Park Hotels & Resorts Inc (PK) 2024 Q1 法說會逐字稿

Greetings, and welcome to Park Hotels and Resorts Inc. First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Park Hotels and Resorts Inc. 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mr. Ian Weissman, Senior VP, Corporate Strategy. Thank you, Mr. Weissman, you may begin.

現在我很高興向您介紹主持人，企業策略資深副總裁 Ian Weissman 先生。謝謝您，韋斯曼先生，您可以開始了。

Thank you, operator, and welcome everyone, to the Park Hotels & Resorts First Quarter 2024 Earnings Call.

感謝營運商，並歡迎大家參加 Park Hotels & Resorts 2024 年第一季財報電話會議。

Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and we are not obligated to publicly update or revise these forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Park with the SEC, specifically the most recent reports on Form 10-K and 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.

在開始之前，我想提醒大家，根據聯邦證券法，今天發表的許多評論都被視為前瞻性陳述。正如我們在向美國證券交易委員會提交的文件中所述，這些聲明面臨眾多風險和不確定性，可能導致未來結果與所表達的結果不同，我們沒有義務公開更新或修改這些前瞻性聲明。未來的實際績效、成果和結果可能與前瞻性陳述中所表達的內容有重大差異。請參閱 Park 向 SEC 提交的文件，特別是 10-K 和 10-Q 表中的最新報告，其中確定了可能導致實際結果與前瞻性聲明中包含的結果不同的重要風險因素。

In addition, on today's call, we will discuss certain non-GAAP financial information, such as FFO and adjusted EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in yesterday's earnings release as well as in our 8-K filed with the SEC and the supplemental financial information available on our website at pkhotelsandresorts.com.

此外，在今天的電話會議上，我們將討論某些非 GAAP 財務信息，例如 FFO 和調整後 EBITDA。您可以在昨天的收益發布以及我們向 SEC 提交的 8-K 中找到此資訊以及與最直接可比較的 GAAP 財務指標的調節表，以及我們網站 pkhotelsandresorts.com 上提供的補充財務資訊。

Additionally, unless otherwise stated, all operating results will be presented on a comparable hotel basis.

此外，除非另有說明，所有經營業績均以可比飯店為基礎呈現。

This morning, Tom Baltimore, our Chairman and Chief Executive Officer, will provide a review of Park's first quarter performance and update you on our 2024 outlook. Sean Dell'Orto, our Chief Financial Officer, will provide additional color on first quarter results, Q2 and full year guidance and an update on our balance sheet. Following our prepared remarks, we will open the call for questions.

今天早上，我們的董事長兼執行長湯姆·巴爾的摩 (Tom Baltimore) 將回顧 Park 第一季的業績，並向您介紹我們 2024 年的最新展望。我們的財務長 Sean Dell'Orto 將提供有關第一季業績、第二季和全年指導以及資產負債表更新的更多資訊。在我們準備好的發言之後，我們將開始提問。

With that, I would like to turn the call over to Tom.

有了這個，我想把電話轉給湯姆。

Thank you, Ian, and welcome, everyone.

謝謝你，伊恩，歡迎大家。

Before we begin, I would like to take a moment to acknowledge and remember former Senator Joe Lieberman, who served on the Park Board since January 2017. Senator Lieberman was a great American, a wonderful Board member and a dear friend. I wish to convey my heartfelt condolences to the Lieberman family, and I know I speak for the entire Park Board and management team when I say that his wisdom and integrity will be greatly missed by all of us.

在我們開始之前，我想花點時間向自2017 年1 月以來在公園委員會任職的前參議員喬·利伯曼表示感謝和緬懷。出色的董事會成員和一位親愛的朋友。我謹向利伯曼家族表示衷心的哀悼，我知道當我說我們所有人都將深深懷念他的智慧和正直時，我代表整個公園董事會和管理團隊。

I am pleased to report another incredibly successful quarter marked by outstanding performance across our portfolio as demand trends improved across all segments, bolstered by the strategic investments made in Key West, Orlando and Hawaii, in addition to other prudent decisions we've made over the past few years. We remain laser-focused on achieving the highest returns on our invested capital with our ROI pipeline providing the groundwork for outperformance in 2024 and beyond.

我很高興地向大家報告，又一個令人難以置信的成功季度，我們的投資組合表現出色，在基韋斯特、奧蘭多和夏威夷的戰略投資以及我們在整個季度做出的其他審慎決策的推動下，所有細分市場的需求趨勢均有所改善。我們仍然專注於實現投資資本的最高回報，我們的投資回報管道為 2024 年及以後的卓越表現奠定了基礎。

Having invested nearly $300 million of capital last year, we are targeting an additional $260 to $280 million in strategic investments this year as we seek to unlock the significant embedded value within our portfolio. We also believe the decision we made last year to exit the 2 Hilton San Francisco hotels meaningfully improved our balance sheet and operating metrics and changed the narrative for Park. Through these efforts, we were able to return $630 million of capital to shareholders last year. And as we continue our momentum in 2024, we are excited about the growth potential in our portfolio and focused on maximizing returns for shareholders.

去年我們投資了近 3 億美元的資金，今年我們的目標是額外進行 260 至 2.8 億美元的策略性投資，以尋求釋放我們投資組合中的重要內含價值。我們也相信，我們去年做出的退出 2 家舊金山希爾頓酒店的決定有意義地改善了我們的資產負債表和營運指標，並改變了 Park 的形象。透過這些努力，我們去年向股東返還了 6.3 億美元的資本。隨著我們在 2024 年繼續保持這一勢頭，我們對投資組合的成長潛力感到興奮，並專注於股東回報最大化。

Turning to first quarter results. RevPAR in Q1 increased a sector-leading 7.8%, which was 50 basis points above the high end of our Q1 guidance range and also exceeded Smith Travel's reported upper upscale performance by nearly 500 basis points. This is an exceptionally strong performance given the tough year-over-year comparison with 2023 first quarter RevPAR growing 28% over 2022.

轉向第一季業績。第一季的 RevPAR 成長了 7.8%，領先產業，比我們第一季指導範圍的上限高出 50 個基點，也比 Smith Travel 報告的高端業績高出近 500 個基點。考慮到與 2023 年第一季 RevPAR 相比 2022 年成長 28% 的嚴峻同比情況，這一業績異常強勁。

We experienced broad-based strength across our portfolio, with our urban and resort portfolios each reporting 8% RevPAR growth during the quarter, while our suburban and airport hotels also reported an aggregate RevPAR increase of over 6.5%. These results highlight the continued upside potential in our portfolio driven by particularly strong group demand and convention calendars, positive trends in business travel across our key urban markets and the ongoing resiliency of our resorts.

我們的投資組合擁有廣泛的優勢，我們的城市和度假村投資組合在本季度的每間可出租客房收入均增長了8%，而我們的郊區和機場酒店的每間可用客房總收入也增長了6.5 % 以上。這些結果突顯了我們的投資組合在特別強勁的團體需求和會議日曆、我們主要城市市場商務旅行的積極趨勢以及我們度假村的持續彈性的推動下持續存在上行潛力。

Group demand remains a key driver of growth for Park in 2024 and beyond. This was evident in the first quarter as group room revenues increased by 15% year-over-year to $123 million, which exceeded our expectations as rates grew by 5% while the elevated demand drove an increase in banquet and catering revenue by over 11%. As we look over the balance of 2024, group demand is expected to remain very strong with full year revenue pace as of March 31 up nearly 11% compared to the same time last year, benefiting from strong convention and citywide activity expected for New York, Chicago and New Orleans and healthy in-house group booking activity in the resorts, including our Bonnet Creek complex in Orlando.

2024 年及以後，集團需求仍是 Park 成長的主要驅動力。這在第一季表現得尤為明顯，團體客房收入同比增長 15%，達到 1.23 億美元，超出了我們的預期，房價增長了 5%，而需求的增加推動宴會和餐飲收入增長超過 11% 。展望 2024 年的剩餘時間，受益於紐約預計將舉辦的強勁會議和全市活動，截至 3 月 31 日的全年收入增速將比去年同期增長近 11%，預計團體需求將保持非常強勁，芝加哥和新奧爾良以及度假村內健康的內部團體預訂活動，包括我們位於奧蘭多的Bonnet Creek 度假村。

In the year, for the year bookings also remain very active with the portfolio picking up approximately 240,000 room nights for 2024 during the quarter, accounting for $56 million of incremental revenues with gains primarily concentrated in New York, Orlando and Hawaii.

今年，預訂量依然非常活躍，該投資組合在本季為 2024 年預訂了約 24 萬間夜，增量收入達 5,600 萬美元，收益主要集中在紐約、奧蘭多和夏威夷。

Turning to several of our core markets. We are pleased to report another solid quarter in Hawaii, which achieved impressive RevPAR growth of nearly 7% versus last year. Hilton Hawaiian Village led the way with exceptional RevPAR growth of nearly 8%, supported by strong domestic airlift and a steady recovery of inbound travel from Japan. Overall, February year-to-date inbound airlift in Japan increased by 65% compared to the previous year, resulting in nearly an 85% increase to 55,000 monthly passenger arrivals to O‘ahu and the Big Island. While Japanese airlift still lags 2019 by 31%, we are very encouraged by the ongoing improvement.

轉向我們的幾個核心市場。我們很高興地報告夏威夷又一個強勁的季度，與去年相比，每間可用房收入增長了近 7%，令人印象深刻。在強勁的國內空運和日本入境旅遊穩步復甦的支持下，希爾頓夏威夷村酒店以近 8% 的可出租平均收入增長一馬當先。整體而言，今年 2 月日本入境空運量比去年同期增加了 65%，導致前往歐胡島和大島的每月旅客數量增加了近 85%，達到 55,000 人次。儘管日本的空運仍比 2019 年落後 31%，但我們對持續的改善感到非常鼓舞。

Group book -- group bookings increased by 41%, which helped to push occupancy to nearly 92% during the first quarter, while driving the average daily rate to $304, marking the highest first quarter average daily rate in the hotel's nearly 60-year history.

團體預訂——團體預訂增長了 41%，第一季入住率提高到近 92%，同時將日均房價推至 304 美元，創下酒店近 60 年曆史上第一季日均房價最高紀錄。

At our Casa Marina Resort in Key West, the transformative investment we made to reimagine this iconic hotel has yielded exceptional results with performance during the first quarter meaningfully exceeding expectations. RevPAR increased by over 34% during the quarter, primarily driven by an impressive 24% increase in rate, while strong leisure and group demand drove occupancy higher by over 600 basis points to 82% in the first quarter. As a reminder, the first quarter is a clean quarter-to-quarter comparison as the resort was not closed for renovation until May of last year.

在我們位於基韋斯特的 Casa Marina 度假村，我們為重新設計這家標誌性酒店而進行的變革性投資取得了非凡的成果，第一季的業績大大超出了預期。本季每間可用客房收入 (RevPAR) 成長超過 34%，主要是由於房價成長 24%，而強勁的休閒和團體需求推動第一季入住率成長超過 600 個基點，達到 82%。提醒一下，第一季的環比比較是乾淨的，因為度假村直到去年 5 月才關閉進行翻修。

The resort also achieved the highest banquet revenue quarter on record, helping to drive food and beverage revenues up nearly 32% compared to the prior year period. The food and beverage offerings at Casa has been further enhanced with the introduction of the new beachside Durata bar, which opened April 13 and is expected to have the restaurant fully operational by the end of Q2. Overall, we are thrilled about the potential of this iconic resort with current projections for 2024 trending ahead of our underwriting.

該度假村還實現了有史以來最高的宴會收入季度，推動餐飲收入較去年同期成長近 32%。隨著新的海濱 Durata 酒吧於 4 月 13 日開業，Casa 的餐飲服務進一步增強，預計餐廳將在第二季末全面運作。總體而言，我們對這個標誌性度假村的潛力感到興奮，目前對 2024 年的預測趨勢領先於我們的承保。

In Orlando, our Bonnet Creek resort complex, which includes the Waldorf Astoria and Signia Bonnet Creek hotels achieved impressive results following the completion of a comprehensive renovation and meeting space expansion. RevPAR for the complex increased by nearly 9% versus 2023 during the quarter. At Signia, the addition of the 35,000 square foot waterside ballroom contributed to a 43% increase in group revenues during the quarter, helping the asset improve its RevPAR index by over 8% for the quarter.

在奧蘭多，我們的 Bonnet Creek 度假村綜合大樓（包括華爾道夫酒店和 Signia Bonnet Creek 酒店）在完成全面翻修和會議空間擴建後取得了令人印象深刻的成果。本季度，該綜合體的 RevPAR 與 2023 年相比成長了近 9%。在西嘉，增加 35,000 平方英尺的水邊宴會廳使集團本季度收入增長了 43%，幫助該資產將本季度的 RevPAR 指數提高了 8% 以上。

Looking ahead, 2024 group revenue is pacing up over 36% while 2025 group revenue pace is up over 17%. We look forward to welcoming many of you at our upcoming Bonnet Creek property tour later this month, where we will showcase our best-in-class development capabilities and the incredible work achieved by the team.

展望未來，2024 年集團營收將成長超過 36%，而 2025 年集團營收將成長超過 17%。我們期待在本月稍後即將舉行的 Bonnet Creek 房地產之旅中歡迎大家，我們將在那裡展示我們一流的開發能力以及團隊所取得的令人難以置信的工作。

Shifting to our urban portfolio of hotels. We delivered solid results as both business travel and international demand continue their path towards a full recovery. New York continues to be one of the strongest urban recovery stories in the country, exemplified by our Hilton Midtown hotels' RevPAR growth of 11% over the first quarter of 2023, with group revenue exceeding 2019 levels by nearly 28%. As a result, occupancy improved 570 basis points above the prior year period with 14 sellout nights during a seasonally low occupancy quarter. There remains significant embedded upside potential at the hotel with transient room nights still 16% below 2019 while overall occupancy versus 2019 trails by 440 basis points, a gap we expect to close with the eventual rebound in travel from Asia, coupled with continued improvements in business transient demand.

轉向我們的城市酒店組合。隨著商務旅行和國際需求繼續全面復甦，我們取得了堅實的成果。紐約仍然是美國城市復甦最強勁的城市之一，我們的希爾頓市中心酒店的每間可用客房收入(RevPAR) 比2023 年第一季增長11%，集團收入比2019 年水平增長近28%，就是例證。結果，入住率比去年同期提高了 570 個基點，在季節性低入住率季度內有 14 晚售罄。該酒店仍然存在巨大的內在上升潛力，短暫間夜數仍比2019 年低16%，而整體入住率與2019 年相比下降了440 個基點，我們預計隨著來自亞洲的旅行最終反彈以及業務的持續改善，這一差距將縮小瞬時需求。

In New Orleans, proactive efforts to generate in-house group given the significant drop in citywide events during the first quarter helped to drive solid results at our Hilton Riverside Hotel, with RevPAR growth exceeding 13% versus a 4% decline for the comp set. While in Chicago, a 70% increase in citywide production helped to drive an 11% increase in RevPAR across our 3 hotels with contributions from both transient and group segments.

在新奧爾良，鑑於第一季全市範圍內的活動大幅減少，我們積極努力組建內部團隊，這有助於推動希爾頓河畔酒店取得穩健的業績，每間客房收入增長超過13%，而同期酒店則下降4%。在芝加哥，全市產量增加了 70%，這推動了我們 3 家飯店的 RevPAR 成長了 11%，這得益於短期飯店和團體飯店的貢獻。

As we look out over the balance of the year, we remain well positioned to deliver sustained growth throughout the year as we execute against our strategic priorities, supported by an expected favorable macro backdrop including a resilient U.S. consumer, improving inbound international travel and a continued acceleration of group demand, we remain optimistic about the growth potential of our portfolio. As a result, we are increasing our full year 2024 guidance to reflect the better-than-expected performance during the first quarter and remain on track to deliver sector-leading RevPAR and earnings growth this year. Sean will provide more details on our improved outlook for the year.

展望今年餘下的時間，我們仍處於有利地位，可以在全年實現持續增長，因為我們執行我們的戰略重點，並受到預期有利的宏觀背景的支持，包括強勁的美國消費者、改善的入境國際旅行以及持續的成長。因此，我們提高了 2024 年全年指引，以反映第一季優於預期的業績，並繼續實現今年領先業界的 RevPAR 和獲利成長。肖恩將提供有關我們今年改善的前景的更多詳細資訊。

From a capital allocation perspective, we remain very focused on maximizing returns on invested capital. While we continue to assess potential acquisitions, we firmly believe that our portfolio holds significant embedded value, which we seek to unlock through targeted ROI projects. At Hilton Hawaiian Village, we expect to commence a 2-year phased room renovation, with nearly half of the 796 rooms in the Rainbow Tower being renovated during the second half of this year with the remaining rooms expected to be renovated during the same time next year, along with 26 additional keys being added as part of the project.

從資本配置的角度來看，我們仍然非常注重投資資本回報最大化。在我們繼續評估潛在收購的同時，我們堅信我們的投資組合具有巨大的內在價值，我們尋求透過有針對性的投資報酬率項目來釋放這些價值。在希爾頓夏威夷村，我們預計將開始為期兩年的分階段客房改造，彩虹塔的 796 間客房中近一半將在今年下半年進行翻新，其餘房間預計將於明年同期進行翻新年，作為該項目的一部分添加了26 個額外的按鍵。

Similar to HHP, we plan to renovate nearly half of the rooms in the 400-room Palace Tower at the Hilton Waikoloa Village later this year, with the balance of rooms expected to be renovated next year along with 11 keys being added as part of the project. Both renovations are expected to begin in August with an anticipated completion date of early 2025 for Phase I. In total, we expect only $8 million of EBITDA disruption this year from both projects and 40 basis points of RevPAR disruption.

Similar to HHP, we plan to renovate nearly half of the rooms in the 400-room Palace Tower at the Hilton Waikoloa Village later this year, with the balance of rooms expected to be renovated next year along with 11 keys being added as part of the專案.這兩項翻修預計將於 8 月開始，第一階段預計於 2025 年初完成。

Overall, we are very excited by the impact that these reimagined rooms will have on the results following the success of our Tapa Tower renovation at Hilton Hawaiian Village, which wrapped up last year, and generated a $60 average daily rate premium to other resort room types.

總體而言，繼去年完成的夏威夷希爾頓度假村 Tapa Tower 改造成功之後，這些重新設計的客房將對結果產生影響，我們感到非常興奮，與其他度假村客房類型相比，每日平均房價溢價 60 美元。

In addition, we continue to evaluate other major ROI projects among our core hotels, including a comprehensive renovation of our Royal Palm, Oceanfront Hotel in South Beach, Miami, which is currently contemplated for 2025, while making significant progress on the entitlement process for a ground-up development project at Hilton Hawaiian Village to add our fifth tower with approximately 515 rooms.

此外，我們繼續評估核心酒店中的其他主要投資回報率項目，包括對邁阿密南海灘皇家棕櫚海濱酒店進行全面翻修，目前計劃於 2025 年進行，同時在授權流程方面取得重大進展希爾頓夏威夷村的地面開發項目將增加我們的第五座塔樓，擁有約515 間客房。

I want to reemphasize that our team remains intensely focused on executing our internal growth strategies and capital allocation priorities, which we are confident will create long-term shareholder value and position the company for long-term success.

我想再次強調，我們的團隊仍然高度專注於執行我們的內部成長策略和資本配置優先事項，我們相信這將創造長期股東價值，並使公司取得長期成功。

With that, I will turn the call over to Sean.

這樣，我會將電話轉給肖恩。

Thanks, Tom.

謝謝，湯姆。

Overall, we were very pleased with our first quarter performance. Q1 RevPAR increased an impressive 7.8% year-over-year with occupancy up 350 basis points to nearly 71% for the quarter, and average rate higher by 2.5% over the same period last year. Hotel revenue was $618 million during the quarter and hotel adjusted EBITDA was $168 million, resulting in hotel adjusted EBITDA margin of 27.3%, 190 basis points above the same period in 2023.

總的來說，我們對第一季的表現非常滿意。第一季每間可用客房營收年增 7.8%，令人印象深刻，本季入住率成長 350 個基點，達到近 71%，平均入住率較去年同期成長 2.5%。該季度飯店營收為 6.18 億美元，飯店調整後 EBITDA 為 1.68 億美元，飯店調整後 EBITDA 利潤率為 27.3%，比 2023 年同期高出 190 個基點。

Q1 adjusted EBITDA was $162 million, and adjusted FFO per share was $0.52. First quarter results were positively impacted by double-digit RevPAR gains in several key markets, including Key West, New York, New Orleans and Chicago while ongoing strength in Hawaii drove our stronger-than-expected results.

第一季調整後 EBITDA 為 1.62 億美元，調整後每股 FFO 為 0.52 美元。第一季的業績受到基韋斯特、紐約、新奧爾良和芝加哥等幾個主要市場兩位數的每間客房收入增長的積極影響，而夏威夷的持續強勁推動我們的業績強於預期。

In addition, margin outperformance was also aided by approximately $4 million of state unemployment tax refunds received at both of our Hawaii resorts and $5 million of relief grants awarded to our 3 Boston properties. Excluding these items, first quarter hotel adjusted EBITDA margin still expanded by approximately 40 basis points.

此外，我們的兩個夏威夷度假村收到了約 400 萬美元的州失業稅退款，以及向我們的 3 個波士頓酒店發放的 500 萬美元的救濟金，也有助於保證利潤率的優異表現。排除這些項目，第一季飯店調整後 EBITDA 利潤率仍擴大約 40 個基點。

Turning to the balance sheet. Our current liquidity is approximately $1.3 billion, including $400 million of cash, while net debt is currently $3.5 billion. Our net debt to adjusted EBITDA ratio on a trailing 12-month basis has improved significantly to just 5.2x. Overall, our balance sheet remains in excellent shape with a focus on extending near-term maturities while maintaining sufficient liquidity and optionality to execute our strategic initiatives.

轉向資產負債表。我們目前的流動資金約為 13 億美元，其中包括 4 億美元現金，而淨債務目前為 35 億美元。我們過去 12 個月的淨負債與調整後 EBITDA 比率已大幅改善至僅 5.2 倍。總體而言，我們的資產負債表保持良好狀態，重點是延長近期期限，同時保持足夠的流動性和選擇性來執行我們的策略性舉措。

With respect to our dividend, on April 15, we paid our first quarter cash dividend of $0.25 per share. And on April 19, our Board approved a second quarter dividend of $0.25 per share to be paid on July 15 to stockholders of record as of June 28. The dividend translates to an annualized dividend yield of 6% based on recent trading levels. As we stated last quarter, we expect to resume our targeted payout ratio in the range of 65% to 70% of adjusted FFO per share for the full year, which based on our current guidance, would translate into an incremental top-off dividend at the end of the year.

關於股息，4 月 15 日，我們支付了每股 0.25 美元的第一季現金股息。 4 月19 日，我們的董事會批准了每股0.25 美元的第二季股息，將於7 月15 日向截至6 月28 日登記在冊的股東支付。為6%。正如我們上季度所述，我們預計全年調整後的每股 FFO 的目標派息率將恢復在 65% 至 70% 的範圍內，根據我們目前的指導，這將轉化為增量股息年底。

Turning to guidance. As Tom noted earlier, given stronger-than-expected results during the first quarter, we are increasing our 2024 RevPAR forecast by 25 basis points at the midpoint to a new range of $186 to $188 representing year-over-year growth of 4% to 5.5%, while our hotel adjusted EBITDA margin forecast improved by 30 basis points at the midpoint to a new range of 27.1% to 28.1% or down 70 basis points to up 30 basis points versus 2023. Additionally, given the stronger-than-expected performance during the first quarter, we are increasing our adjusted EBITDA forecast by $10 million at the midpoint to a new range of $655 million to $695 million, while our adjusted FFO per share guidance increases by approximately $0.05 at the midpoint to a new range of $2.07 to $2.27 per share, representing year-over-year adjusted EBITDA growth of 2.5% and AFFO per share growth of 6%. Overall, we expect our portfolio to continue to deliver solid RevPAR growth over the balance of the year.

轉向指導。正如 Tom 早些時候指出的，鑑於第一季的業績強於預期，我們將 2024 年 RevPAR 預測中位數上調 25 個基點，達到 186 美元至 188 美元的新區間，同比增長 4% 5.5%，而我們的飯店調整後EBITDA 利潤率預測中位數提高了30 個基點，達到27.1% 至28.1% 的新範圍，或比2023 年下降70 個基點，提高30 個基點。將調整後的EBITDA 預測中位數上調1000 萬美元，達到6.55 億至6.95 億美元的新範圍，而調整後的FFO 每股指導值中位數上調約0.05 美元，達到2.07 美元的新範圍至每股2.27美元，調整後EBITDA 年成長2.5%，每股AFFO 成長6%。 總體而言，我們預計我們的投資組合將在今年餘下時間繼續實現穩健的 RevPAR 成長。

Year-to-date preliminary RevPAR growth through April is pacing up over 5%, while we forecast Q2 RevPAR growth to range between 3% and 5%. While April performance was impacted by typical year-over-year comparisons coupled with the Easter holiday shift, which impacted leisure transient demand into Hawaii, we are anticipating performance to accelerate in May and June driven by Key West as we lap the Casa Marina renovation disruption beginning in May of 2023, along with continued improvement in our urban markets and solid group base across the portfolio.

今年迄今為止，截至 4 月的 RevPAR 初步成長率超過 5%，而我們預計第二季 RevPAR 成長將在 3% 至 5% 之間。雖然4 月份的業績受到典型的同比比較以及復活節假期轉變的影響，這影響了夏威夷的休閒短暫需求，但我們預計，隨著卡薩碼頭改造中斷，基韋斯特將推動5 月和6 月的業績加速從 2023 年 5 月開始，隨著我們城市市場的持續改善和整個投資組合的堅實集團基礎。

In addition, the back half of the year looks solid, with RevPAR growth expected to be above 3.5%, which includes 80 basis points of renovation disruption during this time at both of our Hawaii hotels, and at our Hilton New Orleans hotel where we will renovate 250 of the 1,167 rooms in the main tower during the low operating season from July through October.

此外，今年下半年的情況看起來很穩健，每間客房收入(RevPAR) 增長預計將超過3.5%，其中包括我們夏威夷的兩家酒店以及我們將在新奧爾良希爾頓酒店在此期間進行80 個基點的翻修中斷。

This concludes our prepared remarks. We will now open the line for Q&A. To address each of your questions, we ask that you limit yourself to 1 question and 1 follow-up. Operator, may we have the first question, please?

我們準備好的演講到此結束。我們現在將開通問答熱線。為了解決您的每個問題，我們要求您只提出 1 個問題和 1 個後續問題。接線員，我們可以問第一個問題嗎？

(Operator Instructions) The first question comes from the line of Floris Van Dijkum with Compass Point.

（操作員說明） 第一個問題來自 Floris Van Dijkum 與 Compass Point 的路線。

So really good report, obviously, a little puzzling the initial reaction here by the market. But one of the things that I find fascinating here, obviously, your expectations for cash flow and EBITDA has increased, but you're still not getting, based on your guidance, back to 2019 levels of same-property EBITDA. Although if I'm not mistaken, I think your first quarter EBITDA this year actually surpassed 2019 on a same-property basis. Can you maybe talk about some of -- where the latent upside appears to be in terms of your EBITDA recapture in particular, talk -- maybe talk about some of the upside potential on your urban assets where your occupancy still appears to be lagging 2019?

顯然，這份報告非常好，但市場的最初反應有點令人費解。但我發現這裡很有趣的一件事是，顯然，您對現金流和 EBITDA 的預期有所增加，但根據您的指導，您仍然沒有回到 2019 年相同房產 EBITDA 的水平。不過，如果我沒記錯的話，我認為你們今年第一季的 EBITDA 實際上超過了 2019 年相同房產的情況。您能否談談您的城市資產的一些上行潛力，尤其是在您的 EBITDA 收回方面，潛在的上行潛力似乎仍落後於 2019 年？

Yes, Floris, a lot to unpack there, but I think you really hit the nail on the head. It's -- look, you're seeing and I think our first quarter is a great example. I think sometimes people sort of overly focus on sort of Hawaii, but you noticed, obviously, we had really broad-based and acceleration in both urban and in our resort markets as well. So we're still 500 basis points below, I believe, plus or minus in occupancy from pre-pandemic levels, but that continues to accelerate. And as we look across the portfolio, we're incredibly encouraged.

是的，弗洛里斯，有很多東西需要解開，但我認為你確實擊中了要害。你看，我認為我們的第一季就是一個很好的例子。我認為有時人們會過度關注夏威夷，但你顯然注意到，我們在城市和度假村市場都有非常廣泛的基礎和加速發展。因此，我認為，入住率與大流行前的水平相比仍低 500 個基點，但這種情況仍在加速。當我們審視整個產品組合時，我們感到非常鼓舞。

I know that there are some concerns about second quarter in sort of April, and April is sort of isolated and probably best that I sort of addressed some of that now. And obviously, April is trending to about negative 1%. But that's really, we believe, our softest month in the entire year. It's our softest group month as well. We're about 3.7%. But as you sort of look out to May and June, we see a real acceleration.

我知道四月份的第二季度存在一些擔憂，四月有點孤立，也許我現在就解決其中的一些問題是最好的。顯然，4 月的成長率約為負 1%。但我們相信，這確實是我們全年最疲軟的一個月。這也是我們團隊最輕鬆的一個月。我們大約是 3.7%。但當你展望五月和六月時，我們會看到真正的加速。

Looking at group pace in kind of May and June, we're probably in the 8% to 9%. We're looking at Seattle being above 15% in RevPAR, D.C. up probably in the 10% to 11% range; Boston, 8% to 9%; Chicago kind of 5% to 6%. And if you think about Casa, obviously not a clean comp since it was closed, but up really a whopping sort of 900%. So I think it's embedded in your question that the acceleration is -- and the recovery is accelerating, and it's broadening, and we certainly continue to see that in our portfolio. So we're very encouraged as we look out. And obviously, we've given guidance at 3% to 5% here in the second quarter, feel good about that. A little frustrating to see the early response in the market. But I think once people sort of dig in and understand a little better, we are very, very confident as we look out for the balance of 2024.

看看 5 月和 6 月的團體進度，我們可能處於 8% 到 9% 之間。我們預計西雅圖的 RevPAR 會超過 15%，華盛頓特區的增幅可能在 10% 到 11% 之間；波士頓，8% 至 9%；芝加哥大概是 5% 到 6%。如果你想想 Casa，顯然自從它關閉以來就不是一個乾淨的補償，但確實增加了 900%。因此，我認為您的問題中已經包含了加速復甦的跡象，而且復甦正在加速，而且復甦正在擴大，我們當然會繼續在我們的投資組合中看到這一點。因此，當我們觀察時，我們感到非常鼓舞。顯然，我們在第二季度給出了 3% 到 5% 的指導，對此感覺良好。看到市場的早期反應有點令人沮喪。但我認為，一旦人們深入了解並更好地理解，我們在展望 2024 年的餘下時間時就會非常非常有信心。

Great. And Tom, maybe if I can follow up on Hawaii. You talk about -- obviously, Hawaii Village, I think had $51 million of EBITDA in the first quarter. I mean you annualize that, I mean, not a fair assumption, but you're at a run rate of close to $200 million of EBITDA on 1 asset. That's some companies that produce that. But if you think about the air uplift and the Japanese tourist demand, how much is that driving some of that occupancy gain there? And do you see more upside there?

偉大的。湯姆，也許我可以跟進夏威夷的情況。你談到的——顯然，夏威夷村第一季的 EBITDA 為 5,100 萬美元。我的意思是，你將其年化，我的意思是，這不是一個公平的假設，但一項資產的 EBITDA 運行率接近 2 億美元。 有一些公司生產這種產品。但如果你考慮一下空氣品質的提升和日本遊客的需求，你會發現這對那裡的入住率成長有多大推動力？您是否看到了更多的好處？

Yes. It's another great question, Floris. But let's -- if we sort of back up for a second, look, the last 2 years in Hawaii have been near record performance. We expect this year that is likely to continue, and if you look at pre-pandemic, the Japanese travelers accounted for about 18% to 20% of revenue. Last year, they were about 3.5% of revenue. And if you look year-to-date this year, it's only 3.5% of revenue. We think it probably gets back to 4% to 5% this year. So huge upside.

是的。這是另一個很好的問題，弗洛里斯。但是，如果我們稍微回想一下，夏威夷過去兩年的表現已經接近創紀錄的水平。我們預計今年這種情況可能會持續下去，如果你看看大流行前的情況，日本遊客約佔收入的 18% 至 20%。去年，它們約佔收入的 3.5%。如果你看看今年年初至今，它只佔收入的 3.5%。我們認為今年可能會回升至 4% 至 5%。如此巨大的上升空間。

So despite the fact that we don't have the Japanese traveler back, we're still generating -- and part of that is just obviously increased penetration in the U.S. market, but also in other international markets as well. So we are bullish on Hawaii. The other thing that we would note is it's near impossible to add additional supply. So when you think about that backdrop and we're working very hard to add a fifth tower there, which we think, obviously, there's huge upside as well. Now we're not done with the entitlement process, but certainly very encouraged as we look out.

因此，儘管日本遊客沒有回來，我們仍然在創造收入，其中一部分是在美國市場以及其他國際市場的滲透率顯著增加。所以我們看好夏威夷。我們要注意的另一件事是幾乎不可能增加額外的供應。因此，當你考慮到這個背景時，我們正在非常努力地在那裡添加第五座塔樓，我們認為，顯然，這也有巨大的優勢。現在我們的權利流程還沒有完成，但當我們看到這一點時，我們肯定感到非常鼓舞。

So thank you for the questions and the observation and your comment about we generate more EBITDA in Hawaii when you add both properties than candidly, most of our peers. It's startling, but if you're going to bet anywhere, we think bet in Hawaii is a solid bet.

因此，感謝您提出的問題、觀察和評論，當您添加這兩個房產時，我們在夏威夷產生的 EBITDA 比我們大多數同行坦率的要多。這令人驚訝，但如果您要在任何地方下注，我們認為在夏威夷下注是一個可靠的選擇。

Next question comes from the line of Smedes Rose with Citibank.

下一個問題來自花旗銀行的 Smedes Rose。

I mean, look, you've talked about this a fair amount, but I just wanted to ask a little bit more because the trends in leisure, I've spoken about by the larger branded companies. It sounds like they're kind of keeping the down tick in terms of expectations over the course of the year. And it sounds like trends in Hawaii are very strong, but I think I'm correct in thinking that kind of a middle-market property, kind of a lot of tour and travel, maybe a slightly more susceptible consumer. And I'm just wondering, it sounds like you're not, but might you -- or have you sort of factored in that that segment of the market might be a little weaker as we work through the year? Or is that already in your expectations? Or I guess just maybe a little more color on how you're thinking about leisure trends at this point?

我的意思是，聽著，你已經談論了很多這個問題，但我只是想多問一點，因為我已經由較大的品牌公司談論過休閒趨勢。聽起來他們在這一年的預期一直在下降。聽起來夏威夷的趨勢非常強勁，但我認為我的想法是正確的，這種中等市場的房產，有大量的旅遊和旅行，可能是稍微更容易受到影響的消費者。我只是想知道，聽起來你不是，但你可能會——或者你是否考慮到，隨著我們全年的工作，該市場部分可能會有點疲軟？或者這已經在你的期望之中了？或者我想您現在對休閒趨勢的看法可能有更多的色彩？

Yes. I would say, if you think about the last couple of years and think about this year and what we saw obviously in the first quarter, take Hilton Hawaiian Village is a great example of north of 7%. And we're probably low to mid-single digit, we think, for probably the balance of the year. One, Smedes, one comment I'd make is this is not a lower-end property. It's nearly 2,900 rooms. Historically, we were averaging about 150 mid-market high-end weddings. It's not ultra luxury, certainly no doubt about that. But I think that's really part of the appeal, and part of the reason that it continues and has done so incredibly well. And as we noted, near record EBITDA over the last 2 years and certainly believe in trending in that direction this year.

是的。我想說，如果你想想過去幾年，再想想今年，以及我們在第一季明顯看到的情況，夏威夷希爾頓度假村就是 7% 以上的一個很好的例子。我們認為，今年餘下的時間裡，我們的成長率可能會處於低至中個位數的水平。一，Smedes，我要說的一個評論是，這不是一處低端房產。共有近2,900間客房。從歷史上看，我們平均舉辦了約 150 場中階市場高端婚禮。毫無疑問，這不是超豪華的。但我認為這確實是吸引力的一部分，也是它繼續存在並且做得如此出色的部分原因。正如我們所指出的，過去兩年的 EBITDA 接近歷史最高紀錄，並相信今年的趨勢也將朝著這個方向發展。

Some are looking at some of the leisure trends and obviously, Maui took an incredible blow and is recovering, but O‘ahu continues to be really strong and solid.

有些人正在關註一些休閒趨勢，顯然，毛伊島遭受了令人難以置信的打擊並且正在恢復，但歐胡島仍然非常強大和堅實。

Smedes, this is Sean. I might add too, I mean your focus on -- your question is focused on leisure, but also consider that Hawaiian Village, especially this year has a good group component with it in the convention calendar, while again, not the primary source of demand in the business and the hotel per se in the market. But in the end, it's a strong -- very strong citywide calendar for Honolulu in Q3. And if we look at Q2 for our property specifically, we've got some great pace, up 50% in this quarter in May and 100% in June. So I think we feel that while leisure is certainly very important to the complex, we certainly have a different layer -- diversified layer in there with the group as well.

斯梅德斯，這是肖恩。我還可以補充一點，我的意思是你的重點是——你的問題集中在休閒上，但也要考慮到夏威夷村，特別是今年，在大會日曆中擁有很好的團體組成部分，但同樣，這不是需求的主要來源在市場上的商業和酒店本身。但最終，檀香山第三季的全市日曆非常強勁。如果我們具體看一下我們的房地產第二季度，我們的步伐很快，5 月這個季度成長了 50%，6 月成長了 100%。因此，我認為我們認為，雖然休閒對綜合體來說確實非常重要，但我們當然也有一個不同的層面——團隊的多元化層面。

Great. And can I just ask one more? You have the sort of the 2 positive impacts in the quarter with the Massachusetts grant and the employment refund in Hawaii. Were those in your full year guidance as initially contemplated? And I think maybe this is more of a comment, but I think maybe the reason people are struggling a little bit with the stock is we're kind of backing that out, and I was just wondering what did you have embedded? And maybe are there any other things like that, that we should be expecting over the course of the year?

偉大的。我可以再問一個嗎？馬薩諸塞州的補助金和夏威夷的就業退款在本季度產生了兩個積極影響。這些是否在您最初設想的全年指導中？我認為這可能更像是一種評論，但我認為人們在股票上遇到一點困難的原因可能是我們支持這一點，我只是想知道你嵌入了什麼？也許我們在這一年中還該期待其他類似的事情？

Smedes, so we have the Massachusetts -- we had the Massachusetts grants in our guidance. We booked those in February, but we did not have the Hawaii SUTA reimbursement that would occur in March, which is about $4.4 million.

Smedes，所以我們有馬薩諸塞州——我們的指導中有馬薩諸塞州的撥款。我們在 2 月預訂了這些，但我們沒有獲得 3 月的夏威夷 SUTA 報銷，該報銷金額約為 440 萬美元。

So as we think about the shift, Smedes, sorry, cutting you off there, but you think about the shift in EBITDA, what ultimately it obviously includes the SUTA, $4.5 million or $5 million in change or so of just operational fee from Q1.

因此，當我們考慮這種轉變時，Smedes，抱歉，打斷你了，但你想想 EBITDA 的轉變，最終它顯然包括 SUTA、450 萬美元或 500 萬美元左右的第一季度運營費用變動。

Yes. Okay. I just -- I mean just -- because I think -- I mean, even if it was in your full year outlook, we wouldn't necessarily have kind of known that would hit in the first quarter on the Massachusetts thing. So I think people are naturally kind of back that out. So I think that's just kind of maybe what's going on a little bit. Although, look, it was obviously a strong quarter, even taking that stuff out. But I -- it's just kind of a comment, I guess, more than -- that's more than a question.

是的。好的。我只是 - 我的意思是 - 因為我認為 - 我的意思是，即使是在你的全年展望中，我們也不一定知道第一季度會對馬薩諸塞州的事情產生影響。所以我認為人們自然會反對這一點。所以我認為這可能只是正在發生的一些事情。不過，看，即使去掉那些東西，這顯然是一個強勁的季度。但我——我想，這只是一種評論，而不是——這不僅僅是一個問題。

Next question comes from the line of Duane Pfennigwerth with Evercore ISI.

下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Tom, can you talk a little bit about your Miami renovation plans. When we last met, it sounded like you saw an opportunity to go bigger in that market, and maybe the timing is pushing a little bit to the right here. So can you just talk a little bit about the analysis and the opportunity you see there?

湯姆，你能談談你的邁阿密改造計畫嗎？當我們上次見面時，聽起來您似乎看到了在該市場做大的機會，也許現在的時機有點推遲了。那麼您能簡單談談分析以及您在那裡看到的機會嗎？

Yes. I would liken it in many cases to what we've just done in the Casa. It's an iconic property, it's oceanfront, it's South Beach. We see a great opportunity to reimagine that iconic asset. And if you think about what we're seeing already in Casa, not only is it incredibly well received and throwing out numbers in the second quarter, we expect we'll be up -- I think in May and June we were looking at a 900% increase in RevPAR, but we see that kind of upside with that, again, great real estate. So we continue to sort of investigate it, continue to study it. Carl Mayfield, heads our design and construction, certainly best-in-class, he and his team are working hard and working with local architects there and figuring out it's 3 buildings. It's about 393 rooms, approximately. Don't have it all scoped out yet, but it's -- it's something we're really excited about as we look out.

是的。在很多情況下，我會把它比作我們剛剛在卡薩所做的事情。這是一棟標誌性建築，位於海濱，位於南海灘。我們看到了重新構想這項標誌性資產的絕佳機會。如果你想想我們在Casa 已經看到的情況，它不僅受到了令人難以置信的好評並在第二季度推出了數字，我們預計我們會有所上升- 我認為在5 月和6 月我們正在考慮RevPAR 增加了 900%，但我們再次看到了龐大的房地產帶來的這種好處。所以我們繼續調查它，繼續研究它。卡爾梅菲爾德 (Carl Mayfield) 負責我們的設計和施工，當然是一流的，他和他的團隊正在努力工作，並與當地的建築師合作，確定了它的三座建築。大約有 393 間房間。雖然還沒有全部弄清楚，但當我們展望未來時，我們確實感到非常興奮。

And if you think about what we just completed in Bonnet Creek, we can't wait to really show the talents of the team and that extraordinary work that was done there. And then, of course, we continue to invest in Hawaii. And as we mentioned in the script, when you think about just the Tapa Tower there and the fact that we're already seeing a $60 increase in average daily rate. So we see considerable upside in Miami when you look at the last 20 years, what have been the 2 strongest markets or 2 of the strongest markets, certainly Miami and Hawaii have been too. And when you think about the ultra-luxury projects that are being contemplated, obviously, we're not envisioning Royal Palm would compete at that level, but there's certainly plenty of space right beneath that in a lifestyle hotel that we can really take it to the next level.

如果你想想我們剛剛在邦尼特溪完成的事情，我們迫不及待地想真正展示團隊的才華以及在那裡所做的非凡工作。當然，我們也會繼續在夏威夷投資。正如我們在腳本中提到的，當您想到那裡的 Tapa Tower 時，我們已經看到平均每日費率增加了 60 美元。因此，當你回顧過去 20 年時，我們看到邁阿密有相當大的上升空間，其中有兩個最強勁的市場或兩個最強勁的市場，當然邁阿密和夏威夷也是如此。當你想到正在考慮的超豪華項目時，顯然，我們並不認為皇家棕櫚酒店會在這個級別上競爭，但在生活方式酒店的下面肯定有足夠的空間，我們可以真正把它帶到下一個級別。

And maybe just for a follow-up, I would love your thoughts on the outlook for New York. It's been a positive surprise, a pleasant surprise, frankly, for a while now, would love to hear your thinking for maybe the balance of the year?

也許只是作為後續行動，我希望了解您對紐約前景的看法。這是一個積極的驚喜，一個令人愉快的驚喜，坦白說，有一段時間了，很想聽聽你對今年剩餘時間的想法？

Well, if you think back for a second and New York was up 30% of RevPAR in 2023. We were up 11% in the first quarter. And I think supply is down about 9%. And you're obviously seeing -- there have been no new permits that they issued through the city council since December of '21, I think, plus or minus. And Airbnb is finally being regulated. So a lot of the illegal hotels are certainly not in supply. So New York is a more compelling market today than it has been. And if you look historically, look back 10 years plus or minus, New York certainly was among the strongest markets.

好吧，如果你回想一下，2023 年紐約的 RevPAR 成長了 30%。我認為供應量下降了約 9%。你顯然看到了——我想，自 21 年 12 月以來，無論是正負，他們都沒有通過市議會頒發新的許可證。 Airbnb 終於受到監管。所以很多非法飯店一定是供應不上的。因此，如今紐約是一個比以往更有吸引力的市場。如果你回顧歷史，回顧十年前後，紐約無疑是最強的市場之一。

So we're very encouraged and I would say, as you sort of look across the urban portfolio, and I think, obviously, evidenced by New York, but not just New York, you're seeing markets really broaden and begin to recover, which is a good thing and certainly benefiting the Park portfolio.

因此，我們非常受鼓舞，我想說，當你縱觀城市投資組合時，我認為，顯然，紐約（但不僅僅是紐約）證明了這一點，你會看到市場確實在擴大並開始復蘇，這是一件好事，絕對有利於公園投資組合。

Next question comes from the line of Chris Woronka with Deutsche Bank.

下一個問題來自德意志銀行的 Chris Woronka。

Nice quarter. So I wanted to drill down a little bit on group if we could. I think you said that your pace -- your second quarter pace up 11%. As you're negotiating some of these new group contracts, whether it's for the rest, I assume not a lot to go in '24, but more for '25 and beyond. What kind of I guess, room rate increase can you still get -- and also on the ancillary, right? You mentioned strength in catering, banqueting, -- are you still able to push through above inflationary price increases on those?

不錯的季度。因此，如果可以的話，我想對團隊進行一些深入研究。我想你說過你的速度——第二季的速度成長了 11%。當你正在談判其中一些新的團體合約時，無論是其餘的合同，我認為 24 年不會有太多進展，但 25 年及以後會有更多進展。我想，你還能得到什麼樣的房價上漲——而且還有輔助費用，對嗎？您提到了餐飲、宴會方面的實力——您是否還能推動這些項目的價格漲幅高於通膨水準？

I think the general answer is yes, Chris. This is Sean. The -- as we look at kind of where group paces to -- as you kind of look to '19 on the rate side, we're about 111% over '19. And as you think about '25 pace, we're actually up another 114%. So I think as we look out, I think we continue to see the ability to kind of roll forward and charge groups more. I mean clearly, the operators quickly went as they came out of COVID to booking things and being happy to do so like kind of '19 rates, but then quickly realized they had a pivot as inflation was coming on strong to kind of be more dynamic with the rate pricing. And I think we're seeing the benefits of that now as we come through and seeing what I -- what we saw last year was about 5% to '19, and now we're seeing again 11% for this year and up 14%.

我認為一般答案是肯定的，克里斯。這是肖恩。當我們看看集團的步伐時，當你看看 19 年的利率方面，我們比 19 年大約有 111%。當你考慮 25 步時，我們實際上又成長了 114%。因此，我認為，當我們展望未來時，我認為我們繼續看到向前推進並為團隊帶來更多費用的能力。我的意思顯然是，運營商在擺脫新冠疫情後很快就開始預訂東西，並很高興這樣做，就像19 年的費率一樣，但隨後很快意識到，隨著通貨膨脹的強勁，變得更有活力，他們有了一個轉折點與費率定價。我認為我們現在已經看到了這樣做的好處，我們去年看到的到 19 年的成長率約為 5%，現在我們又看到今年成長了 11%，成長了 14%。

So I think we are seeing the ability to further drive price with the groups. And on top of that, the out-of-room spend has been pretty robust as well. As we noted for Q1, we had some 11% banquet and catering, I think we continue to drive that pricing.

因此，我認為我們看到了與這些團體進一步推動價格的能力。最重要的是，室外支出也相當強勁。正如我們在第一季指出的那樣，我們的宴會和餐飲費用佔了約 11%，我認為我們將繼續推動這項定價。

Okay. Very good. The follow-up question is kind of on the cost side. I think margin performance is pretty good in the quarter even if you kind of adjust for the onetime. How much visibility or, I guess, conviction do you think you have? I know labor, you have some that are on union contracts, but across the whole portfolio, is there anything we have to -- that's unknown for the rest of the year, whether it's insurance or utilities or anything else?

好的。非常好。後續問題是關於成本方面的。我認為即使你一次進行調整，本季的利潤率表現也相當不錯。您認為自己有多少知名度或信念？我知道勞工方面，有些是工會合同，但在整個投資組合中，有什麼是我們必須做的——今年剩下的時間是未知的，無論是保險、公用事業還是其他什麼？

I don't think there's anything unknown. Clearly, people have marked the negotiations you noted on the CBAs and budgets and whatnot, planning for things like that. So I would say, I think potentially a -- potential upside from reinsurance. They did -- they got some great rate improvements from everybody last year with no major loss at least certainly domestically. So I think that's kind of changed the tables a little bit in favor of us, the insureds, to kind of have a better renewal this year so than last year. So I think that's something that we continue to kind of budget at a higher level rate than I think we'll actually actualize. I think that could be a positive going forward. We continue to appeal real estate taxes, which are up over 10% this year forecasted.

我不認為有什麼是未知的。顯然，人們已經注意到了你提到的關於勞資協議和預算之類的談判，並為類似的事情做好了計劃。所以我想說，我認為再保險可能帶來潛在的好處。他們做到了——去年，他們從每個人那裡得到了一些巨大的利率提高，至少在國內沒有重大損失。所以我認為這有點改變了表格，有利於我們，被保險人，今年比去年有更好的續保。因此，我認為我們將繼續以比我認為實際實現的更高的水平制定預算。我認為這可能是一個積極的進展。我們繼續呼籲房地產稅，預計今年房地產稅將上漲 10% 以上。

So I think we can kind of get some -- not counting on them, but if we can get some appeal wins there, we'll get some benefits on the real estate tax side. But in the end, I think -- we feel good about the cost controls, the teams, as mentioned doing a great job working the operators to maintain those and manage those. We probably looked around 2.5% cost per occupied room across all operating expenses going in, and we achieved just about over 1%, 1.5% on that, even if you adjust for those one-timers. So I think we saw some benefits in Q1. I think we'd hope to carry that into the next couple of quarters, I think we'll still see some positions being added. But again, as occupancy goes, we'll see nominal expense grow. And we've certainly said 3-plus percent occupancy growth in Q1. We won't have markets in Q2, and therefore, we wouldn't expect expenses to grow as much either.

所以我認為我們可以得到一些東西——不指望他們，但如果我們能在那裡贏得一些上訴，我們將在房地產稅方面獲得一些好處。但最後，我認為，我們對成本控制和團隊感覺良好，正如前面提到的，我們在幫助營運商維護和管理這些方面做得很好。我們可能會看到，在所有營運費用中，每個佔用房間的成本約為 2.5%，即使您對那些一次性費用進行調整，我們也僅實現了約 1%、1.5% 的成本。所以我認為我們在第一季看到了一些好處。我認為我們希望將其延續到接下來的幾個季度，我認為我們仍然會看到一些職位的增加。但同樣，隨著入住率的上升，我們將看到名目費用的成長。我們確實說過第一季的入住率成長超過 3%。我們在第二季不會有市場，因此，我們預期支出也不會成長那麼多。

Next question comes from the line of Anthony Powell with Barclays.

下一個問題來自安東尼·鮑威爾與巴克萊銀行的對話。

I wanted to drill in a bit more on the CapEx and ROI projects. It seems like with the Hawaii renovations in Miami, and you may be at an elevated level in the next couple of years. Should we expect kind of this high $200 million range to be your CapEx spend looks for maybe '25 to '26?

我想深入了解資本支出和投資報酬率項目。看起來隨著邁阿密的夏威夷翻新工程，你可能會在未來幾年內處於更高的水平。我們是否應該預期 25 年至 26 年的資本支出將達到 2 億美元的高水準？

Yes. I would say historically, Anthony, we've been sort of in that 6% range of revenue. As we said, we really believe that as we think about capital allocation priorities, we're still focused on selling non-core and continuing to reshape the portfolio. And I remind listeners that we've think about since the spin, we've sold or disposed of 42 assets just south of $3 billion. So it's a very different portfolio today than it was. And then our top 25 assets really account for about 90% of the value. And what we've concluded is it really makes sense to reinvest where we're making money and where there are real competitive advantages.

是的。安東尼，我想說，從歷史上看，我們的收入一直在 6% 的範圍內。正如我們所說，我們確實相信，當我們考慮資本配置優先事項時，我們仍然專注於出售非核心資產並繼續重塑投資組合。我提醒聽眾，自事件發生以來，我們已經出售或處置了 42 項資產，總價值略高於 30 億美元。所以今天的投資組合與以前非常不同。然後我們的前 25 名資產確實佔了價值的 90% 左右。我們得出的結論是，在我們賺錢的地方和有真正競爭優勢的地方進行再投資確實很有意義。

So thinking about Hawaii as an example, Orlando, clearly, what we're talking about in Miami. A little bit of that is sort of catch-up too from the pandemic. So I don't know that we'll be in the $300 million range consistently, but $260 million to $280 million sort of makes sense given the priorities and what we're doing. We -- another tower, we want to renovate both at Hilton Hawaiian Village and Hilton Waikoloa and of course, another transformative project and what we want to do in Miami and you can see the early results that we're getting in the Casa Marina. Now probably, I don't think without question the best asset in Key West and really performing accordingly.

因此，以夏威夷為例，顯然，奧蘭多是我們在邁阿密談論的。其中一點也是大流行造成的。因此，我不知道我們是否會始終保持在 3 億美元的範圍內，但考慮到優先事項和我們正在做的事情，2.6 億至 2.8 億美元是有意義的。我們——另一座塔樓，我們想要翻新希爾頓夏威夷村和希爾頓威可洛亞酒店，當然，還有另一個變革性項目，我們想要在邁阿密做的事情，你可以看到我們在卡薩碼頭所取得的早期成果。現在，我認為毫無疑問，這不是基韋斯特最好的資產，而且確實表現得很好。

Got it. And maybe a follow-up on the asset sales. What are you seeing in the market right now in terms of just demand for assets, pricing and whatnot?

知道了。也許是資產出售的後續行動。您目前在市場上對資產、定價等方面的需求有何看法？

Look, it's choppy. We're not a distressed seller, Tom Morey, our Chief Investment Officer and his team are doing a fabulous job. And we're out in discussions and assets at various stages of the marketing process. But we're going to be disciplined. I think we've been able to demonstrate again, given the track record that I outlined, we've been able to sell assets, and we'll certainly get some asset sales done this year, and we'll use those proceeds to reinvest back in the portfolio, pay down debt or -- and depending on where we're trading, buy back stock. We bought back, obviously, 15 million shares last year, and if the NAV gap remains wide or widens, we clearly will be buying back stock.

你看，波濤洶湧。我們不是一個陷入困境的賣家，我們的首席投資長湯姆·莫雷（Tom Morey）和他的團隊做得非常出色。我們在行銷過程的各個階段都進行了討論和資產。但我們會遵守紀律。我認為我們已經能夠再次證明，鑑於我概述的業績記錄，我們已經能夠出售資產，今年我們肯定會完成一些資產出售，我們將使用這些收益進行再投資回到投資組合中，償還債務，或者——根據我們的交易地點，回購股票。顯然，我們去年回購了 1500 萬股，如果資產淨值差距仍然很大或擴大，我們顯然將回購股票。

Next question comes from the line of David Katz with Jefferies.

下一個問題來自大衛·卡茨 (David Katz) 和傑弗里斯 (Jefferies) 的對話。

I wanted to just drill down just a little further on Hawaii because the commentary is quite positive. And we have heard and seen across our platform instances where inbound travel from Japan to Hawaii has been challenged by currency and cost. Are you seeing any of that? Or is it just a relatively small piece and the rest of what's going on kind of overshadows it?

我想進一步深入了解夏威夷，因為評論非常積極。我們在我們的平台上聽到並看到了從日本到夏威夷的入境旅行受到貨幣和成本挑戰的情況。你看到這些了嗎？或者它只是一個相對較小的部分，而其他正在發生的事情卻掩蓋了它？

Yes, it's a fair point. I don't think you can deny that the yen has certainly weakened. I mean if you think back to 2019, I think it was around $110 per U.S. dollar. And today, obviously, it's about $155 plus or minus, and then there's some fuel surcharges. So it's clearly a long gating, the recovery of the Japanese traveler. We had about -- if you think back to pre-pandemic, it's about 1.5 million visitors from Japan. That's been pretty consistent for probably the last 25 years, plus or minus. 2023, I think, was about 600,000. So you're about 65% down.

是的，這是一個公平的觀點。我認為你不能否認日圓確實已經貶值。我的意思是，如果你回想起 2019 年，我認為美元兌美元匯率約為 110 美元。今天，顯然，大約是 155 美元上下，還有一些燃油附加費。所以這顯然是一個漫長的關門，日本旅行者的康復。如果你回想一下大流行前，我們有大約 150 萬來自日本的遊客。在過去 25 年裡，無論是正負，這一情況都相當穩定。我認為 2023 年大約是 60 萬。所以你大約下跌了 65%。

This year, forecast is about 850,000 to 900,000, a huge credit to our operators and our asset management team. We've really worked hard to have less reliance. While we're still really anxious and waiting for the Japanese travel to come back to pre-pandemic levels, we can certainly be a little more selective and certainly yield the transient a little more efficiently than perhaps we were able to do in the past. And as I noted earlier, the Japanese traveler -- revenue coming from the Japanese traveler is only about 3.5% down from the traditional level of 18% to 20%. So we see that as really a tailwind, a future tailwind and continued growth. But despite that, we're trending towards perhaps our third record year in a row in terms of overall performance. And as you know, we're -- I think last year, total EBITDA of those 2 assets approaching in that $240 million to $250 million. So if you're going to bet anywhere, we think betting Hawaii is a solid bet. And as you know, given the constraints on new supply, certainly among the lowest, if not the lowest in any market in the U.S., Continental or outside.

今年預計約為85萬至90萬，這對我們的營運商和我們的資產管理團隊來說是一個巨大的功勞。我們真的很努力地減少依賴。雖然我們仍然非常焦慮，等待日本旅行恢復到大流行前的水平，但我們當然可以更有選擇性，並且肯定比我們過去能夠更有效地產生短暫的影響。正如我之前指出的，日本旅客來自日本旅客的收入僅比傳統水準 18% 至 20% 下降了 3.5% 左右。因此，我們認為這確實是一種順風，未來的順風和持續成長。但儘管如此，就整體表現而言，我們可能正在連續第三年創紀錄。如您所知，我認為去年這兩項資產的 EBITDA 總額接近 2.4 億至 2.5 億美元。因此，如果您要在任何地方投注，我們認為投注夏威夷是一個可靠的選擇。如您所知，考慮到新供應的限制，即使不是美國、大陸或其他地區任何市場中最低的，也肯定是最低的。

Understood. And as my follow-up, I just wanted to touch on the cost of labor, if I may. I hope that feedback isn't coming on my side, and you can hear me okay.

明白了。作為我的後續行動，如果可以的話，我只想談談勞動成本。我希望回饋不會站在我這邊，並且您可以聽到我的聲音。

Yes. We can hear you fine.

是的。我們可以很好地聽到你的聲音。

Okay. Right. Okay. Great. So there's been -- there's obviously been, over the past, call it, 6 to 12 months a lot of labor union activity, which I think is sort of a relevant dynamic. Are you expecting or factoring in further costs as a result of some of what at least gives the appearance of being out there?

好的。正確的。好的。偉大的。因此，在過去 6 到 12 個月裡，顯然有大量的工會活動，我認為這是一種相關的動態。您是否預計或考慮到由於某些至少看起來存在的原因而導致的進一步成本？

Yes. It's a fair question. And as you can appreciate, we're not going to negotiate, obviously, publicly on the recorded line. I would just say this, that we've got about 60% of our business that associates are certainly contractually obligated to a CBA, we enjoy very strong relationships. We have always been able to work through those. Obviously, we do that primarily through the operators, largely Hilton, but not exclusively Hilton. And we're confident that in this environment, I don't think anybody wants protracted strikes or ongoing battles, particularly when our industry suffered through much -- so much during the pandemic. And so we -- when you think through it, we are cautiously optimistic and have we built in some cost to account for overall budget? As Sean outlined earlier on the earlier question that we got, for sure. But we're not overly alarmed, David, and I would encourage listeners to not be overly concerned about it.

是的。這是一個公平的問題。正如您所理解的，顯然我們不會在錄音線路上公開進行談判。我只想說，我們大約 60% 的業務中，員工肯定按照 CBA 的合約義務，我們享有非常牢固的關係。我們一直能夠解決這些問題。顯然，我們主要透過營運商（主要是希爾頓，但不完全是希爾頓）來做到這一點。我們相信，在這種環境下，我認為沒有人想要曠日持久的罷工或持續的戰鬥，特別是當我們的行業在大流行期間遭受瞭如此多的打擊時。因此，當你仔細思考時，我們會持謹慎樂觀的態度，我們是否考慮了一些成本來考慮整體預算？正如肖恩早些時候在我們之前收到的問題中概述的那樣，這是肯定的。但我們並沒有過度驚慌，大衛，我鼓勵聽眾不要過度擔心。

I hope you appreciate the context of the question.

我希望你能理解這個問題的背景。

No, no. Fair question.

不，不。公平的問題。

Next question comes from the line of Stephen Grambling with Morgan Stanley.

下一個問題來自摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

Perhaps as a follow-up to -- as a response to your first question from Anthony, as you look out at the positioning of the portfolio and take into consideration the upside that you've been seeing, from the success of renovations, but also taking into consideration changing demand dynamics, does that change how you're evaluating deploying into the portfolio or even redefining core versus non-core assets?

也許作為對安東尼提出的第一個問題的回應，當你審視投資組合的定位並考慮到你從翻修的成功中看到的好處時，但也考慮到不斷變化的需求動態，這是否會改變您評估部署到投資組合甚至重新定義核心與非核心資產的方式？

Yes. That's a great question. And the answer is yes. We're constantly going through and looking at the portfolio and we've done that. Again, as I said earlier, we've sold or disposed of 42 assets. And the vast majority of that were non-core, couple we were in a minority position at a small joint venture. I think about San Diego as an example where we ended up selling our interest there to Sunstone. We didn't want to be in a 25% interest. But we constantly look at the portfolio and we look at really where we're making money and where we think there's huge upside.

是的。這是一個很好的問題。答案是肯定的。我們不斷地審視和審視產品組合，我們已經做到了。正如我之前所說，我們已經出售或處置了 42 項資產。其中絕大多數都是非核心的，加上我們在小型合資企業中處於少數地位。我以聖地亞哥為例，我們最終將那裡的權益出售給了 Sunstone。我們不想獲得 25% 的權益。但我們不斷關注投資組合，真正關注我們在哪裡賺錢以及我們認為哪裡有巨大的上升空間。

Obviously, we believe that there's huge upside in Hawaii and hence, the investments that we've made and the others that we're contemplating. We obviously feel the same way about Key West, and we're seeing the results there. If you think about Orlando, Orlando and what we've done there, and I think people forget, you've got about 45 million visitors into Vegas. Obviously, you've got the entertainment and gaming piece, but you actually have 75 million visitors into Orlando. You've got the Epic Universe, $5 billion, hundreds of acres and a new park opening next year. You've got Disney coming out now and talking about $60 billion that they're looking to invest over the next 10 years. And we see all of that are real tailwinds and real benefit, plus you've got a top 5, top 7 convention center in Orlando as well.

顯然，我們相信夏威夷有巨大的上升空間，因此我們已經進行了投資，並正在考慮進行其他投資。顯然我們對基韋斯特也有同樣的感覺，並且我們在那裡看到了結果。如果你想想奧蘭多、奧蘭多以及我們在那裡所做的一切，我想人們會忘記，大約有 4500 萬遊客來到維加斯。顯然，您擁有娛樂和遊戲部分，但實際上奧蘭多有 7500 萬遊客。你已經擁有了史詩宇宙、50 億美元、數百英畝的土地以及明年開放的新公園。迪士尼現在出來談論他們計劃在未來 10 年內投資 600 億美元。我們看到所有這些都是真正的順風車和真正的好處，而且奧蘭多還有排名前 5、排名前 7 的會議中心。

So we use those markets as examples, where we're certainly investing in assets that we own, and we're not looking to add new assets necessarily in those markets, but we're certainly investing in the ones that we have, and we see considerable upside. And compare that to paying a 15x multiple for an asset versus investing in our portfolio where we can generate mid-teens unlevered returns, and we're trading at a sub-10 EBITDA multiple.

因此，我們以這些市場為例，我們肯定會投資於我們擁有的資產，並且我們不一定要在這些市場中添加新資產，但我們肯定會投資於我們擁有的資產，而且我們看到相當大的上升空間。相較之下，支付 15 倍的資產價格與投資我們的投資組合相比，我們可以產生十幾倍的無槓桿回報，而且我們的 EBITDA 倍數不到 10 倍。

I mean, the math is pretty simple, and we think the benefit to shareholders is pretty strong, and we will continue to use that kind of discipline and thought process as we move forward.

我的意思是，數學非常簡單，我們認為股東的利益相當大，我們將在前進的過程中繼續使用這種紀律和思考過程。

Maybe as an unrelated follow-up. It seems like there's a lot of concern around the leisure consumer. And you touched on this a bunch, but maybe to ask the question in a different way, what are the things that you would be looking out for to try to assess whether there is some underlying pressure or deterioration in the leisure consumer in particular?

也許作為一個不相關的後續行動。休閒消費者似乎有很多擔憂。您多次談到這一點，但也許可以用不同的方式問這個問題，您會尋找哪些因素來評估休閒消費者是否有潛在壓力或惡化？

Yes. I think you can't look at a one size fits all, Stephen. I think if you -- if -- there's no doubt that those at the lower end of the socioeconomic framework are struggling the most, and you're seeing it. You're seeing it in all the credit metrics. You're seeing it in their spending patterns and -- but as you think about our customer base and that upper middle class, more fluent, incomes over $150,000 plus or minus, that consumer is still resilient. And another stat to look at is look at personal savings. I mean, I think last quarter, it was about $775 million. I think this quarter, it's down to about $670 million, plus or minus and about 3.2% of disposable income. So the consumer is still healthy.

是的。我認為你不能一刀切，史蒂芬。我認為，如果你——如果——毫無疑問，那些處於社會經濟框架下端的人正在苦苦掙扎，你也看到了這一點。您可以在所有信用指標中看到這一點。你可以從他們的消費模式中看到這一點，但當你考慮到我們的客戶群以及更流暢、收入超過 15 萬美元上下的中上階層時，消費者仍然具有彈性。另一個需要關注的統計數據是個人儲蓄。我的意思是，我認為上個季度約為 7.75 億美元。我認為本季這一數字將下降至約 6.7 億美元（上下浮動），約佔可支配收入的 3.2%。所以消費者仍然是健康的。

So when we look out from that standpoint and think about as we think about demand patterns and our guidance is we think 4% to 5.5%. I mean, we're not seeing softening. You see pockets of it. Obviously, April is down for us. But again, we believe that's our softest month of the year. You've got the holiday shift, you've got obviously slower group. You've got transient was less in April, but we see reacceleration as we look out in both May and June, and it's pretty significant.

因此，當我們從這個角度出發並思考需求模式時，我們的指導是 4% 到 5.5%。我的意思是，我們沒有看到軟化。你會看到它的口袋。顯然，四月對我們來說是一個低谷。但我們再次相信這是我們一年中最疲軟的月份。你有假期輪班，你有明顯較慢的團隊。四月的瞬態現象較少，但從五月和六月的情況來看，我們看到了重新加速，而且非常重要。

And so I think the worries, if you will, on the leisure front, I think, are a bit over -- overdone. We were never going to -- trees don't grow to the sky. And so when you saw the kind of growth that some of our peers had, those had to normalize. We didn't see that because in some -- in many respects, we don't have that type of product. But we're seeing lift in -- and we're seeing it again, in the urban areas, we're seeing it through the group. We're seeing it broadening and embedded in that our leisure trips as well. A lot of people going to New York, not all are going for business. Many of those are also going for leisure as part of that trip.

所以我認為，如果你願意的話，在休閒方面的擔憂有點過度了。我們永遠不會－樹不會長到天上。因此，當你看到我們一些同行的成長時，這些成長必須正常化。我們沒有看到這一點，因為在某些方面——在很多方面，我們沒有那種類型的產品。但我們看到了提升——而且我們在城市地區再次看到了這種提升，我們透過團體看到了這種提升。我們看到它正在擴大並融入我們的休閒旅行中。很多人去紐約，但並非所有人都是為了出差。作為這次旅行的一部分，其中許多人也是為了休閒。

Next question comes from the line of Bill Crow with Raymond James.

下一個問題來自比爾·克勞和雷蒙德·詹姆斯的台詞。

What are your peers expressed some caution over June, you did not. And I'm wondering, given the importance of leisure demand in that month and the important -- importance of the month relative to the entire quarter, especially with the weak April, is June maybe the biggest pivot point on your ability to achieve guidance for the year? Is that really the month we need to kind of focus in on?

你的同行在六月表達了一些謹慎態度，但你沒有。我想知道，考慮到該月休閒需求的重要性以及該月相對於整個季度的重要性，特別是在 4 月份疲弱的情況下，6 月份可能是您實現指導能力的最大關鍵點那一年？這真的是我們需要關注的月份嗎？

Yes, it's a great question, Bill. A couple of things. When you look at our mix, if you will. First quarter, we had obviously a group up about 15 -- 15.4% as we reported. We're trending at about 7% in second quarter and also tough comps. But if you think about third quarter, we're probably 16% to 18%. So third quarter is really strong for us. But as you unpack kind of May and June, we're seeing RevPAR probably in the 5% to 6% range. And then I gave some stats earlier where you've got Seattle and D.C., Boston, all high single digits or mid- to double digits in the case of Seattle. And then group pace for just May and June alone, I think it's around 9%.

是的，這是一個很好的問題，比爾。有幾件事。當你看看我們的組合時，如果你願意的話。正如我們所報導的那樣，第一季度，我們的業績顯然增長了約 15% - 15.4%。我們第二季的成長率約為 7%，而且競爭也很激烈。但如果你想想第三季度，我們可能是 16% 到 18%。所以第三季對我們來說真的很強勁。但當你了解 5 月和 6 月的情況時，我們發現 RevPAR 可能在 5% 到 6% 的範圍內。然後我早些時候給出了一些統計數據，其中西雅圖、華盛頓特區、波士頓，全部都是高個位數，西雅圖的情況是中位數到兩位數。然後僅 5 月和 6 月的群體速度，我認為約為 9%。

So to your point, that really gives us tailwinds and that reacceleration. So that answers your question. April was sort of at the bottom of the barrel, if you will, for us as we sort of looked out and saw our demand patterns, but very encouraged as we look out.

所以就你的觀點而言，這確實為我們帶來了順風和重新加速。這回答了你的問題。如果你願意的話，四月對我們來說有點像桶底，因為我們觀察並看到了我們的需求模式，但當我們觀察時非常鼓舞人心。

Yes, I appreciate that. A follow-up question, actually, for Sean, congratulations on the improvement in the balance sheet. I'm just curious, you're at 5.2 right now, net debt to EBITDA. As you think of the CapEx projects, the tower that you want to build in Hawaii, everything else going on, is it likely that we're going to be funding the additional capital with asset sales? Is that kind of the path that we're still on at this point?

是的，我很欣賞這一點。實際上，對肖恩來說，後續問題是祝賀資產負債表的改善。我只是好奇，你現在的 EBITDA 淨負債比率為 5.2。當您想到資本支出項目、您想在夏威夷建造的塔樓以及其他正在發生的事情時，我們是否有可能透過資產出售來為額外資本提供資金？我們仍在走這條路嗎？

I think that's certainly part of it, Bill, near term as we certainly continue to explore that the non-core asset sales are more focused that way in redeploying that capital between the balance sheet and the ROI projects. So I think that's a fair assessment in the near term. Obviously, the tower, we're working through to get the entitlements and everything else, and we're still ways away from being shovels in the ground, but that's, I think, for a future discussion as to kind of how we capitalize that.

我認為這肯定是其中的一部分，比爾，近期我們肯定會繼續探索非核心資產銷售更注重在資產負債表和投資回報率項目之間重新部署資本。所以我認為這是近期的一個公平評估。顯然，我們正在努力透過塔樓來獲得權利和其他一切，我們距離被鏟入地下還有很長的路要走，但我認為，這是未來討論我們如何利用它的方法。

It sounds like any acquisitions are probably a ways away at this point?

聽起來目前任何收購都可能還有很長的路要走？

Yes, Bill, Tom here. I would not say a ways away. I just think as we look at the playing field, and I think the comment I made earlier, we think reinvesting in our portfolio where we can generate unlevered mid-teens returns investing in a great portfolio versus buying something at 15 times is really just -- it's a better way to create value for shareholders. We are focused on continuing to reshape the portfolio and sell non-core and reinvest, take that cash, pay down debt, reinvest back in the portfolio, buy back shares is also a better alternative than going out and buying assets.

是的，比爾、湯姆在這裡。我不會說很遠。我只是認為，當我們審視競爭環境時，我認為我之前發表的評論，我們認為對我們的投資組合進行再投資，我們可以產生無槓桿的中十幾歲的回報，投資於一個偉大的投資組合，而不是以15 倍的價格購買某樣東西，這真的只是 - - 這是為股東創造價值的更好方式。我們專注於繼續重塑投資組合，出售非核心資產並進行再投資，拿走現金，償還債務，再投資於投資組合，回購股票也是比出去購買資產更好的選擇。

So we continue to underwrite, look, Tom Morey and the team are -- we're underwriting, occasionally bidding, but it's also got to make economic sense and it's got to be accretive. We just don't think that -- and we've seen some of our peers do it and pay up for some of the luxury assets. And I can't see one that's worked out so well is my view, Bill.

所以我們繼續承保，湯姆·莫雷和他的團隊——我們承保，偶爾投標，但它也必須具有經濟意義，並且必須具有增值性。我們只是不這麼認為——而且我們已經看到一些同行這樣做了，並支付了一些豪華資產的費用。比爾，我認為沒有一種觀點能得到如此有效的解決。

Next question comes from the line of Dori Kesten with Wells Fargo.

下一個問題來自多麗·凱斯滕 (Dori Kesten) 與富國銀行 (Wells Fargo) 的關係。

Is this -- is it fair to say the Phase I renovation tailwinds in Hawaii should offset the Phase 2 headwinds next year? And then, I guess, if we just put the 2 projects in aggregate, what's the EBITDA growth that you've underwritten to stabilization?

這是——公平地說，夏威夷第一階段改造的順風應該抵消明年第二階段的逆風嗎？然後，我想，如果我們將這兩個項目加在一起，您為穩定而承保的 EBITDA 增長是多少？

So Dori, I would say the first part, yes, as we saw with Tapa Tower, we did a 3-phase renovation. And as we've delivered the newly renovated rooms, we're able to get a premium rate on that. So as you think about Rainbow Tower, especially is the big driver rate, we're obviously right there on the beach. It's highly sought after. So -- to start out with the Phase I and take some of the rooms off the line to renovate them, I think we'll have a bigger disruption this year, then as we come through next year and have renovated rooms, we can charge a higher premium and then take the others offline. I think that kind of talks about what you're thinking right now on that.

所以 Dori，我想說第一部分，是的，正如我們在 Tapa Tower 看到的那樣，我們進行了 3 階段的改造。由於我們已經交付了新裝修的房間，因此我們能夠獲得較高的價格。因此，當您想到彩虹塔時，尤其是高司機率時，我們顯然就在海灘上。它很受追捧。因此，從第一階段開始，將一些房間下線進行翻新，我認為今年我們會遇到更大的干擾，然後當我們明年完成並翻新房間時，我們可以收費更高的溢價，然後讓其他人下線。我認為這就是你現在對此的想法。

I wouldn't -- I'm not at this point really to kind of looking to give any kind of pure EBITDA numbers to that. I mean we talked about disruption being about $8 million for this -- this renovation phase. Again, we probably expect that certainly to be less next year as I discussed. But as we kind of look to recover, I would certainly think that we'd be getting a premium. And I wouldn't say that we underwrote any kind of ROI-type IRR, but we certainly expect a decent return on it just a rooms renovation.

我不會——目前我並不想給出任何純 EBITDA 數字。我的意思是，我們討論過為此改造階段帶來的中斷費用約為 800 萬美元。同樣，正如我所討論的，我們可能會預期明年這一數字肯定會減少。但當我們希望恢復時，我當然認為我們會得到溢價。我不會說我們承保了任何類型的投資回報率型內部收益率，但我們當然希望僅透過房間翻新就能獲得可觀的回報。

Next question comes from the line of Jay Kornreich with Wedbush Securities.

下一個問題來自韋德布希證券公司的 Jay Kornreich。

I guess just one question for me. Just going back to the urban segment, which saw RevPAR improvement of 8% in the quarter, yet urban occupancy still sits at 63%. I'm wondering, how do compared to, I guess, the first quarter of '19 for the comparable portfolio? And what are the goalposts you see for urban occupancy getting to as the year progresses? But maybe also, is there any opportunity to see upside from pushing rate there as well?

我想對我來說只有一個問題。回到城市部分，該季度的 RevPAR 提高了 8%，但城市入住率仍為 63%。我想知道，我想，與 19 年第一季的可比較投資組合相比，情況如何？隨著時間的推移，您認為城市入住率的目標是什麼？但也許還有機會透過推動利率來看到上行空間嗎？

Sorry, you were breaking up a little bit there. So if you can kind of repeat just briefly kind of what you're trying to...

抱歉，你們在那裡有點分手了。所以如果你能簡單地重複你想要做的事情...

Yes. Just commenting on urban occupancy upside in the first quarter, Urban RevPAR grew 8%, yet urban occupancy still sits at 63%. So just curious as to how much urban occupancy upside you see in 2024 and if there's additional opportunity to push rate on the urban markets as well?

是的。僅評論第一季城市入住率的上升趨勢，城市每間可用房收入增長了 8%，但城市入住率仍為 63%。那麼，您想知道 2024 年城市入住率會上漲多少，以及是否有其他機會推動城市市場的入住率？

Yes. I think if you think about just '19 for a second and kind of how we're performing, occupancy, overall portfolio is still about 500 basis points below '19, but ADR is about 15% over. So we -- look, there's still an opportunity to drive more occupancy. I'm proud of the team and the fact that we've been disciplined from a pricing standpoint, but there's definitely upside on the occupancy front. Obviously, some markets, I believe, are going to accelerate faster than others. I think New York is an example where we've seen that really take off. And part of that is given the fact that you've got better regulation and obviously, supply taken out.

是的。我認為，如果你想想 19 年我們的表現、入住率、整體投資組合仍比 19 年低約 500 個基點，但 ADR 大約高出 15%。所以我們——看，仍然有機會提高入住率。我為我們的團隊感到自豪，事實上我們在定價方面一直遵守紀律，但入住率方面肯定有上升的空間。顯然，我相信某些市場的成長速度會比其他市場更快。我認為紐約是一個例子，我們已經看到它真正起飛。部分原因在於，監管更加完善，供應也明顯取消。

There'll be other markets that will be a little slower to recover for a whole host of reasons. But we -- we haven't given up. Some -- perhaps some have abandoned certain markets. I think New York is a great example. And it's not back fully to where it was, but it certainly is approaching and a more compelling market today than it has been, certainly over the last several years. So we use that. Obviously, Chicago is having a great year, City-wides had only a record. New Orleans continues to be solid and we saw the first quarter and we're -- another good year city-wides, Boston, D.C., certainly improving.

由於多種原因，其他市場的復甦速度會稍慢一些。但我們——我們沒有放棄。有些——也許有些已經放棄了某些市場。我認為紐約就是一個很好的例子。雖然它還沒有完全回到原來的狀態，但它肯定正在接近一個比過去幾年更引人注目的市場。所以我們就用它。顯然，芝加哥今年表現出色，但全市球隊只創下了紀錄。新奧爾良繼續保持穩定，我們看到了第一季度，我們——全市範圍內又一個好年景，波士頓特區，肯定有所改善。

There are other challenging markets out there. Seattle should have a very strong second quarter for us, but there are other markets out there that continue to remain challenged. L.A., San Francisco are two that will lag and probably lag for some time.

還有其他具有挑戰性的市場。西雅圖第二季的表現應該非常強勁，但其他市場仍面臨挑戰。洛杉磯和舊金山是兩個將會落後並可能落後一段時間的城市。

Next question comes from the line of Ryan Lambert with JPMorgan.

下一個問題來自瑞安·蘭伯特 (Ryan Lambert) 與摩根大通 (JPMorgan) 的對話。

Ryan on for Joe Greff. Just kind of wanted to frame occupancy -- just wanted to frame the occupancy question a little bit differently. When you kind of look across industry segments, whether it's manufacturing or tech or consulting, do you have any sort of color there on how those are recovering and how meaningful those are for you guys to kind of make a full occupancy recovery?

瑞安換下喬·格雷夫。只是想以稍微不同的方式來描述入住率問題。當你審視各個產業領域時，無論是製造業、科技或顧問業，你對這些產業的復甦情況有什麼看法，以及它們對你們實現全面入住率復甦有何意義？

I mean I think ultimately, as you think about those kinds of groups, you're kind of aligning with corporate negotiated type of demand. And that's certainly one has been from the business transient, and that's certainly been a laggard as you think about relative to '19, I'd say on the demand side, obviously related, we're still down, call it, 35%, 40% in that specific subsegment of business transient. We are seeing improvement in that, and we've seen some of that demand come back in the business transient side overall. We were, I think, outperformed our expectations for the first quarter. We're up 13,000 room nights about 3%. And that was across the board, including corporate negotiated as well as local negotiated and government.

我的意思是，我認為最終，當你考慮這類群體時，你會與公司協商的需求類型保持一致。這肯定是來自業務瞬態的影響，相對於 19 年，我想說，在需求方面，這肯定是落後的，顯然是相關的，我們仍然處於下降狀態，可以稱之為 35%， 40% 位於業務瞬態的特定子部分。我們看到這方面有所改善，我們已經看到一些需求在整體業務瞬態方面有所恢復。我認為，我們第一季的表現超出了我們的預期。我們的間夜量增加了 13,000 間，增幅約為 3%。這是全面的，包括企業談判以及地方談判和政府。

So we are seeing that kind of trickle back still. And I think it's certainly a good sign as we kind of look through Q2 into Q3. But it's -- I think there's certainly a ways to go there, and we certainly know professional services, Deloittes of the world, PwCs and the like are ultimately traveling less and probably will be for the foreseeable future. Remote work and return to office is -- has been coming back a little bit slowly too and ultimately helped the business transient. But I would say that in the end, we don't expect that to really fully recover. That said, at this point, that corporate negotiated segment is really about, call it, 5% of overall demand historically. So if it ultimately gets back to 80% of it was, I wouldn't say it's -- it's a big drag in the overall portfolio. I think we'll overcome that with other aspects of whether it's leisure or group.

所以我們仍然看到這種回流。我認為這當然是一個好兆頭，因為我們從第二季開始進入第三季。但我認為肯定有辦法實現這一目標，而且我們當然知道專業服務、德勤、普華永道等公司最終會減少旅行，而且在可預見的未來可能會減少。遠距工作和重返辦公室的恢復速度也有點慢，最終幫助企業實現了轉型。但我想說的是，最終我們並不期望它能真正完全恢復。也就是說，在這一點上，企業談判部分實際上約佔歷史上總需求的 5%。因此，如果它最終回到 80%，我不會說它是對整體投資組合的一個很大的拖累。我認為我們會透過休閒或團體的其他方面來克服這個問題。

That's helpful. And following up on sort of the capital markets discussion from earlier. In the past, maybe we've kind of heard management teams across the industry talk about the difference between large and small assets and wondering with what you're seeing in the rate environment right now, if that difference is starting to be less meaningful or if that's at all changed in your view?

這很有幫助。並跟進之前的資本市場討論。過去，也許我們聽到整個行業的管理團隊談論大型資產和小型資產之間的差異，並想知道您現在在利率環境中看到的情況，這種差異是否開始變得不那麼有意義或您的看法是否有任何改變？

Yes. I think it depends on the individual market, right? If you're in a market like Key West where you're already supply constrained and in our case, we've -- we've got Casa as an example of 311 rooms, I mean we're driving as strong a rate as anyone. There might be hotels that are a little smaller, doubt many that are larger. As you think about other markets, New York is -- and where we've got, obviously, a larger box, but if you've got the right demand supply balance and you've got demand generators and the tailwind and you've got multiple sources of demand, meaning you're anchored with group and then you can layer in your transient business more efficiently, I think the thesis that -- that you're always that a smaller hotel is always going to be more efficient.

是的。我認為這取決於個人市場，對嗎？如果你在像基韋斯特這樣的市場，你的供應已經受到限制，在我們的例子中，我們以 Casa 為例，擁有 311 間客房，我的意思是，我們正在推動與任何人。可能有些酒店規模較小，但肯定有很多較大的酒店。當你想到其他市場時，紐約——顯然，我們在那裡有一個更大的盒子，但如果你有正確的需求供應平衡，你有需求發電機和順風車，你就可以擁有多種需求來源，這意味著您以團隊為基礎，然後您可以更有效地分層處理您的臨時業務，我認為您始終認為較小的酒店總是會更有效率。

In theory, you would think that that smaller hotel has more pricing integrity, but that -- it's not a perfect story. And I think that we have demonstrated throughout our portfolio. And if you think about Hilton Hawaiian Village where you've got 2,900 rooms, and we run north of high 80s to 90% occupancy, and we can yield additional sources of revenue. It's done quite well for us, and you're generating significant cash as a result of that.

從理論上講，您可能會認為較小的酒店定價更完整，但這並不是一個完美的故事。我認為我們已經在整個產品組合中展示了這一點。如果你想想希爾頓夏威夷村，那​​裡有 2,900 間客房，我們的入住率超過 80%，達到 90%，我們可以產生額外的收入來源。這對我們來說做得很好，並且您因此獲得了大量現金。

So it's a really good question, but I think it really depends on the facts and circumstances. Those that argue that the smaller hotels are the only way to invest, I would vehemently dispute that and love to engage in a dialogue about that.

所以這是一個非常好的問題，但我認為這實際上取決於事實和情況。那些認為小型酒店是唯一投資方式的人，我會強烈反對這一點，並願意就此進行對話。

Thank you. There are no further questions at this time. I would now like to -- we have one more question from -- do you want to take it?

謝謝。目前沒有其他問題。現在我想──我們還有一個問題──你願意接受嗎？

Sure, sure.

一定一定。

All right. This question comes from the line of Robin Farley with UBS.

好的。這個問題來自瑞銀集團的羅賓法利 (Robin Farley)。

Hopefully, this wasn't -- my line's gotten dropped 3 times from this call. So I think you already answered my question about what was included in your original EBITDA guidance. Just 2 other things. One is, can you clarify is there anything at all in your CapEx budget right now for Miami? Or would that not be anything in 2024? Any spend on that? And then also, you mentioned you expect some asset sales to be done this year. Is there a particular interest rate scenario that you need for that to happen or that you would need for your expectation to be met?

希望這不是——我的電話因為這個電話而斷線了 3 次。因此，我認為您已經回答了我關於原始 EBITDA 指南中包含哪些內容的問題。只是另外兩件事。一是，您能否澄清一下您目前對邁阿密的資本支出預算中是否有任何內容？或者說到了 2024 年，這一切就不再是什麼了？有這方面的花費嗎？然後，您還提到預計今年將完成一些資產出售。是否需要特定的利率情境才能實現這種情況，或需要滿足您的期望？

The predevelopment costs on Miami, as you would imagine, architects, engineers, other certainly design work. So there's work like that, but I would say not significant dollars being spent this year in '24.

正如你所想像的那樣，邁阿密的前期開發成本包括建築師、工程師和其他設計工作。所以確實有類似的工作，但我想說，今年 24 年並沒有花費大量資金。

Regarding asset sales, we've sold in all conditions. Think back to the pandemic when we sold 2 assets in early San Francisco at record pricing in the middle of the pandemic. So it's -- we're not a distressed seller. We've set a target of at least $100 million in asset sales this year. We're confident that we'll achieve that. We'll be thoughtful about it. Clearly, uncertainty is the enemy of sort of decision-making. And for both buyer and seller until the Fed sort of makes its final decision, we think we all want to believe that the tightening cycle is over. And at some point, the Fed will begin to lower rates. That certainly will help the debt markets. But I think there's so much liquidity out there that you'll start to see, I think, more activity here in the second half of the year on the transaction side.

關於資產出售，我們已經在所有條件下出售了。回想疫情期間，我們在舊金山早期以創紀錄的價格出售了兩處資產。所以，我們不是一個陷入困境的賣家。我們今年設定的資產出售目標至少為 1 億美元。我們有信心能夠實現這一目標。我們會深思熟慮的。顯然，不確定性是某種決策的敵人。對於買家和賣家來說，在聯準會做出最終決定之前，我們認為我們都願意相信緊縮週期已經結束。在某個時候，聯準會將開始降低利率。這肯定對債務市場有所幫助。但我認為，市場上的流動性如此之多，我認為，今年下半年交易方面將會出現更多活動。

Thank you. There are no further questions at this time. I would like to turn the floor over to Tom Baltimore for closing comments.

謝謝。目前沒有其他問題。我想請湯姆·巴爾的摩發表結束評論。

Operator, thank you, and thank you for your help today, and look forward to seeing many of you next week and also at NAREIT and safe travels.

接線員，謝謝您，感謝您今天的幫助，期待下週在 NAREIT 見到你們，祝您旅途安全。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。