Park Hotels & Resorts Inc (PK) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Park Hotels & Resorts second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ian Weissman, Senior Vice President of Corporate Communications. Thank you. You may begin.

您好，歡迎參加 Park Hotels & Resorts 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，企業傳播資深副總裁 Ian Weissman。謝謝。你可以開始了。

Thank you, operator, and welcome, everyone, to the Park Hotels & Resorts second-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. 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.

謝謝接線員，歡迎大家參加 Park Hotels & Resorts 2025 年第二季財報電話會議。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。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 yesterday's earnings release as well as in our 8-K filed with the SEC and the supplemental financial information available on our website at pkhotelsandresorts.com. Additionally, unless otherwise stated, all operating results will be presented on a comparable hotel basis.

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。您可以在昨日的收益報告中、我們提交給美國證券交易委員會 (SEC) 的 8-K 表格以及我們網站 pkhotelsandresorts.com 上的補充財務信息中找到這些信息以及與最直接可比較的 GAAP 財務指標的對賬表。此外，除非另有說明，所有營運業績均以可比較飯店為基礎。

This morning, Tom Baltimore, our Chairman and Chief Executive Officer, will provide a review of Park's second quarter performance and strategic initiatives as well as provide an update to our 2025 outlook. Sean Dell'Orto, our Chief Financial Officer, will provide additional color on second quarter results, an update on our balance sheet and 2025 guidance. Following our prepared remarks, we will open the call for questions.

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 的第二季業績和策略舉措，並更新我們的 2025 年展望。我們的財務長 Sean Dell'Orto 將提供有關第二季度業績的更多詳情、我們的資產負債表更新以及 2025 年指引。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. Overall, I was very encouraged by our second-quarter results, driven by continued outperformance from recently completed ROI projects, disciplined cost controls across the portfolio and steady progress on our strategic initiatives. Q2 RevPAR was relatively flat year-over-year when excluding the Royal Palms South Beach in Miami, which suspended operations in mid-May for a transformative renovation and repositioning.

謝謝你，伊恩，歡迎大家。總體而言，我對我們第二季度的業績感到非常鼓舞，這得益於最近完成的投資回報項目持續優異的表現、整個投資組合嚴格的成本控制以及我們戰略計劃的穩步進展。若不計邁阿密南海灘皇家棕櫚酒店 (Royal Palms South Beach)，第二季度每間可用客房收入 (RevPAR) 與去年同期相比基本持平，該酒店於 5 月中旬暫停運營，進行改造和重新定位。

Performance was led by strength in several of our resort markets, including Orlando, Key West and Puerto Rico as well as continued improvement in business travel, which drove solid results in urban markets such as New York, San Francisco, Denver and Boston. An aggressive asset management strategy is 1 of our 3 guiding principles, and I am incredibly proud of the efforts by our team and our operating partners to drive effective expense controls across our portfolio, resulting in total expense growth of just 40 basis points for the quarter or just 1% when excluding Royal Palm South Beach, marking the second consecutive quarter in which expenses grew by approximately 1% or less.

業績表現主要得益於奧蘭多、基韋斯特和波多黎各等多個度假市場的強勁表現，以及商務旅行的持續改善，這推動了紐約、舊金山、丹佛和波士頓等城市市場的穩健業績。積極的資產管理策略是我們的三大指導原則之一，我為我們的團隊和營運合作夥伴為推動整個投資組合的有效費用控制所做的努力感到無比自豪，這使得本季度的總費用僅增長 40 個基點，若不包括皇家棕櫚南灘，則僅為 1%，這是連續第二個季度費用約為 1% 或更低。

Looking ahead to the remainder of the year, we expect continued low expense growth, driven by cost savings identified through our deep dive analysis and the cost structures in the first half of the year, in addition to the benefits of a sector-leading 25% reduction in property insurance premiums, which will result in an incremental $5 million in savings through year-end.

展望今年剩餘時間，我們預計費用增長將繼續保持低位，這得益於我們透過深入分析和上半年成本結構確定的成本節約，此外還有行業領先的財產保險費降低 25% 的好處，到年底將帶來 500 萬美元的增量節省。

From a capital allocation standpoint, we made meaningful progress toward our goal of $300 million to $400 million in noncore dispositions with the sale of the Hyatt Centric Fisherman's Wharf for $80 million at an impressive multiple of 64x 2024 EBITDA, demonstrating the underlying real estate value supported in the private markets.

從資本配置的角度來看，我們以 8000 萬美元的價格出售了漁人碼頭凱悅尚萃酒店，達到了 2024 年 EBITDA 的 64 倍，這體現了私人市場對潛在房地產價值的支持，朝著 3 億至 4 億美元的非核心資產配置目標邁出了有意義的進展。

While the transaction market remains challenging, we are actively engaged in discussions with potential buyers for several noncore assets, and we remain laser-focused on achieving our target by year-end. As a reminder, our strategic initiative to dispose of our remaining 18 noncore hotels is expected to meaningfully enhance the overall quality and long-term growth profile of the company.

儘管交易市場仍然充滿挑戰，但我們正積極與幾項非核心資產的潛在買家進行討論，並將繼續專注於在年底前實現我們的目標。提醒一下，我們處置剩餘 18 家非核心飯店的策略性舉措預計將顯著提高公司的整體品質和長期成長前景。

In line with our strategic priorities, we made the decision to close the 266 room Embassy Suites Kansas City Plaza Hotel by the end of September as the asset is projected to achieve just $73 in 2025 RevPAR and generate very little EBITDA. In connection with the hotel closure, we recently agreed to an early termination of the hotel ground lease, which was set to expire in January 2026.

根據我們的策略重點，我們決定在 9 月底之前關閉擁有 266 間客房的堪薩斯城廣場大使套房飯店，因為預計該資產 2025 年的 RevPAR 僅為 73 美元，且產生的 EBITDA 非常少。由於飯店關閉，我們最近同意提前終止飯店土地租賃，該租賃原定於 2026 年 1 月到期。

We also made the decision to exit 2 additional noncore hotels, the DoubleTree Seattle Airport and DoubleTree Sonoma, both of which are subject to a ground lease that will terminate at the end of this year, at which time the properties will revert to the landlord. Removal of these assets will materially enhance the quality of our portfolio, increasing nominal RevPAR by over $5 and margins by nearly 70 basis points, and bring us closer to our core portfolio of 20 consolidated hotels, which represents approximately 90% of the value of our portfolio.

我們還決定退出另外兩家非核心酒店，即西雅圖機場逸林酒店和索諾瑪逸林酒店，這兩家酒店的土地租賃合約將於今年年底終止，屆時酒店物業將歸還給房東。移除這些資產將顯著提高我們投資組合的質量，使名義每間可用客房收入增加 5 美元以上，利潤率提高近 70 個基點，並使我們更接近 20 家合併酒店的核心投資組合，這約占我們投資組合價值的 90%。

This core portfolio remains among the highest quality in the sector, with an average RevPAR of nearly $215 and EBITDA per key exceeding $40,000 based on 2024 performance adjusted for last year's strike disruption. Looking ahead, we expect the core portfolio to outperform the forecasted US average RevPAR growth in the coming years.

這項核心投資組合仍是業界品質最高的，根據 2024 年業績（根據去年罷工影響進行調整）計算，平均 RevPAR 接近 215 美元，每間客房 EBITDA 超過 40,000 美元。展望未來，我們預計核心投資組合在未來幾年的表現將超過預測的美國平均每間可用客房收入 (RevPAR) 成長。

With respect to capital investments, during the second quarter, we commenced the comprehensive renovation project at our Royal Palm South Beach Resort, which we expect will generate returns of 15% to 20% on our $103 million investment, with the hotel's EBITDA expected to double to nearly $28 million once stabilized. Our in-house design and construction team is working diligently to ensure the hotel opens in Q2 of next year, ahead of the 2026 World Cup, during which Miami is scheduled to host 7 matches in June and July.

在資本投資方面，第二季度，我們啟動了皇家棕櫚南灘度假村的全面翻新工程，預計該工程將為我們 1.03 億美元的投資帶來 15% 至 20% 的回報，一旦穩定下來，酒店的 EBITDA 預計將翻一番，達到近 2800 萬美元。我們的內部設計和施工團隊正在努力工作，以確保酒店在明年第二季度開業，以趕上 2026 年世界杯，邁阿密計劃在 6 月和 7 月舉辦 7 場比賽。

Additionally, we expect to launch the final phases of room renovation projects for 2 of our rooms towers in Hawaii this month at Hilton Hawaiian Village. The second and final phase will encompass a full renovation of the remaining 404 guestrooms in the iconic Rainbow Tower and the addition of 14 new guest rooms with a total investment of $48 million. At the Hilton Waikoloa Village, this $36 million phase will fully renovate the remaining 203 guestrooms in the Palace Tower and add 8 new guestrooms. We expect both projects to be completed in early Q1 of next year.

此外，我們預計本月將啟動希爾頓夏威夷村兩棟客房大樓的客房裝修工程的最後階段。第二階段也是最後階段將對標誌性的彩虹塔剩餘的 404 間客房進行全面翻新，並增加 14 間新客房，總投資額為 4800 萬美元。在希爾頓威可洛亞度假村，這一耗資 3,600 萬美元的階段將全面翻新宮殿塔樓剩餘的 203 間客房，並增加 8 間新客房。我們預計這兩個項目將於明年第一季初完工。

Finally, at the Hilton New Orleans Riverside, we are currently underway with the second phase of a 3-phase renovation project, investing $31 million to upgrade an additional 428 guestrooms in the main tower, while the remaining 489 guestrooms of the 1,167 room tower are scheduled for renovation in 2026.

最後，在新奧爾良河畔希爾頓酒店，我們目前正在進行三期翻新工程的第二階段，投資 3,100 萬美元升級主樓的另外 428 間客房，而 1,167 間客房的塔樓剩餘的 489 間客房計劃於 2026 年進行翻新。

I'm very excited about the investments we've made in our core portfolio as we continue to enhance asset quality and strategically allocate capital to maximize long-term shareholder value. We are confident that reinvesting in our portfolio is the highest and best use of our capital, positioning us for sustained growth and outperformance. Since 2018, Park will have invested more than $1.4 billion in our core 20 consolidated hotels through 2025, upgrading nearly 8,000 guestrooms and fully repositioning several of our most iconic hotels.

我對我們在核心投資組合中所做的投資感到非常興奮，因為我們將繼續提高資產品質並策略性地配置資本，以最大化長期股東價值。我們相信，對我們的投資組合進行再投資是我們資本的最高和最佳利用方式，使我們能夠實現持續成長和優異表現。自 2018 年以來，Park 將在 2025 年前對我們旗下 20 家核心酒店投資超過 14 億美元，升級近 8,000 間客房，並全面重新定位我們幾家最具標誌性的酒店。

Turning to operations. We witnessed continued strength in Orlando with our Bonnet Creek complex delivering record-setting revenue for the second quarter. RevPAR for the complex exceeded expectations, increasing nearly 12% year-over-year, with strong transient demand driven by a surge in advance purchase activity and enhanced commercial strategies. The Waldorf Astoria was particularly strong, reporting a 24% increase in RevPAR year-over-year as demand improved for both group and transient segments, each posting approximately 20% growth compared to last year.

轉向營運。我們見證了奧蘭多持續強勁的成長勢頭，我們的 Bonnet Creek 綜合設施在第二季度創造了創紀錄的收入。該綜合酒店的 RevPAR 超出預期，年增近 12%，預購活動激增和商業策略增強推動了強勁的臨時需求。華爾道夫酒店表現尤為強勁，其每間可用客房收入 (RevPAR) 同比增長 24%，原因是團體和短期旅客的需求均有所改善，與去年相比均增長了約 20%。

Notably, this quarter marked the 15th consecutive quarter of year-over-year group revenue outperformance at the complex. I'm also pleased to share that the Waldorf Astoria Orlando was recently recognized in Travel and Leisure's 2025 World's Best Awards as the Fourth Best Resort in Florida and the top-ranked resort within the Orlando market.

值得注意的是，本季已是該集團收入連續第 15 個季度超過去年同期。我也很高興告訴大家，奧蘭多華爾道夫酒店最近在《旅遊休閒》雜誌的 2025 年全球最佳獎項中被評為佛羅裡達州第四佳度假村，也是奧蘭多市場排名第一的度假村。

Looking ahead, both transient and group demand remained strong at the complex, which is expected to deliver high single-digit RevPAR growth throughout the remainder of the year. Overall results at the Bonnet Creek complex have exceeded our underwriting expectations, with 2025 EBITDA now forecasted to be well over $90 million and nearly 40% above prior peak, further validating our strategy to invest in our core assets. Turning to Key West, our Casa Marina resort reported a nearly 4% year-over-year increase in RevPAR during the quarter, with transient occupancy increasing by over 20% as the hotel continues its position as one of Key West's premier hotels.

展望未來，該酒店集團的短期和團體需求均保持強勁，預計今年剩餘時間內每間可用客房收入 (RevPAR) 將實現高個位數成長。Bonnet Creek 綜合設施的整體業績超出了我們的承保預期，預計 2025 年 EBITDA 將遠超 9000 萬美元，比之前的峰值高出近 40%，進一步驗證了我們投資核心資產的戰略。談到基韋斯特，我們的 Casa Marina 度假村報告本季 RevPAR 年成長近 4%，短期入住率成長超過 20%，飯店繼續保持基韋斯特頂級飯店之一的地位。

Food and beverage outlet and ancillary revenue outperformed last year by 8% during the quarter, resulting from the increased transient volume and the newly added El Dorado restaurant that opened in Q3 of 2024. Notably, total food and beverage revenue for our Key West hotels reached a new Q2 record. Looking ahead to the second half of the year, we expect continued strong performance at both hotels, driven by sustained transient room demand and food and beverage activity with total RevPAR projected to grow high single digits over last year.

本季餐飲店及輔助收入比去年同期高出 8%，這得益於客流量的增加以及 2024 年第三季新開業的 El Dorado 餐廳。值得注意的是，我們基韋斯特酒店的餐飲總收入創下了第二季的新紀錄。展望下半年，我們預計這兩家酒店將繼續保持強勁表現，受持續的臨時客房需求和餐飲活動的推動，預計總 RevPAR 將比去年同期增長高出個位數。

In Puerto Rico, strong leisure and business transient demand drove a nearly 18% increase in RevPAR for the quarter compared to last year. Consistently high occupancy contributed to Caribe Hilton outperforming its comp set and delivering a RevPAR index of 120%, a positive trend we expect to continue, leading to mid- to upper single-digit RevPAR growth expected for the back half of the year.

在波多黎各，強勁的休閒和商務短期需求推動本季的每間可用客房收入較去年同期成長了近 18%。持續的高入住率使 Caribe Hilton 的業績超越其競爭對手，並實現了 120% 的 RevPAR 指數，我們預計這一積極趨勢將持續下去，從而預計今年下半年 RevPAR 將實現中上個位數的增長。

In our urban portfolio, we were particularly pleased with the ongoing strength of business travel during the second quarter, which contributed to solid RevPAR growth in New York, San Francisco, Denver and Boston. At our JW Marriott Hotel in San Francisco, RevPAR growth exceeded 17%, driven by solid transient and group demand as the city benefited from an increase in convention room nights during the quarter.

在我們的城市投資組合中，我們對第二季度商務旅行的持續強勁增長感到特別高興，這促進了紐約、舊金山、丹佛和波士頓的每間可用客房收入 (RevPAR) 的穩步增長。在我們位於舊金山的 JW 萬豪酒店，RevPAR 增幅超過 17%，這得益於本季度該市會議室晚數增加，以及強勁的短期和團體需求。

In New York, our Hilton Midtown hotel delivered a nearly 10% RevPAR increase during the quarter, supported by a 16% increase in group revenue and a more than 11% increase in leisure revenue, both of which helped to drive a nearly 230 basis point increase in RevPAR index during the quarter.

在紐約，我們的希爾頓中城酒店本季的 RevPAR 增長了近 10%，這得益於集團收入增長了 16%，休閒收入增長了 11% 以上，這兩項因素共同推動了本季度 RevPAR 指數增長了近 230 個基點。

In Denver, RevPAR growth at our Hilton Denver hotel exceeded 6% during the quarter, fueled by strong performance across both group and leisure segments. Meanwhile, in Boston, an over 22% increase in leisure revenue contributed to a 5% RevPAR gain at our Hyatt Regency Hotel.

在丹佛，本季希爾頓丹佛酒店的 RevPAR 成長率超過 6%，這得益於團體和休閒部門的強勁表現。同時，在波士頓，休閒收入成長超過 22%，推動凱悅酒店的 RevPAR 成長 5%。

Turning to Hawaii. While we continue to face some near-term headwinds, we are encouraged by the sequential improvement we are seeing, especially at our Hilton Hawaiian Village, even as inbound international travel has not fully recovered. Combined RevPAR at our 2 properties declined by approximately 12% during the quarter with Hawaii continuing to be impacted by weaker inbound travel from abroad.

轉向夏威夷。雖然我們繼續面臨一些短期阻力，但我們對所看到的連續改善感到鼓舞，尤其是在我們的希爾頓夏威夷村，儘管入境國際旅行尚未完全恢復。本季度，我們兩家酒店的 RevPAR 總計下降了約 12%，夏威夷繼續受到海外入境旅遊疲軟的影響。

With respect to Hilton Hawaiian Village, the resort continues to recover from the Q4 labor strike last year. However, we are encouraged by the hotel's continual improvement in market share, regaining over 1,600 basis points since the beginning of the year and exceeding full share since May.

就希爾頓夏威夷度假村而言，該度假村繼續從去年第四季的罷工中恢復。然而，我們對酒店的市場份額持續提高感到鼓舞，自年初以來已重新獲得超過 1,600 個基點，並自 5 月份以來超過了全部份額。

Looking ahead in the near term, we expect the sequential recovery for Hilton Hawaiian Village to continue, evidenced by a strong forecast for July that had occupancy over 90% and RevPAR index above pre-strike levels. However, this momentum is expected to be offset by Hilton Waikoloa's weakest quarter of the year, producing a combined RevPAR decline that is expected to be slightly better than Q2.

展望短期，我們預計希爾頓夏威夷村的連續復甦將持續，7 月的強勁預測證明了這一點，入住率超過 90%，RevPAR 指數高於罷工前的水平。不過，這一勢頭預計將被希爾頓威可洛亞酒店今年最疲軟的一個季度所抵消，預計合併後每間可用客房收入 (RevPAR) 的下降幅度將略好於第二季度。

Beyond Q3, performance in Hawaii is expected to accelerate meaningfully in the fourth quarter as Hilton Hawaiian Village laps the labor strike disruption from last year that drove RevPAR down over 25% in 2024. In addition, combined group pace across our 2 Hawaii resorts is forecasted to increase by nearly 50% which we expect will translate into high teens combined RevPAR growth during Q4.

除了第三季之外，夏威夷的業績預計將在第四季度大幅加速，因為希爾頓夏威夷度假村克服了去年罷工造成的混亂，導致 2024 年 RevPAR 下降了 25% 以上。此外，我們兩家夏威夷度假村的綜合集團成長率預計將成長近 50%，我們預計這將轉化為第四季綜合 RevPAR 成長率達到 15% 左右。

Looking ahead, the long-term outlook for Hawaii remains very favorable, supported by very limited new supply expected through at least 2030 and the anticipated improvement of inbound travel from abroad. In our opinion, Hawaii is one of the most dynamic and resilient resort markets in the country with less supply growth forecasted versus any other US market and with over 3,500 fee simple guestrooms at a huge discount to replacement cost, Park remains well positioned to deliver above-average long-term growth for shareholders.

展望未來，夏威夷的長期前景仍然非常樂觀，這得益於至少到 2030 年預計新增供應量非常有限以及預計海外入境旅遊將有所改善。我們認為，夏威夷是美國最具活力和韌性的度假市場之一，預計供應增長低於其他任何美國市場，並且擁有超過 3,500 間完全產權客房，且價格遠低於重置成本，Park 仍能為股東帶來高於平均水平的長期增長。

And finally, I am pleased to report that neither of our Hawaii hotels sustained any damage following the 8.8 magnitude earthquake off the Russian coast on Wednesday and subsequent tsunami alerts throughout the Pacific Ocean. With respect to fundamentals over the back half of the year, the outlook remains mixed as the ongoing uncertainty around tariffs, elevated inflation and geopolitical issues are expected to continue weighing on travel demand during the third quarter, while easier comps and improved group travel will help to support strong trends during Q4.

最後，我很高興地報告，在俄羅斯海岸週三發生 8.8 級地震以及隨後整個太平洋發出海嘯警報之後，我們位於夏威夷的兩家酒店均未受到任何損壞。就今年下半年的基本面而言，前景依然喜憂參半，因為圍繞關稅、通膨加劇和地緣政治問題的持續不確定性預計將在第三季度繼續對旅遊需求造成壓力，而更容易的同店銷售和更好的團體旅遊將有助於支撐第四季度的強勁趨勢。

Overall, July results have been modestly weaker than expected with preliminary RevPAR declining by approximately 4% when you include the nearly 130 basis points of renovation disruption at the Royal Palm South Beach. Recent trends are persisting with continued strength in Orlando, Key West and New York City, offset by modestly softer-than-expected results in Hawaii and Southern California. Based on our current forecast, Q3 RevPAR is expected to decline by approximately 4% to 5%.

總體而言，7 月份業績略低於預期，如果將皇家棕櫚南灘酒店裝修工程造成的近 130 個基點的損失計算在內，初步 RevPAR 下降了約 4%。最近的趨勢仍在持續，奧蘭多、基韋斯特和紐約市繼續保持強勁勢頭，但夏威夷和南加州的業績略低於預期。根據我們目前的預測，第三季 RevPAR 預計將下降約 4% 至 5%。

Our revised forecast reflects softer-than-anticipated group demand with group pace lower by 380 basis points to down 14%, our weakest quarter of the year, coupled with softer leisure transient demand forecasted for Q3, mainly due to heightened economic uncertainty, reduction in government demand and weaker inbound international visitation. We expect a significant improvement during the fourth quarter with group revenue pace increasing 18%, which when combined with significantly easier year-over-year comparisons, we expect RevPAR growth to reaccelerate to 3% to 5% in the fourth quarter. Overall, the improvement is relatively broad-based with outsized gains expected for Hawaii, Denver, Orlando, Key West, Boston, Seattle and Chicago.

我們修改後的預測反映出團體需求弱於預期，團體需求下降 380 個基點至 14%，這是我們今年最疲軟的一個季度，再加上預計第三季度休閒短期需求也將疲軟，這主要是由於經濟不確定性加劇、政府需求減少以及入境國際遊客減少。我們預計第四季將出現顯著改善，集團營收將成長 18%，再加上同比大幅下降的趨勢，我們預計第四季 RevPAR 成長率將重新加速至 3% 至 5%。總體而言，這種改善是相對廣泛的，夏威夷、丹佛、奧蘭多、基韋斯特、波士頓、西雅圖和芝加哥預計將有大幅成長。

Additionally, we remain laser-focused on our strategic objectives of reshaping the portfolio through reinvestments in our iconic portfolio to drive long-term value for shareholders, executing noncore asset dispositions and further strengthening our balance sheet by extending maturities and reducing leverage over time. These priorities keep us focused on what we can control and position us to navigate near-term volatility while building a stronger, more resilient platform for sustainable long-term growth. And with that, I'd like to turn the call over to Sean.

此外，我們仍然專注於我們的策略目標，即透過對我們的標誌性投資組合進行再投資來重塑投資組合，為股東創造長期價值，執行非核心資產處置，並透過延長期限和降低槓桿率來進一步加強我們的資產負債表。這些優先事項使我們專注於我們能夠控制的事情，並使我們能夠應對短期波動，同時為可持續的長期成長建立更強大、更有彈性的平台。說完這些，我想把電話轉給肖恩。

Thanks, Tom. Q2 RevPAR was largely in line with expectations with reported results of $196, representing a 160 basis point decline over the prior year period. However, excluding our Hilton Hawaiian Village Hotel, which continues to recover from last year's labor strike and the Royal Palm South Beach, which suspended operations in May for a full-scale renovation, year-over-year RevPAR growth would have exceeded 2% as these 2 properties together accounted for a 375 basis point drag on portfolio performance.

謝謝，湯姆。第二季的 RevPAR 基本上符合預期，報告結果為 196 美元，比去年同期下降了 160 個基點。然而，如果不包括希爾頓夏威夷鄉村酒店（該酒店仍在從去年的罷工中恢復）和皇家棕櫚南灘酒店（該酒店於 5 月份暫停運營以進行全面翻修），RevPAR 同比增長將超過 2%，因為這兩家酒店合計對投資組合業績造成了 375 個基點的拖累。

Total hotel revenues for the quarter were $645 million and hotel adjusted EBITDA was $191 million, resulting in hotel adjusted EBITDA margin of 29.6%. Adjusted EBITDA for the quarter was $183 million and adjusted FFO per share was $0.64, both exceeding expectations.

本季飯店總收入為 6.45 億美元，飯店調整後 EBITDA 為 1.91 億美元，飯店調整後 EBITDA 利潤率為 29.6%。本季調整後的 EBITDA 為 1.83 億美元，調整後的每股 FFO 為 0.64 美元，皆超出預期。

Turning to the balance sheet. We are actively working to address our 2026 debt maturities, including the $1.275 billion CMBS loan on our Hilton Hawaiian Village Resort and the $123 million mortgage loan on our Hyatt Regency Boston Hotel. With our strategic priorities in mind, we remain focused on solutions that offer near-term commitments that maximize optionality and minimize cost, and we're currently in the middle of a process to secure the debt and liquidity sufficient to address the $1.4 billion outstanding and reasonably confident we will complete a transaction in the third quarter.

轉向資產負債表。我們正在積極努力解決 2026 年到期的債務，包括希爾頓夏威夷度假村的 12.75 億美元 CMBS 貸款和波士頓凱悅酒店的 1.23 億美元抵押貸款。考慮到我們的戰略重點，我們仍然專注於提供短期承諾的解決方案，以最大限度地提高可選性和最大限度地降低成本，我們目前正處於確保足夠的債務和流動性以解決 14 億美元未償還債務的過程中，並且我們有信心在第三季度完成交易。

With respect to our dividend, on July 15, we paid our second quarter cash dividend of $0.25 per share and on July 25, we declared a third quarter cash dividend of $0.25 per share to be paid on October 15 to stockholders of record as of September 30. The dividend currently translates to an annualized yield of approximately 9%.

關於我們的股息，7 月 15 日，我們支付了每股 0.25 美元的第二季度現金股息，7 月 25 日，我們宣布將於 10 月 15 日向截至 9 月 30 日登記在冊的股東支付每股 0.25 美元的第三季度現金股息。目前股息的年化報酬率約為 9%。

Turning to guidance. Given some of the near-term headwinds Tom discussed earlier, we are lowering our full year RevPAR forecast by 150 basis points at the midpoint to a new range of negative 2% to flat growth or essentially flat at the midpoint when excluding the Royal Palm South Beach. With respect to earnings, we are increasing our adjusted EBITDA forecast by $2 million at the midpoint to $620 million within a tightened range of $595 million to $645 million, resulting from the improved outlook for annual expense growth that Tom alluded to earlier, helping to offset the softer top line expectations.

轉向指導。考慮到湯姆之前討論過的一些近期不利因素，我們將全年 RevPAR 預測中值下調了 150 個基點，降至新的範圍：-2% 至持平增長，或不包括皇家棕櫚南灘酒店時中值基本持平。就獲利而言，我們將調整後的 EBITDA 預測中位數上調 200 萬美元，至 6.2 億美元，範圍收窄至 5.95 億美元至 6.45 億美元，這是由於湯姆先前提到的年度支出成長前景改善，有助於抵消較弱的營收預期。

As a result, hotel adjusted EBITDA margin range is now 26.1% to 27.5% or an increase of 30 basis points at the midpoint versus our prior guidance range. And finally, adjusted FFO per share increases by $0.01 at the midpoint to $1.95 with a range of $1.82 to $2.08 per share.

因此，飯店調整後的 EBITDA 利潤率範圍現在為 26.1% 至 27.5%，與我們先前的指導範圍相比，中間值增加了 30 個基點。最後，調整後的每股 FFO 中點增加 0.01 美元至 1.95 美元，範圍為每股 1.82 美元至 2.08 美元。

Finally, I wanted to provide a brief update on the status of the 2 San Francisco hotels, which have been in receivership since October 2023. After a 2-year process, I'm very pleased to report that the receiver has made substantial progress toward the sale of the 2 hotels with the purchase and sale agreement recently signed and closing expected by October 29. This concludes our prepared remarks. We will now open the line for Q&A. Operator, may we have the first question, please?

最後，我想簡單介紹一下舊金山這兩家飯店的現狀，這兩家飯店自 2023 年 10 月起就已進入破產管理程序。經過兩年的努力，我很高興地報告，接管人在出售這兩家酒店方面取得了實質進展，買賣協議最近簽署，預計將於 10 月 29 日完成。我們的準備好的演講到此結束。我們現在將開通問答熱線。接線員，我們可以問第一個問題嗎？

(Operator Instructions) Smedes Rose, Citi.

（操作員指示）Smedes Rose，花旗。

I wanted to ask you a little bit on your -- the guidance bridge. Looking at the first quarter kind of comp, that guidance for hotels versus the second quarter. It looks like the decline in revenues is almost offset kind of 1 for 1 on the expense side, which seemed kind of aggressive. And I'm just wondering if you could sort of talk to that a little bit or maybe the same-store pool is a little bit different for the first quarter versus the second quarter in your guidance? That's my first question.

我想問您一些有關引導橋的問題。看看第一季與第二季相比飯店的業績指引。看起來收入的下降幾乎被支出的下降一比一抵消了，這似乎有點激進。我只是想知道您是否可以稍微談談這個問題，或者在您的指導中，第一季和第二季的同店銷售額是否略有不同？這是我的第一個問題。

Yes. Smedes, this is Sean. I'll address that. I mean, first and foremost, I think one thing that we -- it's not the only -- you're not the only one to ask that question. And I guess when looking at the first quarter guidance relative to second quarter. In between that, we sold Fisherman's Wharf. So there's an adjustment that needs to be made for that. I won't get into all the details there, but you can talk with Ian and Zach on that one.

是的。斯梅德斯，這是肖恩。我會解決這個問題。我的意思是，首先，我認為有一件事——這不是唯一的——你不是唯一一個問這個問題的人。我想，當我們查看第一季相對於第二季的指導時。在此期間，我們出售了漁人碼頭。因此需要對此做出調整。我不會講到所有細節，但你可以和 Ian 和 Zach 討論這個問題。

But I think it goes back to what Tom mentioned in his prepared remarks around the cost savings that we produced here. I mean it comes back to his comment around our aggressive asset management being a guiding principle. I think a couple of things happened over the last several months, one in particular from our asset management team side. They work together with our operators, both kind of corporate level and on property, working with them on site over a dozen properties over the last several months, just kind of doing a deep dive looking at revenue strategies, finding ways to increase non-room revenues and ultimately reducing cost across just about every line item you can find in the properties.

但我認為這又回到了湯姆在準備好的演講中提到的我們在這裡實現的成本節約。我的意思是，這又回到了他關於我們積極的資產管理作為指導原則的評論。我認為過去幾個月發生了幾件事，其中一件尤其發生在我們的資產管理團隊方面。他們與我們的營運商（包括公司層面和酒店層面）合作，在過去幾個月與他們在十幾處酒店現場合作，深入研究收入策略，尋找增加非客房收入的方法，並最終降低酒店中幾乎所有項目的成本。

And so with all that work, which has gone over the last couple of months, I would say we've looked to produce about a $10 million benefit to [GLP]. So that's been very productive there, and kudos to all the efforts they've done there for us. And we've got another group of hotels we're looking to do in Q3, kind of ongoing right now through July and into August.

因此，透過過去幾個月的努力，我想說，我們希望為[良好實驗室規範]。所以這非常富有成效，我們對他們為我們所做的一切努力表示讚賞。我們還有另一組酒店計劃在第三季開業，目前這項計劃將持續到七月和八月。

Also, we progressively -- our teams on the tax side aggressively pursue appeals, and we certainly benefited from a few wins over the last quarter or so. It certainly wasn't part of our guidance before. We took a $5 million benefit in Q2, and we've also got the benefit of about $2.5 million of savings in the back half of the year against what we accrued against proper taxes previously.

此外，我們的稅務團隊也在積極地進行上訴，並且在過去一個季度左右取得了一些勝利，這無疑為我們帶來了好處。這當然不是我們之前的指導內容。我們在第二季度獲得了 500 萬美元的收益，並且在今年下半年，我們還獲得了約 250 萬美元的節省收益，這些節省是針對我們之前累積的適當稅收而言的。

And then finally, we often talk to about our best-in-class risk management program and how we put a lot of emphasis on protecting our assets. We have first responder programs or first responders were assigned each property, trained along with our property operator teams to prepare for situations like hurricanes, wire leaks, et cetera. We also invest in technology to protect both the inside and outside the hotels. We make investments to harden the assets in coastal areas. And all this work and effort gets acknowledged by our insurance carriers.

最後，我們經常談論我們一流的風險管理計劃以及我們如何重視保護我們的資產。我們為每個物業配備了急救人員計劃或急救人員，並與我們的物業營運團隊一起接受培訓，以應對颶風、電線洩漏等情況。我們也投資科技來保護酒店的內部和外部。我們進行投資，鞏固沿海地區的資產。所有這些工作和努力都得到了我們保險公司的認可。

And so with our last renewal on June 1, we saw a decrease by 25% of our annual premiums. And so that gives us a benefit of $1 million roughly in Q2 and then another $5 million in the back half of the year. So when you put all that together, it's about $24 million of kind of bottom line benefits we've derived from all the efforts that we undertook over the last several months. I think that's how you see kind of the good flow-through pattern you're seeing.

因此，隨著我們 6 月 1 日最後一次續保，我們的年度保費下降了 25%。因此，這為我們帶來了大約 100 萬美元的利潤，並在下半年獲得了另外 500 萬美元的利潤。所以，如果把所有這些加在一起，我們透過過去幾個月所做的所有努力獲得了大約 2400 萬美元的底線收益。我認為這就是您所看到的良好流通模式。

Okay. All right. And then I guess I just wanted to ask you a little bit -- yes, go ahead, sorry.

好的。好的。然後我想我只是想問你一點——是的，請問，抱歉。

Smedes, this is Tom. I just wanted to -- just another shout out to really Sean and to Carl Mayfield, heads of design and construction, and just -- and the team of men and women that work on the insurance side. What they've accomplished over the last several years is nothing short of extraordinary. The discipline and the amount of work we've done on the resiliency. And to get a 25% reduction, there isn't any of our peers even remotely close to that. And furthermore, no one really has the depth of experience for the embedded team internally to be able to work the way that we have.

斯梅德斯，這是湯姆。我只是想再次向設計和施工主管肖恩 (Sean) 和卡爾梅菲爾德 (Carl Mayfield) 以及負責保險方面的全體男女員工致以誠摯的問候。他們在過去幾年中所取得的成就簡直是非凡的。我們在彈性方面所做的紀律和工作量。而要達到 25% 的減量，我們的同行中沒有任何一家能接近這個水準。此外，沒有人真正擁有像我們這樣豐富的經驗，能夠讓嵌入式團隊以我們的方式進行工作。

And I'm really proud and grateful. But I think all of that work in addition to the deep dive on the operating side, and particularly in this challenging environment, really shows I think the strength of the team, and again, going back to one of our guiding principles of being really an aggressive asset manager. So very, very pleased with it, and I think it shows in the results.

我對此感到非常自豪和感激。但我認為，除了在營運方面的深入研究之外，所有這些工作，特別是在這個充滿挑戰的環境中，真正顯示了團隊的實力，再次回到我們的指導原則之一，即成為真正積極的資產管理者。我對此非常非常滿意，而且我認為結果也證明了這一點。

I wanted to ask, you mentioned kind of a slightly weaker third quarter expectations, fourth quarter getting better, partly driven that sounds like some solid group business coming online. Are you seeing a continuation of strength in the group booking side into 2026? And are there any -- particularly in markets where you're seeing relative strength or maybe relative weakness?

我想問一下，您提到第三季的預期略微減弱，而第四季的預期會好轉，部分原因是一些穩健的集團業務正在上線。您是否認為團體預約業務將在 2026 年繼續保持強勁勢頭？是否存在—特別是在您看到相對強勢或相對弱勢的市場中？

Yes. I would say, as we look to '26, I think, probably relatively flat right now. Not unsurprising as we look out to '27, probably up 4% to 5% right now. But key markets in '26 that look particularly strong. Bonnet Creek continues to perform well, that transformation is the gift that keeps giving and probably up 9% or more in '26 there.

是的。我想說，當我們展望 26 年時，我認為現在可能相對穩定。展望 27 年，目前可能上漲 4% 至 5%，這並不奇怪。但 26 年的關鍵市場看起來特別強勁。Bonnet Creek 繼續表現良好，這種轉變是持續給予的禮物，並且 26 年可能會上漲 9% 或更多。

San Diego, up probably 53% in group pace. Chicago, up 11%. Hilton Caribe, I think, up another, up over 40%. Seattle, up double digits. So we continue to see really strong on the group side there. So it's strong there and looks very good as we look out to '27 as well.

聖地牙哥，團體速度大概提高了 53%。芝加哥，上漲11%。我認為希爾頓加勒比酒店又上漲了 40% 以上。西雅圖，上升兩位數。因此，我們繼續看到集團方面表現強勁。因此，它在那裡表現強勁，而且展望 27 年，情況看起來也非常好。

And in fourth quarter, it's particularly strong. We're not seeing any softening at all. Again, third quarter will be tougher, as Sean mentioned, as I had in my prepared remarks, down about 14%. And then obviously, the fourth quarter up about 18% group pace this in the year of 2025.

第四季表現尤為強勁。我們根本沒有看到任何軟化跡象。再一次，第三季將更加艱難，正如肖恩所提到的，正如我在準備好的發言中提到的那樣，下降約 14%。顯然，到 2025 年，第四季的整體成長將達到 18% 左右。

Duane Pfennigwerth, Evercore.

杜安‧芬尼格韋斯 (Duane Pfennigwerth)，Evercore。

This is Peter on for Duane. Sean, could you maybe unpack the comment about the possible refinancing in 3Q? And what sort of options you're looking at?

這是彼得 (Peter) 代替杜安 (Duane)。肖恩，您能否解釋一下關於第三季可能進行的再融資的評論？您正在考慮什麼樣的選擇？

Sure. We're -- as I mentioned, we're down in the process. I won't get to too many specifics, but we're certainly working with our banks to find a capital that will kind of get us, again, the commitments that would kind of give us comfort. Obviously, as these loans go current later this year, with the ability to kind of really just draw down on them later next year when we get -- as we get close to maturity, so we can obviously push off what is going to be inevitable increases in interest as well as getting into the par prepayment windows for these loans.

當然。正如我所提到的，我們正處於這一進程中。我不會講太多細節，但我們確實在與銀行合作，尋找能讓我們獲得安心承諾的資金。顯然，隨著這些貸款在今年稍後到期，我們能夠在明年晚些時候真正提取這些貸款——當我們接近到期日時，我們顯然可以推遲不可避免的利息增加，並進入這些貸款的平價預付窗口。

So that's kind of between a revolver and some other financing. We'll kind of have that -- like I said, we have the commitments and the liquidity available to address those. And they will probably, whether it's the end of this year and into next year, we'll look -- work on a second phase of this process, which will probably be something of a mortgage secured loan against Bonnet Creek to fulfill the rest of the need.

這有點像是循環信貸和其他融資方式。我們會做到的——就像我說的，我們有承諾和流動性來解決這些問題。而且他們可能會，無論是在今年年底還是明年，都會著手進行這一進程的第二階段，這可能是針對 Bonnet Creek 的某種抵押擔保貸款，以滿足其餘的需求。

Got it.

知道了。

Peter, this gives us the optionality of one little friction cost for other strategic things we may explore and then having both properties in Hawaii completely unencumbered. So that's one of the goals that we have through this process. So we are very confident. Sean and the team have done a great job. We're out in front.

彼得，這為我們提供了選擇權，我們可以用一點摩擦成本來探索其他戰略性的事情，然後讓夏威夷的兩處房產完全不受阻礙。這是我們透過這個過程實現的目標之一。所以我們非常有信心。肖恩和他的團隊做得非常出色。我們走在前面。

We've got great banking relationships. And so we don't anticipate any issues, and process is unfolding very, very well.

我們與銀行有著良好的關係。因此我們預計不會有任何問題，而且進程進展非常順利。

And just quickly on the transaction front, can you speak to maybe what kind of feedback you're getting for assets that are currently being marketed? And if possible, what sort of time line we could be working with for further announcements?

在交易方面，您能否簡單談談對於目前正在行銷的資產，您得到了什麼樣的回饋？如果可能的話，我們可以按照什麼樣的時間表來發布進一步的公告？

Yes. Great question. Look, it's a challenging environment. Some have used the phrase sort of frozen or stalled. I think it's an environment where we've just got to work a little harder, and we're certainly up to that challenge.

是的。好問題。看，這是一個充滿挑戰的環境。有些人使用了“有點凍結”或“停滯”這樣的短語。我認為在這樣的環境中我們只需要更加努力工作，我們一定能夠應對這項挑戰。

I think if you think back, obviously, over the last several years, we have sold or disposed of now 46 assets or north of $3 billion. We were even selling in the worst of times during the pandemic. So we've obviously completed on asset sale, Fisherman's Wharf in San Francisco at $80 million and a multiple, I believe, at about 64x.

我想，如果你回想一下，顯然，在過去幾年裡，我們已經出售或處置了 46 項資產，價值超過 30 億美元。即使在疫情最嚴重的時候，我們的銷售情況也很好。因此，我們顯然已經完成了資產出售，舊金山漁人碼頭的售價為 8000 萬美元，我相信本益比約為 64 倍。

So there's plenty of liquidity, both on the equity and the debt side. Obviously, buyers are being cautious with their underwriting and being disciplined. And we are in active discussions with a number of hotels of multiple work streams. And we're confident that we will meet our range that we've communicated from the beginning of the year of $300 million to $400 million in asset sales, obviously, using those proceeds to invest back into our core portfolio, reduce debt. And then we'll look opportunistically on potential buybacks.

因此，無論是股票方面或債務方面，都有充足的流動性。顯然，買家在承保時非常謹慎，並且遵守紀律。我們正在與多家涉及多個工作流程的酒店進行積極討論。我們有信心實現年初確定的 3 億至 4 億美元資產出售目標，顯然，我們會利用這些收益重新投資於我們的核心投資組合，減少債務。然後，我們會抓住機會尋找潛在的回購機會。

Obviously, we bought back approximately 3 million shares in Q1. We didn't buy back any shares in Q2. But we have purchased, we bought back about 38.5 million shares over the last 3-plus years, about 20% of our float. So we've been very disciplined about recycling capital and particularly given all of our capital allocation decisions, and we'll continue to proceed accordingly.

顯然，我們在第一季回購了大約 300 萬股。我們在第二季沒有回購任何股票。但在過去三年多的時間裡，我們回購了約 3,850 萬股，約占我們流通股的 20%。因此，我們在資本循環利用方面非常嚴格，特別是考慮到我們所有的資本配置決策，我們將繼續以這樣的方式進行。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

So I guess it wouldn't really be a on a quarterly conference call if we didn't go to the Hawaii question, but I want to kind of direct it more on the citywide front, on the marketing front and the airlift front. Tom, do you think all the interested parties on the ground level, with the government and the travel people, do you think you're adequately getting enough messaging out there to get folks back and you think the airlines are any closer to adding more international flights in now?

因此，我想如果我們不討論夏威夷的問題，這實際上就不會是一次季度電話會議，但我想更多地將其放在全市範圍、行銷方面和空運方面。湯姆，您是否認為，包括政府和旅遊人士在內的所有基層利益相關方，已經充分傳達了足夠的信息，以使人們回歸？您是否認為航空公司現在更接近增加更多國際航班？

Yes, it's a great question, Chris. Look, if you think about over the last 20 years in kind of Oahu as an example, I mean their RevPAR growth sort of outpaced the US by approximately 120 basis points. If you look at sort of Key West, Hawaii, their compound annual growth rate has been about 4.5% versus, I think, the broader US at about 3%. And then, of course, you've had negative -- effectively negative supply growth in Oahu over the last 20 years. And as we had in the prepared remarks, we're looking at probably about 0.3% supply growth over the next 5 years.

是的，這是一個很好的問題，克里斯。以過去 20 年瓦胡島為例，他們的 RevPAR 成長率比美國高出約 120 個基點。如果你看看夏威夷的基韋斯特，它們的複合年增長率約為 4.5%，而我認為美國的整體複合年增長率約為 3%。當然，在過去 20 年裡，瓦胡島的供應量實際上一直處於負成長狀態。正如我們在準備好的發言中所說的那樣，我們預計未來 5 年的供應量成長率可能約為 0.3%。

So as we look out and having 2 world-class resorts, owned fee simple, we are very encouraged about Hawaii and long term. No doubt the ramp up after the strike is a little longer than certainly we would have hoped. We were down about 18% in HHV in Q1, about 13% Q2. We're obviously expecting probably in the 7%, 8% range in Q3, but obviously, a very, very strong Q4. Obviously, we've got favorable comps, but we've also got significant group business, 18% and about 50% in Hawaii, as an example.

因此，當我們放眼未來並擁有兩家世界級的度假村並擁有完全產權時，我們對夏威夷的長期發展充滿信心。毫無疑問，罷工之後的復甦時間比我們所希望的要長一些。第一季的 HHV 下降了約 18%，第二季下降了約 13%。我們顯然預計第三季的成長率可能在 7% 到 8% 之間，但顯然第四季的成長會非常非常強勁。顯然，我們有良好的業績，但我們也有重要的團體業務，例如 18% 和夏威夷約 50%。

Airlift -- domestic airlift is obviously, I think, increased north of 20% since 2019. Obviously, with Southwest and Alaska, obviously, United, Delta. We're very encouraged on that front. So this is obviously part of the ramp-up, but we certainly see no concerns on the Japanese front, taking a little longer, they had peaked -- prior peaked at about 1.5 million. We think this year is probably going to be in the 700,000 passenger visitation range.

空運——我認為，自 2019 年以來，國內空運量顯然增長了 20% 以上。顯然，有西南航空、阿拉斯加航空、聯合航空和達美航空。我們對此感到非常鼓舞。所以這顯然是增長的一部分，但我們當然沒有看到日本方面出現任何擔憂，他們花了更長的時間才達到峰值 - 之前的峰值約為 150 萬。我們認為今年的遊客人數可能會達到 70 萬人。

So a little behind what we had expected. But as you sort of look out, they expect to get back to in the 1 million range by probably '27, '28. But a lot of that is being replaced by certainly domestic, certainly coming out of Canada as well, as well as other international destinations as well.

所以比我們預期的要落後一點。但如果你留意的話，他們預計到 27、28 年銷量將回到 100 萬左右。但其中許多已經被國內航班、來自加拿大的航班以及其他國際航班所取代。

So we're not at all concerned over the intermediate long term. And I think it's also fair to say when you went through, Hilton Hawaiian Village was the only asset in Hawaii that had a strike. It was targeted. It was aggressive. It was a long process. We got through the process. We're all friends and working through and aggressively working together to accelerate the ramp up.

因此，我們根本不擔心中長期前景。而且我認為，公平地說，希爾頓夏威夷村是夏威夷唯一遭遇罷工的飯店。它成為了攻擊目標。這很有攻擊性。這是一個漫長的過程。我們完成了整個過程。我們都是朋友，正在共同努力並積極合作以加速發展。

That's great. As a quick follow-up, you guys got Fisherman's Wharf done, you talked about Kansas City. If we look at the handful of other kind of noncore airport/ground lease hotels, if we isolate those, is there any way to think about how much that can add to comparable RevPAR margins or EBITDA? Just to kind of frame what that could look like going into next year?

那太棒了。順便問一下，你們完成了漁人碼頭，談到了堪薩斯城。如果我們看一下少數其他類型的非核心機場/地面租賃酒店，如果我們將它們隔離開來，是否有辦法考慮它們可以為可比 RevPAR 利潤率或 EBITDA 增加多少？只是想大致了解明年的情況會是如何？

Yes, it's a great question. And in my prepared remarks, I made the comment that if you take out sort of our noncore and just look at our core, I think, the RevPAR is about $215 and would be certainly as strong as any of our peers. Chris, we've had this conversation many times. As you know, we are laser focused on reshaping the portfolio and candidly getting down to that core portfolio and taking that overhang, if you will.

是的，這是一個很好的問題。在我準備好的發言中，我曾說過，如果去掉我們的非核心業務，只看我們的核心業務，我認為，RevPAR 約為 215 美元，肯定和我們的任何同行一樣強勁。克里斯，我們已經討論過這個問題很多次了。如您所知，我們正專注於重塑投資組合，並坦率地深入到核心投資組合，並解決這一問題，如果您願意的話。

We've sold or disposed of 46 assets. We've got 3 that we talked about. Obviously, today, the 2 leases that are expiring, we're not going to extend and then obviously, the give back in Kansas City. And we've got many other discussions underway. And the sooner that we can reshape and clean that up, we'd love to deal with just one cleanup trade, but the reality is every asset's got its own story with legal and tax in some cases, joint venture and other complexities.

我們已出售或處置了 46 項資產。我們已經討論了 3 個。顯然，今天，這兩份即將到期的租約，我們不會延長，然後顯然，我們會把租約歸還給堪薩斯城。我們還正在進行許多其他討論。我們越早重塑和清理，就越願意只處理一次清理交易，但現實是每項資產都有自己的故事，在某些情況下涉及法律和稅收、合資企業和其他複雜問題。

But rest assured, the team is led by Tom Morey and his great team on the investment side are working really hard to reshape the portfolio and to clean up those noncore as quickly as we can. And you can expect we'll have announcements here in the coming months.

但請放心，該團隊由湯姆·莫雷領導，他的投資團隊正在努力重塑投資組合，並儘快清理那些非核心資產。您可以期待我們將在未來幾個月內發佈公告。

Floris van Dijkum, Ladenburg.

佛洛里斯‧範‧迪庫姆 (Floris van Dijkum)，拉登堡。

Just a follow-up on the disposals. I think you mentioned 18 noncore hotels, 3 of them were ground leases. So that would appear -- so 15 left. Do you think by the end of next year, all of those hotels will be out of the portfolio? And sort of to give you a clean -- get a sense of what the clean EBITDA production will be.

只是對處置的後續行動。我認為您提到了 18 家非核心酒店，其中 3 家是土地租賃。看起來還剩下 15 個。您認為到明年年底，所有這些酒店都會從投資組合中退出嗎？讓您清楚了解一下淨 EBITDA 產量是多少。

And then maybe if you can also -- related -- is -- do you think that '26 is going to be a year where Hawaii Village stabilizes? Or do you think it's more likely to be '27 before you get back to $185 million of EBITDA level?

然後也許如果您也可以 - 相關 - 是 - 您認為 26 年將是夏威夷村穩定的一年嗎？或者您認為很可能要到 27 年才能恢復到 1.85 億美元的 EBITDA 水準？

Yes. Great questions. I'll take the first. Look, we'd love to have the noncore solved next quarter, as you know, for us. I think you know and other listeners how hard we've been working. I would expect by the end of next year that we have made significant, that the vast majority. There could be a straggler or 2 that remains, but we're doing everything in our power to clean up as quickly as we can. We know there's a small overhang there.

是的。很好的問題。我要第一個。聽著，正如你所知，我們希望下個季度能夠解決非核心問題。我想您和其他聽眾都知道我們工作有多努力。我希望到明年年底，我們能夠取得重大進展，取得絕大多數進展。可能還會有一兩個落後者，但我們正在盡一切努力盡快清理乾淨。我們知道那裡有一個小懸垂部分。

We want it removed. And to get back to that core portfolio because it gives us such great optionality, and I think it really reflects the core value of the Park portfolio. As we've said, that accounts for about 90% of the value of the company. And you can see where we're investing those dollars. And we really believe that we can generate higher development yields than we can through the acquisition yields at this point.

我們希望將其刪除。回到核心投資組合，因為它給了我們很大的選擇性，我認為它確實反映了 Park 投資組合的核心價值。正如我們所說，這約占公司價值的 90%。您可以看到我們將這些資金投資到哪裡。我們確實相信，我們現在可以透過開發獲得比透過收購更高的收益。

I think the great work in Orlando, I think the extraordinary work in Key West, I think, are just great examples of that of how well they've done. And you think about just Orlando being obviously listed as -- or Bonnet Creek and the Waldorf Astoria being the top hotel in Orlando, just given the complete transformation in the north of $200 million that we put in the entire complex, and then what we're seeing in terms of that outperformance. So very proud of that, very pleased with that. We really want to focus our energy, obviously, on those -- on the core portfolio.

我認為奧蘭多所做的出色工作，我認為基韋斯特所做的非凡工作，都是他們所取得成就的絕佳例證。想想看，奧蘭多酒店顯然被列為——或者 Bonnet Creek 和華爾道夫酒店是奧蘭多的頂級酒店，因為我們對整個綜合體的北部進行了徹底的改造，投資了 2 億美元，然後我們看到了這種優異的表現。我對此感到非常自豪，非常高興。顯然，我們確實希望將精力集中在核心投資組合上。

On the Hawaii front, I don't think it's a matter of if, but when. And I would fully expect that '26 would certainly be -- would be closer to that peak EBITDA range in that $185 million. Clearly, that will not occur, obviously, in 2025, but very encouraged as we look out, sequentially improving. And then obviously, we're expecting the fourth quarter to be very, very strong across the entire portfolio, but particularly given obviously the favorable comps that we have in Q4 in Hawaii.

在夏威夷方面，我認為這不是是否的問題，而是何時的問題。我完全相信 26 年的 EBITDA 肯定會更接近 1.85 億美元的峰值範圍。顯然，這在 2025 年不會發生，但從我們的角度來看，情況會逐步改善，這令人鼓舞。顯然，我們預計第四季度整個投資組合的表現將非常強勁，尤其是考慮到我們在夏威夷第四季的良好表現。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

I'd like to just go back and if we're double or clicking on this, I hope you'll humor me. But what I'd like to understand and just discuss Hawaii a bit. And just to unpack kind of where you are because the sort of demand dynamics are a little bit complex, and there's some work being done there, too.

我想回去，如果我們雙擊它，我希望你能順著我的意思。但我想了解並討論夏威夷。只是為了解開你所處的位置，因為需求動態有點複雜，而且那裡也有一些工作要做。

And we've heard some peer reports where Maui went super well for them. And I know everybody's assets are not same place and the same thing. So that's what I'd like your help with, if you can.

我們也聽到一些同行的報告稱，Maui 的表現非常出色。我知道每個人的資產並不在同一個地方，也不在同一個東西上。所以，如果可以的話，我希望您能提供這方面的幫助。

Yes. I think the -- I think one way, Dave, just to take another sort of step back. As I said in the last 20 years, it's certainly been among the strongest performers, both from a demand and performance standpoint. Obviously, you've got muted supply, virtually negative supply over the last 20 years. Obviously, we think over the next 5 years, it's going to continue to be muted, 0.3%.

是的。我認為——我認為從某種意義上來說，戴夫，只是再退一步而已。正如我在過去 20 年裡所說的那樣，無論從需求還是性能的角度來看，它無疑是表現最強勁的行業之一。顯然，在過去 20 年裡，供應量一直很低，幾乎為負。顯然，我們認為未來 5 年內，這一成長率將繼續保持在 0.3% 左右。

You've got -- you're coming on the heels of a really intense 45-day strike. That was not helpful during that period of time and certainly impacted demand, group pace. So that -- you can't sort of dismiss that. I don't want to use that as an excuse, but it certainly was an impediment as we came out of that as we began the year.

你們即將迎來為期 45 天的激烈罷工。這在那段時間裡並沒有什麼幫助，而且肯定會影響需求和團隊步伐。所以——你不能忽視這一點。我不想以此為藉口，但當我們在今年年初擺脫困境時，這無疑是一個障礙。

As you look at, obviously, the demand patterns, as we've talked about, we were down 18% in Q1, down 13% here in Q2, Hilton Hawaiian Village, and then obviously down, we expect probably 7%, 8% in the fourth -- in the third quarter, and then probably up high teens plus or minus in the fourth quarter. And so very well set for there.

正如您所看到的，顯然，需求模式，正如我們所討論的，我們在第一季度下降了 18%，在第二季度下降了 13%，希爾頓夏威夷村，然後顯然會下降，我們預計第四季度——第三季度——可能會下降 7%、8%，然後在第四季度可能會上漲 10% 左右。所以那裡的條件非常好。

We're not at all concerned from an operational standpoint. We also have continued to gain RevPAR index; we're up to about 102%. We were probably running [115, 120], probably prestrike. We were certainly sub 100%, obviously, coming out of the strike. So that's ramping up as well.

從營運角度來看，我們一點也不擔心。我們的 RevPAR 指數也持續上漲，已達到約 102%。我們可能正在運行[115,120]，可能正在進行打擊。顯然，在罷工之後，我們的狀態肯定沒有達到 100%。所以這也正在不斷增加。

And then you've got sort of cleanup trade. As you know, through TripAdvisor, the sooner we get through to sort of wash through, the cleaner reviews will also make the destination more attractive as well. So that also will help as we sort of look to the future. Airlift continues to grow. See Canada continuing to pick up. That's been a growth. Japan continues to lag. I mean that has been certainly a disappointment.

然後你就得到了某種清理貿易。如你所知，透過 TripAdvisor，我們越早進行篩選，評論就越清晰，目的地也會越有吸引力。因此，當我們展望未來時，這也會有所幫助。空運持續成長。看看加拿大繼續回升。這是一種成長。日本繼續落後。我的意思是這確實令人失望。

Pre-pandemic, again, about 1.5 million. We expect this year, originally expected to be at about 770. They've sort of lowered that forecast now to about 700,000, but we fully expect to get back. They're targeting now about 1 million, probably in that 2027, 2028 range from that standpoint.

疫情前，人數再次約 150 萬人。我們預計今年，原本預計在770左右。他們現在已將這一預測下調至約 70 萬，但我們完全預計會回升。從這個角度來看，他們現在的目標是 100 萬左右，大概在 2027 年、2028 年左右。

So hopefully that helps, David, to give you a little more color on it. We're not at all concerned over the intermediate and long term. We think obviously, over -- again, over the long term, it's been one of the strongest performers in all of the US. And the fact that we own both resorts, completely fee simple. We're investing significant capital and excited.

所以希望這能帶給你幫助，大衛，給你更多的了解。我們根本不擔心中期和長期的情況。我們認為，從長遠來看，它顯然是美國表現最強勁的股票之一。事實上，這兩個度假村都是我們自己的，完全屬於我們所有。我們正在投入大量資金，並且感到很興奮。

And if you think about the results that we've seen with the renovated product, you can take Tapa as an example, the Tapa Tower, and we ended up getting $50, $60, $70 increase in ADR after renovating that tower.

如果您想想我們改造產品後看到的結果，您可以以 Tapa 為例，即 Tapa Tower，我們在改造該塔後，ADR 最終增加了 50 美元、60 美元、70 美元。

Dan Politzer, JPMorgan.

摩根大通的 Dan Politzer。

I wanted to go back to the group commentary that you gave, Tom. I think you said 2026 group would be flat, 2027 would be up 4% to 5%. Can you just maybe talk about that dynamic? Has that changed, I guess, from a few months back in terms of what you're seeing? And can you kind of talk about lead volumes? Are there rotations in there? I'm just trying to get a better sense of that dynamic where it feels like 3Q came in a bit lighter on group, next year is going to be flat, but then on the other side, you have fourth quarter in 2027.

湯姆，我想回到你給的小組評論。我認為您說的是 2026 年集團將持平，而 2027 年集團將上漲 4% 至 5%。您能談談這種動態嗎？我想，就您所看到的情況而言，與幾個月前相比，情況有變化嗎？您能談談鉛量嗎？那裡有輪換嗎？我只是想更好地理解這種動態，感覺第三季對集團來說有點輕鬆，明年將會持平，但另一方面，2027 年將迎來第四季。

Yes. Let me try to frame kind of just the scope of it and take Q4 as an example. Yes, Q3 is a little softer, I think, about 380 basis points, so down about 14.4%. We knew that was going to be our toughest quarter. But also keep in mind, we had we had tough comps, right? We had Chicago last year, the D&C over 100,000 group room nights there. New Orleans had an incredibly stronger year. So you've got that tough comp that certainly impacts.

是的。讓我試著概括一下它的範圍並以 Q4 為例。是的，我認為第三季稍微疲軟一些，大約 380 個基點，所以下降了約 14.4%。我們知道這將是我們最艱難的一個季度。但也請記住，我們曾經面臨過艱難的競爭，對吧？去年我們在芝加哥，D&C 在那裡的團體住宿晚數超過 10 萬間。新奧爾良今年的表現異常強勁。所以，你面臨著肯定會產生影響的艱難競爭。

If you look at Q4, up 18%, and it's broad-based, Hilton Hawaiian Village, up 54%. New York City, up north of 19%, Hilton Chicago, again, up 14%. New Orleans, up 11%. Bonnet Creek obviously continues to be a strong performer, up 45%. I believe Washington, D.C., up 25%; and then San Francisco, and this number is accurate, up 214%.

如果你看一下第四季度，你會發現其漲幅達 18%，而且漲幅範圍很廣，而希爾頓夏威夷村則上漲了 54%。紐約市上漲了 19%，芝加哥希爾頓酒店也上漲了 14%。新奧爾良，上漲11%。Bonnet Creek 顯然繼續表現強勁，上漲了 45%。我相信華盛頓特區上漲了 25%；然後是舊金山，這個數字是準確的，上漲了 214%。

And so again, we're not -- and we're not seeing any pullback. And if you take Hawaii out of it, as an example, we're still up 14% as we look at the group pace for Q4.

所以，我們再說一遍，我們沒有看到任何回調。例如，如果將夏威夷排除在外，從第四季的整體速度來看，我們的成長率仍為 14%。

So we feel very good about '25. '26, there are puts and takes there. Again, we would expect that to continue to improve. And then as we look out to '27, we're already at same time last year, we're up about 4%, 5% based on, obviously, the earlier commentary that I gave.

因此，我們對 25 年感到非常樂觀。 26 年，我們有得有失。再次，我們期望這種情況能夠繼續改善。然後，當我們展望 2027 年時，我們已經與去年同期持平，顯然根據我之前給出的評論，我們已經上漲了約 4% 或 5%。

So feel very good. Lead volumes look good. Obviously, national sales and our partners at Hilton, among others, and our operators are working very hard. So -- and again, given the renovated product and the amount of capital that we're putting in, particularly into our core portfolio, we think, obviously, we'll continue to position and strengthen those assets as we move forward. So we're very, very encouraged about group as we look out.

所以感覺非常好。鉛量看起來不錯。顯然，全國銷售人員、希爾頓等合作夥伴以及我們的營運商都在非常努力地工作。所以——考慮到改進後的產品和我們投入的資本數額，特別是我們的核心投資組合，我們認為，顯然，我們將在未來繼續定位和加強這些資產。因此，我們對團隊的未來感到非常鼓舞。

Obviously, an accelerated economic environment and less uncertainty. Clearly, the uncertainty out there is causing some groups and business leaders to sort of pause and wait for clarity. But despite that, I mean, we're having -- we're still having, obviously, a solid year as you look at obviously, EBITDA and flows. Top line continues to be a little softer, but we're in a GDP environment. When you combine Q1 and Q2 really at about 1.2%. So probably not unexpected. It's a little choppy right now.

顯然，經濟環境加速，不確定性減少。顯然，外部的不確定性導致一些團體和商界領袖停下來等待明確的答案。但儘管如此，我的意思是，從 EBITDA 和流量來看，我們顯然仍然擁有穩健的一年。營收持續略微疲軟，但我們正處於 GDP 環境中。當你將 Q1 和 Q2 結合起來時，其實際比例約為 1.2%。所以這可能並不出乎意料。現在有點不穩定。

That makes sense. And then just for my follow-up, you guys have done an impressive job managing your operating expenses. And it sounds like a good chunk of that's in the labor line. How should we think about the expenses there this year? And then as you think about kind of puts and takes to '26, how are you kind of -- how should we think about labor expense growth as we kind of look out?

這很有道理。然後，作為我的後續提問，你們在管理營運費用方面做得非常出色。聽起來有很大一部分是在勞動力線上。今年那裡的開支該怎麼考慮？然後，當您考慮 26 年的投入和產出時，您覺得我們應該如何看待勞動費用的成長？

Well, I think just given that we do have a good amount of union in our portfolio, and a lot of it went through last year in terms of agreements being negotiated. I think it's pretty consistent as you kind of think about going into '26 from a labor standpoint. A lot of the things we've done, I talked about are -- will be sustained, we believe, and we're certainly going to be -- team will be very focused at during the budget process.

嗯，我認為，鑑於我們的投資組合中確實有大量工會，而且去年很多工會都通過了談判。我認為，從勞動力的角度考慮 26 年的情況是相當一致的。我談到的我們所做的很多事情——我們相信這些事情將會持續下去，而且我們肯定會——團隊將在預算過程中非常關注這些事情。

There are some -- you obviously got a Royal Palm coming back online. That will be the adjustments that we're already making this year as well. So that will be a kind of a put and take to consider. I think kind of on the whole, I think we kind of see just continued kind of labor benefits growth kind of in that 4%, 4.5% range.

有一些——你顯然已經讓皇家棕櫚重新上線了。這也是我們今年已經在做的調整。所以這將是一種需要考慮的問題。我認為總體而言，我們會看到勞動力福利繼續增長，保持在 4% 至 4.5% 的範圍內。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

On the Royal Palm, I appreciate the confidence on executing there from a timing perspective. Just wondering how we should think about the ramp-up on that asset sequentially come 2026 in terms of your underwriting assumptions? And how much of that is driven by expected demand from the World Cup games in early to mid-June?

關於皇家棕櫚島，從時間角度來看，我很欣賞在那裡執行的信心。只是想知道，根據您的承保假設，我們應該如何考慮到 2026 年該資產的連續成長？其中有多少是由於六月初至六月中旬世界盃比賽的預期需求所推動的？

Yes. Let me take the first part of it. We are really excited about this transformation. It's bull's eye real estate, well located, obviously, in South Beach. We've studied it carefully, $103 million investment.

是的。讓我講一下第一部分。我們對這一轉變感到非常興奮。這是備受矚目的房地產，顯然，它位於南海灘，地理位置優越。我們仔細研究了一下，1.03億美元的投資。

We think the internal rate of return unlevered 15% to 20%. And we've said in my prepared remarks about doubling EBITDA. If you think about RevPAR, pre-renovation was about $265, and you look at all of the ultra-luxury that exists in South Beach and from the [Albers] that's in the works.

我們認為無槓桿內部報酬率為15%至20%。我們在準備好的發言中提到要將 EBITDA 翻一番。如果您考慮一下 RevPAR，那麼裝修前的成本約為 265 美元，而且您可以看看南海灘現有的所有超豪華酒店以及正在籌備中的 [Albers] 酒店。

Obviously, the [Rosewood, the Aman, the Andaz] recently done. And then for as you go further up the sort of North Miami Beach and the Four Seasons, St. Regis and others. And the kind of rates there, we've really underwritten this at inside of $400. And at that level, are confident that we can certainly double, obviously, EBITDA to the $27 million, $28 million range we've communicated.

顯然，[Rosewood、Aman、Andaz] 最近都完成了。然後，隨著您進一步前行，您可以看到北邁阿密海灘、四季酒店、瑞吉酒店等。對於那裡的費率，我們確實將其承保在 400 美元以內。在這個水準上，我們有信心肯定能夠將 EBITDA 翻一番，達到我們已經溝通過的 2,700 萬美元至 2,800 萬美元的範圍。

Obviously, you're opening in May, you're sort of late into the season. Obviously, we want to certainly be there for the World Cup, which will be significant. But we certainly don't expect that we'll be double EBITDA, even half of that, given the fact that we're opening in that May time frame.

顯然，你們是在五月開業的，這已經是季節的後期了。顯然，我們肯定想參加世界杯，這場比賽意義重大。但考慮到我們是在五月開業，我們當然不會期望 EBITDA 會翻一番，甚至不會達到一半。

Sean may have some additional thoughts and comments to share on that.

肖恩可能對此有一些額外的想法和評論要分享。

No, I would concur what Tom -- you're missing the peak season, obviously, you get a little bit of benefit from -- we expect from the World Cup coming through kind of in the low season time frame. But I would say that we probably won't generate kind of EBITDA for '26 relative to where it was before. But obviously, we expect that to kind of really grow towards that double, call it, high 20s EBITDA as we approach '27.

不，我同意湯姆的觀點——你錯過了旺季，顯然，你會從中獲得一點好處——我們預計世界盃會在淡季期間舉行。但我想說的是，相對於之前的水平，我們 26 年的 EBITDA 可能不會那麼高。但顯然，我們預計，隨著 2027 年的臨近，EBITDA 將真正成長至兩倍，即 20% 的高點。

Great. And then just a follow-up on some of the CapEx projects. Just curious, following the Royal Palm, what the timing is on sort of the next big project? You spoke to some renovations in Hawaii next year where you have a good track record on execution. But just wondering kind of the next big project and what's the right way to think about rental disruption long term, what's the CapEx spend?

偉大的。然後只是對一些資本支出項目進行跟進。只是好奇，繼皇家棕櫚計畫之後，下一個大計畫的時間是什麼時候？您談到了明年在夏威夷進行的一些翻修工程，這些工程的執行情況良好。但我只是想知道下一個大項目是什麼樣的，以及如何正確考慮長期租賃中斷，資本支出是多少？

Well, it's a great question. The next phase last year, next year will be obviously the third phase in New Orleans and finishing that tower. We'll continue to look at Ali'i Tower in Hawaii, smaller tower, but certainly renovating that as well. We've been really laser-focused on putting capital back into those core assets. And obviously, again, we're confident that we can deliver higher development yields than we can -- acquisition yields at this point.

嗯，這是一個很好的問題。去年的下一階段，明年顯然將是新奧爾良的第三階段，並完成那座塔。我們將繼續關注夏威夷的阿里塔，這是一座較小的塔，但肯定也會對其進行翻新。我們一直致力於將資本重新投入這些核心資產。顯然，我們再次確信，我們可以提供比目前的收購收益更高的開發收益。

We are going to study New York, and look at the timing of potential renovation there, but I certainly don't see that being in '26. But there'll be more to follow in the future as we obviously complete our current pipeline of the ROI projects.

我們將研究紐約，並研究那裡潛在的翻新時機，但我肯定不會認為那是在 26 年。但隨著我們目前的 ROI 專案流程的完成，未來還會有更多專案陸續推出。

Robin Farley, UBS.

瑞銀的羅賓法利。

I wanted to ask about 2026, you mentioned that labor costs might be up about 4% to 4.5% next year. This year, you've done an amazing job of other offsets between insurance and maybe some tax credits. And I guess, are there other levers for 2026 that we should think about? How you could offset that higher wage level next year?

我想問一下2026年，您提到明年勞動成本可能會上漲約4％至4.5％。今年，你們在保險和一些稅收抵免等其他抵消措施方面做得非常出色。我想，2026 年還有哪些其他的槓桿值得我們思考？明年你如何抵銷更高的薪資水平？

Yes. Let me make one observation, Robin, and then Sean can jump in. I don't think it -- just think about wage rates and where people thought. And obviously, given the fact that we do have some union operated in, and I think very fair and equitable deals with our labor partners, again, a credit to our operators in negotiating those. But in that 4% to 4.5% range, we don't see that really being out of bounds.

是的。羅賓，讓我提一點意見，然後肖恩可以插話。我不這麼認為——只要考慮一下工資率和人們的想法就行了。顯然，考慮到我們確實有一些工會在運作，而且我認為我們與勞工夥伴達成了非常公平和公正的協議，這再次證明了我們的運營商在談判中表現出色。但在 4% 到 4.5% 的範圍內，我們認為這並沒有超出範圍。

And again, to our asset management team, Joe P. and Sean and the team and the amount of work that we're doing just line out in those deep dives. We remain very, very confident in the team's ability to continue to take cost out of the business and to think about it differently. And candidly, advances in technology.

再次感謝我們的資產管理團隊 Joe P. 和 Sean 以及整個團隊，我們在深入研究中所做的工作量非常大。我們仍然非常有信心，相信團隊有能力繼續降低業務成本，並以不同的方式思考問題。坦白說，技術正在進步。

We think that there are going to be opportunities through technology to continue to find different ways to be more efficient, and whether that's sales and marketing, the guest experience. I mean we've all got to be thinking about how we can respond to those customer needs but also taking cost out of the business given the operating model. So I know our peers have talked about that are working on it, and it's certainly an area that we, too, are spending time. And we're also including encouraging our -- the brands and our operators to continue to think out of the box as well.

我們認為，透過技術，我們將有機會繼續找到不同的方法來提高效率，無論是銷售和行銷，還是客戶體驗。我的意思是，我們都必須思考如何滿足客戶的需求，同時也要根據營運模式降低業務成本。所以我知道我們的同行已經討論過正在研究這個問題，當然也是我們投入時間的領域。我們也鼓勵我們的品牌和營運商繼續打破常規思維。

Great. No, that's super helpful. And then also, you talked about addressing some debt maturities. Do you need that $300 million to $400 million of asset sales to be completed before we're likely to see the maturities addressed? In other words, there's a lot of your negotiations currently sort of contingent on those asset sales happening?

偉大的。不，這非常有幫助。然後，您還談到了解決一些債務到期問題。您是否需要先完成 3 億至 4 億美元的資產出售，我們才有可能看到到期債務的解決？換句話說，您目前的談判很大程度取決於資產出售的發生？

No. I guess the short answer is no, Robin.

不。我想簡短的回答是“不”，羅賓。

Yes. Robin, we are -- we enjoy great banking relationships, and I just remind some of the listeners, think about during the pandemic. We did 3 bond deals. We pushed out maturities. We paid back all of the banks, plus everybody earned fees.

是的。羅賓，我們與銀行保持良好的關係，我只是提醒一些聽眾，想想疫情期間的情況。我們完成了3筆債券交易。我們推遲了到期日。我們償還了所有銀行的債務，另外每個人都賺取了費用。

We have no shortage of banks that want to work with us. A huge credit to Sean, his leadership and the team, and very confident that we will get this done in the third quarter. And again, we don't -- if they're not at all dependent on those asset sales.

我們並不缺少想要與我們合作的銀行。非常感謝肖恩、他的領導能力和團隊，我們非常有信心我們將在第三季完成這項工作。再說一次，如果他們根本不依賴這些資產來出售，我們就不會這麼做。

Okay. Can I squeeze in a tiny clarification on Hawaii, if that -- if you don't mind one more line on Hawaii. Just when you were calling out group. So flat for next year overall, but you mentioned -- you called out a number of hotels where it was up significantly. I was surprised that Hawaii wasn't in the sort of '26 thing up significantly versus '25 given the sort of challenging '25 Hawaii has had. Is that -- was that just -- do you think it will be up, just didn't happen to mention it on that list? Or is there still sort of ongoing group issues in Hawaii?

好的。如果您不介意的話，我可以稍微澄清一下夏威夷的情況嗎？ ——再說幾句關於夏威夷的話題。就在你呼喚小組的時候。所以明年總體來說持平，但您提到——您提到了一些酒店，它們的客流量會大幅增加。考慮到 2025 年夏威夷所面臨的挑戰，令我驚訝的是，與 2025 年相比，夏威夷在 2026 年的表現並沒有顯著上升。那是不是——那隻是——你認為它會出現嗎，只是碰巧沒有在那個清單中提到它？或者夏威夷仍然存在某種群體問題？

Hawaii has a smaller percentage. So -- but we don't expect.

夏威夷的比例較小。所以——但我們並不期望。

I mean I would say too, you got -- you're up 50% in Q4. We'll lap that. The convention center is shut down for renovation, which will impact '26 in terms of at least convention-related type of business. So there's a few things going on that will kind of have to. As Tom noted, though, it's not obviously a major part of that demand for that asset.

我的意思是，我也會說，你在第四季成長了 50%。我們會解決這個問題。會議中心因裝修而關閉，這將對 26 年至少與會議相關的業務產生影響。因此，有一些事情是必鬚髮生的。不過，正如湯姆所指出的，這顯然不是該資產需求的主要部分。

Ken Billingsley, Compass Point.

肯‧比林斯利 (Ken Billingsley)，指南針點。

I wanted to ask about visitor spending. It looks like overall total RevPAR growth has been stronger than hotel RevPAR. Can you talk about where they're spending their dollars out of the room? And any near-term concern just given market conditions?

我想詢問一下遊客消費的情況。看起來，整體 RevPAR 成長比飯店 RevPAR 成長強勁。您能談談他們把錢花在哪裡了嗎？鑑於市場狀況，近期是否有任何擔憂？

Sure. I think for one, on the group side, banquet and catering continues to be a strength, inclusive of audiovisual, the group set that we still see strong performance, certainly the in-house groups in their spending related to banquet and catering, which catering contribution was up 5% in Q2. And again, looking against prior forecast, and there's a number of things that we look at and have seen some, obviously, some deterioration, I would say, this is one thing that we're not seeing, which is going continue to strengthen spend on that side.

當然。我認為首先，在集團方面，宴會和餐飲繼續保持優勢，包括視聽業務，我們仍然看到集團表現強勁，當然內部集團在宴會和餐飲方面的支出也很好，其中餐飲貢獻在第二季度增長了 5%。再次，與先前的預測相比，我們看到了許多事情，顯然看到了一些惡化的情況，但我想說，這是我們沒有看到的一件事，這將繼續加強這方面的支出。

Outlets, roughly have about 1.5% in Q2, helped by things like Casa Marina was up 18% year-over-year with the help of the addition of El Dorado restaurant and nice oceanfront restaurant. So you're seeing enough spending and sufficient spending in the outlets, especially in the resort areas.

奧特萊斯在第二季度的銷售額大約增長了 1.5%，這得益於 Casa Marina 等餐廳的推動，由於新增了 El Dorado 餐廳和漂亮的海濱餐廳，奧特萊斯銷售額同比增長了 18%。因此，您會看到商店中的消費足夠多，尤其是在度假區。

Parking was up 9%, continuing a strong trend along with some ancillary fees that we continue to kind of be -- evaluate the market and increase things like facility fees and whatnot, those are up 6% in June, expect them to be up 5% for the year. So yes, I would say, overall, across the board, we've got some healthy out-of-room spend across the portfolio.

停車費上漲了 9%，繼續保持強勁趨勢，同時我們繼續對一些附加費用進行評估，以評估市場並增加設施費等費用，這些費用在 6 月份上漲了 6%，預計全年將上漲 5%。所以是的，我想說，總體而言，我們在整個投資組合中都有一些健康的房外支出。

And to follow up on that, specifically, I know urban RevPAR was strong, bright spot in the quarter. But it looks like total RevPAR for this group has had softer growth. In fact, almost like a decline. Can you talk about maybe what's going on the urban side with out of room spend?

具體來說，我知道城市 RevPAR 表現強勁，是本季的亮點。但看起來該群體的 RevPAR 總額成長較為緩慢。事實上，幾乎就像是下降。您能否談談城市方面客房外支出的狀況？

I don't necessarily think it's dramatic. I would have to get back -- we'd have to look at that. I don't have that in front of me as to kind of where we're seeing some of that softness that you're talking about.

我並不認為這一定具有戲劇性。我必須回去——我們必須看看這個。我面前並沒有那種我們看到你所說的那種疲軟的地方。

We have no further questions at this time. I'd like to turn the floor back over to management for closing comments.

目前我們沒有其他問題。我想將發言權交還給管理階層，請他們發表最後評論。

Well, we appreciate everybody taking time, and we look forward to seeing you at upcoming conferences, and we hope you have a great summer. And please note that the team at Park continues to be laser-focused on our strategic priorities, and excited about Q3, Q4, in closing out 2025 on a high note.

好吧，我們感謝大家抽出時間，我們期待在即將召開的會議上見到您，並希望您度過一個愉快的夏天。請注意，Park 團隊將繼續專注於我們的策略重點，並對第三季、第四季以及 2025 年的圓滿結束感到興奮。

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

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