Pebblebrook Hotel Trust (PEB) 2026 Q1 法說會逐字稿

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

各位好，歡迎參加 Pebblebrook Hotel Trust 第一季財報電話會議。（接線員指示）提醒各位，本次會議正在錄音。

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

現在很榮幸為各位介紹本次會議主持人：共同總裁兼財務長 Raymond Martz。謝謝。請開始。

Thank you, Donna, and good morning, everyone. Welcome to our first-quarter 2026 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，Donna，各位早安。歡迎參加我們 2026 年第一季財報電話會議。今天與我一同出席的有：董事長兼執行長 Jon Bortz，以及共同總裁兼投資長 Tom Fisher。

Before we begin, I'd like to remind everyone that our remarks are as of today, April 29, 2026, and today's comments may include forward-looking statements that are subject to various risks and uncertainties. Please review our SEC filings for a detailed discussion of these risk factors and visit our website for reconciliations of any non-GAAP financial measures mentioned today.

在開始之前，我想提醒各位，我們的發言以今天——2026 年 4 月 29 日——為準；今天的評論可能包含前瞻性陳述，並受各種風險與不確定性影響。請查閱我們向 SEC 提交的文件，以了解這些風險因素的詳細討論，並請造訪我們的網站，以取得今天提及之任何非 GAAP 財務衡量指標的調節表。

Now, let's jump into the first-quarter financial results. We had an exceptional first quarter, with results well above the high end of our outlook across key earnings metrics. Same property hotel EBITDA increased 27.6% to $82.2 million, coming in $8.2 million above the high end of our outlook.

現在讓我們進入第一季財務結果。我們第一季表現非常出色，關鍵獲利指標的結果均明顯高於我們展望區間的上緣。同店飯店 EBITDA 成長 27.6% 至 8,220 萬美元，較我們展望上緣高出 820 萬美元。

Adjusted EBITDA was $73.3 million, up 29.5% from last year and $9.3 million above the high end. Adjusted FFO per diluted share doubled year over year to $0.32, which was $0.09 above the high end of our outlook. This was a very strong quarter by any measure. Even more important, performance was not narrowly driven. While we had a great setup, the strength was broad across the portfolio, and the performance came from both stronger revenues and superb expense control.

調整後 EBITDA 為 7,330 萬美元，較去年成長 29.5%，並較上緣高出 930 萬美元。稀釋後每股調整後 FFO 年增一倍至 0.32 美元，較我們展望上緣高出 0.09 美元。以任何標準衡量，這都是非常強勁的一季。更重要的是，表現並非由單一因素所驅動。雖然我們具備良好條件，但強勁動能遍及整體投資組合，績效同時來自更強的營收與卓越的費用控管。

At the property level, same property occupancy increased 550 basis points, ADR increased 2.8%, RevPAR increased 11.8%, total revenue increased 10.1%. Same property total expenses increased just 5.6%, driving 327 basis points of hotel EBITDA margin expansion. More than half of the incremental same property revenue flow through to hotel EBITDA. That reflects the strategic operating initiatives we've been implementing across the portfolio that benefits from our investments in revenue, generating amenities and venues, and strong execution by our property teams and asset managers. The strength extended across the portfolio, with 32 hotels exceeding revenue forecasts and 34 exceeding GOP forecasts in the quarter. San Francisco was exceptional.

在物業層級，同店入住率提升 550 個基點，ADR（平均每日房價）成長 2.8%，RevPAR（每可供出租客房收入）成長 11.8%，總營收成長 10.1%。同店總費用僅增加 5.6%，帶動飯店 EBITDA 利潤率擴張 327 個基點。超過一半的同店增量營收流入飯店 EBITDA。這反映我們在整體投資組合推動的策略性營運措施，受益於我們在創收型設施與場域的投資，以及物業團隊與資產管理團隊的強力執行。本季強勢表現遍及整體投資組合，有 32 家飯店營收超越預測、34 家超越 GOP（總營運利潤）預測。舊金山表現尤為突出。

While it benefited from the Super Bowl and a large citywide convention that shifted into the first quarter, all segments, including business and leisure transient, were incredibly strong and continued to recover. RevPAR increased a robust 44.5%, and hotel EBITDA more than tripled from a year ago, climbing by $11.6 million. Los Angeles also recovered sharply from last year's fire-related disruptions, with RevPAR climbing 31.5% and occupancy growing more than 16 points to 74.6%. The improvement across LA properties was broad-based, helped by a stronger leisure demand, improving entertainment-related group and leisure activity, and the ramp-up of our recently renovated and rebranded Hyatt Centric Delfina in Santa Monica. LA's Q1 same property EBITDA increase recaptured all of the EBITDA loss in the first quarter from last year's fires.

雖然受惠於超級盃以及一場大型全市型會議檔期移至第一季，但所有客源區隔（包括商務與休閒散客）都極為強勁並持續復甦。RevPAR 強勁成長 44.5%，飯店 EBITDA 較去年同期增加逾三倍，提升 1,160 萬美元。洛杉磯也自去年火災相關干擾中大幅復甦，RevPAR 上升 31.5%，入住率提升逾 16 個百分點至 74.6%。洛杉磯各物業的改善相當全面，受惠於更強的休閒需求、娛樂相關團體與休閒活動回升，以及我們近期完成翻新並重新品牌定位的 Santa Monica「Hyatt Centric Delfina」持續爬坡。洛杉磯第一季同店 EBITDA 的增幅，已收復去年第一季火災造成的全部 EBITDA 損失。

While San Francisco and LA were standout markets, they were far from the whole story. Our urban portfolio posted RevPAR growth of 14.3%, Total RevPAR growth of 12.9%, and EBITDA growth of 55.1%. San Diego urban hotels delivered RevPAR growth of 8.7%, driven by a 900 basis point jump in occupancy, supported by healthy weekend leisure demand. Chicago also turned in a good quarter, with RevPAR increasing 5.6%. Washington, DC. was our most challenged market in Q1, with RevPAR declining 24.1%, reflecting a very difficult inauguration comparison and continued weakness in government-related travel, though we have seen some recent improvements. Boston was another softer market, with RevPAR down 3%, reflecting lighter citywide calendar, two major winter storms, and a rooms renovation of Revere Hotel Boston Common.

雖然舊金山與洛杉磯是亮點市場，但絕非全部故事。我們的都會型投資組合 RevPAR 成長 14.3%，Total RevPAR 成長 12.9%，EBITDA 成長 55.1%。聖地牙哥都會飯店 RevPAR 成長 8.7%，主要由入住率躍升 900 個基點所帶動，並獲健康的週末休閒需求支撐。芝加哥也交出不錯的一季，RevPAR 成長 5.6%。華盛頓特區是我們第一季最具挑戰的市場，RevPAR 下滑 24.1%，反映就職典禮的高基期比較非常艱難，以及政府相關差旅持續疲弱，儘管我們近期已看到一些改善。波士頓也是較疲弱的市場之一，RevPAR 下滑 3%，反映全市型活動行事曆較淡、兩場重大冬季風暴，以及 Revere Hotel Boston Common 的客房翻新工程。

We expect both markets to improve in the second quarter, given the better event calendars. Our resorts also had a very strong quarter, with RevPAR rising 7.5%, Total RevPAR increasing 6.7%, and EBITDA climbing 13.9%. Resort performance was driven by resilient leisure demand, healthy on-property spending, favorable holiday timing, and the continued ramp-up of our redeveloped assets.

我們預期在第二季，隨著活動行事曆轉佳，兩個市場都將改善。我們的度假村同樣交出非常強勁的一季，RevPAR 上升 7.5%，Total RevPAR 增加 6.7%，EBITDA 成長 13.9%。度假村表現主要由具韌性的休閒需求、良好的館內消費、假期時點有利，以及我們重建資產持續爬坡所帶動。

We also benefited from an earlier than normal spring break, which pulled more spring break travel into March from April. Several resorts delivered double-digit RevPAR gains, including Newport Harbor Island Resort, LaPlaya Beach Resort & Club, Skamania Lodge, Paradise Point Resort & Spa, San Diego Mission Bay Resort, and Estancia La Jolla Hotel & Spa. Overall, first quarter demand was encouraging despite heightened geopolitical tensions and increased uncertainty around travel.

我們也受惠於春假時間較往年提前，將部分春假旅遊從 4 月拉到 3 月。多家度假村 RevPAR 取得雙位數成長，包括 Newport Harbor Island Resort、LaPlaya Beach Resort & Club、Skamania Lodge、Paradise Point Resort & Spa、San Diego Mission Bay Resort，以及 Estancia La Jolla Hotel & Spa。整體而言，儘管地緣政治緊張升高、旅遊不確定性增加，第一季需求仍令人鼓舞。

Leisure demand remained strong, business transit continued to grow and recover, and group was stable. Consistent with broader travel and spending commentary, visibility has shortened somewhat since late March, but we have not seen any material change in booking trends to date. Premium leisure and business travel have remained healthy to date. Weekday RevPAR increased 9.7% overall and 12% in our urban markets, while weekend RevPAR increased 15% overall.

休閒需求維持強勁，商務散客持續成長並復甦，團體需求則保持穩定。與更廣泛的旅遊與消費評論一致，自 3 月下旬以來能見度略有縮短，但截至目前我們尚未看到訂房趨勢出現任何重大變化。高端休閒與商務旅遊迄今仍維持健康。整體平日 RevPAR 成長 9.7%，我們都會市場平日 RevPAR 成長 12%；週末 RevPAR 整體成長 15%。

Weekend leisure demand remains healthy, but the improvements in weekday demand is equally important as it reflects the continued recovery in business transient and group travel and creates more meaningful earnings power as urban occupancies rebuild. What also stood out this quarter was the quality of the revenue growth. Out-of-room revenues, again, grew up nicely, 7.6% overall. Food and beverage revenues increased 7.4%.

週末休閒需求仍然健康，但平日需求的改善同樣重要，因為這反映商務散客與團體旅遊持續復甦，並在都會型入住率回升之際，創造更具意義的獲利能力。本季另一個亮點是營收成長的品質。非客房營收再次有不錯成長，整體增加 7.6%。餐飲營收成長 7.4%。

Outlet revenues were up 10.2%, and banquets and catering revenues increased 4.8%. Guests were not only staying with us in greater numbers, but they were also spending more on property, and that is exactly the kind of revenue mix that supports increased profitability.

餐飲據點（outlet）營收成長 10.2%，宴會與外燴營收成長 4.8%。住客不僅以更高的數量入住，也在館內消費更多，而這正是能支撐獲利提升的營收組合。

On the expense side, our strategic operating initiatives again delivered this quarter. Total expenses rose by only 5.6%, while total revenues increased 10.2%. Food and beverage revenues rose 7.4%, while food and beverage expenses increased just 3.7%. Sales and marketing expenses, excluding franchise fees, grew only 3.9%, while energy costs actually declined 2.8%.

在費用方面，我們的策略性營運措施本季再次交出成果。總費用僅上升 5.6%，而總營收增加 10.2%。餐飲營收上升 7.4%，餐飲費用僅增加 3.7%。不含特許權費的銷售與行銷費用僅成長 3.9%，能源成本甚至下降 2.8%。

On a per occupied room basis, total expenses declined 2.8% and total expenses before fixed costs declined 3.2%, demonstrating the favorable benefits of the operating leverage in our portfolio. We are generating more efficiencies from improved labor, productivity, and technology use, tighter cost controls, and continued benefits from property level efforts to reduce energy and water consumptions.

以每間已入住客房計算，總費用下降 2.8%，扣除固定成本前的總費用下降 3.2%，顯示我們投資組合營運槓桿帶來的有利效益。我們透過改善人力生產力與科技運用、加強成本控管，以及物業層級持續降低能源與用水消耗的努力，取得更多效率。

Said more simply, as revenues improve, our portfolio is flowing more of that upside to the bottom line than it did a year or two ago. A quick point on one-time items, because it is important to put this quarter into the proper context, the Super Bowl contributed about 215 basis points to same-property RevPAR, and the recovery in Los Angeles contributed another 285 basis points.

更簡單地說，隨著營收改善，我們投資組合將更多上行空間轉化為最終獲利，相較一、兩年前更為明顯。關於一次性項目補充一點，因為將本季放在正確脈絡中很重要：超級盃約為同店 RevPAR 貢獻 215 個基點，而洛杉磯的復甦另貢獻 285 個基點。

Offsetting those benefits, the two winter storms reduced RevPAR by about 115 basis points, and the difficult inauguration comparison in Washington, DC, reduced it by another 105 basis points. Even after adjusting for those items, same-property RevPAR still grew by roughly 9%, underscoring the overall strength of the quarter. This strong underlying performance translated into higher free cash flow and greater financial flexibility.

抵銷上述利多的因素包括：兩場冬季風暴使 RevPAR 約減少 115 個基點，而華盛頓特區就職典禮的艱難比較則再減少約 105 個基點。即使調整這些項目後，同店 RevPAR 仍約成長 9%，凸顯本季整體強勁。這樣的強勁基本面表現也轉化為更高的自由現金流與更大的財務彈性。

On the capital side, we invested $11.9 million into our properties during the quarter, including guest room renovations at Chaminade Resort & Spa and Revere Hotel Boston Common, both of which are now substantially complete. For the full year, we still expect capital investments of $65 million-$75 million, which represents a much more normalized run rate and an important tailwind for higher discretionary free cash flow and greater flexibility for debt reduction and share repurchases.

在資本支出方面，我們本季對物業投資 1,190 萬美元，包括 Chaminade Resort & Spa 與 Revere Hotel Boston Common 的客房翻新，兩者目前均已大致完成。就全年而言，我們仍預期資本投資為 6,500 萬至 7,500 萬美元，這代表更為正常化的投入水準，並將成為提高可支配自由現金流與提升財務彈性的關鍵順風，有助於降低負債與回購股份。

We also completed the April 1 rebranding of Mondrian Los Angeles into The Valorian Los Angeles, Curio Collection by Hilton. We believe this strategic change has and will create value for the property. Rebranding as an independent franchise hotel within Curio leverages Hilton's distribution platform, pairs it with a strong entrepreneurial style operator in Pivot, and preserves the distinctive character of this iconic hotel. We made this change at no cost as franchise-related key money funded the changeover. We appreciate the partnership with both Hilton and Pivot during this strategic transition, and we are excited to work together to drive improved performance at this important property in LA Moving to our balance sheet, our net debt to EBITDA ratio declined to 5.5 times from 5.9 times at the end of last year.

我們也已於 4 月 1 日完成將洛杉磯蒙德里安（Mondrian Los Angeles）重新品牌為洛杉磯瓦洛里安（The Valorian Los Angeles, Curio Collection by Hilton）。我們相信這項策略性變更已經並將持續為該資產創造價值。作為 Curio 旗下的獨立加盟飯店進行重新品牌，能夠運用希爾頓的分銷平台，並與 Pivot 這家具強烈創業風格的營運商相結合，同時保留這家指標性飯店的獨特個性。我們以零成本完成此變更，因為與加盟相關的 key money 資助了轉換費用。我們感謝在此策略轉型期間與希爾頓及 Pivot 的合作夥伴關係，也很期待攜手合作，推動這項位於洛杉磯的重要資產之營運表現改善。回到資產負債表方面，我們的淨負債對 EBITDA 比率由去年底的 5.9 倍下降至 5.5 倍。

We ended the quarter with $204.6 million of cash and restricted cash, along with roughly $641 million of capacity on our revolving credit facility. Our weighted average interest rate remained a very attractive 4.1%, with approximately 98% of our debt effectively fixed and 98% unsecured.

本季末我們持有 2.046 億美元的現金及受限制現金，並且在循環信用額度（revolving credit facility）下約有 6.41 億美元的可用額度。我們的加權平均利率維持在極具吸引力的 4.1%，約 98% 的債務實質上為固定利率，且 98% 為無擔保。

Since the start of the year, we've repurchased over 400,000 common shares at an average price of $12.11 per share. Higher EBITDA, improved debt metrics, and strong liquidity all moved in the right direction. Stepping back, the first quarter takeaway is clear. Despite heightened macro uncertainty and risk, the quarter demonstrated stronger demand across both urban and resort markets, healthy revenue quality, and disciplined expense control. At the same time, we're not assuming the balance of the year will be as visible as the first quarter.

自年初以來，我們已回購超過 40 萬股普通股，平均回購價格為每股 12.11 美元。更高的 EBITDA、改善的負債指標以及強勁的流動性都朝正向發展。退一步看，第一季的重點很清楚：儘管宏觀不確定性與風險升高，本季仍展現出都會與度假市場的需求更強、營收品質健康，以及嚴謹的費用控管。同時，我們並不假設今年剩餘期間會像第一季一樣具有高度能見度。

Recent events in the Middle East, higher fuel prices, more fallout from the war, and broader economic uncertainty could pressure travel demand and booking patterns. However, based on our current booking trends and broader travel and spending commentary, the demand environment remains constructive, particularly for premium leisure and business travel. While we feel really good about the first quarter and the underlying trend line, we remain appropriately cautious on the balance of the year.

中東近期事件、燃油價格上升、戰爭外溢效應加劇，以及更廣泛的經濟不確定性，都可能對旅遊需求與訂房型態造成壓力。然而，根據我們目前的訂房趨勢以及更廣泛的旅遊與消費評論，需求環境仍具建設性，特別是高端休閒與商務旅遊。雖然我們對第一季與其背後的趨勢線感到非常樂觀，但對於今年剩餘期間，我們仍保持適度審慎。

With that, I'd like to turn the call over to Jon Bortz for more color on the quarter, the demand trends that we're seeing across the portfolio, the broader industry backdrop, and our outlook for the balance of 2026. Jon Bortz?

接下來，我想把電話會議交給 Jon Bortz，請他就本季表現、我們在整體投資組合中看到的需求趨勢、產業大環境，以及我們對 2026 年剩餘期間的展望提供更多說明。Jon Bortz？

Thanks, Ray. In our last earnings call just 60 days ago, we laid out the extremely favorable setup we were looking at for 2026. We also provided a robust outlook for our portfolio for Q1, but a cautious outlook for the rest of the year, given our experience in 2025 with major policy actions, geopolitical events, and weather events that negatively impacted us in a material way. Our concern about major geopolitical risks proved warranted as the conflict in the Middle East began just 48 hours after our earnings call.

謝謝你，Ray。就在 60 天前的上一場財報電話會議中，我們闡述了我們對 2026 年所看到的極為有利的局面。我們也對投資組合第一季提供了強勁展望，但基於我們在 2025 年遭遇重大政策行動、地緣政治事件與天候事件，並對我們造成實質負面影響的經驗，對今年其餘期間則採取審慎展望。我們對重大地緣政治風險的擔憂證明是合理的，因為中東衝突就在我們財報電話會議後 48 小時內爆發。

To summarize the setup for 2026 that we discussed, we have easy comparisons to a year that was negatively impacted by a number of policy and geopolitical events. We have a favorable macroeconomic environment and a uniquely strong events calendar, particularly in our markets. We have the best holiday calendar we could ever remember.

總結我們先前討論的 2026 年有利局面：我們將面對一個因多項政策與地緣政治事件而受負面影響的年度，因此比較基期相對容易。我們擁有有利的宏觀經濟環境，以及特別是在我們市場中、獨特且強勁的活動行事曆。我們也擁有我們記憶中最好的假期行事曆。

There is very limited supply growth for 2026 and beyond, and we maintained our view that hotel demand would re-correlate to GDP absent major policy or geopolitical surprises. In our markets, we highlighted that San Francisco's recovery would continue to build, Los Angeles would benefit from easy fire-related comparisons, Washington, DC would benefit from easier government-related comparisons past the tough inauguration comp, and our recently redeveloped and repositioned properties were likely to continue to ramp.

2026 年及之後的供給成長非常有限，我們也維持原先觀點：在沒有重大政策或地緣政治意外的情況下，飯店需求將重新與 GDP 相關聯。在我們的市場中，我們強調舊金山的復甦將持續增強；洛杉磯將受惠於較容易的火災相關比較基期；華盛頓特區將在艱難的就職典禮比較基期過後，受惠於較容易的政府相關比較；而我們近期完成重建與重新定位的資產，可能會持續爬坡成長。

We also believed our upper upscale and luxury positioning would remain outperformers given the continued strength of the more affluent consumer. When we look at how the first quarter played out, that favorable backdrop translated into even better results than we were expecting. I think it's fair to call the first quarter a blowout quarter on both the top line and the bottom line.

我們也相信，鑑於較富裕消費者持續強勁，我們的高端（upper upscale）與奢華定位仍將表現領先。回顧第一季的實際表現，這樣的有利背景帶來了比我們預期更好的結果。我認為可以公允地說，第一季在營收端與獲利端都是一個「爆發性」季度。

The setup was accurate, and we delivered with the favorable setup. We haven't seen RevPAR and total RevPAR growth at these levels since the third quarter of 2014, excluding one unusually strong pandemic recovery quarter in 2023. Our same-property hotel EBITDA growth of 27.6% was even stronger than Q3 2014. At the industry level, Q1 demand growth of 2% clearly began to demonstrate its reconnection with GDP growth, and industry demand would have been even better but for two of the largest winter storms in history that hit in late January and late February. Occupancies increased as demand followed GDP growth while supply grew just 0.6%. In March, we began to see more compression days and ADR growth improved to an impressive 3.8% with a solid 2.4% increase for the quarter.

這個局面判斷是正確的，而我們也在有利局面下交出了成績。除了 2023 年疫情復甦期間一個異常強勁的季度之外，我們自 2014 年第三季以來，未曾見過如此水準的 RevPAR 與總 RevPAR 成長。我們同店飯店 EBITDA 成長 27.6%，甚至比 2014 年第三季更強。在產業層面，第一季需求成長 2% 明顯開始展現其與 GDP 成長重新連結；若非 1 月下旬與 2 月下旬發生史上規模最大的兩場冬季風暴之一，產業需求表現本可更佳。隨著需求跟隨 GDP 成長、而供給僅成長 0.6%，住房率上升。到了 3 月，我們開始看到更多壓縮日（compression days），ADR 成長改善至令人印象深刻的 3.8%，本季 ADR 亦穩健成長 2.4%。

Industry RevPAR in Q1 increased by a much improved 3.8%. Leisure demand was very strong throughout the quarter, aided by the favorable holiday timing around New Year's and the combined Valentine's Day and President's Day weekend. That leisure strength didn't just benefit our resorts. Our urban markets, especially San Francisco, Los Angeles, and San Diego, all continued to benefit from the post-pandemic return of leisure demand to the cities. The early Easter and school spring breaks also helped March, though partly at the expense of April performance. We likely also saw some benefit in Southern California and South Florida from traveler shifts away from Mexico and from poor snow conditions out west. For Pebblebrook, we saw the same industry benefits in Q1 and more. The event calendar delivered as we captured increased demand from events throughout our portfolio.

產業第一季 RevPAR 以明顯改善的 3.8% 成長。休閒需求在整個季度都非常強勁，受惠於跨年期間有利的假期時點，以及情人節與總統日連假相連。這股休閒強勢不僅讓我們的度假型資產受益；我們的都會市場，尤其是舊金山、洛杉磯與聖地牙哥，也持續受惠於疫情後休閒需求回流城市。較早到來的復活節與學校春假也帶動了 3 月表現，但部分是以犧牲 4 月表現為代價。我們在南加州與南佛州可能也獲得一些助益，因旅客轉向避開墨西哥，以及西部雪況不佳所致。對 Pebblebrook 而言，我們在第一季不僅享受到與產業相同的利多，甚至更多。活動行事曆如期發揮效益，我們在整個投資組合中捕捉到活動帶來的額外需求。

Our Hollywood, Florida resort benefited from demand from the College Football National Championship game in Miami as our property is just 11 miles from the stadium, far closer than most hotels in Miami and Miami Beach. All of our San Francisco hotels achieved very robust results from the Super Bowl and its week of activities and events in February. Our LA hotel saw a lift from the NBA All-Star Game and related activities, which were also in February. Our hotels in San Diego, Chicago, and Washington, DC saw increased demand due to the NCAA Men's Basketball Tournament games in March. Events in Q1 definitely pushed our results higher, maybe even more than we were expecting.

我們位於佛羅里達州好萊塢（Hollywood, Florida）的度假村受惠於在邁阿密舉行的大學美式足球全國冠軍賽需求，因為我們的飯店距離球場僅 11 英里，比邁阿密與邁阿密海灘的大多數飯店都更近。我們所有舊金山飯店在 2 月的超級盃及其一週的活動與事件中都取得非常強勁的成果。我們的洛杉磯飯店也因 2 月的 NBA 全明星賽及相關活動而受益。我們在聖地牙哥、芝加哥與華盛頓特區的飯店，則因 3 月 NCAA 男子籃球錦標賽賽事而看到需求增加。第一季的活動確實推升了我們的業績，甚至可能比我們原先預期的還要多。

As Ray indicated, our redeveloped and repositioned properties all continued to ramp up, led by Hyatt Centric Delfina Santa Monica, Skamania Lodge, Newport Harbor Island Resort, LaPlaya Beach Resort & Club, Estancia La Jolla Hotel & Spa, and Hilton San Diego Gaslamp Quarter. They all gained significant share in the quarter with more to go for them and many others in the portfolio where we invested so heavily in prior years and we continue to reap the benefits. Business transient continued to recover across the industry and our portfolio during the quarter. We saw even stronger growth in corporate travel in San Francisco and Los Angeles, where both cities are seeing the benefits from return to office policies. Group also grew industry-wide and for Pebblebrook in Q1.

如 Ray 所提到，我們所有完成重建與重新定位的資產都持續爬坡成長，其中以 Hyatt Centric Delfina Santa Monica、Skamania Lodge、Newport Harbor Island Resort、LaPlaya Beach Resort & Club、Estancia La Jolla Hotel & Spa，以及 Hilton San Diego Gaslamp Quarter 表現領先。它們在本季都顯著提升市占，且仍有進一步成長空間；投資組合中還有許多其他資產亦然，我們在前幾年投入大量資本，如今持續收穫成果。本季產業與我們的投資組合中，商務散客（business transient）持續復甦。我們在舊金山與洛杉磯看到企業差旅成長更為強勁，兩座城市都正受惠於回辦公室政策。團體業務在第一季也於產業層面及 Pebblebrook 層面同步成長。

We delivered strong group revenue growth, primarily driven by a 7.4% increase in group ADR that was aided by the Super Bowl. It's highly likely to be our strongest quarter of the year by far. Looking ahead, we remain appropriately cautious given policy and geopolitical risks, particularly the potential impact of the ongoing conflict in the Middle East. Right now, we're mostly concerned with the potential economic slowdown, rising airline ticket prices, cutbacks in airline capacity and routes, and potential jet fuel shortages elsewhere in the world that could weigh on inbound international travel. As Ray indicated, we're not seeing any negative impact on pace or bookings at this time. We're closely monitoring all our data as well as travel data and commentary from others in the travel industry, particularly the airlines.

我們交出強勁的團體營收成長，主要由團體 ADR 年增 7.4% 所帶動，而超級盃也提供了助益。這很可能將是我們全年最強的一季，且差距顯著。展望未來，鑑於政策與地緣政治風險，特別是中東持續衝突的潛在影響，我們仍保持適度審慎。目前我們最關注的是潛在的經濟放緩、機票價格上升、航空運能與航線縮減，以及全球其他地區可能出現的航空燃油短缺，這些因素都可能壓抑入境國際旅遊。如 Ray 所指出，目前我們尚未看到對訂房進度或訂房量的任何負面影響。我們正密切監控所有數據，以及旅遊產業其他業者（特別是航空公司）所提供的旅遊數據與評論。

Since our last call, our 2026 room revenue pace advantage versus last year has continued to increase. In the year, for-the-year pickup in room revenue improved by $12.5 million over the two months ended March 31st at an improved for every quarter of the year, which is very encouraging. As of the end of March, full year room revenue pace stood $33.5 million ahead of last year with $21.8 million from Q1 outperformance and the remaining $11.7 million in quarters two through four. Over 90% of the room revenue pace advantage is in transient revenue, with roughly 20% from higher rates.

自上次電話會議以來，我們 2026 年客房營收相較去年同期的訂房進度優勢持續擴大。年初至今（for-the-year）的客房營收新增訂單（pickup）在截至 3 月 31 日的兩個月內改善了 1,250 萬美元，且全年每一季都呈現改善，這非常令人鼓舞。截至 3 月底，全年客房營收訂房進度較去年領先 3,350 萬美元，其中 2,180 萬美元來自第一季超預期表現，其餘 1,170 萬美元來自第二至第四季。超過 90% 的客房營收訂房進度優勢來自散客（transient）營收，其中約 20% 來自更高的房價。

The $33.5 million advantage, if stable, would put us at a 3.8% increase in room revenue for the year, right in the middle of our increased range of 2.75%-4.75% for the year. If we pick up more in the year for the year, it will go higher. If pickup is slower than last year, it will go lower. Recall that last year, with everything that happened, we lost pace advantage as the year progressed and finished down for the year in room revenue. For Q2, total room revenue pace as of the end of March was ahead of last year by $7.5 million.

3,350 萬美元的優勢若能維持穩定，將使我們全年客房收入增加 3.8%，正好落在我們全年 2.75%-4.75% 的上調區間中段。若今年全年後續增量（pickup）更多，數字就會更高；若增量比去年慢，數字就會更低。回想去年，在各種事件影響下，我們隨著年度推進逐步喪失進度優勢，最終全年客房收入轉為下滑。就第二季而言，截至 3 月底的總客房收入進度較去年領先 750 萬美元。

April pickup for April looks like it will be down year-over-year, but much of that likely reflects pace being so far ahead when we entered the month. We expect April RevPAR and Total RevPAR to grow in the 3%-5% range versus last year. May appears to be our weakest month in the quarter, weighed down by the year's most difficult monthly convention comparison in San Diego, along with softer convention calendars in both Boston and San Francisco compared to last year. Finally, I thought I'd provide a few thoughts about this year's World Cup. We've always thought of it as a large collection of college football bowl games.

4 月的 4 月增量看起來將較去年同期下滑，但其中很大一部分可能反映了我們在進入該月時進度已大幅領先。我們預期 4 月 RevPAR 與 Total RevPAR 將較去年成長 3%-5%。5 月看起來是本季最疲弱的月份，主要受到聖地牙哥今年最具挑戰性的單月會展比較基期所拖累，此外波士頓與舊金山的會展行事曆也較去年偏弱。最後，我想就今年的世界盃分享幾點看法。我們一直把它視為一大串的大學美式足球碗賽。

Like the college bowl games, we believe demand for World Cup games will vary dramatically depending on the teams involved, and the impact from each game will vary not only by the out-of-town attendance of the games, but also by everything else that is already going on in the specific market. Most of the 48 teams have based themselves in locations across the US, including many markets without games. For example, we have a team at The Nines in Portland, even though there are no games in Portland. I'm sure you've seen the media reports about FIFA dropping large blocks of rooms in many markets. Our understanding is that these blocks were intended mostly for fans who could choose to purchase hotel rooms through FIFA.

就像大學碗賽一樣，我們認為世界盃賽事的需求會因參賽隊伍不同而出現劇烈差異；每一場比賽的影響也不僅取決於外地觀眾的到訪人數，還取決於該特定市場同時正在發生的其他活動。48 支球隊中的多數已在美國各地設立據點，其中包含許多沒有比賽的市場。舉例來說，即使波特蘭沒有比賽，我們在波特蘭的 The Nines 也有一支球隊進駐。我相信你也看過媒體報導，指出 FIFA 在許多市場釋出（取消）大量房間配額。我們的理解是，這些配額主要是提供給球迷，讓他們可以選擇透過 FIFA 購買飯店房間。

Obviously, fans are not choosing to purchase hotels through FIFA in a major way and will likely book their rooms individually through normal hotel booking channels. With teams and ticket holders moving around the country, many on extended trips that include non-World Cup destinations and visas and visa waiver documents required, we expected and continue to expect most of the demand to book very short term, certainly within the 60-day window, which we're in now. Consistent with that, we are seeing some of that demand book on and around game dates in our markets. We've also booked some group demands from teams, sponsors, and FIFA. We're currently contracted for about $1.9 million of group room revenue. Over half of this group business is booked in our Boston hotels.

顯然，球迷並未大量選擇透過 FIFA 購買飯店，反而更可能透過一般訂房通路自行預訂。由於球隊與持票者會在全國各地移動，許多人還會進行包含非世界盃目的地的長途行程，且需要簽證與免簽文件，我們原本就預期、也仍然預期大部分需求會在非常短的時間內才下訂，確定會落在 60 天窗口內，而我們現在正處於該窗口。與此一致，我們確實看到在我們市場的比賽日前後出現一些需求預訂。我們也承接了一些來自球隊、贊助商與 FIFA 的團體需求。目前我們已簽約的團體客房收入約 190 萬美元，其中超過一半的團體業務訂在我們波士頓的飯店。

We don't have an estimate for the total impact of the World Cup on our overall performance, but we do think it will be positive with most of the benefit coming in terms of higher average rates and increased non-room revenues. Occupancy will be aided by the World Cup. However, it comes at what is already a very busy time of year with high occupancies in June and July, the norm in our World Cup markets. We also remain concerned about the impact of the conflict in the Middle East on airline ticket pricing, airline capacity, jet fuel availability, and especially inbound international travel. As a result, our forecast for the World Cup and Q2 remain conservative. For the full year, similar to the second quarter, we remain appropriately more cautious for all the same reasons.

我們尚未估算世界盃對整體表現的總體影響，但我們確實認為將帶來正面效益，且多數好處將體現在更高的平均房價與增加的非客房收入。世界盃也將有助於提升入住率。然而，世界盃舉辦時點本來就是一年中非常繁忙的時期，在我們的世界盃市場，6 月與 7 月高入住率本屬常態。我們也仍然擔憂中東衝突對機票價格、航空運能、航空燃油供應，尤其是入境國際旅遊的影響。因此，我們對世界盃與第二季的預測仍維持保守。就全年而言，與第二季相同，基於同樣的原因，我們仍保持適度更審慎的態度。

We have reflected the significant Q1 beat in our hotel performance assumptions. We've left Q2 and the rest of the year unchanged from our prior outlook. As we said last quarter, we're gonna take it one month at a time given the volatile and uncertain environment. We've got a very strong first quarter done and in the books. We've increased our current outlook for RevPAR and total RevPAR growth for the year by 75 basis points for each, with our RevPAR growth outlook range now at 2.75% to 4.75%, and our total RevPAR growth outlook range now at 3% to 5%. For 2026, we expect to continue delivering operating efficiencies and keeping property expense growth well controlled as our outlook indicates.

我們已將第一季顯著超預期的表現反映在飯店營運假設中。我們對第二季及今年其餘期間的展望則維持與先前指引一致。正如上季所說，鑑於環境波動且不確定，我們將採取逐月觀察的方式。我們已完成並入帳一個非常強勁的第一季。我們把全年 RevPAR 與 Total RevPAR 成長的最新展望各上調 75 個基點；目前 RevPAR 成長區間為 2.75% 至 4.75%，Total RevPAR 成長區間為 3% 至 5%。展望 2026 年，我們預期將持續交付營運效率，並如我們的展望所示，將物業費用成長維持在良好可控的水準。

The Q1 $10 million hotel EBITDA beat has been fully passed along into our hotel EBITDA outlook at the year's midpoint. As a result, we're now forecasting same property EBITDA growth of 5.2%-8.6% with the midpoint at almost 7%, a healthy increase for the year and a material step up from our prior outlook. To wrap up, with a terrific first quarter behind us, we remain very excited about the 2026 setup for Pebblebrook. We just need the rest of the year to cooperate and provide a more stable environment. With that, we'd now be happy to take your questions.

第一季飯店 EBITDA 超預期的 1,000 萬美元，已完整反映到我們以全年中點為基準的飯店 EBITDA 展望中。因此，我們目前預測同店 EBITDA 成長 5.2%-8.6%，中點接近 7%，這是全年健康的增幅，也較我們先前展望有明顯上修。總結而言，在一個出色的第一季之後，我們對 Pebblebrook 在 2026 年的布局仍感到非常振奮。我們只需要今年剩餘時間能配合，提供更穩定的環境。接下來，我們很樂意回答各位的問題。

Donna, could you please proceed with the Q&A?

Donna，請你開始進行問答環節，好嗎？

(Operator Instructions) Cooper Clark, Wells Fargo.

（接線員指示）Wells Fargo 的 Cooper Clark。

Great. Thanks for taking the question. Appreciate some of the conservatism baked into the 2Q through 4Q guide as you balance the calendar event with an uncertain macro. I was just hoping you could remind us about the historical impact of higher oil prices on travel demand for your portfolio and maybe certain assets either on the drive to or fly to markets where you see greater impact. Then curious when you may expect to see some of the negative impact from higher oil prices as it relates to room night demand if we do see higher oil prices for longer.

很好。謝謝讓我提問。我很感謝你們在第二季到第四季指引中納入了一些保守假設，以在行事曆事件與不確定的總體環境之間取得平衡。我想請你們提醒一下，歷史上油價上升對你們投資組合的旅遊需求有何影響？以及在你們認為影響較大的市場中，是否有某些資產屬於自駕（drive-to）或搭機（fly-to）市場而受影響更明顯？另外也想了解，如果油價在較長時間內維持高檔，你們預期何時可能會看到與油價上升相關、對客房晚數需求造成的負面影響。

Sure. Thanks, Cooper. Historically for our portfolio, significant increases in gas prices have not had an impact. A big part of that has to do with the fact that our resorts in particular are all in drive to markets. Of course, many of our markets also have other forms of transportation access like trains on the East Coast in particular and even trains on the West Coast. It's really airline ticket prices where there's a clear connection between demand ultimately and people's ability to fly.

當然。謝謝你，Cooper。就我們的投資組合而言，歷史上汽油價格大幅上升並未造成影響。其中很大一部分原因在於，我們的度假型資產特別是全部位於自駕可達的市場。當然，我們許多市場也有其他交通方式可達，例如東岸尤其有火車，西岸也有火車。真正與需求之間存在明確連結的，是機票價格，因為它最終會影響人們搭機出行的能力。

Now, again, it has more of an impact on middle income and lower and less of an impact on the upper end. It's hard to forecast exactly what the impact's gonna be. There's certainly, according to the airlines, been a lot of business booked ahead of ticket prices going up.

另外，它對中等收入與較低收入族群的影響更大，對高端客群的影響較小。要精準預測影響程度很困難。根據航空公司的說法，在票價上漲之前，確實已有大量商務（需求）提前完成預訂。

So far, we've seen increases anywhere from 10% to 20% to -- we've seen much bigger increases for international travel, particularly international travel originating from Europe and Asia. It's hard to tell how much of an impact that'll have on international inbound, but that is what we most worry about. The resorts are also drive to and if people do trade down from flying to driving, which is something we've seen to some extent in the past, the domestically located resorts tend to benefit a little bit more, and the ones available by airline flights tend to be impacted a little bit more.

到目前為止，我們看到的漲幅大約在 10% 到 20% 之間——而國際旅遊的漲幅更大，特別是從歐洲與亞洲出發的國際旅遊。這對國際入境旅遊會造成多大影響仍難以判斷，但這正是我們最擔心的部分。度假型資產同樣屬於自駕市場；如果人們從搭機改為開車（也就是消費降級、由飛轉開），這是我們過去在某種程度上見過的情況，那麼位於國內、以自駕可達的度假資產往往會稍微受益，而主要依賴航空可達的資產則往往會受到較多影響。

Great. Thank you. Just switching over to the expense side, curious if you could take us through some of the building blocks on the expense guidance for the full year and where you're expecting to see growth come in for wages and benefits, insurance, and utilities.

很好，謝謝。接著切換到費用端，我想請教你們能否說明一下全年費用指引的一些組成項目，以及你們預期薪資與福利、保險與公用事業費用的成長會主要來自哪些部分。

Sure, Cooper. Our full year outlook implies expense growth into a 2.4%-3.8% range. On the labor side, which is our largest cost, that's low single digits. We're in the 3%-5% range, depending on the market. In terms of wage increases, but in many cases, we're having FTEs actually in line or decline year over year, despite increased occupancy. We're finding a lot of efficiencies there, which we'll continue to pursue, and we talked about this quarter.

當然，Cooper。我們的全年展望意味著費用成長落在 2.4%-3.8% 的區間。勞動力是我們最大的成本項目，在這方面我們預期是低個位數成長；依市場不同，大約在 3%-5% 的區間，主要反映薪資調升。不過在許多情況下，儘管入住率提高，我們的全職人數（FTE）實際上與去年持平或年減。我們在這方面找到了很多效率提升的空間，並會持續推進；本季我們也談到過。

In areas like insurance, as well as, for example, property insurance, it's a very favorable property insurance market for owners this year, given lack of storms last year that impacted the US as well as a lot of capacity on that side from insurance. It's likely to be pressing, pushing down premiums pretty significantly this year. Our renewal isn't until June 1, so in our July call, we'll have an update there. We would expect property insurance costs to be declining on a year-over-year basis relative to last year.

在保險等項目上，例如財產保險，今年對業主而言是非常有利的財產保險市場，原因包括去年影響美國的風暴較少，以及保險端的承保能力充足。這很可能會形成壓力，讓今年保費顯著下降。我們的續保要到 6 月 1 日才到期，因此在 7 月的電話會議上我們會更新相關情況。我們預期財產保險成本相較去年將呈現年減。

Outside of that we're doing what we can on energy initiatives area, 'cause given what's going on right now with Middle East, we expect a little more pressure there. Overall, we feel really good about our expense growth that we provided and the fact that we've been able to find new ways to do things creatively, and limit this expense growth versus what others are experiencing in the industry.

除此之外，我們也在能源倡議方面盡力而為，因為考量到目前中東局勢，我們預期那一塊會有一些額外壓力。整體而言，我們對所提供的費用成長展望感到非常有信心，也因為我們能以更具創意的新方式提升效率，將費用成長限制在低於同業所面臨的水準。

Great. Thank you.

很好。謝謝。

Smedes Rose, Citi.

Smedes Rose，花旗。

Hi. Thanks. I was just interested to hear a little bit more about your decision to rebrand, what was I think the Mondrian to Valorian and join the Hilton system. Could you just maybe talk about how you weighed, what I assume would be maybe higher costs to be in the Hilton system versus the system you were in and sort of some of the things that helped you make that decision?

嗨。謝謝。我只是想多了解一下你們決定重新品牌化的原因，也就是我想是從 Mondrian 變成 Valorian，並加入希爾頓體系。你能不能談談你們是如何權衡的——我猜加入希爾頓體系可能會有較高的成本——相較於你們原本所在的體系，以及有哪些因素幫助你們做出這個決定？

Sure. Ray, jump in, but, I think strategically as we've seen sort of the LA market and the West LA market and the Sunset Strip sub-market sort of evolve over time, there's been a lot of luxury product that's been added into that market. What we found over time is Mondrian and Well and Hotel ICON, particularly when it was created and really over up to maybe five years ago, I think was sort of the dominant player in the market. As other luxury products come in, I think what we've found is the system, the Accor Ennismore system, was just not delivering to the property at the level that one of the domestic major brands could deliver at.

當然。Ray 也可以補充。不過我想從策略面來看，隨著我們看到洛杉磯市場、尤其是西洛杉磯市場以及日落大道（Sunset Strip）這個子市場隨時間演變，市場上新增了很多奢華產品。我們長期觀察到，Mondrian、Well 和 Hotel ICON，特別是在它剛成立以及一直到大概五年前，算是市場上的主導者。隨著其他奢華產品進入，我們發現 Accor Ennismore 這個系統，對該物業的導流與支持，無法達到一家美國本土大型品牌所能提供的水準。

Given the positioning of Curio, we felt like tucking under the luxury in terms of their brands was sort of the right positioning for the property. It is a luxury product. I'd say the the service levels are more lifestyle than maybe you would consider being luxury. We really thought it was a much better positioning with a much more powerful brand and a more entrepreneurial and lifestyle-oriented operator who's really comfortable with the major collection brands like Curio.

考量 Curio 的定位，我們覺得把它納入其奢華品牌序列之下，是這個物業相對合適的定位。它確實是奢華產品。我會說服務水準更偏生活風格（lifestyle），而不一定是你傳統認知的奢華。我們真的認為，搭配更有力的品牌，以及一個更具創業精神、且更偏生活風格導向、並且非常熟悉像 Curio 這類大型精選系列品牌的營運商，會是更好的定位。

As it relates to cost, the costs of the Curio program are actually less expensive than the costs of the Curio arrangement, or maybe better said, the combined cost between the operator and the franchise in total, is lower than the cost of where we were with Accor Ennismore as both the brand and the operator. A little different than some of our other properties, is the way the costs laid out.

就成本而言，Curio 計畫的成本其實比 Curio 的安排更便宜——或者更準確地說，營運商與特許經營（franchise）合計的總成本，低於我們先前在 Accor Ennismore（同時作為品牌方與營運方）時的成本。這點和我們其他一些物業有點不同，因為成本結構的拆分方式不太一樣。

Steve, also.

Steve，也請你補充。

Okay. Thank you.

好的。謝謝。

Steve, I'll also note that we've been through a number of transitions in the past with switching brands, going from one brand to another or going to independent or vice versa. Just a a positive call-out to the Hilton and the team. They've been fantastic to work with. The transition has been very smooth so far. Hilton's been really additive in the process. Look, with Davidson, we have them at five other properties they manage for us, so we have a very good familiarity with their team. They've done a very good job for us and we look forward to in July when we have a full quarter under our belt here to report on the results that we're producing.

Steve，我也補充一下：我們過去經歷過多次轉換，包括更換品牌、從一個品牌換到另一個品牌、轉為獨立品牌或反過來。這裡也正面提一下希爾頓以及他們的團隊——合作起來非常棒。到目前為止轉換非常順利。希爾頓在整個過程中確實帶來了加分。再者，Davidson 目前在我們另外五個物業也有為我們管理，所以我們對他們的團隊非常熟悉。他們一直為我們做得很好，我們也期待到七月、當我們在這裡完整跑完一個季度後，能對外報告我們所產出的成果。

I realize, of course, the first quarter or so is usually bumpy when you ever go from one system to another, but we like the direction we've had so far, since April first.

我當然也知道，從一個系統切換到另一個系統，通常第一季左右都會比較顛簸，但自 4 月 1 日以來，我們很喜歡目前的發展方向。

Maybe one other thing to add is the Hilton distribution in that market is little to none. We felt like it was really good positioning with Hilton.

另外還有一點要補充：希爾頓在那個市場的分銷覆蓋幾乎沒有或非常少。我們覺得與希爾頓合作在定位上非常合適。

Okay. That's interesting. Thanks. I wanted to ask you just, coming into the year, you had provided some guidance around what you thought LaPlaya could do, how did the first quarter go, and is that property still kind of on track with what you had initially expected?

好的。這很有意思。謝謝。我想再問一下：年初你們曾提供一些指引，談到你們認為 LaPlaya 可以做到什麼程度；第一季表現如何？那個物業目前是否仍大致符合你們最初的預期？

The first quarter for LaPlaya went well. We're on track to be in that $28 million-$30 million range, compared to $24 million last year. I'd say also as well as the first quarter when it's not stabilized yet, we went into the quarter with softer group than we would normally have, given all the disruption we had with construction last year. It's tough to sell group into that environment. So far so good. We've also sold, I think we've already sold 45 or so additional memberships there at the club at well over $100,000 a piece. Those are non-refundable and that continues to grow the revenue at the property as well.

LaPlaya 第一季表現不錯。我們仍在 2,800 萬到 3,000 萬美元的區間目標上，對比去年是 2,400 萬美元。我也想補充，第一季在尚未完全穩定的情況下，我們帶著比平常更疲弱的團體（group）訂單進入季度，因為去年施工造成很多干擾；在那種環境下要賣團體客很困難。目前看起來一切順利。另外，我想我們已經在那邊的俱樂部又賣出了大約 45 個額外會員資格，每個都超過 10 萬美元。這些費用不可退，並且也持續推升該物業的營收。

Great. Thank you. Appreciate it.

很好。謝謝。很感謝。

Gregory Miller, Truist Securities.

Gregory Miller，Truist Securities。

Thanks. Good morning. I'd like to start off with a question on 2027, and I promise to not ask you too much on the guidance perspective, but hopefully one of the more straightforward questions on 2027 relates to the Super Bowl change, moving from the San Francisco Bay Area down to LA I'm curious, just your general perspective so far. Do you consider an LA Super Bowl exposure superior or inferior to your San Francisco exposure as we think about the implications to 1Q next year?

謝謝。早安。我想先從 2027 年的問題開始，我保證不會在指引方面問太多；但希望這是一個比較直接的 2027 年問題：超級盃的變動，從舊金山灣區移到洛杉磯。我想了解你目前的整體看法。就我們思考明年第一季的影響而言，你認為洛杉磯超級盃的曝險，相較於你們在舊金山的曝險，是更好還是更差？

Sure. Good question, Greg. I think the Super Bowl in LA will be obviously an extremely major benefit to the market, particularly in February. LA is a much larger market than San Francisco or even the combined nature of San Francisco and San Jose. When we look at where the pricing already is and where it's likely to be for Super Bowl, not likely to be at the same levels as San Francisco. It'll still be super as the name implies, but it won't quite have the same benefit that we had in San Francisco.

當然。Greg，問得好。我認為洛杉磯舉辦超級盃，顯然會對市場帶來非常重大的利多，尤其是在二月。洛杉磯是比舊金山更大的市場，甚至比舊金山加上聖荷西的合計還大。當我們看目前的房價水準以及超級盃期間可能達到的價格，我認為不太可能達到舊金山當時的同等水準。它仍然會非常「超級」，如其名所示，但不會像我們在舊金山時那樣帶來同等幅度的效益。

Okay. Appreciate it. If I'd like to ask a similar question on a different.

好的。感謝。如果我想就另一個不同的——問一個類似的問題。

Greg, you're breaking up a little bit. Greg, it's hard to hear.

Greg，你的聲音有點斷斷續續。Greg，聽不太清楚。

It's not a whole lot passed for certain events.

對某些活動來說，確定的內容其實不多。

Sorry, Greg, you're breaking up, so it's hard to hear you. Can't make out your question.

抱歉，Greg，你的聲音斷斷續續，所以很難聽清楚。聽不出你的問題。

Oh, you go ahead. I apologize.

喔，你先繼續。我很抱歉。

Okay. Why don't you dial back in and we'll add you back to the queue.

好的。你要不要重新撥入，我們會把你再加回提問隊列。

Yeah

好。

for the next question. Don, I was going to go to the next one over to Ari.

下一個問題。Don，我本來要把下一位交給 Ari。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO Capital Markets。

Thanks. Good morning. I was hoping maybe you can unpack a little bit more about the World Cup and how it's setting up for you. I understand that you're not incorporating potential offsite, but is there any risk that if the World Cup does fizzle, it could ultimately emerge as a headwind if it's also disruptive to other travel into those markets?

謝謝。早安。我希望你能再多拆解一下世界盃對你們的影響以及目前的布局。我理解你們沒有把潛在的場外（offsite）需求納入，但是否存在這樣的風險：如果世界盃熱度消退，最終可能變成逆風，因為它也可能干擾其他旅遊需求進入那些市場？

It's possible it could be a headwind. I think that's highly unlikely and I don't think it'll be a headwind for our portfolio because we didn't hold rooms off the market for any of the FIFA blocks that we had, and we certainly haven't deterred other business coming into the market. I think, again, unlike, I don't know, maybe Super Bowl or an inauguration or some monstrous event, none of these events are that large that they're deterring normal business coming into the market. The games are all over the place, and they're generally not back-to-back in the market. There's gaps. I don't really think that's gonna be the case. The other thing we've seen is, I mean, the normal business is booked in it.

確實有可能成為逆風。我認為那種情況的機率非常低，而且我不覺得它會對我們的投資組合造成逆風，因為我們並沒有為任何我們拿到的 FIFA 配房（blocks）把房間從市場上抽走，我們當然也沒有阻擋其他業務進入市場。我想再說一次，不像超級盃、就職典禮或某些超大型活動，這些賽事的規模並沒有大到會排擠正常的商務進入市場。比賽分散在各地，而且通常不會在同一市場連續背靠背舉行，中間有空檔。我不太認為會發生你說的那種情況。另一點是我們看到——我的意思是——正常的業務也都已經訂進去了。

There are markets like LA where we have a huge number of concerts in June and July sort of mixed in through World Cup, which we think will be big demand generators in that market as well. I tend to think I have a hard time seeing a World Cup turning out to be a headwind for certainly not for us and not for the industry.

像洛杉磯這樣的市場，我們在 6 月和 7 月有大量演唱會，會在世界盃期間穿插進行，我們認為這也會成為該市場很大的需求驅動因素。我坦白說很難想像世界盃會變成逆風——至少對我們不會，對整個產業我也不認為會。

Got it. That's helpful. Then maybe just would be great to get your updated views on San Francisco. Obviously a really strong start to the year. Some special events certainly helped there. I think EBITDA in 2025 was still quite a bit below 2019. I think it was 62%. Just curious how you think about that recovery moving forward and some of the tailwinds that you see as sustainable there.

了解。這很有幫助。那接著也想請你更新一下對舊金山的看法。顯然今年開局非常強勁，一些特殊活動確實有幫助。我記得 2025 年的 EBITDA 仍明顯低於 2019 年，好像是 62%。想請教你如何看待未來的復甦走勢，以及你認為有哪些可持續的順風因素？

Yeah, I mean, I mean, San Francisco is crazy right now in terms of the boom recovery that's going on in that market, and it's impacting all segments, whether it's business transient, business group, in-house group, leisure coming back into the market that had stayed away during the pandemic and even many of the post-pandemic years. It's really just starting to recover in the last year. The convention calendar will continue to get better over the course of the next three to five years. The city's on a roll. It's got good governmental policies. It's got good leadership in place.

是的，我的意思是，舊金山現在的狀況很瘋狂，就市場正在發生的爆發式復甦而言，而且影響到所有客群，不管是商務散客（business transient）、商務團體（business group）、店內團體（in-house group），以及在疫情期間、甚至疫情後多年都避開該市場的休閒旅客，如今也回流。其實真正開始復甦是在過去一年。會展（convention）行事曆在未來三到五年會持續改善。這座城市正處於上升趨勢，有不錯的政府政策，也有良好的領導團隊。

You see it in the other real estate categories, the very strong and, in fact, record office leasing going on in the market, the return to office that have been mandated, AI obviously being headquartered there, robotics. So many robotics companies are moving into the market. Robotics is being headquartered in San Francisco and the Bay Area.

你也能從其他不動產類別看出來：市場上辦公室租賃非常強勁，甚至創下紀錄；回辦公室（return to office）的要求已被強制推行；AI 顯然以那裡為總部，還有機器人產業。很多機器人公司正在進入該市場。機器人產業的總部正在舊金山與灣區聚集。

We certainly can see. I mean, I'll give you an example this year. I think we're probably looking at RevPAR growth, again, aided by Super Bowl, I think by about four points for the year. We think RevPAR growth is certainly gonna be between 12% and 15% for the year, unless some major macro event has an impact. At that level of growth, I mean, we expect to see the bottom line up 40% or more over last year. You're right about being in the 60s, I think 62 or 65.

我們當然看得到。我是說，我今年給你一個例子。我想我們今年的 RevPAR 成長，因為超級盃的帶動，可能大約會多出四個百分點。我們認為今年的 RevPAR 成長肯定會落在 12% 到 15% 之間，除非有重大的總體宏觀事件造成影響。在這樣的成長水準下，我們預期淨利會比去年成長 40% 或更多。你說得對，落在 60% 多，我想是 62 或 65。

62.

62。

62%. If you take that 62 and say we're gonna be up 40% we're gonna be down still 40% compared to 2019 levels. We think that with everything going on in San Francisco, and we're just starting to get pricing power back in the market as occupancies have been recovering, which are, by the way, still well below where we were in 2019. We think there's no doubt you could see double-digit RevPAR growth over the next three to five years in that market, assuming a a reasonable macro environment.

62%。如果你用 62% 來看，然後說我們淨利要成長 40%，那相較於 2019 年的水準，我們仍然會低 40%。我們認為，考量舊金山目前發生的各種情況，而且隨著住房率回升，我們才剛開始在市場上重新取得定價能力；順帶一提，住房率仍遠低於 2019 年的水準。我們認為毫無疑問，在合理的宏觀環境假設下，未來三到五年你可能會在那個市場看到 RevPAR 兩位數成長。

We're pretty high on the market right now and it looks a lot like it did back in the 2010-2015, 2016 period of time when it really exploded.

我們目前對這個市場相當看好，而且看起來很像 2010-2015、2016 年那段期間，當時它真的爆發式成長。

Yeah. Ari, as a point of reference for 2026, our San Francisco hotels occupancies should be somewhere in the 74%-76% range. We'll see where we end at. That was at 87% in 2019. That's not to say we're gonna get back and this season have that same occupancy level, but it shows that San Francisco is truly a multi-year growth story, and we're just in the early innings of that.

是的。Ari，作為 2026 年的參考點，我們舊金山飯店的住房率應該會落在 74% 到 76% 的區間。我們再看看最後會落在哪裡。2019 年是 87%。這並不是說我們這一季就會回到同樣的住房率水準，但這顯示舊金山確實是一個多年期的成長故事，而我們才剛在前幾局而已。

Pricing is still well down from 2019. That's just nominal pricing, that's not inflation-adjusted pricing. I think there's huge opportunity in that market. Let's not forget, there isn't gonna be any supply in that market for at least the next five years, and arguably, probably five to 10 years.

價格仍然比 2019 年低很多。那只是名目價格，並不是經通膨調整後的價格。我認為那個市場有很大的機會。別忘了，至少未來五年那個市場不會有任何新增供給，而且可以說，很可能是五到十年。

Appreciate the color. Thanks.

感謝補充說明。謝謝。

Gregory Miller, Truist.

Truist 的 Gregory Miller。

Hi. Can you hear me better this time?

嗨。這次你們聽我比較清楚嗎？

Much better.

清楚多了。

Much better.

清楚多了。

Okay. Hopefully, I make it through my question. Appreciate it. I'm not sure if Ari asked about AI and bookings, but I thought I'd give it a shot. I'm curious where you're at today in terms of your independent hotels showing up on the LLMs. Are you seeing any meaningful traction either from leisure travelers that find your hotels that might not have heard of your hotels otherwise, or from bookings impact itself? Thanks.

好。希望我能把問題問完，謝謝。我不確定 Ari 有沒有問到 AI 和訂房，但我想試試看。我很好奇你們目前在讓旗下獨立飯店出現在 LLM 上的進展如何。你們是否看到任何有意義的動能：不論是休閒旅客透過它找到你們的飯店（不然可能根本沒聽過），或是對訂房本身的影響？謝謝。

Sure. Greg, yeah, we've been very active in this area, which we think we're encouraged by where it could go, in terms of leveling the playing field with with the AI agents going directly to the hotels and looking to book directly and search directly versus going through either some of the OTAs or the traditional brands. We've been very active in that. All of our hotels are on a system which we've audited out, and where it gets the maximum visibility through the agents. There's hidden pages out there that all of our independent hotels we've added that are now readable through that.

當然。Greg，是的，我們在這個領域非常積極。我們也對它未來可能的發展感到鼓舞，因為 AI 代理可以直接到飯店端，直接搜尋、直接訂房，而不是透過 OTA 或傳統品牌，這有助於拉平競爭環境。我們在這方面非常積極。我們所有飯店都在同一套系統上，我們已經做過稽核，確保能透過這些代理獲得最大的能見度。外面有一些隱藏頁面，我們已把所有獨立飯店加上去，現在都能被那些代理讀取。

We've done a portfolio-wide partnership that our corporate vice president of revenue management is overseeing. We're all working on that and monitoring those results. We're on that side, we're excited. It also it'll change around some of our websites. What's great on the independent side, we have a lot more flexibility around doing that.

我們已在整個投資組合層級做了一個合作夥伴關係，由我們的企業收益管理副總裁負責。我們都在推進並監控成果。在這一端，我們很興奮。這也會改變我們部分網站的呈現。獨立飯店這邊很棒的一點是，我們在做這些事情上有更大的彈性。

Look, in addition to that, we're also looking at other tools and productivity at the property level. We just came to an agreement with Canary Technologies, which is a multi-module tool which handles calls and reservations and handles guest requests. We're really excited about that. Again, with independent hotels, we can do a lot of this flexibility and, and rapid time, given how quickly the technology is. We're, we're excited about where it's going and more to report as we make more progress.

另外，我們也在看其他工具，以及在物業層級提升生產力。我們剛和 Canary Technologies 達成協議，這是一個多模組工具，可處理來電與訂房，也能處理住客需求。我們對此非常興奮。同樣地，因為是獨立飯店，我們可以用很大的彈性、很快的速度去導入，畢竟科技變化非常快。我們對未來發展感到期待，等我們有更多進展再向大家報告。

Great. Thanks again, Brad.

很好。再次謝謝你，Brad。

Thanks, Greg.

謝謝你，Greg。

Richard Hightower, Barclays.

Barclays 的 Richard Hightower。

Hey, good morning, guys. Obviously covered a lot of ground this morning, I wanted to dig in a little bit more to the idea that I appreciate the level of caution that's embedded in the guidance for the rest of the year. You talked about booking window visibility maybe narrowing a little bit, I would assume that that applies the 2Q outlook as well. My question is, how much of the 2Q as we sit here at the end of April is really baked at this point? How confident are you in that particular part of the outlook and how does that inform the rest of the year as well?

嘿，早安，各位。今天早上顯然談了很多面向，我想再更深入一點探討：我很欣賞你們在今年剩餘期間的指引中所內含的謹慎程度。你們提到訂房窗口的可見度可能略為縮短，我想這也適用於第二季的展望。我的問題是：以我們現在在四月底的時間點來看，第二季有多少其實已經「鎖定」了？你們對這一段展望的信心有多高？這又如何影響你們對今年其餘時間的看法？

Yeah, Rich, I think as it relates to Q2, I think we feel fine about our Q2 outlook with April just about done and some reasonable visibility into May. We continue to be cautious because of how quickly trends can change, and particularly with the conflict continuing on and I think the ultimate fallout that we're definitely gonna see, how much it impacts travel, that's the unknown. I think we learned a lesson last year.

是的，Rich，就第二季而言，我想我們對第二季展望感覺還不錯，因為四月快結束了，而且對五月也有一定程度的合理可見度。我們仍然保持謹慎，因為趨勢變化可能非常快，尤其是衝突仍在持續，我想我們一定會看到最終的外溢影響；至於會對旅遊造成多大影響，這是未知數。我想我們去年學到一課。

Look, we went into the year so positive. We had great pace. A lot of stuff happened last year that had, I don't know, you could call it self-inflicted, I guess. Certainly came from governmental policies for the most part and government-driven geopolitical issues. That sort of ruined the entire year over the course of the year. We're just gonna maintain this approach of we're gonna take it a month at a time. If there's no fallout from the conflict and there's no other major geopolitical events and policies that impact travel and the economy like happened last year, the numbers are gonna be a lot higher than our outlook.

你看，我們去年一開始非常樂觀，節奏也很好。去年發生了很多事情，我不知道，或許可以說是某種程度的「自找的」吧。我想多數確實來自政府政策，以及政府主導的地緣政治議題。這些在一年當中逐步發酵，幾乎毀了整個年度。我們會維持這種做法：一次看一個月。如果衝突沒有造成外溢影響，而且也沒有其他重大的地緣政治事件與政策像去年那樣影響旅遊與經濟，那實際數字會比我們的展望高很多。

That's the way we've approached the year. We just think this is not a political statement, but it's a factual one with this administration. There's just a lot of stuff that keeps coming up or being created that causes disruption. Last year, a lot of that disruption impacted travel. We're gonna remain cautious. We've built cautiousness in, and we'll take it a month at a time.

這就是我們看待今年的方式。這不是政治表態，而是就這個政府而言的事實：總是有很多事情不斷冒出來或被製造出來，造成干擾。去年，很多這類干擾影響了旅遊。我們會保持謹慎。我們已把謹慎納入假設，並且會一次看一個月。

Okay. That makes sense. Maybe just to dig in on LA specifically for a second, I appreciate you guys have tried to maybe strip out all of the one-timers that impacted the first quarter and even into next year to some extent. If we think about the underlying economy in LA it's obviously still recovering from the depths of COVID, like a lot of places on the West Coast, but maybe not as far along as the Bay Area might be. What are you seeing in terms of the industry drivers the types of companies that are booking business travel the type of leisure demand? Is it more local? Is it from outside the region? Just, what's really going on on the ground in LA as we think about the health and growth in that market going forward?

好，這樣就合理了。接著我想針對洛杉磯（LA）再深入一下：我理解你們嘗試把第一季、甚至某種程度延伸到明年的一次性因素剔除。如果我們看 LA 的基本面經濟，它顯然仍在從 COVID 的谷底復甦，就像西岸很多地方一樣，但可能沒有灣區那麼靠前。你們看到哪些產業驅動因素？哪些類型的公司在預訂商務旅行？休閒需求又是什麼樣子？是更偏本地？還是來自區域外？總之，從 LA 現場來看，究竟發生了什麼，讓我們在思考未來該市場的健康度與成長時能更有把握？

Yeah. I think there's a couple of major drivers in that market. Obviously, the entertainment industry at the broadest level. You're talking about TVs, movies, commercials. You're talking about TikTok. You're talking about Instagram. You're talking about the music industry. I think these mini dramas that are being created that are renting studios now in the market, even if for brief periods of time. I think there's this transformation going on in the industry. I think what we've seen so far this year is we've seen improvement of demand coming from the entertainment sector, both TV and film and commercials and other.

是的。我認為那個市場有幾個主要驅動因素。很明顯，最廣義的娛樂產業。你談的是電視、電影、廣告。你談的是 TikTok、Instagram。你談的是音樂產業。我想現在市場上有一些正在製作的「迷你劇」，即使只是短期，也會租用攝影棚。我認為這個產業正在發生轉型。我們今年目前看到的是，來自娛樂產業（包含電視、電影、廣告及其他）的需求有所改善。

We've seen an increase in the music industry coming through. One of the things that happens in LA, and we're not just talking about concerts that actually happen in LA, but a lot of the music groups come to LA to use the facilities, the studio facilities, the entertainment event facilities to practice for two or three weeks before they go out on the road on tour. As we see more and more groups touring, more and more venues being created for music around the country that industry is on a very strong growth path, which is helping the market. The fashion industry is another demand generator. That's improving at this point in time. We're definitely seeing demand from the fashion side.

我們也看到音樂產業帶來的需求增加。在 LA 有一件事是：我們不只是談在 LA 舉辦的演唱會，很多音樂團體會到 LA 使用相關設施——錄音室設施、娛樂活動場地——在上路巡演前先排練兩到三週。隨著越來越多團體巡演、全國各地也建立更多音樂場館，這個產業正處於非常強勁的成長軌道，進而帶動市場。時尚產業也是另一個需求來源，目前也在改善。我們確實看到來自時尚端的需求。

Then you see a lot of this internet, venture capital, startup firms, businesses that are being created in LA. It has -- it's nowhere near the level of VC capital coming into LA that's coming into San Francisco, but it's it's probably in the top five in the country or pretty close to that. We are seeing industries being created. You're also a little further south of LA, just down in El Segundo, you have the defense industry that's seeing a resurgence and the space industry as well related to it. All, all of that is good right now for the industry.

接著你會看到很多這類網際網路、創投、新創公司，以及在洛杉磯（LA）被創立的企業。它——進入洛杉磯的創投資金規模遠不及進入舊金山的，但大概在全美前五名之內或非常接近。我們正在看到新的產業被創造出來。你再往洛杉磯南邊一點，在 El Segundo 那邊，你會看到國防產業正在復甦，相關的太空產業也是如此。所有、所有這些，對產業來說目前都是好事。

We need to change the politics and the policies in the market similar to what happened in San Francisco, I think, to really get more business confidence, and more businesses being willing to grow, or relocate into the market instead of relocating out of the market. I like to think that the next election cycle will be more positive. We certainly have been involved with and have seen a lot of business groups who've gotten to the point that business has got to in San Francisco and said, "We've, we've had it." You combine that with all these other spaces, along with the sports industry, which is booming in LA with.

我認為我們需要改變市場中的政治與政策，類似舊金山發生過的情況，才能真正提升企業信心，讓更多企業願意成長，或搬遷進入市場，而不是搬離市場。我希望下一個選舉週期會更正面。我們確實參與其中，也看到許多商業團體已經到了舊金山企業所處的那個地步，並說：「我們、我們受夠了。」再把這些其他領域加在一起，還有體育產業——在洛杉磯正蓬勃發展——

Look, you've had SoFi created, you've had where the Clippers play a new event center being created, the old ones get renovated. There's definitely strong availability and growth on the sporting side as well. Obviously you see that with them attracting the Super Bowl back again to LA next year.

你看，SoFi 已經建成了，快艇隊（Clippers）比賽的新場館也在興建中，舊的場館也在翻新。體育端的供給與成長也確實很強。顯然你也看到他們又把超級盃吸引回洛杉磯，明年就會在 LA 舉辦。

Very helpful. Thanks, Jon.

非常有幫助。謝謝你，Jon。

Yep.

好。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hey, thank you, and great to hear Rich on the call. Maybe just to keep it there, you've talked a bit about the fundamental recovery in LA and San Francisco, but can you speak to the dialogue you're having about asset sales? Just, you've probably addressed this before, but what would your optimal footprint in those markets look like versus where your exposure sits today?

嗨，謝謝，也很高興在電話會議上聽到 Rich。也許就延續這個話題，你談到一些洛杉磯與舊金山的基本面復甦，但你能談談你們在資產出售方面的對話嗎？你可能之前回答過，但你在那些市場的最佳版圖會長什麼樣子，相較於你們目前的曝險水位？

Yeah, I mean, I think we're gonna continue to be opportunistic as it relates to the disposition of assets within the portfolio. It shouldn't surprise anyone to see additional sales occur in major cities in the US. That's frankly where all of our sales have been in the last seven years. But I think Tom can probably speak a little more to where the investor sentiment is for those markets as well as sort of in general.

是的，我的意思是，我想我們會持續以機會主義的方式來處置投資組合內的資產。未來在美國主要城市看到更多出售並不會讓任何人意外。坦白說，過去七年我們所有的出售都發生在主要城市。不過我想 Tom 也許可以多談一些投資人對那些市場的情緒，以及更廣泛的整體情況。

Yeah, Duane, I think in general, we've been talking about investor conviction in the muted transaction market over the last two years. The primary reason for that was growth or more importantly, the lack of growth, which made it hard for investors to underwrite. Seems like we're pivoting, and we're transitioning from that, especially given Q1 performance. When you see markets that have bottom like San Francisco, and you see the growth in 2025 and the continued growth in 2026, you see the growth in LA and some of these markets. What we've always said is capital follows performance. There's also a number of high profile, kind of higher end, upper upscale luxury properties in the market and in the final stage of marketing.

是的，Duane，我想整體而言，我們過去兩年一直在談交易市場偏冷清下的投資人信心。主要原因是成長——更重要的是缺乏成長——使得投資人很難做承銷（underwrite）。看起來我們正在轉向並從那種狀態過渡，尤其考量第一季（Q1）的表現。當你看到像舊金山這樣已經觸底的市場，並看到 2025 年的成長以及 2026 年持續成長；你也看到洛杉磯以及一些市場的成長。我們一直說的是：資金會追隨績效。此外，市場上也有一些高知名度、偏高端、上高檔的豪華型資產，正處於行銷的最後階段。

We'll be taking bids here over the course of the next 30 days, which I think will give a lot more clarity in terms of investor sentiment, investor depth, investor conviction, and ultimately investor pricing. I think certainly by the second quarter call, we'll have a lot more visibility in terms of is the market Has the market kind of recovered, and are we continuing that momentum? I think the setup for a functioning transaction market is there. Debt is still very available, and is still very aggressive. It all remains subject to the conflict in the Middle East which could pause transaction momentum if it's not resolved in the short term.

我們會在接下來 30 天內收標，我想這會讓投資人情緒、投資人深度、投資人信心，以及最終投資人出價（pricing）更為清楚。我認為最晚到第二季電話會議時，我們會更有能見度：市場是否已經某種程度復甦，以及我們是否正在延續那股動能。我覺得建立一個可運作的交易市場的條件已經具備。債務資金仍然非常充裕，而且條件仍然很積極。不過一切仍取決於中東衝突；若短期內未解決，可能會讓交易動能暫停。

Okay. Appreciate the thoughts. Thank you.

好的。感謝你的看法。謝謝。

Michael Bellisario, Baird.

Michael Bellisario，Baird。

Thanks. Good morning, everyone. Jon, just on the out-of-room spending, wanna focus there, maybe help us understand, what did you see throughout the quarter? What did you see in April as demand surprised to the upside? Any differentiation between group and transient out-of-room spend? Then sort of what is that telling you about the broader health of the traveler and broader consumer spending trends? Thanks.

謝謝。各位早安。Jon，關於房外消費（out-of-room spending），我想聚焦在這裡，請幫我們理解一下：整個季度你看到了什麼？四月在需求意外上行時你看到了什麼？團體與散客在房外消費上有差異嗎？然後，這對旅客整體健康狀況以及更廣泛的消費支出趨勢有什麼啟示？謝謝。

Sure. We haven't really seen any change in out-of-room spending this year or in April. It remains healthy. It's interesting, you look at the consumer surveys, and consumer confidence is at its lowest in history maybe or very close to it. Yet, what we find is when both groups and leisure are on property, they spend. They wanna have a great experience enjoying the facilities and eating there and spending money on activities or treating themselves with spas or other unique activities. It continues. I think a big part of that continues to be not only the strength of the upper-end consumer, but look, the wealth effect has to be having an effect, right?

當然。今年或四月我們其實沒有看到房外消費有任何變化，仍然很健康。很有意思的是，你看消費者調查，消費者信心可能處於歷史最低點或非常接近。但我們發現，不論是團體或休閒旅客在館內時，他們都會花錢。他們想要有很棒的體驗，享受設施、在館內用餐、在活動上花錢，或用 SPA 等方式犒賞自己，或參與其他獨特活動。這種情況仍在持續。我認為其中很大一部分不僅是高端消費者的強勁，另外你看，財富效應必然也在發揮作用，對吧？

The stock market's at all-time highs or very near, and I think that ultimately, that's playing through in the comfort people have in spending. So far so good. Mike, we haven't seen any change, and we find that very encouraging.

股市處於歷史新高或非常接近，我想最終這會反映在人們花錢時的安心感上。目前為止一切都很好。Mike，我們沒有看到任何變化，而我們覺得這非常令人鼓舞。

Got it. That's helpful. Then just one follow-up, just sort of in terms of revenue management. Any change in what you are telling your operators to focus on, and is there still an imperative to build occupancy first?

了解。這很有幫助。那再追問一個，關於收益管理（revenue management）：你們對營運團隊的重點指示有任何改變嗎？以及是否仍然需要先把入住率（occupancy）拉起來？

That's a -- appreciate the question because we are increasingly focusing on taking pricing opportunity where it exists. We've been doing that more so in the resorts where we've seen this sort of robust leisure growth occur, and also with events and the better holiday calendar, we're seeing more compression as we expected around those better holiday periods.

這個——謝謝你的問題，因為我們正越來越聚焦在有機會的地方把握提價空間。我們在度假型資產上做得更多，因為我們看到休閒需求強勁成長；另外，隨著活動增加以及更好的假期日曆，我們也如預期在那些較佳假期期間看到更高的擠壓（compression）。

We are pushing price more. We're not doing it to the detriment of occupancy at this point. We're trying to do both because we think the opportunity continues to be there for both as we're nowhere near the level of occupancies that we would prefer to operate at on a stabilized basis. We are taking price where the opportunity exists, and that opportunity seems to have increased over the course of the last four months.

我們更積極推動價格。但目前我們不會以犧牲入住率為代價。我們試著兩者兼顧，因為我們認為兩者的機會都還在——我們的入住率距離我們希望在穩態（stabilized）下運作的水準仍然差很遠。我們會在有機會的地方提價，而這個機會在過去四個月似乎有所增加。

That's helpful. That's all for me. Thank you.

很有幫助。我這邊就到這裡。謝謝。

Thanks, Mike.

謝謝你，Mike。

Chris Darling, Green Street.

Chris Darling，Green Street。

Hey, thanks. Good morning. What's the latest you can share as it relates to a potential redevelopment of Paradise Point? I think you have all the requisite permit approvals, if I'm correct. Wondering if that's a project that you might consider kicking off sooner than later?

嗨，謝謝。早安。關於 Paradise Point 可能的重建（redevelopment），你能分享的最新進度是什麼？如果我沒記錯，你們已經取得所有必要的許可核准。想請問這是否是一個你們可能會考慮盡快啟動的專案？

We'd love to, but we have the California Coastal approvals for the plan. Now, we have a process to go through with the city in terms of getting permit approvals for the actual construction. That's taking anywhere from six to nine months at this point in time.

我們很想，但我們目前已取得加州海岸委員會（California Coastal）對該計畫的核准。接下來，我們還需要與市政府走一個流程，以取得實際施工的許可核准。以目前來看，這大約需要六到九個月。

There's also some additional work we have to do as part of the California Coastal approval that relates to some studies on geological displacement as we do the construction. It's all part of the process, but it continues to be lengthy and certainly longer than we'd like. I don't really see the project kicking off this year at this point in time, and, but it's still on the calendar as we move forward.

此外，作為加州海岸委員會核准的一部分，我們還需要做一些額外工作，包含在施工時針對地質位移進行一些研究。這都是流程的一部分，但它仍然很冗長，確實比我們希望的還要久。以目前時間點來看，我不太認為今年會啟動這個專案，不過它仍在我們往前推進的時程表上。

All right. That's helpful. That's it for me. Thank you.

好。這很有幫助。我這邊就到這裡。謝謝。

Thanks, Chris.

謝謝你，Chris。

Thank you. At this time, I would like to turn the floor back over to Mr. Bortz for closing comments.

謝謝。此時，我想把時間交回給 Bortz 先生做結語。

Hey, thank you all for participating. We know you're really busy. We're here in the heart of earnings season, and we look forward to seeing you at some various conferences. We look forward to seeing you at Nareit next. We'll be prepared to give you an update at that time. Thanks again. We look forward to talking with you.

嗨，謝謝各位參與。我們知道大家都非常忙。我們正處於財報季的核心時段，也期待在一些不同的會議上見到各位。接下來我們也期待在 Nareit 與各位見面；到時我們會準備好向各位提供最新進度。再次感謝。期待再與各位交流。

Ladies and gentlemen, 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.

各位女士先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩下的時間愉快。