Summit Hotel Properties Inc (INN) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Summit Hotel Properties third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Milota, Senior Vice President, Finance. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Summit Hotel Properties 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的主講人，財務高級副總裁凱文·米洛塔先生。請繼續。

Thank you, operator, and good morning. I'm joined today by Summit Hotel Properties' President and Chief Executive Officer, Jon Stanner, and Executive Vice President and Chief Financial Officer, Trey Conkling. Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws.

謝謝接線員，早安。今天與我一同出席的有 Summit Hotel Properties 的總裁兼執行長 Jon Stanner，以及執行副總裁兼財務長 Trey Conkling。請注意，我們今天發表的許多評論都屬於聯邦證券法定義的前瞻性陳述。

These statements are subject to risks and uncertainties, both known and unknown, as described in our SEC filings. Forward-looking statements that we make today are effective only as of today, November 5, 2025, and we undertake no duty to update them later. You can find copies of our SEC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call on our website, www.shpreit.com.

這些聲明存在已知和未知的風險和不確定性，詳情請參閱我們在美國證券交易委員會提交的文件。我們今天所作的前瞻性聲明僅截至2025年11月5日有效，我們不承擔日後更新這些聲明的義務。您可以在我們的網站 www.shpreit.com 上找到我們向美國證券交易委員會提交的文件和收益報告的副本，其中包含與本次電話會議中提到的非公認會計準則財務指標的調節表。

Please welcome Summit Hotel Properties President and Chief Executive Officer, Jon Stanner.

歡迎峰會酒店集團總裁兼執行長喬恩·斯坦納先生。

Thank you, Kevin, and good morning, everyone. We were pleased with our overall execution in the third quarter despite the challenging operating environment, highlighted by our ability to grow market share, prudently manage expenses and strategically invest capital across the portfolio to drive future operating performance.

謝謝你，凱文，大家早安。儘管經營環境充滿挑戰，但我們對第三季的整體表現感到滿意，這主要體現在我們能夠擴大市場份額、謹慎管理支出以及在整個投資組合中進行策略性資本投資，從而推動未來的經營業績。

In addition, subsequent to quarter end, we completed the sale of two hotels at attractive valuations to further reduce debt, fund the accretive share repurchase activity we executed in the second quarter and enhance corporate liquidity.

此外，在季度末之後，我們以具有吸引力的估值完成了兩家酒店的出售，以進一步減少債務，為我們在第二季度執行的增值股票回購活動提供資金，並增強公司流動性。

On today's call, we will provide details on our third quarter results, update our outlook for the remainder of the year, which incorporates sequential improvement in operating trends and highlight our recent balance sheet activities.

在今天的電話會議上，我們將詳細介紹第三季業績，更新今年剩餘時間的展望（其中包括營運趨勢的環比改善），並重點介紹我們最近的資產負債表活動。

Our third quarter operating results were largely in line with the overall demand and RevPAR trends we experienced in the second quarter as the lodging environment remains generally stable. However, performance is mixed across segments.

由於住宿環境整體保持穩定，我們第三季的營運表現與第二季的整體需求和每間可供出租客房收入（RevPAR）趨勢基本一致。然而，各細分市場的表現參差不齊。

We continue to experience meaningful year-over-year reductions in both government and international inbound travel, which has required some remixing of business to lower-rated demand segments. For the quarter, same-store RevPAR declined 3.7%, which was in line with our second quarter results and driven predominantly by a 3.4% decline in average daily rate, as occupancy remained essentially flat year-over-year.

政府和國際入境旅遊持續出現年比大幅下降，這需要我們對業務進行一些調整，轉向需求較低的細分市場。本季同店每間可供出租客房收入下降了 3.7%，與我們第二季度的業績一致，主要原因是平均每日房價下降了 3.4%，而入住率與去年同期基本持平。

The pricing sensitivity we first started experiencing in March persisted through the summer, though the majority of the rate decline across our portfolio is being driven by the unfavorable shift in room night mix to lower-rated business.

我們從 3 月開始感受到的價格敏感度一直持續到夏季，儘管我們投資組合中大部分價格下降是由客房夜數組合向低評級業務的不利轉變所導致的。

In certain markets, this remixing of demand has been intentional as we strategically targeted discount-oriented segments, including advanced purchase offers to build a stronger base of business and reduce exposure to cancellations and rebookings that tend to occur when pricing softens.

在某些市場，這種需求的重新組合是有意為之，因為我們有策略地瞄準了以折扣為導向的細分市場，包括提前購買優惠，以建立更強大的業務基礎，並減少價格走軟時容易發生的取消和重新預訂的風險。

While individually, government and international inbound demand represent smaller segments of our overall demand mix, collectively, they account for approximately 15% of occupied room nights in our portfolio. Consistent with the second quarter, demand in these segments was down approximately 20% year-over-year in the third quarter, which combined drove nearly 50% of our year-over-year RevPAR decline.

雖然政府和國際入境需求單獨來看在我們整體需求組合中所佔比例較小，但總體而言，它們約占我們飯店客房入住夜數的 15%。與第二季一致，第三季這些細分市場的需求年減了約 20%，這導致我們每間可供出租客房收入較去年同期下降了近 50%。

While these segments have been a drag on performance for the past couple of quarters, demand trends have largely stabilized prior to the recent government shutdown, which has driven some incremental pullback in government demand in the fourth quarter.

雖然這些領域在過去幾季拖累了業績，但在最近的政府停擺之前，需求趨勢已基本穩定下來，而政府停擺導致第四季度政府需求出現了一些小幅回落。

Thankfully, strong midweek demand trends in October have been able to offset much of this softness. And with the successful resolution to the shutdown, we expect a more stable foundation for next year when we will benefit from easier year-over-year comparisons.

值得慶幸的是，10 月周中強勁的需求趨勢抵消了大部分疲軟的局面。隨著停擺問題的成功解決，我們預計明年將擁有更穩定的基礎，屆時我們將受益於更容易進行的同比比較。

Hurricane activity in the third quarter of 2024 also created comparison headwinds this year, particularly in our Houston hotels that benefited from Hurricane Barrel-driven demand in July of last year. RevPAR in our Houston hotels declined 17% in the quarter, which reduced our overall third quarter RevPAR growth by approximately 50 basis points.

2024 年第三季的颶風活動也為今年帶來了不利影響，尤其是我們休士頓的飯店，這些飯店在去年 7 月受益於颶風 Barrel 帶來的需求。本季我們休士頓飯店的每間可供出租客房收入 (RevPAR) 下降了 17%，導致我們第三季的整體每間可供出租客房收入成長減少了約 50 個基點。

Our portfolio once again delivered strong market share performance during the third quarter as our RevPAR index increased 140 basis points year-over-year to 116%, reflecting solid gains in both occupancy and average daily rate.

第三季度，我們的投資組合再次取得了強勁的市佔率表現，RevPAR 指數年增 140 個基點至 116%，反映出入住率和平均每日房價均實現了穩健成長。

Our focus on driving out-of-room spend through food and beverage sales, resort and amenity fees and parking charges continues to be successful as non-rooms revenue increased 5.6% in the third quarter and has grown 4.3% year-to-date.

我們專注於透過餐飲銷售、度假村和設施費以及停車費來推動客房外消費，這一策略繼續取得成功，第三季度非客房收入增長了 5.6%，今年迄今為止增長了 4.3%。

Driven by some of our recent capital investments, most notably the transformational renovation of our Oceanside Fort Lauderdale Beach Hotel, we expect non-rooms revenue growth to continue to outperform. Our operating teams also continue to do a terrific job managing expenses in a challenged top line growth environment, particularly related to labor costs.

受近期一些資本投資的推動，尤其是對我們位於勞德代爾堡海灘的 Oceanside 酒店的改造翻新，我們預計非客房收入增長將繼續優於預期。在營收成長面臨挑戰的環境下，我們的營運團隊在費用管理方面也持續做得非常出色，尤其是在勞動成本方面。

Trey will provide additional details on expense trends and margin performance later in the call, but we were pleased with our ability to manage operating expenses again in the third quarter, which increased only 1.8% year-over-year or approximately 2% on a per occupied room basis.

Trey 將在電話會議稍後提供有關費用趨勢和利潤率表現的更多細節，但我們對第三季度再次控制營運費用的能力感到滿意，該費用同比僅增長 1.8%，或按每間已入住客房計算增長約 2%。

Year-to-date, operating expenses have increased a modest 1.6% on relatively flat occupancy, which has mitigated EBITDA losses. On the capital allocation front, we closed on the sale of two noncore hotels subsequent to the end of the third quarter, the 107-room Courtyard Amarillo Downtown Hotel, which was owned in our joint venture with GIC and the 123-room Courtyard Kansas City Country Club Plaza Hotel.

今年迄今為止，由於入住率相對平穩，營運費用僅小幅增加了 1.6%，從而緩解了 EBITDA 的虧損。在資本配置方面，我們在第三季末完成了兩家非核心酒店的出售，分別是擁有 107 間客房的 Courtyard Amarillo Downtown Hotel（該酒店由我們與 GIC 的合資企業擁有）和擁有 123 間客房的 Courtyard Kansas City Country Club Plaza Hotel。

These divestitures generated combined gross proceeds of $39 million, which reflects a blended yield of 4.3% based on trailing 12-month net operating income and after consideration of approximately $10 million of foregone near-term capital expenditures.

這些資產剝離共產生了 3,900 萬美元的總收益，根據過去 12 個月的淨營業收入計算，綜合收益率為 4.3%，並已考慮了約 1,000 萬美元的近期資本支出放棄。

The asset sales represent a continuation of our successful capital recycling strategy that has enhanced the overall quality and growth potential of our portfolio, reduced balance sheet leverage, eliminated significant capital expenditure needs and funded our recent accretive share repurchase activity.

這項資產出售是我們成功實施資本循環策略的延續，該策略提高了我們投資組合的整體品質和成長潛力，降低了資產負債表槓桿率，消除了重大資本支出需求，並為我們最近的增值股票回購活動提供了資金。

Since May of 2023, we've sold 12 non-core hotels, generating over $185 million in gross proceeds and eliminated nearly $60 million of capital expenditure requirements. On a blended basis, the assets were sold at a 4.5% net operating income capitalization rate and had a combined RevPAR of $85, which represents a 30% discount to the remaining portfolio.

自 2023 年 5 月以來，我們已出售 12 家非核心酒店，產生了超過 1.85 億美元的總收益，並消除了近 6,000 萬美元的資本支出需求。綜合來看，這些資產以 4.5% 的淨營業收入資本化率出售，合併後的每間可供出租客房收入 (RevPAR) 為 85 美元，比剩餘投資組合折扣 30%。

Over that same time period, we've acquired four hotels for approximately $140 million with a trailing 12-month NOI yield of 8.5%, including required near-term capital needs. The blended RevPAR of our acquisition portfolio was [$143] at the time of purchase, which represents nearly a 20% premium to the current pro forma portfolio.

在同一時期，我們收購了四家酒店，總投資約 1.4 億美元，過去 12 個月的淨營業收入收益率為 8.5%，其中包括所需的近期資本需求。收購時，我們收購組合的綜合RevPAR為143美元，比目前備考組合溢價近20%。

In addition, these assets were all acquired within our joint venture with GIC, which produces asset management fees that further enhance our return profile. As I alluded to in the opening, our outlook for the fourth quarter incorporates sequential improvement in operating trends compared to the second and third quarters of this year.

此外，這些資產都是在我們與 GIC 的合資企業中收購的，該合資企業產生的資產管理費進一步提高了我們的回報水平。正如我在開頭提到的，我們對第四季的展望包括營運趨勢較今年第二季和第三季有所改善。

As we shift out of the leisure-heavy summer travel months, we are benefiting from relatively stronger business transient trends, which have helped drive -- helped to drive midweek RevPAR growth, particularly in key urban markets.

隨著我們逐漸告別休閒旅遊為主的夏季旅遊旺季，我們受益於相對強勁的商務旅行趨勢，這有助於推動周中每間可供出租客房收入 (RevPAR) 的成長，尤其是在主要城市市場。

Fourth quarter pace for our pro forma portfolio is tracking approximately 2.5% behind last year, which notably incorporates several difficult special event comparisons that benefited the fourth quarter of 2024, and incremental headwinds driven by the government shutdown. For context, pace for the third quarter was approximately 10% behind last year at this time 90 days ago.

我們按備考計畫計算的投資組合第四季增速比去年同期慢了約 2.5%，這其中特別包含了幾個不利於 2024 年第四季的特殊事件比較，以及政府停擺帶來的額外不利因素。作為參考，90 天前，第三季的進度比去年同期落後約 10%。

October RevPAR on a preliminary basis declined between 2% and 2.5% year-over-year, which represents our best monthly performance since February of this year. It's worth noting that historically, October represents approximately 40% of our fourth quarter revenue and 50% of hotel EBITDA.

10 月份的每間可供出租客房收入 (RevPAR) 初步數據顯示同比下降 2% 至 2.5%，這是自今年 2 月以來我們最好的月度業績。值得注意的是，從歷史數據來看，10 月約占我們第四季營收的 40% 和飯店 EBITDA 的 50%。

We currently expect fourth quarter RevPAR growth to actualize down between 2% and 2.5% year-over-year, which would result in a full year RevPAR decline of between 2.25% and 2.5%. These expectations should be caveated by the uncertainty created by the US government shutdown.

我們目前預計第四季每間可供出租客房收入 (RevPAR) 將年減 2% 至 2.5%，這將導致全年每間可供出租客房收入下降 2.25% 至 2.5%。鑑於美國政府停擺帶來的不確定性，這些預期應謹慎看待。

While we have experienced limited negative effects across our portfolio quarter-to-date, the longer-term implications of the shutdown create additional risk for lodging demand broadly, including disruption to air travel.

雖然本季迄今為止，我們的投資組合受到的負面影響有限，但停業的長期影響為住宿需求帶來了額外的風險，包括航空旅行中斷。

Looking ahead to 2026, we believe the setup is more favorable than it has been in the past several years. Industry expectations remain low and year-over-year comparisons for government travel eased significantly after March 1.

展望 2026 年，我們認為目前的情況比過去幾年都要有利。產業預期依然較低，3 月 1 日之後，政府出行的年比數據大幅下降。

In addition, the 2026 World Cup is expected to create robust demand in several of our key Sunbelt and Gateway markets, providing a unique tailwind in June and July next year as we have exposure to six post markets, which will feature nearly 60% of the matches to be held in the US.

此外，預計 2026 年世界盃將在我們的幾個主要陽光地帶和門戶市場創造強勁的需求，這將在明年 6 月和 7 月為我們帶來獨特的順風，因為我們在六個賽後市場都有業務，其中近 60% 的比賽將在美國舉行。

Finally, we continue to emphasize the benefits that the cumulative effect of the lack of new hotel supply growth will have on industry fundamentals. With construction and financing costs still elevated, we expect this constrained supply environment to persist, supporting healthy future supply-demand dynamics across our markets.

最後，我們繼續強調，缺乏新的飯店供應成長的累積效應將對產業基本面產生正面影響。由於建築和融資成本仍然居高不下，我們預計這種供應受限的環境將持續下去，從而支持我們各個市場未來健康的供需動態。

In summary, we remain optimistic on the outlook for our industry generally and Summit more specifically. The progress we have made on several of our key strategic initiatives over the past several quarters has enhanced our portfolio, strengthened our balance sheet and created meaningful embedded future earnings growth as demand trends normalize.

總而言之，我們對整個產業的前景，尤其是 Summit 的發展前景，仍然保持樂觀。過去幾個季度，我們在幾項關鍵策略措施上取得的進展增強了我們的產品組合，強化了我們的資產負債表，並在需求趨勢正常化後創造了有意義的未來獲利成長。

With that, I'll turn the call over to Trey to discuss our financial and operating results, recent capital markets activities and guidance in more detail.

接下來，我將把電話交給 Trey，讓他更詳細地討論我們的財務和營運績效、近期資本市場活動和未來展望。

Thanks, Jon, and good morning, everyone. Third quarter same-store RevPAR declined 3.7% year-over-year, driven primarily by average daily rate declining 3.4% as reductions in inbound international travel and government demand resulted in a shift in our room night mix to lower-rated segments.

謝謝你，喬恩，大家早安。第三季同店每間可供出租客房收入年減 3.7%，主要原因是平均每日房價下降 3.4%，入境國際旅遊和政府需求的減少導致我們的客房夜數組合轉向較低檔次的細分市場。

Third quarter adjusted EBITDA was $39.3 million, and adjusted FFO was $21.3 million or $0.17 per share as the company continues to benefit from lower interest expense and a lower share count resulting from our accretive share repurchases consummated in the second quarter.

第三季調整後 EBITDA 為 3,930 萬美元，調整後 FFO 為 2,130 萬美元，即每股 0.17 美元，因為公司繼續受益於較低的利息支出和因我們在第二季完成的增值股票回購而導致的較少的股份數量。

From a market perspective, Summit has significant exposure to three of the five top 25 US markets that generated positive RevPAR growth in the third quarter, Chicago, San Francisco and Orlando, where we own seven hotels in total.

從市場角度來看，Summit 在第三季度實現正向 RevPAR 成長的美國前 25 個市場中的三個市場——芝加哥、舊金山和奧蘭多——擁有大量股份，我們總共在這些市場擁有七家酒店。

Chicago generated strong growth despite the difficult comparison to last year's Democratic national convention as a solid convention calendar and multiple special events resulted in 8% ADR growth for the quarter.

儘管與去年民主黨全國代表大會相比存在困難，但芝加哥仍然實現了強勁增長，這得益於穩健的大會日程安排和多項特別活動，使得該季度平均房價增長了 8%。

We expect that Chicago will continue to outperform as it has done all year. Orlando remains a standout performer, supported by robust leisure demand and the continued strength of the theme park ecosystem. The recent opening of Universal's highly anticipated Epic Universe Park is driving increased visitation among both new and repeat visitors, a trend we expect to continue for the foreseeable future.

我們預計芝加哥隊將繼續像今年以來一樣表現出色。奧蘭多依然表現突出，這得益於強勁的休閒需求和主題公園生態系統的持續繁榮。環球影城備受期待的史詩宇宙主題樂園近期盛大開幕，帶動了新舊遊客的造訪成長，我們預計這一趨勢在可預見的未來仍將持續。

Combined with a robust convention calendar and recent renovations at two of our Orlando hotels, we anticipate 2026 to be a strong year for our Orlando portfolio, supported by a healthy balance of leisure and group demand.

結合強勁的會議日程和我們位於奧蘭多的兩家酒店最近的翻新，我們預計 2026 年將是我們在奧蘭多的酒店組合表現強勁的一年，休閒和團體需求將保持健康的平衡。

In San Francisco, hotel performance continues to benefit from ongoing public and private efforts to enhance the city's overall environment and improve traveler perception. While inbound international and tech-related demand remains below pre-pandemic levels, we are encouraged by improving convention trends, a gradual return of business travel and event-driven leisure demand.

在舊金山，飯店業績持續受益於公共和私人部門為改善城市整體環境和提升遊客體驗所做的不懈努力。儘管入境國際和科技相關需求仍低於疫情前水平，但我們對會展趨勢的改善、商務旅行的逐步恢復以及以活動為驅動的休閒需求感到鼓舞。

We expect these trends to continue into the fourth quarter, which will see outsized RevPAR growth given the calendar shift of the Dreamforce citywide event. Our newly renovated Hilton Garden Milpitas also continues to perform well, reflecting ongoing momentum in corporate transient demand, particularly from technology sector accounts concentrated in the Silicon Valley submarket.

我們預計這些趨勢將持續到第四季度，鑑於 Dreamforce 全城活動的日程調整，第四季度的每間可供出租客房收入 (RevPAR) 將大幅成長。我們新近翻修的米爾皮塔斯希爾頓花園酒店也持續保持良好的業績，反映出企業短期住宿需求的持續成長勢頭，尤其是集中在矽穀子市場的科技業客戶的需求。

Finally, our Nashville hotels delivered a very strong third quarter, with RevPAR increasing by over 6% on the strength of an 11% increase in ADR. This significantly outperformed the overall market for which RevPAR declined nearly 4% year-over-year, and reflects the positive momentum created from renewed revenue strategies at our two hotels in the market.

最後，我們位於納許維爾的飯店在第三季表現非常強勁，在平均房價上漲 11% 的推動下，每間可供出租客房收入 (RevPAR) 成長超過 6%。這一業績顯著優於整體市場，整體市場每間可供出租客房收入同比下降近 4%，反映了我們在該市場的兩家酒店透過新的收入策略所取得的積極勢頭。

Food and beverage and other non-rooms revenue outperformed in the third quarter with same-store revenue growth of 5.9% and 5.5%, respectively. Food and beverage revenue continues to benefit from the re-concepted bar and restaurant offering at the Oceanside Fort Lauderdale Beach, our recently introduced pay-for breakfast program at certain hotels, and other ongoing initiatives to drive better breakfast and beverage sales.

第三季度，餐飲和其他非客房收入表現優異，同店收入分別成長了 5.9% 和 5.5%。餐飲收入繼續受益於 Oceanside Fort Lauderdale Beach 重新設計的酒吧和餐廳、我們最近在某些酒店推出的付費早餐計劃以及其他旨在提高早餐和飲料銷售額的持續舉措。

Other non-rooms revenue was driven by strong growth in resort and amenity fees as well as parking income. We are pleased with the growth of these ancillary revenue streams and are working with our asset managers to identify additional opportunities to continue these successes.

其他非客房收入主要得益於度假村和配套設施費用以及停車收入的強勁增長。我們對這些輔助收入來源的成長感到滿意，並正在與我們的資產管理人員合作，尋找更多機會來延續這些成功。

As Jon previously mentioned, we remain intensely focused on expense management with third quarter pro forma operating expenses increasing 1.8% year-over-year or approximately 2% on a per-occupied room basis, as the company continues to identify operational efficiencies.

正如 Jon 先前提到的，我們仍然高度重視費用管理，第三季備考營運費用年增 1.8%，或按每間已入住客房計算成長約 2%，因為公司將繼續尋找提高營運效率的方法。

Our asset management team and hotel managers have successfully focused on managing wages, reducing reliance on contract labor and improving employee retention. Hourly wages, excluding contract labor, increased 2% compared to the third quarter of 2024.

我們的資產管理團隊和飯店經理成功地專注於管理薪資、減少對合約工的依賴以及提高員工留任率。不包括合約工在內的時薪比 2024 年第三季增加了 2%。

The company also continues to benefit from reductions in contract labor, which declined by 8% on a nominal basis versus the third quarter of 2024. Contract labor represents 10% of total labor costs, and we believe there is opportunity for incremental improvement given the softening of the labor market.

該公司也繼續受益於合約工數量的減少，與 2024 年第三季相比，合約工數量名義上下降了 8%。合約工佔總勞動成本的 10%，鑑於勞動市場疲軟，我們認為還有逐步改善的空間。

Finally, we continue to see improvement in employee retention, which results in improved productivity, reduced training costs and greater guest satisfaction. Turnover rates in the third quarter have declined 40% from peak COVID era levels, which highlights the ongoing stabilization of the labor market.

最後，我們看到員工留任率持續提高，從而提高了生產力，降低了培訓成本，並提高了顧客滿意度。第三季的員工流動率比新冠疫情高峰期下降了 40%，凸顯了勞動市場的持續穩定。

As it relates to our non-operating expenses, we benefited from lower interest expenses in the quarter, which was offset by higher property taxes. We expect that trend to continue through year-end, given the difficult comparisons to 2024 when we benefited from a number of successful property tax refunds.

就我們的非營業支出而言，本季度我們受益於較低的利息支出，但被較高的房產稅所抵銷。鑑於與 2024 年相比情況較為艱難，我們預計這一趨勢將持續到年底，因為 2024 年我們受益於多筆成功的房產稅退款。

Overall, we are encouraged by our ability to control operating expenses and expect to manage operating expense growth to low-single-digit increases, which we believe further highlights the strength of our efficient operating model.

整體而言，我們對自身控制營運費用的能力感到鼓舞，並預期營運費用成長將控制在個位數低位，我們認為這進一步凸顯了我們高效營運模式的優勢。

From a capital expenditure standpoint, through the first three quarters of the year, we invested $56 million in our portfolio on a consolidated basis and $49 million on a pro rata basis. Recently completed and ongoing renovations include the Scottsdale Oldtown Hyatt Place, Residence Inn Atlanta Midtown, Hampton Inn Dallas, Homewood Suites Midland and the Residence Inn Mede.

從資本支出角度來看，今年前三個季度，我們以合併基準向投資組合投資了 5,600 萬美元，按比例基準投資了 4,900 萬美元。近期已完成和正在進行的翻新工程包括 Scottsdale Oldtown Hyatt Place、Residence Inn Atlanta Midtown、Hampton Inn Dallas、Homewood Suites Midland 和 Residence Inn Mede。

It is worth noting that over the past three years, we have invested over $260 million in capital expenditures on a consolidated basis as we are committed to maintaining a best-in-class portfolio. Furthermore, this capital investment affords us the flexibility to preserve optionality on certain renovations without risking meaningful downward pressure on overall operating results.

值得注意的是，過去三年，我們已累積投資超過 2.6 億美元用於資本支出，因為我們致力於維持一流的投資組合。此外，這項資本投資使我們能夠靈活地保留某些改造項目的選擇權，而不會對整體經營業績造成實質的下行壓力。

Turning to the balance sheet. We continue to be proactive in extending maturities, reducing borrowing costs and enhancing corporate liquidity. During the third quarter, we refinanced our $396 million GIC joint venture term loan that funded the acquisition of the Newcrest image portfolio in January 2022.

接下來看一下資產負債表。我們將繼續積極主動地延長債務期限、降低借貸成本並提高企業流動性。第三季度，我們對用於 2022 年 1 月收購 Newcrest 影像資產組合的 3.96 億美元 GIC 合資企業定期貸款進行了再融資。

The new $400 million term loan has a fully extended maturity of July 2030 at an interest rate of SOFR plus 235 basis points, which represents a 50 basis points reduction in spread versus the prior loan. After closing the loan, we entered into a forward-dated $300 million swap that fixes SOFR at 3.26%, which will accretively replace the $300 million of existing swaps priced at 3.49% and set to expire in mid-January 2026.

這筆新的 4 億美元定期貸款的到期日完全延長至 2030 年 7 月，利率為 SOFR 加 235 個基點，與之前的貸款相比，利差降低了 50 個基點。貸款完成後，我們簽訂了遠期 3 億美元的互換合約，將 SOFR 固定為 3.26%，這將逐步取代 3 億美元的現有互換合約（定價為 3.49%），這些合約將於 2026 年 1 月中旬到期。

In February, we intend to fully draw our $275 million delayed draw term loan to retire the $288 million of convertible notes maturing in the first quarter of 2026. Pro forma for this refinancing, we have no debt maturities until 2028.

今年二月，我們計劃提取全部 2.75 億美元的延期提取定期貸款，以償還將於 2026 年第一季到期的 2.88 億美元可轉換票據。根據此次再融資的預期情況，我們在 2028 年之前沒有任何債務到期。

Due to our interest rate management efforts, our interest rate exposure continues to be effectively hedged with a swap portfolio that has an average fixed SOFR rate of approximately 3% and 75% of our pro rata share of debt is fixed after consideration of interest rate swaps.

由於我們採取了利率管理措施，我們的利率風險敞口繼續透過互換組合得到有效對沖，該互換組合的平均固定SOFR利率約為3%，並且在考慮利率互換後，我們按比例承擔的債務的75%是固定的。

When accounting for the company's Series E, F and Z preferred equity within our capital structure, we were 80% fixed at quarter end. With ample liquidity, an average interest rate of 4.5% and an average length to maturity of nearly four years when adjusting for our recent refinancings, we believe the company is well-positioned to navigate near-term volatility in operating fundamentals, as well as to take advantage of potential value creation opportunities.

在將公司的 E、F 和 Z 系列優先股計入我們的資本結構時，我們在季度末有 80% 的股份固定。憑藉充足的流動性、4.5% 的平均利率以及在調整我們最近的再融資後近四年的平均到期期限，我們相信該公司能夠很好地應對近期營運基本面的波動，並抓住潛在的價值創造機會。

On October 31, 2025, our Board of Directors declared a quarterly common dividend of $0.08 per share. which represents a dividend yield of approximately 6% based on the annualized dividend of $0.32 per share. The current dividend rate continues to represent a modest payout ratio of 38% based on the company's trailing 12-month AFFO.

2025年10月31日，董事會宣布派發每股0.08美元的季度普通股股息，以每股0.32美元的年化股息計算，股息殖利率約6%。根據該公司過去 12 個月的調整後營運資金 (AFFO) 計算，目前的股息率仍保持在 38% 的適度水準。

The company continues to prioritize striking an appropriate balance between returning capital to shareholders, investing in our portfolio, reducing corporate leverage and maintaining liquidity for future growth opportunities. While we remain confident in the long-term fundamentals in our portfolio, near-term results are being negatively affected by increased price sensitivity and continued macroeconomic volatility.

公司將繼續優先考慮在向股東返還資本、投資於我們的投資組合、降低公司槓桿率和保持流動性以抓住未來成長機會之間取得適當的平衡。儘管我們對投資組合的長期基本面仍然充滿信心，但近期業績正受到價格敏感度上升和宏觀經濟持續波動的負面影響。

We currently expect fourth quarter 2025 RevPAR to range from minus 2% to minus 2.5% as operating trends demonstrate sequential improvement from the second and third quarters of this year. Operating expense growth is expected to range from 1.5% to 2% for the full year.

我們目前預計 2025 年第四季的每間可供出租客房收入 (RevPAR) 將下降 2% 至 2.5%，因為營運趨勢表明，與今年第二季和第三季相比，情況將有所改善。預計全年營運費用成長率將在1.5%至2%之間。

It is worth noting that the recent sales of the Courtyard Amarillo and Courtyard Kansas City will result in approximately [$400,000] of foregone pro rata hotel EBITDA in the fourth quarter, representing the date of sale through year-end.

值得注意的是，最近出售 Courtyard Amarillo 和 Courtyard Kansas City 將導致第四季度（從出售之日起至年底）酒店按比例損失約 40 萬美元的 EBITDA。

From a non-operational perspective, we expect full year pro rata interest expense, excluding the amortization of deferred financing costs to be $50 million to $55 million, Series E and Series F preferred dividends to be $16 million and Series D preferred distributions to be $2.6 million.

從非營運角度來看，我們預計全年按比例計算的利息支出（不包括遞延融資成本的攤銷）為 5,000 萬美元至 5,500 萬美元，E 系列和 F 系列優先股股息為 1,600 萬美元，D 系列優先股分配為 260 萬美元。

From a capital expenditure perspective, we are targeting a full year 2025 spend of $60 million to $65 million on a pro rata basis. The previously referenced non-operational estimates do not include any additional acquisition, disposition or capital markets refinancing activity beyond what we have discussed today.

從資本支出角度來看，我們的目標是 2025 年全年按比例支出 6,000 萬美元至 6,500 萬美元。前面提到的非經營性估計不包括我們今天討論之外的任何其他收購、處置或資本市場再融資活動。

Finally, the GIC joint venture results in net fee income payable to Summit covering approximately 15% of annual pro rata cash corporate G&A expense, excluding any promote distributions Summit may earn during the year.

最後，GIC 合資企業產生的淨費用收入應支付給 Summit，約佔年度按比例現金公司一般及行政費用的 15%，不包括 Summit 在當年可能獲得的任何利潤分配。

And with that, we will open the call to your questions.

接下來，我們將開始回答大家的問題。

(Operator Instructions) Austin Wurschmidt, KeyBanc Capital Markets.

（操作員說明）奧斯汀·沃施密特，KeyBanc Capital Markets。

Good morning, it's Josh Friedland on for Austin. I wanted to ask about leisure demand trends across your portfolio. Do you expect further normalization or softening? Or has it reached a point of stabilization in your view?

早安，這裡是喬許‧弗里德蘭為您報道奧斯汀的新聞。我想了解貴公司旗下各業務區段的休閒需求趨勢。您預期市場會進一步趨於正常還是走軟？或者，在你看來，它是否已經達到穩定狀態？

Yeah, good morning, Josh, this is Jon. Look, I think we definitely felt some softness on the leisure side over the course of the summer. It does feel to me like it has stabilized. And I think one of the things that we called out in our prepared remarks is that part of what's driving better results in October, and I think a more constructive outlook for the fourth quarter is better midweek performance, particularly in urban markets.

早安，喬希，我是喬恩。你看，我覺得整個夏天我們在休閒娛樂方面確實感受到了一些疲軟。我覺得情況已經穩定下來了。我認為我們在準備好的發言稿中提到的一點是，10 月份業績好轉的部分原因，以及我認為第四季度更積極的前景，是周中業績的改善，尤其是在城市市場。

And some of that is the transition outside away from leisure towards a more BT-oriented customer. I do think that leisure demand trends are largely stable, and I wouldn't expect any further deterioration of those trends in the fourth quarter.

其中一部分原因是人們的消費習慣從休閒娛樂轉向了更注重商務活動的客戶群。我認為休閒需求趨勢總體穩定，預計第四季度這些趨勢不會進一步惡化。

That's helpful. And as you look into next year, I know you called out a couple of markets in the opening remarks, but which markets are you most optimistic about? And kind of what factors are driving that confidence?

那很有幫助。展望明年，我知道您在開場白中提到了幾個市場，那麼您對哪些市場最樂觀呢？那麼，究竟是什麼因素在推動這種信心呢？

Yeah, I mean I think as we look into 2026, I mean, clearly, I think we believe the World Cup is going to be a large driver of demand. And as we alluded to, we've got six markets that will benefit from the World Cup, Atlanta, Boston, Dallas, Houston, Miami and San Francisco. San Francisco is also going to host the Super Bowl next year. We think that Boston will benefit from kind of the America's 250 celebration.

是的，我的意思是，展望2026年，很明顯，我們認為世界盃將成為需求的一大驅動力。正如我們之前提到的，有六個市場將從世界盃中受益，分別是亞特蘭大、波士頓、達拉斯、休士頓、邁阿密和舊金山。舊金山明年還將舉辦超級盃。我們認為波士頓將從美國建國250週年慶典中受益。

We'll host the Final 4 in [Indianapolis] next year. So, we do have a portfolio that has a fair amount of exposure to some of the special event-driven demand, that we think will be tailwinds to our performance as we look into '26.

明年我們將在印第安納波利斯舉辦NCAA四強賽。因此，我們的投資組合中確實有相當一部分受到特殊事件驅動的需求的影響，我們認為這將對我們2026年的業績起到推動作用。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

Good morning, guys, thanks for taking the questions. I guess my first question was kind of related to government and I guess you say government adjacent or government contract. Can you give us a sense, how does that -- what are the booking windows on that? What does the pricing look like versus kind of your, I guess, you want to call it blended portfolio or corporate, whatever you use the best comp for?

各位早安，感謝你們回答問題。我第一個問題可能跟政府有關，您說的可能是「政府相關領域」或「政府合約」。能大概介紹一下嗎？例如，預訂窗口是什麼時候？與你們的，我想，你們想稱之為混合投資組合或企業投資組合，或者你們用什麼最恰當的比較對象來定義，定價情況如何？

Just trying to square up what -- how that's going to -- when things open up again is how immediate and how significantly you might feel the impact on the upside?

我只是想弄清楚——當一切重新開放時，你會感受到多大程度的直接和顯著的正面影響？

Yeah, look, government -- the answer on rate is really a market-specific question. And so, there are certain markets where per diem rates are really attractive and we take as much business -- as much of that business as we can take. There are other markets where it ends up getting yielded out when you've got stronger demand. I'd say, overall, our government rates are attractive.

是的，你看，政府——利率問題的答案實際上是一個市場具體問題。因此，在某些市場，按日計費的費率真的很有吸引力，我們會盡可能地承接這類業務。在其他一些市場，當需求強勁時，這種做法最終會導致收益不足。總的來說，我認為我們政府提供的利率很有吸引力。

And I don't think that the booking window from a transient perspective is any different than the other transient -- the rest of our portfolio's transient window. And I would say the same thing on the group side. I think what's important to point out is it's really the pullback in demand more than it is the pricing dynamics that are forcing this remix.

而且我認為，從短期住宿的角度來看，預訂窗口與其他短期住宿（我們投資組合中其他短期住宿的預訂窗口）並沒有什麼不同。我也會從團隊的角度表達同樣的觀點。我認為需要指出的是，真正促使這種重新混音的，與其說是價格因素，不如說是需求的回落。

And so, when you look at channel mix or you look at segmentation mix, what you're seeing in the second and third quarter is a heavier emphasis and more business being driven through discounted channels. And some of that is being driven by, again, the lack of demand we've seen from government and international inbound demand.

因此，當你觀察通路組合或細分市場組合時，你會發現第二季和第三季更重視折扣管道，而更多的業務是透過折扣管道實現的。而造成這種情況的部分原因，再次是由於政府和國際入境需求的不足。

Those two -- we said this in the prepared remarks, but those two segments have accounted for about half of our RevPAR reduction year-over-year. And so, not only did we lose the demand, but again, it's forcing this remixing of business towards more discounted channels. And again, that's putting some pressure on rates year-over-year.

這兩個部分——我們在準備好的發言稿中提到過——約占我們每年每間可供出租客房收入下降額的一半。因此，我們不僅失去了需求，而且這再次迫使商業模式轉向折扣力度更大的管道。這再次給利率帶來了同比壓力。

Okay, thanks, Jon, and then as you think about World Cup next year, I mean, we understand that a lot of the negotiations are already done, hotels are booked or soft booked in these markets pretty full. You guys have six markets, I think 20-some hotels. Is there any way -- how are you guys thinking internally about the -- I guess, RevPAR uplift from that.

好的，謝謝，喬恩。說到明年的世界杯，我們了解到很多談判已經完成，這些市場的酒店要么已經預訂完畢，要么已經基本訂滿了。你們有六個市場，我想大概有二十多家飯店。你們內部是如何考慮提升RevPAR的？

But also, I think on the other side, we've also heard that FIFA requires pretty loose cancellation policies and then there's kind of the debate about what happens in the market before and after the matches come through.

但另一方面，我們也聽到國際足總要求採取相當寬鬆的取消政策，然後就出現了關於比賽前後市場上會發生什麼情況的爭論。

So just how are you kind of constructing that internally in terms of potential upside and how much you might underwrite when you give us your initial guidance in, I guess, February or March?

那麼，你們內部是如何建構潛在收益的，以及在二月或三月給出初步指導意見時，你們可能會承擔多少風險？

Yeah, look, I think the first thing I would say is we do expect a really nice lift in many of these markets from the demand that's created. Obviously, there's uncertainty on who's going to be playing in which markets. And so that will feed into some of our revenue management strategies around the event. And similar to how we've handled Super Bowls in the past, what we often will do is we'll create a base layer of group demand.

是的，你看，我認為首先要說的是，我們預期在許多市場，需求的增加將帶來非常好的成長。顯然，目前還不確定哪些選手會在哪些市場參賽。因此，這將影響我們圍繞該活動制定的一些收入管理策略。就像我們過去處理超級盃的方式一樣，我們通常會做的就是創造一個基礎的群體需求層。

I'll give you an example in Dallas, it's going to be the media headquarters for the event, and we've got four hotels, really proximate to the convention center in downtown Dallas. We'll be able to layer in a base layer of group demand around that event that will insulate us a little bit around who's playing and what games there are.

我舉個例子，在達拉斯，那裡將成為本次活動的媒體總部，我們有四家飯店，都離達拉斯市中心的會議中心很近。我們將能夠圍繞該活動建立起一個基礎的群體需求層，這將在一定程度上保護我們免受參賽者和比賽項目的影響。

I think without question, you're going to see pretty significant lift in all of these markets in and around the games and in and around kind of all of the pre-game festivities. There certainly could be some demand patterns that change depending on who's playing. And so, we're going to want to revenue manage around those dynamics.

毫無疑問，我認為在比賽期間及前後的所有市場，以及所有賽前慶祝活動期間，都會出現相當大的增長。當然，根據參賽者的不同，需求模式可能會有所變動。因此，我們需要圍繞這些動態進行收入管理。

And part of that strategy is going to be based on creating a base layer of demand that's in-house prior to getting closer to the actual matches. I want to be careful around trying to quantify what we think that lift is. We're obviously going through our budget process now other than to say, again, we think the setup in those six markets where we do have meaningful exposure is going to be meaningful for us next year.

該策略的一部分將基於在接近比賽之前，在內部建立基礎需求層。我想謹慎對待量化我們認為的提升幅度這件事。我們現在顯然正在進行預算編制工作，除此之外，我們還要再次強調，我們認為我們在六個我們擁有重要業務的市場中的佈局，對我們明年來說將意義重大。

(Operator Instructions) Michael Bellisario, Baird.

（操作說明）邁克爾貝利薩裡奧，貝爾德。

Thanks, good morning, guys. Jon, do you want to dig into business transient in October, maybe just more specifically, any commentary or color about Tuesday, Wednesday nights, the rate or occupancy pickup? And then any -- excuse me, also commentary on November and November base, what you're seeing so far looking out 30 days, that would be helpful.

謝謝，各位早安。Jon，你想深入探討10月的商務旅客流動嗎？更具體地說，你對週二、週三晚上的房價或入住率上升有什麼看法或見解嗎？還有——不好意思，也想對 11 月以及 11 月的基準數據發表一些評論，例如您目前對未來 30 天的觀察，這將很有幫助。

Yeah, sure. Look, as we said before, despite the fact that there's been some incremental demand challenges on the government side related to the shutdown, our October results are going to finish between 2% and 2.5% down year-over-year, which is a sequential improvement from what we saw really all through the third quarter.

當然可以。正如我們之前所說，儘管政府方面因停擺而面臨一些額外的需求挑戰，但我們 10 月份的業績同比將下降 2% 至 2.5%，這比我們在整個第三季度看到的情況有所改善。

A lot of that, as you alluded to, Mike, is driven by the strength of midweek demand. And if I look -- if I isolate Tuesdays and Wednesday nights and just look at occupancies and RevPARs year-over-year, we've actually inflected positively in October, and we were running down 200 basis points or 300 basis points in both the second and third quarter. So, there are some really positive demand trends.

正如你所提到的，麥克，很多時候，這都是由周中強勁的需求所驅動的。如果我單獨看週二和週三晚上，只看入住率和每間可供出租客房收入同比數據，就會發現我們在 10 月份實際上已經出現了積極的轉機，而我們在第二季度和第三季度都下降了 200 到 300 個基點。所以，目前存在一些非常正面的需求趨勢。

A lot of that is really driven by our urban markets. And again, I think speaks to at least the relative strength of business transient travel. As it relates to November, and I'll talk about fourth quarter pace more generally, our pace for the quarter is tracking about 2.5% behind last year.

很多時候，這都是由我們的城市市場所驅動的。我認為這再次說明了商務差旅的相對強勁勢頭。就 11 月而言，我稍後會更詳細地談談第四季的進度，我們本季的進度比去年同期落後約 2.5%。

It's fairly evenly balanced between November and December. I'd highlight a couple of things, some of which we highlighted in our prepared remarks, October represents about half of our EBITDA for the quarter. So, a lot of our quarter has been baked with what has been, again, a relatively more positive October. But we are seeing kind of stability of demand patterns and better pacing trends than we have seen over the last several quarters.

11月和12月的人數比較均衡。我想重點強調幾點，其中一些我們在準備好的發言稿中已經強調過，10 月約占我們本季 EBITDA 的一半。因此，我們本季的大部分業績都得益於10月份相對較為正面的市場表現。但我們看到需求模式趨於穩定，成長趨勢也比過去幾季好。

When I think about what 2.5% means with 60 days left in the quarter, if I go back and look at where we sat 90 days ago for the third quarter, we were down about 10% in pace and actualized, obviously, plus or minus 4% for the quarter. So, we are much less reliant on in the quarter for the quarter pickup and in the month for the month pickup in the fourth quarter than we were, again, 90 days ago.

當我思考距離季度結束還有 60 天時，2.5% 的成長率意味著什麼時，如果我回顧一下 90 天前第三季的情況，當時我們的進度下降了約 10%，而實際成長率顯然在正負 4% 以內。因此，與 90 天前相比，我們第四季對當季銷售和當月銷售的依賴程度大大降低。

Okay, that's helpful. And then just switching gears in terms of transactions and the balance sheet. Just remind us of your near-term capital allocation priorities, maybe how many assets are left to be sold? What are the parameters for buybacks? And then maybe when you think about being even more aggressive on the asset sale front? And that's all for me, thanks.

好的，這很有幫助。然後我們換個角度，談談交易和資產負債表。請您提醒我們一下您近期的資金配置重點，例如還有多少資產需要出售？股票回購的參數是什麼？那麼，或許您可以考慮在資產出售方面採取更積極的策略？我的話就這些了，謝謝。

Sure, yeah, well, look, we're pleased with how we've been able to recycle capital. And I think the two assets that we sold in October further demonstrate our ability to be really strategic, but also tactical in how we've gone about asset dispositions. Over the last couple of years, we've sold 12 assets.

當然，是的，嗯，你看，我們對我們能夠回收資金的方式感到滿意。我認為我們在 10 月出售的兩項資產進一步證明了我們在資產處置方面既具有戰略性又具有戰術性的能力。過去幾年，我們出售了 12 項資產。

We're doing it mostly [onesie-twosies] where we're finding the right often local owner operator that has been a little bit less yield sensitive. And so, we've been able to transact at yields that are sub-5% yields. We've obviously eliminated a lot of capital that was going to need to go into those assets. That has been kind of a common thread that's been consistent across all of those dispositions. There will always be more.

我們主要採用[一對一]合作模式，尋找合適的、通常是本地的業主經營者，他們對收益的敏感度相對較低。因此，我們得以以低於 5% 的收益率進行交易。顯然，我們已經省去了原本需要投入這些資產的大量資金。這似乎是所有這些傾向中始終存在的一個共同點。總是會有更多的。

There will always be assets in our portfolio that we believe it will be time to recycle that capital into something that's a higher and better use. We've done that really historically through -- since the company has gone public as we've been a very active recycler of assets. And I think you should expect that to continue as we get into 2026.

我們的投資組合中總是會有一些資產，我們認為現在是時候將這些資金重新投入到更高、更好的用途中去了。自公司上市以來，我們一直積極進行資產回收利用，這在歷史上一直是我們的做法。我認為這種情況會持續到 2026 年。

As you alluded to from a share repurchase perspective, obviously, we're very pleased with the execution of where we bought the shares back in the second quarter. The stock is [up 20%-plus], since we bought those shares back. We were clearly very focused on getting the asset sales closed in October, but it is nice to have that tool available to us for periods where there's more meaningful dislocations in the equity.

正如你從股票回購的角度所提到的，顯然，我們對第二季回購股票的執行情況非常滿意。自從我們回購這些股票以來，該股已經上漲了20%以上。我們當時顯然非常專注於在 10 月完成資產出售，但很高興我們擁有這個工具，以便在股票市場出現更嚴重的錯位時能夠使用。

RJ Milligan, Raymond James.

RJ Milligan，Raymond James。

Thanks, good morning guys. Jon, I wanted to follow up on your comments just now about continued portfolio recycling. Just curious, how much is left to sell or to recycle through? And can you maybe provide a little bit more color on the asset sales in the quarter and what the buyer pool looks like and the buyer pool expectations for 2026?

謝謝，各位早安。Jon，我想就你剛才關於持續投資組合循環利用的評論做個後續說明。我只是好奇，還剩下多少可以賣或回收？您能否更詳細地介紹本季的資產出售情況、買家群體組成以及對 2026 年買家群體的預期？

Sure. Look, I think, RJ, we always have viewed that there's kind of a bottom 10% of the portfolio. And I think when we think philosophically about capital allocation, what we want to make sure we do is we always have a portfolio, a real estate portfolio that is -- that's consistent with where guest expectations and what guests -- where they want to stay. And so, we feel like we constantly have to evolve the portfolio. That's what we've done historically.

當然。RJ，我認為，我們一直都認為投資組合中存在一個相對落後的 10% 的份額。我認為，當我們從哲學角度思考資本配置時，我們想要確保的是，我們始終擁有一個房地產投資組合，該投資組合與客人的期望以及客人想要入住的地方相一致。因此，我們感覺必須不斷地改進投資組合。我們歷來都是這麼做的。

That's what you can expect from us going forward. And again, I think without quantifying it or identifying specific assets, you should always expect us to be an active recycler of capital. One of the things that we have prioritized is identifying slower growth assets that have significant capital needs.

這就是你們未來可以對我們抱持的期望。再次強調，我認為，即使不量化或確定具體資產，你們也應該始終期望我們成為積極的資本循環者。我們優先考慮的事情之一是找出成長速度較慢但資金需求龐大的資產。

And again, if you look at the dozen assets we've sold over the last couple of years, you'll see lower cap rate deals and assets that needed pretty significant capital expenditures over the next several years. And so again, we've been very pleased with that execution. It is still a very soft transaction market generally. As everyone is well aware, there have not been a lot of deals that have gotten done.

再看看我們過去幾年出售的十幾項資產，你會發現這些交易的資本化率較低，而這些資產在未來幾年需要相當大的資本支出。所以，我們對這次的執行效果非常滿意。總體而言，交易市場仍然非常疲軟。眾所周知，目前並沒有達成很多交易。

A lot of that, I think, has been driven by some of the uncertainty on the fundamental side of the business and the lack of RevPAR growth that we've seen over the course of the second and third quarters. We do expect that to improve as we get into the later parts of this year and into next year. But again, our efforts have really been very focused on finding the right buyer in the right market, and I think we've been successful doing that.

我認為，這很大程度上是由於業務基本面的不確定性以及我們在第二季和第三季看到的每間可供出租客房收入 (RevPAR) 成長不足所致。我們預計隨著今年下半年和明年的到來，這種情況會有所改善。但是，我們一直非常注重在合適的市場找到合適的買家，我認為我們在這方面取得了成功。

That's helpful. And then a follow-up on -- I may have missed this, but clearly, government and government-related demand was low post Liberation Day. But I'm curious if you could quantify what the impact was in October with the incremental government shutdown and how much that contributed?

那很有幫助。然後還有後續報導——我可能錯過了這一點，但很明顯，解放日之後政府和與政府相關的需求很低。但我很好奇，您能否量化一下10月政府逐步停擺的影響，以及這究竟造成了多大的影響？

Yeah, government has been running down about 20% year-over-year really since Liberation Day. Our October numbers are down more than that. They're probably down 30% year-over-year, plus or minus in October. It's off of a smaller base, obviously.

是的，自解放日以來，政府開支實際上每年都在下降約 20%。我們10月的數據下降幅度更大。10 月的年減幅可能在 30% 左右。顯然，它的底座比較小。

And so, we haven't felt -- what we haven't seen is a lot of significant cancellations or lack of check-ins on the government side. We are pacing down. But as we've alluded to a couple of times, thankfully, a lot of that softness has been offset by better midweek trends, particularly related to business transient demand.

因此，我們沒有感受到——也沒有看到——政府方面出現大量重大取消或缺乏核查的情況。我們正在放慢腳步。但正如我們之前幾次提到的，值得慶幸的是，周中較好的趨勢抵消了大部分疲軟態勢，特別是與商務旅行需求相關的趨勢。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Jon Stanner for closing remarks.

謝謝。我目前不再提出其他問題。現在我謹將發言權交還給喬恩‧史坦納，請他作總結發言。

Well, thank you all for joining us this morning. We look forward to seeing many of you at the various industry conferences we have scheduled for later this year. I hope you have a nice day. Thank you.

謝謝各位今天早上收看我們的節目。我們期待在今年稍後舉辦的各種行業會議上見到各位。祝你今天過得愉快。謝謝。

This concludes today's conference call. Tjhank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。