Park Hotels & Resorts Inc (PK) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good morning and welcome to the Park Hotels and Resorts third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，早安，歡迎參加 Park Hotels and Resorts 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Ian Weissman, Senior VP Corporate Strategy. Please go ahead sir.

現在我很高興介紹您的主持人，企業策略資深副總裁 Ian Weissman。先生，請繼續。

Thank you operator and welcome everyone to the Park Hotels and Resorts third quarter, 2024 earnings call. 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 to publicly update or revise these forward-looking statements.

感謝接線員，歡迎大家參加 Park Hotels and Resorts 2024 年第三季財報電話會議。在我們開始之前，我想提醒大家，今天發表的許多評論根據我們向美國證券交易委員會提交的文件中所述的聯邦證券法被視為前瞻性陳述。這些聲明受到眾多風險和不確定因素的影響，可能導致未來的結果與所表達的結果不同，我們不會公開更新或修改這些前瞻性聲明。

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.

實際的未來績效結果可能與前瞻性陳述中所表達的結果有重大差異。請參閱 Park 向美國證券交易委員會提交的文件，特別是最新的 10-K 和 10-Q 表格報告，其中指出了可能導致實際結果與前瞻性陳述中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 EBITA. 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 file 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 和調整後的 EBITA。您可以在昨天的收益報告中、我們向美國證券交易委員會提交的 8-K 文件中找到此資訊以及與最直接可比較的 GAAP 財務指標的對帳表，以及在我們的網站 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 basis. This morning, Tom Baltimore, our Chairman and Chief Executive Officer will provide a review of Park's third quarter performance and strategic initiatives. Sean Dell’Orto, our Chief Financial Officer will provide additional color on third quarter results and our fourth quarter dividend.

此外，除非另有說明，所有經營績效均以可比較基礎呈現。今天上午，我們的董事長兼執行長湯姆·巴爾的摩 (Tom Baltimore) 將對 Park 第三季度的業績和戰略舉措進行回顧。我們的財務長 Sean Dell'Orto 將提供有關第三季度業績和第四季度股息的更多詳細資訊。

Following our prepared remarks, we will open the call for questions. With that I would like to turn the call over to Tom.

在我們發表完準備好的發言後，我們將開始提問。因此我想將電話轉給湯姆。

Thank you Ian and welcome everyone. I'm pleased to report another solid quarter and business fundamentals remain healthy. We delivered a 3.3% RevPAR growth third quarter despite transitory factors that disrupted demand in certain markets in August and September.

謝謝伊恩，歡迎大家。我很高興地報告本季又取得穩健成績，業務基本面依然健康。儘管 8 月和 9 月某些市場的需求受到暫時性因素影響，但我們第三季的 RevPAR 仍成長了 3.3%。

Our portfolio's performance demonstrates strong capabilities of our team and those of our operators who execute our business priorities while also adapting and responding to various challenges that presented themselves during the quarter. And for that, I am very proud and grateful.

我們的投資組合的表現證明了我們團隊和營運商的強大能力，他們執行我們的業務重點，同時適應和應對本季度出現的各種挑戰。對此，我感到非常自豪和感激。

We experienced healthy growth in group and business transient demand throughout the quarter, which helped to offset moderating leisure trends in some markets and highlighted the diversification and continued strength of our portfolio. Results were driven by strong convention calendars in several poor urban markets including Chicago, New Orleans and Boston, which contributed to a combined RevPAR increase of 14%.

在整個季度，我們的團體和商務臨時需求均健康成長，這有助於抵消某些市場的休閒趨勢放緩，並突顯了我們產品組合的多樣化和持續實力。業績成長主要得益於芝加哥、紐奧良和波士頓等幾個貧困城市市場強勁的會議日程，推動 RevPAR 合計成長 14%。

This was further complemented by solid leisure trends across several resort markets including Orlando, Miami and San Diego, which collectively generated an 11% RevPAR growth during the quarter.

奧蘭多、邁阿密和聖地牙哥等多個度假市場的休閒業務表現強勁，進一步促進了這一趨勢，這些度假市場的 RevPAR 在本季度共實現了 11% 的成長。

We are particularly pleased with the results from our recent redevelopment projects in Orlando and Key West, both of which are well positioned to benefit from healthy group and leisure trends and where our recently renovated Waldorf Astoria, Orlando has been ranked ninth by Conde Nest Traveler in its prestigious 2024 Readers' Choice Awards the Best Resorts in the World.

我們對最近在奧蘭多和基韋斯特的重建項目的成果感到特別滿意，這兩個項目都處於有利地位，可從健康的團體和休閒趨勢中受益，而且我們最近裝修的奧蘭多華爾道夫酒店在《康泰納仕旅行者》雜誌久負盛名的 2024 年讀者選擇獎“全球最佳度假村”中排名第九。

These projects and accolades highlight Park's best in class design and development expertise and our ability to unlock significant embedded value within our portfolio which we anticipate will remain a strategic focus for Park over the next several years as we continue to reshape the portfolio and strive to generate strong returns.

這些項目和榮譽凸顯了 Park 一流的設計和開發專業知識，以及我們在投資組合中釋放重大內在價值的能力，我們預計，在未來幾年內，這仍將是 Park 的戰略重點，因為我們將繼續重塑投資組合，並努力獲得強勁的回報。

Looking ahead, we are actively exploring additional development opportunities in key markets such as Hawaii, Key West, Santa Barbara and Miami, which have the potential to deliver attractive returns on invested capital similar to our recently completed projects.

展望未來，我們正在積極探索夏威夷、基韋斯特、聖塔芭芭拉和邁阿密等主要市場的更多發展機會，這些市場有可能帶來與我們最近完成的項目類似的有吸引力的投資回報。

In Orlando, our Bonnet Creek complex witnessed RevPAR growth of 22% during the quarter, driven by solid group production as the larger meeting platform allowed the hotel the layer in several groups simultaneously resulting in an incremental 12,000 group room nights over the prior period and representing the highest Q3 group rooms and banquet revenue in parks history at the complex.

在奧蘭多，我們的 Bonnet Creek 綜合度假村在本季度的 RevPAR 增長了 22%，這得益於穩健的團體生產，因為更大的會議平台使酒店能夠同時分層接待多個團體，從而比上期增加了 12,000 個團體間夜，並創下了該綜合度假村歷史上第三季團體和宴會收入的最高紀錄。

They're passing the property's previous high water marks 2016 and 2015 respectively. In Key West RevPAR growth was 130% for the quarter driven by our Casa Marina Resort hotel lap renovation displacement prior year period.

它們分別超過了 2016 年和 2015 年該房產的最高水位。在基韋斯特，本季 RevPAR 成長了 130%，這得益於我們去年同期進行的 Casa Marina 度假酒店的全面翻新。

Looking ahead to Q4, both of our Key West hotels are expected to pace ahead of 2023. The Casa Marina continuing to see positive effects on the comprehensive renovation. All the reach projected to achieve mid single digit revenue growth due to an anticipated increase in occupancy.

展望第四季度，我們位於基韋斯特的兩家酒店預計都將超越 2023 年。卡薩瑪麗娜 (Casa Marina) 的全面整修繼續產生積極效果。由於預計入住率將增加，所有飯店的收入預計將實現中等個位數成長。

In Miami, operating trends remain strong as we continue to witness healthy group and leisure demand trends with RevPAR growth up over 7%. We expect this momentum to continue into the fourth quarter with the hotel forecasted to post mid-single digit RevPAR gains driven by a robust convention schedule in October and strong leisure transient demand during the holiday season.

在邁阿密，營運趨勢依然強勁，我們繼續看到健康的團體和休閒需求趨勢，RevPAR 成長率超過 7%。我們預計這一勢頭將持續到第四季度，受 10 月份強勁的會議日程和假日季強勁的休閒短租需求的推動，該酒店的 RevPAR 預計將實現中等個位數增長。

In New Orleans, market hosted eight citywide events during the quarter compared to none in the prior year contributing to a nearly $5 million increase in group room revenues and a $2 million of banquet and [ceding] revenue at our Hilton Riverside Hotel during the quarter. Driving an almost eight point increase in occupancy.

在新奧爾良，市場本季度舉辦了八次全市性活動，而去年同期沒有舉辦任何活動，這為本季度的團體客房收入帶來了近 500 萬美元的增長，並為希爾頓河畔酒店帶來了 200 萬美元的宴會和[轉讓]收入。入住率上升了近 8 個百分點。

In Chicago, a healthy convention calendar including the Democratic National Convention held in August led to performance exceeding expectations with the built in Chicago recording an impressive 20% increase in RevPAR for the quarter as the hotel capitalized on citywide and in house events drive a 36% surge in group room revenue.

在芝加哥，由於八月份舉行的民主黨全國代表大會等會議日程安排良好，酒店業績超出預期，芝加哥酒店本季度的 RevPAR 增長了 20%，這是令人印象深刻的，因為酒店充分利用了全市範圍和內部活動，使團體客房收入激增了 36%。

Finally, in Boston market benefited from five citywide events during the quarter, translating into 25 compression nights which helped to drive 14% RevPAR growth at our Hyatt Regency, Boston Hotel. As a segment group continued to strengthen this quarter with revenue increasing nearly 13% year over year to approximately $110 million coupled strong banquet and catering revenue improvement of 9%.

最後，波士頓市場受益於本季的五場全市性活動，轉化為 25 個壓縮晚數，幫助推動波士頓凱悅酒店的 RevPAR 成長 14%。本季度，集團分部持續增強，營收年增近 13% 至約 1.1 億美元，宴會和餐飲收入強勁成長 9%。

2024 group revenue pace is up over 9%. The 2024 pickup in the year for the year reaching nearly 100,000 room nights during the quarter. Accounting for $10 million of incremental group revenue recognized in the third quarter and $13 million of incremental group revenue anticipated in the fourth quarter.

2024年集團營收成長速度超過9%。2024 年全年的回升預期在本季將達到近 10 萬間夜。第三季確認的增量集團營收為 1,000 萬美元，預計第四季增量集團營收為 1,300 萬美元。

Looking ahead to 2025 group revenue pace continues to be up in the mid to upper single digit range led by double digit games in Orlando, Denver, Key West and San Francisco. While pace at our Hilton Waikoloa resort up nearly 80% versus same time last year. We are also encouraged with the booking windows further extending into the future 2026 pace currently up 10%.

展望 2025 年，集團收入將繼續保持在中高個位數範圍內增長，其中以奧蘭多、丹佛、基韋斯特和舊金山的兩位數比賽為最。而我們希爾頓威可洛亞度假村的客流量與去年同期相比成長了近 80%。我們也對預訂窗口進一步延長至 2026 年感到鼓舞，目前的速度成長了 10%。

Turning to Hawaii, Q3 RevPAR declined by a combined 8% at our two Hawaii hotels. With results negatively impacted by several factors including disruption from labor strikes at Hawaiian Village, tough year-over-year comparisons at Hilton Waikoloa disruption, the multi-phase room renovations at both hotels.

談到夏威夷，我們兩家夏威夷酒店第三季的 RevPAR 總計下降了 8%。由於多種因素對業績產生了負面影響，包括夏威夷村罷工造成的混亂、希爾頓威可洛亞酒店與去年同期相比業績不佳以及兩家酒店進行多階段客房翻修。

In addition, inbound travel from Japan during the quarter was further hampered by three severe weather events in August which led to widespread flight cancellations, travel disruptions across Japan and a 17% decline of inbound travel from Japan during the month. Overall, we have been encouraged by the pace of improvement in Japanese travel prior to these storms averaging over 50% year-to-date through July.

此外，8 月的三次惡劣天氣事件進一步阻礙了日本的入境旅遊，導致大面積航班取消、日本各地旅行中斷，當月日本入境旅遊人數下降了 17%。總體而言，我們對風暴來臨之前日本旅遊業改善的速度感到鼓舞，今年截至 7 月，旅遊業平均改善速度超過 50%。

From a capital allocation perspective, we remain laser focused on our strategic priorities to dispose of non-core assets and recycle capital to unlock the significant embedded value in our core portfolio through a creative ROI investments while also opportunistically buying back stock at historically deep discounts in net asset value.

從資本配置的角度來看，我們仍然專注於我們的策略重點，即處置非核心資產和回收資本，透過創造性的投資回報率投資釋放我們核心投資組合中的重要內在價值，同時趁機以歷史上淨資產價值的大幅折扣回購股票。

During the third quarter, composed of two noncore assets, the Hilton La Jolla, Torrey Pines, the Hilton Oakland Airport. We continue to reshape the portfolio and enhance our long-term growth profile. Sale of Torrey Pines closed in July generated our pro rata share of gross sale proceeds of over $40 million and represented a nearly 12 times gross multiple on 2023 EBITDA.

第三季度，由兩項非核心資產組成，分別是希爾頓拉霍亞酒店、托里松樹酒店和希爾頓奧克蘭機場酒店。我們將繼續重塑投資組合併增強我們的長期成長前景。7 月完成的 Torrey Pines 出售為我們帶來了超過 4,000 萬美元的按比例分配的總銷售收益，相當於 2023 年 EBITDA 的近 12 倍。

Additionally, transaction helped to further improve our balance sheet with our unconsolidated debt balance reduced by approximately $17 million. While net proceeds were used to partially fund repurchase of $2.5 million shares of our common stock in the third quarter of $35 million.

此外，交易有助於進一步改善我們的資產負債表，我們的非合併債務餘額減少了約 1700 萬美元。而淨收益則部分用於資助第三季回購價值 3,500 萬美元的 250 萬股普通股。

With respect to the Hilton Oakland Airport Hotel in late August, we permanently closed the hotel. Noncore asset with less than 10 years remaining on a ground lease. Oakland remains a very challenged market with the hotel recognizing $3 million loss over the trailing 12 months.

對於八月下旬的奧克蘭希爾頓機場酒店，我們永久關閉了該酒店。非核心資產的土地租賃期間剩餘時間少於 10 年。奧克蘭仍然是一個面臨嚴峻挑戰的市場，飯店在過去 12 個月中虧損 300 萬美元。

A reporting RevPAR of just $68. Closure is expected to result in a positive $1 million impact to earnings during the fourth quarter while adding approximately $2 the nominal RevPAR and 30 basis points to hotel adjusted EBITA on an annualized basis.

報告的 RevPAR 僅為 68 美元。預計此次關閉將對第四季度的收益產生 100 萬美元的積極影響，同時將使酒店名義 RevPAR 增加約 2 美元，並使酒店調整後 EBITA 年度化增加 30 個基點。

In addition, during the third quarter, we commenced over $200 million of comprehensive guestroom renovations at the iconic Rainbow Tower at the Hilton Hawaiian Village, Palace Tower at Hilton Waikoloa, the main tower at the Hilton New Orleans Riverside.

此外，第三季度，我們開始對希爾頓夏威夷村標誌性的彩虹塔、希爾頓威可洛亞酒店的宮殿塔和新奧爾良河畔希爾頓酒店的主塔進行超過 2 億美元的綜合客房翻新。

Phase 1 of 2 for both Hawaii renovations is expected to be completed by Q1 2025. While Phase 1 of the room's renovation in New Orleans expected to be completed in Q4 of this year and ahead of the Super Bowl in February 2025. We are particularly excited about the potential impact reimagined rooms are expected to have on our results, especially in Hawaii.

夏威夷兩處翻修工程的第一階段（共兩個階段）預計將於 2025 年第一季完成。新奧爾良球館第一階段的翻新工程預計將於今年第四季完成，並在2025年2月的超級盃開賽前完成。我們對重新設計的房間預計會對我們的業績產生的潛在影響感到特別興奮，特別是在夏威夷。

A recent successful renovation of the 1,000 room Tapa Tower at Hilton Hawaiian village delivered a significant ADR premium compared to other resort room types once it was back online. Turning to guidance due to the uncertainty surrounding continuing negotiations between our operators and labor unions and the related impacts on operating results which are not factored into our prior guidance.

希爾頓夏威夷村的 Tapa 塔樓擁有 1,000 間客房，近期經過成功翻新，重新開業後，其平均房價 (ADR) 相比其他度假村客房類型有顯著提升。由於我們的經營者和工會之間持續談判的不確定性以及對經營業績的相關影響尚未計入我們先前的指引，因此我們轉向指引。

We are not in a position to update full year 2024 RevPAR and EBITDA guidance. At this time, our operators continue to work toward reasonable solutions that are in the best interest of all parties.

我們無法更新 2024 年全年 RevPAR 和 EBITDA 指引。目前，我們的營運商正在繼續努力尋找符合各方最佳利益的合理解決方案。

Once the appropriate agreements have been ratified, we have a better understanding of the impacts. We will provide a financial update including an update on earnings guidance. I want to emphasize that we continue to be confident, the core strength of both business and leisure demand trends throughout the balance of the portfolio.

一旦適當的協議獲得批准，我們就會更了解其影響。我們將提供財務更新，包括獲利指引更新。我想強調的是，我們仍然充滿信心，商務和休閒需求趨勢的核心力量貫穿整個投資組合的平衡。

With year-to-date 2024 RevPAR up 4.3%. Despite some of the challenges we faced towards the end of the third quarter. As we look ahead to 2025 we expect to continue aggressively pruning our non-core portfolio proceeds expected to be used to buy back our common stock and fund our growing development and renovation pipeline.

截至目前，2024 年 RevPAR 成長 4.3%。儘管我們在第三季末面臨一些挑戰。展望 2025 年，我們預計將繼續積極削減非核心投資組合收益，這些收益預計將用於回購我們的普通股並資助我們不斷增長的開發和改造項目。

In closing, we believe there is simply no better use of our capital and reinvesting it back into our portfolio at returns that far exceed acquisition yields to create long term value for shareholders.

最後，我們相信，沒有比這更好的方法來利用我們的資本，並將其重新投資到我們的投資組合中，以獲得遠超收購收益的回報，從而為股東創造長期價值。

With that will turn the call over to Sean.

這樣，電話就轉給肖恩了。

Thanks Tom. Q3 RevPAR for the portfolio was approximately $190 representing year over year growth of 3.3% with occupancy gaining 2.5% points and rates flat year over year at $243. When adjusting for roughly 70 basis points of disruption from Hurricane Helene and labor strike activity, RevPAR growth for the quarter would have been 4.0%.

謝謝湯姆。該投資組合第三季的 RevPAR 約為 190 美元，年增 3.3%，入住率上升 2.5 個百分點，房價與去年同期持平，為 243 美元。經過對颶風海倫和勞工罷工活動造成的約 70 個基點的干擾進行調整後，本季的 RevPAR 成長率將達到 4.0%。

Similar activity has impacted October with RevPAR growth disrupted by Hurricane Milton by roughly 80 basis points. Adjusting for this disruption, we anticipate RevPAR will be relatively flat for the month. Despite additional headwinds stemming from the holiday calendar shift and ongoing strike activity at certain hotels for a majority of the month.

10 月也出現了類似的情況，颶風米爾頓導致 RevPAR 成長受到影響，降幅約 80 個基點。經過這項幹擾因素的調整後，我們預計當月 RevPAR 將相對持平。儘管由於假期日曆的變化和某些酒店本月大部分時間的持續罷工活動而帶來了額外的阻力。

Which were offset by solid performance elsewhere in the resort and urban portfolios. Total RevPAR for the third quarter increased by 3.8% driven mostly by a 4.4% increase in F&B revenue, as group driven banquet and catering revenue increased nearly 9%.

但度假村和城市投資組合中的其他部分的穩健表現抵消了這一影響。第三季總 RevPAR 成長 3.8%，主要原因是餐飲收入成長 4.4%，因為團體宴會和餐飲收入成長了近 9%。

Hotel revenue was $625 million during the quarter. And hotel adjusted EBITA was $170 million, resulting in a nearly 27.2% hotel adjusted EBIDA margin. Note that the year-over-year margin comparison was negatively impacted by nearly $8 million of property tax benefits and relief grants received last year.

本季酒店營收為 6.25 億美元。飯店調整後的 EBITA 為 1.7 億美元，因此飯店調整後的 EBIDA 利潤率接近 27.2%。請注意，去年同期的利潤率比較受到去年收到的近 800 萬美元的財產稅優惠和救濟金的負面影響。

In addition to nearly $4 million of Hurricane and labor strike disruption in the third quarter of this year, excluding these items, hotel adjusted even a margin would have been comparable year over year with respect to Hurricanes, Helene and Milton. Our hotels located in Key West Miami and Orlando remained fully operational while sustaining minimal damage and business interruption.

除了今年第三季因颶風和勞工罷工造成的近 400 萬美元損失外，排除這些因素，飯店調整後的利潤率與去年同期相比，與颶風海倫和米爾頓相比也相當。我們位於基韋斯特、邁阿密和奧蘭多的酒店保持全面運營，損失和業務中斷均降至最低。

Overall, we estimate the total impact from both Hurricanes to account for roughly $2 million to $3 million of hotel adjusted EBITDA disruption with most of the impact occurring in Q4.

總體而言，我們估計兩場颶風造成的總影響將導致飯店調整後 EBITDA 損失約 200 萬至 300 萬美元，大部分影響發生在第四季。

With respect to our dividend. On October 15, we paid our third quarter cash dividend of $0.25 per share and anticipate paying fourth quarter dividend, which is subject to board approval in accordance with our typical practice of targeting 65% to 70% of our full year adjusted FFO per share. Comprised of a $0.25 fixed quarterly component plus a to be determined annual, top off component to meet our target.

關於我們的股利。10 月 15 日，我們支付了每股 0.25 美元的第三季現金股息，並預計將支付第四季度股息，該股息需根據我們通常的做法獲得董事會批准，即目標是達到全年調整後每股 FFO 的 65% 至 70%。由每季 0.25 美元的固定金額加上待確定的年度補充金額組成，以達到我們的目標。

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 one question and one follow up operator. May we have the first question, please?

我們的準備好的演講到此結束。我們現在將開通問答熱線。為了解答您的每一個問題，我們要求您將自己限制在一個問題上，並只與一位後續操作員聯繫。我們可以問第一個問題嗎？

(Operator Instructions)

（操作員指令）

Smedes Rose, Citibank.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, good morning. I wanted to ask just a little bit more, you know, probably predictably about, Hawaii. You saw RevPAR down 8% across the two properties. I think on your second quarter call you had talked about, you know, maybe more like 2% to 3% down in the second half and you mentioned a few things that went on in the quarter.

嗨，早安。我想再問一點關於夏威夷的問題，這也可能是可以預見的。您會發現兩家飯店的 RevPAR 都下降了 8%。我想您在第二季度的電話會議上談到過，下半年可能下降 2% 到 3%，並且您提到了本季度發生的一些事情。

But could you just sort of maybe talk a little bit more about what you were seeing, sort of on an underlying basis for leisure demand and into Hawaii and how you're thinking about it kind of going forward over the next several quarters, putting aside the strike.

但您能否再多談一下您所看到的情況，例如對夏威夷休閒需求的基本情況，以及除了罷工之外，您對未來幾季的發展有何看法。

I'd make a couple of observations Smedes. Obviously, we were lapping. What happened in Maui? We certainly gotten benefit there, we knew as you think about Hilton Waikoloa, obviously, that was going to be really a tough comp and so we obviously expected that to be choppy.

我對此發表了幾點看法，Smedes。顯然，我們正在互相追逐。毛伊島發生了什麼事？我們確實從中受益，我們知道，當你想到希爾頓威可洛亞酒店時，顯然，這將是一場艱難的比賽，所以我們顯然預計它會很不穩定。

I mean, obviously given what happened with weather related and Japanese travel, I clearly did not expect that as we talked about it in the last call, we remain very bullish on Hawaii long term.

我的意思是，顯然考慮到天氣相關和日本旅行所發生的事情，我顯然沒有想到，正如我們在上次電話會議中談到的那樣，我們仍然對夏威夷的長期前景非常樂觀。

I think if you look over the last 20 years, [Oahu's] RevPAR growth is sort of outpaced the US by, you know, nearly 300 basis points. And I think while exceeding kind of other resort markets by about 150 bps. So I think the US, CAGAR is about 2% and in Oahu is north of 5%.

我認為，如果回顧過去 20 年，[瓦胡島] RevPAR 的成長速度比美國高出近 300 個基點。我認為，這比其他度假市場高出約 150 個基點。因此我認為美國的CAGAR 約為 2%，而瓦胡島則在 5% 以上。

So, you know, this is in our view, temporary and transitory. We certainly don't see anything that alarms us in terms of the underlying fundamentals. Obviously, the other matter, obviously, you know, I've addressed that in my prepared remarks.

所以，你知道，我們認為這只是暫時的、過渡的。從基本面來看，我們確實沒有看到任何令我們擔憂的事情。顯然，另一件事，顯然，你知道，我在準備好的發言中已經提到了這一點。

Okay. So just to be clear, I mean, it sounds like so the difference relative to prior expectations is really driven by weather events in Japan that impacted Japanese travel, but you're not seeing anything that would concern you around kind of the state of the US based kind of leisure demand relative to what your expectations.

好的。所以需要明確的是，聽起來與之前預期相比的差異實際上是受到日本天氣事件影響而導致的，這些天氣事件影響了日本人的旅行，但您並沒有看到任何讓您擔心的有關美國休閒需求狀況相對於您的預期的情況。

We are not. You know, we expected the last call that visitation would be about 770,000. Up from 600,000 last year in terms of overall Japanese visitation, I think now that's come down a little bit. I think largely, you know, given the weather related and the cancellations down to about 720,000.

我們不是。您知道，我們上次預計的參觀人數將達到約 77 萬人次。去年，日本遊客總數為 60 萬人，但我認為現在有所下降。我認為，很大程度上，由於天氣原因，取消的航班數量下降到約 72 萬人。

So that's still about 22% over last year and it's still about 54% below 2019. We expect to probably get back to pre-pandemic in the 2026, 2027 based on current forecast right now.

因此，這仍比去年增長了約 22%，比 2019 年低了約 54%。根據目前的預測，我們預計可能在 2026 年、2027 年恢復到疫情前水準。

And Smedes, I would add, you know, we talked about the hand but you also had Hurricane Helene that came through and I think more so impacted big islands and the Hurricane activity. That was more specific to Hawaii, that was disruptive in August as well.

我想補充一下，斯梅德斯，我們討論了手的問題，但颶風海倫 (Hurricane Helene) 也來襲了，我認為它對大島和颶風活動的影響更大。這對夏威夷來說尤其如此，8 月也造成了混亂。

So we looked at inbound flights, they were tracking at least in the Honolulu on average about 10% each month, year-over-year and ultimately dropped about 3% in August. So you can see some of that activity, some of that disruption from weather impacting the market.

因此，我們查看了入境航班，發現檀香山的入境航班每月平均年減約 10%，8 月最終下降了約 3%。因此，您可以看到其中一些活動、一些天氣幹擾對市場產生了影響。

Like whack a mole with these Hurricanes. Thank you. Appreciate your comments.

就像用這些颶風來打地鼠一樣。謝謝。感謝您的評論。

Thank you.

謝謝。

Floris van Dijkum, Compass Point.

佛洛里斯‧範‧戴庫姆 (Floris van Dijkum)，指南針角。

Hey, I'm going to ask a little bit about the elephant in the room. I know that you're limited in what you can talk about. But is the hotel taking bookings, Hawaii village I'm talking about and how quickly can it ramp up, you know, negotiations get settled and how quickly before EBITDA starts to come online there in your best estimate.

嘿，我想問一下關於房間裡的大象的問題。我知道你能談論的內容有限。但是酒店是否接受預訂，我指的是夏威夷村，它能多快地提升，你知道，談判能多快達成協議，以及 EBITDA 多快開始在線，這是你最好的估計。

Of course, the first of all, the hotel is never closed and it's continued to provide services to guests. And so that hasn't been an issue at all. I think as I said in the prepared remarks, obviously due to the uncertainty surrounding the continuing negotiations between our operators and the and the labor unions. You know, we're just not in a position to update guidance or provide any of those details at this time.

當然，首先，酒店從來沒有關閉過，而且還持續為客人提供服務。所以這根本不是一個問題。我認為，正如我在準備好的演講中所說的那樣，這顯然是由於我們的運營商和工會之間持續談判的不確定性所造成的。您知道，我們目前還無法更新指導或提供任何細節。

As soon as the appropriate agreements have been negotiated and ratified. You know, we'll have a better understanding of the impact and certainly provide an update at that time, but rest assured that the Hilton Hawaiian Village has remained open during the strike.

一旦適當的協議已經談判並獲得批准。你知道，我們會更了解影響，並在那時提供最新消息，但請放心，希爾頓夏威夷村在罷工期間仍然開放。

And then I guess the follow up question is, you still have, you know, call it four key based on our estimates 14 noncore hotels. Does this make you evaluate your or maybe accelerate some of your plans to dispose of those hotels or does that is that dependent on the capital markets activity and the financing availability for potential buyers as you think about, focusing more on your top 25 hotels.

然後我想接下來的問題是，根據我們的估計，您仍然有 14 家非核心酒店，稱之為四大關鍵酒店。這是否會讓您評估或加速您出售這些酒店的一些計劃，或者這是否取決於資本市場活動和潛在買家的融資情況，正如您所考慮的那樣，更多地關注您的前 25 家酒店。

Yeah, it's a great question, Floris. I mean, I think we've demonstrated we are laser focused on really continuing to reshape the portfolio. Just to remind listeners, obviously, since the spin now, we have sold or disposed of 44 assets for nearly $3 billion and it's obviously a much stronger portfolio.

是的，這是一個很好的問題，弗洛里斯。我的意思是，我認為我們已經表明我們專注於繼續重塑投資組合。只是為了提醒聽眾，顯然，自分拆以來，我們已經以近 30 億美元的價格出售或處置了 44 項資產，這顯然是一個更強大的投資組合。

But we, we still have another 14 assets plus or minus that are non-core and we will continue to work aggressively to really recycle that capital. And as I said in the prepared remarks and in our view, there's nothing that can create more value than really investing back into our portfolio.

但是，我們仍然有另外 14 項非核心資產，我們將繼續積極努力，真正回收這些資本。正如我在準備好的演講中所說，在我們看來，沒有什麼比真正投資我們的投資組合更能創造價值。

And you know, as you think about kind of the [Casm] Marine as an example and the extraordinary work done there. We're expecting EBITDA this year at about $30 million plus or minus and that's about 35% over the pre pandemic high-water mark. And that this is in the 1st year. Obviously, Bonnet Creek is just given the award we've gotten regarding the Waldorf just given the growth potential there.

你知道，你可以以 [Casm] 海軍陸戰隊為例，看看他們在那裡所做的非凡工作。我們預計今年的 EBITDA 約為 3,000 萬美元左右，比疫情前的最高水位高出約 35%。這是第一年。顯然，Bonnet Creek 之所以能獲得 Waldorf 頒發的獎項，是因為那裡具有巨大的發展潛力。

We remain very bullish on our core portfolio and we remain bullish on Hawaii and certainly adding another tower at Hilton Hawaiian village, we look forward to adding another 200 keys plus or minus at Hilton Waikoloa, which we're already entitled to do and coupled with adding additional supply and product at the Hilton Santa Barbara and then really a complete transformation of the Royal Palm in Miami. So we just think that there's tremendous upside for shareholders and value to be created and it's all embedded within this core portfolio.

我們對我們的核心投資組合仍然非常看好，我們仍然看好夏威夷，當然會在希爾頓夏威夷村增加另一座塔樓，我們期待在希爾頓威可洛亞酒店增加或減去 200 間客房，我們已經有權這樣做，再加上在希爾頓聖巴巴拉酒店增加額外的供應和產品，然後真正徹底改造邁阿密的皇家棕櫚酒店。因此，我們認為，這對股東來說具有巨大的上升空間，並能創造巨大的價值，而這一切都融入了這個核心投資組合中。

Thanks, Tom.

謝謝，湯姆。

Thank you.

謝謝。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hey, thank you. Just on group pace for next year. I wonder if you could go into more detail on the key markets you think would outperform key markets that you think would lag in any sense for the composition of the types of groups that are driving the improvement.

嘿，謝謝你。只是按照明年的集體步伐。我想知道您是否可以更詳細地介紹一下您認為表現會優於其他關鍵市場的關鍵市場，而就推動改善的群體類型的組成而言，您認為這些關鍵市場的表現會在任何意義上落後。

As you know, we had a really strong group performance this year, up about 9%. Obviously, Waikoloa and Bonnet Creek obviously have been strong. Clearly what we've seen, obviously in Chicago and New Orleans obviously also been very strong as well and you know, as we sort of look out next year.

如您所知，我們今年的集團業績非常強勁，成長了約 9%。顯然，Waikoloa 和 Bonnet Creek 表現強勁。顯然，我們看到芝加哥和紐奧良的表現也非常強勁，你知道，我們可以展望明年。

As we said in prepared remarks, sort of that mid to high single digits, I'd say we're probably 5% to 7% right now. There are a number of tentative, so we think that's certainly going to improve. As we think about those markets, obviously Hilton Hawaiian Village, Hilton Waikoloa, excuse me, which was down 44% I believe this year we're looking at group pace being up almost 77% next year, which is going to be very, very encouraging for us is as we look at.

正如我們在準備好的發言中所說的那樣，中等到高個位數，我認為我們現在可能是 5％ 到 7％。有許多嘗試，因此我們認為肯定會有所改善。當我們考慮這些市場時，顯然是希爾頓夏威夷村、希爾頓威可洛亞，對不起，它們的銷售額下降了 44%，但我相信今年我們預計明年集團的增速將增長近 77%，這對我們來說將是非常非常令人鼓舞的。

Denver looks strong, Bonnet Creek continues to be a strong probably, Waikoloa, I think was in the mid-40s. I think overall we're looking at probably mid to high teems in terms of growth pace there. Mid-single digits for New York midtown, even San Francisco, as we think about the Union Square property there looks to be in the 25% to 30% increase.

丹彿看起來很強勁，博內特溪可能繼續保持強勁，而威可洛亞，我認為在 1940 年代中期。我認為，總體而言，我們的成長速度可能處於中高檔水準。紐約中城的房價漲幅都在個位數左右，就連舊金山聯合廣場的房價也漲幅在 25% 到 30% 之間。

So still very, very encouraged by that. And as you also think about 2026, we're already looking at a group pace, it's up about 10% there. So very encouraged when you think about our portfolio and I think a real strength of our portfolio, Duane.

所以我仍然對此感到非常鼓舞。當你想到 2026 年時，我們已經在考慮團體速度，那裡的速度上升了約 10%。當你想到我們的投資組合時，我感到非常鼓舞，我認為這是我們投資組合的真正優勢，杜安。

Thanks Tom and maybe just to come back to Orlando. Can you help frame, you know, the performance that you're seeing versus maybe a pre renovation baseline? I don't, know if you have it handy and I don't want to put you on the spot, but like a RevPAR index improvement that you may be realizing relative to, pre-Reno or maybe 2019. And thanks for taking the questions.

謝謝湯姆，也許只是回到奧蘭多。您能否幫助描述一下您所看到的性能與裝修前的基線相比的情況？我不知道您是否有這個數據，也不想讓您為難，但您可能已經意識到，相對於 Reno 之前或可能是 2019 年，RevPAR 指數有所提高。感謝您回答這些問題。

Yeah, I'll take a stab and let me just talk about kind of Orlando overall and then regarding the RevPAR index, I don't have that. Perhaps Sean has that, but when you think about Orlando, I mean, I think last year, about 74 million visitors, if you think about Vegas is probably in the mid-40 range.

是的，我會嘗試談談奧蘭多的整體情況，然後關於 RevPAR 指數，我沒有這方面資訊。也許肖恩有這個，但是當你想到奧蘭多時，我的意思是，我認為去年大約有 7400 萬遊客，如果你想想拉斯維加斯，可能在 40% 左右。

And you think about epic universal and their own record, I think of about a $5 billion investment plus or minus. That's opening in the spring of next year. Obviously, Disney's talked about, you know, spending another $60 billion over the next 10 years plus or minus. So we are very, very bullish on Orlando long term.

如果您考慮一下 Epic Universal 及其自己的唱片，我認為投資額大約在 50 億美元左右。該建築將於明年春季開放。顯然，迪士尼已經談到在未來 10 年左右再投入 600 億美元。因此，我們對奧蘭多的長期前景非常看好。

If you think about city wide's this year, there were about 98 city wide's for about 1.1 million room nights. I think next year, while fewer events, an increase of about 8% in room nights to about almost $1.2 million a plus mine is so very, very bullish. And we think obviously, as we saw in third quarter, given the size and adding another 100,000 square feet of meeting space and multi-function space.

如果你考慮今年全市的情況，全市大約有 98 家飯店，客房總數約為 110 萬間夜。我認為，明年，雖然活動數量會減少，但客房晚數將增加約 8%，達到近 120 萬美元，因此我對這一前景非常非常樂觀。我們認為，顯然，正如我們在第三季度看到的那樣，考慮到規模，並增加了 100,000 平方英尺的會議空間和多功能空間。

It allows us to simultaneously layer in most groups coupled with a world class golf course and all of the other resort amenities and proximate to both Disney and Universal. We are very bullish on Orlando, both in the near term and in the long term.

它使我們能夠同時接待大多數團體，並擁有世界一流的高爾夫球場和所有其他度假村設施，而且靠近迪士尼和環球影城。我們對奧蘭多非常看好，無論是短期還是長期。

Thank you.

謝謝。

Dany Asad, Bank of America.

丹尼·阿薩德（Dany Asad），美國銀行。

Hi, good morning, everybody. Tom or Sean, when we look at, 2025 can you share any insight with us on how, your large corporate accounts are shaping up? We've heard from airlines calling out stronger, large corporate setting into next year. So, just curious to see what you guys are hearing.

大家早安。湯姆或肖恩，當我們展望 2025 年時，您能否與我們分享您的大型企業帳戶的進展？我們聽到航空公司呼籲明年建立更強大、更大規模的公司環境。所以，只是好奇想知道你們聽到了什麼。

Yeah, I mean, it's always a little tricky. We're kind of thinking that season right now, Danny and I also say a lot of the contracts over time, have gone from kind of just doing your typical, your historical fixed. Hey, let's increase it four or 5% to more dynamic pricing such that it's more just a percentage of bar driving it.

是的，我的意思是，這總是有點棘手。我們現在正在思考這個賽季，丹尼和我還說過，隨著時間的推移，很多合約不再只是典型的、歷史性的固定合約。嘿，讓我們將其提高 4% 或 5%，以實現更動態的定價，以便它更像是酒吧驅動的百分比。

And so as you think about kind of where we think, you know, rates could go next year and obviously we're still in the throes of the beginnings of budget discussions. Kind of hard to say exactly and pinpoint a kind of range percent. I certainly know it's up. And also, I think when you look at the behavior of the corporate negotiated subsegment, it's been an outperformer this year versus expectations.

所以當你思考我們認為明年利率可能會如何變化時，顯然我們仍處於預算討論的初期。很難準確地說出並確定一個範圍百分比。我當然知道它已經起來了。而且，我認為，當您觀察企業協商子部門的行為時，今年它的表現超出了預期。

And so we think we've seen about 6% or so plus or minus up this year throughout the year. So I think that kind of, I think bodes well and I think plays into what you may hear from other industries about the likely strong performance for that group remaining continuing in 2025.

因此，我們認為今年全年的漲幅約為 6% 左右。所以我認為這是個好兆頭，而且我認為這與你可能從其他行業聽到的關於該群體在 2025 年仍可能繼續保持強勁表現的消息有關。

Understood. Thank you, Sean. And for my follow up, we've heard from other owners and some of the brands including Hilton that, you know, November demand is just the it could be softer around the edges, especially when we're talking about like, you know, the elections and kind of right that period of November specifically, curious to see what you guys are thinking and more importantly how that feels relative to your, expectations for maybe 30 or 60 days ago.

明白了。謝謝你，肖恩。在我的後續跟進中，我們從其他業主和包括希爾頓在內的一些品牌那裡聽說，11 月份的需求可能會比較疲軟，尤其是當我們談論選舉之類的事情時，具體來說是 11 月份那段時間，我很好奇你們是怎麼想的，更重要的是，相對於你們對 30 天或 60 天前的預期，這感覺如何。

Yeah, I think, you know, it is having an impact, I would say in general pace is down that week, around 13%. I would even say the week after that it's down about 11%. So I think, you know, not surprisingly, I think people are not electing to travel, make any plans that certainly that the week of I would say think pick the week after is picking up positively.

是的，我認為它正在產生影響，我想說那一周的整體速度下降了 13% 左右。我什至可以說，此後一周，它下降了約 11%。因此，我認為，毫不奇怪，我認為人們不會選擇旅行，也不會制定任何計劃，當然，我會說選擇下週的旅行會呈現積極的成長勢頭。

So that could be something to watch depending on what happens post-election. But you're definitely seeing that and then as you get beyond election, time frame, you start getting into, you know, holiday shifts, which I'm sure you guys will pick up as we get through it. But, you know, thanksgiving is on a different week, later week this year, the next year.

因此，這可能是值得關注的事情，取決於選舉後發生的情況。但你肯定會看到這一點，然後當你度過選舉時間框架之後，你就會開始進入假期輪班，我相信當我們度過這個假期時，你們會適應的。但是，您知道，感恩節是在不同的一周，今年是晚些時候，明年是晚些時候。

So you're going to have some flip flops of different weeks as you kind of really dig into it. But on the whole, I would say, December is a little benefit of some of the shifts versus November. November is definitely a weaker month of the quarter.

因此，當您真正深入研究它時，您會在不同星期遇到一些變化。但就整體而言，我想說，與十一月相比，十二月還是有一些優勢的。十一月無疑是本季較淡的月份。

Put it all together though combined November, December, I think you're kind of looking at similar growth on average between the two, if you were just obviously combine them relative to kind of comparable to October, but it's definitely a weak November offset by a stronger December.

把 11 月和 12 月的數據綜合起來，我認為你會看到兩者的平均增長情況相似，如果你把它們結合起來與 10 月的數據進行比較，你會發現 11 月的疲軟被 12 月的強勁增長所抵消。

If you think about the last election, I think similar sort of framework occurred as well back to 2020, and I think even in 2016, so we're not overly alarmed by it.

如果你回想一下上次選舉，我認為 2020 年也出現過類似的框架，甚至 2016 年也出現過類似的框架，所以我們對此並不會過於驚慌。

Got it. Thank you, Tom.

知道了。謝謝你，湯姆。

Ari Klein, BMO Capital Markets.

BMO 資本市場部的 Ari Klein。

Thanks. Maybe just following up on the last question. I think previously you were expecting maybe 1%, 2% rep card growth in the fourth quarter based on the prior guide, setting aside the strike impact. Is that still a fair expectation or kind of how should we think about the performance this quarter?

謝謝。也許只是繼續回答最後一個問題。我認為，根據先前的預測，撇開罷工的影響，您之前預計第四季度的代表卡成長率可能會達到 1% 到 2%。這仍然是一個合理的預期嗎？

Yeah, I it's hard to decouple obviously given what's happening with the other activities and obviously you've also had the weather-related activity. So I'd rather wait and provide that information when we provide the update once, our operators and the unions have finalized any outstanding agreements and we can provide a clear update.

是的，考慮到其他活動的進展情況，顯然很難將其分開，而且顯然您也進行了與天氣相關的活動。因此，我寧願等待，當我們提供更新後，我們的運營商和工會已經完成了所有未完成的協議，我們可以提供明確的更新，並提供這些資訊。

No doubt, as Sean said, as you think about November, certainly the week of the election and probably a little after that. And I think just given the uncertainty, given how divided things are, you know, you're probably going to see less travel during that period of time.

毫無疑問，正如肖恩所說，當你想到十一月時，肯定是選舉那一周，可能還有那之後不久。我認為，考慮到不確定性，考慮到事態的分歧，那段時期內的旅行可能會減少。

And I don't think that's a real surprise. And as I said, at the end of the conversation that Danny asked if you look back to 2020 and 2016, I really think that was what we experienced as well.

我認為這並不奇怪。正如我所說，在談話結束時丹尼問你是否回顧 2020 年和 2016 年，我真的認為這也是我們所經歷的。

Understood and maybe as we think about 2025 when we're looking at expenses, what is 4% to 5% kind of a reasonable expectation for next year? And if that is the case, what type of RevPAR growth do you think you would need to grow EBITDA?

明白，也許當我們考慮 2025 年的費用時，明年 4% 到 5% 的合理預期是多少？如果確實如此，您認為需要什麼類型的 RevPAR 成長才能達到 EBITDA 成長？

Yeah, we're just beginning the budgetary process. All right. So we, you know, that's another, we will provide guidance as we've done historically. And I mean, obviously we're all concerned about what's going to happen with the top line as we look forward as well as the corresponding expenses. But we'll have more information on that at a at a later date.

是的，我們剛開始預算過程。好的。所以，你知道，這是另一個，我們將像歷史上所做的那樣提供指導。我的意思是，顯然我們都關心未來的營業收入和相應的開支會發生什麼變化。但我們稍後會提供更多相關資訊。

We still feel very good about our portfolio. This obviously is a solid third quarter, probably going to be among sector leading as you think about the top line. And obviously, if you take out both the strike activity and obviously some of the weather related, it's probably close to a 4% print.

我們對我們的投資組合仍然感到非常滿意。這顯然是一個穩健的第三季度，從營收來看，很可能位居行業領先地位。顯然，如果除去罷工活動和一些與天氣相關的因素，失業率可能接近 4%。

So we feel very good about our portfolio and you know, we're going to continue to focus on selling noncore reinvesting back in the portfolio, reducing leverage and then returning capital to shareholders. We've returned, north of $630 million, I think last year and, you know, we're probably going to be somewhere in the $300 million, $350 million this year.

因此，我們對我們的投資組合非常滿意，而且您知道，我們將繼續專注於出售非核心資產並將其重新投資於投資組合，降低槓桿率，然後將資本返還給股東。我想，去年我們的收入已經超過了 6.3 億美元，今年我們的收入可能會達到 3 億到 3.5 億美元左右。

And, you know, that includes buying back of $19 million, $19.5 million shares over the last 18, 20 months. So feel very good about our performance and really our capital allocation decisions.

你知道，這包括在過去 18 到 20 個月內回購價值 1,900 萬美元、1,950 萬美元的股票。所以對我們的業績以及資本配置決策感到非常滿意。

Thank you.

謝謝。

David Katz from Jefferies.

傑富瑞（Jefferies）的 David Katz。

Hi, everyone. Good morning. Thanks for all the information so far. I wanted to ask kind of a bigger broader question. You know about the subject of weather and how you think about that in your underwriting, whether that's for capital spending in certain markets that are exposed more so than others or any potential sort of acquisitions down the road.

大家好。早安.感謝您迄今為止提供的所有資訊。我想問一個更大更廣義的問題。您了解天氣問題，也知道您在承保時如何考慮天氣問題，無論是針對某些比其他市場更容易受到影響的市場進行資本支出，還是未來任何潛在的收購。

I think [semes] may use the term Waikoloa, earlier on and it, and I think it may be apropos right where it's a recurring, non-recurring event, and the degree to which, you know, we sort of contemplate that in underwriting or whether we should, you know, keep looking through it or we should be thinking about it too.

我認為 [semes] 可能早些時候就使用過 Waikoloa 這個術語，而且我認為它可能恰如其分，因為它是一種重複發生的、非重複發生的事件，以及我們在承保時考慮到這一點的程度，或者我們是否應該繼續審查它，或者我們也應該考慮它。

Yeah, David, it's a great question. I would say if you think back over the last few years, obviously at Park, we've been fortunate and that we haven't had any direct hit, but obviously, we've been certainly impacted by it and it's an area that we really separate ourselves. A huge credit to Carl Mayfield who heads our design and construction team.

是的，大衛，這是一個很好的問題。我想說，如果你回顧過去幾年，顯然在公園，我們很幸運，我們沒有受到任何直接打擊，但顯然，我們肯定受到了它的影響，這是我們真正與眾不同的領域。我們非常感謝領導我們的設計和施工團隊的 Carl Mayfield。

We, as you think about any of the storms. Helene and Milton as an example, we had first responders on site within 72 hours of the event. We've set up tiger dams. We've looked as the resiliency of our buildings as part of the complete transformation of the Casa Marina, taking all the building systems that were in the catacombs and below grade and removing those.

我們，正如你思考任何一場風暴一樣。以海倫和米爾頓為例，我們在事件發生後 72 小時內就派出了第一批救援人員到達現場。我們蓋了虎壩。我們將建築物的彈性視為 Casa Marina 全面改造的一部分，拆除了地下墓穴和地下的所有建築系統。

And we've also looked at, San nourishment and what, what things we can do to be incredibly proactive and you see that really reflected in our insurance cost. Sean and Carl have done an extraordinary job and as a result, our insurance costs were down.

我們也研究了聖地牙哥的營養問題，以及我們可以採取哪些積極主動的措施，您會發現這確實反映在我們的保險成本上。肖恩和卡爾做得非常出色，結果我們的保險費用降低了。

I doubt very many of our peers could say that and I think it's these proactive measures that we have in place, we take it seriously. And you can also see the tie into our corporate social responsibility report as well. Emily Smith and the other team members that work on that.

我懷疑我們的許多同行是否會這麼說，我認為我們已經採取了這些積極措施，我們對此非常重視。您還可以看到它與我們的企業社會責任報告的連結。艾米麗史密斯 (Emily Smith) 和其他致力於此事的團隊成員。

And so it is very important particularly given our portfolio and, and really where the demand generators are. And so it's something that we've got to continue to monitor and be proactive. We do factor it into our underwriting.

因此，這一點非常重要，特別是考慮到我們的投資組合以及需求產生者的真正所在。因此，我們必須繼續監控並採取積極主動的態度。我們確實將其考慮在我們的承保範圍內。

We think about what that risk may be is part of that investment and that assessment of that, of that opportunity. So it is something where we Park has really distinguished themselves vis a vis our peers.

我們會思考風險可能是什麼，這是投資的一部分，也是對投資機會的評估。因此，與我們的同行相比，朴槿惠確實脫穎而出。

I appreciate it. Thanks very much.

我很感激。非常感謝。

No, thank you.

不，謝謝。

Patrick Scholes from Truest Securities.

Truest Securities 的 Patrick Scholes。

Good morning. Thank you. My first question, can you get a little bit about thoughts about your expectations for the inbound Japanese traveler to Hawaii for 4Q and what potentially next year might look like for that? Thank you.

早安.謝謝。我的第一個問題，您能否談談對第四季度前往夏威夷的日本遊客的預期以及明年的前景如何？謝謝。

Yeah, I think if you look historically, Patrick, you know, Japanese travel and this is sort of pre pandemic was about $1.5 million and that was about 17% of demand. Obviously, in 2023 it was about 600,000. So it's about 60% below pandemic and 2024. As I think I said earlier, you know, we were expecting it to be probably in the beginning of the year, probably about 850,000 to 880,000.

是的，派崔克，如果你回顧歷史，你知道，日本旅遊業在疫情前的規模約為 150 萬美元，約佔需求的 17%。顯然，到 2023 年，這個數字將會達到約 60 萬人。因此，它比疫情和 2024 年的水平低約 60%。我想我之前說過了，您知道，我們預計這個數字大概會在年初，大概在 85 萬到 88 萬之間。

That's been revised downward part of that's because of the weather related issues that occurred both in Japan as well as the three storms. And so now we're looking at about 720,000 on an annualized basis and that's about 22% above last year and it's still about 50% to 54% below 2019 levels.

這項預測被下調，部分原因是日本發生的天氣相關問題以及三場風暴。因此，現在我們按年率計算約為 720,000，比去年高出約 22％，但仍比 2019 年的水平低約 50％至 54％。

We think we get back to pre-pandemic probably in that 2026 to 2027 time frame where we are in terms of the fourth quarter. I don't have the fourth quarter data. I don't know whether, but we'll follow up with you and make sure you have that. We've got it more on the annualized and not the individual quarter.

我們認為，就第四季而言，我們可能在 2026 年至 2027 年期間恢復到疫情前的水準。我沒有第四季的數據。我不知道是否如此，但我們會跟進並確保您收到該訊息。我們更多的是關注年度數據，而不是單一季度的數據。

Okay, thank you. My second question, now that the, this strikes seem to be dragging on, especially, in Hawaii, at this point, is Hilton notifying transient and group guests pre arrival about the strikes. Thank you.

好的，謝謝。我的第二個問題是，現在，這次罷工似乎還在拖延，特別是在夏威夷，目前，希爾頓是否會在抵達前通知臨時客人和團體客人有關罷工的資訊。謝謝。

Yeah, the answer is, I mean, obviously, look, I think they, they've been publicly disclosed and so I'm sure through their channels they're making sure that people are aware. I do think it's important to note, obviously, as it relates to Hawaii, I'm not going to comment on the specifics.

是的，答案是，我的意思是，顯然，看，我認為他們已經公開披露了這一點，所以我相信透過他們的管道，他們會確保人們知道這一點。我確實認為值得注意的是，顯然，由於它與夏威夷有關，我不會對具體細節發表評論。

Obviously, our operator and the unions are on ongoing discussions and when that agreement is reached and when it's ultimately ratified, you know, we'll all get back to normal. We do believe that this is a transitory matter and we remain, as I've said throughout the call, we remain very bullish on Hawaii on the intermediate and long term.

顯然，我們的運營商和工會正在進行討論，當達成協議並最終獲得批准時，我們就會恢復正常。我們確實相信這只是一個暫時的問題，而且正如我在整個電話會議中所說的那樣，我們仍然對夏威夷的中期和長期前景非常看好。

I'd also like to point out if you know, as it relates to other markets in Boston. For example, we understand that our operator reached agreement with the Union in Boston last evening and that a vote is scheduled for later this week.

如果你知道的話，我還想指出，因為它與波士頓的其他市場有關。例如，我們了解到我們的營運商昨晚與波士頓工會達成協議，並計劃在本週晚些時候進行投票。

And then also our operator has reached agreement in San Jose and that agreement has also been ratified. So, you know, the process will last as long as the process lasts. And obviously, when our operator and the unions have reached agreement and it's been ratified, obviously, it will move forward.

而我們的營運商也已在聖荷西達成協議，並且該協議也已獲得批准。所以，你知道，只要過程持續，過程就會持續。顯然，當我們的運營商和工會達成協議並得到批准後，它顯然就會向前推進。

Okay. Thank you.

好的。謝謝。

Chris Woronka from Deutsche Bank.

德意志銀行的 Chris Woronka。

Hey, good morning, guys. Hey, Tom, good morning. So Tom, you know, I think it's kind of, I guess implied in your earlier comments. But you know, as you think about all your ROI CapEx projects moving forward and I look back to that list you guys provided in May and you know, all but maybe two of those are kind of in union market.

嘿，大家早安。嘿，湯姆，早安。所以湯姆，你知道，我認為這有點，我想這在你之前的評論中有所暗示。但你知道，當你考慮所有 ROI CapEx 項目向前推進時，我回顧你們在五月提供的清單，你知道，除了可能兩個之外，其他都在工會市場。

So you know, these things are going to get settled, Like you said, I can we just assume from your comments that, you know, whatever may happen, whatever the outcome is financially, it's not going to be deter you at all from these projects and does it does it cause you to shift any prioritization in terms of a market that gets CapEx dollars before another?

所以你知道，這些事情都會得到解決，就像你說的，我可以從你的評論中假設，你知道，無論發生什麼，無論財務結果如何，都不會阻止你進行這些項目，這是否會導致你改變優先順序，讓一個市場先於另一個市場獲得資本支出資金？

Yes, Chris, it's a great question and as I, said earlier, as you think about Hawaii as an example. If you look over the last 20 years, I mean, you know, Oahu's our growth rate. You know, it's outpaced the US by nearly 300 basis points.

是的，克里斯，這是一個很好的問題，正如我之前所說，你可以以夏威夷為例。如果你回顧過去 20 年，你就會知道，這就是我們的成長率。你知道，它已經超過美國近300個基點。

And given obviously the difficulty of adding new supply and given those barriers to entry, we remain bullish on Hawaii and we're confident that our operator and the union will get this resolved and things will move forward. But we remain bullish, and you know, those, those priorities that we've outlined is, you know, we've already started the renovation at the Rainbow Tower at Hilton Wine Village. We've started the renovation of the Palace Tower at Hilton Waikoloa.

鑑於增加新供應的難度以及進入壁壘，我們仍然看好夏威夷，我們相信我們的營運商和工會將解決這個問題，事情將會向前發展。但我們仍然保持樂觀，你知道，我們已經開始對希爾頓葡萄酒村彩虹塔進行翻新。我們已經開始希爾頓威可洛亞酒店的宮塔進行翻新。

And this is just [Bull's Eye] real estate that has performed well, and we expect it over the intermediate long term to continue to perform well. We're more successful today at Hilton Waikoloa as a 600-room hotel than we. Well, it was a 1,200 room hotel which I think you've heard me say many times as we look at Miami and the and Royal Palm and you know, just Bull's Eye real estate there on the beach as well.

這只是表現良好的[Bull's Eye]房地產，我們預計它在中長期內將繼續表現良好。如今，希爾頓威可洛亞酒店作為一家擁有 600 間客房的酒店，取得了比以前更大的成功。嗯，那是一家擁有 1,200 間客房的酒店，我想你們已經聽我說過很多次了，因為我們看看邁阿密和皇家棕櫚酒店，你知道的，還有海灘上的 Bull's Eye 房地產。

There's a great opportunity to really transform of that property, not dissimilar to what we did in in the Casa Marina which and the reach both of which are have had huge success. So it's really part of our strategy, continue to invest in high quality real estate that that can generate outsized returns for investors.

這是一個真正改造該物業的好機會，與我們在 Casa Marina 所做的類似，這兩個物業都取得了巨大的成功。所以這實際上是我們策略的一部分，繼續投資能夠為投資者帶來超額回報的優質房地產。

Okay. Yeah, I appreciate that the thoughts Tom. A follow up question is, I guess and maybe this is where we are at the time of the year. I know you're going through the early stages of budgeting and won't be giving any 25 guidance until early in, in 2020 in next year.

好的。是的，我很欣賞湯姆的想法。我想，接下來的問題是，也許這就是我們今年所處的狀況。我知道您正處於預算的早期階段，直到明年 2020 年初才會給出任何指導。

But maybe you can give us a refresher tutorial and kind of how your approach to guidance when you give it. Because this year, I think we saw the brand companies, you know, their red part guidance evolve a little bit and there were obviously some weather impacts and then there were some, you know, things, the calendars that, you know, maybe shouldn't have been a surprise, but maybe you can just give us a quick refresher on a tutorial on how you guys you know, take budgets and formulate them into annual guidance. Thanks.

但也許您可以給我們一個複習教程，並告訴我們您在提供指導時採用的方法。因為今年，我認為我們看到品牌公司，他們的紅色部分指導有了一些變化，顯然有一些天氣影響，然後還有一些事情，你知道，日曆，你知道，也許不應該是一個驚喜，但也許你可以給我們快速復習一下教程，關於你們如何制定預算並將其製定成年度指導。謝謝。

Well, I mean, obviously Chris, we've been, I've been around a long time, so I've been through the cycles and obviously you had a calendar shifts this year, you had weather. It's a very detailed process, it's thoughtful between obviously the owners and operators and you put in a lot of work, and you try to have the appropriate spread between those quarters and sometimes as an industry, we're more right than others.

嗯，我的意思是，顯然克里斯，我們已經存在很長時間了，所以我經歷過這些週期，顯然今年你的日曆發生了變化，你還經歷了天氣。這是一個非常詳細的過程，顯然業主和運營商之間需要深思熟慮，你投入了大量的工作，並試圖在各個方面取得適當的差距，有時作為一個行業，我們比其他人更正確。

I think this year you had the calendar shifts, but you also had dramatic swings in weather that certainly impacted. So that certainly played a role. I think overall for the Park Portfolio, it is holding up very well and performing well.

我認為今年不僅日曆有變動，天氣也發生劇烈變化，這肯定會產生影響。所以這肯定發揮了作用。我認為，就公園投資組合而言，總體而言，其狀況非常好，表現也很好。

And I think we said earlier in the year, we expected that we would be 100 probably net of renovation disruption premium to our peers. And I think that's probably holding true and so we feel very good about our performance and where we are and obviously the other matters will get themselves resolved when they're resolved.

我想我們在今年早些時候就說過，我們預計扣除翻新幹擾溢價後，我們的盈利可能會比同行高出 100%。我認為情況可能確實如此，因此，我們對我們的表現和現狀感到非常滿意，顯然，當其他問題得到解決時，它們也會迎刃而解。

Okay, understood. Hey, thanks Tom. Appreciate time. Thank you.

好的，明白了。嘿，謝謝湯姆。珍惜時間。謝謝。

Jay Kornreich, Wedbush Securities.

韋德布希證券公司的傑伊‧科恩賴希 (Jay Kornreich)。

All right. Thank you. Good morning. You mentioned being remaining bullish long term on Hawaii, which has been a great market. And I'm curious how you think about how that market can perform in the first three quarters of 2025. You know, we had some tough comps, I guess it'll have a tough comp from 1 to 24 this year.

好的。謝謝。早安.您曾提到對夏威夷的長期前景保持樂觀，因為它是一個很好的市場。我很好奇您如何看待該市場在 2025 年前三個季度的表現。你知道，我們有一些艱難的比賽，我想今年從 1 到 24 的比賽都會很艱難。

And is there an opportunity for further RevPAR upside next year or should we kind of think about that market in the first three quarters being, you know, somewhat down before lapping, you know, an easier fourth quarter comp with hopefully the the union issue being resolved again.

明年 RevPAR 是否還有機會進一步上漲，或者我們是否應該認為前三個季度的市場會有所下滑，然後第四季度的業績會比較好一些，希望工會問題能夠再次得到解決。

I go back to my earlier statement if you look over the last 20 years, I mean, I think it's either been first or second strongest market over that period of time. I think about the barriers to entry, I think about the improved airlift I, think about just the extraordinary beauty. You think about the international visitation the Japanese traveler will return.

回到我之前的陳述，如果回顧過去 20 年，我的意思是，我認為它在這段時間內要么是第一或第二強勁的市場。我想到進入的障礙，我想到改進的空運，我想到非凡的美麗。您想想日本遊客將會再次進行國際訪問。

And historically, they were averaging about 100 and we were doing about 150 weddings a year at Hilton Hawaiian village is one example, we're doing a small fraction of that today. So, you know, we really haven't gotten back to sort of a pre pandemic when you think about the international piece and there are growing segments there coupled with the fact that the additional airlift.

舉個例子，歷史上平均每年有 100 場婚禮，而我們在希爾頓夏威夷村每年舉辦大約 150 場婚禮，而今天我們只舉辦其中的一小部分。所以，你知道，從國際角度考慮，我們還沒有真正回到疫情之前的狀態，而且那裡的細分市場正在成長，再加上額外的空運。

So I would still, as we think about markets that are a high priority in terms of future investment. Hawaii remains a top market for us.

因此，當我們考慮未來投資方面具有高優先級的市場時，我仍然會這麼做。夏威夷仍然是我們的主要市場。

Okay. And then you as a follow up, you may have mentioned at the end of your prepared remarks, I just want to make sure just as October is coming to a close, are you able to kind of give a range as to what October RevPAR growth within the portfolio is?

好的。然後作為後續問題，您可能在準備好的演講結束時提到過，我只是想確保在十月即將結束之際，您能否給出十月投資組合中 RevPAR 增長的範圍？

Yeah, Sean provided that in prepared remarks, we were we're trending flat to down 1%. And that's if you were.

是的，肖恩在準備好的發言中表示，我們的趨勢是持平或下降 1%。如果你也是這樣的話。

Ultimately, I mean, that's the case and if you clearly had Milton in October, so if you adjust for that. Hurricane disruption, you're probably kind of in the in the in the zone of being flat. So again, we've had some outperformance in other parts of the portfolio. Clearly, we have other disruption elsewhere with union activity and strikes.

最終，我的意思是，情況就是這樣，如果你在十月明確有了米爾頓，那麼如果你對此進行調整。颶風擾亂了秩序，你可能處於平坦區域。因此，我們的投資組合中的其他部分也表現出色。顯然，工會活動和罷工也在其他地方造成了混亂。

But ultimately, we're kind of looking at that general range, clearly we've got a few days left. In the month and we're as tom noted when we kind of look to give people a readout, once things are resolved, we'll certainly give people a sense of what, how October ended.

但最終，我們會看一下這個大致範圍，顯然我們還剩下幾天的時間。正如湯姆所說，當我們希望向人們提供結果時，一旦事情得到解決，我們肯定會讓人們了解十月是如何結束的。

Okay, great. Thanks so much for the clarification.

好的，太好了。非常感謝您的澄清。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

Great, thanks. I wonder if you could just help us quantify when we think about the properties where there's disruption from labor negotiations. What do they represent typically as a percent of your total EBITDA?

太好了，謝謝。我想知道您是否可以幫助我們量化考慮因勞資談判而受到干擾的房產。它們通常佔您的總 EBITDA 的百分比是多少？

And then maybe we can take Boston and San [Jose] out of that thinking about here forward in terms of kind of what percent of your EBITDA is being disrupted?

然後，也許我們可以將波士頓和聖荷西排除在外，考慮一下您的 EBITDA 有多少百分比受到了影響？

Yeah, we'll stay Robin away from the EBITDA portion of it. But if you were to take just Hilton Hawaiian village and Boston Logan out of Q3 and it was about 240 basis points drag on RevPAR. And so obviously, instead of that, you know, 3.3 probably closer to 5.7 I think plus or minus.

是的，我們不會讓羅賓參與 EBITDA 部分。但如果只將希爾頓夏威夷村酒店和波士頓洛根酒店從第三季中剔除，則 RevPAR 將受到約 240 個基點的拖累。因此顯然，您知道，3.3 可能更接近 5.7，我認為是正負之分。

And as we think about sort of October, as Sean said, you've got really about, you know, 80 basis points of weather related. And so you're you know, essentially flat there.

正如肖恩所說，當我們回顧 10 月時，天氣因素確實影響了 80 個基點。所以你知道，那裡基本上是平的。

If you were to also take out sort of Boston Hilton wine village, I mean, you probably would have been in the over 4 percent in RevPAR plus or minus. Again, the month hasn't closed out, but probably somewhere in that range.

如果您還要考慮波士頓希爾頓葡萄酒村的話，您的 RevPAR 增減幅度可能會超過 4%。再次強調，本月尚未結束，但可能處於該範圍內的某個位置。

Okay, thanks. And then I was just looking at your group pay pace for 2025. It looked like maybe it ticked down a little bit compared to where group pace was at the end of Q2. And, is that just something that we should think about a seasonal or do you think that's the labor disruption impacting that or is it just tougher comps with group for next year? Thanks.

好的，謝謝。然後我正在看你們 2025 年的團體薪資速度。與 Q2 末期的小組速度相比，似乎有所下降。我們是否應該考慮季節性因素，或者您認為這是勞動力中斷造成的影響，還是只是明年集團的競爭更加激烈？謝謝。

Yeah, I think you got two things. You got the tougher comps. Obviously, Chicago, New Orleans are having, you know, really strong years. New Orleans, we expect that to continue into '25. Chicago will drop down. We're bullish Hilton Waikoloa obviously is having a soft year down about 44%.

是的，我認為你明白了兩件事。你遇到了更強的對手。顯然，芝加哥和新奧爾良這幾年表現非常強勁。新奧爾良，我們預計這種情況將持續到25年。芝加哥將會下滑。我們非常看好希爾頓威可洛亞酒店，但今年該公司的業績顯然較為疲軟，下降了約 44%。

We think that's going to increase up to about 77% as group paces, we look 2025. You've got tentative, you know, it's a fluid situation, but we are very, very bullish as we look at it, you know, Bonnet Creek, which is obviously having a very strong year this year.

我們認為，隨著集團步伐的加快，到 2025 年，這一比例將上升至約 77%。你已經嘗試過了，你知道，這是一個不穩定的情況，但我們對它非常非常樂觀，你知道，Bonnet Creek 今年的表現顯然非常強勁。

We expect that's going to continue next year in the out years. So as we said, we expect that we'll finish, we'll end up with sort of begin the year in 2025. It's sort of mid to high single digits and we're already at a 10% as we look out to 2026. So we see that again as a really strong growth segment for us, Robin as we move forward.

我們預計這種趨勢明年及未來幾年還將持續。正如我們所說的，我們預計我們將在 2025 年開始完成。這個數字大概是中高個位數，而展望 2026 年，這個數字已經達到 10%了。因此，羅賓，我們再次將此視為我們未來真正強勁的成長領域。

Great, thanks. Maybe if I could just squeeze one final thing in on your asset sale plans, just if you could describe a little bit, I don't know if sort of, I would assume there's maybe, heading into the election that things were a little slower in terms of that. Do you think the timing is it, you know, waiting for other rate cuts?

太好了，謝謝。也許我可以就您的資產出售計劃再說最後一件事，如果您可以稍微描述一下的話，我不知道是否會有某種程度上，我認為，在選舉前夕，事情在這方面可能會進展得稍微慢一些。您認為現在是時候等待其他降息了嗎？

I mean, when you think about potential buyers, is it waiting for additional rate cuts? Is it waiting to see how the labor negotiations conclude both this year and then maybe some to come next year? I guess how we think about the, your expectation for timing of further asset sales? Thanks.

我的意思是，當您考慮潛在買家時，是否正在等待進一步降息？是不是要等著看今年以及明年的勞資談判結果如何？我想問我們如何看待您對進一步資產出售時機的預期？謝謝。

Yeah, I think a lot of that has to do with the just buyer and sellers and closing the GAAP obviously with the lower rates, that really will be a positive catalyst and certainly the debt markets are open, but I think is as both sides get into 2025. I think you can expect the transaction market to accelerate.

是的，我認為這在很大程度上與買家和賣家有關，並且顯然以較低的利率結束 GAAP，這確實將是一個積極的催化劑，而且債務市場肯定會開放，但我認為雙方都會進入 2025 年。我認為可以預期交易市場將會加速。

And again, we've had no trouble as you think through. And as I said earlier, I mean, we've sold or disposed of now since the spin about 44 assets, nearly $3 billion including 14 international, many of those complicated with legal tax joint ventures. We've seen it all in, we've got a very talented team who are working aggressively, and you know, we're not a distressed seller.

再說了，正如您所想的，我們沒有遇到任何麻煩。正如我之前所說，自分拆以來，我們已出售或處置了約 44 項資產，價值近 30 億美元，其中包括 14 項國際資產，其中許多與合法稅務合資企業有關。我們已經看到了這一切，我們有一個非常有才華的團隊，他們正在積極工作，你知道，我們不是一個陷入困境的賣家。

So we're looking for a fair price. We're going to be thoughtful about it, but clearly, it is a strong priority for us to continue to recycle that capital and invest it back into our core markets. Our top 25 assets really account for about 90% of the value of the company and that's where we want to be growing in the future.

因此，我們正在尋找一個公平的價格。我們會認真考慮這個問題，但顯然，繼續回收這些資本並將其重新投資到我們的核心市場是我們的當務之急。我們的前 25 項資產實際上占公司價值的 90% 左右，這也是我們希望未來能成長的地方。

Great. Thank.

偉大的。感謝。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Thanks, good morning.

謝謝，早安。

Good morning.

早安.

Going back to some of the comments around group pace and '25. How much of total anticipated group revenue for the next year would typically be on the books at this point in time just trying to get a better sense of what's kind of baked in for next year.

回顧有關團體步伐和‘25’的一些評論。此時，通常會記錄明年集團預計的總收入的多少，只是為了更了解明年的具體情況。

Yeah, Chris, I would say we're probably looking at, I'd put in relation to kind of our current forecast for this year's group. We're probably about tracking about 70% or so. At this point in time. So certainly we look to improve that as we get close to the end of the year, that's about where we are proxy, where we are right now.

是的，克里斯，我想說我們可能正在考慮，我會將其與我們對今年的團體的當前預測聯繫起來。我們大概追蹤了 70% 左右。此時。因此，隨著年底的臨近，我們肯定會尋求改善這一點，這就是我們現在所處的代理位置。

That would be consistent with prior years as Sean is pointing out Chris. So that's not unusual.

正如肖恩 (Sean) 指出克里斯 (Chris) 所說，這與前幾年的情況一致。所以這並不罕見。

Makes sense. Helpful comments then. And then a second question for you. Just as you have assets still in the market, as you mentioned, I'm sure you're still underwriting assets that are coming to market. Any changes you've observed in pricing or maybe another way to frame it and any changes you've observed in sort of the bid as spread out in the market these days relative to maybe 3 months, 6 months ago.

有道理。那麼有幫助的評論。然後再問您第二個問題。正如您所說，正如您在市場上仍有資產一樣，我相信您仍在承銷即將進入市場的資產。您觀察到的定價變化或換言之，與 3 個月或 6 個月前相比，這些天市場出價有什麼變化？

Yeah, I it's narrowing. But I think that's going to accelerate. I think obviously we were all expecting, you know, some looking at 3, 4, 5 rate cuts, I think now it's obviously the 50 basis points that we've, that are in the books and probably another one or two are sort of expected.

是的，我認為它正在變窄。但我認為這個速度將會加速。我認為，顯然我們都在期待，你知道，有些人認為利率會降息 3、4、5 次，我認為現在顯然我們已經計劃好了降息 50 個基點，而且可能還會再降息 1 到 2 次。

As the cost of debt comes down, that clearly is going to help bridge that GAAP, but there's no shortage of private capital out there. You've got probably $400 billion just on the private equity real estate funds, you've got family offices, you've got owner operators. So as you know, we've always had a very active trading market and secondary market and in lodging.

隨著債務成本下降，這顯然將有助於彌補 GAAP 的不足，但私人資本並不短缺。光是私募股權房地產基金就可能有 4000 億美元，你有家族辦公室，有業主經營者。如您所知，我們的交易市場、二級市場和住宿市場一直非常活躍。

So we fully expect that that's only going to accelerate and you know, many of those funds, the clock is ticking for them. So they've got to start to put that capital to work. So we expect the '25 particularly as rates begin to normalize. We expect the transaction market will continue to improve.

所以我們完全預料到，這一進程只會加速，你知道，對許多基金來說，時間都在流逝。所以他們必須開始利用這些資本。因此，我們預計25年利率將開始正常化。我們預計交易市場將持續改善。

I appreciate the time. That's all for me.

我很感激您抽出時間。對我來說這就是全部了。

Thanks, Chris.

謝謝，克里斯。

Dori Kesten, Wells Fargo.

富國銀行的多里‧凱斯滕 (Dori Kesten)。

Good, good afternoon. The Royal Palm isn't currently on your renovation table. What's the likelihood that the project is undertaken in '25?

午安.皇家棕櫚樹目前不在您的裝修計劃中。該計畫在25年實施的可能性有多大？

I'd say greater than a high probability that we move forward. We are working through design, we're working through a model room. Obviously, there's a permitting process. We're also trying to find the right window. But this is an opportunity that we're very bullish on Dori.

我想說我們向前邁進的可能性很高。我們正在進行設計工作，我們正在進行樣品屋工作。顯然，有一個許可程序。我們也正在嘗試尋找合適的視窗。但這是一個我們非常看好 Dori 的機會。

It's Bull's Eye real estate in the 393 keys plus or minus. And really given the high end proper of assets that are being developed or whether it's the Albers and Aman and others. We think there's a great opportunity to sort of tuck underneath, not at that level, but certainly raise RevPAR and really the overall performance of the property.

這是正負 393 個鍵內的 Bull's Eye 房地產。並且真正考慮到正在開發的高端資產，無論是 Albers、Aman 還是其他資產。我們認為，這是一個很好的機會，可以從某個角度進行改進，雖然不只是達到那個水平，但肯定能提高 RevPAR 以及酒店的整體表現。

So we're pretty excited about it. And again, not dissimilar to the success that we've demonstrated both in Casa, both at Bonnet, what we're doing in Hawaii. So we're pretty excited about it as we move forward. We'll find the right window. We're very sensitive to minimizing disruption. And again, I think it's an area where our team is really sort of distinguish themselves.

所以我們對此感到非常興奮。而且，我們在夏威夷所做的工作與在 Casa 和 Bonnet 所取得的成功並無不同。因此，我們對此感到非常興奮。我們會找到正確的視窗。我們非常重視減少干擾。而且我認為，這是我們團隊真正脫穎而出的一個領域。

Okay. And then just one more on Swine Village. I think that property is about 85% transient, 15% group. Our cancellation policies like held or they put on hold for transient guests when the strike is ongoing.

好的。然後再說一個關於豬村的事情。我認為該屬性大約 85％ 是暫時性的，15％ 是群體性的。當罷工持續進行時，我們的取消政策包括暫停或暫停接待臨時客人。

Yeah, you know, many times we leave that up to the on-site leadership team. We got very talented team there. It can be a judgment call. It can be whether there's a discount, whether there's a rescheduling.

是的，您知道，很多時候我們都把這個問題交給現場領導團隊來解決。我們那裡有非常有才華的團隊。這可能需要進行判斷。可以是是否有折扣，是否有重新安排。

You know, all of those items obviously would be on the table. But, you know, Hilton and wine village, despite this matter has remained open every day and continues to take guests.

你知道，所有這些項目顯然都會擺在桌面上。但是，你知道，希爾頓和葡萄酒村儘管發生了這件事，但仍然每天營業並繼續接待客人。

Okay. Thank you.

好的。謝謝。

We have a follow up question from Floris van Dijkum from Compass Point.

我們收到了來自 Compass Point 的 Floris van Dijkum 的後續問題。

Hey, thanks guys for taking the follow up as well. Hey, Tom, I don't know whether you have the answer handy or not, but you mentioned something about Oahu outpacing. You know, the US hotel market by 500 basis points over, I think it was the last decade I believe is what you said in terms of RevPAR.

嘿，也感謝大家的跟進。嘿，湯姆，我不知道你是否有答案，但你提到了一些關於瓦胡島超越的事情。您知道，美國酒店市場在過去十年中增長了 500 個基點，我相信這就是您所說的 RevPAR 方面的情況。

I said 300 I think over the last 20 years is what I said for us and I'm going from memory but I think that's a fair Sean and Ian can fact check me and follow up with you. But I'm pretty good with the numbers as you know, but I think it's 300 basic over the last 20 years.

我說的是 300，我想在過去的 20 年裡，這就是我為我們說的，我是根據記憶說的，但我認為這是公平的，肖恩和伊恩可以核實我並跟進你。但如你所知，我對數字很在行，我認為過去 20 年基本上是 300 個。

Yeah. So I misspoke but I was curious as to how Hawaii Village did relative over that period. And then also I'm probably most, interested in seeing because again, I think, this is something you've been espousing for as long as I've known you with, you know, your larger assets grow at higher rates, then the overall market.

是的。所以我說錯了，但我很好奇夏威夷村在那段時期的表現如何。然後我可能最感興趣的是看到這一點，因為我覺得，自從我認識你以來，你就一直堅信這一點，你知道，你的大筆資產的增長率要高於整體市場。

And I'd be curious to see where you have it available. What the EBITDA CAGAR has been for your for Hawaii during that your Hawaii assets over the last 20 years and also maybe your top 25 assets relative to the overall market or relative to the rest of your portfolio.

我很好奇你在哪裡可以找到它。在過去 20 年中，您在夏威夷的資產的 EBITDA CAGAR 是多少，或相對於整體市場或您投資組合中其餘部分的前 25 項資產是多少。

Yeah, Going back the envelope here, memory we think around 4.5% plus or minus, but we'll, we'll confirm that for us and get back to you. But there's no doubt that when you think about Hilton Hawaiian village, you think about Waikoloa, just the quality of that real estate, it's fee simple. They've been strong performers for really for generations and you can't replicate what we have in both situations.

是的，回到信封這裡，記憶中我們認為大約是正負 4.5%，但我們會確認這一點並回覆您。但毫無疑問，當您想到希爾頓夏威夷村時，您就會想到威可洛亞，考慮到那裡房地產的質量，它是絕對產權。他們幾代以來一直表現出色，你無法在兩種情況下複製我們所擁有的。

Okay. Thanks Tom.

好的。謝謝湯姆。

Thank you. As there are no further questions, I would now hand the conference over to Tom Baltimore, Chairman and Chief Executive Officer for his closing comments.

謝謝。由於沒有其他問題，我現在將會議移交給董事長兼執行長湯姆·巴爾的摩 (Tom Baltimore) 進行結束語。

We really appreciate everyone taking time today and we look forward to seeing many of you in the coming weeks and certainly out at may read in in Las Vegas. So safe travels and be well.

我們非常感謝大家今天抽出時間，我們期待在接下來的幾週內見到你們，當然也可以在拉斯維加斯的讀書會上見到你們。祝您旅途平安，身體健康。

Thank you. The conference of Park Hotels and Resorts has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。公園酒店及度假村會議現已結束。感謝您的參與。現在您可以斷開線路了。