis points from the midpoint of our prior guidance and 80 basis points above 2025.

就第四季而言，我們預期RevPAR將呈現高個位數成長，較先前指引有所改善，部分受惠於我們估計10月RevPAR成長6.5%。我們的指引假設營運環境穩定，並延續今年前三季所見趨勢，包括由房價驅動的休閒散客強勁、團體訂單預訂進度有利，以及商務散客需求改善。我們預期可比飯店EBITDA利潤率約30%，較先前指引中點上調30個基點，且較2025年高出80個基點。

This performance reflects continued productivity gains achieved with our operators and the benefits of our capital allocation decisions over the past several years. For the fourth quarter, we expect comparable hotel EBITDA margin expansion year-over-year as rate growth more than offsets higher wage expense. 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.

此表現反映我們與營運商持續達成的生產力提升，以及過去數年資本配置決策所帶來的效益。就第四季而言，我們預期可比飯店EBITDA利潤率將年增擴張，因房價成長足以抵銷較高的薪資費用。就全年而言，我們仍預期薪資水準約上升5%，而薪資約占我們可比飯店總營運費用的50%。

Our 2026 full-year adjusted EBITDAre guidance is $1,865 million. This represents a $35 million or 2% improvement over our prior guidance midpoint, driven by outperformance in the third quarter and improved expectations for the fourth quarter. Our adjusted EBITDAre guidance midpoint includes estimated EBITDA of $31 million from operations of The Don Cesar, $11 million from Alila Ventana Big Sur and $6 million from the 1 Hotel Brooklyn Bridge and Renaissance Plano, which were acquired in the fourth quarter. All four properties are excluded from our 2026 comparable hotel portfolio in the third quarter.

我們2026全年調整後EBITDAre指引為18.65億美元。這較先前指引中點提高3,500萬美元或2%，主要由第三季超預期表現與對第四季預期改善所帶動。我們調整後EBITDAre指引中點包含：The Don Cesar營運的估計EBITDA 3,100萬美元、Alila Ventana Big Sur的1,100萬美元，以及於第四季收購的1 Hotel Brooklyn Bridge與Renaissance Plano合計600萬美元。上述四項資產在第三季均排除於我們2026年可比飯店投資組合之外。

Guidance also includes approximately $7 million of business interruption proceeds related to Hurricanes Helene and Milton, which we received in the first quarter. We also expect to receive business interruption proceeds related to the recent Kona Low rainstorm in Hawaii and the wildfire in California, but the timing and amount remain uncertain.

指引亦包含約700萬美元、與颶風Helene與Milton相關的營業中斷理賠款，我們已於第一季收到。我們也預期將收到與近期夏威夷Kona Low暴雨以及加州野火相關的營業中斷理賠款，但時間點與金額仍不確定。

Turning to our balance sheet. Subsequent to quarter end, we recast our $2.5 billion credit facility, extending the revolver and term loans through 2031 and 2032. We also expanded the accordion to $1.25 billion and achieved total reductions of 12.5 basis points on revolver draws, 15 basis points on the term loans and 5 basis points on the facility fee. Reflecting both a reset of the pricing grid to current market levels and a new leverage-based pricing benefit.

接著談資產負債表。在季末之後，我們對25億美元的信貸融資進行重整，將循環額度與定期貸款分別延長至2031年與2032年到期。我們也將增額選擇權（accordion）擴大至12.5億美元，並在循環額度動用利差下調12.5個基點、定期貸款下調15個基點，以及融資承諾費下調5個基點。這反映了將定價級距重設至目前市場水準，以及新增以槓桿為基礎的定價優惠。

Following the recast, our debt has a weighted average maturity of 5.2 years and a weighted average interest rate of 4.8%. Adjusting cash for recent acquisitions and the October dividend, we have $2.6 billion of available liquidity, including $157 million of FF&E reserves and $1.5 billion of revolver capacity with an adjusted leverage ratio of 2.3 times. This balance sheet strength provides meaningful flexibility to pursue capital allocation opportunities and continue driving outperformance. In October, we paid a quarterly cash dividend of $0.20 per share. As always, any future dividends are subject to approval by the company's Board of Directors.

重整後，我們的債務加權平均到期年限為5.2年，加權平均利率為4.8%。在就近期收購與10月股利調整現金後，我們可用流動性為26億美元，其中包含1.57億美元的FF&E準備金，以及15億美元的循環額度可用額度；調整後槓桿比率為2.3倍。此資產負債表的強健程度，為我們把握資本配置機會並持續推動超額表現提供了相當的彈性。10月我們支付每股0.20美元的季度現金股利。一如既往，任何未來股利皆須經公司董事會核准。

In closing, our strong year-to-date performance, recent acquisitions, continued portfolio investment and investment-grade balance sheet reinforce our ability to drive durable earnings growth. Looking ahead, the 2027 tailwinds Jim outlined, including incremental contributions from our acquisitions and capital projects, healthy group pace, market recoveries, business transient demand growth and moderating expense growth, positioned Host to build on this momentum, return capital to shareholders and compound shareholder value over the long-term.

最後，我們年初至今的強勁表現、近期收購、持續的投資組合投入，以及投資等級的資產負債表，進一步強化我們推動可持續獲利成長的能力。展望未來，Jim所概述的2027年順風因素，包括收購與資本專案的增量貢獻、健康的團體預訂進度、市場復甦、商務散客需求成長以及費用成長趨緩，將使Host得以延續此動能、回饋股東資本，並在長期複利提升股東價值。

With that, we are happy to take your questions. To allow time for as many participants as possible, please limit yourself to one question.

接下來，我們很樂意回答各位的提問。為了讓盡可能多的與會者有時間提問，請每位僅限一個問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Michael Bellisario, Baird.

Michael Bellisario，Baird。

Thanks. Good morning, everyone. Just a question maybe for Sourav here, but Jim you can chime in too. Can you dig into and sort of remind us on margins and flow-throughs, that's where we've been getting the most questions lately. Just some of the dynamics between 3Q and 4Q in terms of seasonality, fixed versus variable expenses and then any impacts, good or bad, that it might have impacted flow-through for each period?

謝謝。各位早安。我這邊可能有個問題想請教 Sourav，當然 Jim 也可以補充。能否請你深入說明並提醒我們一下關於利潤率與流量轉化（flow-through）的情況？這是我們最近收到最多提問的部分。就第三季與第四季之間的動態而言，包含季節性、固定費用相對於變動費用，以及任何可能對各期間 flow-through 造成的正面或負面影響？

Sure, Mike. So let me start off by saying that we are absolutely thrilled with the 90 basis points margin expansion that we saw in the third quarter. As we said in the prepared remarks, our total expense per occupied room grew only 3% and that's important because when you look at the third quarter, we had 210 basis points of occupancy growth, which if you look at prior quarters, we had less than a point of occupancy growth.

當然可以，Mike。首先我想說，我們對第三季看到的 90 個基點利潤率擴張感到非常振奮。如同我們在事先準備的發言中提到的，我們每間已入住客房的總費用僅成長 3%，這點很重要，因為第三季我們的入住率成長了 210 個基點；若看前幾季，入住率成長不到 1 個百分點。

So when you have occupancy growth, obviously you have variable expenses that come with occupancy growth, so that flows through at a lower percentage. On top of that, I'll remind everybody, as we've said all along, third quarter is always our weakest quarter. When you look at the nominal dollars and you look at nominal ADR, it is like $40 or so lower than every other quarter.

因此當入住率成長時，顯然會伴隨與入住率成長相關的變動費用，所以流量轉化的比例會較低。此外我也提醒大家，如同我們一直以來所說，第三季一向是我們最弱的一季。若看名目金額與名目 ADR，第三季大約比其他每一季低 40 美元左右。

In addition to that, it is the lowest banquet and catering contribution dollar. So when you look at both the banquet and catering perspective, as well as the nominal rate, the overall margin is meaningfully lower in the third quarter, and that's the seasonal piece of it, as you rightly pointed out. And that is true every single year, it is always our weakest quarter. So when you have a very low margin, to get a 38% year-over-year flow-through for the third quarter is exceptional given where the growth came from.

另外，第三季也是宴會與餐飲（banquet and catering）貢獻金額最低的一季。因此從宴會與餐飲的角度，以及名目房價的角度來看，第三季的整體利潤率明顯較低；這就是你所指出的季節性因素。而且每一年都是如此，第三季永遠是我們最弱的一季。所以在利潤率很低的基期下，第三季仍能達到年對年 38% 的 flow-through，考量成長來源，這是非常出色的表現。

So when you move on to the fourth quarter, our margin will go up by about, call it, 5 points or so from the 25 to say somewhere around 30 based on the implied midpoint. That effectively will drive a much higher flow-through and the flow-through for the fourth quarter in the implied guidance is closer to 50%. So this is just a function of what we are getting each single quarter based on seasonality on the nominal dollar piece, coupled with the fact that we had occupancy growth in the third quarter.

接著看第四季，我們的利潤率大約會從 25% 提升約 5 個百分點，依照隱含的中位數來看，大概會到 30% 左右。這將有效帶動更高的 flow-through，而第四季在隱含指引中的 flow-through 更接近 50%。因此這主要是各季因季節性在名目金額上的差異所致，再加上第三季我們有入住率成長。

So you have to look where the growth is coming from in each quarter and the respective flow-through. Every quarter is not the same and Q3 being our weakest quarter, the 38% year-over-year flow-through is exceptional and so is a 90 basis points margin expansion.

所以你必須看每一季的成長來源，以及相對應的 flow-through。每一季都不一樣；第三季是我們最弱的一季，年對年 38% 的 flow-through 非常出色，90 個基點的利潤率擴張也是如此。

David Katz, Jefferies.

David Katz，Jefferies。

Good morning. Thanks for taking my question. You've given some pretty good detail with respect to 2027. I wanted to maybe see if we can go a step farther. There's obviously a fair amount of tailwinds that are out there. What do we need to see, right, in order for '27 to be a year of growth, is that going to necessarily going to require some robust RevPAR growth for the market overall? Do you think you can sort of get there with the tools and the levers that you have as we sit here today, obviously not asking for specific guidance?

早安。謝謝讓我提問。你們已就 2027 年提供了相當不錯的細節。我想看看是否能再往前一步。顯然目前有不少順風因素。我們需要看到什麼，對吧，才能讓 2027 年成為成長的一年？這是否必然需要整體市場有強勁的 RevPAR 成長？你認為以我們今天所處的位置、以及你們手上現有的工具與槓桿，是否就能達成？我當然不是要你提供具體指引。

Yeah, as you know Dave, we'll give you guidance in February on a more specific basis and we really like the way we are set up for 2027, starting with our group revenue pace, up 6%, which we think is a good place to be as we go into the year. We are going to have -- continue to have tailwinds in San Francisco and Maui. San Francisco is definitely back and we had a terrific quarter in San Francisco this past third quarter. Maui is forecasted to contribute $122 million of EBITDA, full-year EBITDA, notwithstanding the impacts of the Kono Low rainstorm and two hurricanes that caused a significant amount of business disruption. So we feel good about how we're set up in those two markets.

是的，Dave，如你所知，我們會在二月提供更具體的指引；而我們非常喜歡我們為 2027 年所做的布局，首先是我們的團體營收預訂進度（group revenue pace）年增 6%，我們認為以此作為進入該年度的起點相當不錯。我們在舊金山與茂宜島將持續受惠於順風因素。舊金山確實回來了，我們在剛過去的第三季於舊金山表現非常亮眼。茂宜島預計將貢獻 1.22 億美元的 EBITDA（全年 EBITDA），即便受到 Kono Low 暴雨以及兩次颶風造成相當程度的營運中斷影響。因此我們對這兩個市場的布局感到很有信心。

Sourav mentioned festive pace, which carries over into January. That's feeling really good as well. I think that's about 14% year-over-year. And importantly, we will be bringing a number of our premier assets back online. HTCP, the Hyatt Transformational Capital Program will be done. The last asset to come online is The Grand Hyatt -- Manchester Grand Hyatt in San Diego, it's a 1,600-room hotel. The Phoenician Villas will have a full-year run rate, which they haven't had before.

Sourav 提到節慶檔期的預訂進度，並會延續到一月。那邊的狀況也非常好。我認為年對年大約成長 14%。而且很重要的是，我們將讓多項旗艦資產重新上線營運。HTCP，也就是 Hyatt Transformational Capital Program，將會完成。最後一個重新上線的資產是 The Grand Hyatt——位於聖地牙哥的 Manchester Grand Hyatt，這是一家 1,600 間客房的飯店。Phoenician Villas 將會有完整年度的運行水準（run rate），過去並沒有。

And some of the Marriott Transformational Capital Program assets will be coming back online as well. So when you take those specific tailwinds to Host, we feel really good about how things are set up. One of the really encouraging things that we saw happen in Q3 was the growth in business transient room nights. BT room nights are still down about 24% relative to where they were in 2019 pre-pandemic.

另外，一些 Marriott Transformational Capital Program 的資產也將重新上線。因此，綜合這些對 Host 而言的特定順風因素，我們對整體布局感到非常樂觀。第三季我們看到的一個非常令人鼓舞的現象，是商務散客（business transient，BT）間夜數的成長。相較於 2019 年疫情前的水準，BT 間夜數仍約低 24%。

So the fact that we saw business transient revenue go up 9% with over 5% of that being driven by room nights is very encouraging. And we've looked out for the balance of this year to Demand360 and a couple of other sources for this year and what the forecasts are looking like for 2027, and it's all very positive. I mean, we are anticipating a pickup, continued pickup in business transient.

因此，我們看到商務散客營收成長 9%，其中超過 5% 是由間夜數帶動，這非常令人鼓舞。我們也透過 Demand360 以及其他幾個來源，檢視今年剩餘期間的狀況，以及對 2027 年的預測走勢，整體都非常正向。我的意思是，我們預期商務散客將回升，並持續回升。

And lastly, the affluent consumer, I mean, we continue to see spending at our properties. The properties are renovated and people are coming, they're spending a lot of money. When they get there, they're spending out of room as well. Golf revenues are up, spa revenues are up, outlet revenues are up. And we don't see that slowing down by any means. We're very optimistic with the setup we have for '27.

最後是高端消費者；我們持續看到他們在我們物業的消費支出。物業已完成翻新，人潮回流，而且消費金額很高。他們到達後，除了房費之外也會有額外消費。高爾夫收入上升、SPA 收入上升、餐飲據點（outlet）收入也上升。我們完全看不出有任何放緩的跡象。我們對 2027 年的布局非常樂觀。

Appreciate the help.

感謝協助。

Chris Woronka, Deutsche Bank.

Chris Woronka，德意志銀行。

Hey, good morning, guys. Thanks for the question. Jim, I guess maybe to follow-up on your very recent comments about the BT. Have you seen any change in booking windows or things like that in BT? And it sounds like Q3 was a lot stronger than you initially thought and you kind of had July in the bank when you reported. So looking at things like September, I mean, is this more BT or is this more groups kind of going above their blocks on whether it's rooms or F&B, just trying to get a sense as to how the quarter evolved and also your outlook for BT and whether the windows have changed? Thanks.

嗨，各位早安。謝謝讓我提問。Jim，我想針對你剛剛關於 BT 的評論追問一下：你們是否看到 BT 的訂房提前期（booking window）或類似事項有任何變化？聽起來第三季比你們原先想的強很多，而你們在公布時已經掌握了七月的數據。所以看像九月這樣的月份，這更多是 BT 的帶動，還是更多是團體客超出其配額（block），不論是客房或餐飲（F&B）？我想了解這一季的演變，以及你們對 BT 的展望，還有提前期是否有變化。謝謝。

Sure, Chris. I mean, the booking window is still relatively short-term. We saw a strong pickup in BT in the month of August, and it was led by San Francisco and Washington DC. And I don't think the booking patterns have really changed at all from prior.

當然可以，Chris。我的意思是，訂房提前期仍然相對偏短。我們在八月看到 BT 有強勁的回升，主要由舊金山與華盛頓特區帶動。而我不認為訂房模式相較以往有任何實質改變。

And I'll add, the first time we actually saw BT room night growth, we had mentioned it was really the month of March, it was in Q1 and then we thought that would continue, that's a sort of stabilized from year-over-year risk basis. We didn't really see meaningful growth into April, May, June, but then you also had the special event impact. So at that point in time, we didn't see significant BT pickup. Then in July, BT room nights went up by about 2.5% and then August went up close to 8.5% and then September 4%. So we have seen now multiple months of BT room night growth.

我再補充一點，我們第一次真正看到 BT（商務散客）間夜成長時，我們提到那其實是在 3 月，屬於第一季；當時我們以為這種趨勢會延續，從年對年風險基礎來看算是趨於穩定。我們在 4 月、5 月、6 月並沒有看到有意義的成長，但同時也受到特殊事件的影響。所以在那個時間點，我們沒有看到 BT 有明顯回升。接著在 7 月，BT 間夜約成長 2.5%，8 月接近 8.5%，9 月為 4%。因此我們現在已經看到連續多個月 BT 間夜成長。

And as Jim mentioned, particularly for the third quarter, 40% of that growth really came from San Francisco and DC, but we are seeing that growth in every single market, particularly on the tech side, the financial sectors and consulting. So it is encouraging to see that and all expectation is that momentum continues into next year.

如 Jim 所提，特別是第三季，這些成長中有 40% 其實來自舊金山與華盛頓特區（DC），但我們也看到每一個市場都在成長，尤其是在科技端、金融產業以及顧問諮詢。所以看到這樣的情況令人鼓舞，而我們的整體預期是這股動能會延續到明年。

One final data point on that, Chris is, if you look at some of the airline commentary, Delta in particular. On their call, they reported double-digit corporate sales growth and quotes “no cracks in the system”. So I think there are some other sources out there that would validate what we're seeing.

最後再補充一個數據點，Chris：如果你看一些航空公司的評論，尤其是達美航空（Delta）。他們在電話會議上表示企業銷售呈現雙位數成長，並引用「系統沒有出現裂縫（no cracks in the system）」。所以我認為外部也有其他來源可以佐證我們所看到的情況。

Smedes Rose, Citi.

Smedes Rose，花旗（Citi）。

I wanted to maybe switch gears a little bit and ask you about your acquisitions that you've recently completed. Maybe you could just talk a little bit about the sourcing of each of those deals and kind of just generally your assessment of potentially other opportunities and sort of the transaction environment overall?

我想稍微換個話題，請教你們最近完成的併購案。你是否可以談談每一筆交易的案源取得方式，以及你們對於其他潛在機會的整體評估，還有整體交易環境的看法？

Sure, Smedes. We're really delighted to be able to complete these two acquisitions. I think that they fill out the portfolio nicely, they further enhance our geographic diversification. I'll talk about Plano first. You heard me talk in the past about our desire to invest in the Dallas market and this is the place that you want to invest if you're going into the Dallas market as all the businesses are moving north, they're moving to Uptown and Plano and Frisco and this asset is an incredible piece of real estate, has 35,000 square feet of meeting space, it will contribute $50,000 per key in EBITDA this year, it will be one of our top 25 assets.

當然可以，Smedes。我們非常高興能完成這兩項收購。我認為它們讓投資組合更完整，也進一步提升我們的地理分散度。我先談 Plano。你過去聽我提過，我們希望投資達拉斯市場；而如果要進入達拉斯市場，這就是你想投資的地點，因為企業都在往北移動，往 Uptown、Plano 和 Frisco 移動。這項資產是不動產中的極佳標的，擁有 35,000 平方英尺的會議空間，今年將貢獻每把鑰匙（每間客房）50,000 美元的 EBITDA，並將成為我們前 25 大資產之一。

The asset was owned by a lender, was somewhat of a distressed deal. It was marketed by one of the brokerage firms, but we were able to really bring our resources to bear and get ahead of the process and meet some deadlines that were put out there by the ownership group to give us an opportunity to move quickly and take the transaction down. So the complex where the property is located, it consists of a 240-acre park and I mentioned in my prepared remarks that 75 Forbes 2000 companies are located there as well as a lot of high-end retail F&B activities and luxury residential. So we're really excited about that. It fits into the portfolio really well.

該資產由放款機構持有，屬於某種程度的困境交易。它由其中一家仲介公司進行行銷，但我們能夠充分運用自身資源，提前介入流程，並在所有權團隊提出的一些期限內完成要求，讓我們有機會快速推進並完成交易。該物業所在的園區由一座 240 英畝的園區構成；我在事先準備的發言中也提到，有 75 家《富比士》2000 大企業坐落於此，並且有許多高端零售、餐飲（F&B）活動以及豪華住宅。因此我們對此非常興奮。它也非常契合我們的投資組合。

The 1 Hotel Brooklyn Bridge, that's our fourth 1 Hotel, that was a direct negotiated deal with Starwood. We are delighted to add that property to the portfolio, particularly in that location in Brooklyn. It's the first purpose-built W hotel. It opened in 2017, as did the Renaissance. So they are both new and fresh and no near-term capital needed for either property as well. Brooklyn Bridge has multiple F&B outlets. It's got 12,000 square feet of meeting space, a Bamford Spa, Jonathan Waxman has Barbuda on the ground level. You may recall that we have Jonathan Waxman in our 1 Hotel Central Park in Jams, that's his concept as well.

至於 1 Hotel Brooklyn Bridge，這是我們的第 4 家 1 Hotel，這是一筆與 Starwood 直接協商的交易。我們很高興能把這間飯店納入投資組合，尤其是在布魯克林這個地點。它是第一家專為 W 酒店品牌量身打造（purpose-built）的飯店。它於 2017 年開幕，Renaissance 也是在 2017 年開幕。因此兩者都很新、狀態很新穎，且兩個物業短期內都不需要資本支出。Brooklyn Bridge 有多個餐飲（F&B）據點。它有 12,000 平方英尺的會議空間、一間 Bamford Spa，Jonathan Waxman 在一樓經營 Barbuda。你可能記得，我們在 1 Hotel Central Park 的 Jams 也有 Jonathan Waxman，那也是他的概念。

And that asset is going to contribute $100,000 per key in EBITDA. So these are two really solid acquisitions that round out the portfolio nicely. It's nice to be the owner of choice, the buyer of choice. We have the ability to get in, analyze the deal quickly, meet deadlines, move fast and the fact that we are on hotel number four now with Starwood and the 1 Hotel brand, I think says a lot.

而該資產將貢獻每把鑰匙（每間客房）100,000 美元的 EBITDA。所以這兩筆都是非常扎實的收購，讓投資組合更完整。能成為賣方首選的業主、首選買家，這點很好。我們有能力快速進場、迅速分析交易、趕上期限、快速推進；而且我們現在已經是與 Starwood 及 1 Hotel 品牌合作的第 4 家飯店，我認為這很能說明問題。

With respect to deploying additional capital this year. We certainly are looking at opportunities in the marketplace, some are marketed opportunities and not that much I would say that is purely being marketed today is exciting and of interest, but we're working on some off-market opportunities as well and I'm optimistic that we're going to be able to talk about at least one other transaction over the next, let's call it 60 to 90 days. And we are sourcing deals with the overarching goal of creating shareholder value as these two did with a combined EBITDA multiple of 10.7 times and with an eye toward maintaining geographic diversification.

至於今年是否會再投入更多資本。我們當然在市場上尋找機會；有些是公開行銷的案子，但我會說目前純粹在市場上公開推案的標的，令人興奮且有興趣的並不多；不過我們也在推進一些非公開（off-market）的機會。我樂觀認為，在接下來大約 60 到 90 天內，我們至少能談到另一筆交易。我們尋找交易的總體目標是創造股東價值，就像這兩筆交易一樣，合計 EBITDA 倍數為 10.7 倍，同時也會留意維持地理分散。

Duane Pfennigwerth, Evercore.

Duane Pfennigwerth，Evercore。

Hi, this is Peter on for Duane. Thanks for taking the question. Just on the occupancy growth in the quarter. Could you just kind of compare that between maybe Monday, Tuesday nights versus Friday, Saturday nights? And as you look forward into 4Q and into 2027 budgeting, what's kind of the opportunity set of rate versus occupancy? And what does your instinct tell you on where the industry or where your portfolio will see more growth next year?

嗨，我是代替 Duane 的 Peter。謝謝讓我提問。關於本季的入住率成長。你能否比較一下週一、週二晚與週五、週六晚之間的差異？另外，展望第四季以及 2027 年的預算規劃，房價（rate）與入住率（occupancy）的機會組合大概如何？你的直覺認為，明年產業或你們的投資組合，成長會更多來自哪一端？

The occupancy growth that we saw in the third quarter was a mix of both leisure transient as well as business transient, so we did see midweek growth in a meaningful way. And then we did see some weekend out growth as well, particularly at the resort properties, so both a combination of both, but as Jim mentioned earlier, BT room nights grew over 5%, so BT definitely drove a lot of that occupancy.

我們在第三季看到的入住率成長，是休閒散客（leisure transient）與商務散客（business transient）的混合，因此我們確實在平日看到相當有意義的成長。同時我們也看到一些週末的成長，特別是在度假型物業，所以兩者皆有；但如 Jim 先前提到，BT 間夜成長超過 5%，因此 BT 的確推動了很大一部分的入住率。

In terms of what we think will happen next year, as Jim mentioned earlier, we feel pretty good about business transient growth and the momentum that we have seen over the past couple of months. So when you look at right now, we have about a 7 point occupancy gap relative to pre-pandemic, so that has come down. It used to be an 8 point occupancy gap. There certainly is room to make up that occupancy next year, but we've also seen pricing power.

就我們認為明年會發生什麼而言，如 Jim 先前提到，我們對商務散客的成長以及過去幾個月看到的動能感到相當有信心。以目前來看，相較於疫情前，我們的入住率仍約有 7 個百分點的差距，而這個差距已經縮小。之前是 8 個百分點的差距。明年確實還有空間把入住率補回來，但我們也看到了定價能力。

So I think see a combination of both as we go into next year, but certainly expecting continued demand growth, particularly from BT. Additionally, when we talked about our group pace for next year, our total group revenue pace, that is a combination of both [OC and RATE]. So we will see some OC possibly from group as well. So it will be a combination and hopefully momentum as we get in next year on the business transient side.

因此我認為進入明年會是兩者並進的組合，但我們確實預期需求會持續成長，尤其是來自 BT。此外，當我們談到明年的團體訂房進度（group pace）、我們的團體總收入進度時，那是同時包含 [OC 和 RATE] 的組合。因此我們也可能從團體端看到一些 OC。所以會是多方組合，並希望明年在商務散客端延續動能。

Logan Epstein, Wolfe Research.

Logan Epstein，Wolfe Research。

Thanks for taking the question and good morning. Just one of the drivers you talked about in '27 was the continued recovery in Maui and San Francisco. Just curious if you could expand on the potential magnitude there and maybe talk about how current pace is trending across both markets and especially focusing on maybe how pace is trending in the first quarter given we're lapping the Super Bowl in San Francisco.

謝謝讓我提問，早安。你們談到 2027 年的驅動因素之一，是茂宜（Maui）與舊金山的持續復甦。想請你更詳細說明那裡潛在的量級，並談談目前兩個市場的訂房進度（pace）趨勢如何，尤其是第一季的 pace 走勢，因為舊金山要面對超級盃（Super Bowl）的高基期比較。

Yeah, pace for San Francisco is in right now for total group revenue pace is just shy of mid-single-digits, so low to mid-single-digits range. Similar for Maui as it stands right now. But in terms of overall potential, I mean, we obviously do not have budgets from our operators yet, and I'm not in a position to provide any specific numbers. But our expectation is that Maui and San Francisco have meaningful tailwinds for next year, particularly given the fact when you think about sort of our guide for Maui this year, we had $122 million is what we are guiding to in terms of EBITDA for 2026, and that's despite the impact from the Kona Low storms and the other storms that touched Hawaii.

是的，目前舊金山的團體營收預訂進度（pace）表現不錯，整體團體營收的預訂進度略低於中個位數百分比，因此大約落在低到中個位數百分比的區間。就目前情況來看，茂宜島也類似。但就整體潛力而言，我的意思是，我們顯然還沒有從營運商那邊拿到預算，我也無法提供任何具體數字。不過，我們的預期是，茂宜島與舊金山在明年都有顯著的順風，特別是當你回頭看我們今年對茂宜島的指引時，我們對2026年的EBITDA指引是1.22億美元，而這還是在受到Kona Low風暴以及其他影響夏威夷的風暴衝擊之下。

So overall, we saw more growth this year than even what we were expecting, and we expect that to continue into next year. And I would say the same for San Francisco. It's not only the group pace, but also the BT growth, which is going to have a meaningful impact for San Francisco in 2027.

整體而言，我們今年看到的成長甚至高於我們原先的預期，而且我們預期這樣的趨勢會延續到明年。我認為舊金山也是一樣。不僅是團體預訂進度，還有商務散客（BT）成長，這將在2027年對舊金山帶來顯著影響。

Logan, for Q4, I can talk about Q4. We have numbers for the balance of this year. The RevPAR forecast for Maui is 15% for the fourth quarter. For San Francisco, a stat there that might be helpful for you is the quarter four group pace is 14%. So quarter three RevPAR for San Fran was 9%. So it's very healthy recovery in both markets.

Logan，就第四季而言，我可以談第四季。我們對今年剩餘期間有數據。茂宜島第四季的RevPAR預測為15%。至於舊金山，有一個數據可能對你有幫助：第四季團體預訂進度為14%。所以舊金山第三季的RevPAR是9%。因此兩個市場都呈現非常健康的復甦。

Chris Darling, Green Street.

Chris Darling，Green Street。

Thanks. Good morning. Going back to the transaction market, it seems like the focus right now is on deploying your dry powder. But given the favorable fundamental backdrop, is there also an opportunity to accelerate sales of properties that may not be long-term holds for the portfolio?

謝謝。早安。回到交易市場，看起來目前的重點是在部署你們的乾粉（可用資金）。但在基本面有利的背景下，是否也有機會加速出售一些可能不會作為投資組合長期持有的資產？

Well, Chris, as we talked many times in the past, we are always looking at opportunities to continue to improve the overall quality of the portfolio. And we test the market from time to time and we are testing the market as we sit here and speak today, but we have nothing to talk about right now on the disposition front. So there does seem to be some pretty good momentum out there in the transaction space right now, notwithstanding where interest rates are trending, but I think the fundamental operating backdrop combined with really extremely low to no levels of supply, makes it a good time to be a buyer and to be a seller for those assets that we don't want to own for the long-term.

Chris，正如我們過去多次談到的，我們一直在尋找機會持續提升整體投資組合的品質。我們會不時測試市場，而就在我們今天在此通話的同時也正在測試市場，但目前在處分方面沒有任何可以對外說明的事項。因此，儘管利率走勢仍在變動，交易市場目前確實看起來有相當不錯的動能；但我認為，基本面的營運環境再加上供給量極低、甚至幾乎沒有新增供給，使得對於我們不打算長期持有的資產而言，現在既是適合買入的時點，也是適合賣出的時點。

Rich Hightower, Barclays.

Rich Hightower，Barclays。

Hey, good morning, guys. I was hoping you could help us understand maybe as we think about the World Cup comp in '27, what that remixing looks like from a rate, total revenue and occupancy, all the different moving pieces. Does it essentially just kind of backfill business that didn't happen in '26 and was replaced by World Cup or is there some fundamentally better or worse way to think about sort of June, July next year?

嗨，早安，各位。我希望你們能幫我們理解一下，當我們思考2027年的世界盃比較基期（comp）時，從房價、總營收、住房率等各種變動因素來看，那種「重新混合」會是什麼樣子。它本質上只是把2026年沒有發生、被世界盃取代的業務回補回來，還是說，對於明年6、7月應該用某種根本上更好或更差的方式來看待？

Hey, Rich, so just to level set, World Cup impact this year was 70 basis points for gross basis and about 50 bps on a net basis. And when you think about sort of the total EBITDA impact, that somewhere in the neighborhood of $15 million to $17 million of EBITDA impact. In the grand scheme of things, it's not a very big dollar amount that we need to make up. Group pace is already pretty strong, especially when we look at the second quarter for next year, and that obviously is because we had world Cup business during that time and there wasn't incremental group that was mostly transient during the World Cup.

嗨，Rich，先校準一下基準：今年世界盃的影響，在毛利基礎（gross basis）上是70個基點，在淨額基礎（net basis）上大約是50個基點。而就EBITDA的總影響來看，大約落在1,500萬到1,700萬美元的EBITDA影響。從整體來看，這不是一個需要補回的很大金額。團體預訂進度已經相當強勁，尤其是我們看明年第二季時；而這顯然是因為那段期間有世界盃業務，且在世界盃期間並沒有太多額外的團體需求，當時多數是散客（transient）。

So we feel very good with the way group pace is being set up as well as what we are seeing in terms of transient pace, as Jim mentioned earlier, into next year. So we are pretty confident in terms of being able to bridge that gap during that special event.

因此，對於團體預訂進度的布局，以及如Jim先前提到、我們看到的明年散客預訂進度，我們都感到非常樂觀。所以我們對於在那個特殊事件期間能夠彌補這個缺口相當有信心。

Michael Hirsch, JPMorgan.

Michael Hirsch，JPMorgan。

Hi there and thank you for taking my question. Regarding your comment on low supply growth, how long do you expect that supply tailwind to last? If you could also touch on the new construction environment here and maybe could you speak to any new supply. Looking out to 2028 or 2029 in your key markets?

你好，謝謝讓我提問。關於你提到供給成長偏低，預期這個供給順風會持續多久？也請談談目前的新建案環境，或許也能說明一下任何新增供給。在你們的主要市場中，展望到2028或2029年會如何？

Sure. I think the supply setup is as favorable to hotel owners as it's ever been. Coming out of the pandemic, people who were -- developers were more in a position to manage through the assets that they owned. And now we have seen costs escalate -- construction costs have escalated in a meaningful way combined with where the interest rate market is, where the debt market is, it's difficult to make certainly assets that would be competitive with hotels that we own pencil.

當然。我認為目前的供給格局對飯店業主而言，是前所未有地有利。疫情之後，開發商更傾向於先把自己持有的資產管理好、撐過去。而現在我們看到成本上升——建造成本顯著攀升，再加上利率市場、債務市場的狀況，使得要讓新建資產（尤其是能與我們持有飯店競爭的資產）在財務上「算得過來」（pencil）變得很困難。

And as you look out to say even '28, Michael, it's -- It takes a long time to build a full-service hotel, an upper upscale property, it takes years. I mean, you have to go through design -- acquire a site, go through design, go through permitting, and then you're looking at probably a minimum 24-month construction period. So there's a lot of demands on the construction industry today, given the build out of data centers, it's expensive. Labor is not that easy to find. And for all those reasons, that gives us optimism that the supply picture is going to remain in check for the foreseeable future.

而且即使你往外看到例如2028年，Michael——建造一間全服務飯店、一個高端（upper upscale）物業需要很長時間，往往要好幾年。你必須經過設計——取得土地、完成設計、走完許可流程，然後大概至少還要24個月的施工期。所以在今天，建築產業面臨很多需求，例如資料中心的建置，成本很高。勞動力也不是那麼容易找到。基於所有這些原因，我們對於供給面在可預見的未來仍會受到抑制、維持受控狀態感到樂觀。

And I'll add the in-construction pipeline is still 31% below pre-pandemic levels.

我再補充一點：目前在建中的開發管線仍比疫情前水準低31%。

James Feldman, Wells Fargo.

James Feldman，Wells Fargo。

Hi, thank you. This is Connor on with Jamie. Maybe looking at 3Q performance relative to what you expected going into the quarter, which market surprised you most, the upside and downside? And anything you'd call out on underlying drivers in those markets?

嗨，謝謝。我是Connor，和Jamie一起。如果看第三季表現相對於你們在進入該季度前的預期，哪個市場帶來的驚喜最大——不論是超出預期或低於預期？以及在那些市場的底層驅動因素，有沒有什麼特別想指出的？

I would say San Francisco and DC certainly surprised us to the upside, driven by the business transient growth that we saw in those two markets, and we were expecting growth certainly, but there was outsized growth. And our leisure markets, the resort markets continue to outperform. So we had expected the growth, we didn't expect as much growth, particularly in September, which we were pleasantly surprised by.

我會說舊金山和華盛頓特區（DC）確實在上行方面讓我們驚喜，主要是因為我們在這兩個市場看到的商務散客成長；我們原本確實預期會成長，但實際成長幅度更大。而我們的休閒市場、度假型市場仍持續跑贏。所以我們原本預期會有成長，但沒預期到成長會那麼多，尤其是9月，這讓我們感到驚喜。

And we did have a group in San Francisco, I believe it was the Salesforce group that moved from October into September that also helped performance. So overall, I would say it really was a business transient piece and the occupancy growth that we saw in the third quarter, which we were surprised by because thus far, we haven't seen as much demand growth, it was more all coming from rate.

另外，舊金山有一個團體，我記得是Salesforce的團體，從10月移到9月，也對表現有所幫助。所以整體而言，我會說主要是第三季我們看到的商務散客因素以及住房率成長，這點讓我們意外，因為到目前為止，我們並沒有看到那麼多需求成長，之前更多是由房價帶動。

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作結語。

Thank you again for joining us. We always appreciate the opportunity to discuss our results with you, and we look forward to seeing many of you at upcoming conferences.

再次感謝各位加入我們。我們一向很珍惜有機會與各位討論我們的業績表現，也期待在接下來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。感謝各位參與。您現在可以掛線。