Pebblebrook Hotel Trust (PEB) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Pebblebrook Hotel Trust second-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Pebblebrook Hotel Trust 第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Raymond Martz, Co-President and Chief Financial Officer. Thank you. Please go ahead.

現在我很高興向您介紹主持人、聯合總裁兼財務長 Raymond Martz。謝謝。請繼續。

Thank you, Donna. Good morning, everyone. Welcome to our second-quarter 2024 earnings call and webcast. Joining me today is Jon Bortz, our Chairman and Chief Executive Officer; and Tom Fisher, our Co-President and Chief Investment Officer.

謝謝你，唐娜。大家早安。歡迎參加我們的 2024 年第二季財報電話會議和網路廣播。今天加入我的是我們的董事長兼執行長喬恩‧博茨 (Jon Bortz)；以及我們的聯合總裁兼首席投資長 Tom Fisher。

Before we begin, please note today's comments are effective only for today, July 25, 2024, and our comments may include forward-looking statements as defined under federal securities laws, and actual results could differ materially from those discussed today.

在開始之前，請注意今天的評論僅在今天（2024 年 7 月 25 日）有效，我們的評論可能包括聯邦證券法定義的前瞻性陳述，實際結果可能與今天討論的結果存在重大差異。

For a comprehensive analysis of potential risks, please consult our most recent SEC filings and visit our website for additional details and reconciliations of any non-GAAP financial measures we use.

如需對潛在風險進行全面分析，請查閱我們最近向 SEC 提交的文件，並造訪我們的網站，以了解我們使用的任何非 GAAP 財務指標的更多詳細資訊和對帳情況。

Now let's move on to our second-quarter results. We are pleased to share that our second quarter bottom-line financial results well exceeded our outlook. Overall, hotel demand met our expectations, driven by healthy corporate group, business transient, and solid leisure demand across most of our urban markets and resorts.

現在讓我們來看看第二季的業績。我們很高興地告訴大家，我們第二季的財務表現遠遠超出了我們的預期。總體而言，在我們大多數城市市場和度假村的健康企業集團、業務瞬態和穩定的休閒需求的推動下，飯店需求滿足了我們的預期。

Our newly redeveloped and repositioned properties are also performing well, capturing market share and improving cash flows, in line or exceeding our ramp-up expectations.

我們新開發和重新定位的物業也表現良好，佔據了市場份額並改善了現金流，符合或超越了我們的成長預期。

Our Q2 RevPAR increased by 1.7% and total RevPAR rose by 2.5%, both of which were in the middle of our 2Q outlook range. Operationally, our efficiency and cost-saving initiatives were more than offset inflationary cost pressures.

我們第二季的 RevPAR 成長了 1.7%，總 RevPAR 成長了 2.5%，兩者都位於我們第二季展望範圍的中間。在營運方面，我們的效率和成本節約措施足以抵銷通膨成本壓力。

With slightly better-than-expected property tax reductions, our intense focus on operating efficiencies led to lower year-over-year operating expenses, substantially boosting hotel profitability.

由於財產稅減免幅度略好於預期，我們對營運效率的高度關注導致營運費用同比下降，從而大幅提高了酒店盈利能力。

As a result, our same-property hotel EBITDA exceeded the midpoint of our Q2 outlook by a range of $5.2 million and topped the high-end of our outlook by $2.7 million. Adjusted EBITDA and adjusted FFO also benefited from higher-than-expected business interruption proceeds related to LaPlaya, further enhancing our positive Q2 performance.

因此，我們的同酒店 EBITDA 超出我們第二季度預期中位數 520 萬美元，超出我們預期上限 270 萬美元。調整後的 EBITDA 和調整後的 FFO 也受益於與 LaPlaya 相關的高於預期的業務中斷收益，進一步增強了我們第二季度的積極業績。

We exceeded the midpoint of our Q2 outlook for adjusted EBITDA and FFO by $10 million and at the top end by $7.5 million. Adjusted FFO per share outperformed our midpoint by $0.08 and exceeded the top of our Q2 outlook by $0.06.

我們調整後的 EBITDA 和 FFO 超出第二季預期中位數 1,000 萬美元，超出上限 750 萬美元。調整後的每股 FFO 比我們的中點高出 0.08 美元，比我們第二季預期的最高點高出 0.06 美元。

Additionally, we are raising our 2024 full-year outlook for same-property hotel EBITDA, adjusted EBITDA, and FFO, which Jon will elaborate on later in the call.

此外，我們還上調了同酒店 EBITDA、調整後 EBITDA 和 FFO 的 2024 年全年展望，Jon 將在稍後的電話會議中詳細闡述。

Our urban markets continue to recover, with San Diego catching the biggest wave, bolstered by a robust convention calendar, good weather, and the ramp-up of our recent property redevelopments. Our San Diego properties improved occupancy by 9 percentage points over the second quarter of 2023, rising to 81%.

我們的城市市場繼續復甦，其中聖地亞哥受到最大的衝擊，這得益於強勁的會議日曆、良好的天氣以及我們最近房地產重建的加速。我們的聖地牙哥飯店入住率比 2023 年第二季提高了 9 個百分點，升至 81%。

Recently, repositioned properties Margaritaville Hotel San Diego Gaslamp Quarter and Hilton San Diego Gaslamp Quarter propelled our Q2 San Diego RevPAR growth to an impressive 22.4%.

最近，重新定位的瑪格麗塔維爾聖地亞哥瓦斯燈街區酒店和希爾頓聖地亞哥瓦斯燈街區酒店推動我們第二季度聖地亞哥每間客房收入增長至令人印象深刻的 22.4%。

Riding this wave of success, Chaminade Resort & Spa in Santa Cruz generated an almost 25% improvement in RevPAR, while Estancia La Jolla Hotel & Spa's RevPAR increased over 28%. This epic performance from many of our coastal California properties inspired this quarter's classic surfing song from the Beach Boys.

隨著這一成功浪潮，聖克魯斯的 Chaminade Resort & Spa 的 RevPAR 提高了近 25%，而 Estancia La Jolla Hotel & Spa 的 RevPAR 則增長了 28% 以上。我們加州許多沿海酒店的這場史詩般的表演為海灘男孩 (Beach Boys) 本季的經典衝浪歌曲提供了靈感。

Our other urban markets achieving healthy occupancy gains included Chicago, Boston, and Washington, D.C. Underperforming urban markets in 2Q, which impacted our urban recovery were Portland, L.A., and San Francisco.

我們其他實現健康入住率成長的城市市場包括芝加哥、波士頓和華盛頓特區。

Overall, our urban properties increased occupancy by 2.5 percentage points, driven by solid growth in corporate, group and transient demand, along with enhanced leisure bookings through expanded demand channels.

總體而言，在企業、團體和臨時需求的穩健增長以及透過擴大需求管道增加休閒預訂的推動下，我們的城市物業入住率增加了 2.5 個百分點。

We gained more demand through consortia demand channels such as American Express, Capital One, and Costco as well as both domestic and international wholesale channels, albeit at slightly lower average rates.

我們透過美國運通、第一資本、好市多等財團需求管道以及國內和國際批發管道獲得了更多需求，儘管平均費率略低。

Urban weekday occupancies climbed by approximately 3 percentage points, while weekend occupancy grew by 1.4 percentage points in the second quarter. RevPAR at our urban properties increased 2.6%, while total RevPAR rose by 3.4%.

第二季度，城市工作日入住率成長約 3 個百分點，週末入住率成長 1.4 個百分點。我們的城市物業每間可用房 (RevPAR) 增加了 2.6%，而總每間可用房 (RevPAR) 則增加了 3.4%。

Turning to our resort properties. We observed encouraging improvements in demand compared to the same quarter last year. Resort occupancy increased by 3.5 percentage points, driven by strong weekday demand growth from both corporate groups and rising weekend occupancy rates from leisure travelers. Weekday occupancy at our resorts improved by 3.2 percentage points, while weekend occupancy grew by 4.6 percentage points in the second quarter.

轉向我們的度假村物業。與去年同期相比，我們觀察到需求出現令人鼓舞的改善。受企業集團平日需求強勁成長和休閒遊客週末入住率上升的推動，度假村入住率成長了 3.5 個百分點。第二季度，我們度假村的工作日入住率成長了 3.2 個百分點，週末入住率成長了 4.6 個百分點。

Overall, resort RevPAR declined by 0.7%, primarily due to a 5.4% decrease in ADR. Although ADRs at resorts have continued to normalize, part of this decline is attributable to changes in segmentation. We've observed increased weekday demand from corporate groups, which is lower priced than our average transient rates. Additionally, we've added leisure occupancies from wholesale accounts and other discount channels.

總體而言，度假村 RevPAR 下降了 0.7%，主要是由於 ADR 下降了 5.4%。儘管度假村的 ADR 繼續正常化，但下降的部分原因是細分的變化。我們觀察到企業團體的工作日需求增加，其價格低於我們的平均瞬態價格。此外，我們也透過批發帳戶和其他折扣管道增加了休閒住宿。

While these segments yield lower ADRs compared with the direct booking segments, corporate groups and consortia generate healthy levels of out-of-room spending. This contributed to the growth in total RevPAR at our resort properties, which improved by 0.6%. Despite the moderation in ADRs, our resorts have maintained a significant 30% premium in rates compared to 2019.

雖然與直接預訂細分市場相比，這些細分市場的平均房價較低，但企業集團和財團產生了健康水準的客房外支出。這推動了我們度假村酒店的總 RevPAR 成長，提高了 0.6%。儘管 ADR 放緩，但與 2019 年相比，我們的度假村仍保持了 30% 的大幅溢價。

The increase in demand from discount channels indicates that some leisure travelers, while still traveling, are becoming more price sensitive and seeking deals and bargains. The shift in customer behavior is one of the reasons we've adopted a more cautious top-line outlook for the second half of the year.

折扣管道需求的增加表明，一些休閒旅行者在旅行的同時，對價格變得更加敏感，並尋求優惠和討價還價。客戶行為的轉變是我們對今年下半年的營收前景採取更加謹慎態度的原因之一。

Regarding our segmentation in Q2, group demand increased by 2.4% over the same period last year, representing approximately 27% of our customer mix. This growth was primarily driven by a notable 11% rise in corporate group demand compared to the previous year.

從我們第二季的細分來看，團體需求比去年同期成長了2.4%，約占我們客戶組合的27%。這一增長主要是由於企業團體需求與上一年相比顯著增長了 11%。

Overall, group revenue saw a 4% increase. Transient demand also strengthened with a 4.4% uptick over last year, supported by gains from OTAs, consortia, domestic and international wholesale, and airline crew bookings.

總體而言，集團收入成長了 4%。在 OTA、財團、國內和國際批發以及航空公司機組人員預訂收益的支撐下，臨時需求也有所增強，較去年增長 4.4%。

On a monthly basis, same-property RevPAR experienced a 2.2% decline in April, mainly due to the holiday shift and major conventions moving from April last year to May this year. This shift contributed to the substantial 6.9% RevPAR increase in May. June saw a modest rise of 0.4%, which was softer than we anticipated back in April.

從月度來看，4 月同物業的 RevPAR 下降了 2.2%，主要是因為假期轉移以及主要會議從去年 4 月移至今年 5 月。這一轉變導致 5 月 RevPAR 大幅成長 6.9%。6 月小幅上漲 0.4%，低於我們 4 月的預期。

Early June was adversely affected by severe weather in Southern Florida, leading to increased cancellations and reduced bookings at our Florida resorts. Additionally, the Juneteenth holiday falling on a Wednesday this year, as opposed to Monday last year, negatively impacted both business and leisure demand for the week.

六月初，受到佛羅裡達州南部惡劣天氣的不利影響，導致我們佛羅裡達州度假村的取消訂單增多，預訂量減少。此外，與去年的星期一相比，今年的六月節假期落在星期三，這對本週的商業和休閒需求產生了負面影響。

Two properties not included in our same-property hotel EBITDA, Newport Harbor Island Resort and LaPlaya in Naples, delivered financial results -- positive financial results for the quarter. Newport Harbor, which opened in late April, is being well received by guests and exceeded our expectations, generating $1.6 million in EBITDA.

未包含在我們同一酒店EBITDA 中的兩處酒店——紐波特哈勃島度假村(Newport Harbour Island Resort) 和那不勒斯的拉普拉亞酒店(LaPlaya) 均實現了財務業績——本季度的財務業績良好。於 4 月底開業的紐波特港受到了客人的好評，超出了我們的預期，產生了 160 萬美元的 EBITDA。

LaPlaya's performance was in line with expectations, producing $7 million of EBITDA. Encouragingly, LaPlaya has generated $15.3 million of EBITDA year-to-date, compared to a loss of $3.7 million over the same period last year. Due to the resort's positive momentum, we expect LaPlaya to contribute $24 million of EBITDA for the year, an increase of $2 million from our prior outlook.

LaPlaya 的表現符合預期，產生 700 萬美元的 EBITDA。令人鼓舞的是，LaPlaya 年初至今已產生 1,530 萬美元的 EBITDA，而去年同期則虧損 370 萬美元。由於度假村的積極勢頭，我們預計 LaPlaya 今年將貢獻 2400 萬美元的 EBITDA，比我們之前的預期增加 200 萬美元。

Additionally, we are increasing our 2024 BI estimate for LaPlaya by $3 million due to the better-than-expected progress with our insurance claim. These improved results have incorporated into our increased 2024 outlook.

此外，由於我們的保險理賠進度優於預期，我們將 LaPlaya 的 2024 年 BI 預估增加了 300 萬美元。這些改進的結果已納入我們所提高的 2024 年展望中。

Our focused efficiency and cost reduction initiatives across all operating departments significantly bolstered our positive same-property EBITDA results. These efforts led to a hotel EBITDA margin of 31.5% in Q2, a 180 basis point improvement from the prior year quarter. This -- departmental expenses increased by just 2% and undistributed expenses rose by only 2.9% despite an almost 13% increase in energy costs.

我們在所有營運部門實施的重點提高效率和降低成本的措施極大地提升了我們的同酒店 EBITDA 業績。這些努力使得第二季飯店 EBITDA 利潤率為 31.5%，比去年同期提高了 180 個基點。儘管能源成本增加了近 13%，但部門費用僅增加了 2%，未分配費用僅增加了 2.9%。

Gross operating profit before fixed expenses rose by 3%. And on a per occupied room basis, total operating expenses declined by 3.8% and calculated before fixed expenses, they declined by 1.5%. This demonstrates our ongoing successful efforts to combat inflationary pressures through efficiency enhancements as we highlighted last quarter.

固定費用前的總營業利潤成長了 3%。以每間入住客房計算，總營運費用下降了 3.8%，如果扣除固定費用，則下降了 1.5%。正如我們上季度所強調的那樣，這表明我們正在透過提高效率來應對通膨壓力。

We've put all of our operating processes and expenditures under a microscope, benchmarking every line item throughout the portfolio. These strategies are part of a broader initiative to offset above inflationary cost increases in wages, benefits, energy, and insurance across our portfolio.

我們將所有營運流程和支出放在顯微鏡下，對整個產品組合中的每個項目進行基準測試。這些策略是更廣泛舉措的一部分，旨在抵消我們投資組合中工資、福利、能源和保險方面高於通膨的成本增長。

And speaking of insurance, we achieved a favorable outcome with our recent property and casualty insurance renewal completed on June 1. Overall, premiums will increase by about 5% compared to our expiring program. Notably, our insurance rates declined by approximately 1%, indicating improvements in the overall insurance market.

說到保險，我們最近在 6 月 1 日完成了財產和意外保險續保，並取得了良好的成果。總體而言，與我們即將到期的計劃相比，保費將增加約 5%。值得注意的是，我們的保險費率下降了約1%，顯示整體保險市場有所改善。

We increased our insurable value by about 6% to reflect our estimates of higher replacement costs, and we've maintained the same overall total insurance coverage with no significant changes in premiums or other business terms.

我們將可保價值增加了約 6%，以反映我們對更高的重置成本的估計，並且我們保持了相同的整體保險範圍，保費或其他業務條款沒有重大變化。

Turning to our $520 million strategic reinvestment program, we completed several major capital investments this quarter. The $50 million transformation of Newport Harbor Island Resort into our premier New England luxury destination was completed and fully launched on Memorial Day weekend, partially after opening at the end of April.

談到我們的 5.2 億美元策略再投資計劃，我們本季完成了幾項重大資本投資。耗資 5,000 萬美元將紐波特哈勃島度假村 (Newport Harbour Island Resort) 改造成我們首屈一指的新英格蘭豪華度假勝地，已於陣亡將士紀念日週末完成並全面啟動，其中部分項目已於 4 月底開業。

And Estancia La Jolla Hotel & Spa, $26 million multi-phase redevelopment was completed in mid-April, receiving excellent reviews from existing customers and attracting new demand.

耗資 2600 萬美元的 Estancia La Jolla Hotel & Spa 多期重建項目已於 4 月中旬完成，獲得了現有客戶的好評並吸引了新的需求。

And finally, at Skamania Lodge, we finished the $20 million first-phase redevelopment, introducing eight new alternative lodging combinations, including two cabins, a three-bedroom villa and five unique glamping units, all of which are booking up well over the busy summer period.

最後，在Skamania Lodge，我們完成了一項耗資2000 萬美元的一期重建工作，引入了八種新的替代住宿組合，包括兩間小屋、一棟三臥室別墅和五個獨特的豪華露營單元，所有這些在繁忙的夏季都被預訂一空。

We are excited to have a completely refreshed and redeveloped portfolio moving forward, and we expect these properties to continue to gain market share and drive cash and cash returns over the coming years.

我們很高興能夠擁有一個完全更新和重新開發的投資組合，我們預計這些物業將在未來幾年繼續獲得市場份額並推動現金和現金回報。

In our earnings release last night, we announced the upcoming conversion of Le Meridien Delfina Santa Monica into a Hyatt Centric Delfina Santa Monica, scheduled for mid-September of this year.

在昨晚發布的財報中，我們宣布將於今年 9 月中旬將聖莫尼卡艾美德爾菲娜酒店改建為聖莫尼卡德爾菲娜凱悅中心酒店。

The property will undergo an approximately $16 million refresh with the majority of costs offset by key money provided by Hyatt. The refresh, which primarily involves soft goods and FF&E replacements, will commence in the fourth quarter of this year, and we expect it to be completed in the second quarter of 2025.

該酒店將進行約 1,600 萬美元的翻新，其中大部分成本將由凱悅提供的禮金抵消。此次更新主要涉及軟商品和 FF&E 更換，將於今年第四季開始，我們預計將於 2025 年第二季完成。

The hotel will continue to be managed by Highgate, who also manages our Viceroy Santa Monica property in the same market. So we don't anticipate any notable disruptions from the flag change or renovation.

該酒店將繼續由 Highgate 管理，該公司還管理同一市場的 Viceroy Santa Monica 酒店。因此，我們預計旗幟更換或翻新不會造成任何明顯的干擾。

We are very excited about this flag change, and we will only have -- the only high-brand family property in the highly desirable Santa Monica Marina Del Rey market compared to the seven competitors we currently have within the Marriott brand family. And overall, we remain on track to invest $85 million to $90 million in CapEx for the year, net of the high key money.

我們對這次換旗感到非常興奮，與我們目前在萬豪品牌家族中擁有的七個競爭對手相比，我們將成為備受追捧的聖莫尼卡瑪麗安德爾灣市場上唯一的高品牌家族酒店。總體而言，扣除高額關鍵資金後，我們今年仍有望在資本支出上投資 8,500 萬至 9,000 萬美元。

Regarding our balance sheet, we remain in good shape with overall $110 million of cash on June 30 and no significant debt maturities until October 2025, thanks to the successful refinancing earlier this year. The weighted average cost of our debt is now an attractive 4.4% with 75% currently at fixed rates and 71% of our debt is unsecured.

就我們的資產負債表而言，由於今年稍早成功的再融資，我們的狀況良好，截至6 月30 日，我們的現金總額為1.1 億美元，並且在2025 年10 月之前沒有重大債務到期。我們債務的加權平均成本現在是有吸引力的 4.4%，其中 75% 目前為固定利率，71% 的債務是無擔保的。

With that comprehensive update, I'd like to turn the call over to Jon. Jon?

有了全面的更新，我想把電話轉給喬恩。喬恩？

Thanks, Ray. As Ray indicated, we're very pleased with our overall performance in the second quarter. We successfully implemented many operating efficiencies across our portfolio, driving better than forecast and substantially improved year-over-year bottom-line results.

謝謝，雷。正如雷所指出的那樣，我們對第二季的整體表現非常滿意。我們成功地在整個投資組合中實現了許多營運效率，推動了比預期更好的業績，並大幅改善了同比利潤。

Our top-line revenue growth was in the middle of our outlook range, yet we exceeded the midpoint of our outlook for same-property hotel EBITDA by $5.2 million and adjusted EBITDA and FFO by $10 million. These operating efficiencies are not one-time cost reductions. They're ongoing and should help mitigate future inflationary cost pressures.

我們的營收成長處於預期範圍的中間，但我們對同酒店 EBITDA 的預期超出了 520 萬美元，調整後的 EBITDA 和 FFO 超出了 1000 萬美元。這些營運效率並不是一次性的成本降低。它們正在進行中，應該有助於減輕未來的通膨成本壓力。

When we look at the industry results overall in the second quarter, while we're encouraged by overall industry demand turning positive for the quarter, we're increasingly concerned about gradually slowing ADR growth and a slowing economy.

當我們審視第二季產業整體業績時，雖然我們對本季產業整體需求轉正感到鼓舞，但我們越來越擔心 ADR 成長逐漸放緩和經濟放緩。

The Fed continues to keep its foot on the brake, and it's clearly showing up in weakening employment growth, increasing unemployment, slowing consumer spending, increasingly restrictive interest rates, and a more cost-conscious consumer.

聯準會持續踩煞車，明顯表現在就業成長疲軟、失業率上升、消費者支出放緩、利率限制日益嚴格以及消費者成本意識增強等方面。

As a result, we're a little more cautious about RevPAR growth for the second half of this year, particularly ADR growth. As Ray indicated, business travel continues to recover, both group and transient. Leisure demand remains healthy, and we certainly saw substantial increases in our portfolio, but leisure demand across the industry remained generally flat.

因此，我們對今年下半年的 RevPAR 成長更加謹慎，尤其是 ADR 成長。正如雷所指出的那樣，商務旅行（無論是團體旅行還是短期旅行）持續復甦。休閒需求依然健康，我們的投資組合也確實大幅增加，但整個產業的休閒需求整體保持穩定。

Weekday pricing edged higher in our urban portfolio, while our weekend pricing at both our urban hotels and resorts suffered as we added occupancy at lower rates and as the leisure customer has become more price conscious. In our portfolio, we expect further year-over-year occupancy growth in the third quarter as well as continued pressure on our average rates.

我們城市酒店組合的工作日定價小幅上漲，而城市酒店和度假村的周末定價則受到影響，因為我們以較低的價格增加了入住率，而且休閒客戶變得更加註重價格。在我們的投資組合中，我們預計第三季入住率將進一步同比增長，並且我們的平均房價將繼續面臨壓力。

As a result of this continuing leakage in ADR, which earlier this year we had thought would reverse and turn positive in the second half of the year, we're lowering our RevPAR outlook to 1.25% to 2.25% for the year, with all growth stemming from increased occupancy.

由於 ADR 的持續洩漏（今年稍早我們曾認為這種情況會在下半年扭轉並轉為正值），我們將今年的 RevPAR 預期下調至 1.25% 至 2.25%，所有成長均實現成長。率的增加。

Despite this adjustment, we still expect healthy growth in total revenues, driven by strong out-of-room spend from increased occupancy and the benefits of our significant remerchandising efforts across our redeveloped portfolio.

儘管進行了這項調整，我們仍然預計總收入將健康成長，這得益於入住率增加帶來的強勁的客房外支出以及我們在重新開發的產品組合中進行重大再銷售工作的好處。

Additionally, our successful efforts to create operating efficiencies, achieve real estate tax reductions, and manage a lower increase in property and casualty insurance, allow us to increase our 2024 outlook for hotel EBITDA, adjusted EBITDA, and adjusted FFO and AFFO per share. We're not forecasting any additional material reductions or credits in real estate taxes for the remainder of the year.

此外，我們在提高營運效率、實現房地產稅減免以及控制財產和意外傷害保險增幅方面的成功努力，使我們能夠提高 2024 年酒店 EBITDA、調整後 EBITDA 以及調整後每股 FFO 和 AFFO 的前景。我們預計今年剩餘時間內房地產稅不會出現任何額外的實質削減或抵免。

However, we do continue to expect substantial additional prior and current year reductions over the next several years. We just don't know when these efforts will deliver these benefits, given the uncertain timing of the governmental process.

然而，我們仍預計未來幾年將大幅削減去年和今年的開支。鑑於政府進程的時間不確定，我們只是不知道這些努力何時會帶來這些好處。

For Q3, we're forecasting RevPAR growth in the range of 1.25% to 3.25%, driven entirely by occupancy growth. We're forecasting total revenues to rise by 1.7% to 3.8% and total expenses to increase by 3.9% to 4.9%.

對於第三季度，我們預測 RevPAR 成長將在 1.25% 至 3.25% 之間，這完全是由入住率成長所推動的。我們預計總收入將成長 1.7% 至 3.8%，總支出將成長 3.9% 至 4.9%。

Our urban properties are expected to lead this RevPAR growth, although San Francisco will be a drag due to a challenging convention calendar compared to last year, and Los Angeles seems to be recovering more slowly from last year's strikes than anticipated.

我們的城市物業預計將引領每間可售房收入的增長，儘管舊金山將因與去年相比充滿挑戰的會議日曆而受到拖累，而洛杉磯從去年的罷工中恢復的速度似乎比預期要慢。

Our properties in San Diego, Boston, and Washington, D.C., should again lead our urban market performance, with strong growth expected in Chicago, with a robust convention calendar for the quarter, and the Democratic National Convention in August.

我們在聖地牙哥、波士頓和華盛頓特區的物業應該會再次引領我們的城市市場表現，預計芝加哥將出現強勁增長，本季的會議日曆強勁，而且八月將舉行民主黨全國代表大會。

Our resorts should see flat to modest growth in Q3. Our recently redeveloped properties, including Margaritaville San Diego Gaslamp Quarter, Hilton San Diego Gaslamp Quarter, Estancia La Jolla Hotel & Spa, Jekyll Island Club Resort, Newport Harbor Island Resort, and Chaminade Resort & Spa should all help drive our performance in the third quarter.

我們的度假村在第三季應該會出現持平或溫和的成長。我們最近重新開發的物業，包括瑪格麗塔維爾聖地亞哥瓦斯燈街區、希爾頓聖地亞哥瓦斯燈街區、埃斯坦西亞拉霍亞酒店及水療中心、傑基爾島俱樂部度假村、紐波特港島度假村和查米納德度假村及水療中心，都將有助於推動我們第三季的業績。

We expect July to be our weakest month in the quarter. However, August should benefit from an early Labor Day with the holiday weekend starting in August. Both August and September should be good months, with September benefiting from the early Labor Day, which will have less impact on business travel in September and the Jewish holidays falling entirely in October.

我們預計 7 月將是本季最弱的月份。然而，八月應該受益於勞動節的提早，假日週末從八月開始。8 月和 9 月應該都是好月份，其中 9 月受益於勞動節提前，這對 9 月商務旅行的影響較小，而且猶太假期完全落在 10 月。

Our total pace for Q3 supports our positive outlook. Total group and transient revenue pace is ahead by 6%, driven by a healthy 8.3% increase in room nights compared to the same time last year, although this is offset by a 2.1% decline in ADR. Group demand is leading the quarter's pace advantage with group room nights up by 12.4%, ADR ahead by 2.8% and group revenues pacing a strong 15.6% over same time last year.

第三季的整體步伐支持了我們的積極前景。與去年同期相比，住宿夜數健康成長 8.3%，推動團體和臨時收入成長 6%，但平均房價下降 2.1% 抵消了這一成長。團體需求在本季的成長速度上處於領先地位，團體間夜數成長了 12.4%，ADR 成長了 2.8%，團體收入比去年同期強勁成長了 15.6%。

Transient revenue pace is up by just 1.1% with room nights increasing by 5.9%, but ADR lower by 4.6%. In formulating our Q3 RevPAR outlook, we expect that in the quarter, for the quarter pickup will be lower than last year, given the ongoing normalization in the booking window to pre-pandemic timing.

瞬時收入僅成長 1.1%，間夜數增加 5.9%，但平均房價下降 4.6%。在製定第三季 RevPAR 展望時，我們預計，鑑於預訂窗口向大流行前時間的持續正常化，本季的季度增幅將低於去年。

We're particularly encouraged about our pace for 2025. Group room nights are ahead by 4.6% compared with the same time last year, with ADR 3.5% higher and group revenues increasing by 8.3%. Q1 is currently showing by far the strongest quarterly pace advantage. Our recently redeveloped properties should help drive growth in 2025 as they continue to gain market share and ramp up.

我們對 2025 年的進展感到特別鼓舞。與去年同期相比，團體間夜數成長 4.6%，平均房價成長 3.5%，團體收入成長 8.3%。第一季目前顯示出迄今為止最強的季度速度優勢。我們最近重新開發的物業將有助於推動 2025 年的成長，因為它們將繼續獲得市場份額並不斷擴大。

Additionally, our urban market should also continue to recover, and we expect Portland, San Francisco, and Los Angeles, our three underperforming urban markets in 2024, to provide a positive tailwind in 2025.

此外，我們的城市市場也應該繼續復甦，我們預計波特蘭、舊金山和洛杉磯這三個 2024 年表現不佳的城市市場將在 2025 年提供積極的推動力。

Our healthy group pace advantage for 2025 is partly due to favorable convention calendars again next year in most of our markets as well as strong in-house group business at many of our larger group properties, such as Westin Copley, Paradise Point Resort, and Margaritaville Hollywood Beach Resort.

我們在2025 年保持健康的集團步伐優勢，部分原因是明年我們大多數市場的會議日曆再次有利，以及我們許多大型集團酒店（例如威斯汀科普利酒店、天堂點度假村和瑪格麗塔維爾）強勁的內部集團業務好萊塢海灘度假村。

Our many redeveloped properties should also provide a strong boost to our performance next year. Coupled with a favorable economic environment, and little new supply for many years in our urban and resort markets, we're very optimistic that a soft landing engineered by the Fed, if successful, will lead to a very positive year for our industry and our company next year.

我們的許多重建物業也將為我們明年的業績提供強勁的推動力。再加上有利的經濟環境，以及我們的城市和度假村市場多年來幾乎沒有新增供應，我們非常樂觀地認為，美聯儲策劃的軟著陸如果成功，將為我們的行業和我們的行業帶來非常積極的一年。

It certainly feels like we're on the brink of commencing a very positive up-cycle for our industry and for Pebblebrook. And people continue to want to spend on experiences and having fun. So Pebblebrook is well-positioned to continue to take advantage of that favorable secular trend.

對於我們的產業和 Pebblebrook 來說，我們確實感覺正處於開始一個非常積極的上升週期的邊緣。人們仍然希望把錢花在體驗和享受上。因此，Pebblebrook 處於有利位置，可以繼續利用這一有利的長期趨勢。

So that completes our prepared remarks. Operator, you may proceed with the Q&A.

我們準備好的發言就這樣完成了。接線員，您可以繼續進行問答。

(Operator Instructions) Dori Kesten, Wells Fargo.

（操作員說明）Dori Kesten，富國銀行。

Thanks. Good morning. In your reduction for 2024 RevPAR growth, can you dig into if certain markets drove an outsized amount of that reduction? Or if it was more of a high-level cut for greater price sensitivity of the leisure guests and potential slowing in just general demand?

謝謝。早安.在您對 2024 年 RevPAR 成長的削減中，您能否深入了解某些市場是否導致了大幅削減？或者，是否更多的是為了休閒客人對價格更加敏感以及一般需求可能放緩而進行的高層降價？

Yeah. I mean, I think it's -- the reductions in demand, it's really not demand, but it's really the resulting reductions in ADR as we regrow our distribution channels back to where we were pre-pandemic. But the biggest impacts are falling on weekends, and they're falling in some of the underperforming markets like Portland and San Francisco and L.A., and, to a lesser extent, in the resort markets.

是的。我的意思是，我認為需求的減少，實際上不是需求的減少，而是當我們將分銷管道重新恢復到大流行前的狀態時，ADR 的減少。但最大的影響是在週末，而且是在一些表現不佳的市場，如波特蘭、舊金山和洛杉磯，以及在較小程度上，在度假村市場。

Okay. Thank you.

好的。謝謝。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Thanks for taking my question, guys. I had a -- I guess, a question on EBITDA. I know everybody tends to focus on RevPAR, but you've provided a presentation that talks about some of the upside in EBITDA. I think you talk about $108 million of hotel EBITDA upside. A big chunk of that is your urban.

謝謝你們提出我的問題，夥伴們。我想，我有一個關於 EBITDA 的問題。我知道每個人都傾向於關注 RevPAR，但您提供的簡報討論了 EBITDA 的一些優勢。我認為您談論的是 1.08 億美元的酒店 EBITDA 收益。其中很大一部分是你所在的城市。

Maybe, Jon, if you could give us a little bit of, in your opinion, I know that there's a three to four-year time horizon with that. But what are the elements that need to happen, in your view, to get the urban EBITDA to increase significantly?

喬恩，如果你能給我們一點建議的話，我知道這需要三到四年的時間範圍。但您認為，要使城市 EBITDA 顯著增加，需要實現哪些要素？

And is it return to office? Is it -- what are the -- is it greater travel demand? Is it -- what are the key things that you're looking at that's going to give you that comfort to get to that big delta, particularly in your EBITDA contribution?

是重返辦公室嗎？是——什麼——是更大的旅行需求嗎？您正在關注的關鍵因素是什麼，可以讓您輕鬆實現這一巨大的增量，尤其是您的 EBITDA 貢獻？

Sure. So a meaningful part of that upside in EBITDA comes from the returns on the investments we made in the portfolio in terms of redevelopments, upscaling properties to the luxury level from upper upscale, adding outlets, and other revenue generating components, amenities, et cetera.

當然。因此，EBITDA 上漲的一個有意義的部分來自於我們在投資組合中進行的投資回報，包括再開發、將物業從高檔升級到豪華水平、增加奧特萊斯以及其他創收組件、便利設施等。

And we're pretty confident in the ability to drive those cash-on-cash returns based upon our experience, not only over our time at Pebblebrook, but the 12 years at LaSalle, where we did a similar strategy.

根據我們在 Pebblebrook 的經驗，以及在 LaSalle 的 12 年經驗，我們對推動這些現金回報的能力非常有信心，我們在那裡也採取了類似的策略。

As it relates to the cities, I think it's clear that there are cities that created issues or had issues created during the pandemic and other cities that didn't. You can look at -- take a look at the positive performing cities like Boston, as an example, which has a lot of similar underlying economic strength as San Francisco. It's got a strong education system, it's got a strong venture capital and creation culture and a willingness to fail. It's got strong technology and biomedical in the markets.

就城市而言，我認為很明顯，有些城市在大流行期間製造了問題或已經製造了問題，而其他城市則沒有。你可以看看像波士頓這樣表現正面的城市，作為例子，它有很多與舊金山相似的潛在經濟實力。它擁有強大的教育體系、強大的創投和創造文化以及失敗的意願。它在市場上擁有強大的技術和生物醫學。

But it didn't suffer a quality of life degradation that occurred in a market like San Francisco. And so a lot of that was policy driven. Some of that is, I suppose, weather. Weather is a little more difficult in Boston year-round than it is in San Francisco. Some of it has to do with governmental policies.

但它並沒有像舊金山這樣的市場那樣出現生活品質下降的情況。所以很多都是政策驅動的。我想其中一些是天氣。波士頓全年的天氣比舊金山惡劣一些。其中一些與政府政策有關。

And as those reverse and as these markets -- as these cities recover in terms of, not only the actual quality of life in the city, but the perception of it, which often takes longer than the actual, we're confident that these great cities like San Francisco and Los Angeles are going to recover as strong markets like other cities that haven't been as impacted.

隨著這些逆轉，隨著這些市場的復甦，這些城市不僅在城市的實際生活品質方面，而且在人們對生活的看法方面，這往往需要比實際情況更長的時間，我們相信，這些偉大的城市舊金山和洛杉磯等城市將像其他未受到影響的城市一樣，像其他城市一樣強勁的市場復甦。

All of these cities suffer from the same approach to hybrid work, as an example. But it tends to get -- it's a little bit of a vicious circle, right? People don't want to come into the office because they don't like the environment around the office, but part of the reason the environment around the office is bad is because people aren't coming into the office and going out and using the amenities.

例如，所有這些城市都受到同樣的混合工作方式的困擾。但它往往會變得——有點惡性循環，對吧？人們不想進辦公室是因為他們不喜歡辦公室周圍的環境，但辦公室周圍環境不好的部分原因是人們不進辦公室、不出去使用辦公室。

So we're -- as we read the headlines about companies, we continue to see this trend of back to the office. More and more companies, including technology companies, demanding and requiring that their people come back at least three days a week, if not four or five. And I think that trend continues and is going to continue until we get to a more stable level about what the new work life is.

因此，當我們閱讀有關公司的頭條新聞時，我們繼續看到這種重返辦公室的趨勢。越來越多的公司，包括科技公司，要求員工每週至少回來三天，甚至四、五天。我認為這種趨勢將繼續下去，並將繼續下去，直到我們對新的工作生活達到一個更穩定的水平。

But there's other components to the demand recovery in these cities that have been negatively impacted by some of these issues and other issues. So some of it is impacted by international inbound and the fact that, that is slower to recover. Markets on the West Coast are being impacted more by the slow to recover Chinese inbound travel. That is really other issues, probably mainly political.

但這些城市的需求復甦的其他組成部分也受到了其中一些問題和其他問題的負面影響。因此，其中一些受到國際入境的影響，而且恢復速度較慢。中國入境旅遊恢復緩慢對西海岸市場的影響更大。這實際上是其他問題，可能主要是政治問題。

And you look at leisure travel, which still has a ways to go in recovering in these urban markets, whereas a market like Boston, leisure travel has already recovered because it didn't have the same issue.

你看看休閒旅遊，這些城市市場的復甦還有很長的路要走，而像波士頓這樣的市場，休閒旅遊已經復甦，因為它沒有同樣的問題。

So we look around of good and bad and we see trends that, assuming these cities improve themselves and fix their issues, that they're going to recover, and we don't see them -- there were these prognostications of doom loops and things like that.

因此，我們環顧四周，看到好的和壞的趨勢，我們看到的趨勢是，假設這些城市自我改善並解決問題，它們將會復甦，但我們沒有看到它們——有這些關於末日循環和事情的預測就是那樣。

We don't think any of these cities on the West Coast are going to suffer from a doom loop, as some described. But they are slower to recover. And I think we've tried to take that into account, but it's hard to forecast.

我們認為西海岸的這些城市不會像一些人所描述的那樣陷入厄運循環。但他們的恢復速度較慢。我認為我們已經嘗試考慮到這一點，但很難預測。

So we're confident the cities will come back. You can look through history and cities have gone through difficult times, and we had riots in the '60s and '70s, and people said the cities were doomed and they recovered.

因此，我們有信心這些城市將會回歸。你可以回顧歷史，城市經歷過困難時期，我們在60年代和70年代發生過騷亂，人們說城市注定要滅亡，然後又恢復了。

And there's a reason for it is they offer an incredible level of amenities in one place, whether it's cultural, whether it's sporting events, whether it's music, whether it's food, whether it's architecture, whether it's shopping, whatever it might be. We think those amenities will all continue to recover, and people will continue to go back to the cities.

這是有原因的，因為他們在一個地方提供了令人難以置信的便利設施，無論是文化、體育賽事、音樂、美食、建築、購物等等。我們認為這些設施將繼續恢復，人們將繼續返回城市。

Thanks, Jon.

謝謝，喬恩。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO 資本市場。

Thank you and good morning. Maybe going back to the consumer, when did you begin to see higher-end consumers become more price conscious? And what is your level of concern that businesses begin to pull back? And then, in addition, out-of-room spend has been strong, but is that something that could begin to soften with a more conscious customer?

謝謝你，早安。也許回到消費者身上，您什麼時候開始看到高端消費者變得更重視價格？您對企業開始撤退的擔憂程度如何？此外，室外消費一直很強勁，但隨著消費者意識的增強，這種情況是否會開始減弱？

Yeah. So we talked about this a little bit on the call three months ago, and we said, we've seen it. It's very evident in the lower, and we're concerned that it's not unusual for this to bleed, ultimately bleed into the upper upscale and luxury segments. And that's what we've seen to some extent in the third quarter. And so that's when it started, Aryeh.

是的。所以我們三個月前在電話會議上討論過這個問題，我們說我們已經看到了。這在低層地區非常明顯，我們擔心這種情況的蔓延並不罕見，最終會滲透到上層高檔和豪華細分市場。這就是我們在第三季在某種程度上看到的情況。這就是事情開始的時候，Aryeh。

Where it goes from here? I mean, I listened to Robert Isom from American Airlines on TV this morning. They're seeing -- he made comments about the same thing, about a more price-conscious domestic customer.

從這裡到哪裡去？我的意思是，今天早上我在電視上聽到了美國航空的羅伯特·伊索姆的演講。他們看到——他對同樣的事情發表了評論，關於對價格更加敏感的國內客戶。

And it seems fairly prevalent in other industries as well. So sometimes we look at these things, and we say, okay, it's not happening here yet, but it's happening elsewhere, we should expect it to happen here, and that's what we're seeing.

這在其他行業似乎也相當普遍。所以有時我們看到這些事情，我們會說，好吧，它還沒有發生在這裡，但它正在其他地方發生，我們應該期望它會在這裡發生，這就是我們所看到的。

And to your question about out-of-room spend, I think as it relates to the leisure customer, wouldn't surprise us at all if we see some softness. The one area we've heard from our properties is that liquor sales are down compared to last year at a number of our properties.

至於你關於戶外消費的問題，我認為，因為它與休閒客戶有關，如果我們看到一些疲軟的情況，我們根本不會感到驚訝。我們從我們的酒店聽到的一個問題是，我們的一些酒店的酒類銷售與去年相比有所下降。

And our intuition tells us that, that's related to exactly the question that you're asking, which is, I mean, for most people, liquor is discretionary, and they can trade down as well from high-end liquors to lower-end liquors or mid-scale liquors, and they can do the same with beer and wine. So that's likely what we're seeing. It's just not material for us to be spending a lot of time focused on it.

我們的直覺告訴我們，這正是您所問的問題，我的意思是，對於大多數人來說，酒是可自由選擇的，他們也可以從高端酒轉向低端酒或中檔烈酒，他們也可以對啤酒和葡萄酒做同樣的事情。這很可能就是我們所看到的。對我們來說，花費大量時間專注於它並不重要。

Got it. And then just on the business side of things, is there a level of concern that you begin to see some weakening in that segment?

知道了。然後，就業務方面而言，您是否開始看到該細分市場出現一些疲軟，是否存在一定程度的擔憂？

Well, there's always concern about that when you're seeing a slowing in the economy. Businesses, it's not unusual for businesses to respond and begin to limit travel. We -- again, we've not seen that yet. We look very closely at that. We monitor that.

嗯，當你看到經濟放緩時，總會有人擔心這一點。對於企業來說，企業做出反應並開始限制旅行並不罕見。我們——再說一次，我們還沒有看到這一點。我們非常仔細地研究這一點。我們對此進行監控。

We talk to our property teams and our sales teams about what feedback they're getting from their corporate accounts. We're looking at the volume of our corporate accounts, which continues to increase at this point as it recovers from the pandemic. We're not seeing any increase at all in attrition and cancellation across the portfolio.

我們與我們的房地產團隊和銷售團隊討論他們從公司帳戶中獲得的回饋。我們正在研究我們的公司帳戶數量，隨著它從大流行中恢復過來，目前該數量仍在繼續增加。我們沒有看到整個投資組合的損耗和取消有任何增加。

And so at this point in time, we haven't seen anything on the corporate side or the business side, either in group or in transient, which actually are going in the opposite direction so far. They're continuing to improve, but it wouldn't surprise us if it slowed down.

因此，目前為止，我們還沒有看到公司方面或業務方面的任何事情，無論是集體還是暫時的，實際上到目前為止都在朝著相反的方向發展。他們正在繼續改進，但如果速度放慢，我們不會感到驚訝。

Got it. Thank you.

知道了。謝謝。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey. Thanks. Appreciate the time. Just from super-high level, from a repositioning and renovation perspective, what would you view as Pebblebrook's key growth drivers into next year?

嘿。謝謝。珍惜時間。僅從超高的層面，從重新定位和改造的角度來看，您認為 Pebblebrook 明年的主要成長動力是什麼？

Well, I mean, the key drivers are clearly the redevelopments that we've done, whether it's Newport Harbor Island Resort, it's Estancia, it's Jekyll Island Club Resort, it's the Margaritaville in San Diego Downtown, it's the Hilton Gaslamp. They're all ramping well. They're picking up a new demand. They're gaining share.

嗯，我的意思是，關鍵驅動因素顯然是我們所做的重建，無論是紐波特港島度假村、埃斯坦西亞、傑基爾島俱樂部度假村、聖地亞哥市中心的瑪格麗塔維爾酒店、希爾頓瓦斯燈普飯店。他們都進展順利。他們正在接受新的需求。他們正在獲得份額。

They're improving their pricing. They're burning through lower group rates were on the books as they put higher rated group on the books with the higher-quality product.

他們正在提高定價。他們正在燃燒較低的團體費率，因為他們將更高品質的產品放在較高的團體費率上。

And that would apply to many of our more recently renovated properties like Chaminade, like 1 Hotel, San Francisco, even the Westin and Embassy Suites in Downtown San Diego that were completely renovated and repositioned back in 2019 into 2020.

這也適用於我們最近翻新的許多酒店，例如Chaminade，例如舊金山1 酒店，甚至是聖地亞哥市中心的威斯汀酒店和大使館套房酒店，這些酒店於2019 年到2020 年進行了全面翻新和重新定位。

So I think that's the most reliable driver. We'll gain share regardless of the economic environment. We can gain more share and we can grow to more stabilized returns if it's good times and demand is growing, and it will take longer if demand growth is slower or if we have an economic downturn.

所以我認為這是最可靠的驅動程式。無論經濟環境如何，我們都會獲得份額。如果情況好、需求成長，我們就能獲得更多份額，獲得更穩定的回報；如果需求成長放緩或經濟低迷，我們就需要更長的時間。

So that's the main driver. We continue to have a big opportunity, as I mentioned in the three underperforming markets this year, San Francisco, Portland, and L.A., as production comes back in L.A., which we continue to hear encouraging things about it as the last strike, that was the last contract for the production workers was resolved in L.A.

這就是主要驅動力。正如我在今年三個表現不佳的市場（舊金山、波特蘭和洛杉磯）中提到的那樣，我們仍然有很大的機會，因為洛杉磯的生產恢復了，我們繼續聽到關於最後一次罷工的令人鼓舞的事情，那就是生產工人的最後一份合約在洛杉磯解決

And then Portland, we think has hit bottom, but most of the decline we've seen this year has been rate because of very competitive pricing on the part of properties below our luxury collection names in that market because demand is not growing.

然後波特蘭，我們認為已經觸底，但今年我們看到的大部分下降都是利率，因為該市場中低於我們豪華系列名稱的房產的價格非常有競爭力，因為需求沒有增長。

And Duane, also just to add into that, which we don't normally think about redevelopment in this bucket, but LaPlaya in Naples, that's coming on strong. That should be a -- serve as a tailwind in '25 from a hotel EBITDA perspective. And as we noted, we're ramping up the forecast this year and next year, we'll have a full season there. So that should be another hotel tailwind.

杜安（Duane）也只是補充一點，我們通常不會考慮在這個桶中進行重建，但那不勒斯的拉普拉亞（LaPlaya）正在強勁發展。從飯店 EBITDA 的角度來看，這應該成為 25 年的推動力。正如我們所指出的，我們正在提高今年和明年的預測，我們將在那裡度過一個完整的季節。所以這應該是飯店的另一個順風車。

Now the BI impact may be a headwind because presumably we're not going to have as much beyond '25, but certainly from a hotel operational side, LaPlaya should be another headwind in addition to our redevelopment properties.

現在，BI 的影響可能是一種逆風，因為大概我們在 25 年後不會有那麼多影響，但從酒店運營方面來看，LaPlaya 應該是除了我們的重建物業之外的另一個逆風。

Thanks. And if I could ask a follow-up, just on the channel commentary and maybe we're making too much of it, but I thought your comments about like new travel consortia were interesting. What are these new channels that you're utilizing and how did the economics compare to a traditional OTA? Thanks for taking the questions.

謝謝。如果我可以詢問後續情況，就頻道評論而言，也許我們做得太多了，但我認為您對新旅遊聯盟的評論很有趣。您正在使用哪些新管道？感謝您提出問題。

Sure. So a couple of the channels, as an example are, Capital One has started their own hotel and travel business like American Express. And Costco has done the same. Obviously, Costco has a huge membership base. Capital One has a huge card base, and they're taking advantage of their loyalty.

當然。例如，第一資本已經開始了自己的酒店和旅遊業務，例如美國運通。Costco 也做了同樣的事情。顯然，Costco擁有龐大的會員基礎。第一資本擁有龐大的信用卡基礎，他們正在利用他們的忠誠度。

And we find it attractive because we find that the cost and the pricing is more attractive than the OTAs. So if anything, these are a dis-intermediary to the OTAs, and frankly, providing a nice relief of competition to what are -- what is a monopoly or an oligopoly by the two OTA companies.

我們發現它很有吸引力，因為我們發現它的成本和定價比 OTA 更具吸引力。因此，如果有什麼不同的話，那就是這些對 OTA 來說是一種非中介，而且坦白說，這為兩家 OTA 公司的壟斷或寡頭壟斷提供了很好的緩解競爭的方式。

And then, Duane, also we look at the consumer for AMEX and Capital One card users, they also skew to a higher level average income of those users. So also they can spend lot more in the property, too. So it's a good consumer to come on.

然後，杜安，我們也關注美國運通卡和第一資本卡用戶的消費者，他們也傾向於這些用戶的平均收入水平較高。因此，他們也可以在房產上花更多錢。所以這是一個很好的消費者。

Well, evidently, that's the case with Costco, too. So -- because if you buy one package there, it's a lot bigger and more expensive than anywhere else.

顯然，Costco 也是如此。所以——因為如果你在那裡買一個包裹，它會比其他地方更大、更貴。

Thanks, guys.

謝謝，夥計們。

Bill Crow, Raymond James.

比爾·克勞，雷蒙德·詹姆斯。

Good morning, guys. Appreciate the time. Ray, if I could start with you, if you go back to your guidance three months ago and compare it to the new guidance today, if you could just attribute the change, the delta relative to three items; lower property taxes, higher BI, and the favorable variance on property insurance renewal rates versus what you had previously anticipated in guidance. You don't have to do it individually, but if you could bucket the three of them and tell us how much that impacted the change to the guidance?

早安，夥計們。珍惜時間。雷，如果我可以從你開始，如果你回到三個月前的指導並將其與今天的新指導進行比較，如果你可以將變化歸因於相對於三個項目的增量；與您之前在指導中預期的相比，更低的財產稅、更高的商業智慧以及財產保險續保費率的有利差異。您不必單獨執行此操作，但您是否可以將這三個操作放在一起並告訴我們這對指南更改的影響有多大？

Sure. Well, versus three months ago, so property taxes are easy. We're expecting some. They came in about $1 million higher. So that was a little bit better for the guidance switch. And then the BI, ultimately is about $3 million higher as well. So it's $4 million and $1 million between the two items there.

當然。嗯，與三個月前相比，財產稅很容易。我們期待著一些。他們的收入高出約 100 萬美元。所以這對於引導開關來說要好一點。然後 BI 最終也高出約 300 萬美元。所以這兩個項目之間的價格是 400 萬美元和 100 萬美元。

And then on the property insurance, we'll get a few hundred thousand dollars a month in savings versus what we were expecting before. We weren't anticipating a 5% overall increase. So it was a mid-teens, little bit higher.

然後在財產保險方面，我們每月可以節省幾十萬美元，這比我們之前的預期要多。我們並沒有預期整體成長 5%。所以它是十幾歲左右，稍微高一點。

So overall, a little bit better. So that accounts for some of it. And then look, the other half of the guidance change is the operation efficiencies that we've built in.

所以整體來說，稍微好一點。這就是其中的一些原因。然後看，指導變化的另一半是我們內建的營運效率。

And that was close to $3.5 million to $4 million. So that accounts for actually the bulk of it. The property taxes are just a -- actually a smaller part of the operating savings versus what we expected three months ago.

這接近 350 萬至 400 萬美元。所以這實際上佔了其中的大部分。與我們三個月前的預期相比，財產稅實際上只是營運節省的一小部分。

Yeah. Perfect. Jon, if I could ask you two quick industry big picture questions, I'd appreciate it. Number one, on the leisure traveler pushback on rates, is that, you think, driven by the new total cost disclosures related to the so-called junk fees, maybe a shock value that's going to take some time to work its way into the consumer psyche?

是的。完美的。喬恩，如果我能問你兩個快速的產業大局問題，我將不勝感激。第一個，關於休閒旅行者對價格的抵制，你認為，在與所謂的垃圾費相關的新的總成本披露的推動下，也許一個令人震驚的價值需要一些時間才能影響到消費者精神？

And then the second question is really about supply, which remains -- new supply, which remains low. But at least two of the third-party data providers are starting to call for a significant -- they're seeing a significant ramp in new starts. And I'm just wondering whether your outlook for four or five years of very low supply, whether that's changed at all?

第二個問題實際上是關於供應，仍然存在——新供應，仍然很低。但至少有兩家第三方數據提供者開始呼籲採取重大行動——他們看到新啟動的數量顯著增加。我只是想知道您對四年或五年供應量非常低的前景是否有任何改變？

Sure. So as it relates to the disclosure, the short answer is no. We don't think it has anything to do with that. We think it's the overall economic environment, and we really haven't -- we have places where we have that disclosure and places we don't. We haven't seen any difference in consumer behavior.

當然。因此，就披露而言，簡短的答案是否定的。我們認為與此無關。我們認為這是整體經濟環境的問題，但我們確實沒有——我們有的地方有披露，有的地方沒有。我們沒有看到消費者行為有任何差異。

And again, it's not about -- it really isn't about booking per se. It's not like they're looking at it and booking elsewhere. We're doing more promotions to drive that additional occupancy because the occupancy at the margin is more price sensitive.

再說一遍，這與預訂本身無關。他們並不是在查看並在其他地方預訂。我們正在進行更多促銷活動來推動額外入住率，因為邊際入住率對價格更加敏感。

So it's things we were doing before. We're just doing more of them now. And we're going through some -- more of those discount channels that we used prior to the pandemic, which we hadn't used until the back half of last year and into early this year.

這就是我們之前所做的事情。我們現在正在做更多這樣的事。我們正在經歷一些——更多我們在大流行之前使用的折扣管道，直到去年下半年和今年年初我們才使用過這些管道。

I think as it relates to your supply question, first of all, I don't think that the groups are particularly good at forecasting supply growth. I think what supply growth we are seeing is generally smaller, select service or extended stay, mid-scale, and down. We're not really seeing anything start in the major cities, and we don't think anything is going to start in the major cities for a number of years to come.

我認為，由於這與您的供應問題有關，首先，我認為這些團體並不特別擅長預測供應成長。我認為我們看到的供應成長通常較小、精選服務或長期住宿、中等規模和下降。我們並沒有真正看到主要城市有任何動工，而且我們認為在未來幾年內主要城市也不會有任何動工。

And given the three years to build, 2.5, 3 years to build at a minimum, we still feel very comfortable with a four to five-year period. Same thing for resorts, Bill. They're larger, they're very difficult to get build. The process has only gotten harder and more challenging in the last 5 to 10 years.

考慮到建造時間為三年，至少需要 2.5、3 年，我們仍然對四到五年的時間感到非常滿意。比爾，度假村也是如此。它們更大，建造起來非常困難。在過去的五到十年裡，這個過程變得更加困難和更具挑戰性。

And we're not really seeing starts in that area, certainly not in any of the major markets like South -- like Southern California, like the Keys, as an example. So we still feel good about a very, very limited supply growth over the next few years.

我們並沒有真正看到該地區的啟動，當然也沒有在像南加州這樣的任何主要市場，例如南加州，例如群島。因此，我們仍然對未來幾年非常非常有限的供應成長感到滿意。

And then, Bill, we regularly update in our investor presentation, in our deck, which we updated last night. We take the data about these third parties, and we go through and actually verify, is it real or is it just -- lot of this is, frankly, garbage in, garbage out.

然後，比爾，我們會定期更新我們昨晚更新的投資者簡報中的套牌。我們獲取有關這些第三方的數據，我們會仔細檢查並實際驗證它是真實的還是只是 - 坦率地說，其中很多都是垃圾輸入，垃圾輸出。

But if you look at the supply forecast, we have lease rates that our markets, it's hard to talk about the markets we're not in, but in our markets, the three-year supply growth that we're forecasting right now is at about 50 basis points a year in weighted average.

但如果你看一下供應預測，我們的市場的租賃率，很難談論我們不在的市場，但在我們的市場中，我們現在預測的三年供應成長是加權平均每年約50個基點。

Now that's about one-third of where it has been pre-pandemic. So at least we can feel better about those numbers, other markets and whatever some third parties reporting can't verify that. But we feel good about our internal data and the fundamentals going forward here.

現在，這大約是大流行前的三分之一。因此，至少我們可以對這些數字、其他市場以及一些第三方報告無法證實的內容感覺更好。但我們對我們的內部數據和未來的基本面感覺良好。

All right. Thank you, both.

好的。謝謝你們，兩位。

Thanks, Bill.

謝謝，比爾。

Jay Kornreich, Wedbush Securities.

傑‧柯恩瑞奇 (Jay Kornreich)，韋德布希證券公司。

Hi. Thanks. Good morning. I believe you mentioned that June RevPAR was up only 0.4%. And so I'm wondering what may be slipped in June that caused such a deceleration for May? And if you're seeing that negative trend continue into July, which may be supported the guidance RevPAR decision?

你好。謝謝。早安.我相信您提到 6 月份 RevPAR 僅增長了 0.4%。所以我想知道 6 月可能出現什麼下滑導致 5 月減速？如果您看到這種負面趨勢持續到 7 月，這可能會支持 RevPAR 決策指導？

Yeah. So Jay, I mean, keep in mind that we have 46 properties in our portfolio, and we're not -- don't have hundreds or thousands that either the brands have or that you see in the industry data. So our markets tend to get impacted by specific events that go on in that market each month as much or more so than the overall economic events that may be happening.

是的。所以 Jay，我的意思是，請記住，我們的投資組合中有 46 處房產，但我們沒有——沒有品牌擁有的或您在行業數據中看到的數百或數千處房產。因此，我們的市場往往會受到每月該市場發生的特定事件的影響，其影響程度與可能發生的整體經濟事件的影響程度相同或更大。

So there was -- we talked about this on our call in April. May had always set up as a very strong month, an unusually strong month compared to the months around it. So I wouldn't look at May as any trend there. I think it -- particularly for our portfolio.

所以我們在四月的電話會議上討論了這個問題。五月一直被認為是一個非常強勁的月份，與周圍的月份相比，這是一個異常強勁的月份。所以我不會將五月視為任何趨勢。我認為是這樣——特別是對於我們的投資組合而言。

But, I think, even the industry, it just had a better convention calendar overall around the country, probably partly because Juneteenth in the middle of June, which this year fell dead center on a Wednesday, really killed that week overall.

但是，我認為，即使是這個行業，全國範圍內的會議日曆也更好，部分原因可能是六月中旬的六月節，今年正好在周三，這真的讓那一周的時間變得很糟糕。

And so that was a big part of the difference. But I think in a way, May was maybe more of an anomaly than June. I think we'll continue to see between 1% and 2% growth for the industry on average over the rest of the year. And as ADR growth slides a little bit gradually.

所以這是差異的一個重要部分。但我認為在某種程度上，五月可能比六月更反常。我認為今年剩餘時間該行業將繼續保持 1% 至 2% 的平均成長。隨著 ADR 成長逐漸下滑。

And we don't see a big pickup in demand in the second half of the year, though we do have good months like August and September versus a month like July that we think will be -- right now, we're running to achieve about a 0% to minus 1% RevPAR in July, but August and September are significantly positive in low single digits. That would bring us up to our 1.25% to 3.25% outlook for Q3.

我們預計下半年的需求不會大幅回升，儘管我們確實有 8 月和 9 月這樣的好月份，而我們認為 7 月這樣的月份將會 — — 現在，我們正在努力實現7 月的RevPAR 約為0 % 至負1%，但8 月和9 月的RevPAR 顯著為低個位數。這將使我們對第三季的預測上調 1.25% 至 3.25%。

So for us, months bounce around, and I wouldn't -- we'll talk separately from the data about the trends. And hopefully, you can glean what's going on from that versus this instability and volatility and variability of week-to-week and month-to-month data.

因此，對我們來說，幾個月會反彈，我不會——我們將與趨勢數據分開討論。希望您可以從中了解正在發生的情況，以及每周和每月數據的不穩定性、波動性和變化性。

Got it. That's super helpful. Thank you. And then just one more. A lot of the commentary as you were just describing is largely based on the rate slowdown, but occupancy holding up relative to your previous expectations. I mean, how do you think about that?

知道了。這非常有幫助。謝謝。然後還有一個。您剛才描述的許多評論主要是基於利率放緩，但入住率相對於您先前的預期保持不變。我的意思是，你對此有何看法？

Does that make you feel like some people still want to travel just at a lower cost? Do you maybe have any levers to support RevPAR versus if there was occupancy, which was slipping, but ADR holding up or just how do you think about that dynamic?

這是否讓您覺得有些人仍然希望以較低的成本旅行？如果入住率下降，但平均房價保持不變，或者您如何看待這種動態，您是否有任何槓桿來支持 RevPAR？

Yes. So I mean, we like ADR more than we like occupancy, but we got to have both. You can't get ADR growth without the occupancy strength. So everything always starts with demand. And we're encouraged by the demand turning positive in Q2. Hopefully, that holds up in the second half of the year. But again, we are concerned about the macro.

是的。所以我的意思是，我們更喜歡 ADR，而不是入住率，但我們必須兩者兼得。如果沒有入住率，就無法實現平均每日房價的成長。所以一切總是從需求開始。第二季需求轉正令我們感到鼓舞。希望下半年這種情況能夠持續下去。但我們再次擔心宏觀。

As it relates to how do we deal with it, I mean, part of the way we deal with sensitivity to pricing is to do what we did in the third quarter, which is drive more demand that will drive more total revenues in our properties through some use of other channels, through additional discounting and promotions without lowering our base prices, but having sales, whether it's a flash sale or it's a weekly sale or whatever it might be. So we're focused on that.

由於這與我們如何處理它有關，我的意思是，我們處理定價敏感性的部分方法是做我們在第三季度所做的事情，即推動更多需求，從而推動我們的房地產總收入增加使用其他管道，透過額外的折扣和促銷，而不降低我們的基本價格，但進行銷售，無論是閃購還是每週銷售或其他任何形式。所以我們專注於此。

The other thing we're doing as we get a better view of how trends around holidays play out and how these trends move is, we are trying to press up rates where we do see this compression around non-holiday impacted weeks and try to take advantage of those more than perhaps what we and the industry have done historically. So that's the other way to respond and take advantage of where demand is healthy and drive a little bit more rate growth in those pockets.

當我們更好地了解假期周圍的趨勢如何發揮以及這些趨勢如何變化時，我們正在做的另一件事是，我們正在嘗試提高費率，我們確實看到非假期影響週的壓縮，並嘗試採取措施這些優勢可能比我們和產業歷史上所做的更多。因此，這是應對和利用健康需求的另一種方式，並推動這些領域的利率成長。

And Jay, just to add just a detail on your first question, in addition to the Juneteenth impact that Jon mentioned, don't forget we had storms in the beginning of June. So that had about a 50 basis point impact on RevPAR in June. So if you look at the storms combined with Juneteenth, RevPAR in June would have been well over 1%.

傑伊，我想補充一下你的第一個問題的細節，除了喬恩提到的六月節影響之外，不要忘記我們在六月初遇到了風暴。因此，這對 6 月的 RevPAR 產生了約 50 個基點的影響。因此，如果您結合 6 月的風暴情況來看，6 月的 RevPAR 將遠遠超過 1%。

So just, I want to draw a conclusion of May to June and then therefore, July as always is worse. I know there's a tendency to do that. but just know, as Jon mentioned, there's a lot of noise month-to-month, and a lot of things that could benefit or detract in any given month.

所以，我想對五月到六月做出一個結論，因此，七月一如既往地更糟。我知道有這樣做的傾向。但要知道，正如喬恩所提到的那樣，每個月都會有很多噪音，並且在任何特定月份都有很多可能有益或有害的事情。

Okay. Thanks very much.

好的。非常感謝。

Smedes Rose, Citibank.

斯梅德斯·羅斯，花旗銀行。

Hi, This is [Maddie Burgess] on for Smedes. I just wanted to ask about the Meridien Santa Monica conversion to Hyatt for Marriott. Can you just talk about the process at all? Was either party willing to provide key money to facilitate the conversion? Or I guess, the Marriott's case, keep the property in the system?

大家好，我是 Smedes 的 [Maddie Burgess]。我只是想問一下聖莫尼卡艾美酒店改建為萬豪凱悅酒店的情況。能簡單說一下整個過程嗎？任何一方是否願意提供禮金來促進轉換？或者我猜，萬豪的情況，將財產保留在系統中？

Yeah. So I mean, we went through a process, but I think the advantage in this particular case, the reason we chose Hyatt is the lack of competition on the west side of L.A. I mean, it even goes beyond just the fact that there are no Hyatt family brand properties of any kind in Santa Monica and Marina del Rey, which is really the competitive market there.

是的。所以我的意思是，我們經歷了一個過程，但我認為在這種特殊情況下的優勢，我們選擇凱悅酒店的原因是洛杉磯西區缺乏競爭。沒有聖莫尼卡和瑪麗安德爾灣的任何類型的凱悅家族品牌酒店，這確實是那裡競爭激烈的市場。

There's also no beach properties all the way down to, gosh, it goes pretty far and going east. There's nothing until, from a Hyatt perspective, until you get to Century City.

一路上也沒有海灘物業，天哪，它向東延伸得很遠。從凱悅酒店的角度來看，直到您到達世紀城為止，什麼都沒有。

So it's a very attractive area. It's a very difficult market for brands to get into. There's little to no new development. Hyatt felt, I'm sure you can ask them, but they felt that this was -- this would be strongly beneficial to their family of brands to have a property, in fact, a good sized property in good condition in the Santa Monica market. And so, we entered into an attractive franchise arrangement. We indicated there was key money.

所以這是一個非常有吸引力的地區。對於品牌來說，這是一個非常難以進入的市場。幾乎沒有新的進展。凱悅認為，我相信你可以問他們，但他們認為這對他們的品牌家族來說擁有一處房產非常有利，事實上，在聖莫尼卡市場擁有一處狀況良好的大型房產。因此，我們達成了一項有吸引力的特許經營安排。我們表示有禮金。

We were already doing a refresh. That's why our design plans were, frankly, all completed already, and we were ready to order furniture. We just wanted to make sure that Hyatt was okay with it.

我們已經在進行刷新了。坦白說，這就是為什麼我們的設計計劃已經全部完成，我們已經準備好訂購家具。我們只是想確保凱悅酒店對此表示同意。

And in addition to that, there are some things related to the Hyatt-centric brand that they wanted to add, mostly OS&E and some additional refresh in a couple of areas we weren't otherwise focused on.

除此之外，他們還想添加一些與以凱悅為中心的品牌相關的內容，主要是 OS&E 以及我們原本不關注的幾個領域的一些額外更新。

So very attractive for both players. We think the property will do exceedingly well because of Hyatt's strength and also because clearly, the lack of competition in the area.

對於兩名球員來說都非常有吸引力。我們認為，由於凱悅酒店的實力以及該地區缺乏競爭，該酒店的表現將非常出色。

Great. Thank you.

偉大的。謝謝。

Thanks, Maddie.

謝謝，麥迪。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi. Good morning, everybody. Thanks for putting me in here. So Jon or Ray, I wanted to go back to the EBITDA bridge, slide 7, I think, from the slide deck. And apologies, I joined a bit late if some of this is a bit of a rehash. But just, if we just start with the starting point of same-store portfolio around $350 million and then we add, I think, this year's anticipated contribution from LaPlaya.

你好。大家早安。謝謝你把我放在這裡。所以喬恩或雷，我想回到 EBITDA 橋，幻燈片 7，我想，從幻燈片甲板。抱歉，如果其中一些內容有點重複的話，我加入得有點晚了。但是，如果我們以 3.5 億美元左右的同店投資組合為起點，然後加上我認為 LaPlaya 今年的預期貢獻。

And Ray, correct this number, this may be where we're off a little bit. I think that's around -- expected to be around $24 million. And then we look at the total guide for the year, which now the midpoint is around $355 million.

雷，糾正這個數字，這可能是我們有點偏離的地方。我認為預計約為 2400 萬美元。然後我們來看看今年的總指南，現在的中點約為 3.55 億美元。

It suggests a pretty decent headwind on the core portfolio, probably around mid-single-digit. And just wanted to; A, validate is the bridge correct? Or are there any other like moving pieces in that? Just as we think about the leverage point in the business, again, get it that RevPAR is now only measured to be up 1.5%.

這表明核心投資組合面臨相當大的阻力，可能在中個位數左右。只是想； A、驗證橋接是否正確？或是有其他類似的移動部件嗎？正如我們思考業務中的槓桿點一樣，我們再次了解到，RevPAR 現在只成長了 1.5%。

But is that the right spread if RevPAR is in this 1% to 2% range. Is a mid-single-digit decline the right core headwind or can we do better than that, just based on some of the expense pressures you see in the business?

但如果 R​​evPAR 處於 1% 到 2% 的範圍內，這個價差是否合適？中個位數的下降是否是正確的核心逆風，或者僅根據您在業務中看到的一些費用壓力，我們是否可以做得更好？

Well, first on the numbers for LaPlaya, that's correct. We're $24 million, and again, what we believe the stabilized EBITDA for LaPlaya is around $35 million. We're not necessarily going to get there and don't assume we're going to get there in '25. But our hotel team and our asset manager are hyper-focused on that, and we think we'll have a good ramp up there.

嗯，首先是 LaPlaya 的數據，這是正確的。我們的收入為 2400 萬美元，我們再次相信 LaPlaya 的穩定 EBITDA 約為 3500 萬美元。我們不一定會實現這一點，也不要假設我們會在 25 年實現這一目標。但我們的酒店團隊和資產經理對此高度關注，我們認為我們將在這方面取得良好的進展。

And then, just to be clear, the midpoint here of our guidance, $355 million midpoint, that excludes LaPlaya because it's not the same property. So when we provide that midpoint range, that's really the same-property data and also some -- that does include some quarters for Newport as well. So there is a little -- just noise there.

然後，需要明確的是，我們指導的中點，即 3.55 億美元的中點，不包括 LaPlaya，因為它不是相同資產。因此，當我們提供中點範圍時，這實際上是相同的房產數據，而且還包括一些紐波特的季度數據。所以那裡有一點——只是噪音。

But we still are confident with -- with the bridge that we're going to get there. We would have put it out, we would have modified it if we thought it was coming out differently. Now, maybe there's a little speed bump here with what's going on with the economy.

但我們仍然對我們將到達那裡的橋樑充滿信心。如果我們認為它會以不同的方式出現，我們就會把它放出來，我們就會修改它。現在，經濟發展可能會出現一些放緩。

Is this short-term? Is it run into a -- do we have a harder landing than expected because what the Fed is doing or rather not doing. We'll have to see how that goes.

這是短期的嗎？由於聯準會正在做什麼或沒有做什麼，我們是否會遇到比預期更困難的著陸。我們得看看事情進展如何。

But as we've seen this quarter here, the ROI coming from the redevelopments, that was very strong on getting a lot of that back. The urban recovery is coming faster in some markets than others. So it may take a little bit longer, as we said before, in some of those markets.

但正如我們本季所看到的，來自重建的投資回報率在收回大量投資方面非常強勁。有些市場的城市復甦速度比其他市場更快。因此，正如我們之前所說，在其中一些市場中，可能需要更長的時間。

But certainly, the ROI redevelopment and then the LaPlaya seems to be moving probably at a quicker pace than some of the urban recovery in some of the markets like Portland, San Francisco and L.A., which we talked about earlier in the call, you missed.

但可以肯定的是，投資回報率重建和拉普拉亞似乎比波特蘭、舊金山和洛杉磯等一些市場的城市復甦速度更快，我們在電話會議早些時候談到過，你錯過了。

But I think -- hey, Shaun, when you think about the revenue growth in the second half, with revenue growth at the upper end of the ranges, mid to upper end, we probably have a positive EBITDA growth. And if we're in the middle to the bottom of the range, we're probably going to have negative EBITDA growth.

但我認為，嘿，肖恩，當你考慮下半年的營收成長時，營收成長處於區間的上端，中端到高端，我們的 EBITDA 可能會出現正成長。如果我們處於該範圍的中間到底部，我們的 EBITDA 可能會出現負成長。

So we've had good success with reducing our expense run rate. We're continuing to focus on that. We do have some real estate tax comparison headwinds in the second half that show our expense growth percentage higher than it otherwise is on a run rate basis.

因此，我們在降低費用運行率方面取得了巨大成功。我們將繼續關注這一點。下半年我們確實遇到了一些房地產稅比較阻力，這表明我們的費用增長百分比高於按運行率計算的其他情況。

So hopefully, that helps give you a perspective on how the portfolio, the core portfolio outside of LaPlaya and Newport is doing.

因此，希望這有助於您了解該投資組合（LaPlaya 和紐波特以外的核心投資組合）的運作情況。

Great. Thanks. Thank you for the clarification. And then my follow-up here -- but dovetailing on Jon, with some of the comments and even your comment earlier about the liquor sales, which is interesting is, one theme for Pebblebrook for a long time, and I think certainly for much of the industry, post-COVID has been probably the outperformance of, let's call it, TRevPAR right? The Total RevPAR relative to just the rooms piece.

偉大的。謝謝。謝謝您的澄清。然後是我的後續行動——但與喬恩的一些評論甚至你之前關於酒類銷售的評論相吻合，有趣的是，很長一段時間以來，Pebblebrook 的一個主題，我認為肯定是大部分在行業中，新冠疫情後的表現可能是TRevPAR，我們稱為TRevPAR，對吧？總 RevPAR 相對於房間部分。

As you make a comment like what you're seeing, again, from a guest behavior standpoint, possibly some trade down from, let's call it, suites to regular rooms, just that difference in activity or that elasticity from the customer, does that leave you in a spot where TRevPAR could actually be trailing RevPAR? Is that a risk at all? Are there other levers you can pull to offset that?

當您做出像您所看到的那樣的評論時，再次從客人行為的角度來看，可能會從套房（我們稱之為套房）到普通房間進行一些交易，只是活動的差異或客戶的彈性，這是否會留下您是否處於 TRevPAR 實際上可能落後於 RevPAR 的境地？這有風險嗎？您可以拉動其他槓桿來抵消這項影響嗎？

Again, you're probably the most creative team we talk to in terms of thinking about the guest experience holistically and in different ways to -- I think, to monetize that. But just how do you think we are in that, let's call it, that non-RevPAR piece of the revenue cycle right now?

再說一次，在我們交談過的團隊中，你們可能是最有創造力的團隊，他們從整體上考慮賓客體驗，並以不同的方式——我認為，將其貨幣化。但您認為我們現在處於收入週期中非 RevPAR 部分的情況如何？

Yeah. I mean, look, is there a risk, it could be lower. I mean, there's always risk. I think it's very, very low. I think we're -- for a bunch of reasons. I think one is, we've raised prices. We've added additional charges that drive other revenues.

是的。我的意思是，看看，有沒有風險，可能會更低。我的意思是，風險總是存在的。我認為這是非常非常低的。我認為我們——出於多種原因。我認為其中之一是，我們提高了價格。我們增加了額外費用來推動其他收入。

Those are levers that we have pulled in the past. They can continue to be pulled on an ongoing basis. We've re-merchandized a lot of our properties that we've redeveloped. We've added outlets. We just came back from Estancia. We have more larger, luxurious cabanas.

這些都是我們過去拉動的槓桿。它們可以持續不斷地被拉動。我們對我們重新開發的許多房產進行了重新商品化。我們增加了銷售點。我們剛從埃斯坦西亞回來。我們有更多更大、更豪華的小屋。

We created cabana rooms that surround the pool. They generate more revenue. We have a lobby bar, indoor and outdoor at Estancia. That's in addition to what we were already there, and it's not taking business away from the other outlets.

我們在泳池周圍建造了小屋。他們產生更多的收入。Estancia 設有室內和室外大廳酒吧。這是我們現有業務的補充，並且不會搶走其他門市的業務。

And it draws people from the community into the property. These are things we've done. We've added event lawns or increased the quality of them to make them more attractive for weddings and business events. We're adding rooms in different places.

它吸引了社區中的人們來到這裡。這些是我們已經做過的事。我們增加了活動草坪或提高了其質量，使其對婚禮和商務活動更具吸引力。我們正在不同的地方添加房間。

But take Skamania, where we've added two cabins; two two-bedroom cabins, a three-bedroom villa, and five luxury glamping units, and they run on average 2.5 times the average rate of the property sold in the lodge at Skamania.

但以斯卡馬尼亞為例，我們在那裡增加了兩個小屋；兩間兩間臥室小屋、一間三間臥室別墅和五間豪華豪華露營單元，它們的平均售價是斯卡馬尼亞旅館平均售價的 2.5 倍。

So there are a lot of things we're doing. But I think, we're pretty confident, and I think our other revenue is growing significantly faster in the second half of the year than our range for RevPAR.

所以我們正在做很多事情。但我認為，我們非常有信心，而且我認為下半年我們的其他營收成長速度明顯快於我們的 RevPAR 範圍。

And also Shaun, a big part of that, too, is it's not just the rates that are declining or maybe the leisure consumer being more sensitive, but the segment shift also has a big component and we talked about during the call, our corporate group demand is up 10% to 12% year over year. That's about 13,000 more room nights with our corporate group.

肖恩（Shaun）也是其中一個重要部分，這不僅是費率下降或休閒消費者變得更加敏感，而且細分市場的轉變也有一個重要組成部分，我們在電話會議中談到了我們的企業集團需求年增10%至12%。我們企業集團的住宿夜數增加了約 13,000 個。

That corporate group generates a lot of banquet and catering business while they're there. In some cases, they'll generate almost as much in food and beverage as they do in the room. So that's where -- maybe that does offset some of the -- and that's a lower rate, but TRevPAR is higher.

該集團在那裡產生了大量的宴會和餐飲業務。在某些情況下，他們產生的食物和飲料幾乎與他們在房間裡產生的食物和飲料一樣多。所以這就是——也許這確實抵消了一些——這是一個較低的比率，但 TRevPAR 較高。

And if we're losing some of the more price-sensitive customers that may be using the OTAs, when we look at overall, what is that customer producing on a profit basis, that corporate group is very attractive. So it's also the segmentation shift which is having a change. But overall, that long-term, we think it's helping, it's encouraging.

如果我們失去了一些可能使用 OTA 的對價格更敏感的客戶，那麼當我們總體來看，該客戶在利潤基礎上產生了什麼時，該企業集團就非常有吸引力。因此，細分的轉變也在改變。但總的來說，從長遠來看，我們認為這是有幫助的，也是令人鼓舞的。

Thank you so much.

太感謝了。

Michael Bellisario of Baird.

貝爾德公司的邁克爾貝利薩裡奧。

Thanks. Good morning. Thanks for sneaking me in here at the end. Jon, just want to go back to the channels one more time. Can you maybe quantify how much lower are the net rates on these rooms that you're getting? Are these bookings still all occurring pretty short term?

謝謝。早安.謝謝你最後偷偷帶我來這裡。喬恩，只是想再回到頻道一次。您能否量化一下您獲得的這些房間的淨房價低了多少？這些預訂仍然都是短期內發生的嗎？

And is there any way for you to tell? Are these new customers you're getting or are these existing customers booking through different channels? Thanks.

有什麼辦法可以告訴嗎？您獲得的這些新客戶是透過不同管道預訂的還是現有客戶？謝謝。

Hey, Mike, just for clarification, what do you mean by net rate?

嘿，麥克，請澄清一下，淨利率是什麼意思？

I mean, more broadly, though, you talked about price sensitivity, presumably you're lowering rate or you're offering a fourth night free. What is the -- how much lower is the net rate that you're getting versus what you maybe thought you were getting or what you were getting last year on these particular bookings?

我的意思是，更廣泛地說，您談到了價格敏感性，大概您正在降低房價或提供第四晚免費。與您可能認為自己獲得的或去年在這些特定預訂中獲得的淨利率相比，您獲得的淨利率是多少？

Well, that's all over the place. Depending upon what the promotional offering is, we do all sorts of promotions throughout the year. The biggest one we probably do during the year is Black Friday, right after Thanksgiving where everybody across the country does sales and we may do anywhere from 20% to 30% off around a Black Friday sale.

嗯，到處都是這樣。根據促銷活動的內容，我們全年都會進行各種促銷活動。我們一年中最大的活動可能是黑色星期五，就在感恩節之後，全國各地的每個人都會進行銷售，我們可能會在黑色星期五銷售期間提供 20% 到 30% 的折扣。

But a typical promotion is probably in that range, Mike. And obviously, to the extent these promotions are generated through the direct channel, it's kind of on a net basis, pretty close to or the same as what it would cost through an OTA channel to drive that additional business.

但典型的晉升可能就在這個範圍內，麥克。顯然，就這些促銷活動是透過直接管道產生的而言，它是基於淨額的，非常接近或等於透過 OTA 管道推動額外業務的成本。

So, obviously, there's, on a net basis, it's lower, and that's what's impacting our ADR on an average basis or part of what's doing it, are these new customers.

因此，顯然，從淨值來看，它較低，這就是影響我們平均 ADR 的因素，或是這些新客戶的部分原因。

For the most part, they are new customers. It doesn't mean existing customers who are on a mailing list who we send offers to don't take advantage of those offers. Sometimes, it's additional demand from them. I guess, sometimes it's a booking we might have had already.

在大多數情況下，他們是新客戶。這並不意味著我們向其發送優惠的郵件清單中的現有客戶不能利用這些優惠。有時，這是他們的額外要求。我想，有時我們可能已經預訂了。

So we never quite know that at the end of the day and we may have the data on an anecdotal basis, but we don't have anything on an overall portfolio basis. So I think, again, part -- a big part of what we're doing is going through channels that we used pre-pandemic that we dropped from using because we didn't need it, we couldn't service it for a number of years.

因此，我們永遠不知道最終結果如何，我們可能會獲得一些軼事數據，但我們沒有任何基於整體投資組合的數據。所以我再次認為，我們正在做的事情的很大一部分是透過我們在大流行前使用的管道，我們不再使用這些管道，因為我們不需要它，我們無法為它提供服務年。

And if other segments, more attractive segments were continuing to grow in a large -- on a large basis, we'd probably not participate in those segments like we're doing now. But it makes sense, given, again, the high rates our properties achieve, as well as the spend that we get from these customers when they're on property. So I think it's very profitable business.

如果其他細分市場、更具吸引力的細分市場繼續大幅成長，我們可能不會像現在這樣參與這些細分市場。但這是有道理的，再次考慮到我們的物業所達到的高利率，以及我們從這些客戶在物業上獲得的支出。所以我認為這是一個非常有利可圖的生意。

Understood. And then compared to 2019, you are using these channels more or less as the same?

明白了。那麼與 2019 年相比，您使用這些管道的情況或多或少是一樣的嗎？

I'd say we're probably still not at the same level we were using them before, with the exception of, there has been an introduction of a couple of consortia channels that I mentioned, Capital One. Chase even has one now, although we're not using it. Costco as well, that's new.

我想說，我們可能還沒有達到以前使用它們的水平，除了引入了我提到的幾個財團管道，第一資本。大通現在甚至有一個，儘管我們沒有使用它。Costco也有，這是新的。

So -- but the consortia channels are very attractive, and frankly, the net is probably higher than what we'd be getting otherwise through -- certainly better than anything we get through an OTA channel.

因此，聯盟管道非常有吸引力，坦白說，網路可能比我們透過其他方式獲得的管道要高，當然比我們透過 OTA 管道獲得的任何管道都要好。

Helpful. Thanks very much.

有幫助。非常感謝。

Thank you. That is all the time we have today for questions and answers. I will turn it back over to Mr. Bortz for closing comments.

謝謝。這就是我們今天提問和回答的全部時間。我將把它轉回給博茨先生以供結束評論。

Hey, thanks for participating again. We look forward to giving you an update again in 90 days. Have a great summer.

嘿嘿，謝謝你再次參與。我們期待在 90 天後再次為您提供更新。祝你夏天愉快。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時，您可以斷開線路或登出網路廣播，享受剩下的一天。