Summit Hotel Properties Inc (INN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Summit Hotel Properties first quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您稍候。歡迎參加 Summit Hotel Properties 2026 年第一季電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would like now to turn the conference over to Kevin Milota. Please go ahead.

現在我想將會議交給 Kevin Milota。請開始。

Thank you, operator, and good morning. I am joined today by Summit Hotel Properties President and Chief Executive Officer, Jon Stanner; and Executive Vice President and Chief Financial Officer, Trey Conkling.

謝謝接線員，大家早安。今天與我一同出席的有 Summit Hotel Properties 總裁兼執行長 Jon Stanner，以及執行副總裁兼財務長 Trey Conkling。

Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. 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, May 1, 2026, 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 at www.shpreit.com.

請注意，我們今天的許多評論屬於聯邦證券法所定義的前瞻性陳述。這些陳述受風險與不確定性影響（包括已知與未知），詳如我們向 SEC 提交之文件所述。我們今天所作的前瞻性陳述僅截至今日（2026 年 5 月 1 日）有效，且我們不承擔日後更新之義務。您可於我們網站 www.shpreit.com 取得 SEC 申報文件與盈餘新聞稿，其中包含本次電話會議所提及之非 GAAP 財務衡量指標的調節表。

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

現在歡迎 Summit Hotel Properties 總裁兼執行長 Jon Stanner。

Thank you, Kevin, and good morning, everyone. Thank you for joining us today for our first quarter 2026 earnings conference call. We are pleased with our first quarter financial results, which were driven by a meaningful sequential improvement in operating fundamentals throughout the quarter. RevPAR in our pro forma portfolio inflected positive in the first quarter, increasing 20 basis points year-over-year, which exceeded expectations communicated during our fourth quarter 2025 earnings call by over 200 basis points.

謝謝你，Kevin，各位早安。感謝各位今天參加我們 2026 年第一季盈餘電話會議。我們對第一季的財務結果感到滿意，主要受惠於本季期間營運基本面出現顯著的逐季改善。我們以備考（pro forma）口徑計算之投資組合 RevPAR 在第一季轉為正成長，年增 20 個基點，較我們在 2025 年第四季盈餘電話會議所溝通的預期高出逾 200 個基點。

Importantly, operating strength was broad-based across the portfolio, particularly in March, with growth in multiple high-rated demand segments, driving increases in average rates and RevPARs in many of our markets. Operating fundamentals improved each month as the quarter progressed. While RevPAR declined in January and February, those declines were more than offset by 4.1% RevPAR growth in March, which was driven by a robust 5.6% increase in average rate. We were especially encouraged with March results, which represented a relatively clean calendar comparison for our portfolio, despite the lingering government shutdown and highly publicized TSA wait times.

重要的是，營運動能在整體投資組合呈現廣泛性提升，尤其在 3 月，多個高房價需求區隔的成長帶動多個市場的平均房價與 RevPAR 上升。隨著季度推進，每個月的營運基本面皆持續改善。雖然 1 月與 2 月 RevPAR 下滑，但 3 月 RevPAR 成長 4.1% 已足以抵銷前述下滑，且主要由平均房價強勁上升 5.6% 所帶動。我們對 3 月的表現尤其感到鼓舞；儘管政府停擺的影響仍在，以及 TSA 等候時間被高度報導，3 月對我們投資組合而言仍屬相對「乾淨」的行事曆比較基期。

We believe March trends are more indicative of the underlying demand strength in our business and have been pleased to see these trends continue in April. While demand strength and pricing power were broad-based across our portfolio, our best-performing demand segments were our highest rated segments, which allowed us to yield out a portion of lower-rated business and a reversal of the prevailing pricing trends we experienced for most of last year. In particular, the ongoing recovery in business transient travel is driving better midweek performance as RevPAR growth increased 3% for the quarter, and 10% in March in our negotiated segment.

我們認為 3 月的趨勢更能反映業務的內在需求強度，且很高興看到這些趨勢在 4 月持續。雖然需求強度與定價能力在整體投資組合皆呈現廣泛性提升，但表現最佳的需求區隔為我們房價最高的區隔，這使我們得以淘汰部分低房價業務，並扭轉我們在去年大部分時間所經歷的主流定價趨勢。特別是，商務散客（business transient）旅行的持續復甦正帶動平日表現改善，使本季在議價（negotiated）區隔的 RevPAR 成長達 3%，而 3 月更達 10%。

This helped drive double-digit RevPAR growth in a dozen of our markets in March. Including urban center direct markets such as Baltimore, Charlotte, Cleveland, Miami, Pittsburgh, San Francisco and Washington, D.C. As a reminder, we expected our first quarter to be the most challenging of the year. given multiple headwinds based on our portfolio. Notably, a difficult Super Bowl comparison in New Orleans, where we own 6 hotels and continued weakness in government demand with those related travel cuts not lapping year-over-year comparisons until the March, April time frame.

這也帶動我們在 3 月於 12 個市場實現 RevPAR 兩位數成長，其中包括巴爾的摩、夏洛特、克里夫蘭、邁阿密、匹茲堡、舊金山與華盛頓特區等都會核心直營市場。提醒各位，我們原先預期第一季將是全年最具挑戰的一季，原因在於投資組合面臨多項逆風。尤其是紐奧良的超級盃比較基期相當艱難（我們在當地擁有 6 家飯店），以及政府需求持續疲弱；相關差旅削減要到 3 月、4 月期間才會與去年同期完成「消化比較」（lapping）。

In addition, disruption related to winter storm firm and civil and rest in Minneapolis further reduced first quarter reported RevPAR growth. In total, these events created an approximately 140 basis point headwind to our first quarter RevPAR growth, most significantly in January and February. Our outlook for the remainder of the year has improved. Driven by strengthening demand trends that have persisted into the second quarter. We are also approaching what is expected to be a robust summer of special events driven demand.

此外，明尼阿波利斯因冬季風暴以及民事動盪相關的干擾，亦進一步壓低第一季的已報告 RevPAR 成長。合計而言，這些事件對第一季 RevPAR 成長造成約 140 個基點的逆風，且主要集中在 1 月與 2 月。我們對今年剩餘期間的展望已改善，主要受第二季延續的需求走強趨勢所帶動。我們也正迎向預期將相當強勁、由特殊活動帶動需求的夏季。

We expect April RevPAR to increase approximately 3.5%. And our second quarter revenue pace is currently trending approximately 4% ahead of the same time last year.

我們預期 4 月 RevPAR 將增加約 3.5%，而目前第二季的營收進度（pace）約較去年同期領先 4%。

Pace trends in June are particularly strong, supported by a favorable event calendar, highlighted by our significant exposure to major demand catalysts, including the 2026 FIFA World Cup. Where we have exposure to 6 US host markets, representing approximately one-third of our total room count and 44 scheduled matches. In addition, we expect strong incremental demand from the US 250th anniversary celebrations in Boston, Washington, D.C.

6 月的進度趨勢尤其強勁，受惠於有利的活動行事曆，並凸顯我們對多項主要需求催化劑的顯著曝險，包括 2026 年 FIFA 世界盃。我們在美國 6 個主辦市場有曝險，約占我們總房間數的三分之一，且共有 44 場已排定賽事。此外，我們也預期美國建國 250 週年慶祝活動將在波士頓、華盛頓特區帶來強勁的增量需求。

and Baltimore as well as several other major summer travel and event-driven demand drivers.

以及巴爾的摩，並包括其他數項主要的夏季旅遊與活動驅動型需求來源。

As we've discussed on previous calls, government and government-related demand has been a significant headwind for our portfolio since the creation of dose in the first quarter of last year. and the lapping of these comparisons is expected to improve our year-over-year growth rates going forward. While first quarter government-related demand declined 12% year-over-year. This represented a meaningful improvement from the 20%-plus declines we experienced through most of 2025.

如同我們在先前電話會議所討論，自去年第一季成立 dose 以來，政府及政府相關需求一直是我們投資組合的重要逆風；而隨著比較基期逐步消化，預期未來我們的年對年成長率將有所改善。雖然第一季政府相關需求年減 12%，但相較於 2025 年大部分時間我們所經歷的 20% 以上跌幅，已是顯著改善。

Encouragingly, March government revenue increased approximately 3% and our outlook for this demand segment has improved, demonstrated by second quarter government pace currently trending up mid-single digits. Government demand represents approximately 5% to 7% of our total guest room and revenue mix, and we believe this could serve as a potential modest tailwind to our year-over-year growth rates in the last three quarters of the year. Given our strong first quarter results and our improved outlook for the remainder of the year, we've increased the guidance ranges for our key operating and financial metrics, which were outlined in our earnings release yesterday.

令人鼓舞的是，3 月政府營收約成長 3%，且我們對此需求區隔的展望已改善，從第二季政府進度目前呈現中個位數成長可見一斑。政府需求約占我們總客房與營收組合的 5% 至 7%，我們認為這可能在今年最後三季對年對年成長率帶來溫和的順風。基於第一季強勁表現以及對今年剩餘期間更佳的展望，我們已上調關鍵營運與財務指標的指引區間，相關內容已於昨日的盈餘新聞稿中說明。

Trey will provide more details on our updated guidance ranges later in the call, but we believe the revised ranges strike the appropriate balance of reflecting a more positive outlook while acknowledging that our most meaningful quarters are still ahead and macro and geopolitical uncertainty persists. While near-term performance trends are driving our improved outlook.

Trey 將在稍後提供更新後指引區間的更多細節；但我們認為修訂後的區間在反映更正向展望的同時，也適度納入以下考量：我們最重要的季度仍在後面，且總體與地緣政治不確定性仍然存在。儘管短期表現趨勢正推動我們改善展望。

Longer-term lodging fundamentals suggest an improved demand environment has the potential to create an extended period of attractive top line growth. More specifically, supply growth remains meaningfully below historical averages and still elevated construction and financing costs, create an impediment to a meaningful near-term reacceleration in construction starts.

從較長期來看，住宿業基本面顯示，需求環境改善有機會帶來一段延長的、具吸引力的營收成長期。更具體而言，供給成長仍顯著低於歷史平均，而仍然偏高的建造與融資成本，對短期內建案開工量的明顯再加速形成阻礙。

In addition, consumer prioritization of travel and experiences remains paramount, which has driven resilient leisure demand. And finally, improved industry demand has increasingly been driven by the ongoing recovery and acceleration of business travel, which uniquely benefits our urban-centric portfolio. We believe these dynamics create a favorable operating environment. as we move through the balance of 2026 and beyond. From a capital allocation standpoint, in the first quarter, we successfully closed on the previously announced sale of the 122-room Hilton Garden Inn in Longview, Texas a noncore asset owned in our joint venture with GIC.

此外，消費者對旅遊與體驗的優先排序仍居首位，帶動休閒需求展現韌性。最後，產業需求的改善愈來愈多來自商務旅行的持續復甦與加速，這對我們以都會市場為主的投資組合具有獨特利多。我們相信，隨著 2026 年剩餘期間及其後的推進，這些動態將創造有利的營運環境。就資本配置而言，第一季我們成功完成先前已公告之處分：出售位於德州 Longview、122 間客房的 Hilton Garden Inn，該資產為我們與 GIC 合資企業持有的非核心資產。

The hotel was sold for $12.3 million, representing a 6.8% capitalization rate based on trailing 12-month net operating income. After consideration of foregone near-term capital expenditures. In April, we entered into an agreement to sell our wholly owned Courtyard and Residence in Dallas, Arlington South hotels for a combined sale price of $19 million. The 2 hotels total 199 guestrooms and the transaction reflects a 5% capitalization rate based on trailing 12-month NOI after factoring in near-term capital expenditures that we would otherwise have been required to fund. We expect the Arlington transaction to close in the third quarter, which will allow us to capture the demand generated from the FIFO matches in the market.

該飯店以 1,230 萬美元售出，按過去 12 個月淨營運收入（NOI）計算之資本化率為 6.8%，並已考量可避免的短期資本支出。4 月，我們簽署協議，出售我們全資持有、位於達拉斯的 Courtyard 與 Residence in Dallas, Arlington South 兩家飯店，合計售價 1,900 萬美元。兩家飯店合計 199 間客房；該交易按過去 12 個月 NOI 計算之資本化率為 5%，並已納入我們原本需投入之短期資本支出因素。我們預期 Arlington 交易將於第三季完成，這將使我們得以掌握該市場由 FIFO 賽事所帶來的需求。

These dispositions are consistent with our ongoing strategy to selectively recycle capital out of lower growth assets, reduce future capital requirements, enhance the overall quality and growth profile of our portfolio. Proceeds from asset sales support our broader capital allocation priorities, including enhancing liquidity, reducing leverage, repurchasing shares and maintaining the physical condition of our portfolio. During the first quarter, we remained active under our share repurchase program, repurchasing 1.4 million common shares for an aggregate purchase price of $6 million or a weighted average price of approximately $4.17 per share.

這些處分符合我們持續的策略：選擇性地將資本自成長較低的資產回收再配置、降低未來資本需求，並提升投資組合整體品質與成長輪廓。資產出售所得支持我們更廣泛的資本配置優先事項，包括提升流動性、降低槓桿、回購股份，以及維持投資組合的實體狀況。第一季期間，我們在股份回購計畫下持續積極回購，回購 140 萬股普通股，總買回金額 600 萬美元，或加權平均每股約 4.17 美元。

As of March 31, 2026, we had approximately $29 million of remaining capacity under the program. Since launching the program in 2025, we've repurchased approximately 5 million shares, representing roughly 4% of total shares outstanding at an average price of $4.26 per share. We believe these repurchases represent an attractive use of capital and reflect our continued confidence in the intrinsic value of the portfolio and the long-term earnings power of the business.

截至2026年3月31日，我們在該計畫下尚有約2,900萬美元的剩餘額度。自2025年啟動該計畫以來，我們已回購約500萬股，約占已發行在外普通股總數的4%，平均回購價格為每股4.26美元。我們認為這些回購是具吸引力的資本運用，並反映我們對投資組合內在價值以及公司長期獲利能力的持續信心。

In summary, we're encouraged by the start to the year and remain optimistic about the improved outlook for our industry broadly and our company specifically. While the operating environment remains dynamic, the breadth of demand improvement we are seeing across the portfolio, combined with favorable industry supply conditions, reinforces our confidence in Summit's ability to outperform as fundamentals strengthen.

總結而言，我們對今年的良好開局感到鼓舞，並對整體產業以及公司本身改善的前景保持樂觀。儘管營運環境仍具動態變化，我們在整體投資組合所見的需求改善廣度，加上有利的產業供給條件，進一步強化我們對Summit在基本面轉強時具備超越表現能力的信心。

Our priorities are unchanged. And we remain intensely focused on optimizing profitability at the property level, prudently allocating capital and continuing to strengthen the balance sheet. We believe this disciplined approach, supported by our high-quality portfolio and efficient operating model, position Summit to create meaningful long-term value for shareholders.

我們的優先事項維持不變。我們仍高度專注於在物業層級最佳化獲利能力、審慎配置資本並持續強化資產負債表。我們相信，這種自律的作法，在高品質投資組合與高效率營運模式的支持下，將使Summit得以為股東創造具意義的長期價值。

With that, I'll turn the call over to Trey to discuss our financial results for the quarter in more detail.

接下來，我將把電話會議交給Trey，請他更詳細地說明本季的財務結果。

Thanks, Jon, and good morning, everyone. First quarter pro forma RevPAR increased 0.2% year-over-year. driven exclusively by growth in average daily rate. Strength in rate was a primary theme of the first quarter as nearly all segments generated positive growth year-over-year. In particular, the Retail and negotiated segments our clearest indicators of higher-rated leisure and business transient demand delivered first quarter RevPAR growth of 7% and 8%, respectively, driven by strong rate performance.

謝謝你，Jon，各位早安。第一季備考（pro forma）RevPAR年增0.2%，成長完全來自平均每日房價（ADR）的提升。房價走強是第一季的主要主題，因為幾乎所有客群區隔皆呈現年對年正成長。特別是零售（Retail）與議價（negotiated）區隔——我們用以觀察較高房價休閒與商務散客需求的最明確指標——第一季RevPAR分別成長7%與8%，主要由強勁的房價表現所帶動。

Furthermore, the retail and negotiated segments experienced sequential improvement across each month of the quarter, culminating with March RevPAR growth of 11% and 16%, respectively. Finally, as John mentioned, government-related demand within our qualified segment inflected positively during the first quarter, with March RevPAR increasing approximately 3%. Due to the relative strength of the company's first quarter operating results, RevPAR index increased to 116% of fair share. Driven by these positive RevPAR trends and strong cost controls, First quarter operating results materialized above expectations outlined during our February fourth quarter earnings call.

此外，零售與議價區隔在本季各月份均呈現逐月改善，並在3月分別達到RevPAR成長11%與16%。最後，如John所提及，我們合格（qualified）區隔中的政府相關需求在第一季出現正向轉折，3月RevPAR約成長3%。由於公司第一季營運結果相對強勁，RevPAR指數提升至公平市占（fair share）的116%。在這些正向RevPAR趨勢與強勁成本控管的帶動下，第一季營運結果高於我們在2月第四季法說會中所提出的預期。

For the first quarter, adjusted EBITDA was $44.2 million, and adjusted FFO was $25.5 million or $0.21 per share. Several core markets delivered strong first quarter results, including continued strength in San Francisco and South Florida. In San Francisco, where the company owns 3 hotels, the market benefited from a strong citywide calendar and several high-impact demand events, including the JPMorgan Healthcare Conference in January, Super Bowl in February and RSA in March.

第一季調整後EBITDA為4,420萬美元，調整後FFO為2,550萬美元，或每股0.21美元。多個核心市場在第一季交出強勁表現，包括舊金山與南佛羅里達的持續強勢。在舊金山，公司擁有3家飯店，該市場受惠於強勁的全市活動行事曆以及多項高影響力需求事件，包括1月的摩根大通醫療健康大會（JPMorgan Healthcare Conference）、2月的超級盃（Super Bowl）以及3月的RSA大會。

Our hotels performed exceptionally well during these peak periods. Capitalizing on compression nights to drive strong top line performance, resulting in RevPAR increasing 27% in the quarter. Looking ahead, we expect this momentum to continue in the second quarter, particularly June, supported by a strong convention and special events calendar. Including several major technology conferences, pride and have started the World Cup and related fan activities. In South Florida, our Miami and Fort Lauderdale hotels delivered a strong first quarter performance.

我們的飯店在這些尖峰期間表現極為出色，善用需求擠壓夜（compression nights）帶動強勁的營收表現，使本季RevPAR成長27%。展望未來，我們預期此動能將在第二季延續，尤其是6月，在強勁的會展與特殊活動行事曆支持下，包括多場大型科技會議、驕傲月（Pride），以及世界盃開賽與相關球迷活動。在南佛羅里達，我們位於邁阿密與羅德岱堡的飯店第一季表現強勁。

with RevPAR growth exceeding 14%, driven by a 9% increase in average daily rate.

RevPAR成長超過14%，主要由平均每日房價（ADR）提升9%所帶動。

In Miami, operating results were supported by peak season demand, several high-impact January events including the NHL Winter Classic and the College Football National Championship and a more condensed spring break calendar due to the shift of the Easter holiday to the first weekend in April. Our South Florida portfolio continues to benefit from the highly successful repositioning of the Oceanside Fort Lauderdale Beach.

在邁阿密，營運結果受惠於旺季需求、1月多項高影響力活動（包括NHL冬季經典賽與大學美式足球全國冠軍賽），以及因復活節假期移至4月第一個週末而使春假行事曆更為集中。我們的南佛羅里達投資組合持續受益於Oceanside Fort Lauderdale Beach極為成功的重新定位。

The hotel generated first quarter revenue and EBITDA growth of 56% and 90%, respectively, as the renovated rooms product and expanded food and beverage amenities appeal to both Taurus and locals alike. Group demand also continues to accelerate at the ocean Side. Given the property's location adjacent to the Fort Lauderdale, aquatic and diving center, which is also home to the international swing.

該飯店第一季營收與EBITDA分別成長56%與90%，因翻新後的客房產品與擴增的餐飲（F&B）設施同時吸引旅客與在地客。Ocean Side的團體需求也持續加速。鑑於該物業緊鄰羅德岱堡水上與跳水中心（Fort Lauderdale aquatic and diving center），該中心亦為international swing的所在地。

Looking forward, we expect continued strong demand in the second quarter for South Florida. Our AC and Element hotels located across from Brickell City Center are ideally situated for visitors attending the World Cup Fan Festival at Bayfront Park in Downtown Miami during June and July.

展望未來，我們預期南佛羅里達在第二季需求將持續強勁。我們位於Brickell City Center對面的AC與Element飯店，地理位置極佳，可服務6月與7月於邁阿密市中心Bayfront Park舉辦的世界盃球迷嘉年華（World Cup Fan Festival）之訪客。

In Fort Lauderdale, the ocean side is pacing 12% ahead of second quarter 2025 as the property continues to ramp post renovation. Non-rooms revenue increased 10% year-over-year in the first quarter across the company's portfolio, reflecting continued progress in our efforts to capture a greater share of the customer's discretionary spend.

在羅德岱堡，Ocean Side第二季的預訂進度較2025年第二季超前12%，因該物業在翻新後持續爬坡。第一季公司整體投資組合的非客房收入（non-rooms revenue）年增10%，反映我們持續推進以取得更多顧客可支配支出份額的努力。

Food and beverage revenue was again a meaningful contributor, supported by the reconcepted restaurant and bar offerings at the Oceanside Fort Lauderdale Beach, enhanced breakfast programming at select hotels and continued focus on driving higher beverage and outlet sales. In particular, Food and beverage revenues at the Oceanside Fort Lauderdale Beach experienced a fourfold increase year-over-year. and drove the majority of the company's overall increase in food and beverage sales.

餐飲收入再次成為重要貢獻來源，受惠於Oceanside Fort Lauderdale Beach重新定位的餐廳與酒吧產品、部分飯店強化的早餐方案，以及持續聚焦於提升飲品與各營業據點銷售。特別是，Oceanside Fort Lauderdale Beach的餐飲收入年對年成長達四倍，並帶動公司整體餐飲銷售增量的大部分。

We also realized healthy growth in other ancillary categories, including marketplace sales, parking income and resort and amenity fees. These revenue streams remain an important component of our broader operating strategy, and we believe there is additional opportunity to build on this momentum throughout 2026.

我們在其他附屬收入類別亦實現穩健成長，包括商店（marketplace）銷售、停車收入以及度假村與設施費（resort and amenity fees）。這些收入來源仍是我們更廣泛營運策略的重要組成部分，我們相信在2026年仍有進一步延續此動能的機會。

Pro forma operating expenses increased 3.6% year-over-year in the first quarter, reflecting continued discipline across the portfolio despite ongoing cost pressures. Increases in the quarter were primarily driven by merit-based wage adjustments as well as payroll taxes and employee benefits, which is a result of our strategic shift to internal staffing. Stability in the labor pool is best evidenced by the continued reduction in contract labor, for which nominal costs declined 6% versus first quarter 2025. Contract labor now represents 9% of our total labor pool, which is approaching pre-pandemic levels. Furthermore, employee turnover is also in line with pre-pandemic levels declining 1,300 basis points from the prior year period.

第一季備考營運費用年增3.6%，反映在持續成本壓力下，我們仍在整體投資組合維持紀律。當季費用增加主要來自績效調薪，以及薪資稅與員工福利，這是我們策略性轉向內部用工配置的結果。勞動力供給的穩定性，最能從持續降低的外包人力（contract labor）看出，其名目成本較2025年第一季下降6%。外包人力目前占我們總勞動力的9%，已接近疫情前水準。此外，員工流動率亦與疫情前水準一致，較去年同期下降1,300個基點。

For the full year 2026, we expect nominal expense growth of approximately 3%. From a capital expenditure perspective, in the first quarter, we invested $12 million across our portfolio on a consolidated basis and $9 million on a pro rata basis. Ongoing and recently completed renovations include the Dallas Downtown Hampton & Suites, Grapevine TownPlace Suites the Scottsdale Courtyard, the Tucson Homewood Suites and our Mesa Hyatt Place. For the full year 2026, the company expects pro rata capital expenditures to range from $55 million to $65 million, the majority of which will be incurred in the second half of the year. Turning to the balance sheet.

就2026年全年而言，我們預期名目費用成長約3%。在資本支出方面，第一季我們以合併基礎在整體投資組合投入1,200萬美元，以按持股比例（pro rata）基礎投入900萬美元。進行中與近期完成的翻新案包括Dallas Downtown Hampton & Suites、Grapevine TownPlace Suites、Scottsdale Courtyard、Tucson Homewood Suites以及我們的Mesa Hyatt Place。2026年全年，公司預期按持股比例資本支出介於5,500萬至6,500萬美元，其中大部分將發生於下半年。接著談資產負債表。

During the first quarter, we fully repaid our $288 million, 1.5% convertible senior notes that matured in mid-February, utilizing our $275 million delayed draw term loan and corporate revolver. Pro forma for this refinancing, we have no debt maturities until 2028. When accounting for our swap portfolio, approximately 50% of our pro rata share of debt is fixed, including the company's Series E, Series F and Series Z preferred equity within our capital structure, we were over 60% fixed on a pro rata basis. With ample liquidity and an average length of maturity of nearly 3.5 years, we believe the company is well positioned to navigate any potential near-term volatility and while also pursuing value creation opportunities.

第一季期間，我們以2.75億美元延遲動用定期貸款（delayed draw term loan）與公司循環信用額度（corporate revolver），全額償還於2月中旬到期的2.88億美元、票面利率1.5%的可轉換優先票據（convertible senior notes）。以此再融資後的備考基礎計算，我們在2028年前無到期債務。計入我們的利率交換（swap）投資組合後，我們按持股比例的債務約有50%為固定利率；若再將公司資本結構中的E系列、F系列與Z系列優先股（preferred equity）納入考量，按持股比例計算固定比率超過60%。在充足流動性與平均到期年限接近3.5年的情況下，我們認為公司已具備良好條件，可因應任何潛在的短期波動，同時把握創造價值的機會。

On April 23, 2026, our Board of Directors declared a quarterly common dividend of $0.08 per share. representing a dividend yield of approximately 6.4% based on the annualized dividend of $0.32 per share. The current dividend continues to represent a modest payout ratio relative to our trailing 12-month AFFO.

2026年4月23日，我們董事會宣告每季普通股股利每股0.08美元；以年化每股0.32美元計算，股利殖利率約為6.4%。相較於我們過去12個月的調整後可分配現金流（AFFO），目前股利仍屬溫和的配發率。

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. Included in our earnings release last evening, we updated full year guidance for key 2026 operating metrics as well as certain nonoperational assumptions.

公司持續優先在回饋股東資本、投資於我們的資產組合、降低公司槓桿以及維持流動性以把握未來成長機會之間，取得適當的平衡。在昨晚發布的財報新聞稿中，我們更新了2026年全年關鍵營運指標的指引，以及若干非營運假設。

Our outlook is based on the 94 lodging assets owned as of March 31, 2026, including the Courtyard and Residence Inn Dallas Arlington South, which are currently under contract for sale and expected to close in the third quarter. Our current range includes $500,000 of hotel EBITDA for the remainder of the year that would be foregone upon closing of the sale. For the full year, we have increased our RevPAR growth outlook to 0.5% to 3%, which translates to adjusted EBITDA of $170 million to $181 million, and adjusted FFO of $0.75 to $0.85 per share. Based on our RevPAR growth outlook of 0.5% to 3% and nominal expense growth of approximately 30%.

我們的展望係以截至2026年3月31日所持有的94項住宿資產為基礎，其中包括目前已簽訂出售合約、預計於第三季完成交割的 Courtyard 與 Residence Inn Dallas Arlington South。我們目前的區間包含今年剩餘期間約50萬美元的飯店EBITDA，該部分在出售完成後將不再貢獻。就全年而言，我們已將RevPAR成長展望上調至0.5%至3%，對應調整後EBITDA為1.70億至1.81億美元，調整後FFO為每股0.75至0.85美元。此係基於我們0.5%至3%的RevPAR成長展望，以及名目費用成長約30%。

We expect full year 2026 hotel EBITDA margins to range from flat to down 75 basis points, which includes approximately 25 basis points of headwinds from higher property taxes. We expect pro rata interest expense, excluding the amortization of deferred financing costs to be $58 million to $62 million and preferred distributions including the Series A, Series F and Series Z securities to be $18.5 million. Our outlook does not assume any additional acquisitions, dispositions, share repurchases and or capital markets activity for the balance of the year.

我們預期2026年全年飯店EBITDA利潤率區間為持平至下滑75個基點，其中約25個基點的不利因素來自較高的房產稅。我們預期按比例分攤的利息費用（不含遞延融資成本攤銷）為5,800萬至6,200萬美元；優先股分配（包括A系列、F系列與Z系列證券）為1,850萬美元。我們的展望未假設今年剩餘期間有任何額外的收購、處分、庫藏股回購及／或資本市場活動。

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

最後，GIC合資企業的結果將產生應支付給Summit的淨費用收入，約可涵蓋年度按比例分攤現金公司一般及行政（G&A）費用的15%，不包括任何超額分成（promote）分配，其中部分是在年度內賺取。

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

接下來，我們將開放提問。

(Operator Instructions)

（接線員指示）

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Jon, you had mentioned May is pacing up, I think, 4%. And I guess just based on what you've seen in March and April, how much degradation have you seen in pace this far out? And then as you get closer to realization. And then you can you compare that to what you saw last year, where if I recall, you kind of saw things maybe you lose a little bit of pace, I guess, as you got closer through the month and what you actually realized.

Jon，你提到5月的預訂節奏（pacing）我想是上升約4%。我想根據你在3月和4月看到的情況，對於這麼遠期的預訂節奏，你看到下滑（degradation）有多少？以及當接近實際入住（realization）時又如何？另外，你能否把這與去年相比——如果我沒記錯，去年你們似乎在接近當月時會流失一些節奏，然後看實際實現的結果。

First, just to clarify what we said in the prepared remarks was our second quarter pace is trending up about 4%. We expect April to finish up around 3.5%. When I look at kind of the monthly cadence for the second quarter, May is a lower pace than we are experiencing in both April and then obviously, June pace is way up given our expectations for the World Cup. I think what we've seen over the last 30 to 60 days has really been an acceleration in the month for the month. And as you alluded to, that is a little bit of a reversal from the trends that we saw last year.

首先澄清一下，我們在事先準備的發言中提到的是第二季的預訂節奏約上升4%。我們預期4月最終約成長3.5%。當我看第二季各月份的節奏時，5月的節奏低於我們在4月的表現，而6月的節奏則因我們對世界盃的預期而大幅上升。我認為過去30到60天我們看到的，確實是「當月訂當月」（month-for-the-month）的加速；如你所提，這與我們去年看到的趨勢有些反轉。

Now I would expect our June pace, which is trending up high teens at this point year-over-year to normalize as we get into that month.

目前我們預期6月的預訂節奏年增在十幾個百分點的高檔，但隨著進入該月份，應會趨於正常化。

A lot of that's being driven by that we're not in kind of the traditional booking window that we would normally see for June, but we do have a fair amount on the books for the month of June, specifically related to World Cup. So we would expect that to normalize. But I think the broader takeaway and the more important takeaway here, Austin, is that what we've seen kind of in the month for the month and even within the last couple of weeks of the month has been a pretty meaningful acceleration from our expectations. You certainly saw that in the month of March. Most of our Q1 outperformance was related to the month of March.

其中很大一部分原因在於，我們目前並不處於通常會看到的6月傳統訂房窗口期，但我們確實已為6月累積了相當多的在手訂單，特別是與世界盃相關。因此我們預期會正常化。不過我認為更廣泛、也更重要的重點是，Austin，我們看到的「當月訂當月」的表現，甚至在當月最後幾週內，都出現了相當明顯、超出我們預期的加速。你在3月就清楚看到了這點；我們第一季多數的超預期表現都與3月有關。

And we've seen those trends continue through April.

而且我們看到這些趨勢在4月仍持續。

That's helpful. And I guess then as you think about that pacing and what could be realized in the second quarter is certainly tracking above the high end of the full year guidance range. Like how do we think about cadence and that implied deceleration in the back half of the year? And again, going back to then what you've seen sort of a firming up in that mid-week higher-rated business segment, how does that compare to what you underwrote then looking out into the back half of the year?

這很有幫助。我想接著問，當你思考這樣的預訂節奏以及第二季可能實現的結果時，顯然目前追蹤的水準高於全年指引區間的上緣。那我們該如何看待節奏，以及下半年隱含的成長放緩？另外回到你提到的週中、較高房價的商務區隔需求轉強，這與你們在承作（underwrite）時對下半年的預期相比如何？

Sure. Yes. Well, clearly, we've outperformed our expectations for the first quarter. I will say we did finish the quarter modestly positive, but closer to flat. Our expectation was always that the second and third quarters of the year would be the highest growth rates of the year.

當然。是的，很明顯我們第一季表現優於預期。我會說我們季度最終是小幅正成長，但更接近持平。我們一直以來的預期是，第二季與第三季會是全年成長率最高的季度。

And that outlook really hasn't changed. I think we remain constructive on the second and third quarter. Some of that is being driven by the strength we see in World Cup markets. But our outlook is definitely more constructive today for the balance of the year than it was when we reported 60 days ago.

而這個展望基本上沒有改變。我認為我們對第二季與第三季仍維持正向看法，其中一部分來自我們在世界盃市場看到的強勁表現。不過，相較於60天前我們發布財報時，對於今年剩餘期間的展望，我們今天的看法確實更為正向。

Michael Bellisario with Baird.

Michael Bellisario，Baird。

Just two parts here. Just in terms of the pickup in demand that you've seen just, one, how would you separate BT versus leisure trends? And then two, any quantifiable share gains that you might have seen from rebookings from Mexico during the peak springer travel period?

我有兩個部分。第一，就你們看到的需求回升而言，你會如何區分商務差旅（BT）與休閒（leisure）趨勢？第二，在春假旅遊高峰期，是否有任何可量化的市占提升，來自原本要去墨西哥、後來改訂（rebooking）到你們這邊的需求？

Sure. Yes, I think, again, probably the biggest takeaway from the quarter has been strength was fairly broad-based. And what you saw was really rate-driven RevPAR growth in the quarter and more specifically in March, and that's a reflection of the fact that we were able to either yield out lower rated business or really drive incremental occupancy in our higher-rated channels. And those channels were predominantly our premium-rated retail channels and our negotiated channels.

好的。是的，我想本季最大的重點之一是，強勁表現相當廣泛。你看到的是本季、尤其是3月，以房價帶動的RevPAR成長；這反映出我們能夠要嘛把較低房價的商務需求「擠出」（yield out），要嘛在較高房價的通路中推動額外的入住率增量。而這些通路主要是我們的高端定價零售通路，以及我們的議價（negotiated）通路。

And so we definitely saw our best growth rates midweek in the negotiated segment. Our first quarter RevPAR in the negotiated segment was up 8%. It was up double that in the month of March. Our urban markets were up 6% in the month of March. So there's no question that we saw really strong driven demand throughout the quarter and again, particularly in the month of March.

因此，我們確實在議價區隔的週中看到最佳成長率。我們第一季在議價區隔的RevPAR成長8%；在3月則是其兩倍。3月我們的都會市場成長6%。所以毫無疑問，我們在整個季度、尤其是3月，看到非常強勁的需求帶動。

Leisure was also good. And I think when you look at our markets in South Florida and Scottsdale, we outperformed our expectations going into the quarter. there's likely some benefit from the disruption that we saw in Mexico in the month of March.

休閒需求也不錯。我認為當你看我們在南佛羅里達與Scottsdale的市場時，我們的表現優於季度開始前的預期；3月墨西哥出現的干擾，可能帶來一些助益。

But again, I would just go back and emphasize the fact that most of our growth more of our growth, I should say, is coming midweek in urban markets and in kind of business transient related demand. And so it was beneficial, but not something that I think is going to create some sort of onetime 1-month distortion in our demand patterns.

但我仍要回到並強調：我們的大部分成長——更準確地說，是更多的成長——來自都會市場的週中，以及與商務散客（business transient）相關的需求。因此這確實有幫助，但我不認為它會在我們的需求型態中造成某種一次性、單月的扭曲。

And then on Mexico?

那墨西哥方面呢？

Yeah, sorry, specifically on Mexico. I think that it was a benefit predominantly in our South Florida and Scottsdale markets. It definitely helped us in March. But as I said, in the prepared remarks, a lot of the trends that we saw in March have continued into April. And I don't expect that to create any type of difficult comparison or distortion and demand patterns going forward.

是的，抱歉，針對墨西哥具體來說。我認為受益主要在南佛羅里達與Scottsdale市場。它確實在3月幫了我們。但如我在事先準備的發言中所說，我們在3月看到的許多趨勢延續到了4月。我不預期這會在未來造成任何難以比較的基期或對需求型態的扭曲。

Got it. And then just one follow-up. 1Q more rate dynamic. Obviously, there are some impacts affecting demand in 1Q, but how should we think about and beyond in terms of the mix between rate growth and occupancy growth going forward? That's all for me.

了解。再追問一個。第一季比較偏房價驅動。顯然第一季也有一些影響需求的因素，但往後你認為房價成長與入住率成長的組合應該如何看？我就這些。

Yeah. Thanks, Mike. I think that the expectation is that the vast majority of our RevPAR growth going forward will be rate driven. Again, the trends that we saw in the first quarter really have continued through April, and our expectation is that the majority, if not all, of our RevPAR growth in April will be rate driven. I think when we gave our initial guidance, we expected kind of a 60-40 rate versus occupancy split that thankfully has shifted to be, again, predominantly rate-driven growth for the remainder of the year, which should have a better flow through to the bottom line.

好的，謝謝你，Mike。我認為我們的預期是，未來絕大部分的RevPAR成長將由房價帶動。同樣地，我們在第一季看到的趨勢延續到4月；我們預期4月的RevPAR成長大部分、甚至全部都會是房價驅動。我想在我們最初給出指引時，我們預期房價與入住率大概是60/40的分拆；所幸這已轉變為今年剩餘期間以房價驅動為主，這對獲利端的傳導（flow through）會更好。

(Operator Instructions)

（接線員指示）

Chris Woronka, Deutsche Bank.

Chris Woronka，德意志銀行。

So it's a topic we used to talk about a lot. I don't know that we do every quarter now, and I apologize if I missed the prepared comments. But can you talk a little bit about direct bookings and kind of where those stand for your portfolio and also kind of along those lines? Do you think all these new an expanded branded credit cards are helping drive direct bookings to you on the leisure side? And then I have a follow-up.

所以這是一個我們過去常常談的主題。我不確定我們現在是否每一季都會談，如果我錯過了事先準備的評論也先致歉。不過你能否稍微談談直接預訂（direct bookings），以及它們在你們投資組合中的現況？另外也延伸問一下：你認為這些新的、擴大版的聯名信用卡是否有助於在休閒端帶動更多直接向你們預訂？我之後還有一個追問。

Yes, sure, Chris. We have continued to grow our share of direct bookings. We're probably plus or minus 70% for the full portfolio. I think that's a reflection of the fact that we do have a lot of high-quality hotels in good locations that are affiliated with really strong brand distribution channels. And so we did see that step up to some extent, particularly our brand.com channels in the first quarter.

好的，當然可以，Chris。我們持續提升直接預訂的占比。就整體投資組合而言，大概在70%上下。我認為這反映出我們確實擁有許多位於優質地段的高品質飯店，並且隸屬於非常強勢的品牌分銷通路。因此我們確實看到一定程度的提升，特別是第一季的 brand.com 通路。

That's been really a continuation of a lot of the trends that we've seen really coming out of the pandemic.

這基本上延續了我們在疫情之後所看到的許多趨勢。

Last year maybe being a mild exception to that when there was a little bit greater reliance on some of the OTA channels. But Again, as you alluded to, those are very powerful distribution platform, their powerful loyalty programs, and we're driving the majority of our business through those channels.

去年或許算是一個小小的例外，因為對部分 OTA 通路的依賴稍微高一些。但如你所提到的，這些都是非常強大的分銷平台，也有強大的忠誠度計畫，而我們的大部分業務仍是透過這些通路帶動。

Okay. Very helpful. And then kind of along those same lines, I know you don't have many resorts and particularly with Hyatt. But I think Hyatt just recently went through another I don't know if I'm supposed to call it points devaluation or just adjustments to new kind of award chart tiering. Is that having any impact on you?

了解，很有幫助。接著沿著同樣的脈絡，我知道你們度假村不多，尤其是凱悅（Hyatt）。但我想凱悅最近又進行了一次——我不確定該稱為點數貶值（points devaluation）還是只是調整——新的獎勵兌換等級表（award chart tiering）。這對你們有任何影響嗎？

Again, I know you don't probably get a ton of redemptions, but is that I think that was meant to be a little bit more owner friendly. And I guess, along those same lines, the Hyatt breakfast that's been, I know, going through a lot of different iterations in terms of trying to get that right. Any update on whether you're getting any minor bottom line help from those changes?

同樣地，我知道你們可能不會有太多兌換（redemptions），但我想那次調整的用意是更偏向業主友善。我也想順便問：凱悅早餐政策一直在反覆調整、嘗試找到最佳做法。這些變更是否讓你們在損益底線上獲得一些小幅幫助？有沒有最新進展？

So I would say, to your point, we don't have a ton of Hyatt properties that are kind of high redemption properties generally, maybe Orlando being the exception of that, where we do get a fair amount of redemptions there. And Orlando has been a terrifically strong market, particularly where we are in our Orlando near the universal development. I would say, generally speaking, kind of the brand redemption programs have been trending in a more kind of owner-friendly way over the last several quarters, and we hope that, that continues. Specifically related to breakfast is you did we were part of some of the pilots on the charge to breakfast at Hyatt Place.

我會說，如你所言，我們並沒有太多屬於凱悅體系中一般所謂高兌換量的物業，或許奧蘭多是個例外，我們在那裡確實有相當多的兌換。奧蘭多一直是非常強勁的市場，特別是我們位於奧蘭多、靠近 Universal 開發區的資產。整體而言，品牌的兌換計畫在過去幾季確實朝著更業主友善的方向發展，我們也希望這個趨勢能持續。就早餐而言，我們確實參與了 Hyatt Place 早餐收費（charge to breakfast）的一些試點。

I would say that the overall, it was a very positive experience for us it's more of a property-by-property or market-specific commentary. But I'd say generally, it's been a positive to the bottom line, modestly positive to the bottom line.

我會說整體而言，對我們是非常正面的經驗；當然更偏向逐店（property-by-property）或依市場而異的觀察。但總體來看，對損益底線是正面影響，屬於小幅正面。

Logan Epstein, Wolfe Research.

Logan Epstein，Wolfe Research。

SP611542888 Maybe just diving into the government segment, you guys noted the sequential improvement into March in inflecting positive. Can you just dive deeper on like was that driven by any specific markets or was it broad-based across the portfolio? And then I guess a follow-up to that is maybe trying to quantify the potential impact given you guys noted it was down 20% for a number of quarters in '25. Can you just talk about what's the embedded expectation for the rest of the year?

SP611542888 我想深入問一下政府（government）客源區隔。你們提到3月相較前期有改善並轉為正向。能否更深入說明：這是由特定市場帶動，還是整個投資組合普遍性的改善？另外我想追問的是，鑑於你們提到在2025年有好幾季都下滑20%，能否量化一下潛在影響？也請談談你們對今年剩餘期間的內含預期（embedded expectation）是什麼。

Yes, sure. I think you called this out. We've talked for a while about how our comps were going to ease as we got into the March, April time frame, and we started to lap the dose comparison first quarter of last year. And so obviously, that played out in the first quarter. Government revenue for us was down about 12% year-over-year.

好的，當然。我想你也點到了，我們談了一段時間，隨著進入3月、4月，我們的可比基期（comps）會變得更容易，因為我們開始跨越去年第一季最嚴苛的比較基期。因此這在第一季確實如預期發生。我們的政府收入年增約下滑12%。

It had been trending down 20% to 25% for most of last year with maybe the exception of October when we saw some incremental reductions in demand related to the government shutdown. That was really driven in the first quarter.

去年大部分時間的趨勢是下滑20%到25%，可能只有10月例外，當時因政府關門（government shutdown）相關因素，我們看到需求有一些額外的減少。第一季的表現主要就是由這些因素所驅動。

We actually saw March government-related revenue go up as I said in the prepared remarks, our outlook, our pace for the second quarter, specifically related to government. You have to remember, we don't have a lot on the books. It is still a relatively small demand segment. So these tend to be smaller numbers. But we are trending up kind of mid-single digits year-over-year.

實際上我們看到3月的政府相關收入是成長的；如我在事先準備的發言中提到，我們對第二季的展望、特別是政府相關的預訂進度（pace），你要記得我們帳上（on the books）本來就不多，這仍是相對小的需求區隔，所以數字通常不大。但我們目前的趨勢是年增約中個位數（mid-single digits）。

I think our expectation going into the year was for once we got into the second quarter for government demand to be fairly flat year-over-year.

我們年初的預期是，一旦進入第二季，政府需求年增大致持平。

So this is kind of modestly more positive than maybe we would have expected coming into the year. And in terms of markets, we've seen some lift in markets like Tucson. We had a really strong quarter in Washington, D.C. Some of that was kind of government-related and government adjacent business. So it's been fairly broad-based.

所以這比我們年初預期略為正面一些。至於市場方面，我們在像圖森（Tucson）這類市場看到一些回升；華盛頓特區（Washington, D.C.）第一季也非常強勁，其中一部分是政府相關以及政府周邊（government adjacent）的業務帶動。因此整體來看算是相當廣泛。

Again, I think our expectations are modestly more constructive than they were when we started the year as evidenced by our second quarter pace.

同樣地，我認為我們的預期比年初時略為更具建設性（constructive），這也反映在我們第二季的預訂進度上。

Got it. Maybe a follow-up on a different note. Just one we haven't talked about in a few quarters, given we've seen now, I guess, 3/4 of operations at the Enero expansion. Can you just talk about how that's performing with the new keys there relative to initial underwriting?

了解。換個方向追問一下：有一個議題我們幾季沒談了，鑑於我想現在 Enero 擴建案的營運大概已經進行了四分之三。你能否談談新增房間（new keys）的表現，相較於最初承作/承銷假設（initial underwriting）如何？

Yes. We've done really well there. We had a nice beat to our internal budgets and expectations in the first quarter. It's a wonderful asset. I think it really feeds off a lot of the growth that's happened in Austin.

可以。我們那邊表現非常好。第一季我們的實際表現優於內部預算與預期。那是一個很棒的資產，我認為它確實受惠於奧斯汀（Austin）大量的成長。

And there's been just tremendous growth in Fredericksburg. There's been they announced some high-end product that's going to come out in that general area. There's a Waldorf Astoria that's going to get built. There's a man that was recently announced out there.

而且弗雷德里克斯堡（Fredericksburg）的成長也非常驚人。他們也宣布了一些將在該區域推出的高端產品；會興建一間華爾道夫（Waldorf Astoria），另外也有一個最近才在那裡宣布的項目。

The growth in the submarket of Fredericksburg has been terrific, which has certainly helped our performance. But we have a really unique, I think, very compelling offering. So the thesis that really got us to invest in that project initially. And then the thesis around the expansion has all played out. And again, we were happy with the first quarter results, which were above our expectations fairly meaningfully.

弗雷德里克斯堡這個次市場（submarket）的成長非常出色，確實幫助了我們的表現。但我們也有一個非常獨特、我認為很有吸引力的產品。因此，當初促使我們投資該專案的投資論點（thesis），以及後續擴建的論點，都已經一一實現。再者，我們對第一季結果感到滿意，表現相當明顯地高於我們的預期。

And I'm showing no further questions at this time. I will now turn the call back over to Jon for closing remarks.

目前顯示沒有其他問題。我現在把電話交回給 Jon 作結語。

Great. Well, thank you all for joining us today. We look forward to seeing many of you on the conference circuit here over the next several weeks. Thank you again, and hope you all have a nice weekend.

很好。感謝各位今天加入我們。接下來幾週我們也期待在各個投資人會議行程（conference circuit）上見到各位。再次感謝，也祝各位週末愉快。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。