Park Hotels & Resorts Inc (PK) 2025 Q1 法說會逐字稿

Greetings and welcome to the Park Hotels and Resorts first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Park Hotels and Resorts 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's not my pleasure to turn the call over to your host Ian Weissman, Senior Vice President, Corporate Strategy. Ian, please go ahead.

我很不高興將電話轉給主持人、企業策略資深副總裁 Ian Weissman。伊恩，請繼續。

Thank you, operator, and welcome, everyone, to the Park Hotels and Resorts first quarter 2025 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.

謝謝接線員，歡迎大家參加 Park Hotels and Resorts 2025 年第一季財報電話會議。在我們開始之前，我想提醒大家，今天發表的許多評論根據聯邦證券法被視為前瞻性陳述。

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.

正如我們向美國證券交易委員會提交的文件中所述，這些聲明受到眾多風險和不確定性的影響，可能導致未來的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。

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 Forms 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.

實際的未來表現、成果和結果可能與前瞻性陳述中所表達的大不相同。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，其中列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 EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in this morning'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 和調整後的 EBITDA。您可以在今天早上的收益報告中、在我們向美國證券交易委員會 (SEC) 提交的 8-K 表格中以及在我們的網站 pkhotelsandresorts.com 上提供的補充財務資訊中找到此資訊以及與最直接可比較的 GAAP 財務指標的對帳。

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 review of Park's first quarter performance and strategic initiatives as well as update on our 2025 outlook. Sean Dell'Orto, our Chief Financial Officer, will provide additional color on first quarter results and 2025 guidance. Following our prepared remarks, we will open the call for questions.

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) 將回顧 Park 第一季的業績和策略舉措，並更新我們的 2025 年展望。我們的財務長 Sean Dell'Orto 將提供有關第一季業績和 2025 年指引的更多詳情。在我們準備好發言之後，我們將開始提問。

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

說完這些，我想把電話轉給湯姆。

Thank you, Ian, and welcome, everyone. I'm pleased to report that we delivered better than expected performance in the first quarter with RevPAR essentially flat despite a tough comparison to last year when our portfolio significantly outperformed in almost every market, resulting in nearly 8% RevPAR growth compared to the first quarter of 2023.

謝謝你，伊恩，歡迎大家。我很高興地報告，儘管與去年相比，我們的投資組合在幾乎所有市場都表現優異，但第一季的業績仍好於預期，RevPAR 基本持平，與 2023 年第一季相比，RevPAR 成長了近 8%。

Our Bonnet Creek complex in Orlando and Casa Marina resort in Key West continued to lead the portfolio following their transformative renovations with first quarter RevPAR increasing by 14% and 12%, respectively, and we were very pleased to see broad-based strength in several of our core markets with Miami, New Orleans, Puerto Rico, Washington, D.C. and San Francisco reporting above industry average RevPAR gains.

我們位於奧蘭多的 Bonnet Creek 綜合體和位於基韋斯特的 Casa Marina 度假村在完成轉型翻新後繼續領先投資組合，第一季 RevPAR 分別增長了 14% 和 12%，我們非常高興地看到我們的幾個核心市場普遍表現強勁，邁阿密、新奧爾良、波多黎各、華盛頓特區和舊金山的 RevPAR 增幅均高於行業平均水平。

Results from our Hilton Hawaiian Village Hotel, which continues to recover from the labor strike last fall, offset these gains, causing a 420 basis point drag on our first quarter results.

我們的希爾頓夏威夷村酒店 (Hilton Hawaiian Village Hotel) 的業績正在從去年秋季的罷工中復蘇，抵消了這些收益，導致我們第一季度的業績拖累了 420 個基點。

From a capital allocation perspective, it was another productive quarter as we remain laser focused on allocating capital to unlock the embedded value in our portfolio and maximize shareholder returns. We initiated over $80 million of capital improvements during the quarter, while we plan to execute the second phase of renovations at both of our Hawaii hotels during the third quarter alongside with the second phase of main tower guest room renovations at the Hilton New Orleans Riverside.

從資本配置的角度來看，這又是一個富有成效的季度，因為我們仍然專注於配置資本，以釋放我們投資組合中的內在價值並實現股東回報最大化。我們在本季度啟動了超過 8000 萬美元的資本改進工程，同時計劃在第三季度對我們兩家夏威夷酒店進行第二階段的翻新工程，同時對新奧爾良河畔希爾頓酒店主樓客房進行第二階段的翻新工程。

We're also excited to announce the upcoming $100 million transformative renovation of the Royal Palm South Beach, Miami. With the hotel having recently suspended operations, construction is expected to begin within the next few weeks.

我們也很高興地宣布，邁阿密南灘皇家棕櫚酒店即將進行 1 億美元的改造和翻新。由於該酒店最近暫停運營，預計施工將在未來幾週內開始。

The renovation will include a complete refurbishment of all 393 guestrooms, along with the addition of 11 new rooms. All public spaces will be reimagined, including a new lobby bar, reconcept of food and beverage outlets and expanded meeting spaces designed to enhance the overall guest experience.

此次翻新工程包括對所有 393 間客房進行全面翻新，並增加 11 間新客房。所有公共空間都將重新設計，包括新的大廳酒吧、重新設計的餐飲店和擴大的會議空間，旨在提升整體賓客體驗。

Forecasted returns are in excess of 15% to 20%, with the expectation of doubling the hotel's EBITDA once stabilized. In 2025, we expect to invest a total of $310 million to $330 million on capital improvements as we continue to reinvest in our iconic portfolio with the confidence that we can generate higher development yields compared to acquisition yields.

預測回報率將超過 15% 至 20%，一旦穩定下來，酒店的 EBITDA 預計會翻倍。2025 年，我們預計將在資本改善方面投資總計 3.1 億至 3.3 億美元，同時我們將繼續對我們的標誌性投資組合進行再投資，我們相信與收購收益相比，我們可以產生更高的開發收益。

We also achieved a major milestone in the entitlements process for the planned 515 room tower and related campus expansion at Hilton Hawaiian Village. In mid-April, the City Council of Honolulu approved our discretionary entitlement applications for the project, subject to certain conditions, which we expect to be able to satisfy. We also expect to receive final administrative approval of the project by the end of this year.

我們也在希爾頓夏威夷村計畫建造的 515 間客房大樓及相關園區擴建的授權過程中取得了重要里程碑。四月中旬，檀香山市議會批准了我們針對該項目的自由裁量權申請，但需滿足某些條件，我們預計能夠滿足這些條件。我們也預計將在今年年底前獲得該專案的最終行政批准。

Additionally, given the historically wide disconnect between public and private market valuations, we remain active in repurchasing shares during the quarter at a material discount to net asset value, having bought back approximately 3.5 million shares for a total purchase price of $45 million and approximately 11.5 million shares over the past year.

此外，鑑於歷史上公開市場和私人市場估值之間存在巨大差距，我們在本季度仍然積極以低於淨資產價值的價格回購股票，在過去一年中，我們以 4,500 萬美元的總購買價回購了約 350 萬股，並回購了約 1,150 萬股。

Finally, despite a very challenging transaction market, we continue to make progress toward our strategic initiative of selling $300 million to $400 million of non-core hotels this year. We have several assets in various stages of the marketing and disposition process, including a pending sale of a non-core hotel at very attractive pricing. However, given the current market uncertainty, we make no assurances as to whether or when the transaction will close.

最後，儘管交易市場充滿挑戰，我們仍繼續朝著今年出售 3 億至 4 億美元非核心飯店的策略計畫取得進展。我們擁有幾項處於行銷和處置過程不同階段的資產，包括一家以極具吸引力的價格待售的非核心飯店。然而，鑑於當前市場的不確定性，我們無法保證交易是否或何時完成。

As a reminder, since 2017, we have sold or disposed of 45 hotels for over $3 billion, an effort that has materially reshaped our portfolio and strengthened our long-term growth path.

提醒一下，自 2017 年以來，我們已以超過 30 億美元的價格出售或處置了 45 家酒店，這一舉措實質性地重塑了我們的投資組合併加強了我們的長期增長道路。

Turning to operations. We are very pleased with the performance of our Bonnet Creek complex in Orlando, following our $220 million comprehensive renovation and meeting space expansion project. Results for the complex continue to come in well ahead of expectations with a 32% RevPAR increase in Q1 at the Waldorf Astoria, driven in large part by a surge in transient revenues of nearly 65%, while the hotel grew market share by nearly 30%.

轉向營運。在耗資 2.2 億美元進行全面翻新和會議空間擴建項目之後，我們對奧蘭多 Bonnet Creek 綜合大樓的表現非常滿意。華爾道夫酒店集團的業績繼續遠超預期，第一季每間可用客房收入 (RevPAR) 增長 32%，這在很大程度上得益於短期收入增長近 65%，同時酒店的市場份額增長了近 30%。

Looking ahead, the outlook for our Orlando hotels remains very strong, with group revenue pace up 9%, while the overall market is expected to witness tailwinds from the opening of Universal's new Epic theme park, which is anticipated to accelerate leisure transient demand into the market after its expected opening this May. EBITDA for the complex is currently forecasted to exceed $90 million in 2025, a $30 million increase over 2023.

展望未來，我們奧蘭多酒店的前景仍然強勁，集團收入將增長 9%，而環球影城新 Epic 主題公園的開業預計將為整體市場帶來順風，預計該主題公園將於今年 5 月開業，將加速休閒短暫性需求進入市場。目前預計，到 2025 年，該綜合體的 EBITDA 將超過 9,000 萬美元，比 2023 年增加 3,000 萬美元。

In Key West, Casa Marina delivered another strong quarter with RevPAR up 12%, driven by a 680 basis point increase in occupancy and nearly 4% growth in ADR despite lapping an impressive first quarter performance last year when RevPAR growth was over 34% compared to 2023.

在基韋斯特，Casa Marina 本季再創佳績，RevPAR 成長 12%，主要得益於入住率成長 680 個基點和 ADR 成長近 4%，儘管去年第一季的業績令人印象深刻，RevPAR 同比成長超過 34%，但 2023 年同期的成長率超過 34%。

The hotel also continued to outperform its competitive set, posting a RevPAR index above [112. At the reach, RevPAR held steady year over year, following a 7% increase in the first quarter of last year over 2023. The hotel continued to outperform, achieving an impressive RevPAR index of 119], exceeding its competitive set in March by nearly 300 basis points in occupancy and nearly $100 in rate.

該酒店的表現也持續超越其競爭對手，RevPAR 指數高於 [112]。在可及範圍內，RevPAR 年比保持穩定，繼去年第一季比 2023 年成長 7% 之後。該酒店繼續表現出色，RevPAR 指數達到令人印象深刻的 119]，3 月份入住率超過其競爭對手近 300 個基點，房價高出近 100 美元。

As we move through the second quarter, we are seeing continued solid performance from both Key West properties with RevPAR expected to trend up, low single digits fueled by Casa Marina's continued momentum, strong group booking patterns and the favorable timing of the Easter holiday shift into April.

隨著第二季的到來，我們看到基韋斯特的兩家酒店繼續保持穩健的業績，RevPAR 預計呈上升趨勢，在 Casa Marina 持續增長勢頭、強勁的團體預訂模式以及復活節假期過渡到四月的有利時機的推動下，RevPAR 將達到較低的個位數。

Turning to Hawaii. RevPAR across our two properties declined by 15% during the quarter as our Hilton Hawaiian Village Hotel continues to ramp up following the labor strike in Q4, marginally softer inbound travel from abroad, also weighed on results with arrivals from Japan down 6% and Canada down 1.5%.

轉向夏威夷。本季度，我們兩家酒店的 RevPAR 下降了 15%，因為我們的希爾頓夏威夷村酒店在第四季度罷工後繼續擴張，來自國外的入境旅遊略有疲軟，也對業績造成了影響，來自日本的入境遊客數量下降了 6%，來自加拿大的遊客數量下降了 1.5%。

However, we were very encouraged that US domestic visitation remained flat year over year, supported by increased airlift from major US carriers including new domestic routes into Honolulu announced by both Delta and American earlier this year, which continues to drive healthy inbound travel from the Mainland.

然而，我們非常高興地看到，美國國內遊客數量與去年同期相比保持平穩，這得益於美國主要航空公司增加的航空運輸量，包括達美航空和美國航空今年早些時候宣布開通飛往檀香山的新國內航線，這繼續推動了來自內地的入境旅遊健康發展。

At our Hilton Waikoloa Village Hotel in the Big Island, RevPAR declined just 2.5% during the quarter, while Q2 RevPAR growth is expected to accelerate to mid-single-digit range driven by the nearly 90% increase in group revenue pace during the quarter.

在我們位於大島的希爾頓威可洛亞鄉村酒店，本季每間可用客房收入僅下降了 2.5%，而由於本季度集團收入增長了近 90%，預計第二季度每間可用客房收入增長將加速至中等個位數。

Additionally, we continue to see benefits from our recent capital investments at both of our Hawaii hotels. At Hilton Hawaiian Village, we completed Phase 1 of the Rainbow Tower renovation in February, which included a full upgrade of 392 guestrooms and the addition of 12 new guestrooms at Waikoloa Village, Phase 1 of the Palace Tower renovation was finalized, upgrading 197 guestrooms and expanding the inventory with 6 new guestrooms.

此外，我們最近對兩家夏威夷酒店的資本投資繼續帶來收益。在希爾頓夏威夷村，我們於 2 月完成了彩虹塔第一階段的翻修工程，其中包括對 392 間客房進行全面升級，並新增 12 間客房。在威可洛亞村，宮殿塔第一階段的翻修工程也已完成，對 197 間客房進行升級，並新增 6 間客房。

We were pleased to see meaningful rate premiums of 25% to 30% with the renovated rooms at both resorts in the first quarter, a clear reflection of the quality and impact of the investments made at both resorts. We plan to kick off the final phase of both the Rainbow Tower and Palace Tower guestroom room renovations during the third quarter, with the project extending into early next year.

我們很高興地看到，第一季兩家度假村的翻新客房均實現了 25% 至 30% 的顯著溢價，這清楚地反映了兩家度假村投資的品質和影響。我們計劃在第三季啟動彩虹塔和宮殿塔客房裝修的最後階段，該項目將延續到明年年初。

Looking ahead, the long-term outlook for Hawaii remains very favorable, supported by limited new supply expected through at least 2029, and the anticipated improvement of inbound travel from Japan as the dollar, yen exchange rate normalizes.

展望未來，夏威夷的長期前景仍然非常樂觀，預計至少到 2029 年新增供應量有限，隨著美元、日圓匯率正常化，日本入境旅遊預計將有所改善。

Hawaii is one of the most dynamic and resilient resort markets in the country with over 3,500 these simple guestrooms and a huge discount to replacement cost, Park remains well positioned to deliver above-average long-term growth for shareholders.

夏威夷是美國最具活力和韌性的度假市場之一，擁有超過 3,500 間這樣的簡易客房，且重置成本大幅折扣，Park 仍能為股東帶來高於平均水平的長期增長。

With respect to fundamentals over the balance of the year, the near-term outlook for US lodging fundamentals remains uncertain as the ongoing global trade war continues to delay decision-making and amplify geopolitical tensions, causing booking windows across most segments to narrow significantly in disrupting cross-border leisure travel.

就今年餘下的基本面而言，美國住宿業的短期前景仍然不確定，因為持續的全球貿易戰繼續推遲決策並加劇地緣政治緊張局勢，導致大多數細分市場的預訂窗口大幅縮小，擾亂了跨境休閒旅遊。

April results have been mixed with preliminary RevPAR growth of 1.6%, driven by double-digit gains in New York, Orlando and San Francisco, which benefited from exceptionally strong group trends, while preliminary RevPAR in Puerto Rico increased by 25%, offset by weaker performance in Hawaii, Chicago, Seattle, New Orleans and Washington, D.C.

四月業績好壞參半，初步 RevPAR 增長 1.6%，這得益於紐約、奧蘭多和舊金山兩位數的增長，這得益於異常強勁的集團趨勢，而波多黎各的初步 RevPAR 增長了 25%，但被夏威夷、芝加哥、西雅圖、新奧爾良和華盛頓特區的疲軟表現所抵消。

Despite the modest decline in a select few markets, we continue to see pockets of strength in many of our resort and urban hotels. While concerns persist about a significant slowdown in both the international and government related demand, neither has had a meaningful impact on our performance.

儘管少數市場出現小幅下滑，但我們的許多度假村和城市酒店仍然保持強勁勢頭。儘管人們仍然擔心國際和政府相關需求會大幅放緩，但這並未對我們的業績產生重大影響。

International demand represents just 10% of total room nights, while government-related business accounts for only 3% of overall room rates. Based on our current forecast, Q2 RevPAR growth is expected to be relatively flat year over year or approximately 290 basis points lower than initial forecast with Hilton Hawaiian Village representing roughly 80% of the reduction.

國際需求僅佔總客房晚數的 10%，而政府相關業務僅佔整體客房價格的 3%。根據我們目前的預測，第二季 RevPAR 的成長預計與去年同期相比持平，或比最初的預測低約 290 個基點，其中希爾頓夏威夷村佔了約 80% 的降幅。

Despite ongoing macro uncertainty, we remain laser focused on factors within our control, and continue to work closely with our operators as they develop contingency plans from managing operating expenses in the event of further demand softening.

儘管宏觀不確定性持續存在，我們仍然專注於我們能控制的因素，並繼續與我們的運營商密切合作，幫助他們制定應急計劃，以便在需求進一步疲軟的情況下管理營運費用。

Additionally, while the transaction market remains episodic, we will remain prudent capital allocators, advancing our strategic objective of selling non-core hotels to further deleverage the balance sheet and support our robust ROI pipeline. Sean will provide greater details about guidance in his remarks.

此外，儘管交易市場仍不穩定，但我們仍將保持審慎的資本配置，推進出售非核心酒店的策略目標，進一步降低資產負債表的槓桿率，並支持我們強勁的投資報酬率管道。肖恩將在他的演講中提供有關指導的更多細節。

Overall, I am incredibly proud of the progress we've made in elevating the overall quality of our portfolio, positioning the company for sustained long-term growth and returning capital to shareholders. Our targeted capital investments are delivering strong results, reinforcing the overall quality of our portfolio and the significant embedded value within our real estate.

總的來說，我對我們在提升投資組合整體品質、使公司實現長期持續成長和向股東返還資本方面所取得的進展感到無比自豪。我們有針對性的資本投資正在產生強勁的業績，增強了我們投資組合的整體品質以及房地產的顯著內在價值。

And with that, I'd like to turn the call over to Sean.

說完這些，我想把電話轉給肖恩。

Thanks, Tom. Overall, we are pleased with our first quarter results, with Q1 RevPAR exceeding expectations with reported results of $178, representing a modest 70 basis point decline over the prior year period. Difficult year over year comparisons were the primary driver of the decline following last year's nearly 8% growth rate with hot occupancy falling by 210 basis points during the quarter, although offset by continued rate strength with ADR up over 2.3%.

謝謝，湯姆。總體而言，我們對第一季的業績感到滿意，第一季 RevPAR 超出預期，報告結果為 178 美元，比去年同期小幅下降 70 個基點。繼去年成長率接近 8% 之後，本季熱門入住率下降的主要原因是同比困難，儘管 ADR 持續上漲超過 2.3%，但入住率的持續走強抵消了這一影響。

Total hotel revenues for the quarter were $608 million and hotel adjusted EBITDA was $151 million, resulting in a nearly 25% hotel adjusted EBITDA margin. Total expenses were up 3.3% during the quarter with the majority of the increase related to nearly $10 million of employment tax credits and other relief grants received in Q1 of last year. Excluding these items, total comparable operating expenses increased just 1% over the prior year period. Adjusted EBITDA for the quarter was $144 million and adjusted FFO per share was $0.46.

本季飯店總營收為 6.08 億美元，飯店調整後 EBITDA 為 1.51 億美元，飯店調整後 EBITDA 利潤率接近 25%。本季總支出上漲 3.3%，其中大部分增幅與去年第一季收到的近 1,000 萬美元就業稅收抵免和其他救濟補助有關。除這些項目外，總可比營業費用僅比去年同期增加 1%。本季調整後的 EBITDA 為 1.44 億美元，調整後的每股 FFO 為 0.46 美元。

With respect to our dividend, on April 15, we paid our first quarter cash dividend of $0.25 per share and on April 25, we declared our second quarter cash dividend of $0.25 per share to be paid on July 15 to stockholders of record as of June 30. The dividend currently translates to an annualized yield of approximately 10%.

關於我們的股息，4 月 15 日，我們支付了第一季每股 0.25 美元的現金股息，4 月 25 日，我們宣布將於 7 月 15 日向截至 6 月 30 日登記在冊的股東支付第二季度每股 0.25 美元的現金股息。目前股息的年化報酬率約為 10%。

Turning to guidance. As we navigate the increasingly complex global economic landscape and evaluate the impact of the escalated trade war on global travel, we have revised our full year outlook to reflect a modest slowdown in demand. As a result, we are lowering our RevPAR growth forecast by 100 basis points at the midpoint to a new range of negative 1% to positive 2%, maintaining a wider than normal range to account for the ongoing uncertainty.

轉向指導。隨著我們應對日益複雜的全球經濟狀況並評估升級的貿易戰對全球旅遊業的影響，我們修改了全年展望，以反映需求的適度放緩。因此，我們將 RevPAR 成長預測中位數下調了 100 個基點，降至負 1% 至正 2% 的新範圍，維持比正常範圍更寬的範圍以應對持續存在的不確定性。

Note that most of this adjustment reflects a slower than expected recovery at Hilton Hawaiian Village, coupled with modestly weaker transient demand over the next quarter or two. Hilton Hawaiian Village, along with the overall portfolio will benefit from easier year over year comparisons in November and December following last year's labor strike there and in a few of our other markets. This, along with an 18% increase in Q4 group revenue pace for the portfolio should help to support low to mid-single-digit RevPAR gains during the fourth quarter.

請注意，大部分調整反映了希爾頓夏威夷村的復甦速度低於預期，加上未來一兩個季度的臨時需求略有減弱。繼去年夏威夷村和我們其他幾個市場發生罷工之後，希爾頓夏威夷村以及整體酒店組合將受益於 11 月和 12 月的同比數據更容易比較。再加上第四季度集團營收成長 18%，這一成長應有助於支撐第四季 RevPAR 實現低至中等個位數的成長。

With respect to earnings, we are lowering our adjusted EBITDA forecast by just 3% at the midpoint to a new range of $590 million to $650 million. While hotel adjusted EBITDA margin range is now 25.6% to 27.2% or down just 50 basis points from our initial range.

就獲利而言，我們將調整後的 EBITDA 預測中位數僅下調 3%，至 5.9 億美元至 6.5 億美元的新範圍。而飯店調整後的 EBITDA 利潤率範圍目前為 25.6% 至 27.2%，僅比我們最初的範圍下降了 50 個基點。

And finally, adjusted FFO per share was reduced by $0.11 at the midpoint to a new range of $1.79 to $2.09 per share. Additionally, as a reminder, and included in our original guidance, renovation related displacement at the Royal Palm South Beach Hotel is expected to reduce RevPAR growth by approximately 110 basis points for the year.

最後，調整後的每股 FFO 中位數減少了 0.11 美元，至每股 1.79 美元至 2.09 美元的新範圍。此外，需要提醒的是，在我們最初的指導中，皇家棕櫚南灘酒店 (Royal Palm South Beach Hotel) 因裝修而產生的流失預計將導致全年 RevPAR 增幅減少約 110 個基點。

This concludes our prepared remarks. We will now open the line for Q&A. To address each of your questions, we will ask to limit yourself to one question and one follow-up.

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，我們會要求您只提出一個問題並進行一次後續跟進。

Operator, may we have the first question, please?

接線員，我們可以問第一個問題嗎？

(Operator Instructions)

（操作員指示）

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，指南針點。

Hey good morning guys, thanks for taking my question. Tom, maybe if you could comment a little bit on the planned asset sales and how confident you are in the current market environment and being able to achieve decent prices as well as having willing buyers.

嘿，大家早安，感謝你們回答我的問題。湯姆，也許你可以對計劃中的資產銷售做一些評論，以及你對當前市場環境的信心如何，以及能夠實現合理的價格以及擁有願意購買的買家。

Yeah, it's a great question, Floris. And look, we've got tremendous uncertainty right now for all the reasons that we all know, geopolitical, obviously, the tariffs, obviously leading to trade wars and uncertainty is the enemy of decision-making.

是的，這是一個很好的問題，弗洛里斯。而且，由於眾所周知的各種原因，我們現在面臨著巨大的不確定性，顯然是地緣政治、關稅，顯然會導致貿易戰，而不確定性是決策的大敵。

So I think for many business leaders men and women there probably hesitant, they're probably pausing in many situations and certainly being cautious. No difference than what certainly we're seeing and probably a lot of our peers, hence the reason that I think everybody has been sort of a little more cautious on forward guidance.

所以我認為，對於許多商界領袖來說，無論男女，他們可能都會猶豫不決，在許多情況下都會猶豫不決，而且非常謹慎。與我們以及許多同行所看到的沒有什麼不同，因此我認為每個人對前瞻性指引都更加謹慎。

I would say that this team has really separated itself in being able to transact even under the worst of circumstances. If you think back since the spin, as we pointed out, we have sold or disposed of 45 hotels, including 14 international for north of $3 billion. We do have one asset under contract, very attractive pricing.

我想說的是，即使在最糟糕的情況下，這支球隊也能夠出色地完成交易。如果您回想一下自分拆以來的情況，正如我們所指出的，我們已出售或處置了 45 家酒店，其中包括 14 家國際酒店，總價值超過 30 億美元。我們確實有一項資產在合約範圍內，價格非常有吸引力。

And look, we are cautiously optimistic, but we're not going to comment and give any details until it closes. We just think that's the prudent thing to do, but we also have a number of other assets that are at various stages of the marketing process.

而且，我們持謹慎樂觀的態度，但在交易結束之前我們不會發表評論或提供任何細節。我們只是認為這是謹慎的做法，但我們還有許多其他資產處於行銷過程的各個階段。

There's plenty of liquidity. There's plenty of equity capital. There's plenty of debt capital and if I'm a small family office, owner-operator, midsized PE firm, these periods of dislocation, I think can be a really unique opportunity to certainly buy assets. So we are being very targeted. We're being very focused.

流動性充足。擁有充足的股本。債務資本充足，如果我是一個小型家族辦公室、業主經營者或中型私募股權公司，我認為這些混亂時期可能是購買資產的一個真正獨特的機會。因此，我們的目標非常明確。我們非常專注。

And I think we've again demonstrated every year that we've been able to sell assets. We've raised the bar a little higher this year, but we're still working our butts off to get as many sales done this year as we can. And we are confident that we will achieve our objectives.

我認為我們每年都會再次證明我們有能力出售資產。今年我們的標準有所提高，但我們仍在竭盡全力，盡可能完成銷售。我們有信心實現我們的目標。

Thanks, Tom. Maybe my follow-up, maybe if you can comment a little bit more on Hawaii. Obviously, RevPAR was down think 15% in the quarter, you said it drags for the overall Hawaii Village was a 420 basis point drag on overall results.

謝謝，湯姆。也許是我的後續，也許你可以對夏威夷多發表一些評論。顯然，本季 RevPAR 下降了 15%，您說這拖累了夏威夷村的整體業績，對整體業績造成了 420 個基點的拖累。

How is the ramp up of the -- obviously, the strike disruption in the fourth quarter, but also the renovations that have just occurred, how quickly will it ramp up in your view? And how dependent are you on the international tourist for some of that ramp?

顯然，第四季度的罷工擾亂了秩序，而剛剛進行的翻修工程也影響到了這些影響，您認為這些影響會以多快的速度增加？您對國際遊客的依賴程度如何？

Well, listen, the ramp is taking a little longer as we come out of the strike. Obviously, the strike was 45 days, it certainly had an impact. And we are seeing sequentially improvement. I mean we were down obviously, Hilton Hawaiian Village about 15%, obviously, in the -- excuse me, 18% in the in Q1.

好吧，聽著，我們剛結束罷工，上坡時間會稍微長一些。顯然，罷工持續了45天，肯定會產生影響。我們正在看到持續的改善。我的意思是，我們明顯下降了，希爾頓夏威夷村酒店第一季的銷售額下降了約 15%，不好意思，是 18%。

As we look at April, we're down about 7%, and we're probably going to be down, we think, for the quarter, probably high single digit, low double digit. So certainly seeing improvement there. Feel very good about third quarter, probably mid-single-digit positive as we think about RevPAR. And as Sean pointed out in his remarks, we've got really favorable and easy comp in Q4.

就四月而言，我們的銷售額下降了約 7%，而且我們認為本季的銷售額下降幅度可能在個位數高點到兩位數低點之間。因此，肯定看到了改善。對第三季感覺非常好，考慮到 RevPAR，可能達到中等個位數的正成長。正如肖恩在演講中指出的那樣，我們在第四季度獲得了非常有利和輕鬆的競爭。

So overall, we think it's going to be a solid performer. Long term -- intermediate and long term, Floris, we could not be more confident about any market than Hawaii, just given the limited supply growth, given the historic nature of the market where it is, its RevPAR growth rates -- RevPAR growth rate has outpaced the US by 120 basis points over the last 20 years. So we feel very good about it over the intermediate and long term.

所以整體而言，我們認為它將是一款表現穩健的產品。長期來看，從中期和長期來看，弗洛里斯，我們對夏威夷的任何市場都不會更有信心，只是考慮到有限的供應增長，考慮到該市場的歷史性質，其 RevPAR 增長率 - RevPAR 增長率在過去 20 年中已經超過美國 120 個基點。因此，從中期和長期來看，我們對此感到非常樂觀。

And as it relates to the renovations that we've been very strategic, very thoughtful about it. Carl Mayfield and his team on our design and construction are best-in-class, best in the industry. And so we think there's really minimal disruption, particularly since you're lapping disruption from the previous year as we're completing and carefully phasing and staging our renovations there.

關於翻新工程，我們非常有策略性，也非常深思熟慮。Carl Mayfield 和他的團隊在我們的設計和施工方面是一流的，是業內最好的。因此，我們認為幹擾確實很小，特別是因為我們正在完成並仔細分階段進行那裡的翻修工作，而您正在克服前一年造成的干擾。

And we don't have any issues in terms of supplies. We have what we need and are confident that we'll be able to get them done sort of on time, on budget as I think we've done as well as anybody in this sector and particularly given the nature of our portfolio.

我們在供應方面沒有任何問題。我們擁有所需的一切，並且有信心能夠按時、按預算完成這些工作，我認為我們做得和這個領域的任何人一樣好，特別是考慮到我們投資組合的性質。

Thanks, Tom. Appreciate it.

謝謝，湯姆。非常感謝。

Okay.

好的。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hey David.

嘿，大衛。

Hey, good morning, everybody. Thanks for taking my question. Look, I wanted to just follow up on the prior conversation about asset sales and the market will be what it will be, but it does look like you've sort of trimmed your core hotels to a smaller number, right, 25 to 20, if I'm seeing that correctly. Maybe we should just talk about that and sort of what the -- what's going on with the 5 and sort of how we're thinking about that change, please?

嘿，大家早安。感謝您回答我的問題。瞧，我只是想跟進之前關於資產出售和市場將會如何的談話，但看起來你已經將核心酒店的數量削減到一個較小的數量，對吧，25 到 20 家，如果我沒看錯的話。也許我們應該討論一下這個問題，以及 5 的情況以及我們是如何看待這種變化的，好嗎？

Yeah. It's a great question, David. We have -- as a team, again, back to the earlier comment I made, we have worked our tails off, and I know you know this and really looking to reshape the portfolio. Based on additional work. And as we've looked at capital allocation, where do we want to be allocating capital. It's really those top 20 assets that really account for about 85%, 90% of the value of the company.

是的。這是一個很好的問題，大衛。作為一個團隊，我們再次回到我之前的評論，我們已經竭盡全力，我知道你知道這一點，並且真的希望重塑投資組合。基於額外的工作。正如我們研究過的資本配置，我們希望將資本配置到哪裡。事實上，這前 20 項資產確實佔了公司價值的 85% 到 90%。

And so we've made the decision that those are the core assets, the other remaining assets, we want to work really hard to recycle that capital to sell those assets and take those proceeds and pay down debt, reinvest in strategic ROI projects as we're talking about in Hawaii and New Orleans and obviously, Miami.

因此，我們決定，這些是核心資產，其他剩餘資產，我們希望努力回收這些資本，出售這些資產，用這些收益償還債務，再投資於戰略投資回報項目，就像我們在夏威夷、新奧爾良和邁阿密談論的那樣。

And then obviously, in periods of dislocation be prepared to buy back stock. And look, we have -- we've bought back 26.5 million shares over the last 2.5 years. So I think we've been as prudent as anybody from a capital allocation standpoint and very confident in those 20 hotels being sort of our core and then working as aggressively as we can to sell the non-core. And that can be different combinations. You saw in Oakland last year, nonperforming difficult market, we closed the hotel.

顯然，在混亂時期要做好回購股票的準備。看看吧，我們——在過去的 2.5 年裡我們已經回購了 2650 萬股。因此，我認為從資本配置的角度來看，我們和其他人一樣謹慎，並且非常有信心這 20 家酒店是我們的核心，然後我們會盡可能積極地出售非核心酒店。而且可以是不同的組合。您去年在奧克蘭看到過，由於市場表現不佳，我們關閉了酒店。

You've seen other situations, they are short-term ground leases, we'll work to figure out a solution for those situations. But we really want to get the core portfolio down to those core 20 hotels where the real embedded value of the company lies.

您已經看到了其他情況，它們是短期土地租賃，我們將努力為這些情況找到解決方案。但我們真正希望的是將核心投資組合縮小到公司真正蘊含價值的 20 家核心酒店。

Understood. And if I can just follow up quickly. With respect to the CapEx that's planned, notably Miami, which is important, over the course of the year, it seems to me that you've sort of embarked on that. Maybe you could talk about how much of that cost is really sort of -- and timing is sort of locked in at this point, just given the limited visibility in the marketplace? Thank you.

明白了。如果我可以快速跟進的話。關於計畫中的資本支出，特別是邁阿密，這很重要，在一年的時間裡，在我看來，你已經開始這麼做了。也許您可以談談其中有多少成本實際上是——並且由於市場可見度有限，目前時間已經確定了？謝謝。

Yeah. It's another great question, David. I would say you heard me make this the earlier comment. You've been down -- you've seen, obviously, what we've done in Orlando with the Bonnet Creek and how well that's performing and the complexity of that. And I say this respectfully, there's not another team in the lodging REIT landscape that has that experience and has that ability to be able to handle it. Miami, this is what we do.

是的。這又是一個很好的問題，大衛。我想說您聽到了我之前發表的評論。您已經親眼見證了我們在奧蘭多對 Bonnet Creek 所做的工作，以及它的表現有多出色，以及它的複雜性。我很尊重地說，在住宿房地產投資信託領域，沒有其他團隊擁有這樣的經驗和能力來處理這個問題。邁阿密，這就是我們所做的。

Carl Mayfield and the team have studied the situation carefully over the last year. We've bought out many of the subs. We have the GC. We have the permits. We have suspended operations. We will be preparing and fencing around and we're confident that we will deliver before June of next year for the World Cup.

卡爾梅菲爾德和他的團隊在過去一年仔細研究了這一情況。我們已經買下了許多潛水艇。我們有 GC。我們有許可證。我們已經暫停營運。我們將做好準備並全力以赴，我們有信心在明年六月之前完成世界盃的比賽。

And we're excited. I mean, this is a complete transformation of guestrooms, public space, lobby, the pool area, food and beverage outlets. And we think, obviously, as we said, we think there's a great opportunity not only for 15% to 20% on 25% unlevered returns, but the ability to really double EBITDA as well.

我們很興奮。我的意思是，這是客房、公共空間、大廳、泳池區、餐飲店的徹底改造。我們認為，顯然，正如我們所說的，我們認為這是一個絕佳的機會，不僅可以獲得 25% 的無槓桿回報率中的 15% 到 20%，而且還能夠真正使 EBITDA 翻一番。

And in a market where you've got such high end, The Albers coming, Rosewood, The Aman, The Andaz obviously, will open at some point, and the ability for us to talk underneath that and be able to really significantly increase rates, and given the quality of that location, mid-beach, right next to the lows, we're really excited about this project as we move forward.

在這樣一個高端市場中，The Albers 即將開業，Rosewood、The Aman、The Andaz 顯然也會在某個時候開業，我們有能力進行深入討論，並能夠大幅提高價格，考慮到該位置的質量，位於海灘中部，緊鄰低窪處，我們對這個項目的進展感到非常興奮。

We realize there's some near-term disruption, but we think for intermediate and long term and for real value creation for shareholders, it's the right decision for us to make. We also believe passionately that we can deliver higher development yields than we can acquisition yields, and that really plays to our strength as a team.

我們意識到短期內會出現一些混亂，但我們認為，從中期和長期來看，為了給股東創造真正的價值，這是我們做出的正確決定。我們也堅信，我們可以提供比收購收益更高的開發收益，這真正發揮了我們作為一個團隊的優勢。

Appreciate it. Thanks very much. Good luck.

非常感謝。非常感謝。祝你好運。

Thank you.

謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, good morning, I just wonder if you could give us your updated views on markets that you expect to lead this year and the underlying demand drivers and correspondingly, the markets you expect will lag in your portfolio? And has that pecking order changed since one quarter ago?

嘿，早上好，我只是想知道您是否可以向我們提供您對今年預計領先的市場和潛在需求驅動因素的最新看法，以及相應地，您預計您的投資組合中會落後的市場？那麼，自一個季度前以來，這種等級制度有改變嗎？

Well, look, we've talked about Hawaii. We think, obviously, Hawaii is going to continue to ramp up, the Hilton Hawaiian Village, obviously, on that given the post-strike. Hilton Waikoloa, we still are very bullish on that. We've obviously got a significant increase in group business there. What's happening in Orlando and the double-digit increase that we've seen at Bonnet Creek, we expect that's obviously going to continue to be a really strong performer.

好吧，看，我們已經談論過夏威夷了。我們認為，顯然，考慮到襲擊事件之後的情況，夏威夷將繼續擴大業務，希爾頓夏威夷度假村也將繼續擴大業務。希爾頓威可洛亞酒店，我們對此仍然非常樂觀。我們在那裡的團體業務顯然有了顯著的成長。奧蘭多發生的情況以及我們在 Bonnet Creek 看到的兩位數增長，我們預計這顯然將繼續保持強勁表現。

Key West, obviously, again, given the transformative renovations there and what we're doing and how well they did last year, we still continue to be very encouraged. New York City, I mean New York is up April 16%, 17%, and we feel good about it in the second quarter, and it continues. Obviously, you've had very little supply added in New York and continue to be cautiously optimistic there. Caribe has been on fire and continues to perform very well for us there.

顯然，基韋斯特再次進行了徹底的改造，考慮到那裡的改造工程以及我們正在做的事情以及他們去年的出色表現，我們仍然感到非常鼓舞。紐約市，我的意思是紐約 4 月的經濟成長速度為 16%、17%，我們對第二季的經濟成長感到樂觀，而且這種勢頭還會持續下去。顯然，紐約新增的供應量非常少，因此我們對此保持謹慎樂觀的態度。Caribe 一直表現火爆，並繼續在那裡為我們帶來出色的表現。

We're expecting, obviously, Denver, given the management changes that we've made there. certainly to see sequential improvement there as we sort of look out. So we're -- overall, if you think about the first quarter, taking out Hilton Hawaiian Village from that standpoint and given the tough comp, I mean, it would have been obviously a very strong nearly 4% increase in RevPAR for us.

顯然，考慮到我們在丹佛做出的管理變革，我們對丹佛充滿期待。正如我們所看到的，肯定會看到那裡的連續改善。因此，總體而言，如果您考慮第一季的情況，從這個角度來看，請除去希爾頓夏威夷村，考慮到嚴峻的競爭形勢，我們的每間可用客房收入 (RevPAR) 顯然會實現近 4% 的強勁增長。

And given the fact that we've been so disciplined and I give huge credit to our asset management team to Sean's leadership as well as we look on the cost side. I mean we were up about 3.3% in expenses, but when you take out the onetime anomalies, we were only up about -- a little over 1%.

鑑於我們一直非常自律，我對我們的資產管理團隊、肖恩的領導以及我們在成本方面的表現給予了高度評價。我的意思是我們的支出增加了約 3.3%，但如果扣除一次性異常情況，我們的支出僅增加了約 1% 多一點。

So I mean, it's not just the top line in those markets, but it's the discipline as well on the cost side. And so I think we've done a really good job on that front, and you'll see that kind of energy and effort to continue as we move forward.

所以我的意思是，這不僅是這些市場中的頂線，也是成本方面的紀律。所以我認為我們在這方面做得非常好，而且你會看到，隨著我們繼續前進，這種活力和努力將繼續下去。

Thanks, Tom, And if I could just follow up on one of those on New York. There's been so much intense media focus on potentially softer international inbound, less Canadian travel, et cetera. And so what do you think some of that media might be missing in terms of demand drivers to a market like New York? And thanks for taking the questions.

謝謝，湯姆，如果我可以跟進紐約的其中一個問題。媒體高度關注國際入境旅客數量可能下降、加拿大遊客人數減少等議題。那麼，您認為這些媒體在吸引紐約這樣的市場需求方面可能缺少什麼呢？感謝您回答這些問題。

Yeah. Listen, New York, one of the great cities of the world, as we all know. And there's no doubt, when you think about the frustration, the energy around the tariffs right now. They're going to be some. Obviously, we saw a little bit of decline in the Japanese coming into Hawaii. That's still ramping up, but certainly still a little over 50% below where we were in 2019.

是的。聽著，紐約，眾所周知，是世界上最偉大的城市之一。毫無疑問，當你想到現在圍繞著關稅的挫折感和能量。他們會是一些。顯然，我們看到前往夏威夷的日本人數減少。這一數字仍在上升，但肯定仍比 2019 年低 50% 以上。

International accounts for about 10% of our business overall. If you think about pre-pandemic, inbound into the US was about $79 million. I think we're back to somewhere between $70 million and $72 million, about half of that comes from Canada and Mexico. Mexico has been pretty consistent. It hasn't seen a falloff.

國際業務約占我們整體業務的 10%。如果你考慮疫情之前的情況，那麼進入美國的旅遊收入約為 7,900 萬美元。我認為我們的收入將回到 7,000 萬至 7,200 萬美元之間，其中約一半來自加拿大和墨西哥。墨西哥的表現一直相當穩定。尚未出現下滑。

You've seen a little bit of falloff in Canada. And we're all hopeful just given the strong alliance and relationship that, that will get resolved and that will sort of resume, but certainly in the near term, that is a little dilutive. But again, for us, it's less than 2%. So it's really not that significant to Park into our portfolio.

你已經看到加拿大出現了一些下滑。鑑於雙方牢固的聯盟和關係，我們都充滿希望，這個問題將得到解決，並得以恢復，但肯定在短期內，這種情況會有些稀釋。但對我們來說，這個比例還不到 2%。因此，將朴槿惠納入我們的投資組合其實意義並不大。

Thank you.

謝謝。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯（Patrick Scholes），Truist Securities。

Thank you, operator. Hi, good morning, everyone. Question for you on the group pace. On the prior earnings release, it had been tracking [6%, now it's 1% plus 1% for the year. I'm wondering if you can kind of give us an apples-to-apples for 2Q to 4Q? I know or suspect that 1Q benefited from the Easter shift. So when you take that out, you sort of naturally the rest of year might be softer. But how does that plus 1%] for 2Q to 4Q compared to your prior projection? Thank you. Hopefully, that makes sense.

謝謝您，接線生。大家好，早安。我想問一下關於團體步調的問題。在先前的收益報告中，它的年增長率為 [6%，現在為 1% 加 1%。我想知道您是否可以為我們提供第二季到第四季的比較數據？我知道或懷疑第一季受益於復活節的轉變。因此，當你把這一點拿出來時，你自然而然地會覺得今年剩下的時間會比較輕鬆。但與您先前的預測相比，第二季至第四季的成長率加上 1% 怎麼樣？謝謝。希望這是有意義的。

Yeah, Patrick, I believe so, hopefully, we'll get you a response to that aligns with your thinking. But in the end, we look at pace for, I would say, Q2, Q3 pace was roughly just slightly down 0% to 1% for Q2. And then Q3 is a little bit -- it's weaker, it's down 10%. Hawaiian Village, a big driver of that as well as New Orleans and Chicago, which are both lapping strong Q3 performance on the group side last year. If you recall, obviously, Chicago had the D&C. So it's lapping that. But other than those, I would say the markets are pretty healthy. for group pace in Q3.

是的，派崔克，我相信如此，希望我們能得到符合你想法的答案。但最終，我們看一下第二季的速度，我想說，第三季的速度大約略微下降了 0% 到 1%。然後第三季有點——比較弱，下降了 10%。夏威夷村是其中一個重要的推動力，新奧爾良和芝加哥也是其中一個重要的推動力，這兩個城市去年在第三季的集團業績都表現強勁。如果你還記得的話，顯然芝加哥有 D&C。所以這就是重疊。但除此之外，我想說市場相當健康。在 Q3 中爭取團體速度。

And then Q4 is a very strong quarter for us, up 18%. A lot of big drivers of positive pace and pretty much across the board, not so many properties dragging down the performance for group expected in Q4. So that's kind of how the case the pace goes. I would say that I don't think we've seen much decline in the near term.

第四季對我們來說是一個非常強勁的季度，成長了 18%。有很多積極因素在推動集團的業績，而且幾乎在所有方面都如此，預計第四季度不會有太多的房地產拖累集團的業績。這就是情況的進展。我想說的是，我認為短期內我們不會看到太多的衰退。

I think the definites that we've had on the books, which represent about, at this point, about 90% of the forecast have held. No, occasional cancellation, a little bit of maybe wash, but been offset by rebound -- positive rebounds in other area.

我認為，目前我們已經掌握的確切數字，即大約 90% 的預測都已實現。不，偶爾會取消，可能有一點點的沖刷，但會被反彈所抵消——其他領域的積極反彈。

So it's generally held. So I think the group story for the year for us is look at it and plays into the guidance is just confidence in the year for the year bookings, which probably is not unique to us, just kind of thinking through the ability to pick up what's remaining in our reach for the rest of the year.

所以一般都會舉辦。因此，我認為，對我們來說，今年的集團故事就是審視它，並將其融入指導中，只是對全年預訂量的信心，這可能並不是我們獨有的，只是在思考是否有能力在剩餘的時間裡收回我們力所能及的剩餘部分。

I think we're -- the sales teams feel good, but as Tom mentioned, with the uncertainty out there, you're just kind of seeing some hesitancy and decision-making right now.

我認為我們的銷售團隊感覺良好，但正如湯姆所提到的，由於存在不確定性，你現在看到的只是一些猶豫和決策。

Okay. So when you said confident, do you mean your confidence or more it sounds like there's, not confidence. I just want to be clear. Thank you.

好的。所以當你說自信時，你是指你的信心，還是聽起來更像是沒有信心。我只是想說清楚。謝謝。

I think there's confidence out there to kind of pick up the remaining reach in the portfolio. We've obviously hedged a little bit of that in our guidance forecast. But anything, too, I think the teams are generally positive on potentially transient side to kind of cover for some of that.

我認為大家有信心擴大投資組合的剩餘影響力。我們顯然在指導預測中對此進行了一點對沖。但無論如何，我認為球隊總體上對潛在的短暫性持積極態度，以彌補其中的一些缺陷。

Okay, thank you. And if I can slip in one more. What are you seeing for a '26 and '27 group (technical difficulty)

好的，謝謝。如果我可以再插入一個的話。你對 26 年和 27 年的群體有何看法（技術難度）

-- '27. For '26, we have seen a drop off. Again, I think as you think through some of the decision-making issues we're dealing with, I think you're seeing that play into it right now. I think it's more kind of the early parts of '26.

——'27。對於 26 年來說，我們看到了下降。再說一次，我認為當您思考我們正在處理的一些決策問題時，您就會看到這些問題正在發揮作用。我認為它更像是 26 年初期的樣子。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thanks. I just wanted to circle back -- hi, on the Hilton Hawaiian Village, it sounds like there are sort of quite a few moving pieces there. And I mean do you think realistically you could come in ahead of what you did in '24 there on an EBITDA basis. I think you did a little over $150 million. It seems like from what you're saying, that might be hard to achieve, but I just kind of wondered -- maybe I'm not reading what your remarks are.

你好，謝謝。我只是想回到正題——嗨，關於希爾頓夏威夷村，聽起來那裡有不少活動的地方。我的意思是，您是否認為從現實角度而言，您能夠以 EBITDA 為基礎超越 1924 年的業績？我認為你的收入略高於 1.5 億美元。從您所說的情況來看，這可能很難實現，但我只是有點好奇——也許我沒有讀懂您的評論。

Yeah. We had trouble reading -- hearing you Smedes, just say your question one more time?

是的。我們讀起來很困難──聽不清楚，Smedes，再說一次你的問題好嗎？

For the Hilton Hawaiian Village, do you think it's realistic that you can do EBITDA this year that's ahead of what you did in '24?

對於希爾頓夏威夷村來說，您認為今年的 EBITDA 能超過 24 年嗎？

Yeah. I mean it's hard to say right now, Smedes, could we get close to it? I think that's possible. But I think, again, it goes back to the macro uncertainty. I mean if you get better visibility and better clarity and confidence resumes at a higher level.

是的。我的意思是現在很難說，Smedes，我們能接近它嗎？我認為這是可能的。但我認為，這又回到了宏觀不確定性的問題。我的意思是，如果你獲得更好的可見性和更好的清晰度，信心就會恢復到更高的水平。

I see no reason that we don't get back closer to sort of more normalized behavior. If we end up in an all-out trade war or something along those lines and god forbid, we had to a more softer and sort of recessionary type environment, which we are not seeing that at all.

我認為我們沒有理由不恢復到更正常的行為。如果我們最終陷入全面的貿易戰或類似情況，而上帝保佑不要發生這種情況，我們將不得不面臨一個更溫和的衰退環境，而我們根本沒有看到這種情況。

This isn't 9/11. This is not the great financial crisis. This is not obviously the global pandemic, but assuming things sort of normalize or is close to normal, then we're certainly well positioned. Whether we get back exactly this year, we are very bullish on Hawaii over the intermediate and long term. Fee simple, the barriers to entry, you can't replicate what we have.

這不是 9/11。這不是嚴重的金融危機。這顯然不是全球大流行病，但假設情況恢復正常或接近正常，那麼我們肯定處於有利地位。無論我們今年能否恢復，我們對夏威夷的中期和長期前景都非常看好。絕對所有權，進入壁壘，你無法複製我們所擁有的。

Obviously, negative supply growth over the last 20 years, obviously, outperformance from a RevPAR standpoint versus other resorts over the last 20 years. So it's where -- if you're going to be over-indexed, from our standpoint, you want to be over-indexed in Hawaii.

顯然，在過去 20 年裡，供應量呈現負成長，但從 RevPAR 的角度來看，在過去 20 年裡，其表現明顯優於其他度假村。所以，從我們的角度來看，如果你想要獲得超額指數，那麼你就會希望在夏威夷獲得超額指數。

Okay, thank you, And then I just wanted to ask you the -- it looks like you took a $70 million impairment in the quarter. Can you just talk about what that was related to?

好的，謝謝，然後我只想問你——看起來你在本季度損失了 7000 萬美元。你能談談這與什麼有關嗎？

Yeah. It's related to an asset, obviously, is our accounting. And as we've as our team is to look at what we think to be the true value of that subject asset. We made the decision that it was appropriate to write it down and have recognized that accordingly.

是的。顯然，它與資產有關，是我們的會計。我們的團隊正在研究我們認為的該主題資產的真實價值。我們決定將其寫下來是合適的，並且已經認識到了這一點。

Okay. So you can't say which one, I guess.

好的。所以我想你不能說出是哪一個。

Yeah, not at this point.

是的，目前還不行。

Okay. All right. Thank you.

好的。好的。謝謝。

Thank you, Smedes.

謝謝你，Smedes。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey Chris, good morning.

嘿，克里斯，早安。

Hey Tom, good morning. So just to circle back to the asset sales for a second. I think everybody is curious in terms of good outcome for pricing, what's kind of your -- Tom, what's your kind of definition of that? I assume it's kind of based on some kind of NOI or EBITDA and then maybe plus saves CapEx that might have been required. I mean I assume that's the right way to look at it and not some other metrics, be it per room or something. But any thoughts you have there would be great. Thanks.

嘿，湯姆，早安。我們再回到資產銷售的話題。我認為每個人都對定價的良好結果感到好奇，湯姆，你對此的定義是什麼？我認為它是基於某種 NOI 或 EBITDA，然後可能再加上可能需要的資本支出節省。我的意思是，我認為這是正確的看待它的方式，而不是其他一些指標，無論是每個房間還是其他什麼。但如果您有任何想法那就太好了。謝謝。

Yeah, it's a great question, Chris. I mean, first, look, it's -- the assets we're looking to sell are non-core. And so embedded in that, obviously, we're looking for attractive pricing, certainly at multiples greater than where we're trading. And obviously, we trade at a ridiculous multiples.

是的，這是一個很好的問題，克里斯。我的意思是，首先，看看——我們想要出售的資產是非核心資產。因此，顯然，我們正在尋找有吸引力的定價，當然比我們交易的價格高出幾倍。顯然，我們的交易倍數高得離譜。

So we're confident we can be selling at a higher multiple, that gives some price discovery for the market as well, saving also CapEx and then being able to reallocate that capital strategically back to our core portfolio and or pay down debt and or buy stock, where -- when and where it makes sense.

因此，我們有信心以更高的倍數出售，這也為市場提供了一些價格發現，節省了資本支出，然後能夠將這些資本戰略性地重新分配回我們的核心投資組合，或者償還債務，或者購買股票，只要時間和地點合適。

Obviously, given the dislocation we've been active on all fronts, continuing to manage the balance sheet, continue to invest back in the portfolio as well as buying back stock. We're very confident as we start printing and showing certainly some of the transactions that are in the pipeline that they will be very attractive and they'll certainly be accretive from where we're currently trading.

顯然，鑑於這種混亂，我們在各個方面都積極行動，繼續管理資產負債表，繼續投資於投資組合以及回購股票。我們非常有信心，當我們開始印刷並展示一些正在進行的交易時，它們將非常有吸引力，並且肯定會從我們目前的交易中增值。

Okay. That's great to hear, Tom. And then as a follow-up, I think Sean may have mentioned that your comparable OpEx kind of ex the noise last quarter was just up 1%. We know that several of your hotels had some labor resets late last year that would have pushed that number up. So where are you finding the offsets to savings? And can that continue and kind of implementing any kind of contingency plans with your operators? Thanks.

好的。很高興聽到這個消息，湯姆。然後作為後續問題，我認為肖恩可能提到過，上個季度的可比營運支出 (OpEx) 噪音僅上漲了 1%。我們知道，你們的幾家酒店在去年年底進行了一些勞動力調整，這導致這一數字上升。那麼在哪裡可以找到節省的補償呢？這種情況能否繼續下去，並與您的運營商一起實施任何應急計劃？謝謝。

Yeah, Chris, I'll take that. I mean, clearly, as we're going through those processes last year, I mean, the challenges to the teams should come in and budget and whatnot are to ultimately define savings and across the board. And so I think the teams have been successful in doing that.

是的，克里斯，我接受。我的意思是，很明顯，正如我們去年經歷的這些過程一樣，團隊面臨的挑戰應該是預算等等，最終要確定全面的節約。所以我認為這些團隊已經成功地做到了這一點。

I mean I get -- I would say part of the play here, too, is to think through the mix. I mean lower occupancy, higher ADR certainly has helped with the flow through in the first quarter. And I think that's part of the -- what you see there.

我的意思是我明白——我想說這裡的部分玩法也是為了仔細思考。我的意思是，較低的入住率和較高的平均房價肯定有助於第一季的客流量。我認為這就是您所看到的一部分。

And so as you think through contingency planning, as we think in the future, I mean, clearly, we're doing those things with the operators. But in an environment where you might see some uncertainty, 90 days out, we're seeing outperformance in the near term.

因此，當您考慮應急計劃時，正如我們思考未來一樣，我的意思是，顯然，我們正在與運營商一起做這些事情。但在 90 天後可能會出現一些不確定性的環境中，我們會看到短期內表現優異。

So it's definitely a tricky situation for the teams on the property to how to think about staffing as they try to react to that dynamic. But in the end, I think they're doing an incredible job of kind of staffing and being efficient, knowing that they've got the challenges coming off of some the labor contracts we renewed last year.

因此，當酒店團隊試圖對這種動態做出反應時，如何考慮人員配備絕對是一個棘手的情況。但最終，我認為他們在人員配備和效率方面做得非常出色，他們也知道去年續約的一些勞動合約給他們帶來了挑戰。

I would say as we look forward to, we certainly expect to see some other offsets going forward on the fixed cost side, namely insurance, certainly is a positive market for the insurers going to market, and so we go to renew on June 1.

我想說，正如我們所期望的那樣，我們當然希望看到固定成本方面的一些其他抵消，即保險，對於進入市場的保險公司來說肯定是一個積極的市場，因此我們將於 6 月 1 日續約。

We're confident we'll get a good outcome there. So I think that plays into how we think about maintaining the expenses and keeping it within reason. That said, I mean, in the end, you still have 4% to 5% wage growth, and so we're working to find the offsets where we can.

我們有信心取得好的結果。所以我認為這與我們如何考慮維持開支並保持在合理範圍內。話雖如此，我的意思是，最終工資仍然會有 4% 到 5% 的增長，所以我們正在努力尋找可能的補償措施。

Hey Chris, I also just want to say it's strong leadership from Sean, our asset management team, the men and women there who are partnering with our operators. It is also basic blocking and tackling and with a relentless focus on how do we mitigate and how do we manage around.

嘿，克里斯，我還想說，肖恩、我們的資產管理團隊以及與我們的營運商合作的男男女女都具有強大的領導力。這也是基本的阻擋和解決措施，我們不斷關注如何緩解以及如何應對。

Remember if you think back through the pandemic and what we were faced with as dire situation as anybody in the sector and we got through it. We got through it as well as anybody given those facts and circumstances. So the team is experienced. There isn't anything we haven't seen. Those that sort of write and have comments that were a little more union focused and then our cost structure is always going to be higher, they're just wrong.

回想一下這場疫情，我們面臨的情況和該行業的其他人一樣嚴峻，但我們挺過來了。考慮到這些事實和情況，我們和其他人一樣度過了難關。所以這個團隊經驗豐富。沒有什麼是我們沒見過的。那些寫作和評論的人如果更注重工會，我們的成本結構就會一直更高，他們就錯了。

And if they did a little bit of work, they've realized the discipline and talent within this team and you see how we continue to deliver and continue to work. So really proud of them, and we'll see even more of that when you start seeing the insurance when that turns around and what we print versus what our peers print.

如果他們做了一點工作，他們就會意識到這個團隊的紀律和才能，你會看到我們如何繼續交付並繼續工作。所以真的為他們感到驕傲，當你開始看到保險情況好轉，以及我們印刷的內容與我們的同行印刷的內容相比時，我們會看到更多這樣的情況。

Okay. Very helpful. Thanks.

好的。非常有幫助。謝謝。

I really appreciate your comment and your question. Thank you.

我非常感謝您的評論和提問。謝謝。

Jay Kornreich, Wedbush Securities.

Jay Kornreich，韋德布希證券公司。

Hi, thanks. Good morning. I wanted to first just drill down a little bit further in Orlando, which continues just to perform exceptionally well. And just curious if you can provide just further details as what's driving the strength there and how much of a positive tailwind to opening of Epic theme park in produce? And if there's any opportunity for Bonnet Creek complex to produce even more than the $90 million you forecasted?

你好，謝謝。早安.首先，我想對奧蘭多進行更深入的了解，那裡的表現一直非常出色。我只是好奇，您是否可以提供更多細節，例如推動那裡發展壯大的因素是什麼，以及對 Epic 主題公園在農產品方面的開業有多大的積極推動作用？那麼，Bonnet Creek 綜合設施是否有機會產出比您預測的 9,000 萬美元更多的收入？

Yeah. We certainly expect that we will exceed the $90 million. It's just if you think about Orlando, people often think about Vegas that has about 45 million visitors. You've got 74 million visitors, plus or minus into Orlando. You have, obviously, Epic where Universal has put in $6 billion or more.

是的。我們當然希望能夠超過 9000 萬美元。如果你想到奧蘭多，人們通常會想到擁有約 4500 萬遊客的拉斯維加斯。奧蘭多的遊客人數約有 7,400 萬人。顯然，環球影業已經向 Epic 投資了 60 億美元甚至更多。

I think as the publicly disclosed number, the excitement around that, the first park to open in decades. You've also got Disney coming on the heels talking about another $60 billion plus or minus. Now I'm not sure all that theme park that's going to be some shifts in, but with that kind of backdrop, and given it's a strong hub for convention as well, we are very, very bullish on Orlando.

我認為，隨著公開披露的數字，人們對此感到興奮，這是幾十年來第一個開放的公園。迪士尼也緊跟在後，宣布將再投入約 600 億美元。現在我不確定所有主題樂園是否會發生一些變化，但在這樣的背景下，考慮到它也是一個強大的會議中心，我們對奧蘭多非常看好。

Bonnet Creek, in particular, now given the additional meeting space that we added at both the Waldorf as well as Signia, we have the ability to be able to layer in groups that we didn't have the ability before and then also having a championship golf course. And of course, being a Condé Nast winner last year, a top 10 performer. We're getting rave reviews and the on-site management team is just continues to do an exceptional job.

特別是 Bonnet Creek，現在我們在 Waldorf 和 Signia 都增加了額外的會議空間，我們有能力將以前沒有能力的團體分層聚集在一起，並且還擁有一個錦標賽高爾夫球場。當然，作為去年康泰納仕獎的獲獎者，我也是排名前十的表演者。我們獲得了熱烈的評價，現場管理團隊繼續出色地完成工作。

So we are very, very bullish both near term and over the intermediate and long term in Orlando. And certainly, again, if you look over the last 20 years and sort of RevPAR growth over the national average, there are several markets, obviously led by Hawaii, Key West, Orlando, Miami, all markets that Park is anchored and where Park has a great footprint. We would encourage investors and listeners to do a little bit more work on that front and see that, and you'll see that there's a I think, a real competitive advantage for Park as we look out.

因此，我們對奧蘭多的短期、中期和長期前景都非常看好。當然，如果你回顧過去 20 年，看看 RevPAR 的成長情況以及全國平均水平，你會發現有幾個市場，顯然以夏威夷、基韋斯特、奧蘭多、邁阿密為首，這些市場都是 Park 的立足之地，並且 Park 在這些市場中佔有很大的份額。我們鼓勵投資者和聽眾在這方面多做一些工作，你會發現，從我們的觀察來看，我認為 Park 具有真正的競爭優勢。

I appreciate all that color. And then just one more follow-up, just going back to more of the macro landscape. And just given the uncertainty right now, are you seeing any change in behavior from your transient customers since April, whether I guess to be corporates pulling back on business travel or business transient travel or changes in leisure customers traveling to or spending a resource? Or are you really just not seeing much change at all at this point?

我很欣賞所有這些顏色。然後再進行一次跟進，回到更多的宏觀景觀。鑑於目前的不確定性，自 4 月以來，您是否發現您的臨時客戶的行為有任何變化，我猜是企業減少了商務旅行或商務臨時旅行，還是休閒客戶的旅行或消費發生了變化？或者您現在真的沒有看到太大的變化？

We were down 3% in March. Obviously, you've got the shift of Easter. We're -- we expect we're going to end April above the number. We have preliminary what we think the final numbers will be above the [1.6%]. Obviously, New York, very strong, as I mentioned earlier, up 18%, Bonnet Creek, up 8%, Caribe up in mid-20s, Casa up another 14%, 15%.

3月我們下降了3%。顯然，你已經注意到了復活節的變化。我們預計四月底的數字將超過這個數字。我們初步估計最終數字將高於[1.6%]。顯然，紐約非常強勁，正如我之前提到的，上漲了 18%，Bonnet Creek 上漲了 8%，Caribe 上漲了 20 多%，Casa 又上漲了 14%、15%。

So we're not seeing this is not in a recessionary environment. There's certainly some caution. There are certainly pockets of softness. There's certainly a concern. We all share it. There's a lot of uncertainty right now. I think we'd all prefer that we get better visibility, but certainly despite that, and even the jobs report last week, things still are good.

因此，我們沒有看到經濟衰退環境中出現這種情況。當然需要謹慎一些。確實存在一些疲軟的情況。確實存在擔憂。我們都認同這一點。目前存在著許多不確定性。我想我們都希望獲得更好的可見性，但儘管如此，甚至上週的就業報告顯示，情況仍然很好。

I would like to see some of that uncertainty and some of these trade deals if they're going to occur, the sooner the better because I think that will help, I think, provide more confidence as we all move forward.

我希望看到一些不確定性和一些貿易協議能夠達成，如果它們能夠達成的話，越早越好，因為我認為這將有助於我們大家在前進的過程中建立更多的信心。

Okay. Thanks very much.

好的。非常感謝。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Thank you. My question was really kind of similar to the last question. In your intro remarks, you mentioned, I think you used the phrase modestly weaker transient. And then you talked about some of the challenges with group, maybe some tougher comps later in the year.

偉大的。謝謝。我的問題確實與上一個問題有點類似。在您的介紹評論中，您提到，我認為您使用了“略微較弱的瞬態”這個短語。然後你談到了團隊面臨的一些挑戰，也許今年晚些時候會有一些更艱難的比賽。

I guess if you had to sort of rank where the strength or softness is between group and leisure transient and business transient, how would you sort of break down? I mean, it sounds like, obviously, there's a lot going on in the world and maybe they're all a little bit softer than you thought. Or I guess if you were ranking the three. Thanks

我想，如果您必須對團體和休閒旅客以及商務旅客之間的強弱程度進行排序，您會如何細分？我的意思是，這聽起來顯然世界上發生了很多事情，也許它們都比你想像的要溫和一些。或者我猜如果你要對這三個進行排名。謝謝

Well, I just put on, Robin. On the group side, again, as I mentioned, the pace and the definites on the books and that holding, I think, is a strength. It's certainly providing that solid base for the business and that to be able to -- not to worry about that base as much as I think kind of gives it in this environment, kind of a top building for me.

嗯，我剛剛穿上了，羅賓。在團隊方面，正如我所提到的，我認為，速度、書本上的確定性和堅持是一種優勢。它確實為業務提供了堅實的基礎，並且能夠——不必擔心這個基礎，因為我認為在這種環境下，它為我提供了一流的建築。

From the leisure side, which you saw in April, I mean, ultimately, talked -- Tom talked a little bit about Hawaiian Village, but absent Hawaiian Village on the resort side, it's up, call it, 8% or so for the month, and this was a month where we came in and had dropped the forecast a little bit outperformed it by about 160 basis points.

從休閒方面來看，正如您在四月份看到的，我的意思是，最終，湯姆談到了一點關於夏威夷村的事情，但是在度假方面，沒有夏威夷村，這個月的增長幅度大約是 8%，而在這個月，我們進入這個月，並略微降低了預測，但表現超出了預期約 160 個基點。

You're seeing a lot of -- it is almost like people are thinking through like, does it feel like a little bit like coming out of COVID where a lot of the drive to markets are benefiting in a lot of short-term transient and leisure side.

你看到很多——這幾乎就像人們在思考，這是否感覺有點像走出 COVID 一樣，許多進入市場的動力都受益於許多短期短暫和休閒方面。

So I kind of feel like leisure, to me to rank second right now on the possibilities as you think about the summer time frames transient in a lot of places, you might think are -- might be a challenge. But I think we're seeing plenty of markets that have leisure pace up in the summertime.

因此，我覺得休閒對我來說現在排名第二的可能性是當你考慮很多地方的夏季時間框架短暫時，你可能會認為 - 可能是一個挑戰。但我認為，我們看到很多市場在夏季休閒活動都在加速。

So I put leisure second and I think business transient, I think -- you think what's capturing that as government and some other elements that I think are certainly pressured, but I think business transient, corporate negotiated still shows a very narrow booking window, short term, but very solid performance so far.

因此，我把休閒放在第二位，我認為商務瞬態因素——您認為是什麼導致了這種情況，因為政府和其他一些因素肯定受到壓力，但我認為商務瞬態、企業協商仍然顯示出非常狹窄的預訂窗口，短期內，但到目前為止表現非常穩健。

Thanks. And just to clarify, April, of course, would have a strong April in a lot of the leisure markets with the benefit of Easter, is there anything when you sort of -- when you look out to kind of May and June, where there's not as much of a pronounced calendar shift, would you say that leisure still pacing up outside of the Easter shift?

謝謝。需要澄清的是，由於復活節的緣故，四月份許多休閒市場都會表現強勁，但當您展望五月和六月時，會不會有什麼情況發生呢？那時日曆的變化並不明顯，您是否認為除了復活節之外，休閒市場仍然會保持成長？

Yeah. I would say when I look at -- I think June is healthier than May right now, Robin? And so May, I think, is just kind of a month where I think we don't have to -- I think the group strength at this point. And so I think May is a little bit softer month for us in the quarter, softness in the quarter, and I think June is stronger with some group backdrop and things better leisure profile.

是的。我想說，當我看的時候——我認為六月現在比五月更健康，羅賓？所以我認為，五月是我們不需要──我認為此時的團隊實力。因此，我認為 5 月對我們來說是一個季度較為疲軟的月份，而 6 月由於一些集團背景和更好的休閒狀況會更加強勁。

Okay, great. Thank you.

好的，太好了。謝謝。

Yep.

是的。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Thanks. Good morning. Tom, I wanted to go back to the discussion around capital allocation. Just curios, how you think about pursuing incremental share repurchases relative to perhaps bolstering your liquidity position? Obviously, a more certain economic outlook today and you think about some of the debt maturities coming due next year.

謝謝。早安.湯姆，我想回到有關資本配置的討論。只是好奇，您如何看待增量股票回購，以增強您的流動性狀況？顯然，今天的經濟前景更加確定，你會考慮明年到期的一些債務。

Yeah. Chris, it's a great question. Sean and I spend a lot of time and the team really steady. I mean, obviously, we'd like to the extent possible take proceeds. And if we're buying back stock, we want to do it on a leverage-neutral basis, we clearly want to continue investing back into the core portfolio as we've talked about it and obviously continuing to manage carefully the balance sheet. I mean we've got over $1.2 billion in liquidity.

是的。克里斯，這是一個很好的問題。我和肖恩花了很多時間，團隊真的很穩定。我的意思是，顯然我們希望盡可能地獲取收益。如果我們回購股票，我們希望以槓桿中性的方式進行，我們顯然希望繼續投資於核心投資組合，正如我們已經討論過的那樣，顯然我們會繼續謹慎地管理資產負債表。我的意思是我們有超過 12 億美元的流動資金。

Please keep in mind, obviously, the CMBS loan for Hilton Hawaiian Village matures in November, December of next year. We have a plan and we have optionality. Remember, during the pandemic, we did three bond deals. We pushed out maturities. We paid off all the banks, all the banks made fees.

請記住，希爾頓夏威夷村的 CMBS 貸款顯然將於明年 11 月或 12 月到期。我們有計劃，也有選擇權。請記住，在疫情期間，我們進行了三筆債券交易。我們推遲了到期日。我們還清了所有銀行的債務，所有銀行都收取了費用。

We have great banking relationships. We're not reliant on the banks and we are carefully studying it. And you'll see significant progress made on that maturity this year, and we're confident that we'll get it addressed. So no fear or concern from that standpoint.

我們與銀行有著良好的關係。我們不依賴銀行，我們正在仔細研究它。您將會看到今年這項成熟度取得了重大進展，我們有信心能夠解決這個問題。因此從這個角度來看，沒有什麼恐懼或擔憂。

Having said that, when you're trading at this kind of pricing, we certainly think buying back stock at these levels is certainly among the best investment decisions that we can make and buying back into this core portfolio at this kind of pricing. So it's a balancing act. I think we've demonstrated it, and we'll be careful and thoughtful about it. (technical difficulty)

話雖如此，當你以這種價格進行交易時，我們當然認為以這種水平回購股票肯定是我們可以做出的最佳投資決策之一，並以這種價格回購到這個核心投資組合中。所以這是一個平衡行為。我認為我們已經證明了這一點，我們會謹慎而深思熟慮地對待它。（技術難度）

All right. Thank you.

好的。謝謝。

Dany Asad, Bank of America.

丹尼·阿薩德，美國銀行。

Hi, good morning everybody. So maybe one more question on leader if you don't mind. Are you seeing any different patterns of behavior from your consumers staying at your higher-end properties relative to non-luxury resorts?

嗨，大家早安。如果您不介意的話，也許我還可以再問一個關於領導的問題。相對於非豪華度假村，您是否發現入住高級飯店的消費者的行為模式有何不同？

Not in particular, Dany. I mean, clearly, you certainly see better pricing out of the luxury side. You're certainly seeing places like Hawaiian Village, where we're opening up channels to obviously drive more volume there to guys were trying to recover, which is attracting a little more of a discount leisure. But I think outside of that, I don't think the patterns have really changed much and the behavior.

不是特別，丹妮。我的意思是，顯然，你肯定會看到奢侈品方面的定價更優惠。您肯定會看到像夏威夷村這樣的地方，我們正在開闢管道，顯然是為了推動那裡的更多業務量，讓人們試圖恢復，這吸引了更多的折扣休閒活動。但我認為除此之外，模式和行為並沒有太大的改變。

Okay. And then one more, just your non-rooms revenue grew about 200 basis points ahead of RevPAR for the quarter. Was there anything unique to Q1 that would drive this? And just how should we think about RevPAR versus out-of-room spend for the balance of the year with the updated outlook?

好的。再說一次，本季您的非客房收入比 RevPAR 高出約 200 個基點。Q1 有什麼獨特之處可以推動這股趨勢嗎？那麼，根據更新後的展望，我們該如何看待今年餘下的 RevPAR 與客房外支出呢？

Yeah. We had some strong group catering contribution, up 9% in Q1. I think as we think about the contribution to overall RevPAR about -- I'd say about 500 basis points to 100 basis points added to RevPAR. As you think -- as we discussed, group pace a little bit weaker as we go into Q3.

是的。我們對團體餐飲的貢獻很大，第一季成長了 9%。我認為，當我們考慮對整體 RevPAR 的貢獻時——我會說 RevPAR 增加了大約 500 個基點到 100 個基點。正如您所想的 - 正如我們所討論的，進入第三季度時，集團步伐會稍微弱一些。

So I think what's driving overall for the year though, and a little bit of strength, certainly in Q1 is just the mix between in-house -- kind of corporate in-house and convention has shifted more in the favor of in-house group this year. So you're just going to get better F&B production on the catering side.

因此，我認為，推動今年整體發展的因素，以及第一季的一些優勢，就是內部活動和會議之間的混合——今年，企業內部活動和會議活動更傾向於內部活動。因此，您將在餐飲方面獲得更好的餐飲產量。

Obviously, with convention business, you're just probably mostly getting room blocks off of that, and they're eating elsewhere. So I think that's kind of a dramatic -- more of a significant shift for us this year.

顯然，對於會議業務來說，你可能主要只是從中獲得房間，而他們會去其他地方吃飯。所以我認為這對我們來說是一次戲劇性的——更重大的轉變。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

We really appreciate everybody taking time today, and we look forward to seeing you all at upcoming conferences.

我們非常感謝大家今天抽出時間，我們期待在即將舉行的會議上見到大家。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。