Pebblebrook Hotel Trust (PEB) 2025 Q1 法說會逐字稿

Greetings and welcome to the Pebblebrook Hotel Trust first-quarter earnings conference call.

大家好，歡迎參加 Pebblebrook Hotel Trust 第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Ray Martz, co-President and Chief Financial Officer.

現在我很高興介紹您的主持人、聯合總裁兼財務長 Ray Martz。

Thank you, sir. You may begin.

謝謝您，先生。你可以開始了。

Thank you, Christine, and good morning everyone. Welcome to our first-quarter of 2025 earnings call. 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，克里斯汀，大家早安。歡迎參加我們 2025 年第一季財報電話會議。今天與我一起出席的還有我們的董事長兼執行長 Jon Bortz 和我們的聯席總裁兼首席投資長湯姆費雪 (Tom Fisher)。

But before we begin, I'd like to remind everyone that today's comments are effective only for today, May 2, 2025. Our comments may include forward statements which are subject to risk and uncertainties. Please refer to our SEC filings for a thorough discussion of these risk factors and visit our website for detailed reconciliations of any non-GAAP financial measures discussed during the call. Now let's dive into our first quarter financial results.

但在開始之前，我想提醒大家，今天的評論僅對今天，即2025年5月2日有效。我們的評論可能包括前瞻性陳述，這些陳述受風險和不確定性的影響。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，以了解有關這些風險因素的詳細討論，並訪問我們的網站，以了解電話會議期間討論的任何非 GAAP 財務指標的詳細對帳。現在讓我們深入了解第一季的財務表現。

We're pleased to report that our first quarter, 2025 performance exceeded expectations despite growing economic uncertainty and a more challenging operating environment. Strong occupancy gains and elevated ancillary revenue at our resorts combined with continued ramp up and market share gains at our recently redeveloped properties highlighted our performance.

我們很高興地報告，儘管經濟不確定性增加且經營環境更具挑戰性，但我們 2025 年第一季的業績超出了預期。我們度假村的入住率強勁增長、輔助收入增加，加上我們最近重新開發的物業的持續增長和市場份額的增加，突顯了我們的業績。

Hotels in our previously slower to recover markets also helped drive performance in Q1. The op performance was driven by a much better than expected success, achieving hotel operating efficiencies and cost reductions.

我們之前復甦較慢的市場中的酒店也幫助推動了第一季的業績。營運績效的推動因素遠超預期，實現了飯店營運效率的提高和成本的降低。

Thanks to the outstanding efforts of our hotel teams and our asset managers, we held expense growth well below our outlook and delivered significant improvements in portfolio-wide operating efficiencies.

由於我們酒店團隊和資產經理的出色努力，我們將費用成長控制在遠低於預期的水平，並顯著提高了整個投資組合的營運效率。

As a result, we exceeded the high end of our outlook for same property Hotel EBITDA, adjusted EBITDA, and adjusted FFO even with same property hotel RevPAR at the low end of our outlook range and same property total revenues at the midpoint.

因此，即使同一家酒店 RevPAR 處於我們預期範圍的低端，同一酒店總收入處於中間點，我們仍然超出了對同一酒店 EBITDA、調整後 EBITDA 和調整後 FFO 的預期高端。

Same property Hotel EBITDA totaled $62.3 million for the quarter, surpassing the midpoint of our outlet by $4.3 million. Same property Hotel EBITDA was negatively affected by an estimated $6.7 million IIDA headwind from the Los Angeles wildfires and a renovation and brand conversion at Hyatt Centric Delfina Santa Monica

本季同一飯店 EBITDA 總計 6,230 萬美元，比我們門市的中點高出 430 萬美元。同一家酒店 EBITDA 受到洛杉磯山火造成的約 670 萬美元 IIDA 逆風以及聖莫尼卡德爾菲納凱悅尚萃酒店的翻新和品牌轉型的負面影響

The impact of the fires in Q1 was slightly less than we had forecasted. Our LA teams did a great job reducing operating expenses in response to lower occurrences and revenues from the fires.

第一季火災的影響比我們預測的略小。由於火災發生率和收入減少，我們的洛杉磯團隊在降低營運費用方面做得非常出色。

Adjusted EBITDA came in at $56.6 million, $4.1 million above our outlook midpoint, and adjusted FFO was $0.16 per share, $0.05 above our midpoint, reflecting strong operating execution across the portfolio.

調整後的 EBITDA 為 5,660 萬美元，比我們的預期中點高出 410 萬美元，調整後的 FFO 為每股 0.16 美元，比我們的中點高出 0.05 美元，反映了整個投資組合強勁的營運執行力。

Turning to the performance of our hotels, same property, total RevPAR rose 2.1% year over year, led by an impressive 8.2% increase at a resorts, where weighted average climbed 4.2% points.

談到我們酒店的業績，同一家酒店，總 RevPAR 同比增長 2.1%，其中度假村的 RevPAR 增長顯著，達到 8.2%，加權平均 RevPAR 增長了 4.2%。

Urban total wrap declined 2.2%, hampered by the disruption caused by the LA fires and the Hyatt centric conversion and renovation.

受洛杉磯火災和凱悅中心改建及翻新工程的影響，城市總收入下降了 2.2%。

To provide a more accurate reflection of the underlying strength of our portfolio in the first quarter. If we look at the portfolio excluding Los Angeles, same property total RevPAR increased 6%, same property RevPAR grew by 4.9%, and urban total rep par rose by 3.9%. In March, we began to experience an uptick in travel cancellations and softening demand from government and government-related segments, as well as well as laws from Canadian and other international inbound travel.

更準確反映第一季我們投資組合的潛在實力。如果我們看一下不包括洛杉磯的投資組合，同一家酒店的總 RevPAR 增加了 6%，同一家酒店的總 RevPAR 增加了 4.9%，而城市總 RevPAR 增加了 3.9%。3 月份，我們開始經歷旅行取消數量的增加和政府及政府相關部門需求的疲軟，以及加拿大和其他國際入境旅遊法律的出台。

Overall, March turned out softer than we expected just a month ago. Looking at individual markets, Washington DC delivered a healthy performance, posting a 14.7% rep par increase, benefiting from the inauguration-related activities in January.

整體而言，三月的表現比我們一個月前預期的還要疲軟。從各個市場來看，華盛頓特區表現良好，得益於 1 月就職典禮相關活動，票面價值增加了 14.7%。

San Francisco also performed exceptionally well with the up RevPAR 13% thanks to strong business group and transient travel, with further recovery and leisure travel and an improved convention calendar.

舊金山的表現同樣出色，RevPAR 上漲了 13%，這得益於強勁的商務團體和短期旅行，以及進一步的復甦和休閒旅遊以及改進的會議日程。

The nearly 10% point jump in occupancy in San Francisco is especially encouraging considering the Q1 convention calendar was only slightly ahead of last year.

考慮到第一季的會議日程僅比去年略有提前，舊金山的入住率成長了近 10%，這尤其令人鼓舞。

With the convention calendar up nearly 70% for the full year, we're poised for a strong lift in demand throughout the year, especially in the fourth quarter.

由於全年會議日程增加了近 70%，我們有望迎來全年需求的強勁成長，尤其是第四季。

This positive momentum in San Francisco is also being supported by the new mayor's aggressive focus on crime reduction, increasing safety and cleanliness, activating the city, more effectively treating homelessness and mental health, and implementing business-friendly policies. We're also extremely pleased with the new leadership at SF Travel, which has already been successful in driving stronger convention calendars for 2026 and 2027.

舊金山的這一積極勢頭也得到了新市長積極關注減少犯罪、提高安全和清潔度、激活城市、更有效地治療無家可歸者和心理健康問題以及實施有利於商業的政策的支持。我們對 SF Travel 的新領導層也感到非常滿意，他們已經成功推動了 2026 年和 2027 年更強大的會議日程。

Portland achieved solid results as well, with red par rising 7.5%, fueled by an 8 point gain in accuracy as the market continues to recover. Chicago delivered another strong showing in its recovery. We rep our growth of 7.1% and Key West rose 4.7%, driven by both rate and occupancy gains, a positive sign amid broader concerns around consumer spending and softening international travel demand, particularly from Canadian travellers.

波特蘭也取得了穩健的成績，隨著市場持續復甦，準確率提高了 8 個百分點，紅桿標準桿數上漲了 7.5%。芝加哥在復甦中再次表現強勁。我們預計成長率為 7.1%，基韋斯特成長率為 4.7%，這得益於房價和入住率的上漲，在人們對消費者支出和國際旅遊需求（尤其是加拿大遊客的需求）疲軟的普遍擔憂中，這是一個積極的信號。

Looking at our monthly trends, January RevPAR started showing up 4.2%, benefiting from the inauguration in DC. February saw a modest growth at 1%, while March declined 3.7%, primarily due to the LA fires and a pullback in government-related travel impacting markets around the country.

從月趨勢來看，1月RevPAR開始上漲4.2%，這得益於華盛頓特區的就職典禮。 2月RevPAR小幅成長1%，3月則下降3.7%，主要原因是洛杉磯大火以及政府相關旅遊的減少影響了全國各地的市場。

To give a clear view of the underlying trends across our portfolio, excluding Los Angeles, same property rep par climbed 9.9% in January, 7.5% in February, and declined 0.6% in March.

為了清楚了解我們投資組合中（不包括洛杉磯）的潛在趨勢，同類房產的市值在 1 月份上漲了 9.9%，2 月份上漲了 7.5%，3 月份下降了 0.6%。

While March was softer than we expected, we saw encouraging signs of demand stabilizing in April, which Jon will cover in more detail.

雖然 3 月的表現比我們預期的要疲軟，但我們看到了 4 月需求趨於穩定的令人鼓舞的跡象，Jon 將對此進行更詳細的介紹。

Same property total revenues increased 1% for the quarter, driven by a robust 7.1% increase at our resorts. Excluding LA, same property total revenues rose a strong 4.8%, powered by the positive impact of our extensive portfolio redevelopment program, which included comprehensive property renovations, upgraded amenities, and additional and revitalized event spaces and food and beverage outlets.

本季度，同一物業的總收入增長了 1%，這得益於我們度假村收入強勁增長 7.1%。除了洛杉磯外，同一物業的總收入強勁增長 4.8%，這得益於我們廣泛的投資組合重建計劃的積極影響，該計劃包括全面的物業翻新、升級的設施以及額外和振興的活動空間和餐飲店。

The top contributors this quarter included our California resorts, LaPlaya in Naples, and our Key West resorts, all encouraging signs of continued resilience from both business groups and leisure travellers, which we are effectively monitoring for any emerging signs of changes in demand.

本季最大的貢獻者包括我們的加州度假村、那不勒斯的 LaPlaya 和基韋斯特度假村，所有這些都表明商務團體和休閒旅客繼續保持強勁勢頭，我們正在有效地監測需求變化的任何新跡象。

Urban total revenues declined 3.3%, but excluding LA, urban revenue posted a solid 2.8% increase. Out of revenues also remained healthy, rising 4.6% overall, driven by a strong 4.8% gain in food and beverage.

城市總收入下降了 3.3%，但不包括洛杉磯，城市收入穩定成長了 2.8%。營業收入也保持健康，整體成長 4.6%，其中食品和飲料收入強勁成長 4.8%。

Excluding Los Angeles, same property, non-room revenues climbed an impressive 6.6%, with food and beverage up 6.5%, reflecting increased spending from both business and leisure travellers along with continued growth and group-related demand.

除洛杉磯外，同一家飯店的非客房收入大幅上漲 6.6%，其中餐飲收入上漲 6.5%，反映出商務和休閒旅客的支出增加以及持續的成長和團體相關需求。

Speaking of group demand, it remained solid throughout the quarter. Group room rates rose 5.4% year over year, contributing 28.2% of room revenue, a 190 page basis point increase over last year.

就團體需求而言，整個季度都保持強勁。集團客房價格年增5.4%，貢獻客房收入的28.2%，比去年增加了190個基點。

This growth underscores resilience of business group demand, the positive returns of our significant property investment programs, as well as our focus on growing group throughout the portfolio, especially at our resorts. Jon will share more details and group trends in his remarks.

這一成長凸顯了企業集團需求的彈性、我們重大房地產投資計畫的正面回報，以及我們對整個投資組合（尤其是度假村）集團成長的關注。喬恩將在演講中分享更多細節和群體趨勢。

On the cost side, our relentless focus on creating operational efficiencies combined with our disciplined approach to controlling costs paid off again this quarter.

在成本方面，我們堅持不懈地致力於提高營運效率，並結合嚴格的成本控制方法，本季再次獲得了回報。

Same property hotel expenses rose only 3.7% year to year, significantly below the low end of our expense growth outlook, despite revenue growth at the midpoint of our outlook and despite the front end loaded wage and benefit increases we saw and discussed in our last call.

儘管收入成長處於我們預期的中間值，而且我們在上次電話會議上看到並討論了前端工資和福利的增長，但同一酒店的酒店費用同比僅增長 3.7%，遠低於我們費用增長預期的低端。

Turning to LaPlaya and Naples, the resort delivered a standout quarter, continuing its strong recovery following Hurricanes Helene and Milton. Total rear surged 22%, while total Hotel Helene declined nearly 30% year to year, surpassing 2019 levels by more than 26%. We recorded $4.3 million in business interruption income for the quarter, exceeding our outlook by $300,000.

談到拉普拉亞和那不勒斯，該度假村在本季度表現出色，在颶風海倫和米爾頓過後繼續保持強勁復甦勢頭。總後方收入飆升 22%，而 Hotel Helene 總收入年減近 30%，比 2019 年的水準高出 26% 以上。本季我們的業務中斷收入為 430 萬美元，超出我們的預期 30 萬美元。

We now expect to receive an additional $4.2 million throughout the rest of the year, raising our BI total BI forecast by $2.5 million to $8.5 million for 2025 as compared to the $6 million we were previously forecasting.

我們現在預計在今年剩餘時間內將額外獲得 420 萬美元，與先前預測的 600 萬美元相比，這將使我們對 2025 年 BI 總收入的預測增加 250 萬美元，達到 850 萬美元。

As a reminder, BI income is not included in our same property reporting results, but it is included in adjusted EBITDA and FFO.

提醒一下，BI 收入不包括在我們的相同財產報告結果中，但它包括在調整後的 EBITDA 和 FFO 中。

Thanks to the comprehensive rebuilding efforts post-Hurricane, applied demonstrated significant resilience following Hurricane Helene and Milton, with damage more limited, a faster restoration timeline, and a more rapid bounce back in operations.

由於颶風過後全面的重建工作，在颶風海倫和米爾頓過後，應用表現出了顯著的恢復力，損失更加有限，恢復時間更快，運營恢復速度更快。

Additional physical improvements planned for later this year will further enhance the resort's long-term durability and reduce the impact of future storms.

今年稍後計劃進行的額外物理改進將進一步增強度假村的長期耐用性並減少未來風暴的影響。

The reply remains truly beloved by both guests and the local community, and its outstanding recovery is a testament to the strength, dedication, and perseverance of our hotel operating team, for which we are deeply grateful and thankful.

答覆仍然深受客人和當地社區的喜愛，它的出色恢復證明了我們酒店營運團隊的力量、奉獻精神和毅力，我們對此深表感謝和感激。

During the quarter, we also invested $16.7 million in capital projects, including the substantial completion of the $15 million renovation of Hyatt Centric Delfina Santa Monica.

本季度，我們還投資了 1,670 萬美元用於資本項目，包括斥資 1,500 萬美元對聖莫尼卡德爾菲納凱悅尚萃酒店進行翻新工程的基本完成。

Our full year capital plan remains unchanged, with expected investments between $65 million and $75 million. And our balance sheet remains strong, with $218 million in cash and more than $640 million of available capacity on our unsecured revolver. For context, that's about $325 million more liquidity than we had at year-end 2019.

我們的全年資本計畫保持不變，預計投資額在 6,500 萬美元至 7,500 萬美元之間。我們的資產負債表依然強勁，擁有 2.18 億美元現金和超過 6.4 億美元的無擔保循環信貸額度。具體來說，這比我們 2019 年底的流動資金增加了約 3.25 億美元。

In addition, nearly all of our debt is unsecured with only two property level loans, and we have no significant maturities until December 2026, giving us significant flexibility in an uncertain environment. We also continue to generate and retain significant free cash flow.

此外，我們的債務幾乎全部都是無擔保的，只有兩筆房地產貸款，而且直到 2026 年 12 月都沒有重大到期債務，這為我們在不確定的環境中提供了很大的靈活性。我們也繼續產生並保留大量自由現金流。

And with that, I'd like to turn a call over to Jon for a deeper dive into our wholesale operations, industry trends, and our expectations for the rest of the year.

說到這裡，我想把電話轉給喬恩，讓他更深入地了解我們的批發業務、行業趨勢以及我們對今年剩餘時間的期望。

Jon.

喬恩。

Thanks, Ray. As Ray indicated, the underlying performance in our portfolio was strong in January and February, but it softened in March.

謝謝，雷。正如雷所指出的，我們投資組合的基本表現在一月和二月表現強勁，但三月有所減弱。

In January and February, it seemed clear to us that overall industry demand had realigned with GDP and overall economic growth, a trend that began in October last year.

今年 1 月和 2 月，我們明顯感覺到整體產業需求已經與 GDP 和整體經濟成長重新保持一致，這一趨勢始於去年 10 月。

In addition, business change and travel continued to recover as more companies pushed employees back to the office.

此外，隨著越來越多的公司讓員工重返辦公室，業務變化和旅行也繼續復甦。

Leisure demand in our portfolio was healthy during the quarter, showing growth in weekend demand at our resorts and at our urban properties, and group remained resilient throughout our portfolio.

本季度，我們投資組合中的休閒需求表現良好，度假村和城市物業的周末需求有所增長，整個投資組合保持了韌性。

The softening in demand we saw in March appeared to be highly correlated to the doge activities driving federal government layoffs, a spending freeze, and elimination of non-essential government travel, along with a negative reaction by Canadians.

我們在三月看到的需求疲軟似乎與導致聯邦政府裁員、凍結支出和取消非必要政府旅行的狗狗幣活動以及加拿大人的負面反應高度相關。

We experienced some government group and government related conference cancellations. With most of it occurring outside of DC. We also saw a very significant slowdown in government transient bookings nationwide.

我們遇到了一些政府團體和政府相關會議的取消。其中大部分發生在華盛頓特區以外。我們也發現全國政府臨時預訂量的顯著下降。

We estimate that government and government-related group and transient travel make up about 3% to 5% of total demand in our portfolio and throughout the industry. So while the overall impact is marginal, It's still likely created a 1% to 2% drag on demand.

我們估計，政府和政府相關的團體和短期旅行約占我們投資組合和整個行業總需求的 3% 至 5%。因此，雖然整體影響很小，但仍可能對需求造成 1% 至 2% 的拖累。

It was this softening that pulled our RevPAR results down to the bottom of our Outlook range. It was healthy out of room spending that kept us in the middle of the total RevPAR range.

正是這種疲軟導致我們的 RevPAR 結果下降到 Outlook 範圍的底部。客房外支出健康，使我們的總 RevPAR 保持在中等水平。

Non-room revenues accounted for over 38% of total revenues in Q1, an increase from just under 37% a year ago. Our efforts to grow non-room revenues and profits through our transformational redevelopments continue to bear fruit.

第一季非客房收入佔總收入的 38% 以上，較去年同期的近 37% 有所成長。我們透過轉型重建增加非客房收入和利潤的努力繼續取得成果。

Los Angeles had an especially tough quarter as expected. The fires and the aftermath significantly reduced demand from both leisure and business travelers group and transient.

正如預期的那樣，洛杉磯經歷了一個特別艱難的季度。火災及其後果大大減少了休閒和商務旅客團體和臨時的需求。

Displaced homeowners and first responders provided only a very brief lift during the week of the fires and only a minor benefit thereafter.

流離失所的房主和急救人員在火災發生的一周內只提供了非常短暫的幫助，此後也只提供了很小的幫助。

RevPAR for our nine West Los Angeles properties declined 23.4% in Q1, with occupancy down 18% and rate down 6.5%. While the Hyatt Centric innovation contributed modestly to the negative impact, the vast majority was directly related to the fires.

我們位於西洛杉磯的 9 家酒店的每間可用客房收入在第一季下降了 23.4%，入住率下降了 18%，房價下降了 6.5%。雖然凱悅中心酒店的創新對負面影響的影響不大，但絕大多數都與火災直接相關。

All 9 of our LA properties had negative RevPAR, and they represented 7 of our 8 worst performing properties in the quarter. EBITDA for our LA properties declined by $5.7 million or 72.6% compared to last year. A very challenging quarter and quite a drag on the entire portfolio.

我們在洛杉磯的所有 9 家酒店的 RevPAR 均為負值，並且是本季表現最差的 8 家酒店中的 7 家。我們洛杉磯物業的 EBITDA 與去年相比下降了 570 萬美元，即 72.6%。這是一個非常具有挑戰性的季度，對整個投資組合造成了相當大的拖累。

Yet not quite as bad as we were forecasting. Business and leisure travelers to LA have been gradually returning as we've moved further away from the fires and the initial misperceptions about widespread damage to LA and its amenities and visitor attractions.

但情況並不像我們預測的那麼糟。隨著我們遠離火災以及對洛杉磯及其設施和旅遊景點遭受大面積破壞的最初誤解，前往洛杉磯的商務和休閒旅客已逐漸恢復。

We're still forecasting a negative EBITDA impact in the second quarter, but the good news is we now expect it to be around $1.5 million or about $1 million less severe than we forecasted 60 days ago.

我們仍然預測第二季的 EBITDA 將受到負面影響，但好消息是，我們現在預計其影響約為 150 萬美元，比我們 60 天前的預測低約 100 萬美元。

However, we do expect some lingering price competition through the summer that could modestly pressure results in the third quarter. Outside of LA, portfolio performance was strong in the quarter.

然而，我們確實預計整個夏季仍將存在一些持續的價格競爭，這可能會對第三季的業績造成一定壓力。洛杉磯以外的地區，本季投資組合表現強勁。

13 properties achieved double digit RevPAR growth led by many of our recently redeveloped properties including Viceroy DC, Estancia La Jolla, L'Auberge Del Mar, Harbor Court in San Francisco, Chaminade Resort and Spa, and 1 hotel, San Francisco, which just continues to gain share.

13 家酒店實現了兩位數的 RevPAR 增長，這主要得益於我們近期重新開發的許多酒店，包括 Viceroy DC、Estancia La Jolla、L'Auberge Del Mar、舊金山的 Harbor Court、Chaminade Resort and Spa 以及 1 家酒店 San Francisco，這些酒店的市場份額持續增長。

We continue to be watchful of signs that would indicate a further slowdown in demand. So far, we haven't seen an increase in group cancellations or attrition outside of government or government-related groups and government transit.

我們將繼續關注需求進一步放緩的跡象。到目前為止，我們還沒有看到政府或政府相關團體以及政府交通以外的團體取消或流失人數增加。

We also haven't seen a pullback in out of room spending. Nor have we seen any increased caution among groups that are actively meeting.

我們也沒有看到房外支出的回落。我們也沒有看到積極開會的團體中出現任何提高警覺的情況。

However, we have begun to see a few concerning signs, including a slowdown in group leads for the second half of the year, a longer lag in contract execution.

然而，我們開始看到一些令人擔憂的跡象，包括下半年集團領導層的放緩，以及合約執行的延遲時間更長。

And more caution among some meeting planners in committing to future events, particularly in the second half of the year.

有些會議策劃者在承辦未來活動時會更加謹慎，尤其是在下半年。

Given today's high level of economic uncertainty, there's every reason to remain cautious about the second half. Unless there's a quick resolution to the current trade disputes, it's not unreasonable to expect further economic slowing, which could pressure demand for meetings and hotel rooms.

鑑於當今經濟的高度不確定性，我們完全有理由對下半年保持謹慎。除非當前的貿易爭端能夠迅速解決，否則預計經濟將進一步放緩，這可能會對會議和飯店客房的需求造成壓力。

Well, 60 days ago, we weren't forecasting a reversal of the outbound inbound international travel imbalance. We also weren't forecast forecasting it would get worse.

嗯，60 天前，我們並沒有預測出境入境國際旅遊失衡會逆轉。我們也沒有預測到情況會變得更糟。

Unfortunately, US government provided statistics show that the unfavorable balance worsened in March as outbound travel continued to grow while inbound international travel declined by 10% compared to last year.

不幸的是，美國政府提供的統計數據顯示，3月逆差進一步擴大，出境遊持續成長，而入境遊較去年下降了10%。

A reversal from the monthly improvement in international inbound travelers that has consistently occurred since the end of the pandemic.

自疫情結束以來，國際入境旅客數量每月持續增加，但目前情況卻出現逆轉。

Given the anger and dissatisfaction around the world with the US government's proposed tariff and trade policies, it's reasonable to assume some continuing negative impact to inbound international travel this year. But perhaps not as bad as the initial reaction in March.

鑑於世界各地對美國政府提出的關稅和貿易政策的憤怒和不滿，可以合理地認為，今年的入境國際旅遊將繼續受到負面影響。但也許沒有三月最初的反應那麼糟。

When we look at our group and total revenue pays for the rest of the year, we continue to be ahead of last year for the second and fourth quarters, but our revenue pa for Q3 is now flat.

當我們回顧我們的集團和今年剩餘時間的總收入時，我們發現第二季和第四季的收入繼續領先去年，但第三季的收入目前持平。

Specifically, group pays for the balance of the year is ahead 0.3% in rooms, 2.5% in ADR, and 2.8% in group revenue. Total pace for the balance of the year, in other words, group and transient combined, is ahead by 5.1% in room nights, down by 0.8% in rate, and up by 4.3% in revenue.

具體而言，集團全年客房支出較去年同期成長0.3%，平均房價年增2.5%，集團營收年增2.8%。換句話說，全年整體增速（即團體和臨時住宿的總增速）為：客房晚數成長 5.1%，房價下降 0.8%，收入成長 4.3%。

Our nominal revenue pa on the books for the balance of the year declined by $3.7 million since last quarter, though was largely due to LA. We were expecting our nominal revenue pace to increase over the course of the year. But unfortunately that was not the case during the first quarter. We believe this reflects greater caution on the part of industry customers and is a reason to be more cautious about the second half of the year.

自上個季度以來，我們本年度帳面上的名義年收入減少了 370 萬美元，但這主要歸因於洛杉磯。我們預計今年的名義營收成長將會加快。但不幸的是，第一季的情況並非如此。我們認為，這反映出業界客戶更加謹慎，也是對下半年更加謹慎的原因。

Ray mentioned that we saw some stabilization of the softening in April. I'm not sure that applies to the industry, but for our portfolio, we had a good setup for April with a very strong convention calendar in San Francisco. Continuing healthy demand recovery in Portland and Chicago. A good Boston and a much less bad Los Angeles.

雷提到，我們看到四月經濟疲軟趨勢穩定。我不確定這是否適用於該行業，但對於我們的投資組合而言，我們在四月有一個良好的準備，因為舊金山有非常豐富的會議日程。波特蘭和芝加哥的需求持續健康復甦。波士頓很不錯，洛杉磯也好得多。

Our preliminary numbers for April RevPAR point to an approximate 3.5% gain over last year, with that growth number being closer to 5.7% without Los Angeles.

我們 4 月 RevPAR 的初步數據顯示，該數字比去年同期成長了約 3.5%，如果不計入洛杉磯，該成長率接近 5.7%。

These favorable preliminary results were achieved despite the negative holiday shift and continue to show the upside from both our redeveloped portfolio and markets like San Francisco, Portland, and Chicago, which are now outperforming due to a slower recovery in prior years.

儘管受到假期負面影響，我們仍然取得了這些良好的初步業績，並繼續顯示出我們重新開發的投資組合以及舊金山、波特蘭和芝加哥等市場的優勢，由於前幾年復甦較慢，這些市場目前表現優異。

So with April's numbers, Q2 is off to a good start. However, May and June don't look as favorable at this time. Before I move to our revised outlook, I wanted to provide a little more perspective on our intense and as Ray described, our team's relentless focus on creating ongoing operating efficiencies within our portfolio.

因此，從四月的數據來看，第二季開局良好。然而，目前來看，五月和六月的情況並不樂觀。在談到我們修改後的展望之前，我想先提供一些關於我們團隊的強烈看法，正如雷所描述的，我們的團隊堅持不懈地致力於在我們的投資組合中創造持續的營運效率。

These efforts primarily accounted for the Hotel EBITDA be in Q1. This effort is all inclusive. Every major and minor expense category is under the microscope.

這些努力主要解釋了第一季飯店 EBITDA 的實現。這項努力是包羅萬象的。每個主要和次要的支出類別都受到嚴格審查。

Within our portfolio and at every one of our hotels and resorts, our teams are subjecting every expense item to scrutiny, utilizing our extensive proprietary best practices database, an excruciatingly detailed benchmarking effort. And a mentality and approach that every expense item can be reduced through these widespread efficiency efforts.

在我們的投資組合以及我們的每家酒店和度假村中，我們的團隊利用我們廣泛的專有最佳實踐資料庫和極其詳細的基準測試工作，對每項支出項目進行審查。並且形成了一種心態和方法，即透過這些廣泛的效率努力可以減少每一項開支。

Working collaboratively with our operators, our teams are rebidding all third party product and service contracts. We're reducing or eliminating expenses where returns are insufficient.

我們的團隊與我們的營運商合作，重新招標所有第三方產品和服務合約。我們正在減少或消除回報不足的開支。

We're improving labor management with new technologies to organize staff and schedule our property associates most efficiently. We're maximizing our procurement processes.

我們正在利用新技術改善勞動力管理，以最有效地組織員工和安排我們的物業員工。我們正在最大限度地優化我們的採購流程。

We're exhaustively challenging real estate tax assessments. We're implementing physical and operational improvements to reduce risks related to hotel associate and guest accidents.

我們正在對房地產稅評估提出全面質疑。我們正在實施實體和營運改進，以降低與飯店員工和客人事故相關的風險。

We're investing in energy efficiency and property resiliency projects to reduce energy and utility costs, and we're making significant investments in physical improvements to mitigate future losses from hurricanes, atmospheric rivers, fires, and other natural disasters.

我們正在投資能源效率和財產彈性項目，以降低能源和公用事業成本，我們正在對物理改進進行大量投資，以減輕未來颶風、大氣河流、火災和其他自然災害造成的損失。

We're auditing and revising property operating procedures to reduce energy and utility consumption. We're clustering more operating teams where possible to reduce costs. We're leaving no stone unturned. The success of these initiatives clearly showed in our first quarter performance.

我們正在審核和修改物業營運程序，以減少能源和公用事業的消耗。我們正在盡可能地聚集更多的營運團隊以降低成本。我們正在竭盡全力。這些舉措的成功在我們第一季的業績中得到了清晰的體現。

Our teams deserve a tremendous amount of credit for the results they've delivered so far. We applaud them for their thoughtful and relentless efforts, which continue.

我們的團隊迄今為止所取得的成果值得我們高度讚揚。我們對他們持續進行的深思熟慮和不懈努力表示讚賞。

Now, let me move on to our outlook. As we indicated in our press release, we're slightly reducing the top end of our full year outlook while lowering and widening the low end of our revenue, EBITDA, and FFO assumptions.

現在，讓我談談我們的展望。正如我們在新聞稿中所指出的，我們略微降低了全年預期的最高值，同時降低並擴大了收入、EBITDA 和 FFO 假設的最低值。

These adjustments shouldn't come as a surprise. These changes are in response to broad-based expectations for a continued economic slowdown driven by the sharp rise in uncertainty created over the past 60 days stemming from changes in government policy proposals, activities, and rhetoric.

這些調整並不令人意外。這些變化是為了應對人們普遍預期的經濟持續放緩，而這種放緩是由過去 60 天來政府政策提案、活動和言論的變化造成的不確定性急劇上升所致。

Key economic indicators, including consumer confidence, business confidence, and investment and spending forecasts have all substantially declined in the last few months. Whether actual spending follows these declines remains to be seen.

過去幾個月，消費者信心、商業信心以及投資和支出預測等主要經濟指標均大幅下降。實際支出是否也會出現下降還有待觀察。

Our expectation is that our operating results for the first half of the year are likely to be within the outlook range we provided 60 days ago with Q1 beating and Q2 likely achieving towards the lower end, but on a combined basis achieving somewhere in the middle of our original guidance.

我們預計，今年上半年的經營業績可能處於我們 60 天前提供的預期範圍內，其中第一季度的業績將超出預期，而第二季度的業績可能處於較低水平，但總體而言，將處於我們最初預期的中間水平。

It's the second half of the year that we're lowering in response to the mounting uncertainty regarding the economy and increased expectations for a slowdown along with reduced government and international inbound demand and early indications of a lack of pickup and bookings for the second half of the year, particularly the third quarter.

由於經濟不確定性增加、經濟放緩預期增強、政府和國際入境需求減少，以及下半年（尤其是第三季）提貨量和預訂量不足的早期跡象，我們降低了下半年的預訂量。

Our updated outlook demonstrates a cautious approach to navigating what we expect to be a tougher economic environment, especially the second half of '25, given the increased uncertainty.

我們最新的展望表明，鑑於不確定性增加，我們預計經濟環境將更加嚴峻，尤其是 2025 年下半年，我們將採取謹慎態度。

Our experience gained in prior cycles suggests that heightened uncertainty around major economic policies often leads to a pause or a reduction in spending and investment, including for travel. The midpoint of our revised guidance for the year continues to reflect our expectation of the most likely outcome.

我們在以往週期中獲得的經驗表明，主要經濟政策的不確定性加劇往往會導致支出和投資（包括旅遊支出和投資）的暫停或減少。我們對今年修訂後的指引的中點繼續反映了我們對最可能結果的預期。

If trade policy issues are favorably resolved in the next couple of months, we believe the economy could rebound quickly, putting the upper end of our range well within reach.

如果貿易政策問題在未來幾個月內得到妥善解決，我們相信經濟將迅速反彈，從而使我們的預期上限觸手可及。

The good news is there's no current financial crisis or problematic structural issue at this time. The economy entered this year in a very strong position with full employment, accelerating corporate profits, and the consumer in good financial shape.

好消息是，目前不存在金融危機或結構性問題。今年經濟狀況非常強勁，充分就業，企業獲利加速成長，消費者財務狀況良好。

Reaching the bottom of our outlook range on the other hand, would likely require a more meaningful slowdown and maybe even a mild recession.

另一方面，要達到我們預期範圍的底部，可能需要更顯著的經濟放緩，甚至可能需要溫和的衰退。

That downside case implies that same property RevPAR would have to be at the low end of our range for Q2, then decline an average of 3% year over year in the second half. We hope this level of detail helps to frame the range of possible outcomes as we move through the year.

這種不利情況意味著同一家酒店的 RevPAR 在第二季度必須處於我們預期範圍的低端，然後在下半年同比平均下降 3%。我們希望這種細節能幫助我們勾勒出今年可能出現的各種結果。

To wrap up, we believe strongly that our intense focus on generating operating efficiencies, our disciplined commitment to driving revenue every which way we can, our team's deep cyclical experience, and the benefits from the substantial investments we've made to upgrade and transform the vast majority of our portfolio put us in a great position to outperform and drive long-term value.

總而言之，我們堅信，我們對提高營運效率的高度關注、我們對盡一切可能增加收入的嚴格承諾、我們團隊的深厚週期性經驗以及我們為升級和改造絕大多數投資組合而進行的大量投資所帶來的好處，使我們處於有利地位，能夠超越並推動長期價值。

We're generating substantial free cash flow, and if conditions should deteriorate further, we certainly have the flexibility, the liquidity, and the experience to adapt quickly.

我們正在產生大量的自由現金流，如果情況進一步惡化，我們肯定具有靈活性、流動性和快速適應的經驗。

So that completes our remarks today. We'd now be happy to take your questions.

今天的發言到此結束。我們現在很樂意回答您的問題。

So, Christine, you may proceed with the Q&A.

那麼，克里斯汀，你可以繼續問答了。

(Operator Instructions)

（操作員指示）

Jay Kornreich, Wedbush.

傑伊‧科恩賴希 (Jay Kornreich)，韋德布希 (Wedbush)。

Hi, thanks. Good morning. I was just starting off as you commented that the first half of the year outlook largely stayed intact after a strong first quarter with the downward revision coming mostly in the second half.

你好，謝謝。早安.正如您所評論的那樣，在第一季表現強勁之後，上半年的前景基本上保持不變，而下調主要發生在下半年。

So I know you made some comments on this, but can you just further dive into the second half impact something you're already seeing in the bookings, that slowed down as you commented in the group demand, or is it mostly really just related to the potential impact should a mild recession occur?

所以我知道您對此發表了一些評論，但您能否進一步深入探討一下下半年的影響，您已經在預訂中看到了這一點，正如您在評論團體需求時所指出的那樣，預訂量有所放緩，或者這主要只是與輕微衰退發生時的潛在影響有關？

Yeah, it's really, it's related to two things. First, mostly related to the potential for a pullback in demand from all the segments in response to an economic slowdown if it should occur.

是的，這確實與兩件事有關。首先，主要與經濟放緩（如果發生）可能導致所有領域的需求回落有關。

It also is, of course, some response, as our, as we mentioned about Q2 being at the lower end of our original expectations. It is in response to reduced government travel, government-related travel.

當然，這也是一種回應，正如我們所提到的，第二季的業績處於我們最初預期的低端。這是為了應對減少政府旅行和政府相關旅行。

And less international inbound travel overall. And while those are small segments, again, one or two points off of demand at the end of the day is really where we thought the full year would be in terms of being up one or two points of demand. So that's really part of it, but for the second half, it really is all about the potential for downturn based upon this increased uncertainty that that we're seeing in the economy and with government policies.

整體而言，國際入境旅遊人數減少。雖然這些都是小部分，但最終需求下降一兩個點，實際上就是我們認為全年需求將上升一兩個點的情況。這確實是其中的一部分，但對於下半年來說，真正的關鍵在於經濟下滑的可能性，這是基於我們在經濟和政府政策中看到的不確定性增加。

All right, thank you, and then just maybe as one follow up just, looking at the business trends and customer which in the first quarter you had some, positive upside. Are you already seeing corporates being more hesitant in spending and travel and that's, potentially a big leg that could come down or so far, is that segment so far trending positively and could hold up maybe better than what you're already seeing in some of the government and international pullback.

好的，謝謝，然後也許只是作為一個後續行動，看看第一季的業務趨勢和客戶，你們有一些積極的上升空間。您是否已經看到企業在支出和旅行方面變得更加猶豫，而這可能是一個很大的支撐點，或者到目前為止，這一部分是否呈現積極趨勢，並且可能比您在一些政府和國際撤退中看到的更好。

Yeah, so far we're not seeing a downturn in BT. I think it certainly varies by industry group, we have some groups like financial, banking, technology that are up. There's some other industries that are down, so, but in total, I would tell you that we haven't seen a decline in BT really in any of our markets around the country. And so far it's holding up. Now, if you read first quarter transcripts of, Fortune 500 companies, and I guess you can use AI today to look for the word travel.

是的，到目前為止我們還沒有看到 BT 出現下滑。我認為這肯定因行業群體而異，我們有一些行業群體，如金融、銀行、科技等。還有一些其他行業正在下滑，但總的來說，我想告訴你，我們在全國任何市場都沒有看到 BT 的下滑。到目前為止，一切順利。現在，如果你閱讀財富 500 強公司的第一季業績，我想你今天就可以使用人工智慧來尋找「旅行」這個詞。

I think you're going to find, numerous comments from companies saying, given all this uncertainty, we're looking at reducing costs, being more efficient. Including travel, or discretionary travel, or they might call it non-essential travel, although I don't, I think all travel is essential, but so it shouldn't be surprising if it does decline over the course of the year until we see a turnaround in the uncertainty side of the policies, but so far we haven't seen anything.

我想你會發現，許多公司表示，鑑於所有這些不確定性，我們正在考慮降低成本，提高效率。包括旅行，或可自由支配的旅行，或者他們可能稱之為非必要旅行，雖然我不這麼認為，但我認為所有旅行都是必不可少的，所以如果它在一年內確實下降，直到我們看到政策不確定性方面出現好轉，這應該不足為奇，但到目前為止我們還沒有看到任何變化。

Okay, understood. Thank you.

好的，明白了。謝謝。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thanks. I just wanted to ask you on the tariff stuff besides just sort of the broader weakening of the macro economy, is there anything kind of hotel specific that you would expect to see costs go up either on the food side or kind of hard goods? I'm just not really familiar with kind of where all that stuff comes from.

你好，謝謝。我只是想問您關於關稅的問題，除了宏觀經濟的整體疲軟之外，您是否預計酒店的食品或耐用品成本會上漲？我只是不太清楚這些東西是從哪裡來的。

And would you expect that to have some sort of negative impact?

您是否認為這會產生某種負面影響？

Yeah, so, there, there's no doubt it's going to have an impact on new construction, on renovation projects. Most FF&E, is made outside of the country.

是的，毫無疑問，這將對新建築和改造項目產生影響。大多數 FF&E 都是在國外製造的。

Almost all lighting, electrical, is made outside of the country, outside of the US, so we certainly would expect some impacts in those categories, there are consumables, operating supplies and things, some of which come from outside of the country.

幾乎所有的照明、電氣產品都是在國外、美國以外生產的，所以我們肯定會在這些類別中受到一些影響，其中包括消耗品、營運用品和其他東西，其中一些來自國外。

Interestingly, from what we understand from a vendor who we use at most of our hotels, a lot of the sustainable operating supplies are not made in the US, they're made outside of the US. So we would expect some kind of impact from them again, all depending upon. What happens with these tariffs, and how much of that flows through the price increases or flows through to shortages or supply chain issues. So we haven't seen anything yet, anything material yet, but it's early, right? I mean, this was all just announced less than 30 days ago.

有趣的是，從我們大多數飯店使用的供應商那裡了解到的情況來看，許多可持續營運的供應品不是在美國生產的，而是在美國以外生產的。因此，我們預計他們會再次產生某種影響，這一切都取決於。這些關稅會帶來什麼後果？其中有多少會導致價格上漲，又有多少會導致短缺或供應鏈問題。所以我們還沒有看到任何東西，任何實質的東西，但現在還為時過早，對吧？我的意思是，這一切都是在不到 30 天前宣布的。

Yeah and it's me and we're not, we don't just sit there and take it. So for example, some of the food that we're importing those costs go up for the tariffs or whatever it is, our teams look at different menu items, how do we price things differently or do things differently. So when we have these actions coming in, they adjust, they're very nimble, and they've done as we saw the first quarter, done a great job adjusting in a very short period of time.

是的，是我，我們不會只是坐在那裡接受它。舉例來說，我們進口的一些食品的成本會因為關稅或其他原因而上漲，我們的團隊會研究不同的菜單項，看看如何以不同的方式定價或做不同的事。因此，當我們採取這些行動時，他們會進行調整，他們非常靈活，正如我們在第一季看到的那樣，他們在很短的時間內完成了出色的調整工作。

Okay, and then I just wanted to ask you mentioned government or government adjacent demand at kind of 3% to 5%. For your portfolio, is that concentrated in any particular market or is that pretty sort of spread evenly across your hotels?

好的，然後我只想問您提到的政府或政府相關需求在 3% 到 5% 之間。對於您的投資組合來說，是集中在某個特定市場，還是均勻分佈在您的各個飯店？

Well, it spread all over the country. I guess that the heavier concentrations would be in Washington DC and in San Diego.

嗯，它傳遍了全國各地。我猜濃度較高的地區應該是華盛頓特區和聖地牙哥。

Now San Diego tends to be dominated more by defense and military, which from what we understand is less impacted overall, but a lot of the sort of government related has to do with healthcare, NIH sponsorship or university research sponsorship, and that tends to be all over the country, not in any particular market, particularly when they have conferences and group meetings.

現在，聖地牙哥往往更受到國防和軍事的主導，據我們了解，總體而言，這些領域受到的影響較小，但許多與政府相關的領域都與醫療保健、美國國立衛生研究院贊助或大學研究贊助有關，而且這些領域往往遍布全國，而不是任何特定的市場，尤其是在他們舉辦會議和小組會議時。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Floris van Dijkum, Compass Research.

Floris van Dijkum，指南針研究公司。

Hey, good morning, guys. Jon, maybe if you could comment on the transaction markets and also your ability to given that the share price weakness, you bought back a little bit of stock, can investors expect more of these share repurchases going forward?

嘿，大家早安。喬恩，也許您可以評論一下交易市場，以及考慮到股價疲軟，您回購了少量股票的能力，投資者是否可以期待未來有更多這樣的股票回購？

Yeah, of course, this. Is Tom in terms of the transaction market, I think just given some of the comments we made in terms of the uncertainty into the second half of the year, I think -- the sentiment is turned from risk on to risk off.

是的，當然是這個。湯姆，就交易市場而言，我認為，鑑於我們對下半年不確定性所做的一些評論，我認為——市場情緒已從風險偏好轉向風險規避。

Nobody really wants to kind of go to investment committee today and say we've got this until there's a little more clarity in terms of where operating fundamentals are going to be. So I think it's still a functioning market. I'm just not sure how constructive it is, currently, but I think for the most part people are going to be more in the wait and see mode. And if we can get, resolution to this in the course of the next 30, 60, 90 days, I think we'll see a pretty active pickup during the latter half of the year.

今天，沒有人真正想去投資委員會說我們已經做到了這一點，直到對營運基本面有了更清晰的了解。所以我認為它仍然是一個正常運作的市場。我只是不確定它目前有多大的建設性，但我認為大多數人會處於觀望狀態。如果我們能在未來 30、60、90 天內解決這個問題，我認為我們將在今年下半年看到相當活躍的回升。

And then employers and you're questioning the buybacks, we'll evaluate, the macro, how the conditions are and uses of the capital, and as we were, we did buy back some shares in the first quarter, but we'll evaluate what's going on with the macro.

然後雇主和你對回購提出質疑，我們將評估宏觀情況，資本的條件和用途如何，正如我們在第一季確實回購了一些股票，但我們將評估宏觀情況。

We, even with the revised outlook, our free cap is well over $100 million a year, and that's after CapEx. We don't have any to pay dividends. We have a lot of flexibility and we're building greater cash reserves. Now some of that is to address the convertible notes that will mature at the end of next year.

即使修改了前景，我們的自由上限每年仍遠超 1 億美元，而且這還不包括資本支出。我們沒有任何資產可以支付股利。我們擁有很大的靈活性，並且正在建立更大的現金儲備。現在其中一些是為了解決明年年底到期的可轉換票據。

But with the free cash flow and all that, we'll allows us to be a little more flexible. So we'll evaluate what's happening with the macro and make the decisions, but we don't make, we don't commit to any sort of, numbers at this time.

但有了自由現金流等等，我們就可以變得更有彈性。因此，我們將評估宏觀情況並做出決定，但我們目前不會做出任何數字，也不會承諾任何數字。

Thanks, Ray.

謝謝，雷。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good morning, everyone. Thanks for taking my question. Two for me first of all, you kind of already talked about some of the DC exposure, I think, to Speed's question, but Jon, could you just give us a little bit of thought of sort of the Washington DC submarket? Obviously the hotel industry kind of revolves around this and so far in just pure reported RevPAR terms we haven't seen the step function that correlates with the sort of types of numbers we've heard and again you're not the only one to call out a step function of government demand as it relates to.

大家好，早安。感謝您回答我的問題。首先對我來說有兩個問題，我想您已經談到了對華盛頓特區的一些了解，回答 Speed 的問題，但是 Jon，您能否給我們稍微介紹一下華盛頓特區的子市場？顯然，酒店業就是圍繞這一點運轉的，到目前為止，僅從報告的 RevPAR 來看，我們還沒有看到與我們聽到的數字類型相關的階躍函數，而且您並不是唯一一個指出與政府需求相關的階躍函數的人。

The broader travel industry, I know a couple of the airlines have the same, so you have a square that just like what's supporting DC right now and is this sort of just a delayed thing and, just a little bit more color on kind of how that market's doing all right, but we are, seeing this kind of big step function down and in government demand.

就更廣泛的旅遊業而言，我知道有幾家航空公司也面臨同樣的情況，所以你會看到一個類似於目前支持華盛頓特區的情況的方塊，這只是一個延遲的事情，只是對這個市場如何運作有了更多的了解，但我們看到這種大幅度的功能下降和政府需求。

Yeah, sure, so. Well, I wish I could bring clarity to what's going on in Washington DC, but I'm not trained for that. In terms of the lodging market, there's a lot of cross currents, Sean, there, there's some positives, and we had a quite a few positives going into the year. We had a change of administration which is typically positive for demand in the market.

是的，確實如此。好吧，我希望我能清楚地解釋華盛頓特區發生的事情，但我沒有接受過這方面的訓練。就住宿市場而言，存在著許多矛盾，肖恩，也有一些正面的因素，而且我們今年已經取得了不少積極的進展。我們的管理層發生了變化，這通常對市場需求有利。

We have the first year of a of a new President's term, which tends to be a very active legislative year, which is positive for travel, typically in the market.

今年是新總統任期的第一年，這往往是立法非常活躍的一年，這對旅遊業（尤其是旅遊業市場）有利。

You also compare against next year later in the year where there's no election, which tends to be a very positive comparison. For the year we have, the federal government workers, those who haven't been fired or laid off or in limbo, who've been ordered and have gone back to the office, and we see that here in DC and traffic being almost back to normal or back to where it was sort of pre-pandemic in the marketplace.

您還可以與明年進行比較，因為今年晚些時候沒有選舉，這往往是一個非常積極的比較。今年以來，聯邦政府工作人員，那些沒有被解僱、下崗或處於不確定狀態的人，都被命令返回辦公室，我們看到華盛頓特區的交通幾乎恢復正常，或者恢復到疫情前的市場狀態。

We have a lot more congressional days on the calendar this year than we had last year. That of course brings a lot of weekday demand into the market.

今年國會的會議行程比去年多得多。這當然會為市場帶來大量工作日需求。

We expect there to be more protests. There's a lot of political cross currents, obviously, that's good for the market, and we have a decent convention calendar this year until the fourth quarter where it's softer, but we have the benefit of the no election which would offset it. It's like the first quarter. We actually had a soft convention calendar in the first quarter, but the inauguration and activities around that and the new government offset that in the first quarter, so.

我們預計還會有更多的抗議活動。顯然，存在許多政治交叉潮流，這對市場有利，而且今年到第四季度為止，我們的會議日程安排還算不錯，第四季度市場會比較疲軟，但我們有無選舉的好處，可以抵消這一影響。就像第一季一樣。我們第一季的會議日程實際上比較寬鬆，但就職典禮及其相關活動以及新政府的成立抵消了第一季的會議日程。

And then I guess the last thing is we have a lot of people from governments around the country coming to Washington, and there's all these trade agreements to be negotiated that's bringing people here.

最後我想說的是，我們有很多來自全國各地政府的官員來到華盛頓，為了談判所有這些貿易協定，他們才來到這裡。

There's a lot of people here coming to meet with the President and the new administration, so from around the world. And so there's a whole bunch of positive cross currents. In addition to the negative impact from freezing government travel, eliminating non-essential travel, or, a lot of government-related cancellations, so that, hopefully that's helpful in explaining sort of the positive side of things that are happening here, in addition to the negative things that that we read a lot about.

有很多人來自世界各地，來會見總統和新政府。因此存在著大量的積極交叉潮流。除了凍結政府旅行、取消非必要旅行或取消大量與政府相關的活動所帶來的負面影響之外，希望這有助於解釋這裡發生的事情的積極方面，以及我們經常讀到的消極方面。

Yeah, that's super helpful. And then just as a short follow up, kind of curious on the and I'm not meaning to split hairs here, but just since we're all living by every sort of incremental data point right now, the April commentary sounded great.

是的，這非常有幫助。然後作為一個簡短的後續問題，我有點好奇，我並不是想在這裡吹毛求疵，但因為我們現在都生活在各種增量數據點上，所以四月份的評論聽起來很棒。

You said May and June a little bit. After Easter's thrown a wrench into like a lot of the way that I think we are trying to look at, comps and modeling and everything and so it's been really hard to read the underlying trend. So what do you kind of chalk that that change up to maybe if you could, a sense of the magnitude of deceleration that you're seeing, that'd be helpful. Thanks.

您稍微說了一下五月和六月。復活節過後，我認為我們正在嘗試觀察的許多事情都受到了影響，包括比較、建模等，因此很難看出潛在的趨勢。那麼，如果您能了解一下所看到的減速幅度，那麼您認為這種變化可能是由什麼引起的呢？這將會很有幫助。謝謝。

Yeah, I mean, it's not a deceleration. It has more to do again with the setup of the way the conventions work. So I'll give you an example in San Francisco, RSA, which is the big computer security, cybersecurity, citywide that happens there every year. Last year was in May. It moved to the last four days of April this year. So San Francisco gets a huge lift in April, great setup, and, but May gets challenged. Now, May actually has a decent year over year calendar, but it's not as healthy as this large city-wide. It's a few sort of small to medium sized citywide.

是的，我的意思是，這不是減速。這又與公約運作方式的設定有更大的關係。我舉一個舊金山的例子，RSA 是每年都會在全市範圍內舉行的大型電腦安全、網路安全活動。去年是五月。今年，這項活動移至了四月的最後四天。因此，舊金山在四月獲得了巨大的提升，擁有良好的基礎，但五月卻面臨挑戰。現在，五月的日曆實際上與去年同期相比還不錯，但並不像這個大城市那麼健康。這是一個規模從小型到中型的城市。

So that's an example. The set up, the way the conventions fall year over year, those things have an impact on this sort of month to month comparison. And then we, and that has an impact on the pace that we look at, where our May pace is a little bit softer, our June pace gets a little better again, in the portfolio. We'll see if that holds up. Between now and then. So it's not something we're seeing in trends, again, it has more to do in particular with our portfolios set up and the markets we're in and the individual properties that we're in.

這就是一個例子。設定、會議逐年舉辦的方式，這些因素都會對這種每月比較產生影響。然後，這對我們所關注的步伐產生了影響，在投資組合中，5 月份的步伐稍微放緩，而 6 月份的步伐又稍微好轉了。我們將看看這是否成立。從現在到那時。所以這不是我們在趨勢中看到的，它更多地與我們的投資組合設置、我們所處的市場以及我們所處的個人資產有關。

Thanks so much. Great call today.

非常感謝。今天的通話很棒。

Yeah, thank you.

是的，謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thanks. Sorry we're juggling multiple calls today, but how do you think about the recovery curve in LA and what will be the leading indicators for that market to fix itself?

嘿，謝謝。抱歉，我們今天要接聽多通電話，但您如何看待洛杉磯的復甦曲線？該市場自我修復的領先指標是什麼？

Yeah, so I mean the, it's a simple answer. The leading indicators of the bookings, and where they're coming from, are they coming from our traditional industry groups and travelers? Is it coming from the entertainment industry? Is there increasing production, in TV, film, commercials? Are the music folks continuing to come and coming back? Where they come in and practice for three weeks before they go out on tour, in LA is the fashion industry demand returning, are the companies in Silicon Beach, the tech companies and the and the entertainment and Social platform companies, are they back to their normal travel policies and so, and what we've heard from them, we talked about this last quarter was their expectation that by March, April, and maybe at the latest, they'd be back to normal travel. And it is what we're seeing. So the pace of pick up, the interesting thing about LA.

是的，我的意思是，這是一個簡單的答案。預訂的領先指標以及它們的來源是來自我們的傳統行業團體和旅行者嗎？是來自娛樂圈的嗎？電視、電影和商業廣告的產量是否增加？音樂人還會繼續來嗎？他們在巡迴演出前會來這裡練習三週，洛杉磯的時尚產業需求是否正在恢復，矽灘的公司、科技公司、娛樂和社交平台公司是否恢復了正常的旅行政策等等，我們從他們那裡聽到的，我們在上個季度談到的是，他們預計到三月、四月，甚至最遲，他們就會恢復正常旅行。這正是我們所看到的。因此，回升的速度是洛杉磯有趣的地方。

There, there's not a lot of citywide. There's certainly not a lot of citywide downtown to begin with, but there are not many of those that even impact, West LA. We have a few major events like the Milken Institute event that I think is later this month. Or maybe it's in early June, I forget where it is this year, that impacts the West LA market because of that volume. But what we've seen, [Dwayne], is we've seen most of that business, rebook, and so it's a very short-term market, but we were in a bit of a hole for Q2 in terms of the starting pace and so we're still going to be off. In two, but each month gets better.

那裡，全市範圍內沒有太多。首先，全市範圍的市中心肯定不多，但對西洛杉磯有影響的也不多。我們有一些重大活動，例如米爾肯研究所活動，我認為該活動將於本月晚些時候舉行。或者可能是在六月初，我忘記了今年是什麼時候，由於數量眾多，對西洛杉磯市場產生了影響。但是，[德韋恩]，我們看到的是，大部分業務都在重新預訂，所以這是一個非常短期的市場，但就起步速度而言，我們在第二季度陷入了困境，所以我們仍然會休息。分為兩個階段，但每個月都會變得更好。

The pace of pickup is back to where we were, so we're really, it's really just that where we're starting each month that that has put us in the negative holes and that sort of start position, the booking pace, is less bad as each month goes by, so. So all of those things are the things that we look at, but really it's the feedback from our clients and not just the words, but are they booking? And we see it really quickly in that market because it's so short term.

回升的速度已經回到了我們之前的水平，所以我們實際上，這實際上只是我們每個月開始時的位置讓我們陷入了負面困境，而這種開始的位置，預訂速度，隨著時間的推移，每個月都會變得不那麼糟糕，所以。所以，所有這些事情都是我們要關注的，但實際上，我們關注的是客戶的回饋，而不僅僅是言語，而是他們是否預訂了？由於它是短期的，因此我們很快就能在該市場看到它。

Thank thanks for that and then just I don't know if there's any good way to measure this, but you know what is drive to demand in your portfolio and how and how might that be changing, just, how do you think about it, what percent of your mix is drive to and how might that be changing? Thank you.

謝謝你，但我不知道是否有任何好的方法來衡量這一點，但你知道你的投資組合中需求的驅動力是什麼，以及它如何變化，你怎麼看待它，你的投資組合中有多少百分比是驅動力，以及它如何變化？謝謝。

Yeah, I mean,, I'd love to be able to tell you we know how to measure it, but we don't ask people how they got there, and we don't have data for that, in our markets. I would say, obviously our, for the most part, all of our resorts are drive to. That's a conscious effort on our part. Strategically, it's not to say, properties in the Caribbean or in Hawaii or other fly to destinations aren't attractive.

是的，我的意思是，我很想告訴你我們知道如何衡量它，但我們不會問人們他們是如何做到這一點的，而且在我們的市場上我們也沒有這方面的數據。我想說，顯然我們的度假村大部分都是可以開車到達的。這是我們有意識的努力。從策略角度來看，這並不是說加勒比海地區、夏威夷或其他目的地的房產沒有吸引力。

We've just chosen not to be there for different reasons, but all of our properties are drive to and even some of the major markets like San Diego is a good example. It's a huge drive to market from LA, from Arizona, Phoenix, Las Vegas, in the summertime in particular when things get really hot in those markets, a lot of folks just drive into San Diego.

我們只是因為不同的原因選擇不去那裡，但我們所有的房產都是開車去的，甚至一些主要市場，例如聖地牙哥就是一個很好的例子。從洛杉磯、亞利桑那、鳳凰城、拉斯維加斯到這些市場的車流量很大，尤其是在夏季，當這些市場的景氣變得非常火爆時，很多人都會開車前往聖地牙哥。

So we see a lot of leisure business that's drive to in a market like that. Our Santa Cruz, business is almost all drive to. For our, Chamberlain resort, our Same-Property E again is almost all drive to, and we do know that from which are the groups that are there, where their offices. It doesn't mean they don't have some people coming from outside of the market, but the business demand generator is usually in or near the market being regional.

因此，我們看到許多休閒業務都朝著這樣的市場發展。我們聖克魯斯，生意幾乎都是開車去的。對於我們的張伯倫度假村來說，我們的同一物業 E 幾乎都是開車前往的，而且我們確實知道那裡有哪些團體，他們的辦公室在哪裡。這並不意味著他們沒有來自市場之外的人，而是業務需求的產生者通常位於區域市場內或附近。

Newport Harbor Island Resort in in Newport. It's a mix of drive to and fly to. Providence is easy to get in and out of, or even Boston, but it's a big drive to market from New York, as you probably know. So, and we do tend to benefit when folks are making decisions about how they spend their money and do they want to save a little bit, but maybe still take a vacation. The drive to markets do tend to benefit. Now again, we tend to be in the upper end of the socioeconomic customer, so they're a little less impacted by downturns typically, but those that are, we get benefits from the fact that they're drive to.

位於紐波特的紐波特港島度假村。可以開車前往，也可以搭飛機前往。進出普羅維登斯很方便，甚至波士頓也很方便，但您可能知道，從紐約到市場需要很大的車程。因此，當人們決定如何花錢，是否想省一點錢，但可能還是會去度假時，我們確實會受益。推動市場確實會帶來好處。再說一次，我們的客戶往往處於社會經濟地位的上端，因此他們通常受經濟衰退的影響較小，但對於那些處於社會經濟地位的客戶，我們會從他們的動力中受益。

And [Dwayne], this is a perfect indicator, but at our resorts in Q1, our parking revenue is up over 10%. Compared to overall, 7% revenue gain for the quarter. Now that could be a function of also of revising parking agreements and those sort of things, but it does indicate we get both fly to and drive-2. It's encouraging. That's why it's helpful in downturns, the drive-2 component if some people trade down if they're not flying out to Europe and they're staying domestically. Thank you.

而且 [Dwayne]，這是一個完美的指標，但在我們第一季的度假村，我們的停車收入增加了 10% 以上。與整體相比，本季營收成長了 7%。現在這可能也是修改停車協議和諸如此類的事情的功能，但它確實表明我們既可以飛行也可以開車。這令人鼓舞。這就是為什麼它在經濟低迷時期很有幫助，如果有些人不飛往歐洲而是留在國內，那麼他們就會降低消費水平，這是驅動力 2 的組成部分。謝謝。

Thank you.

謝謝。

Dori Kesten, Wells Fargo.

富國銀行的多麗‧凱斯滕 (Dori Kesten)。

Great, thank you. I appreciate all the details focused on expenses. Can you just talk more about where you think there's still the most used, where you're, just in case you do get to pull back on the top line and the back half and expenses can be even more helpful.

太好了，謝謝。我感謝所有關注費用的細節。您能否再多談談您認為哪些方面仍然最常用，您所在的位置，以防您確實需要縮減營業收入，而後半部分和費用可能會更有幫助。

Yeah, I mean, I think it's pretty comprehensive across the entire expense line item categories, as it relates to the efficiency, and the cost reductions that come through that. I think when it comes to. Sort of the hunkering down reaction that our industry loves to call these contingency plans, of course.

是的，我的意思是，我認為它涵蓋了整個費用項目類別，相當全面，因為它與效率以及由此帶來的成本降低有關。我認為當談到。當然，我們這個行業喜歡把這些應急計劃稱為一種蹲守反應。

We have level A, B, C, and D at all of our, at all of our properties, and we always look at them and say, well, the A ones, we should be doing those all the time.

我們所有的物業都設有 A、B、C 和 D 級，我們總是看著它們說，好吧，對於 A 級物業，我們應該一直這樣做。

It's not a contingency plan. It's a better way to operate the property, and then we start getting into B C&D, and we, as we get deeper into it tends to be deeper people cuts. It's. It's about how do we get the same amount done with fewer people, basically people working harder and smarter, as things get tougher, more cross training, utilization, less staffing of hourlies and having managers pick up shifts. Which is not a permanent solution, but it's a temporary solution when you have a relatively short six month, nine month, a year drop in volumes. So, but, when things get tougher, the hunker down tends to be more people.

這不是一個應急計劃。這是經營財產的更好方式，然後我們開始進入 B C＆D，並且隨著我們深入其中，我們往往會進行更深層次的人員削減。它是。這是關於我們如何用更少的人來完成同樣多的工作，基本上是讓人們更加努力和聰明地工作，隨著事情變得越來越艱難，更多的交叉培訓，利用率，減少計時人員的配備，並讓經理輪班。這不是一個永久的解決方案，但當交易量在相對較短的六個月、九個月或一年內下降時，這是一個臨時的解決方案。所以，但是，當事情變得更加艱難時，堅持下來的人往往會更多。

Okay, thank you for that. And then, as you think about the potential tariff impacts on CapEx, how do you think about maybe changing some of your strategies in terms of areas you want to invest or maybe even more importantly, as you think about the competition or assets you've had your eyes on, do you think this is going to change, competitors' appetite to invest and open up more opportunities for you on the investment side, or are we just not there yet?

好的，謝謝你。然後，當您考慮關稅對資本支出的潛在影響時，您是否考慮過改變您想要投資的領域的一些策略，或者更重要的是，當您考慮競爭或您關注的資產時，您是否認為這會改變競爭對手的投資興趣並在投資方面為您帶來更多機會，或者我們還沒有做到這一點？

So two things. First of all, in terms of our capital, the good news is over the last five years we went through this massive comprehensive redevelopment within our portfolio of pretty much all of our assets and so outside of the potential conversion of Paradise Point to Margaritaville. All of our major projects are done. We don't have any major platform or, portfolio programs at this time that the capital that we, I mean, and we just completed really the last of them, which was not originally planned, but the brand change, and renovation of what's now the Hyatt Centric Delfina Santa Monica.

所以有兩件事。首先，就我們的資本而言，好消息是，在過去五年中，我們對我們的投資組合中的幾乎所有資產（除了將天堂角 (Paradise Point) 轉變為瑪格麗塔維爾 (Margaritaville) 的可能性之外）進行了大規模的綜合重建。我們所有的主要項目都已完成。我們目前沒有任何主要的平台或投資組合計劃，我的意思是，我們剛剛完成了最後一個，這不是最初的計劃，而是品牌的改變，以及現在的 Hyatt Centric Delfina Santa Monica 的翻新。

So we're really done with the need to go out and buy FF&E and do major renovation projects through the portfolio. Most of where we're spending capital relates to infrastructure. Most of that is not impacted by tariffs. It's, material supplied in the US.

因此，我們實際上不再需要出去購買 FF&E 並透過投資組合進行重大改造項目。我們的大部分資金都花在了基礎設施上。其中大部分不受關稅影響。這是在美國供應的材料。

So I don't, we haven't really heard of much impact at all from any of those projects that have moved forward. We do have major equipment sometimes on occasion it's made outside of the US, but a lot of it is made here in the US. So whether that's HVAC equipment, and then we have other ROI projects, many of which relate to sustainability and reducing consumption.

所以，我並沒有真正聽說這些已經推進的項目會產生多大影響。我們的主要設備有時是在美國以外製造的，但許多都是在美國製造的。因此，無論是暖通空調設備，還是我們其他的投資回報項目，其中許多都與可持續性和減少消耗有關。

Some of that comes from outside of the US. LED bulbs and things like that in many cases come from outside the US, as do some of those fixtures. But again, we haven't seen any change in those costs yet. I suppose, Ray, any of the solar projects we've been looking at could get affected based upon these tariffs on solar.

其中一些來自美國以外。在很多情況下，LED 燈泡和類似的東西都來自美國以外，一些燈具也是如此。但我們還沒有看到這些成本有任何變化。雷，我想，我們所關注的任何太陽能項目都可能受到這些太陽能關稅的影響。

It could fortunately for some of those solar projects we bought ahead of the tariffs, so we have some of that in storage, but. Yeah, some of those areas could put a crimp on it, but look, I think the bigger picture is, look, there's a lot of focus right now on the macro and anxiety around what's happening or not happening with demand, but longer term this should make replacement costs and construction costs go up, which further pushes the new supply growth down. It's already very low. I know most people aren't focused on that right now. But over the next three to five years, it's going to continue to put pressure on new supply growth, which is great on our ownership side. Maybe not so much if you're a developer, if you're a brand, but for our side, that's great in a lot of our markets.

幸運的是，我們在關稅實施前購買的一些太陽能項目可以實現這一目標，因此我們將其中一些項目儲存起來，但是。是的，其中一些領域可能會對其造成限制，但我認為，從更大的角度來看，現在人們非常關注宏觀經濟，並對需求的發生或未發生的事情感到焦慮，但從長遠來看，這應該會導致重置成本和建築成本上升，從而進一步壓低新的供應增長。已經很低了。我知道大多數人現在並不關注這一點。但在未來三到五年內，它將繼續對新供應成長施加壓力，這對我們的所有權而言是件好事。如果你是開發商，或是品牌，那麼情況可能就沒那麼好了，但對我們來說，這在我們的許多市場中都是一件好事。

And I think to your comment about do we change the way we're allocating capital and will this create opportunities for acquisition? I think, for now where we're going to put capital is going to relate to buying our stock back because we can buy our existing assets back at a way bigger discount and much greater value creation than anything we could buy on the market today.

我認為您的評論是關於我們是否會改變我們分配資本的方式，這是否會創造收購機會？我認為，現在我們要把資金投入到回購股票上，因為我們可以以比現在市場上任何東西都更大的折扣和更大的價值創造回購現有資產。

And there's no tariffs on buybacks.

且回購不徵收關稅。

And there's no tariffs on buybacks.

且回購不徵收關稅。

Okay, because what you say, you never know, could change.

好的，因為你永遠不知道你說的話可能會改變。

Exactly. We don't want to give anybody any ideas.

確切地。我們不想給任何人任何想法。

That's right. All right, thank you very much.

這是正確的。好的，非常感謝。

Gregory Miller, Truist.

格雷戈里·米勒，Truist。

Thanks. Good morning, everyone. I'd like to ask a question in a similar context to [Dwayne's] question. And speaking about your drive to resorts, what are your current expectations for summer performance and maybe specifically for the resorts that have stabilized operations or pretty close to that stabilization, do you expect that you're going to have positive rooms around par year every year this summer? Thanks.

謝謝。大家早安。我想問一個與[Dwayne]的問題類似的問題。說到您對度假村的推動，您目前對夏季業績的期望是什麼？特別是對於那些營運已經穩定或接近穩定的度假村，您是否預計今年夏天每年的房間數量都會與往年持平？謝謝。

Yeah, I'd love to be able to answer that. I think we, there's just too much uncertainty now and a lot of our, particularly our leisure business in the summer, Greg, is very short term booked, so particularly at the margin, right? So you get a lot of repeat business and some people plan ahead, but you get a lot of people who decide spur of the moment, or within a week or two or a few days of when they want to take a vacation.

是的，我很樂意回答這個問題。我認為我們現在有太多的不確定性，我們的許多業務，特別是夏季的休閒業務，格雷格，都是短期預訂的，所以特別是在邊際上，對嗎？因此，你會有很多回頭客，有些人會提前計劃，但也有很多人是臨時決定的，或者在他們想要休假的一兩週或幾天內決定的。

So it's too early to tell and most, I mean the vast majority of our resorts are going to benefit from their redevelopments. We don't really have many that are stable at this point in time in terms of the resort category, maybe a Paradise Point. At this point, but all the others benefiting from more recent redevelopments. So it's just too early to forecast, what the summer leisure business is going to look like.

所以現在下結論還為時過早，大多數，我的意思是我們的絕大多數度假村都將從重建中受益。就度假村類別而言，我們目前確實沒有太多穩定的度假村，也許有一個天堂點 (Paradise Point)。目前，其他所有人都受益於最近的重建。因此，現在預測夏季休閒業務的前景還為時過早。

Okay, understood. Maybe just switching to a different topic. You're speaking about potential labor reductions and operating efficiency efforts.

好的，明白了。也許只是切換到不同的主題。您談到了潛在的勞動力減少和營運效率提高的努力。

If for anything that's guest facing and playing a little bit of a devil's advocate here, how are you preventing guest satisfaction scores or your rate positioning not being negatively impacted by your efforts?

如果對於任何面對客人並扮演一點魔鬼代言人的角色，您如何防止客人滿意度分數或您的價格定位受到您的努力的負面影響？

Yeah, so that's a big focus of ours is when we, before we implement things in the portfolio, we're always looking at what impact will this have on the customer experience and as we're particularly with our independent hotels, but really all of our properties, including a lot of our major branded properties which tend to be lifestyle focused, we are focused on the experience that the customer gets. And that's a big part of the transformations and redevelopments and amenities and reconnecting that we've done.

是的，這是我們關注的重點，在我們將新事物融入投資組合之前，我們總是在考慮這會對客戶體驗產生什麼影響，尤其是對於我們的獨立酒店，但實際上我們所有的酒店，包括許多主要品牌酒店，它們往往以生活方式為中心，我們都專注於客戶獲得的體驗。這是我們所做的改造、重建、便利設施和重新連接的重要組成部分。

So we don't want to do anything that the customer cares about. There are often things the customer doesn't care about, doesn't want to pay for, that, either a brand or maybe things that might have been done in the past where the customers interests and have changed. And then -- and those we would make changes on and be open to making changes on, but most of what we're talking about has to do with efficiency, not changing the service. We're constantly monitoring the customer reviews.

所以我們不想做任何客戶關心的事情。通常有些事情是客戶不關心、不願意付費的，要么是品牌，要么是過去做過的事情，客戶的興趣已經改變了。然後——我們會對這些做出改變，並且願意做出改變，但我們談論的大部分內容都與效率有關，而不是改變服務。我們不斷監控客戶評論。

Our rankings of customer satisfaction have gone up consistently every year since the pandemic before the pandemic. That's a high focus of ours. As well. So, customers are quick to tell you when they're unhappy. And so if we do something that creates unhappiness, we're going to reverse it pretty quickly assuming we think it's going to have an impact on business.

自從疫情爆發以來，我們的客戶滿意度排名每年都在穩定上升。這是我們高度關注的。也一樣。因此，當顧客不滿意時，他們會很快告訴你。因此，如果我們所做的事情造成了不快樂，我們很快就會扭轉它，因為我們認為這會對業務產生影響。

Thank you, Jon.

謝謝你，喬恩。

Thank you, Greg.

謝謝你，格雷格。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks and good morning. Jon, I think we previously talked a little bit about seeing some price consciousness on the part of higher-end consumers curious, if you're seeing that now and how you'd expect that to play out, particularly as it relates to maybe rates moving through the rest of the year.

謝謝，早安。喬恩，我想我們之前談到高端消費者對價格的某些意識，你好奇現在是否也看到了這一點，以及你預計這種情況會如何發展，特別是因為它可能與今年剩餘時間的利率走勢有關。

Yeah, I mean, clearly if you look at our portfolio, our gains have primarily been through occupancy, not as much through rate. I think that's a result of two things. One is mix, where the occupancies, the additional occupancies coming from within the portfolio. We've talked about that in previous calls, and then two, yes, sensitivity on the part of the customer.

是的，我的意思是，如果你看看我們的投資組合，你會發現我們的收益主要來自於入住率，而不是房價。我認為這是兩件事的結果。一種是混合型，其中佔用率和額外佔用率均來自投資組合內部。我們在之前的通話中已經討論過這個問題，然後是第二點，是的，客戶的敏感度。

Waiting to buy when things are on sale or discount or special offerings, we TRY to do value add offerings in most of our properties versus just discounting, but, sometimes you we have to do discounting, to drive a marginal occupancy and given the spend that goes on in our properties, we've determined that in in almost all cases within our portfolio today. Occupancy is as profitable as rate is within our portfolio because of all the additional spend that, that's been added, and that occurs through all the amenities that we've added in our property.

等到有促銷、折扣或特價活動時再購買，我們嘗試在大多數房產中提供增值服務，而不僅僅是打折，但有時我們必須打折，以推動邊際入住率，考慮到我們房產的支出，我們已經確定，在我們今天的投資組合中，幾乎所有情況下都是如此。在我們的投資組合中，入住率和房價一樣有利可圖，因為我們增加了所有額外支出，而這些支出是透過我們在酒店中增加的所有設施產生的。

So that tends to be the way we're focused on it and. It's not all about just price, but yes, there we've been seeing price sensitivity really since '22, particularly when people decided that they didn't want to pay that extra money for suites or for view rooms and so we're always balancing what those premiums are for those premium rooms.

所以這往往是我們關注的方式。這不僅與價格有關，但是是的，自 2022 年以來，我們確實看到了價格敏感性，特別是當人們決定不想為套房或景觀房支付額外的費用時，所以我們總是在平衡這些高級客房的溢價。

Thanks, and then maybe just going back to the and the impact curious how you think about that market longer term and if you've used there have changed in it anyway.

謝謝，然後也許只是回到影響，好奇您如何看待這個市場的長期發展，以及如果您已經使用過它，它是否發生了變化。

I'm not sure I follow that question. Shoot it to me again.

我不確定我是否明白了這個問題。再向我射擊一次。

On DC, does what's happening with those change your longer term views on that market and how much exposure you'd want to have that?

在 DC，這些事情是否會改變您對該市場的長期看法以及您希望獲得多少曝光？

It really doesn't, it's -- again, as I mentioned, there are a lot of good things going on in DC. DC is very resilient, has been over the decades. I've lived through, many Presidents who came in to make cuts and some who were successful and some who are not, and government growth itself hasn't been the driving force behind DC's growth over the last probably 20 years.

其實不然，正如我之前提到的，華盛頓特區有很多好事正在發生。華盛頓特區的韌性很強，幾十年來一直如此。我經歷過許多總統上任後削減開支，有些成功了，有些則沒有，但政府擴張本身在過去 20 年裡並不是華盛頓特區發展的動力。

I mean the size of the government workforce here hasn't increased over that period of time. It's really all the private industry and of course business that does serve government that chooses to try to co-locate in the market and particularly in Northern Virginia or Maryland. So I don't think our view on DC changes and I think. This administration has, four years left and we'll move on to the next one who may have a completely different viewpoint.

我的意思是，這裡的政府工作人員規模在那段時間內並沒有增加。事實上，所有私人企業，當然還有為政府服務的企業都選擇在市場上共同設立辦事處，特別是在北維吉尼亞州或馬裡蘭州。所以我不認為我們對 DC 的看法會改變。這屆政府還剩四年任期，我們將迎來下一屆政府，下一屆政府可能會有完全不同的觀點。

Thank you.

謝謝。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Thanks. Good morning. Jon, your framing of government and government adjacent exposure earlier in the call was helpful. Can you do the same for international travel, and then what are you seeing in the bookings data for international? How does that kind of compare with sort of the tough outcome in March and where do you think the portfolio might be more or less at risk going forward?

謝謝。早安.喬恩，你在通話中早些時候對政府和政府相關風險的闡述很有幫助。您能對國際旅行做同樣的事情嗎？那麼您在國際預訂資料中看到了什麼？這與三月的艱難結果相比如何？您認為未來投資組合面臨的風險可能更大還是更小？

Yeah, I mean, I Again, I think our industry doesn't do a great job with our own data in terms of where the customer comes from, because a lot of times if an international traveller books their business and they do it through a US travel agent and they don't show up as an international inbound. So frankly, we're a little more forced to look at anecdotal information and then look at the government data when it comes out on a monthly basis. And the good news at least about the government data is it's a lot more timely than it used to be. It's only about one month behind from a time perspective. It used to be six or nine months or some crazy amount of time, so. I think, there, there're likely with some impact from the Easter shift that hit March hard.

是的，我的意思是，我再說一次，我認為我們的行業在處理客戶來源方面自己的數據方面做得併不好，因為很多時候，如果國際旅行者通過美國旅行社預訂業務，他們就不會顯示為國際入境旅客。因此坦白說，我們更傾向於查看軼事信息，然後在每月發佈時查看政府數據。至少關於政府數據的好消息是它比以前更及時。從時間角度來看，僅落後約一個月。過去通常是六個月或九個月或一段相當長的時間。我認為，三月復活節的到來可能會帶來一些影響。

We'll see what April look looks like and see how much of that reverses and I think in my comments, I mentioned I don't think, it's likely to continue at the sort of down 10% that March was. On a year over year basis, but frankly, we don't know.

我們將觀察四月份的情況，看看情況會有多少逆轉，我想在我的評論中，我提到過，我認為它不太可能繼續保持三月份 10% 的跌幅。按年計算，但坦白說，我們不知道。

We're going to have to wait and see. You're talking about human behavior and reaction to, government policies and rhetoric and things being said, and so we just have to wait and see. We've heard from some of our conferences that people have had a hard time getting visas to come in for some of these conferences, that it's taking longer, they're not getting their visas or they're getting them a day or two before the conference, which makes it hard for people to plan, and commit to traveling. We've been talking to the administration as an industry about trying to speed that up since that's an export, if you will, it's great for people to come to this country and spend money and we want them to feel welcome to do that. So we're trying to help push to create that environment, but clearly that's not the environment that is the perception right now on the part of travelers, so.

我們將不得不拭目以待。您談論的是人類的行為和對政府政策、言論和言論的反應，所以我們只能拭目以待。我們從一些會議中聽說，人們很難獲得參加這些會議的簽證，需要更長的時間，他們無法獲得簽證，或者在會議開始前一兩天才獲得簽證，這使得人們很難計劃和承諾旅行。作為一個行業，我們一直在與政府溝通，試圖加快這一進程，因為這是一種出口，如果你願意的話，人們來到這個國家消費是件好事，我們希望他們感到受歡迎。因此，我們正在努力推動創造這樣的環境，但顯然這不是旅行者目前所感知的環境。

A lot of uncertainty, the impact is probably more in the urban markets than it would be in our resort markets, and it's probably, The East Coast markets and Florida, that would be the ones most impacted at this point. A lot of the Asian travel has already been slow to recover, doesn't seem to be being impacted by the policies and rhetoric as much as European and Canadian travel. We're not in New York, which is obviously the biggest international market in the United States, and so the rest of our markets tend to be down in the mid-single digits, maybe DC in the upper single digits.

存在著許多不確定性，其對城市市場的影響可能比對度假市場的影響更大，目前受影響最大的可能是東海岸市場和佛羅裡達州。許多亞洲旅遊業已經緩慢復甦，似乎並沒有像歐洲和加拿大旅遊業那樣受到政策和言論的影響。我們不在紐約，紐約顯然是美國最大的國際市場，因此我們其他市場的銷售額往往下降個位數中段，華盛頓特區的銷售額可能下降個位數上段。

And, Chris, I think it's also important to look at the other side of that ledger is the outbound from the US travelers, which is up, way above where it was pre-COVID.

克里斯，我認為從另一個角度來看美國出境旅客數量也很重要，這一數字遠高於新冠疫情之前的水平。

And with the concerns around the macro and all that and some people may be staying close to home and drive to. That could be a benefit of some of the slowdown where there's more US travelers staying domestically and vacationing here versus going out to, Paris for the Olympics and going to Japan and Europe, which we've seen a lot of. So there's other side of the two, I think it's more to look at both sides of the equation when we speak the international demand.

由於對宏觀經濟等問題的擔憂，有些人可能會待在家裡，開車前往。這可能是經濟放緩的好處，因為更多的美國遊客留在國內度假，而不是去巴黎參加奧運、去日本和歐洲，我們已經看到很多這樣的情況。因此，兩者還有另一面，我認為，當我們談論國際需求時，應該更多地考慮等式的兩邊。

And I think that look, the dollar has softened over and come down over the last month or two. That would normally be helpful to inbound international and would normally be hurtful for outbound. So we, we'll see what impact the dollar has as well, on that on that imbalance.

我認為，美元在過去一兩個月內已經走軟並下跌。這通常對入境國際航班有幫助，但對出境國際航班則有害。因此，我們將看看美元對這種不平衡有何影響。

Got it. Yeah, that's all helpful commentary. Appreciate it. Maybe on just a more positive note real quick, I think I heard you say that Key West enjoyed positive RevPAR growth in the quarter. One of your peers, I think, reported a decline in Key West. Curious, how your performance compared to the market there and maybe, perhaps what you did right or what went right for you.

知道了。是的，這些都是有用的評論。非常感謝。也許只是簡單地快速地談談更積極的事情，我想我聽到您說基韋斯特在本季度實現了 RevPAR 的正增長。我認為，您的一位同事報告了基韋斯特的衰退。好奇的是，您的表現與那裡的市場相比如何，也許您做對了什麼或什麼對您來說是正確的。

Well, we, it's really two things. One is we, we're benefiting from significant investment dollars that we put into the southernmost resort and marker in upgrading both of them, and so we're gaining share in the market on the market, that's number one . Number two is I think from a strategy perspective or we TRY to get out in front of what we expected to be some slowdown. In demand, and so we put more business on the books further out, and that's been helpful.

嗯，我們，這其實是兩件事。一是，我們受益於對最南端的度假村和地標建築進行升級改造的大量投資，因此我們在市場上的份額不斷擴大，這是最重要的。第二，我認為從策略角度來看，我們應該嘗試超越我們預期的經濟放緩。由於需求旺盛，我們便在更遠的地方開展了更多的業務，這很有幫助。

Got it. Thank you for the time.

知道了。感謝您抽出時間。

Yeah, thanks Chris.

是的，謝謝克里斯。

We have reached the end of the question and answer session. Mr. Bortz, I'd like to turn the floor back over to you for closing comments.

問答環節已經結束。博茨先生，我想把發言權交還給您，請您發表最後評論。

Thanks everybody for those who are still there. We appreciate you taking the time. We know it's a busy day with lots of calls. We look forward to updating you in 90 days and hopefully we'll have more clarity at that point in time. In the meantime, I hope you'll have a nice summer and we'll talk to you in late July. Thank you.

感謝所有仍然在那裡的人。感謝您抽出時間。我們知道今天很忙，會接到很多電話。我們期待在 90 天後向您更新情況，並希望屆時我們能夠獲得更清晰的資訊。同時，我希望您度過一個愉快的夏天，我們將在七月下旬與您交談。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與並祝您有美好的一天。