Hersha Hospitality Trust (HT) 2023 Q1 法說會逐字稿

Good morning. Thank you for attending today's Hersha Hospitality Trust First Quarter 2023 Earnings Conference Call and Webcast. My name is Alicia, and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to your host, Andrew Tamaccio with Hersha Hospitality Trust. You may now proceed.

早上好。感謝您參加今天的 Hersha Hospitality Trust 2023 年第一季度收益電話會議和網絡直播。我叫 Alicia，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給您的主持人 Andrew Tamaccio 和 Hersha Hospitality Trust。你現在可以繼續了。

Thank you, Alicia, and good morning to everyone joining us today. Welcome to the Hersha Hospitality Trust First Quarter 2023 Conference Call. Today's call will be based on the first quarter 2023 earnings release, which we distributed yesterday afternoon.

謝謝你，Alicia，早上好，今天加入我們的每個人。歡迎來到 Hersha Hospitality Trust 2023 年第一季度電話會議。今天的電話會議將基於我們昨天下午發布的 2023 年第一季度收益報告。

Before proceeding, I'd like to remind everyone that today's conference call may contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause the company's actual results, performance or financial positions to be considerably different from any future results, performance or financial positions. These factors are detailed within the company's press release as well as within the company's filings with the SEC.

在繼續之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性以及其他可能導致公司實際結果、業績或財務狀況與任何未來結果、業績或財務狀況大不相同的因素。這些因素在公司的新聞稿以及公司提交給美國證券交易委員會的文件中有詳細說明。

With that, it's now my pleasure to turn the call over to Mr. Neil H. Shah, Hersha Hospitality Trust's President and Chief Executive Officer. Neil, you may begin.

因此，現在我很高興將電話轉給 Hersha Hospitality Trust 的總裁兼首席執行官 Neil H. Shah 先生。尼爾，你可以開始了。

Thank you, Andrew, and good morning, and thank you to all of you for being with us on today's call. Joining me this morning is Ashish Parikh, our Chief Financial Officer. I will kick things off by covering the portfolio's performance in the quarter before touching on our capital allocation outlook. Ash will talk through our second quarter guidance, discuss our margin outlook and provide an update on our balance sheet.

謝謝安德魯，早上好，感謝大家參加今天的電話會議。今天早上加入我的是我們的首席財務官 Ashish Parikh。在談到我們的資本配置前景之前，我將首先介紹本季度投資組合的表現。 Ash 將討論我們的第二季度指引，討論我們的利潤率前景並提供我們資產負債表的更新。

From when we last spoke in mid-February, there has been increased volatility in the market, which has been felt by every sector but has had an outsized impact on the credit markets, banking sector and commercial real estate. We remain confident that lodging fundamentals are positive. And the current setup continues to point to a multiyear recovery ahead for our sector, while being cognizant of the possibility of continued market volatility and the potential for a more challenging economic landscape or recession in the back half of this year.

自我們上次於 2 月中旬發表講話以來，市場波動加劇，每個行業都感受到了這種波動，但對信貸市場、銀行業和商業房地產產生了巨大影響。我們仍然相信住宿基本面是積極的。目前的格局繼續表明我們的行業未來多年復蘇，同時認識到市場持續波動的可能性以及今年下半年更具挑戰性的經濟前景或衰退的可能性。

Many of the signs that led to our optimism in February have come to fruition. We recorded nearly 15% year-over-year RevPAR growth in the first quarter driven by more than 30% year-over-year growth in our urban portfolio. Our portfolio is generating cash flow and experienced significant acceleration in performance as the first quarter progressed, which is historically our slowest seasonally. With nearly $200 million in cash on hand and access to $100 million undrawn revolver and no meaningful debt maturities on the horizon, we can focus our efforts on driving cash flow through operations.

導致我們在 2 月份感到樂觀的許多跡像已經實現。在我們的城市投資組合同比增長超過 30% 的推動下，我們第一季度的 RevPAR 同比增長近 15%。我們的投資組合正在產生現金流，並且隨著第一季度的進展經歷了業績的顯著加速，這在歷史上是我們最慢的季節性。憑藉手頭近 2 億美元的現金和 1 億美元的未動用循環貸款，以及近期沒有有意義的債務到期日，我們可以集中精力通過運營推動現金流。

In the first quarter, we executed several significant renovations across our portfolio. The common area upgrades at both of our Manhattan Hilton Garden Inns and a major guest room renovation at our Philadelphia Westin were completed in time for our spring season. We also completed the first phase of upgrades at our Sanctuary Beach Resort in Monterey, California and are close to opening our new restaurant and bar, the Helmsman, at the Mystic Marriott Hotel and Spa in the coming weeks.

在第一季度，我們對我們的產品組合進行了幾次重大改造。我們的曼哈頓希爾頓花園酒店的公共區域升級和我們費城威斯汀酒店的主要客房翻新工程在春季及時完成。我們還在加利福尼亞州蒙特雷的 Sanctuary Beach Resort 完成了第一階段的升級，並且即將在未來幾週內在 Mystic Marriott Hotel and Spa 開設我們的新餐廳和酒吧 Helmsman。

These projects were strategically undertaken in the portfolio's slowest season to minimize their financial impact, but had a greater impact on our first quarter operating results than we originally forecasted. Largely due to weaker demand in those markets, some of which was related to weather impacts across the quarter. With the renovations behind us, we expect these newly renovated properties to perform at levels above their historical performance and drive organic cash flow growth for the remainder of this year and beyond and deliver an attractive return on investment in a similar manner to our pre-pandemic renovations at hotels like the Parrot Key Hotel and Villas, the Cadillac Hotel and Beach Club, the Ritz-Carlton Coconut Grove and the Annapolis Waterfront Hotel.

這些項目戰略性地在投資組合最淡季進行，以盡量減少其財務影響，但對我們第一季度經營業績的影響比我們最初預測的要大。主要是由於這些市場的需求疲軟，其中一些與整個季度的天氣影響有關。隨著我們的翻新，我們預計這些新裝修的物業的表現將高於其歷史表現，並在今年剩餘時間及以後推動有機現金流增長，並以與大流行前類似的方式提供有吸引力的投資回報Parrot Key Hotel and Villas、Cadillac Hotel and Beach Club、Ritz-Carlton Coconut Grove 和 Annapolis Waterfront Hotel 等酒店的裝修。

With that, I will jump to our performance in the quarter. Our comparable hotel portfolio generated approximately 68% occupancy and an ADR of $268, resulting in RevPAR of $182 for the first quarter 2023. This equates to 20% ADR growth, driving 2.8% RevPAR growth and a [1%] EBITDA expansion for the first quarter compared to 2019 despite disruption from our properties under renovation.

有了這個，我將跳到我們在本季度的表現。我們的可比酒店組合產生了大約 68% 的入住率和 268 美元的 ADR，導致 2023 年第一季度的 RevPAR 為 182 美元。這相當於 20% 的 ADR 增長，推動了 2.8% 的 RevPAR 增長和 [1%] EBITDA 擴張與 2019 年相比的季度，儘管我們正在裝修的物業受到干擾。

Excluding our properties under renovation, our portfolio generated over 73% occupancy, just 600 basis points below 2019 and an ADR of $290, resulting in RevPAR of $212, an 11% increase to 2019. This subset of the portfolio generated EBITDA of just under $15 million, a 19% gain on the first quarter of 2019.

不包括我們正在裝修的物業，我們的投資組合產生了超過 73% 的入住率，僅比 2019 年低 600 個基點，ADR 為 290 美元，導致 RevPAR 為 212 美元，比 2019 年增長 11%。這部分投資組合產生的 EBITDA 略低於 15 美元億美元，比 2019 年第一季度增長 19%。

EBITDA margin of 24.1% was approximately 200 basis points greater than 2019. The disparity in the results illustrates the impact of the renovation disruption, and we are excited to move into the spring season with the projects completed.

24.1% 的 EBITDA 利潤率比 2019 年高出約 200 個基點。結果的差異說明了裝修中斷的影響，我們很高興隨著項目的完成進入春季。

As I transition to our market performance, I'll start off with our resort portfolio, which continued its robust performance in the first quarter, generating RevPAR of $242, an increase of nearly 25% to 2019. This growth was primarily the result of pricing power as resort ADR of $321 was nearly 27% ahead of 2019.

當我過渡到我們的市場表現時，我將從我們的度假村組合開始，該組合在第一季度繼續保持強勁表現，產生 242 美元的 RevPAR，比 2019 年增長近 25%。這種增長主要是定價的結果power as resort ADR 為 321 美元，比 2019 年增長了近 27%。

Overall resort EBITDA of $13.1 million was nearly 43% greater than 2019 production, and EBITDA margins increased by 535 basis points. We remain confident in the demand for high-end, differentiated and experiential offerings and believe our resorts will benefit from their appeal to the modern traveler in both leisure and business segments.

度假村的整體 EBITDA 為 1310 萬美元，比 2019 年的產量高出近 43%，EBITDA 利潤率增加了 535 個基點。我們對高端、差異化和體驗式產品的需求仍然充滿信心，並相信我們的度假村將受益於它們對休閒和商務領域現代旅行者的吸引力。

All of our resorts are located on premium real estate. They've been well maintained and thoughtfully renovated and faced very low supply dynamics in the coming years. And we believe in the long-term fundamentals for growth in each of these markets.

我們所有的度假村都位於優質房地產上。他們得到了很好的維護和精心翻新，並且在未來幾年面臨著非常低的供應動態。我們相信每個市場的長期增長基本面。

As a reminder, all but two of our resorts are located in markets that cater to additional travel segments aside from leisure. These markets benefit from multiple demand generators, including convention centers, corporate headquarters and universities.

提醒一下，除了兩家度假村外，我們所有的度假村都位於滿足休閒以外的其他旅遊細分市場的市場。這些市場受益於多種需求來源，包括會議中心、公司總部和大學。

The two pure leisure resort markets of Key West and Monterey, California are coming off of 2 years of unprecedented performances in 2021 and 2022 and will face more challenging comparisons. The Parrot Key Hotel and Villas benefited from the extraordinary pricing power and demand in a time where international travel, particularly to the Caribbean and Europe, was limited. This demand, coupled with an unsustainable staffing model, resulted in record EBITDA production at the resort, even in off-peak seasons.

加利福尼亞州基韋斯特和蒙特雷這兩個純粹的休閒度假市場在 2021 年和 2022 年經歷了 2 年前所未有的表現，並將面臨更具挑戰性的比較。在國際旅行，尤其是加勒比海和歐洲旅行受限的時代，鸚鵡鑰匙酒店和別墅受益於非凡的定價能力和需求。這種需求，加上不可持續的人員配置模式，導致度假村的 EBITDA 產量創下歷史新高，即使在淡季也是如此。

The performance in 2022 will result in difficult comps for 2023 with more normalized growth expected in 2024. But to be clear, we do not expect significant retracement to pre-COVID levels. In fact, in the first quarter of 2023, the Parrot Key Hotel and Villas generated RevPAR growth of 30% to 2019, driving EBITDA expansion of 70% to $2.9 million. The Parrot Key Hotel was our second largest EBITDA contributor in the first quarter, and we anticipate the resort to continue to be one of our top EBITDA-producing assets for many years to come.

2022 年的表現將導致 2023 年出現困難，預計 2024 年將實現更正常的增長。但需要明確的是，我們預計不會顯著回撤至 COVID 之前的水平。事實上，在 2023 年第一季度，Parrot Key Hotel and Villas 的 RevPAR 增長了 30% 至 2019 年，推動 EBITDA 增長 70% 至 290 萬美元。 Parrot Key Hotel 是我們第一季度的第二大 EBITDA 貢獻者，我們預計該度假村將在未來許多年繼續成為我們產生 EBITDA 的最大資產之一。

As I discussed, the Century Beach Resort was impacted by the renovation. This disruption, coupled with economic headwinds in the Bay Area and severe weather and flooding experienced in Northern California, impacted the resort's first quarter performance.

正如我所討論的，世紀海灘度假村受到了翻修的影響。這種中斷，加上灣區的經濟逆風以及北加州的惡劣天氣和洪水，影響了度假村第一季度的業績。

In addition, the unprecedented snowfall in the Western U.S. extended favorable ski conditions well into the first quarter and drew some of our typical travelers to alternative destinations. The first phase of the resort's renovation has now been completed, and the remaining scope will be completed over the slow winter months in time for next year's peak season. This renovation will reposition the property for another level of growth moving forward.

此外，美國西部史無前例的降雪將有利的滑雪條件延續到第一季度，並吸引了我們的一些典型旅行者前往其他目的地。度假村翻新的第一階段現已完成，其餘部分將在緩慢的冬季月份完成，以迎接明年的旺季。此次翻新將重新定位該物業，以實現更高水平的增長。

The Miami market was the biggest EBITDA contributor, generating just over $8 million. The Cadillac and the Ritz-Carlton Coconut Grove were two of our top three EBITDA contributors, generating $4.9 million and $2.2 million, respectively. We remain very optimistic on South Florida's long-term prospects. Although missing our very bullish internal forecast for the first quarter, Miami did exceed 2022 RevPAR by over 11% and 2022 EBITDA by more than 2%.

邁阿密市場是最大的 EBITDA 貢獻者，產生了超過 800 萬美元。凱迪拉克和麗思卡爾頓椰林酒店是我們三大 EBITDA 貢獻者中的兩個，分別產生了 490 萬美元和 220 萬美元。我們對南佛羅里達州的長期前景仍然非常樂觀。儘管沒有達到我們對第一季度非常樂觀的內部預測，但邁阿密確實超過了 2022 年的 RevPAR 11% 以上和 2022 年的 EBITDA 超過 2%。

On the West Coast, our Hotel Ambrose generated just under $1 million in EBITDA for the quarter, surpassing both 2019 and 2022. In what is typically a very slow quarter, the Annapolis Waterfront Hotel's 80% occupancy was nearly 800 basis points above pre-COVID levels. And the hotel's EBITDA of $724,000 was 87% above 2019 production and 43% ahead of 2022.

在西海岸，我們的安布羅斯酒店本季度的息稅折舊攤銷前利潤略低於 100 萬美元，超過 2019 年和 2022 年。在通常非常緩慢的季度，安納波利斯海濱酒店 80% 的入住率比 COVID 之前高出近 800 個基點水平。酒店的 EBITDA 為 724,000 美元，比 2019 年的產量高出 87%，比 2022 年高出 43%。

With that, I'll transition to our urban portfolio. Q1 is typically the slowest quarter in our urban markets. And after surpassing 2019 RevPAR in Q4, which is one of our strongest urban quarters due to the strength of business travel in October and New York's holiday surge in December, we are still recovering to pre-pandemic levels as of April in our urban portfolio.

有了這個，我將過渡到我們的城市投資組合。第一季度通常是我們城市市場中最慢的一個季度。在第四季度超過 2019 年 RevPAR（由於 10 月的商務旅行強勁和 12 月紐約的假期激增，這是我們最強勁的城市季度之一）之後，截至 4 月，我們的城市投資組合仍在恢復到大流行前的水平。

That being said, Q1 2023 urban RevPAR was 31% ahead of 2022. And as the first quarter progressed, we experienced tremendous acceleration. Washington, D.C., Boston and Manhattan led the way for our urban markets as RevPAR increased 120%, 58% and 55% from January to March, respectively. The turnaround in D.C. was a welcome sign after being one of our laggard markets in 2022.

也就是說，2023 年第一季度城市 RevPAR 比 2022 年高出 31%。隨著第一季度的進展，我們經歷了巨大的加速。華盛頓特區、波士頓和曼哈頓在我們的城市市場中處於領先地位，RevPAR 從 1 月到 3 月分別增長了 120%、58% 和 55%。在 2022 年成為我們落後的市場之一之後，華盛頓的好轉是一個可喜的跡象。

Also of note, occupancy in our New York City cluster of 77% in March was just below the fourth quarter of 2022, which is seasonally much busier in the holiday season than the start of the year, and this is a great sign heading into the spring season.

另外值得注意的是，3 月份我們紐約市集群的入住率為 77%，略低於 2022 年第四季度的水平，這在假日季節的季節性比年初要繁忙得多，這是進入春暖花開的季節。

Thus far in April, month-to-date RevPAR is up more than 15% in each of these markets from March. To put that into perspective, April EBITDA is expected to exceed the entire first quarter production for these markets as our urban portfolio continues its acceleration into the second quarter.

截至 4 月為止，這些市場中的每個市場的當月迄今 RevPAR 均較 3 月增長了 15% 以上。從這個角度來看，隨著我們的城市投資組合繼續加速進入第二季度，4 月份的 EBITDA 預計將超過這些市場整個第一季度的產量。

This pickup has been driven by weekday demand in particular. Month-to-date in April, urban weekday RevPAR is up 80% for our urban portfolio versus the same time period in January with every market experiencing growth greater than 25%.

這種回升尤其受到工作日需求的推動。 4 月至今，我們城市投資組合的城市工作日 RevPAR 與 1 月同期相比增長了 80%，每個市場的增長率都超過 25%。

Performance in Philadelphia was challenged in the first quarter. While much of this is attributable to the renovation disruption at the Westin that I touched on earlier, there was softness in the market, and we did not see pickup in the back half of the quarter that we had forecasted. But we are confident that given the new rooms product to the Westin, we will see improved performance moving forward.

費城的表現在第一季度受到挑戰。雖然這在很大程度上歸因於我之前提到的威斯汀酒店的裝修中斷，但市場疲軟，我們沒有看到我們預測的本季度後半段回暖。但我們有信心，鑑於威斯汀的新客房產品，我們將看到性能的提升。

Meanwhile, our Rittenhouse Hotel was named the first and only independent Forbes Travel Guide's 5-star hotel recipient in Philadelphia in 2023, which will meaningfully drive leisure, international and the group segment across the coming years.

與此同時，我們的里滕豪斯酒店於 2023 年被福布斯旅遊指南評為費城第一家也是唯一一家獨立的五星級酒店，這將在未來幾年顯著推動休閒、國際和團體細分市場。

We anticipate additional return of occupancy and demand in the urban markets and are encouraged by the acceleration from March to April, aided by an increase of group, business transient and international travel as markets around the globe continue to open up from pre-pandemic era restrictions.

我們預計城市市場的入住率和需求將進一步回升，並受到 3 月至 4 月加速增長的鼓舞，這得益於全球市場從大流行前時代的限制中繼續開放，團體、商務旅行和國際旅行的增加.

Transitioning to the corporate front. We are encouraged by our sector fundamentals, not only from the long runways for the return of business and international travel, but also the extremely low supply environment in the coming years due to a dearth in construction financing. We are confident in our market's long-term outlook. And due to the significant cash on hand, access to an undrawn revolver and a lower leverage profile, we are very comfortable concentrating our focus on driving cash flow at our existing portfolio.

過渡到公司前台。我們的行業基本面令我們感到鼓舞，這不僅來自商務和國際旅行回歸的漫長跑道，還來自未來幾年由於缺乏建設融資而導致的極低供應環境。我們對市場的長期前景充滿信心。由於手頭有大量現金，可以使用未提取的左輪手槍和較低的槓桿率，我們非常樂意將重點放在推動現有投資組合的現金流上。

The debt and transaction markets are muted. And due to these market conditions, we are unlikely to be acquisitive in the near term. We are more likely to use our capital to pay down a portion of floating rate debt, which in today's interest rate environment is immediately accretive.

債務和交易市場沉寂。由於這些市場條件，我們不太可能在短期內進行收購。我們更有可能使用我們的資本來償還部分浮動利率債務，這在當今的利率環境下會立即增加。

We will remain flexible and entrepreneurial in our approach. Given our financial flexibility in a time of economic uncertainty, we are very well positioned to act swiftly when the right opportunities do present themselves. We firmly believe now more than ever that we trade in an outsized discount to our private market value and are focused on closing that gap without diluting our shareholders.

我們將在我們的方法中保持靈活性和創業精神。鑑於我們在經濟不確定時期的財務靈活性，我們完全有能力在合適的機會出現時迅速採取行動。我們現在比以往任何時候都堅信，我們的交易價格相對於我們的私人市場價值有過大的折扣，並且專注於在不稀釋我們股東的情況下縮小這一差距。

With that, let me turn it over to Ash to discuss in more detail our financial outlook, margin performance and our updated guidance for the quarter.

有了這個，讓我把它交給 Ash 來更詳細地討論我們的財務前景、利潤率表現和我們對本季度的最新指導。

Thanks, Neil, and good morning to everyone joining us on today's call. Let me begin by discussing the margin performance of our portfolio. As I've mentioned before, our pandemic era staffing models and modified offerings were borne out of necessity. And many of these changes were not sustainable in the long term nor intended to be permanent. With our current staffing protocols, a reduced headcount and technology deployment, we've achieved numerous long-term efficiencies that will allow us to offset wage pressure.

謝謝，尼爾，早上好，今天參加我們電話會議的所有人。讓我首先討論我們投資組合的利潤率表現。正如我之前提到的，我們的大流行時代人員配置模型和修改後的產品是出於必要。從長遠來看，這些變化中有許多是不可持續的，也不打算成為永久性的。憑藉我們目前的人員配置協議、減少的員工人數和技術部署，我們已經實現了許多長期效率，這將使我們能夠抵消工資壓力。

Staffing remains at approximately 85% of pre-pandemic levels, and we now consider this to be a normalized offering environment. We can operate our hotels at these headcount, while maintaining the high-quality guest experience that our customers have grown accustomed to.

人員配置保持在大流行前水平的大約 85%，我們現在認為這是一個正常的提供環境。我們可以在這些員工人數下運營我們的酒店，同時保持我們的客戶已經習慣的高質量賓客體驗。

Wages, along with almost all other line items such as property insurance and utilities, have also risen. But we've taken steps to mitigate these rising costs with a portfolio-wide strategic approach, and our asset managers are laser-focused on expense control measures.

工資以及財產保險和公用事業等幾乎所有其他項目也有所上漲。但我們已經採取措施，通過整個投資組合的戰略方法來減輕這些不斷上升的成本，我們的資產經理非常專注於費用控制措施。

We have also looked at cost-cutting measures and profitability at our restaurants and bars and recently entered into new third-party tenant leases at the Hyatt Union Square and our Hilton Garden in Tribeca to drive improved profitability and margins. Based on our forecast, these leases should be in place and operational during the third quarter, and we anticipate immediate growth in cash flow from both.

我們還研究了餐廳和酒吧的成本削減措施和盈利能力，最近在 Hyatt Union Square 和我們位於翠貝卡的希爾頓花園簽訂了新的第三方租戶租約，以提高盈利能力和利潤率。根據我們的預測，這些租賃應在第三季度到位並投入運營，我們預計兩者的現金流量會立即增長。

As we move forward, we're confident that our franchise operating model and close alignment with our affiliated management company will continue to generate industry-leading margins and cash flows. In the first quarter, our comparable portfolio recorded GOP margin loss of 9 basis points and EBITDA margin growth of 5 basis points, while exceeding 2019 EBITDA by just over 1%. These results were significantly impacted by the renovations undertaken throughout our portfolio.

隨著我們的前進，我們相信我們的特許經營模式以及與附屬管理公司的緊密合作將繼續產生行業領先的利潤率和現金流。在第一季度，我們的可比投資組合錄得 GOP 利潤率損失 9 個基點和 EBITDA 利潤率增長 5 個基點，同時超過 2019 年 EBITDA 略高於 1%。這些結果受到我們整個投資組合進行的翻新工程的顯著影響。

As Neil mentioned, we're confident in the growth that will be driven as a result of these investments and are pleased to have completed these meaningful enhancements in our portfolio's seasonally slowest quarter. We were also pleased that our nondisrupted assets within the portfolio were still able to achieve margin growth within the range that we have been anticipating for 2023. As that portfolio generated GOP and EBITDA margin growth of approximately 170 and 200 basis points, respectively, for the quarter and generated 19% higher EBITDA compared to 2019.

正如尼爾所提到的，我們對這些投資將推動的增長充滿信心，並很高興在我們投資組合季節性最慢的季度完成了這些有意義的改進。我們還感到高興的是，我們在 2023 年投資組合中未受干擾的資產仍然能夠在我們預期的範圍內實現利潤率增長。由於該投資組合產生了大約 170 和 200 個基點的 GOP 和 EBITDA 利潤率增長，與 2019 年相比，本季度的 EBITDA 增長了 19%。

Our resort markets had a particularly strong margin story in the first quarter as GOP and EBITDA margins of 44.3% and 34.4% translated to margin growth of 592 basis points and 535 basis points, respectively. As we look forward to the remainder of the year, we anticipate the resort portfolio will still have strong margin comparisons to 2019, while our urban markets margin performance will accelerate.

我們的度假村市場在第一季度的利潤率特別強勁，44.3% 和 34.4% 的 GOP 和 EBITDA 利潤率分別轉化為 592 個基點和 535 個基點的利潤率增長。展望今年剩餘時間，我們預計度假村組合的利潤率與 2019 年相比仍將強勁，而我們的城市市場利潤率表現將加速。

One final note related to CapEx. After significantly reducing CapEx spend in the last few years, we anticipate approximately $30 million to $35 million in CapEx spend in 2023 and 2024 and project a lower CapEx spend in the outyears after we get fully caught up.

最後一點與資本支出有關。在過去幾年大幅減少資本支出後，我們預計 2023 年和 2024 年的資本支出約為 3000 萬至 3500 萬美元，並預計在我們完全趕上之後的未來幾年資本支出將減少。

We do not anticipate additional disruption to our portfolio until the fourth quarter of this year and are confident that the improvements will generate growth at each asset. In a similar fashion to the growth experienced at assets we've renovated in the years leading up to 2019.

我們預計在今年第四季度之前我們的投資組合不會受到額外的干擾，並且相信這些改進將在每項資產上產生增長。與我們在 2019 年之前的幾年裡翻新的資產經歷的增長類似。

Moving on to the balance sheet. As part of our '22 refinancing, we used an existing swap to hedge $300 million of the new term loan at a fixed rate of approximately 3.93%. As of quarter end, 73% of our outstanding debt is either fixed or hedged. And despite the continuation of interest rate hikes from the Fed, our first quarter weighted average interest rate was approximately 5.22% with a weighted average life to maturity of approximately 2.1 years.

轉到資產負債表。作為我們 22 年再融資的一部分，我們使用現有掉期以大約 3.93% 的固定利率對沖 3 億美元的新定期貸款。截至季度末，我們 73% 的未償還債務是固定債務或對沖債務。儘管美聯儲繼續加息，但我們第一季度的加權平均利率約為 5.22%，加權平均到期期限約為 2.1 年。

Since the onset of the pandemic, management has been focused on reducing our leverage and creating additional financial flexibility with a stated goal of 3x to 4x debt to EBITDA. Our strategic activity in 2022 allowed us to achieve this goal as we ended the quarter at 3.7x net debt to EBITDA on a TTM basis.

自大流行病爆發以來，管理層一直專注於降低我們的槓桿率並創造額外的財務靈活性，既定目標是 EBITDA 債務增加 3 至 4 倍。我們在 2022 年的戰略活動使我們能夠實現這一目標，因為我們在 TTM 的基礎上以 3.7 倍的淨債務與 EBITDA 結束本季度。

As a result of our reduced debt profile, we were able to save nearly $4.8 million in interest expense in the first quarter compared to 2022 despite the rising rate environment. We ended the quarter with approximately $194 million in cash on hand in addition to our $100 million undrawn revolver capacity.

由於我們減少了債務狀況，儘管利率環境上升，但與 2022 年相比，我們在第一季度能夠節省近 480 萬美元的利息支出。除了我們 1 億美元的未動用左輪手槍能力外，我們在本季度結束時手頭現金約為 1.94 億美元。

All of our cash is held with large national or super regional banks with no threat of liquidity issues. As of quarter close, approximately 65% of our cash was held in short-term deposits, accruing interest above 4% and likely to move higher as these time deposits mature imminently.

我們所有的現金都存放在大型國家或超級地區銀行，沒有流動性問題的威脅。截至本季度末，我們大約 65% 的現金以短期存款形式持有，利息超過 4%，並且隨著這些定期存款即將到期，利息可能會更高。

Approximately 12.5% of the cash was considered working capital, and the remainder was held in a variety of accounts accruing between 3% to 4% with no maturity restrictions. In total, we were able to generate approximately $1.7 million in interest income on our cash reserves in the quarter.

大約 12.5% 的現金被視為營運資金，其餘部分存放在各種賬戶中，餘額在 3% 到 4% 之間，沒有期限限制。總的來說，本季度我們的現金儲備產生了大約 170 萬美元的利息收入。

As Neil mentioned, we're unlikely to be acquisitive at this time and are far more likely to use our cash on hand to further reduce our most expensive floating rate debt, which in the current interest rate environment is immediately accretive.

正如尼爾所提到的，我們此時不太可能進行收購，更有可能使用我們手頭的現金來進一步減少我們最昂貴的浮動利率債務，這在當前的利率環境下會立即增加。

We've spoken about the valuation gap of the public market value of our portfolio and individual assets. And our cash balance of approximately $5 per share is further evidence of this current and significant disconnect in our public market valuation.

我們已經談到了我們的投資組合和個人資產的公開市場價值的估值差距。我們每股約 5 美元的現金餘額進一步證明了我們公開市場估值中當前存在的重大脫節。

We have once again provided financial guidance. And looking ahead to the second quarter of 2023, the acceleration experienced in the first quarter has continued in several of our markets through the end of April, and we continue to see a pickup in our booking pace for the remainder of the quarter.

我們再次提供了財務指導。展望 2023 年第二季度，我們的幾個市場在第一季度經歷的加速一直持續到 4 月底，我們繼續看到本季度剩餘時間的預訂速度有所加快。

Our current plan is to start providing comparable 2023 results versus our comparable 2022 results starting with the second quarter and to only utilize 2019 comparables when relevant and meaningful. As we move forward, forecast varies as to how the economy will unfold as the year progresses.

我們目前的計劃是從第二季度開始提供可比較的 2023 年結果與我們可比較的 2022 年結果，並且僅在相關且有意義的情況下使用 2019 年的可比結果。隨著我們向前邁進，隨著時間的推移，經濟將如何發展的預測各不相同。

But we remain optimistic about the long-term growth prospects for our sector and our markets, including the runway remaining in the return of international and business travel and most notably, the low supply environment we forecast over the next few years, which is a significant differentiator to other periods when we went into those downturn with high supply deliveries on the horizon.

但我們仍然對我們行業和市場的長期增長前景持樂觀態度，包括國際和商務旅行回歸的跑道，最值得注意的是，我們預測未來幾年的低供應環境，這是一個重要的與其他時期的差異化因素，當我們進入低迷期時，高供應交付即將到來。

Due to our low leverage profile and significant liquidity, we can focus on driving operational cash flow as well as reducing our floating rate debt exposure to further mitigate costs within our portfolio. And we will continue to review all corporate activities through a lens of maximizing shareholder value while striving to maintain low leverage and flexibility. Our liquidity will allow us to remain nimble, and as strategic opportunities present themselves, we are prepared to act quickly.

由於我們的低杠桿率和大量流動性，我們可以專注於推動運營現金流並減少我們的浮動利率債務風險，以進一步降低我們投資組合中的成本。我們將繼續從股東價值最大化的角度審查所有公司活動，同時努力保持低杠桿和靈活性。我們的流動性將使我們能夠保持靈活，並且隨著戰略機會的出現，我們準備迅速採取行動。

So this concludes my portion of the call, and we're happy to address any questions that you may have. Operator?

我的通話部分到此結束，我們很樂意解決您可能遇到的任何問題。操作員？

(Operator Instructions) The first question comes from the line of Aryeh Klein with BMO Capital Markets.

（操作員說明）第一個問題來自 BMO Capital Markets 的 Aryeh Klein。

Can you unpack a little bit more on the softer Q1 results? There were obviously the renovation headwinds, but it sounds like maybe some other markets were softer as well. What do you think maybe changed between when you provided that initial guidance, I guess, it was mid-February through the end of March? What was weaker, I suppose?

您能否進一步了解較軟的第一季度結果？顯然有翻新的不利因素，但聽起來其他一些市場可能也比較疲軟。當您提供初步指導時，您認為從 2 月中旬到 3 月底之間可能發生了什麼變化？我想什麼更弱？

Thanks, Aryeh. Yes, absolutely. It was the -- from mid-February and then all of March was significantly weaker in a handful of our markets. They corresponded with some of our renovation properties, so it was kind of doubly impactful, but it was Philadelphia and Northern California, in particular.

謝謝，阿耶。是的，一點沒錯。這是 - 從 2 月中旬開始，然後整個 3 月在我們的少數幾個市場中明顯疲軟。它們與我們的一些翻新物業相對應，因此它具有雙重影響，但尤其是在費城和北加州。

In Northern California, in addition to kind of the SVB crisis and the impact on tech, really, what was more significant at the Monterey -- our resort in Monterey was just the amount of rainfall. It was -- in fact, it was 15x more rain than the prior quarter. It was just -- it was something that was -- hadn't been seen, and it had a really disruptive impact on weekend travel. During the week, we -- there was some softness just from the economic headwinds in the valley. That also had an impact.

在北加州，除了 SVB 危機和對科技的影響之外，實際上，在蒙特雷更重要的是——我們在蒙特雷的度假村只是降雨量。事實上，降雨量是上一季度的 15 倍。它只是 - 它是 - 從未見過的東西，它對周末旅行產生了真正的破壞性影響。在這一周裡，我們 - 只是由於山谷的經濟逆風而出現一些疲軟。這也產生了影響。

On one hand, we're glad we got the renovation done during this weak period because things -- the pace is looking much better as we go into the second quarter, but that had a significant impact.

一方面，我們很高興在這個疲軟的時期完成了翻新，因為進入第二季度時，步伐看起來好多了，但這產生了重大影響。

Second was Philadelphia. The Philadelphia market just didn't develop as expected primarily on the group side, but there was also leisure softness and some corporate softness. The lack of kind of -- we were aware and knew that we didn't have a good backdrop of citywide conventions in Philadelphia for the first half of this year. But there was anticipated group bookings that just didn't come in.

其次是費城。費城市場並沒有像預期的那樣主要在團體方面發展，但也有休閒疲軟和一些企業疲軟。缺乏某種——我們意識到並知道我們在今年上半年在費城舉行的全市範圍內沒有良好的背景。但是，預期的團體預訂並沒有出現。

The Philadelphia market remains a bit soft as we look forward. May is a particularly good month, but April has been a little mixed. And we are starting to adjust our staffing models again in this market to try to adjust to a slower pace of recovery, continue to have very strong fundamentals as we look further out across the next year or 2 as the convention calendar picks back up and we have more return to the office here in Philadelphia, which has been a laggard relative to our other Northeastern markets, but we do expect that to come back.

正如我們所期待的，費城市場仍然有些疲軟。五月是一個特別好的月份，但四月有點喜憂參半。我們開始再次調整我們在這個市場上的人員配置模式，以適應較慢的複蘇步伐，繼續保持非常強勁的基本面，因為我們會在明年或兩年內進一步展望未來，因為會議日曆會恢復，我們有更多人返回費城這裡的辦公室，相對於我們的其他東北市場，費城一直落後，但我們確實希望這種情況會回來。

So it was those two markets. I'd also mention that South Florida, we talked about how Miami actually came in pretty well relative to 2022 as well as [to pass to] 2019. But we had very strong ADR performance in December and January at the Cadillac, and that led us to expect a higher ADR than really came to fruition.

所以就是這兩個市場。我還要提到南佛羅里達州，我們談到了邁阿密相對於 2022 年以及 [傳遞到] 2019 年的表現如何。但是我們在 12 月和 1 月在凱迪拉克的 ADR 表現非常強勁，這導致我們期望 ADR 比實際實現的更高。

So still strong compared to prior year, strong compared to several years ago. But compared to our budgeted expectation for the quarter, we lost ADR. So those were the big drivers.

所以與前一年相比仍然強勁，與幾年前相比仍然強勁。但與我們對該季度的預算預期相比，我們失去了 ADR。所以這些是主要的驅動因素。

I'd also just mention that we -- this was a quarter that we were opening and staffing up all of our restaurants and bars, a lot of the amenities that have been closed for many years now. And so there are additional expenses that if you don't have the revenue come in can be pretty -- can have a pretty significant impact on margins. So I put it in that area. Is that helpful, Aryeh?

我還要提一下，我們——這是一個季度，我們正在開設所有餐廳和酒吧並為其配備人員，許多設施已經關閉多年。因此，還有額外的費用，如果你沒有收入，收入可能會很可觀——可能會對利潤率產生相當大的影響。所以我把它放在那個區域。這有用嗎，Aryeh？

Yes, absolutely. And then, Ashish, you mentioned the elevated CapEx this year or next. For some of the upcoming projects, can you just provide a little bit color on what they are, what entails -- where they are.

是的，一點沒錯。然後，Ashish，你提到了今年或明年資本支出的增加。對於一些即將進行的項目，您能否提供一些顏色來說明它們是什麼，需要什麼——它們在哪裡。

Sure. I think as I mentioned, really finishing up everything in Q2, the last remaining project is the Mystic -- the Marriott Mystic restaurant that we are launching. That should be done by the end of May. And then we expect a fairly clean calendar as we go through the rest of Q2 and Q3.

當然。我認為正如我提到的那樣，真的在第二季度完成了所有事情，剩下的最後一個項目是 Mystic——我們即將推出的 Marriott Mystic 餐廳。這應該在五月底之前完成。然後我們期待在第二季度和第三季度的剩餘時間裡有一個相當乾淨的日曆。

In Q4, we will start up and be at the Sanctuary Beach Resort, the actual guestroom renovation. We did a lot of exterior work for all of the bungalows during the first quarter. We're doing some work at the Winter Haven Hotel in Miami as well, which will be finishing up in the fourth quarter.

在第四季度，我們將開始並在 Sanctuary Beach Resort 進行實際的客房裝修。我們在第一季度為所有平房做了很多外部工作。我們也在邁阿密的溫特黑文酒店做一些工作，將在第四季度完成。

As we look into next year, it's really more product improvement plans at hotels like the Hilton Garden in JFK, Holiday Inn Express, Chelsea. And these are primarily 7-year or 12-year refreshes.

當我們展望明年時，肯尼迪國際機場希爾頓花園酒店、切爾西智選假日酒店等酒店的產品改進計劃確實更多。這些主要是 7 年或 12 年的更新。

The next question comes from the line of Tyler Batory with Oppenheimer.

下一個問題來自 Tyler Batory 與 Oppenheimer 的對話。

My first question is on the Q2 RevPAR guide. Can you talk a little bit more from a market perspective in Q2 which markets do you think could be outperformers, which ones you're a little bit more optimistic on and then perhaps what markets might be a little bit on the softer side?

我的第一個問題是關於 Q2 RevPAR 指南。你能否從第二季度的市場角度多談談你認為哪些市場可能表現出色，哪些市場你更樂觀一些，然後也許哪些市場可能會略微疲軟？

Sure. Yes. Tyler, I think the markets we're looking at and I'm comparing to sort of 2019 at this point that we feel will be positive would be Boston, our West Coast markets, the Ambrose and Sanctuary. South Florida will remain significantly higher than 2019 and Washington, D.C., which is really (inaudible) and Annapolis propelling that market.

當然。是的。泰勒，我認為我們正在關注的市場，我正在與 2019 年進行比較，我們認為在這一點上將是積極的，將是波士頓、我們的西海岸市場、安布羅斯和庇護所。南佛羅里達州仍將明顯高於 2019 年和華盛頓特區，這確實（聽不清）和安納波利斯推動了該市場。

I think markets that will be slightly -- still slightly below 2019, New York and Manhattan. We are approaching 2019 RevPAR, which is really amazing at this point because I think everybody believed New York would be more of a '24, '25 story. We exceeded NYC RevPAR from '19 in the fourth quarter. As we continue to see more business transient in second quarter, more international in third, we do believe we'll continue to exceed 2019 RevPAR. I think as Neil mentioned, Philadelphia is probably the one market that we are now projecting to be above '19 in the second quarter.

我認為市場將略微 - 仍略低於 2019 年，紐約和曼哈頓。我們正在接近 2019 年的 RevPAR，這在這一點上真的很了不起，因為我認為每個人都認為紐約更像是一個 24、25 年的故事。從 19 年第四季度開始，我們就超過了紐約市的 RevPAR。隨著我們在第二季度繼續看到更多的業務瞬變，在第三季度更加國際化，我們相信我們將繼續超過 2019 年的 RevPAR。我認為正如尼爾提到的那樣，費城可能是我們現在預計第二季度將超過 19 年的市場。

Okay. Great. And then in the prepared remarks, I know you talked about the discount to the private market values, working to close that gap. I think in the past, you had talked about a NAV or net asset value for the portfolio in the low 20s. I think that was before.

好的。偉大的。然後在準備好的發言中，我知道你談到了私人市場價值的折扣，努力縮小這一差距。我想過去，您曾談到過 20 多歲的投資組合的資產淨值或資產淨值。我想那是以前。

You've made a number of these asset sales here. I mean, any update to kind of how you're thinking about that number, perhaps maybe a price per key could be a little bit more accurate just in terms of trying to determine what the private market valuation really is for the portfolio right now?

你已經在這裡進行了許多這樣的資產銷售。我的意思是，任何關於你如何看待這個數字的更新，也許就試圖確定目前投資組合的私人市場估值到底是多少而言，每個密鑰的價格可能會更準確一些？

Sure, Tyler. Tyler, we are -- I think we're in a place in the kind of markets and -- where there's a real question about value. When interest rates have moved so quickly, there's still not enough kind of consensus around the forward curve. And so there's just not a lot of transactions happening today.

當然，泰勒。泰勒，我們 - 我認為我們在那種市場中處於一個位置 - 那裡存在關於價值的真正問題。當利率變化如此之快時，人們對遠期曲線仍缺乏足夠的共識。因此，今天發生的交易並不多。

We -- what we -- last year, we sold $650 million of hotels. And we sold the urban select kind of more commoditized portfolio first. And then we sold two assets on the West Coast towards the end of the year. We sold those at $450,000 per key.

我們——我們——去年，我們售出了 6.5 億美元的酒店。我們首先出售了城市精選的商品化程度更高的投資組合。然後我們在年底前出售了西海岸的兩項資產。我們以每把鑰匙 450,000 美元的價格出售。

We think of what we sold last year as the lower-quality assets in our portfolio, ones that required more capital to remain competitive and assets that we felt were going to be difficult to -- that didn't have the same growth profile as the portfolio that we have today.

我們將去年出售的資產視為我們投資組合中質量較低的資產，這些資產需要更多資本才能保持競爭力，而我們認為將難以獲得的資產——它們的增長情況與我們今天擁有的投資組合。

And so we believe that this portfolio today at a stabilized and a normal market environment is worth around $500,000 per key. Where we're trading today, I don't think has any [7 months] of -- kind of rate. So it's -- I think we are -- we feel like in the short term, in the next couple of quarters, we have to just keep our focus on driving cash flow and driving the best results from the hotels we have.

因此，我們認為，在今天穩定且正常的市場環境下，該投資組合每把鑰匙的價值約為 500,000 美元。我們今天交易的地方，我認為沒有任何 [7 個月] 的——那種利率。所以它 - 我認為我們是 - 我們覺得在短期內，在接下來的幾個季度裡，我們必須繼續專注於推動現金流並推動我們擁有的酒店取得最佳業績。

And as the world stabilizes, as there's more consensus on where the interest rate environment is going to be, when lenders are lending again, right today, you see a lot of refinancings and things like that, but very little kind of real transaction activity, I think that's when we can expect to be able to either close the gap through trading more assets or finding opportunities to create value on the acquisition side or realizing value through some kind of strategic transaction for the company.

隨著世界趨於穩定，隨著人們對利率環境的走向達成更多共識，當貸方再次放貸時，就在今天，你會看到很多再融資之類的事情，但真正的交易活動很少，我認為那時我們可以期望能夠通過交易更多資產或尋找機會在收購方創造價值或通過某種戰略交易為公司實現價值來縮小差距。

And so we remain very open. We remain very clear that we're trading at a very heavy discount. But considering what has happened in the world across the last several months, not that surprising.

所以我們仍然非常開放。我們仍然非常清楚，我們的交易價格非常低。但考慮到過去幾個月世界上發生的事情，這並不令人驚訝。

The next question comes from the line of Dori Kesten with Wells Fargo.

下一個問題來自 Dori Kesten 與 Wells Fargo 的對話。

I guess do you think that your labor costs have likely stabilized at this point? And I guess I'm trying to figure out if you're forecasting a reduction in FTEs as the year progresses? Or is your assumption that a recession won't likely warrant that?

我想您認為此時您的勞動力成本可能已經穩定下來了嗎？我想我想弄清楚您是否預測 FTE 會隨著時間的推移而減少？還是您假設經濟衰退不太可能保證這一點？

Dori, we are forecasting growth in labor expense to be more similar to sort of pre-pandemic level. So let's say, maybe 4% on an hourly basis, 4% to 5%. But we are actually in the mode of reducing FTE counts right now at several of our properties.

Dori，我們預測勞動力支出的增長將更接近大流行前的水平。比方說，也許每小時 4%，4% 到 5%。但實際上，我們現在正處於減少我們幾個物業的 FTE 數量的模式。

As we discussed in our prepared remarks, we feel as though it's the right time. We probably have the optimal staffing model. There are positions that we may have brought back that we don't feel like we need them anymore. So I think our overall view is probably less FTEs, but it's hard to forecast lower wages at this point.

正如我們在準備好的評論中所討論的那樣，我們覺得現在是時候了。我們可能擁有最佳的人員配置模型。有些職位我們可能已經帶回來，但我們覺得我們不再需要它們了。所以我認為我們的總體觀點可能是 FTE 減少，但目前很難預測工資會降低。

Okay. And you were noting international travel. How much at your hotels of international demand has returned? And when would you forecast that it would return to prior peak?

好的。你注意到國際旅行。您的國際需求酒店有多少回報？你會預測它什麼時候會回到之前的峰值？

We probably -- when we look at -- I think when we look at our New York City hotels in particular, where we can get pretty granular on an asset-by-asset basis, we're still about 40% off of 2019 levels of international contribution. So we've made up 60%, but we have 40% to go.

我們可能 - 當我們看 - 我認為當我們特別看我們的紐約市酒店時，我們可以在逐個資產的基礎上非常精細，我們仍然比 2019 年的水平低 40%的國際貢獻。所以我們已經完成了 60%，但我們還有 40% 需要完成。

When we kind of double click into the contributing kind of travelers within that, we've seen a good recovery from Europe. In fact, like Germany, Italy and France are actually up to 2019 slightly. But other parts of Europe, even the U.K. is still significantly down.

當我們雙擊其中貢獻的旅行者類型時，我們看到了歐洲的良好復甦。事實上，和德國一樣，意大利和法國實際上也略微上升到 2019 年。但歐洲其他地區，甚至英國仍顯著下滑。

And then most notably, there has been no Asian travel, nearly zero international travel -- Asian travel. And that is the -- that is a significant runway ahead. That accounted for 15%, 20% of kind of international travel in New York in pre-pandemic. And today, it's at less than 2%, 3%.

然後最值得注意的是，沒有亞洲旅行，幾乎為零的國際旅行——亞洲旅行。那就是——那是一條重要的跑道。這佔大流行前紐約國際旅行的 15%、20%。而今天，它不到 2%、3%。

And we expect that to continue. It's going to be -- it's not going to be an instantaneous kind of return because there are some impediments or some friction in terms of our visa process today, which is taking a very long time for people to get visas to travel here.

我們希望這種情況繼續下去。這將是——這不會是一種即時的返回，因為今天我們的簽證程序存在一些障礙或摩擦，人們需要很長時間才能獲得簽證來這裡旅行。

But we do see it improving just very slowly. China, Japan, Thailand, India are all starting to pick up. We expect second, third quarter to really benefit from that, but we probably don't expect it to get back to pre-pandemic levels until we're well into 2024.

但我們確實看到它的改善非常緩慢。中國、日本、泰國、印度都開始好轉。我們預計第二、第三季度將真正從中受益，但我們可能不希望它回到大流行前的水平，直到我們進入 2024 年。

The next question comes from the line of Bill Crow with Raymond James.

下一個問題來自 Bill Crow 和 Raymond James 的台詞。

Neil, I'll preface this by it may not even be an answerable question, but I think it's interesting to think that and maybe what are the chances that the outliers in the first quarter were not really Northern California, Philly and South Florida, but maybe in the rest of the markets. And is it reasonable to expect that ahead of what appears to be a growing (inaudible) recession that the rest of the markets start coming back to those markets? And how do you think the prospects and how do you operate your company based on that uncertain macro backdrop?

尼爾，我會在這之前說，它甚至可能不是一個可以回答的問題，但我認為思考這一點很有趣，也許第一季度的異常值不是真正的北加州、費城和南佛羅里達的可能性有多大，但也許在其他市場。在看似日益嚴重的（聽不見的）衰退之前，其他市場開始回歸這些市場是否合理？您如何看待前景以及如何在不確定的宏觀背景下運營您的公司？

Bill, just to be clear, I guess, you mean our expectations around the more kind of -- like the urban recovery markets like New York, Boston, D.C.?

比爾，我想說清楚一點，你的意思是我們對更多的期望——比如紐約、波士頓、特區等城市復蘇市場？

Yes. Your guidance for the second quarter is fairly aggressive, however you want to look at it. But I think you've missed kind of three quarters in a row here on Street expectations. And I'm just wondering if maybe this is not a little bit of a canary in the coal mine sort of situation where pricing resistance in Miami, maybe the activity levels in Philly are weaker.

是的。你對第二季度的指導相當激進，但你想看看它。但我認為你已經連續三個季度沒有達到華爾街的預期。我只是想知道，這是否不是煤礦中的一點點金絲雀，邁阿密的定價阻力，也許費城的活動水平較弱。

You talked about weather in Northern California. I'm just wondering whether some of those things are more likely to spread to other markets as opposed to those markets start to heal.

你談到了北加州的天氣。我只是想知道其中一些事情是否更有可能傳播到其他市場，而不是那些市場開始癒合。

I think the most significant weakness that we're seeing or weakness or kind of the challenges is on ADR in leisure-oriented markets. Some of that is -- some of that, we believe, is just 2022 was overearned. It was a level that just wasn't sustainable as more alternatives come up.

我認為我們看到的最重要的弱點或弱點或挑戰是休閒市場中的 ADR。其中一些是 - 我們認為，其中一些只是 2022 年是超額完成的。隨著更多替代品的出現，這個水平是不可持續的。

There is less likely [put] to push ADR even further than we got in 2022 in some of these markets. But some of it is also the consumer. I mean, you can't -- we suspect and believe that -- and just in kind of daily conversations with people, people are more uncertain.

在其中一些市場中，與 2022 年相比，進一步推動 ADR 的可能性更小。但其中一些也是消費者。我的意思是，你不能——我們懷疑並相信——只是在與人的日常對話中，人們更加不確定。

They have less money. They are paying higher interest rates for their homes and their credit cards and their student loans. And they have a little less kind of disposable income to travel with. So what we've seen so far is more on the leisure side, where we're seeing some price sensitivity.

他們的錢少了。他們為自己的房屋、信用卡和學生貸款支付更高的利率。而且他們可以用來旅行的可支配收入也少了一點。所以到目前為止，我們看到的更多是在休閒方面，我們看到了一些價格敏感性。

On the urban markets across March, April and as we look out to May, June, the pace is very strong still. Corporate L&Rs are kind of locally negotiated rates are still significantly higher than 2022 and way higher than 2019. So we're not seeing that much pressure on pricing there.

在整個 3 月、4 月以及我們展望 5 月、6 月的城市市場上，步伐仍然非常強勁。公司 L&R 是一種本地協商利率，仍遠高於 2022 年，遠高於 2019 年。因此我們沒有看到那裡的定價壓力那麼大。

But to your point, if you -- we are prepared for if there was just a big pullback in demand. And -- but we're just not seeing that at this stage. As we go through our major kind of corporate users, the consulting firms, McKinsey, Deloitte, continue to travel and continue to utilize our properties at our expected levels at rates that are higher than they were in the past.

但就你的觀點而言，如果你——我們已經為需求大幅回落做好了準備。而且 - 但我們只是在這個階段沒有看到。當我們審視主要類型的企業用戶時，諮詢公司麥肯錫、德勤繼續出差，並繼續以高於過去的預期水平使用我們的物業。

In financial services, we do a lot of work with Citi and JPMorgan and Citadel. They've also continued to travel and are driving our outlook in Manhattan, in New York and in other markets. In Boston, we're seeing very strong pace as well in our hotels.

在金融服務方面，我們與花旗、摩根大通和 Citadel 開展了大量合作。他們還繼續旅行，並推動我們在曼哈頓、紐約和其他市場的前景。在波士頓，我們的酒店也看到了非常強勁的發展步伐。

So on the corporate side, we just haven't seen that kind of weakness at least as we look out to the second quarter. We're not yet -- we're not comfortable enough to provide third and fourth quarter guidance because there is this level of uncertainty out there.

因此，在企業方面，至少在展望第二季度時，我們還沒有看到這種疲軟。我們還沒有——我們還沒有足夠的信心來提供第三和第四季度的指導，因為那裡存在這種程度的不確定性。

But as we look forward today, we continue to believe that the recovery in -- and the normalization of kind of corporate demand has yet to come. Will it be -- will that recovery slow because of the recession? It very well could be a little bit slower, but just there is still a lot of recovery to go, as you can see from our occupancy levels in these markets.

但當我們今天展望未來時，我們仍然相信復甦和企業需求的正常化尚未到來。經濟復甦會不會因為經濟衰退而放緩？它很可能會慢一點，但從我們在這些市場的入住率中可以看出，還有很多複蘇要走。

But to your point, Bill, it is a little bit unanswerable. We are -- it's an uncertain world. As the year ended, we started to see -- last year, we saw really good momentum in September, October, November and December throughout our portfolio.

但就你的觀點而言，比爾，這有點無法回答。我們是——這是一個不確定的世界。年底時，我們開始看到——去年，我們在整個投資組合中的 9 月、10 月、11 月和 12 月看到了非常好的勢頭。

In January, we saw very strong performance even our resort markets. But 6 to 9 months of kind of discussions and kind of fear of a recession, seeing interest rates go from 0% to 5% and then to have a month like March, where we had two bank collapses, the third one almost collapsed, merged into it, you -- it's hard not to expect. It's hard not to believe that there would be an impact on performance in March and April.

1 月份，我們甚至在度假村市場也看到了非常強勁的表現。但是 6 到 9 個月的討論和對經濟衰退的恐懼，看到利率從 0% 上升到 5%，然後像 3 月份那樣有一個月，我們有兩家銀行倒閉，第三家幾乎倒閉，合併進入它，你 - 很難不期待。很難不相信這會對 3 月和 4 月的業績產生影響。

But we've now reflected that in our outlook for the quarter. And we'll remain nimble and willing to kind of make the tough cost cuts if we need to. But at this stage, we feel like we've kind of rightsized the business model for what we are seeing today.

但我們現在已經在本季度的展望中反映了這一點。如果需要，我們將保持靈活並願意做出艱難的成本削減。但在這個階段，我們覺得我們已經對我們今天看到的商業模式進行了調整。

The next question comes from the line of David Katz with Jefferies.

下一個問題來自 David Katz 與 Jefferies 的對話。

You covered a lot already, but I was hoping we could maybe discuss the circumstances in the landscape under which there might be some M&A opportunities on either the buy side or the sell side, expecting that the refinancing climate may drive some properties to come to market of interest. And I should ask whether anything could potentially be sold and whether that -- or that's just kind of off the table or unlikely at this point?

你已經涵蓋了很多，但我希望我們可以討論在買方或賣方可能存在一些併購機會的情況下，預計再融資環境可能會推動一些房產上市出於興趣。我應該問是否有可能出售任何東西，以及是否 - 或者這只是一種不在桌面上或在這一點上不太可能？

Yes. David, I think where we stand like right now, where the world is right now, the transactions market is really cooled. And there just isn't a lot of interest on sellers' part to be sellers at where buyers are willing to have conviction.

是的。大衛，我認為我們現在所處的位置，世界現在所處的位置，交易市場真的很冷。在買家願意相信的地方，賣家並沒有太多興趣成為賣家。

I think it's just a cost of capital issue. Like it is for us, it is also for private equity. It's -- you're borrowing it today at 8% to 10% versus 5% a year ago, and that is shooting up their equity return requirements, and there just aren't sellers at that level today.

我認為這只是資本成本問題。就像我們一樣，它也適用於私募股權。它是——你今天以 8% 到 10% 的利率借入它，而一年前是 5%，這正在提高他們的股權回報要求，而今天沒有賣家達到這個水平。

I think where we're seeing private equity spend real-time where you're starting to see some transactions to get done is in the debt markets. There, you have willing sellers. You have banks that want to get loans off their books and the like. And so I think you'll see some transactions on that side.

我認為我們看到私募股權實時支出的地方是債務市場，你開始看到一些交易要完成。在那裡，你有願意的賣家。你有銀行想要從他們的賬簿等中獲得貸款。所以我認為你會在那邊看到一些交易。

We've also heard from some private equity firms that similar to like those first 6 months of the pandemic, we're seeing some private equity actually buy REIT stocks because you can't get control at these prices, but you can trade these prices.

我們還從一些私募股權公司那裡聽說，類似於大流行的前 6 個月，我們看到一些私募股權公司實際上購買了 REIT 股票，因為你無法控制這些價格，但你可以交易這些價格.

And so I think that's where we're seeing some activity today. As we move forward through the year, I think it's just a matter of lending, catalyzing, having a little bit more certainty around the forward curve for investors to think through when they'll be able to refinance acquisitions that they may do with more equity today.

所以我認為這就是我們今天看到一些活動的地方。隨著我們在今年向前邁進，我認為這只是貸款、催化、對遠期曲線有更多確定性的問題，讓投資者思考他們何時能夠為他們可能用更多股權進行的收購再融資今天。

So that's in the next, say, the next 3 to 6 months, we continue to think of this as a pretty slow transactions market. But longer term or looking towards the end of the year and into 2024, we feel like lodging is going to be very attractive. On -- the fundamentals in this space are better than nearly any other real estate asset class.

所以在接下來的 3 到 6 個月裡，我們繼續認為這是一個相當緩慢的交易市場。但從長遠來看，或展望今年年底和 2024 年，我們認為住宿將非常有吸引力。繼續——這個領域的基本面比幾乎任何其他房地產資產類別都要好。

Supply has come to near standstill. We're going to be at kind of 1% to 1.5% supply nationally for the next several years. When that's happened in prior times like 2003 to 2006 or 2010 to 2014, those were days, those were periods of time where hospitality valuations went up quite a bit, and it attracted a lot of new investors to our space.

供應已接近停滯。未來幾年，我們將在全國范圍內提供 1% 至 1.5% 的供應量。當這種情況發生在 2003 年至 2006 年或 2010 年至 2014 年等以前的時候，那是幾天，那段時間酒店的估值上漲了很多，它吸引了很多新投資者進入我們的領域。

And so we expect that to come. Until that comes, though, it's hard for us to think of being a seller of assets. We don't have any need for capital as it were. We have enough cash on hand to pay down debt and to get refinancings done in the portfolio.

所以我們期待它的到來。不過，在那之前，我們很難考慮成為資產的賣方。我們對資本沒有任何需求。我們手頭有足夠的現金來償還債務並完成投資組合的再融資。

We have good, strong growth expected nearly most -- nearly all of our hotels today. And so we're not willing to take major discounts to trade assets on the sell side.

我們幾乎大多數人都預計會有良好、強勁的增長——幾乎我們今天所有的酒店。因此，我們不願意在賣方交易資產時大打折扣。

On the buy side, I think that as the year develops and as we look forward, we will see opportunities. There is going to be -- on one hand, this hasn't been a demand shock for our sector. So it's been -- so it's unlike the last several downturns, but there is a liability shock, and lenders are going to require very significant paydowns even if interest rates come down to 6%, 7%, like just the debt yield is pretty significant and painful for existing owners.

在買方方面，我認為隨著時間的推移和我們的展望，我們將看到機會。將會有——一方面，這對我們的行業來說並不是需求衝擊。所以它一直 - 所以它與過去幾次經濟衰退不同，但存在負債衝擊，即使利率降至 6%、7%，貸款人也將需要非常大的還款，就像債務收益率非常高一樣對現有所有者來說是痛苦的。

So we're going to see lender-driven kinds of dispositions, and we're going to be CapEx-driven dispositions. As you've heard from us, these -- the projects that we are doing, they are more expensive than they've ever been. They are disruptive.

因此，我們將看到貸款人驅動的處置方式，我們將成為資本支出驅動的處置方式。正如你從我們這裡聽到的那樣，這些——我們正在做的項目，它們比以往任何時候都更昂貴。他們是破壞性的。

And when those -- when brands push owners to do it, which is happening across the last year and will continue to happen this year, we'll see more assets come to market. So I think later in this year and into 2024, we think there will be very significant acquisition opportunities. There will be a kind of meeting of the bid-ask spread, but today, we're just not there.

當那些 - 當品牌推動所有者這樣做時，這種情況在去年發生並將在今年繼續發生，我們將看到更多資產進入市場。所以我認為在今年晚些時候到 2024 年，我們認為會有非常重要的收購機會。會有一種買賣價差的會議，但今天，我們只是不在那裡。

The next question comes from the line of Chris Woronka with Deutsche Bank.

下一個問題來自德意志銀行的 Chris Woronka。

So I guess I'm trying to square the commentary up a little bit. I mean, you're talking pretty bullishly especially about urban markets, but then comment about reducing some FTE positions in certain hotels. Is this -- I mean, if I triangulate that properly, is this basically saying weekend occupancy has hit a wall, it's very strong. And in some of the resort markets, you need to offset a little bit of loss of rate with lower expenses.

所以我想我是想稍微調整一下評論。我的意思是，你非常樂觀地談論城市市場，但隨後評論說要減少某些酒店的一些 FTE 職位。這是——我的意思是，如果我正確地進行三角測量，這基本上是在說周末入住率已經碰壁，它非常強勁。在一些度假勝地市場，您需要通過降低費用來抵消一點點房價損失。

I mean, is there a way to kind of get a little bit more granular on why you would be cutting FTEs or where you're cutting them versus where you're still growing or staying flat?

我的意思是，有沒有一種方法可以更詳細地了解為什麼要削減 FTE，或者削減 FTE 的地方與仍在增長或保持平穩的地方相比？

I think it's in markets, Chris. I think in the resort markets, it is harder to push ADR than it's been. And that has a meaningful impact on margins. And so that -- we are definitely looking at all of those resort markets to see where we can tighten our business model so that lower ADR doesn't lead to as much deterioration on the margin side.

我認為這是在市場上，克里斯。我認為在度假村市場，推動 ADR 比以往更難。這對利潤率產生了有意義的影響。因此 - 我們肯定會關注所有這些度假勝地市場，看看我們可以在哪裡收緊我們的商業模式，以便較低的 ADR 不會導致利潤率方面的惡化。

On the urban markets, it's really -- the focus is really on Philadelphia right now. That's the only market that we're seeing this level of softness that as we staffed up and as we opened restaurants and bars, as we got our hotels fully staffed throughout this quarter, as we look forward in the second quarter, it's still seeing some weakness.

在城市市場上，現在的焦點真的是費城。這是我們看到這種疲軟程度的唯一市場，因為我們在本季度配備了人員，開設了餐廳和酒吧，因為我們在整個季度都為我們的酒店配備了充足的員工，正如我們在第二季度所期待的那樣，它仍然看到一些弱點。

And so that's -- I think our comments on FTEs in urban markets is really focused on Philadelphia. In New York, in Boston and in D.C. or even in -- on the West Coast at Ambrose, those four markets are delivering the kind of growth that we were expecting in terms of corporate, government and small group and corporate group kind of business. And so we'll continue to grow in those areas, but we are a little bit more cautious in Florida, in Northern California and in Philadelphia today.

因此，我認為我們對城市市場 FTE 的評論真正集中在費城。在紐約、波士頓和華盛頓特區，甚至在西海岸的安布羅斯，這四個市場正在實現我們在企業、政府和小型集團以及企業集團業務方面所預期的增長。因此，我們將繼續在這些地區發展，但我們今天在佛羅里達州、北加州和費城更加謹慎。

Okay. Very helpful. And then I guess as a follow-up, I know you're not -- we're not doing kind of annual guidance. But as you look out to the back half and putting everything into the -- into your thinking economically and otherwise, I mean, do you think it's likely or positive that we'll still see year-over-year growth in RevPAR in the back half?

好的。很有幫助。然後我想作為後續行動，我知道你不是——我們沒有做某種年度指導。但是，當您展望後半部分並將所有內容都放在經濟和其他方面的思考中時，我的意思是，您認為我們仍然會看到後半部分的 RevPAR 同比增長是可能的還是積極的？一半？

And I know it's very tough to answer for Q4 particularly at this point. But yes, just the way you see it now, is there anything out there in the transient [BT] trends that suggest booking windows are shrinking or cancellations are up, anything like that?

而且我知道很難回答第四季度的問題，尤其是在這一點上。但是，是的，就像您現在看到的那樣，瞬態 [BT] 趨勢中是否有任何跡象表明預訂窗口正在縮小或取消率上升，諸如此類？

Chris, as we go into the back half of the year at least for our portfolio, it's really driven by the urban markets. I mean, it's primarily Q1 that we have a lot of reliance on South Florida, and that drives the majority of our EBITDA.

克里斯，至少在我們的投資組合進入下半年時，它確實受到城市市場的推動。我的意思是，主要是第一季度，我們非常依賴南佛羅里達州，這推動了我們大部分的 EBITDA。

So as you think about 2022, most of these urban markets were just recovering starting in the second quarter. And it didn't really perform that well in Q3 or Q4 because there was just still a lot of -- there was no international travel. BT was just coming back. The group business still wasn't there.

因此，當您想到 2022 年時，這些城市市場中的大多數從第二季度開始才剛剛複蘇。它在第三季度或第四季度的表現並沒有那麼好，因為仍然有很多——沒有國際旅行。 BT 剛剛回來。集團業務仍然不存在。

So as we think about the acceleration for the remainder of the year, for us, it's really urban markets where we think we'll continue to have a stronger overall profile than the resort market. And we're just not that dependent on resorts as you get past really April.

因此，當我們考慮今年剩餘時間的加速發展時，對我們來說，這實際上是城市市場，我們認為我們將繼續擁有比度假村市場更強大的整體形象。當你真正度過四月時，我們就不再那麼依賴度假村了。

The next question comes from the line of Michael Bellisario with Baird.

下一個問題來自 Michael Bellisario 與 Baird 的對話。

Two questions from me today. First, just on expenses and expectations for the year. I know you talked about headcount already, but what about property taxes, insurance, utilities, some of the other items that might be a headwind throughout the year? And what might that do to margins as the year progresses?

我今天有兩個問題。首先，僅就今年的開支和預期而言。我知道你已經談到了員工人數，但是財產稅、保險、公用事業以及其他一些可能全年不利的項目呢？隨著時間的推移，這會對利潤率產生什麼影響？

Yes. For us, we would imagine that they go up more at the cost of -- just cost of living type of adjustments. I think insurance is an area where we feel as though markets not in parking-prone areas or wildfire areas, aren't going to be impacted that much, but we are cognizant that Florida is going to go through a pretty heavy insurance adjustments for the back half of the year. We've built that into our models.

是的。對我們來說，我們可以想像它們會以生活成本類型的調整為代價上漲更多。我認為保險是一個我們覺得市場不在停車多發地區或野火地區的領域，不會受到那麼大的影響，但我們認識到佛羅里達州將經歷相當大的保險調整回到半年。我們已經將其構建到我們的模型中。

It's -- we weren't affected over the last 2 or 3 years. So ours should be a little more manageable. Properties that have had a big impact from hurricanes in the last few years and have had claims, you're hearing some pretty staggering growth numbers.

它是 - 我們在過去 2 或 3 年中沒有受到影響。所以我們的應該更易於管理。在過去幾年中受到颶風的巨大影響並提出索賠的財產，您會聽到一些相當驚人的增長數字。

And utilities are actually an area where they have come down. And we've done a lot of hedging and a lot of fixing of utilities contracts. So we don't anticipate any increases from the level that we're at today on our utilities costs for the rest of the year. Natural gas is down significantly, and we took advantage of that in January.

公用事業實際上是他們下降的領域。我們做了很多對沖和公用事業合同的固定工作。因此，我們預計今年剩餘時間的公用事業成本不會比今天的水平有所增加。天然氣價格大幅下降，我們在 1 月份利用了這一點。

Got it. Helpful. And then in the supplemental, you guys gave a lot new -- a lot more information on property-specific performance in details. This was, one, what was the rationale for that? And two, any areas of focus that you think analysts and investors should be taking a closer look at with those numbers?

知道了。有幫助。然後在補充中，你們提供了很多新的——更多關於特定屬性性能的詳細信息。這是，一個，這樣做的理由是什麼？第二，您認為分析師和投資者應該根據這些數字仔細研究哪些重點領域？

Michael, I think we -- I think this portfolio has been transformed so significantly across the last several years that we felt like providing more detailed disclosure on an asset-by-asset basis across the last 2 to 3 years would help investors and the investment community better understand the seasonality and -- of the portfolio and to highlight kind of property-specific issues like renovations that you can then see and model through.

邁克爾，我認為我們——我認為這個投資組合在過去幾年裡發生瞭如此巨大的變化，以至於我們覺得在過去 2 到 3 年中逐個資產地提供更詳細的披露將有助於投資者和投資社區更好地了解投資組合的季節性和 - 並突出特定於財產的問題，例如您可以看到和模擬的裝修。

I think, ultimately, it also helps investors better understand the value of our hotels on an individual basis, but that was the idea. We've spent -- we know that all the dispositions and transformative upgrades we've made to our existing hotels has created a new growth profile for our portfolio. And we think that this level of added disclosure will help investors predict our performance a little bit more.

我認為，最終，它還可以幫助投資者更好地了解我們酒店的個人價值，但這就是我們的想法。我們已經花了 - 我們知道我們對現有酒店所做的所有配置和轉型升級為我們的投資組合創造了新的增長概況。我們認為，這種程度的額外披露將幫助投資者更多地預測我們的業績。

The next question comes from the line of [Morton Spector with Morton Spector Holdings].

下一個問題來自[Morton Spector with Morton Spector Holdings]。

Yes. I was wondering if you can comment a little more about the sharp discount in your stock price. And years ago, you used to buy back a lot of stock, at significantly higher prices than where they are today. I was wondering if you can talk about that a little and see what can be done to drive shareholder value.

是的。我想知道你是否可以對你股價的大幅折扣多說幾句。幾年前，你曾經以比現在高得多的價格回購大量股票。我想知道你是否可以稍微談談這個，看看可以做些什麼來推動股東價值。

So just on the stock buyback side, we discussed that with our Board quite a bit along with our dividend policy. And on the buyback front, a couple of reasons for hesitation on that.

因此，就股票回購而言，我們與董事會就我們的股息政策進行了相當多的討論。在回購方面，有幾個理由對此猶豫不決。

One, just leverage profile. It has a pretty significant impact on leverage to buy back stock. And we have just spent across the last couple of years so much time, effort and really good sales to allow us to reduce our leverage to a level that is below our peer average and gives us a lot more flexibility as we look forward to whatever may come in the coming year or two ahead.

一，只是利用個人資料。它對回購股票的槓桿作用有相當大的影響。在過去的幾年裡，我們剛剛花費瞭如此多的時間、精力和非常好的銷售，使我們能夠將槓桿率降低到低於同行平均水平的水平，並為我們提供更多的靈活性，因為我們期待著任何可能發生的事情在未來一兩年內到來。

So -- and two -- so one, it's just kind of leverage levels and financial flexibility that would be constrained by using our excess cash for buying back stock. The second reason is that we have meaningfully reduced our equity cap across the last 3 to 5 years, partly because of the stock we bought back that you remember. We bought back nearly 20% of our float before the pandemic when we were trading at levels below our NAV.

所以 - 還有兩個 - 所以一個，它只是一種槓桿水平和財務靈活性，會因使用我們的多餘現金回購股票而受到限制。第二個原因是，我們在過去 3 到 5 年中大幅降低了我們的股權上限，部分原因是我們回購了您還記得的股票。當我們以低於資產淨值的水平進行交易時，我們在大流行病爆發前回購了近 20% 的流通量。

And so it's something that we were recently -- I think I'm not sure in February and March or it was probably early March, we were removed from the small-cap index because of our equity cap. And that led to a very significant impact on our stock price.

所以這是我們最近的事情——我想我不確定在 2 月和 3 月，或者可能是 3 月初，由於我們的股票上限，我們被從小型股指數中剔除。這對我們的股價產生了非常重大的影響。

We would have expected it to kind of stabilize in 2, 3 weeks. Usually when you drop from an index, it takes a little bit of time for it to come back. But this time, 2 to 3 weeks later, SVB collapsed, and the world got even more volatile.

我們原本預計它會在 2、3 週內穩定下來。通常當您從索引中刪除時，它需要一點時間才能恢復。但這一次，2 到 3 週後，SVB 倒閉了，世界變得更加動盪。

And so we're in a time today that we hear from many investors that shrinking our equity cap will make it harder for them to take positions just for liquidity and the stock and the like. And so those are the two main reasons why our Board has, to date, determined that it's not the right use of our capital.

因此，我們今天聽到許多投資者說，縮小我們的股權上限將使他們更難僅僅為了流動性和股票等而建倉。因此，這就是為什麼我們的董事會迄今為止確定這不是我們資本的正確使用的兩個主要原因。

It will continue to be a discussion point at our Board meetings. But right now, we're leaning more towards paying off floating rate debt that is between 8%, 9%, doing that immediately accretive, reduces our leverage profile and increases our financial flexibility. For today's market environment, we believe the financial flexibility is the most important thing that we should be focused on.

它將繼續成為我們董事會會議的討論點。但現在，我們更傾向於償還 8%、9% 之間的浮動利率債務，這樣做會立即增加，降低我們的槓桿率並增加我們的財務靈活性。對於今天的市場環境，我們認為財務靈活性是我們應該關注的最重要的事情。

(Operator Instructions) No further questions have been registered. So at this time, I'll pass the conference back to management for closing remarks.

（操作員說明）沒有登記進一步的問題。所以在這個時候，我會將會議傳回給管理層，讓他們發表閉幕詞。

Thank you. We would like to take a moment to thank all of you for your time this morning. We're going to be around here in the office. If anyone has any further questions, please do call on us. But thank you for your time. And we look forward to speaking again in a few months. But in the meantime, please reach out if we can be helpful. Thank you.

謝謝。我們想花點時間感謝大家今天早上的時間。我們將在辦公室附近。如果有人有任何進一步的問題，請致電我們。但謝謝你的時間。我們期待幾個月後再次發言。但與此同時，如果我們能提供幫助，請聯繫我們。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。