Park Hotels & Resorts Inc (PK) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Park Hotels & Resorts 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

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

現在，我很高興向大家介紹主持人伊恩‧韋斯曼，他是公司策略資深副總裁。謝謝。你可以開始了。

Thank you, operator, and welcome, everyone, to the Park Hotels & Resorts third-quarter 2025 earnings call.

謝謝接線員，歡迎各位參加 Park Hotels & Resorts 2025 年第三季財報電話會議。

Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and we are not obligated to publicly update or revise these forward-looking statements.

在開始之前，我想提醒大家，今天發表的許多評論都屬於聯邦證券法規定的前瞻性陳述。正如我們在提交給美國證券交易委員會的文件中所述，這些聲明受到諸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有所不同，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 Form 10-K and 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. 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.

實際的未來績效、結果和成果可能與前瞻性聲明中所表達的內容有重大差異。請參閱 Park 向美國證券交易委員會提交的文件，特別是最新的 10-K 表格和 10-Q 表格報告，其中列出了可能導致實際結果與前瞻性聲明中包含的結果存在差異的重要風險因素。此外，在今天的電話會議上，我們將討論一些非GAAP財務訊息，例如FFO和調整後的EBITDA。您可以在昨天發布的收益報告中，以及我們向美國證券交易委員會提交的 8-K 文件中，以及我們網站 pkhotelsandresorts.com 上提供的補充財務信息中找到這些信息，以及與最直接可比的 GAAP 財務指標的調節表。

Additionally, unless otherwise stated, all operating results will be presented on a comparable hotel basis. This morning, Tom Baltimore, our Chairman and Chief Executive Officer; will provide an update on Park's strategic initiatives, third quarter performance and outlook for the remainder of the year. Sean Dell'Orto, our Chief Financial Officer, will provide additional color on third quarter results and 2025 guidance as well as an update on our balance sheet and dividends. Following our prepared remarks, we will open the call for questions.

此外，除非另有說明，所有經營業績均以可比飯店為基礎列示。今天上午，我們的董事長兼首席執行官湯姆·巴爾的摩將介紹 Park 的戰略舉措、第三季度業績以及今年剩餘時間的展望。我們的財務長肖恩·德爾奧托將詳細介紹第三季業績和 2025 年業績指引，並更新我們的資產負債表和股息狀況。在我們發言完畢後，我們將開始接受提問。

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

接下來，我想把電話交給湯姆。

Thank you, Ian, and welcome, everyone. Park remained laser-focused on our strategic priorities during the third quarter, fortifying our strong and flexible balance sheet, recycling capital to enhance the quality and growth potential of our core portfolio and driving operational excellence by minimizing cost in a challenging operating environment. Through disciplined execution, we continue to transform Park into an owner of high-quality iconic hotels with compelling growth profiles. We believe this ongoing portfolio refinement combined with unlocking embedded value across our assets, positions us to deliver stronger performance in the years ahead. Because we continue to be proactive with respect to our balance sheet, we successfully extended and upsized our corporate credit facility in September to provide us with committed debt capital that increases our total liquidity to $2.1 billion, to address our 2026 debt maturities.

謝謝你，伊恩，也歡迎各位。在第三季度，樸先生始終專注於我們的戰略重點，鞏固了我們強大而靈活的資產負債表，循環利用資本以提高我們核心投資組合的質量和增長潛力，並在充滿挑戰的經營環境中通過最大限度地降低成本來推動卓越運營。透過嚴謹的執行，我們不斷將 Park 打造成一家擁有眾多高品質標誌性飯店且成長前景良好的飯店集團。我們相信，持續的投資組合優化，加上釋放我們資產中蘊含的價值，將使我們能夠在未來幾年取得更強勁的業績。由於我們持續積極主動地管理資產負債表，我們在 9 月成功延長並擴大了公司信貸額度，為我們提供承諾的債務資本，使我們的總流動性增加到 21 億美元，以應對 2026 年到期的債務。

I want to thank our bank partners for their continued support and confidence in Park and for giving us the flexible capital to execute our business plan.

我要感謝我們的銀行夥伴一直以來對樸氏的支持和信任，並感謝他們為我們提供靈活的資金來執行我們的商業計劃。

Turning to our capital allocation initiatives. Our strategy over the past several years has been and continues to be focused on unlocking significant embedded value within our core portfolio to maximize returns for our shareholders. With development returns, far exceeding acquisition yields, we continued to lean into high ROI reinvestments deploying over $325 million across our best performing assets and returns approaching 20%, including the meeting space expansion, and renovations at our Signia and Waldorf Astoria Bonnet Creek complex in Orlando, the renovation and repositionings at our Casa Marina and Reach Resort in Key West and the renovation and up-branding of our Santa Barbara resort.

接下來談談我們的資本配置計畫。過去幾年，我們的策略一直是並將繼續專注於釋放核心投資組合中蘊含的巨大價值，從而最大限度地提高股東回報。由於開發收益遠遠超過收購收益，我們繼續增加對高投資回報率的再投資力度，在表現最佳的資產上投入超過 3.25 億美元，回報率接近 20%，其中包括奧蘭多 Signia 和 Waldorf Astoria Bonnet Creek 綜合體的會議空間擴建和翻新，基貝拉卡東度假村的翻新和重新定位，以及聖塔巴拉度假村的重新定位，以及聖塔巴拉度假村。

In May, we launched our sixth major hotel redevelopment in seven years. A $103 million renovation and repositioning of the Royal Palm located in the heart of South Beach, Miami. This transformational project is expected to generate a 15% to 20% IRR. And more than double the hotel's EBITDA from $14 million to nearly $28 million stabilization. Importantly, construction remains on schedule and on budget we are targeting a reopening ahead of the 2026 World Cup matches in Miami next June.

今年五月，我們啟動了七年來的第六個大型飯店改造計畫。位於邁阿密南海灘中心地帶的皇家棕櫚酒店進行了 1.03 億美元的翻新和重新定位。這項變革性項目預計將產生 15% 至 20% 的內部報酬率。飯店的 EBITDA 也從 1,400 萬美元穩定成長至近 2,800 萬美元，成長了一倍多。重要的是，施工仍在按計劃和預算進行，我們的目標是在明年6月邁阿密世界盃比賽之前重新開放。

We also have several other major renovation projects underway including the final phases of guest room, tower renovations at both of our Hawaii hotels expected to be completed in early Q1 2026 as well as the second phase of guest room renovations at our Hilton New Orleans Riverside Hotel, upgrading another 428 guestrooms in the 1,167 room main tower. The remaining 489 guestrooms at New Orleans are expected to be completed over the next one to two years. In total, we expect to execute approximately $220 million in strategic renovation projects this year, further enhancing the quality of our core portfolio.

我們還有幾項其他重大翻新項目正在進行中，包括我們夏威夷兩家酒店客房和塔樓翻新的最後階段，預計將於 2026 年第一季初完成；以及我們新奧爾良河畔希爾頓酒店客房翻新的第二階段，升級主塔樓 1167 間客房中的另外 428 間客房。新奧爾良酒店剩餘的 489 間客房預計將在未來一到兩年內完工。今年，我們預計總共將執行約 2.2 億美元的策略性翻新項目，進一步提升我們核心資產組合的品質。

We remain confident that reinvesting in our assets represents the highest and best use of capital. Since 2018, we have invested approximately $1.4 billion in our core hotels, upgrading nearly 8,000 guestrooms and fully repositioning several of our most strategic assets. We continue to be disciplined and deliberate with our capital recycling efforts, particularly as the transaction market remains episodic. Our goal remains crystal clear to divest our remaining 15 noncore consolidated hotels and concentrate ownership across 20 high-quality assets in markets with strong growth fundamentals and limited new supply and that account for 90% of the value of our portfolio. Successful execution of this strategy will position us with one of the highest quality portfolios in the sector and among the strongest same-store growth profiles.

我們仍然堅信，將資產再投資是資本的最佳和最高效利用方式。自 2018 年以來，我們已在核心酒店投資約 14 億美元，升級了近 8,000 間客房，並對我們的幾項最具戰略意義的資產進行了全面重新定位。我們將繼續保持嚴謹和審慎的資本循環利用策略，尤其是在交易市場仍然不穩定的情況下。我們的目標仍然非常明確，即剝離剩餘的 15 家非核心合併酒店，並將所有權集中於 20 家高品質資產，這些資產位於成長基本面強勁、新增供應有限的市場，占我們投資組合價值的 90%。成功執行該策略將使我們擁有業內最高品質的投資組合之一，以及最強勁的同店成長前景之一。

In line with this plan, we recently closed the 266-room Embassy Suites Kansas City, a property on an expiring ground lease that generated minimal EBITDA. And by year-end, we will exit two additional noncore hotels on expiring ground leases, the DoubleTree Seattle Airport and the Double Tree Sonoma, which are expected to generate a combined EBITDA of just $300,000 this year. Exiting these three lower-quality assets will meaningfully enhance our portfolio metrics, increasing nominal RevPAR by nearly $6 and expanding margins by approximately 70 basis points. Despite a challenging environment, we remain laser-focused on executing our strategic objectives with several noncore assets currently being marketed and active discussions underway on multiple transactions including two potential deals under letter of intent.

根據這項計劃，我們最近關閉了擁有 266 間客房的堪薩斯城大使套房酒店，該物業的土地租賃即將到期，產生的 EBITDA 也微乎其微。到今年年底，我們將退出另外兩家非核心酒店，即西雅圖機場雙樹酒店和索諾瑪雙樹酒店，這兩家酒店的土地租賃合約即將到期，預計它們今年的合計 EBITDA 僅為 30 萬美元。退出這三個低品質資產將大幅提升我們的投資組合指標，使名目每間可供出租客房收入增加近 6 美元，利潤率擴大約 70 個基點。儘管面臨挑戰，我們仍將全力以赴執行策略目標，目前正在推銷幾項非核心資產，並積極就多項交易進行討論，其中包括兩項已簽署意向書的潛在交易。

Turning to operations. As we disclosed on our second-quarter call, third-quarter results were impacted by a meaningful decline in group demand driven by tough year-over-year comparisons, following last year's strong citywide calendars across several of our markets, incremental disruption from the second phase of our Hawaii renovations, which began in August, a month earlier than last year and further challenged by softer leisure and government demand. Overall, RevPAR declined 6% or approximately 5% when excluding Royal Palm South Beach. Despite these headwinds, some of our core markets performed exceptionally well further demonstrating our ability to unlock value at our hotels. In Orlando, the Bonnet Creek complex delivered nearly 3% RevPAR growth with both the Signia and Walter Astoria hotels achieving their highest third quarter RevPAR and GOP in the complexes history.

接下來是營運環節。正如我們在第二季電話會議上所揭露的那樣，由於去年同期業績強勁，加上去年同期整體業績表現不佳，導致團體需求大幅下降，第三季業績受到影響。此外，夏威夷第二階段的翻新工程於 8 月開始，比去年提前一個月，也帶來了一些幹擾，休閒和政府需求疲軟進一步加劇了這一局面。總體而言，每間可供出租客房收入下降了 6%，如果排除 Royal Palm South Beach，則下降了約 5%。儘管面臨這些不利因素，我們的一些核心市場表現異常出色，進一步證明了我們有能力在飯店釋放價值。在奧蘭多，Bonnet Creek 綜合大樓實現了近 3% 的每間可供出租客房收入 (RevPAR) 增長，其中 Signia 酒店和 Walter Astoria 酒店均實現了該綜合體歷史上最高的第三季度每間可供出租客房收入 (RevPAR) 和營業利潤 (GOP)。

Looking ahead to Q4, the complex is set to benefit from multiple group buyouts. The group revenue pace up 28% and RevPAR growth expected in the mid- to upper single digits.

展望第四季度，該綜合體可望受益於多次集團收購。集團營收成長率提高 28%，預計每間可供出租客房收入 (RevPAR) 成長速度將達到中高個位數。

In Key West, RevPAR growth outperformed the broader portfolio, increasing 1% for the quarter, while Casa Marina RevPAR index reached 110, up nearly 800 basis points year-over-year driven by very strong group demand. Overall, group room nights increased 28%, driving higher occupancy and stronger overall results. For Q4, we expect continued outperformance supported by ongoing leisure transient strength as we head into peak season translating to mid-single-digit RevPAR growth. In New York, RevPAR rose nearly 4% with meaningful share gains across all segments. Meanwhile, in San Francisco, the JW Marriott Union Square delivered RevPAR growth of nearly 14%, supported by a strong group in transient demand.

在基韋斯特，RevPAR 成長表現優於整體投資組合，本季成長了 1%；而卡薩瑪麗娜酒店的 RevPAR 指數達到 110，與去年同期成長近 800 個基點，這主要得益於非常強勁的團體需求。總體而言，團體客房入住夜數增加了 28%，從而提高了入住率，並帶來了更強勁的整體業績。預計第四季業績將持續優於預期，在休閒旅遊旺季到來之際，休閒旅遊客流量持續強勁成長，RevPAR 將實現個位數中段成長。在紐約，每間可供出租客房收入 (RevPAR) 成長近 4%，所有細分市場的份額均有顯著成長。同時，在舊金山，JW 萬豪聯合廣場酒店的每間可供出租客房收入 (RevPAR) 增長了近 14%，這得益於散客需求的強勁增長。

Both hotels are expected to maintain strong momentum through year-end, driven by very strong group trends with group revenue pace up 14% in New York and 160% in San Francisco.

預計兩家酒店將在年底前保持強勁的成長勢頭，這主要得益於非常強勁的團體客運趨勢，其中紐約的團體客運收入增速為 14%，舊金山的團體客運收入增速為 160%。

Finally, at the Cree Bay Hilton in Puerto Rico, Q3 RevPAR increased nearly 12% with incremental leisure demand driven by the Bad Bunny residency, which added roughly 1,300 basis points of lift to the quarter. Looking ahead to the fourth quarter, we expect a significant rebound led by a broad-based recovery in group demand, coupled with easier year-over-year comparisons in Hawaii as we lap the 45-day labor strike which began late September last year, the impact of which was endured throughout the fourth quarter last year.

最後，在波多黎各的克里灣希爾頓酒店，第三季每間可供出租客房收入 (RevPAR) 增長了近 12%，主要得益於 Bad Bunny 駐場演出帶來的休閒需求增長，該演出為本季度帶來了約 1300 個基點的增長。展望第四季度，我們預期在團體需求全面復甦的帶動下，市場將出現顯著反彈。此外，由於去年9月下旬開始的45天勞工罷工的影響持續到去年第四季度，夏威夷的年比基數也將有所下降。

Group revenue pace for the fourth quarter is currently up over 12% year-over-year with double-digit increases for several of our largest group houses, including our Bonnet Creek complex in Orlando, our JW Marriott in San Francisco, our Hiltons in New York, New Orleans, Chicago and Denver, our two Hawaii resorts and the Cree Bay Hilton Resort in Puerto Rico. That said, the extended government shutdown has impacted both group and transient demand in several of our core markets and more pronounced in Hawaii, DC, and San Diego, placing additional pressure on fourth quarter results. Through the end of October, we estimate that the shutdown has reduced expectations for room revenue by approximately $2.5 million, resulting in a roughly 180-basis-point drag on this month's RevPAR performance.

第四季度集團營收成長率目前年增超過 12%，其中幾家最大的集團酒店實現了兩位數的成長，包括奧蘭多的 Bonnet Creek 度假村、舊金山的 JW 萬豪酒店、紐約、新奧爾良、芝加哥和丹佛的希爾頓酒店、夏威夷的兩家度假村以及波多黎各的 Cree Bay 希爾頓度假村。儘管如此，政府長期停擺已經影響了我們幾個核心市場的團體和散客需求，在夏威夷、華盛頓特區和聖地牙哥的影響更為明顯，給第四季業績帶來了額外的壓力。截至 10 月底，我們估計關閉已使客房收入預期減少了約 250 萬美元，導致本月每間可供出租客房收入 (RevPAR) 下降了約 180 個基點。

October RevPAR is now expected to be relatively flat year over year for the total portfolio were up approximately 1.5% when excluding the Royal Palm in Miami -- based on our current forecast, which reflect the impact of the shutdown through October only, we expect fourth-quarter RevPAR growth to range between negative 1% and plus 2% or positive 1% to positive 4% when you exclude Royal Palm. Sean will provide more detail on our updated full-year guidance in just a moment.

預計 10 月的每間可供出租客房收入 (RevPAR) 將與去年同期基本持平，如果排除邁阿密的皇家棕櫚酒店，則整體投資組合的 RevPAR 將增長約 1.5%。根據我們目前的預測（僅反映了關閉對 10 月的影響），我們預計第四季度的 RevPAR 成長率將在 -1% 到 +2% 之間，或在排除皇家棕櫚酒店的情況下，成長率將在 +1% 到 +4% 之間。Sean 稍後將詳細介紹我們更新後的全年業績預期。

Finally, as we turn our attention to 2026, I am confident that the strategic investments we have made will position Park to outperform during reacceleration of the lodging cycle. While some macro uncertainty persists, particularly for the lower-end consumer facing economic pressure from higher rates, we see the foundation forming for the next cycle of expansion, a more accommodative Fed and easing financial conditions, resulting in lower rates and taxes should support a rebound in business investment. At the same time, sustained public sector and private sector spending particularly around AI infrastructure and the anticipated productivity gains from AI adoption, together with a modest pickup in inbound international travel, particularly from Japan, should further strengthen lodging fundamentals.

最後，展望 2026 年，我相信我們所做的策略性投資將使 Park 在住宿業週期重新加速發展時取得優異成績。儘管宏觀經濟仍存在一些不確定性，特別是對於面臨利率上升帶來的經濟壓力的低端消費者而言，但我們看到下一輪擴張的基礎正在形成，美聯儲更加寬鬆的政策和寬鬆的金融環境，導致利率和稅收下降，這應該有助於企業投資的反彈。同時，公共部門和私營部門持續增加對人工智慧基礎設施的投入，以及人工智慧應用帶來的預期生產力提升，再加上國際入境旅遊（尤其是來自日本的入境旅遊）的適度回升，應該會進一步增強住宿業的基本面。

Looking ahead, we remain optimistic about 2026 and beyond, supported by expectations for lower interest rates, a more favorable regulatory environment and a renewed investment cycle, all of which should drive stronger economic and travel growth, along with a meaningful boost from major events, including World Cup events in multiple cities the Super Bowl in San Francisco Bay Area and New York and Boston's 250th anniversary celebrations.

展望未來，我們對 2026 年及以後仍保持樂觀，這得益於利率下降、監管環境更加有利以及投資週期重啟的預期，所有這些都將推動經濟和旅遊業的強勁增長，此外，包括世界杯（在多個城市舉辦）、超級碗（在舊金山灣區舉辦）以及紐約和波士頓建城 250 週年（在多個城市舉辦）、超級碗（在舊金山灣區舉辦）以及紐約和波士頓建城 250 的重大周年活動也將帶來顯著的周年活動。

With industry supply growth remaining at historic lows. We see a clear path for RevPAR acceleration and sustainable long-term growth, particularly across the segments and markets where our portfolio is concentrated and additional growth from the capital investments we are making in the core portfolio.

產業供應成長仍處於歷史低點。我們看到了RevPAR加速成長和永續長期成長的明確路徑，尤其是在我們投資組合集中的細分市場和市場，以及我們對核心投資組合進行的資本投資帶來的額外成長。

And with that, I'll turn it over to Sean.

接下來，我將把麥克風交給肖恩。

Thanks, Tom. For the third quarter, RevPAR was $181, representing a 6% decline over the prior year or down 5% excluding the Royal Palm South Beach -- which suspended operations in May for its full-scale renovation. Total hotel revenues were $585 million and hotel adjusted EBITDA came in at $141 million translating into hotel adjusted EBITDA margin of 24.1%. Despite the softer top line results, continued cost discipline by our team and hotel partners held expense growth relatively flat for the quarter marking the third consecutive quarter with expense growth of 1% or less.

謝謝你，湯姆。第三季每間可供出租客房收入 (RevPAR) 為 181 美元，比上年同期下降 6%，如果排除因全面翻新而於 5 月暫停運營的皇家棕櫚南海灘酒店，則下降 5%。飯店總收入為 5.85 億美元，飯店調整後 EBITDA 為 1.41 億美元，飯店調整後 EBITDA 利潤率為 24.1%。儘管營收成長放緩，但我們的團隊和飯店合作夥伴持續的成本控制使得本季支出成長保持相對平穩，這標誌著連續第三個季度支出成長低於 1%。

Adjusted EBITDA was $130 million and adjusted FFO per share was $0.35. Turning to the balance sheet. As Tom mentioned, we made significant progress toward addressing our 2026 maturities by amending and upsizing our corporate credit facility. The facility now includes a $1 billion senior unsecured revolver with a fully extended maturity in 2030, a new $800 million senior unsecured delayed draw term loan facility with a fully extended maturity in 2031 and the $200 million senior unsecured term loan maturing in 2027 that was entered into in May of last year. We expect to draw on the new term loan next year to fully repay the $122 million mortgage on the Hyatt Regency Boston and together with a subsequent financing transaction expected in the first half of 2026 fully repay the $1.275 billion mortgage on the Hilton Hawaiian Village by the middle of next year when the par prepayment window opens.

調整後 EBITDA 為 1.3 億美元，調整後每股 FFO 為 0.35 美元。接下來看一下資產負債表。正如湯姆所提到的，我們透過修改和擴大公司信貸額度，在解決 2026 年到期債務方面取得了重大進展。該融資機制目前包括：10億美元的優先無抵押循環貸款（已完全延期至2030年到期）、8億美元的新高級無抵押延期提取定期貸款（已完全延期至2031年到期）以及去年5月簽訂的2億美元高級無抵押定期貸款（將於2027年到期）。我們預計明年將動用新的定期貸款，全額償還波士頓凱悅酒店的 1.22 億美元抵押貸款，連同預計在 2026 年上半年進行的後續融資交易，在明年年中提前還款窗口開放時，全額償還希爾頓夏威夷度假村的 12.75 億美元抵押貸款。

With respect to the Hilton San Francisco and Park 55 hotels, which were placed into receivership in November 2023. We now expect the hotels to be sold by the receiver on or before the 21st of next month. As the purchaser has exercised its onetime extension right outlined in the executed purchase and sale agreement.

關於希爾頓舊金山酒店和 Park 55 酒店，這兩家酒店於 2023 年 11 月被接管。我們現在預計接管人將於下個月21日或之前出售這些酒店。由於買方已行使其在已簽署的買賣協議中規定的一次性延期權利。

Turning to dividends. On October 23, we declared a fourth quarter cash dividend of $0.25 per share to stockholders of record as of December 31, translating to an annualized yield of approximately 9%. To preserve liquidity for our strategic initiatives to reinvest in the portfolio and deleverage the balance sheet, we do not expect to declare a top-off dividend for 2025. Reserving over $50 million based on the midpoint of our updated FFO guidance.

接下來談談股息。10 月 23 日，我們宣布向截至 12 月 31 日登記在冊的股東派發第四季度現金股息，每股 0.25 美元，年化收益率約為 9%。為了保持流動性，以便我們能夠採取策略性舉措，對投資組合進行再投資並降低資產負債表的槓桿率，我們預計 2025 年不會宣布派發額外股息。根據我們更新後的FFO指引的中點數值，預留超過5000萬美元的資金。

And finally, on guidance. Based on third quarter results and known impacts from the government shutdown, we are adjusting our full-year outlook. We now expect full year RevPAR growth to be down around 2% at the midpoint of a range between negative 2.5% to negative 1.75% or down 1% at the midpoint, excluding the Royal Palm South Beach. Our revised guidance reflects weaker-than-expected third quarter results and continued softness in leisure demand expected for the fourth quarter, further compounded by the impact of the government shutdown in October. Accordingly, we are also lowering our full year adjusted EBITDA forecast by $12.5 million at the midpoint to $608 million, within a tightened range of $595 million to $620 million resulting in a hotel adjusted EBITDA margin range of 26.3% to 26.9%, a 20 basis point change versus prior guidance.

最後，關於指導原則。根據第三季業績和政府停擺的已知影響，我們正在調整全年預期。我們現在預計全年每間可供出租客房收入 (RevPAR) 成長率將下降約 2%，介於 -2.5% 至 -1.75% 之間，或下降 1%，不包括皇家棕櫚南灘飯店。我們修訂後的業績指引反映了第三季業績弱於預期，以及預計第四季度休閒需求將持續疲軟，而10月份政府停擺的影響更是雪上加霜。因此，我們將全年調整後 EBITDA 預測值下調 1,250 萬美元至 6.08 億美元，範圍收窄至 5.95 億美元至 6.2 億美元，導致飯店調整後 EBITDA 利潤率範圍為 26.3% 至 26.9%，與先前的指導基礎變化了 20 個基礎變化。

Adjusted FFO per share is now expected to be $1.91 at the midpoint within a range of $1.85 to $1.97 per share.

調整後每股FFO預計1.91美元，區間為每股1.85美元至1.97美元。

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

我們的發言稿到此結束。現在我們將進入問答環節。為了解答您的每個問題，我們要求您每個問題只提一個問題，並提出一個後續問題。接線生，請問第一個問題可以嗎？

(Operator Instructions) Duane Pfennigwerth, Evercore ISI.

（操作說明）Duane Pfennigwerth，Evercore ISI。

I wanted to ask you about the expense performance, given kind of the lower outlook on 4Q RevPAR it feels like you're pulling expenses down to a surprising degree to offset that. Can you just talk specifically about where that's coming from? And what the planning cycle for those expense pulldowns looks like? How much lead time do you need to do that? It just continues to be a bit surprising given --

我想問您關於費用控制方面的情況，考慮到第四季度每間可供出租客房收入（RevPAR）的預期較低，您似乎已經大幅降低了費用以抵消這一影響。能具體說說這是從哪裡來的嗎？這些費用下拉計畫的週期是怎麼樣的？你需要提前多久完成這項工作？考慮到這一點，這仍然有點令人驚訝。--

Sure, Duane. It's Sean. I'll take the first step at that. We talked about this last quarter. Clearly, aggressive asset manager is a key pillar of ours, and we work with our hotel partners -- we're looking to reduce costs in this environment that we're experiencing.

當然可以，杜安。是肖恩。我先踏出第一步。我們上個季度討論過這個問題。顯然，積極進取的資產管理是我們的關鍵支柱，我們與飯店合作夥伴攜手合作——在當前環境下，我們希望降低成本。

We talked about deep dives last quarter. We did that in over a dozen properties, definitely some key properties of ours looking at both revenue and cost opportunities on the cost side. It's been anywhere from productivity elements, staffing, full FTE-type staffing, procurement. Think about how you might look at certain brand standards and certain assets that don't necessarily fit or make sense and challenging though.

我們上個季度討論過深度分析。我們在十幾個物業中都進行了這樣的操作，其中肯定包括我們的一些重點物業，我們既考慮了收入，也考慮了成本方面的機會。涉及的方麵包括生產力因素、人員配備、全職員工配備、採購等等。想想你會如何看待某些品牌標準和某些資產，它們可能不一定合適、有意義，而且具有挑戰性。

So a number of initiatives, experimenting with a few ideas to ultimately drive costs out of the operating model. So this is something that we've been working on throughout the year, and we've noted that some of the deep dives we did in the back of properties we started in Q1 and Q2, and we're expecting to see the benefits of that as the year went on. So some of that is there embedded in kind of what we see in Q4. I think on the other side, too, we continue to benefit from the renewal we did in the insurance side with 25% reduction in premiums. We continue to fight on tax appeals in certain markets, especially where real estate valuations are lower than they were pre-covid and seeing effects of that as well.

因此，我們採取了一系列舉措，嘗試了一些想法，最終目的是降低營運模式的成本。所以這是我們今年一直在努力的方向，我們注意到，我們在第一季和第二季開始對一些房產進行深入調查，我們預計隨著時間的推移，這些調查將會帶來好處。所以，其中一些因素已經體現在我們第四季所看到的成果中。我認為另一方面，我們也繼續受益於保險方面的續約，保費降低了 25%。我們繼續在某些市場進行稅務上訴鬥爭，尤其是在房地產估值低於新冠疫情前水準並受到其影響的市場。

So that's all kind of getting layered in. Clearly, there's a focus even more intently, as you see some of the expectations of Q4 come through. And that's, I think, more kind of real-time adjustments that you make in terms of staffing levels to what you might see in occupancy drops. I think in the end, it's yielded results here.

所以這些因素就這樣一層層地融合在一起了。顯然，人們更加關注第四季度，因為一些預期已經顯現。我認為，這更多的是一種即時調整，需要根據入住率下降的情況對員工人數進行相應調整。我認為最終還是取得了成效。

I mean when you adjust out Royal Palm, which obviously is closed and you just have Hawaiian Village, which had some anomalies and other things related to with the strike on the cost side, we've seen and other anomalies that we've had in lapping over year over year, we've seen expense growth decline each quarter from the start of the year. We were up 2.7% in Q1. And we're down ultimately just below flat, about 50 basis points down expected for Q4. So I think it's just -- it's a lot of hard work being done, a lot of good work being done to execute against this.

我的意思是，當你把顯然已經關閉的皇家棕櫚酒店剔除，只剩下夏威夷村酒店時，由於罷工導致成本方面出現了一些異常情況和其他一些問題，我們看到，在逐年遞增的過程中，我們看到支出增長從年初開始每個季度都在下降。第一季我們成長了2.7%。最終我們略低於持平水平，預計第四季將下降約 50 個基點。所以我覺得，這需要付出很多努力，很多有效的工作才能實現。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I just wanted to ask you a little bit on the dividend side. You noted that you don't have to pay or you won't be paying the special dividend in the fourth quarter. And is the remaining -- could the quarterly $0.25? Is that really just to reflect the required sort of payout from a tax perspective? Or is there anything you could do there on the dividend side as sort of as you think about sort of cash retention going forward?

我只是想問一下關於股息方面的問題。您提到您不必支付或不會在第四季度支付特別股息。剩下的部分——可能是季度 0.25 美元？這真的只是為了反映稅務方面所需的支付方式嗎？或者，在考慮未來現金留存的時候，您在股利方面可以做些什麼嗎？

Yes. It's a great question, Steve. Obviously, we're a little perplexed by the number of calls that we've gotten regarding the dividend. And if I could sort of frame for a second, if you look over the last three years, we've returned about $1.3 billion in capital to shareholders both through dividends, obviously, and through buybacks. We've bought back about 38.5 million shares.

是的。史蒂夫，你問得好。顯然，我們對收到的關於股利的諮詢電話數量感到有些困惑。如果我能稍微概括一下，回顧過去三年，我們已經透過股利和股票回購向股東返還了約 13 億美元的資本。我們已回購約3850萬股股票。

That's about 20% of our float. And if you think about that $1.3 billion, I mean, our equity market cap today is somewhere at around $2 billion, plus or minus, at obviously a depressed low and somewhat ridiculous number. When you think about that, and we're 60%, 70% of that, we've already returned, and we're already paying a dividend that's 9%, 10%. So there was nothing -- there's no liquidity issues at Park, if anything, based on what we've just done an incredible work led by Sean and by the team, with our credit facility, we've got $2.1 billion in liquidity. So there are no issues at all.

這大約占我們浮動資金的20%。如果你想想那13億美元，我的意思是，我們今天的股票市值大約在20億美元左右，上下浮動，這顯然是一個低迷的低點，也是一個有點荒謬的數字。想想看，我們已經實現了 60%、70% 的目標，我們已經支付了 9%、10% 的股息。所以，Park 沒有任何流動性問題，如果說有什麼問題的話，那就是根據 Sean 和團隊領導的出色工作，利用我們的信貸額度，我們擁有 21 億美元的流動性。所以完全沒有問題。

And I also remind people, if you think back to the pandemic, when we virtually had no revenue, and all the discipline and the moves that we made and that we got through that. So clearly, no liquidity issues at all. This was just a conscious effort that we thought a 9% to 10% dividend yield, far in excess of any of our peers was really the right threshold. We do have depreciation. We do have the ability to be able to shield and we really thought that we could deploy that incremental quarter, $0.25 plus or minus, back into strategic investments and/or having it available to pay down leverage.

我還要提醒大家，回想疫情期間，我們幾乎沒有任何收入，正是我們當時的自律和採取的措施，才讓我們撐過了那段時期。所以很明顯，完全不存在流動性問題。這只是我們有意識地做出的努力，我們認為 9% 到 10% 的股息殖利率遠高於任何同行，這才是真正合適的門檻。我們確實有折舊。我們確實有能力進行屏蔽，而且我們真的認為我們可以將這額外的季度收益（0.25美元左右）重新投入戰略投資和/或用於償還槓桿。

So it was really nothing more than that. And I just want to reinforce, we are very disciplined about our capital allocation. I think we've demonstrated that time and time again, and we'll continue to have that focus and that discipline and we thought the incremental $0.25 and reallocating that was the right business decision at this point.

所以事情其實就是這麼簡單。我還要強調一點，我們在資本配置上非常自律。我認為我們已經一次又一次地證明了這一點，我們將繼續保持這種專注和自律，我們認為在目前這個階段，增加 0.25 美元並重新分配是正確的商業決策。

Okay. I guess just switching gears for just a minute. I wanted to ask you, just as we -- obviously, a lot of focus is turning to 2026. Could you just talk about kind of what you're seeing on the group side for next year if the sort of pace of bookings or revenue? And any particular kind of submarkets where you're seeing significant strength or weakness?

好的。我想只是暫時換個話題。我想問你，就像我們一樣——顯然，現在大家的關注點都轉向了 2026 年。您能否談談您對明年集團方面預訂量或營收成長速度的預期？您是否觀察到某些特定細分市場有明顯的強勢或弱勢？

Well, if we look at '26 group pace, and I think it's important to sort of given Hawaii you're still ramping up, take if you exclude Hawaii it excludes Royal Palm, which will reopen and complete in May, early June of next year, you're essentially flat in '26 right now. '27 as we look out, I think we're up about 4.1% plus or minus. As we think about markets, clearly strong markets, Signia, Bonnet Creek, probably 9%, our Hyatt in Boston double digits. Cree Bay probably up another 39%; Santa Barbara up a significant amount, certainly north of 50% Casimena up low to mid-single digits. So certainly, we feel very good about that right now as we look out. We fully expect that we will continue to see more activities with our operating partners continue to build the group base for '26.

嗯，如果我們看一下2026年的集團進度，考慮到夏威夷仍在擴建中，這一點很重要。如果排除夏威夷（不包括將於明年5月或6月初重新開放並完工的皇家棕櫚度假村），那麼2026年的整體進度基本上持平。展望2027年，我認為我們會成長約4.1%。當我們思考市場時，很明顯，強勁的市場包括 Signia、Bonnet Creek（可能成長 9%）以及我們在波士頓的凱悅酒店（成長兩位數）。克里灣可能再上漲 39%；聖塔芭芭拉上漲幅度很大，肯定超過 50%；卡西梅納上漲個位數。所以，展望未來，我們目前對此感到非常樂觀。我們完全預期，我們將與我們的營運合作夥伴繼續進行更多活動，為 2026 年繼續鞏固集團基礎。

As we think about 2026, we're pretty encouraged. I mean there are a number of data points out there that I think are interesting. Clearly, as you think through with the Fed, we certainly expect a more accommodative Fed, lower rates, clearly lower tax rates, deregulation, certainly more public and private investment. And as we all know, the kind of dollars that are being invested right now in AI and infrastructure, and certainly the expected productivity gains there. But you've got also special events.

展望2026年，我們感到非常鼓舞。我的意思是，有很多數據點我覺得很有趣。顯然，考慮到聯準會的政策，我們當然期待聯準會採取更寬鬆的政策，降低利率，明顯降低稅率，放鬆管制，並增加公共和私人投資。我們都知道，目前在人工智慧和基礎設施領域投入的資金數量龐大，而且預計這些領域將帶來生產力的提升。但你們也會有特別活動。

You've got the impact of World Cup, which we all -- we certainly believe is going to be significant. Obviously, the Super Bowl out in the San Francisco Bay Area. Obviously, the anniversary celebrations 250 years, which will be largely anchored in New York and Boston. We expect, obviously, Park is going to be very well positioned to take advantage of that. So as we look out, we're certainly encouraged. It would be nice to have some of the tariffs and some of the other matters, geopolitical sort of calm down, less of an impact would certainly be helpful and I think provide incremental tailwinds as well.

世界盃的影響力不容忽視，我們都相信它會產生巨大的影響。顯然，超級盃是在舊金山灣區舉行的。顯然，250週年慶典活動將主要在紐約和波士頓舉行。顯然，我們預期朴槿惠將佔據非常有利的位置，充分利用這一點。所以，展望未來，我們無疑會受到鼓舞。如果一些關稅和其他一些地緣政治問題能夠平靜下來，減少影響，那當然很好，我認為這也會帶來一些漸進的利好因素。

But we're very encouraged as we look out to 2026. We're also very encouraged by really the strategic investments that we continue to make as you think about what we're doing in Hawaii, both properties there. If you think about New Orleans, what we're doing, obviously, just incredibly bullish about our transformation in Miami. We think that's just going to be an extraordinary success. And really excited about the progress that we're making there and fully expect that, that will open, obviously, in May, early June of next year.

但展望2026年，我們感到非常鼓舞。我們也對我們持續進行的策略性投資感到非常鼓舞，想想我們在夏威夷所做的一切，包括那裡的兩處房產。想想新奧爾良，想想我們正在做的事情，顯然，我們對在邁阿密的轉型充滿信心。我們認為這將會是一次非凡的成功。我們對此進展感到非常興奮，並完全相信，該計畫將於明年五月或六月初開放。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

So my first question, Tom, you mentioned asset sales and you got 15 noncore assets, you may have other things with land and such. I guess the question would be, what's your conviction level, what's your confidence level, maybe not versus a year ago or six months ago on some of these same assets? What's needs to happen to get some of these over the finish line? And do you think we start seeing an acceleration in that as we move through into the new year?

湯姆，我的第一個問題是，你提到了資產出售，你獲得了 15 項非核心資產，你可能還有其他土地之類的資產。我想問題在於，你對這些資產的信心程度如何？或許與一年前或六個月前相比，你的信心程度有所不同？要讓其中一些項目最終完成，還需要做些什麼？你認為隨著我們進入新的一年，這種情況會加速發展嗎？

Chris, it's a great question, and thank you for it. I mean, we -- I can't tell you, as a leadership team, we are laser focused. Let me just set the stage for a second. Really, our top 20 assets account for 90% of the value of the company. And if you really focus on sort of the core and the core metrics of those 20 assets, it's as really as strong as any portfolio in the sector.

克里斯，這是一個很好的問題，謝謝你的提問。我的意思是，我不能告訴你，作為一個領導團隊，我們目標非常明確。讓我先簡單介紹一下背景。事實上，我們前 20 項資產占公司價值的 90%。如果你真正關注這 20 項資產的核心及其核心指標，你會發現它與該行業的任何投資組合一樣強大。

We remain laser-focused on selling the noncore and recycling that capital. I think it's important to remind listeners, I mean we have sold or disposed now of 47 assets for north of $3 billion since the spin. So we have -- in the worst of times, even during the pandemic, keep in mind, we have six assets in San Francisco. We now have one asset, and we sold two of those in the worst of times during the pandemic. It is challenging in this environment. It's not an issue of debt. There's plenty of debt capital, there's plenty of equity capital.

我們將繼續專注於出售非核心資產並回收這些資金。我認為有必要提醒聽眾，自分拆以來，我們已經出售或處置了 47 項資產，總價值超過 30 億美元。所以即使在最糟糕的時期，甚至在疫情期間，請記住，我們在舊金山也有六個資產。我們現在只有一項資產，而其中兩項資產是在疫情最嚴重的時期賣掉的。在這種環境下工作充滿挑戰。這不是債務問題。債務資本充足，股權資本也充足。

I think if you can get really just better visibility and less volatility, that certainly will help. There are two additional leases obviously, we gave back the Kansas City asset, which is -- we mentioned, obviously, in our prepared remarks, we've got two other assets that we made the decision last year that we would not extend those ground leases, short-term ground leases. We'll give those assets back at the end of this year. We've got two other assets under a letter of intent and we've got several others at various stages of the marketing process. We are very confident we probably would lean more towards the low end of our guidance than the high end.

我認為，如果能提高能見度並降低波動性，肯定會有幫助。顯然還有兩份額外的租賃合同，我們已經歸還了堪薩斯城的資產，正如我們在準備好的發言稿中提到的，我們還有另外兩份資產，我們去年決定不再延長這些土地租賃合同，即短期土地租賃合同。我們將在今年底歸還這些資產。我們還有兩項資產已簽署意向書，另有幾項資產處於不同的行銷階段。我們非常有信心，我們可能會更傾向於預期指引的下限，而不是上限。

We said $300 million to $400 million this year, and it is conceivable that some of that could bleed into early next year from a closing standpoint. But please rest assured that we are laser-focused, committed, experienced in selling and disposing of these noncore assets. We've done it done it with assets that have been even more complex. Every asset's got a story, whether it's illegal or tax or some other matter, but the team is working their tails off to make progress and get this matter behind us.

我們預計今年將達到 3 億至 4 億美元，從結算的角度來看，其中一些款項可能會延續到明年初。但請放心，我們目標明確、盡職盡責、經驗豐富，致力於出售和處置這些非核心資產。我們已經成功處理過更複雜的資產。每項資產都有其背後的故事，無論是違法行為、稅務問題或其他問題，但團隊正在全力以赴地推進，爭取盡快解決這個問題。

The sooner we can get closer to that 20 hotels, we think that's really going to improve our optionality, but I think allow investors to really look through with the core assets -- and really the incredible work that we're doing within that quarter, that's where we're spending significant dollars. We believe passionately that we can generate higher returns on our -- from development yields than we can from acquisition yields.

我們越早接近20家酒店的目標，我們認為這將真正提高我們的選擇餘地，但我認為這將使投資者真正關注核心資產——以及我們在該季度所做的令人難以置信的工作，這正是我們投入大量資金的地方。我們堅信，透過開發獲得的收益比透過收購獲得的收益更高。

Okay. Thanks for all that color, Tom. As a follow-up, I think we heard Hilton last week talking about lower expenses to owners of franchisees and some of that is coming from the, I guess, what you call the share don't know the exact term, but some of the chargebacks. Is there more that could be done there? How do you guys view -- was that a material or tangible benefit to you next year and just maybe where you sit with respect to maximizing what can be done through the franchise agreements to keep your costs down from the parent companies.

好的。謝謝你帶來的繽紛色彩，湯姆。作為後續，我認為我們上週聽到希爾頓談到降低加盟商的費用，其中一些費用來自，我猜，你們稱之為分成，我不知道確切的術語，但就是一些退款。那裡還有更多可以改進的地方嗎？你們如何看待——這對你們明年來說是否是一項實質的或實際的好處？以及你們在透過特許經營協議最大限度地降低母公司成本方面所處的位置？

Yes. It's another great question, Chris. We are spending a lot of time with our partners at Hilton and our other operating partners. As Sean so eloquently pointed out, when you think about expenses and what we've done three quarters in a row. If you look at insurance, if you look at the deep dive analysis that you mentioned, we are as good as anybody at really in this environment where you haven't really had the top line growth across the sector, doing everything humanly possible to take cost and really reinvent the operating model where we can you're going to see that continue, and you're going to see us continue to push and encourage and partner with Hilton, with Marriott, Hyatt, et cetera, trying to find ways to continue to take cost out of the business.

是的。克里斯，這又是一個很好的問題。我們花了很多時間與希爾頓酒店集團和其他營運合作夥伴在一起。正如肖恩雄辯地指出的那樣，當你考慮到開支以及我們連續三個季度所做的事情時。如果你看看保險業，看看你提到的深度分析，你會發現，在當前整個產業營收成長乏力的環境下，我們和其他人一樣出色，竭盡所能地降低成本，並儘可能地重塑營運模式。你會看到這種情況持續下去，你會看到我們繼續推動、鼓勵並與希爾頓、萬豪、凱悅等酒店合作，努力尋找繼續降低業務成本的方法。

There are huge opportunities there, and I have to thank candidly with the advancement of AI as that continues to expand, and that we've got to believe that they're going to be significant savings and productivity gains there as well. I don't think those occur necessarily this week, this month, but I certainly believe over the intermediate and long term, there are going to be real opportunities there.

那裡蘊藏著巨大的機遇，我必須坦率地感謝人工智慧的進步和不斷發展，而且我們有理由相信，那裡也將帶來顯著的成本節約和生產力提升。我認為這些機會不一定會在本週或本月出現，但我堅信，從中長期來看，這方面肯定會有真正的機會。

David Katz, Jefferies.

David Katz，傑富瑞集團。

What I would love some help with having gone out there earlier this year with yourselves and your peers, Hawaii is still just a confusing market for me. Can you just sort of give us as much insight on sort of what the puts and takes or the drivers, the headwinds are out of Hawaii at this point.

今年早些時候，我曾和你們以及你們的同行一起去過夏威夷，但夏威夷市場對我來說仍然很陌生，所以我很希望得到你們的幫助。您能否盡可能地為我們介紹目前夏威夷面臨的阻力、影響因素或不利因素？

Yes. It's a fair question, David. I think you've got to kind of step back a little bit and just think about Hawaii -- if you think about over the last 20 years, Oahu's RevPAR growth has really outpaced the US by at least 120 basis points. I think Key West in Hawaii is so to lead a CAGR of about 4.5% versus the US average of about 3.3%. If you think back over that period of time, you've had negative supply growth, I think 0.3% or less than that. Think about the next five years, we're thinking about supply growth in Hawaii at 0.3% again. So that backdrop to us is very, very encouraging. Domestic airlift has also increased 20% since 2019.

是的。戴維，你問得好。我認為你應該退後一步，好好想想夏威夷——如果你回顧過去 20 年，你會發現瓦胡島的每間可供出租客房收入 (RevPAR) 增長速度確實比美國快了至少 120 個基點。我認為夏威夷基韋斯特有望引領經濟成長，其複合年增長率約為 4.5%，而美國平均約為 3.3%。回顧那段時間，供應成長是負的，我認為是 0.3% 甚至更低。展望未來五年，我們預計夏威夷的供應成長率將再次維持在 0.3%。所以，這樣的背景對我們來說非常非常鼓舞人心。自 2019 年以來，國內空運量也成長了 20%。

And a lot of the owners in Hawaii on their assets under ground leases. In our case, in both of our world-class resorts there, we own those, obviously, fee simple. And we just think that's a huge advantage. And obviously, there's a little bit of a concentration issue.

夏威夷的許多業主都以土地租賃的方式持有其資產。就我們而言，我們在那裡擁有的兩家世界級度假村，顯然都是我們擁有的，完全所有權。我們認為這是一個巨大的優勢。顯然，注意力方面也存在一些問題。

Ideally, we wouldn't want to have 25%, 30%. But if you're going to have it anywhere, having it in Hawaii certainly gives us comfort. Clearly, from a demand standpoint -- if you look historically, it's about 10 million visitors, 9 million to 10 million visitors, 60% plus or minus coming out of the US, 17% historically coming out of Japan over the last 30 years. And to get to your point, it was about $1.5 million in Japan. I mean we're going to end this year probably somewhere in the 720,000 to 750,000. So you you're clearly seeing less visitation from Japan. It's been a slower ramp-up.

理想情況下，我們不希望達到 25% 或 30%。但如果一定要在某個地方擁有它，那麼在夏威夷擁有它無疑會讓我們感到安心。顯然，從需求角度來看——如果你回顧歷史數據，大約有 1000 萬遊客，900 萬到 1000 萬遊客，其中 60% 左右來自美國，過去 30 年裡，17% 來自日本。回到你剛才說的，在日本大約是 150 萬美元。我的意思是，我們今年的最終銷量可能會在 72 萬到 75 萬之間。所以很明顯，來自日本的遊客數量減少了。啟動速度比較慢。

There are reasons for that, the stronger dollar versus the yen and there have been some fuel surcharges. There have been some cheaper alternatives. So clearly, that Hawaii ramp-up or Hawaii participation today is about probably 3% to 4% of international demand at our assets versus probably 19% plus or minus, where it was in 2019. So we are encouraged by recent discussions sequentially, Hawaii has gotten better. Obviously, we had the strike.

造成這種情況的原因有很多，例如美元對日圓走強以及燃油附加費的增加。也有一些更便宜的替代品。因此很明顯，目前夏威夷的成長或夏威夷的參與度可能占我們資產國際需求的 3% 到 4%，而 2019 年這一比例可能為 19% 左右。因此，從最近的討論來看，夏威夷的情況逐漸好轉，這讓我們感到鼓舞。顯然，我們發生了罷工。

It was a very challenging environment for 45 days and the lingering effects of that. We were down 18% first quarter, 13% second quarter, 9% plus or minus third quarter. And we expect we're going to be somewhere north of 20% here in the fourth quarter even with sort of the revised guidance that Sean outlined. So it's certainly taking a little longer, but we are bullish and passionate and still believe obviously, the investments that we're making, Tapa Tower, huge benefit, Rainbow Tower and what we're seeing there. We're excited, obviously, what we're doing at Hilton White Cala it like low, we a little more complex, the second phase of that renovation.

那45天的環境非常艱苦，而且至今仍留下後遺症。第一季我們下降了 18%，第二季下降了 13%，第三季上下波動了 9%。即使按照肖恩概述的修訂後的指導方針，我們預計第四季度的成長率將超過 20%。所以，雖然確實需要更長的時間，但我們仍然充滿信心和熱情，並且仍然相信，我們正在進行的投資，例如 Tapa Tower，會帶來巨大的收益，還有 Rainbow Tower 以及我們在那裡看到的一切。顯然，我們對此感到非常興奮，我們在希爾頓白卡拉酒店所做的工作雖然比較低調，但更加複雜，這是翻新工程的第二階段。

So more rooms out of service. That certainly is contributing to a little bit of the more disruption there and certainly contributing to some of the softness there. But -- and Canadian travel, Canadians, as we all know, account for and Mexican travelers, about half of the inbound international travel into the US. And Canadians have been frustrated, and they have been voting with their dollars and their travel has been down in Hawaii, and it's certainly been down in other markets as well. So we're certainly feeling the effects of that as well.

因此，更多房間將無法使用。這無疑加劇了那裡的混亂局面，也確實造成了那裡的一些鬆懈。但是——眾所周知，加拿大遊客占美國入境國際遊客總數的一半左右，墨西哥遊客也佔一半左右。加拿大人感到沮喪，他們用消費來表達不滿，去夏威夷的旅行減少了，去其他市場的旅行也同樣減少了。所以，我們當然也感受到了這些影響。

Once some of those matters on the trade front, get normalized and get resolved, we certainly expect that they will be back and certainly think that Hawaii will accelerate in terms of its ramp-up.

一旦貿易方面的一些問題得到正常化和解決，我們當然期望他們能夠恢復正常運營，並且我們肯定認為夏威夷的經濟復甦速度將會加快。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Sorry if I missed this in the prepared remarks. You had noted in your guidance and expectations, only expecting the government shutdown through today, it doesn't look like it's going to get resolved today. Why not continue that expectation in your guidance beyond today?

如果我事先準備好的發言稿中遺漏了這一點，請見諒。您在指導和預期中提到，預計政府停擺只會持續到今天，但現在看來，這個問題今天是無法解決了。為什麼不將這種期望延續到您未來的指導中呢？

Yes. It's another excellent question. Look, at the time we were preparing the guidance and the situation has been so fluid. We wanted to include for investors and analysts and all the listeners what we knew. And what we knew as of the end of October was about $2.5 million of impact.

是的。這又是一個很好的問題。你看，當時我們正在製定指導方針，但情況瞬息萬變。我們希望將我們所了解的訊息傳達給投資者、分析師和所有聽眾。截至 10 月底，我們所知的影響約為 250 萬美元。

So we've included that but we also were conservative in our guidance, and that reflects sort of the midpoint. So if this were to continue, and none of us know how this is going to unfold, and everybody's probably got an opinion -- the reality is that if you look at the low end of our guidance, we believe that we are adequately covered if this were to continue, and I'll reinforce that. We centered our -- obviously, our guidance on that midpoint and recognize that if it were to continue, we believe that we're covered through that guidance range.

所以我們把這一點考慮進去了，但我們的指導意見也比較保守，這反映了一種中間立場。所以，如果這種情況繼續下去，我們誰也不知道事情會如何發展，而且每個人可能都有自己的看法——但現實情況是，如果你看看我們預期的下限，我們相信，如果這種情況繼續下去，我們已經有足夠的保障，我再重申一遍。顯然，我們的指導意見以該中間點為中心，並且認識到，如果這種情況持續下去，我們相信我們能夠涵蓋該指導範圍。

I would also tell you, in my own opinion, growing up and living in this market for my life and talking and watching my strong belief is that this will be resolved in the near future. I don't think either party can allow for this to continue much longer, particularly with the impact with 40 million people not having food benefits among other benefits. And so I hope that our leaders in Washington on both sides of the aisle will resolve it in short order. And -- but we think that we are covered for the guidance that we have provided. If we get more information, if it were to extend and have more of an impact, we certainly will provide that on either side of that.

我也想說，以我個人的看法，在這個市場中長大，生活了一輩子，透過交談和觀察，我堅信這個問題在不久的將來會得到解決。我認為雙方都不能允許這種情況繼續下去，尤其是考慮到這將對包括食品福利在內的4,000萬人造成的影響。因此，我希望華盛頓兩黨的領導人能夠盡快解決這個問題。但是——但我們認為，我們提供的指導已經足夠了。如果我們獲得更多信息，如果情況會進一步發展並產生更大的影響，我們肯定會在前後兩方面都提供相關資訊。

But we wanted to provide and be transparent for what we knew and what we were seeing in our portfolio.

但我們希望公開透明地分享我們所了解和看到的投資組合資訊。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

I just wanted to follow up on the reallocation of the top-off dividend to investment. Is that something that you'll have the opportunity to do in the future? Maybe I missed this. And if you did have that opportunity, maybe -- any thoughts around thinking through that capital allocation? And is there -- are there big projects that you try to pull forward that you have on your horizon?

我只是想跟進一下將追加股息重新分配到投資領域的事宜。將來你還有機會做這件事嗎？或許我錯過了。如果你真的有機會的話，或許──你對如何進行資本配置有什麼想法嗎？那麼，您目前有哪些正在努力推進的大專案呢？

Yes, it's a great question. Thank you for it. Listen, we've -- as I said earlier, we've been very thoughtful about capital allocation and again, returned $1.3 billion to shareholders here over the last three years. And we really concluded Sean and I and the team that obviously a 9%, 10% dividend, which is where we are today was -- and certainly, sector-leading was certainly enough and made sense. We will have the flexibility in the future to certainly manage that dividend, and we will be thoughtful -- we just didn't think we thought reallocating that $50 million for either debt reduction and/or continued strategic investments in our portfolio makes a lot of sense.

是的，這是一個很好的問題。謝謝。聽著，正如我之前所說，我們在資本配置方面一直非常謹慎，在過去三年裡，我們已經向股東返還了 13 億美元。我和肖恩以及團隊一致認為，9%、10% 的股息率（也就是我們今天所達到的水平）——當然，這在業內是領先的——絕對是足夠的，也是合理的。未來我們當然有能力靈活管理股息，而且我們會深思熟慮——我們只是覺得將這 5000 萬美元重新分配用於減少債務和/或繼續對我們的投資組合進行戰略投資意義不大。

I mean, if you take Bonnet Creek as an example and just the success that we're having there, we've taken EBITDA from there approximately $55 million. We think we'll be somewhere north of $95 million this year. we're generating significant returns and higher returns through our development and strategic ROI activities that we can generate through acquisitions. So strong believers in that and strong believers that there's a lot of embedded upside within this portfolio.

我的意思是，以 Bonnet Creek 為例，看看我們在那裡取得的成功，我們已經從那裡獲得了大約 5500 萬美元的 EBITDA。我們預計今年的收入將超過9500萬美元。我們正在透過研發和策略性投資報酬率活動創造可觀的回報，並透過收購獲得更高的回報。所以，他們對此深信不疑，並堅信該投資組合蘊藏著巨大的上漲空間。

Got it. And just to be clear then, so I guess the answer in some ways depends on where the dividend yield shakes out in valuation. Is that fair?

知道了。那麼，為了明確起見，我想答案在某種程度上取決於股息殖利率在估值中的最終結果。這樣公平嗎？

Yes. Yes. That certainly plays. I mean we've always targeted kind of 65% of AFFO. And obviously, we've managed that a little more this year, but it's not -- again, it's not a liquidity issue.

是的。是的。這當然行得通。我的意思是，我們一直以達到AFFO的65%左右為目標。顯然，今年我們在這方面做得更好一些，但這並不是——再說一遍，這不是流動性問題。

We've got plenty of liquidity. We've got -- when you we have no issues there. And we have our 2026 maturities addressed appropriately in a very thoughtful, very creative and huge credit to Sean and the team and what we've done there. So we are very thoughtful, and I think we've been as disciplined as anybody on the capital allocation front. But we also know a respectable solid dividend makes sense.

我們流動資金充足。我們有——當你在那裡的時候，我們沒有任何問題。我們已經妥善解決了 2026 年到期的問題，這要歸功於 Sean 和他的團隊，他們考慮得非常周全，極具創意，這真是莫大的榮幸。所以我們做事非常謹慎，我認為我們在資本配置方面一直像其他人一樣自律。但我們也知道，派發可觀的穩定股息是合理的。

And clearly, we're way in excess of all of our peers on that front.

顯然，我們在這一方面遠遠領先所有同行。

Chris Darling, Green Street.

克里斯達林，格林街。

Tom, thinking about the impact of the government shutdown, in the past, when these events have been resolved, do you typically see demand come back fairly quickly? Or is there historically a lagged recovery. I'm not sure if you have any experience thinking back to drawn.

湯姆，考慮到政府停擺的影響，過去這類事件解決後，你通常會看到需求很快恢復嗎？或是歷史上是否有復甦滯後現象？我不確定你是否有回想繪畫經驗的經驗。

Yes. I mean, I think there's certainly a possibility of that, Chris. I mean clearly, it depends. We haven't seen -- while we've seen some group cancel related to government, it's been certainly more so on the transient and kind of seeing how that how that's -- the pickup of that has been more impacted. But groups -- a lot of these groups tend to have to -- are required to meet in a way.

是的。我的意思是，克里斯，我認為這當然有這種可能性。我的意思是，很顯然，這要視情況而定。雖然我們看到一些與政府有關的團體取消了行程，但這種情況顯然更多地發生在流動人口身上，而且我們看到流動人口的旅行受到了更大的影響。但是，很多團體——很多這樣的團體往往不得不——必須以某種方式見面。

And so we certainly expect that those will rebook. Now the question will be, will it be within the quarter or will be kind of into the next year. It's the kind of question. So it might be a little bit more spread out over a number of months that may be hard to tell really a true impact on it. We did some looking in a way back at the last long one, first Trump term.

因此我們當然預期他們會重新預訂。現在的問題是，是在本季內完成，還是要等到明年。正是這類問題。因此，其影響可能會持續數月之久，很難真正看出其對經濟的真正影響。我們回顧了一下上一個漫長的任期，也就是川普的第一個任期。

And it has straddled both December and January. And so you certainly saw some impact in government spend in transit in January, but then we see dramatic pickup in February, but it was also a good time, good macro environment too there.

而且它橫跨了十二月和一月。因此，1 月政府在交通運輸方面的支出確實受到了一定影響，但 2 月出現了大幅回升，不過當時的宏觀環境也很好。

So it's kind of hard to look back in the past and try to draw any conclusions. But just from a standpoint of the fact that a lot of people have to make these trips happy to just travel in a way. And so there's probably a thought that you're going to rebound some of that just better.

所以很難回顧過去並得出任何結論。但從許多人必須進行這些旅行的角度來看，旅行本身就是一種快樂。所以你可能會想，這樣你就能更好地反彈一些球。

Think Chris, I agree with everything that Sean said. The other point I'd make here in our portfolio, obviously, a strong fourth quarter group pace of about 12%. Surprisingly, November and December were double-digit increases and certainly stronger than October. So if we are all lucky and our leaders on both sides of the aisle will resolve and reopen the government, we could see increased activity here based on what's on the books already in November and December. So it could be a bit of a green shoot for us there.

克里斯，我完全同意肖恩說的話。我在這裡要提到的另一點是，我們的投資組合第四季整體成長強勁，約 12%。出乎意料的是，11 月和 12 月的增幅均達到兩位數，而且肯定比 10 月的增幅要大。因此，如果我們都夠幸運，兩黨領導人能夠解決問題並重新開放政府，那麼根據 11 月和 12 月已有的計劃，我們可能會看到這裡出現更多活動。所以這對我們來說可能是一個好兆頭。

Okay. Yes, those are all helpful thoughts. Realize it's a fluid situation, certainly. Maybe just one quick one, going back to capital allocation. As you work to sell some of these noncore assets in the coming quarters and you think through use of proceeds, to what extent are you thinking about share buybacks just given the frustration with where the share price has been relative to, of course, needing to retain some amount of capital for the different redevelopments and expansions that you've talked about?

好的。是的，這些建議都很有幫助。當然，情況瞬息萬變。或許就簡單提一下，回到資本配置的問題。在接下來的幾個季度裡，當您努力出售一些非核心資產並考慮如何使用所得款項時，考慮到股價目前的低迷狀況，以及您之前提到的需要保留一定數量的資金用於不同的重建和擴張項目，您在多大程度上考慮過股票回購？

Yes, it's a great question, Chris. I would say, look, as I mentioned, I've said it a few times on the call, we've returned $1.3 billion, and we bought back 20% of the float -- so with that backdrop, it is important to us. We've always had a guiding principle of leverage in that 3 times to 5 times. We're certainly above that. And obviously, a little bit of that's artificial right now because you've got major renovations underway in New Orleans, the two assets in Hawaii and of course, Royal Palm.

是的，克里斯，這是一個很好的問題。我想說，正如我之前提到的，我在電話會議上也說過幾次，我們已經償還了 13 億美元，並且回購了 20% 的流通股——因此，在這種背景下，這對我們來說非常重要。我們一直奉行槓桿原則，也就是3倍到5倍的槓桿效應。我們當然不屬於那種水平。顯然，目前這其中有些是人為因素造成的，因為新奧爾良、夏威夷的兩處資產以及皇家棕櫚酒店都在進行大規模的翻新工程。

But we certainly would like as a team to use some of the excess proceeds to pay down debt and continue to invest back into our portfolio. There are opportunistic times when going in and buying shares will make sense. But I'd say right now, the two priorities would be really paying down debt and reinvesting back into the portfolio.

但我們團隊當然希望利用部分盈餘資金來償還債務，並繼續投資我們的投資組合。有些時候，抓住機會買進股票是明智之舉。但我認為，目前的兩大優先事項是盡快償還債務和將資金重新投資到投資組合中。

Jay Kornreich, Cantor Fitzgerald.

傑伊·科恩雷希，坎托·菲茨杰拉德。

I just wanted to ask a question about the 4Q outlook. RevPAR is roughly flat, which has changed from the expectation last quarter where 4Q would be I guess up 3% to 5% and recognizing that there are some new dynamics such as the government shutdown. But are there any other points or markets that you would relate to that maybe led to some of the deceleration for the 4Q expectation?

我只是想問一下關於第四季度展望的問題。RevPAR 基本上持平，這與上個季度的預期有所不同，當時預計第四季將成長 3% 至 5%，但考慮到政府停擺等一些新的動態因素，情況就有所不同了。但您認為還有哪些因素或市場可能導致了第四季預期成長放緩？

Yes, Jay, I'll jump in on that one. In our last call, we talked about a 3% to 5% up for Q4. So as you spoke to and you're noticing about 350-basis-point drop relative to that direct expectation. It's kind of a mix of macro trends and near-term disruption as well as a little bit of Park Pacific sprinkled in there. But when you kind of start from just a more macro level and just some of the transient softness we've seen, whether it's through this -- through inbound international travel that Tom talked about, just seeing a continuation of that.

是的，傑伊，我同意。上次電話會議中，我們討論了第四季成長 3% 至 5% 的情況。正如你所說，你注意到相對於直接預期，下降了約 350 個基點。它融合了宏觀趨勢和短期顛覆性因素，也摻雜了一些 Park Pacific 的元素。但是，當你從更宏觀的層面，以及我們所看到的一些暫時的疲軟狀態來看，無論是透過湯姆提到的入境國際旅行，還是看到這種情況的延續。

And looking at certain markets and seeing a little bit of a trend line there. I'd say that there's about 150 basis points of impact to Q4 based on just quarter more general trends and then mostly on transient because group remains strong pace is up 12%. And within our largest 15 group hotels, it's up 17%. So we feel good about the group setup. It's just more of the transient side being impacted relative to our previous expectations.

觀察某些市場，可以看到一些趨勢線。我認為，僅根據季度整體趨勢，第四季就會受到約 150 個基點的影響，而且主要是暫時的，因為集團依然強勁，增速為 12%。在我們最大的 15 家集團酒店中，這一數字增長了 17%。所以我們對目前的團隊配置感到滿意。與我們先前的預期相比，只是暫時性的因素受到的影響更大。

Going from there, government impact about 100 basis points, obviously, continues to be a challenge since the beginning of -- earlier in the year with DOGE and everything else. We've certainly seen the weakness there, but now more pronounced with the government shutdown, which we've talked about. Chicago, we've seen pickup trends deteriorate materially there with the National Guard deployment into that market. So it's been, again, more of a transient impact in terms of pickup there. Group position there in our Hilton Chicago is up 12% for the quarter and is holding.

從那以後，政府的影響力大約是 100 個基點，顯然，自年初以來，由於 DOGE 和其他因素的影響，這仍然是一個挑戰。我們當然已經看到了這方面的弱點，但隨著政府停擺（我們已經討論過這個問題），這種弱點現在更加明顯了。芝加哥的皮卡市場隨著國民警衛隊的部署而明顯惡化。所以，就拾荒而言，這更多的是一種暫時性的影響。我們在芝加哥希爾頓酒店的集團持股本季上漲了 12%，目前保持穩定。

So -- but it's more about -- it's about a 50-basis-point impact to Q4 there from that market. And then why kilometer on the renovation scope there, just kind of a little more disruption than plan to do some schedule shifting. We're doing a little bit kind of as part of Phase I were doing a little bit of extra work from Phase 1 brought into Phase a little bit of an adjustment there. It's about 50 basis points. So general softness, 100 basis points, government-related 100 and then another 10 between the White Kaloo renovation in the Chicago disruption.

所以——但更重要的是——該市場對第四季的影響約為 50 個基點。那麼，為什麼翻新工程的範圍要擴大一公里呢？這比計畫要稍微混亂一些，需要調整一下進度。作為第一階段的一部分，我們做了一些額外的工作，並將第一階段的一些內容引入第二階段，並進行了一些調整。大約是50個基點。所以整體疲軟，100個基點，政府相關因素100個基點，然後芝加哥騷亂期間白卡盧翻新工程又造成了10個基點的疲軟。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

I appreciate the earlier comments on the dispositions. Curious if you could speak to the bidder pools and buyers you're actively seeing looking for product in the transaction market today wondering what markets, products or yield a buyer is looking for to step in today with what should be a better '26 and '27 demand picture despite some uncertainty?

感謝之前對各項安排的評論。我很好奇您是否可以和您目前在交易市場中積極尋找產品的競標者和買家談談，了解買家在哪些市場、產品或收益率方面感興趣，以便在儘管存在一些不確定性的情況下，2026 年和 2027 年的需求前景應該會更好？

Yes. I mean, look, there's plenty of liquidity out there. And I think the buyer pool is mixed. I mean, you've got from owner operators, certainly family offices -- you've got small private equity to larger private equity. You've really got the normal menu.

是的。我的意思是，你看，市場上的流動性非常足夠。我認為買家群體成分複雜。我的意思是，從業主經營者，到家族辦公室——從小型私募股權到大型私募股權，應有盡有。你們的菜單確實是常規菜單。

And as I think about assets, we are we've had -- and our team has had great success in really finding that buyer for a particular opportunity. And we continue to come through and have discussions. I think the hesitation with some buyers is debt markets certainly have improved. But if you believe that rates are going to continue to come down, you might be a little more hesitant on that front. And then certainly, just better visibility on the demand front.

就資產而言，我們一直擁有——而且我們的團隊在為特定機會找到合適的買家方面取得了巨大的成功。我們繼續進行溝通和討論。我認為一些買家猶豫不決的原因是，債務市場確實已經有所改善。但如果你認為利率還會繼續下降，那麼你在這方面可能會更加猶豫。當然，也需要對需求方面有更清楚的了解。

And probably, candidly, just clarity on some of the geopolitical and trade and inflation, I mean, all the things that all of us are working through right now. Uncertainty really is the enemy of decision-making. So I do think that there are some buyers out there that are being a little more hesitant. And in some cases, we certainly understand that. From my own experience, periods of dislocation really create the best opportunities to be buyers, particularly if you've got an intermediate and longer-term hold period.

坦白說，可能還需要釐清一些地緣政治、貿易和通貨膨脹的問題，我的意思是，所有這些我們目前都在努力解決的問題。不確定性確實是決策的大敵。所以我認為，確實有些買家比較猶豫。在某些情況下，我們當然能夠理解這一點。根據我自己的經驗，市場動盪時期往往是買入的最佳時機，尤其是對於那些計劃中長期持有的買家而言。

Obviously, we continue to work hard. Again, we've got the track record. And I just -- I can't emphasize that enough and how we've been able to reshape this portfolio since the spin here, and now we're 47 assets that we've sold or disposed of and two more in the queue and several more at various stages, whether LOI or the marketing process. So we are confident we'll get it done, and no one is going to work harder than the men and women at Park as we continue to pursue our objectives.

顯然，我們會繼續努力。再說一遍，我們有良好的過往記錄。我再怎麼強調都不為過，自從分拆以來，我們已經重塑了這個投資組合，現在我們已經出售或處置了 47 項資產，還有兩項正在排隊，還有幾項處於不同的階段，無論是意向書還是營銷過程。因此我們有信心能夠完成這項任務，而且在我們繼續追求目標的過程中，沒有人會比 Park 的員工更努力工作。

Okay. That's helpful. And then I appreciate it's still early and there's some uncertainty, but wondering how you're thinking about the balance of group BT and leisure into 26, just given some of your earlier comments on group pace and also a strong '26 event calendar in various markets?

好的。那很有幫助。我知道現在還為時過早，存在一些不確定性，但我想知道您是如何考慮在 2026 年平衡團體 BT 和休閒活動的，考慮到您之前對團體節奏的一些評論，以及各個市場強大的 2026 年賽事日程安排？

Encouraged. I mean, listen, I -- part of this, if you -- if we can obviously, the presence return and the discussions in China, if you can begin to just provide clarity both on tariffs and trade matters, and you look at the backdrop of the just inordinate amount of capital that's being invested through AI, but you start seeing and obviously on the public investment side, just the CHIPS Act, I mean, probably 30%, 40% of that or more remains to be spend as well, coupled with the special events that I've mentioned and you mentioned as well from the World Cup to Super Bowl and obviously, the 250th anniversary -- and I think the animal spirits getting more clarity and just getting broader participation in the broader economy, we know that both in the lower end and certainly parts of the middle that people are hesitant and perhaps a little more stretched. If those issues can be addressed. And I do think that the recent tax bill helps with that, you'll get a tailwind that I think -- and certainly, '27 as we look out, we see are very, very encouraging. The other thing that gives us great comfort is the fact that you've got muted supply.

鼓勵。我的意思是，聽著，我——這其中的一部分，如果你——如果我們能夠，顯然，如果中國能夠恢復正常運作並展開討論，如果你能夠開始就關稅和貿易問題給出更清晰的解釋，那麼你看看透過人工智慧投入的巨額資本，但你開始看到，顯然在公共投資方面，僅《晶片和智慧財產權法案》（CHIPS Act），我的意思是，可能還有30%、40%甚至更多的資金尚未支出，再加上我提到的以及你提到的從世界杯到超級碗，以及顯然還有250週年紀念等特殊活動——我認為，隨著市場情緒更加明朗，以及更廣泛的經濟參與，我們知道，無論是在低收入群體還是部分中等收入群體，人們都比較更大猶豫，而且可能經濟壓力。如果這些問題能夠解決。而且我認為最近的稅收法案對此有所幫助，你會得到一個順風——當然，展望2027年，我們看到的是非常非常令人鼓舞的。另一件讓我們感到非常欣慰的事情是，你們的供應量很低。

If you look at the Park portfolio, we're 0.7% supply growth versus long-term average of about 2%, and that's over the next 5 years. So we find that very encouraging as we look out. And as you look at our portfolio, you can't replicate. You can't replicate what we have in Hawaii, what we have, obviously, in Bonnet Creek and what we have in Key West and those barriers to entry. So we're very, very encouraged as we look out over the near term.

如果你看一下 Park 的投資組合，我們的供應成長率為 0.7%，而長期平均約為 2%，這是未來 5 年的情況。所以，當我們展望未來時，我們發現這非常令人鼓舞。當你查看我們的作品集時，你會發現你無法複製。你無法複製我們在夏威夷擁有的一切，顯然，我們在邦內特溪和基韋斯特擁有的一切，以及那些准入門檻。因此，展望近期，我們感到非常鼓舞。

I want to get through this year. Obviously, we want to get beyond the government shutdown and some of the other matters of uncertainty. But I think as we look out '26, '27, we are very, very encouraged.

我想順利度過今年。顯然，我們希望盡快擺脫政府停擺和其他一些不確定因素的影響。但展望 2026 年和 2027 年，我們感到非常非常鼓舞。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

I wanted to go back to the capital allocation. This year, obviously, notwithstanding the dividend, there was some CapEx that I think came down. As you think about preserving more capital to reinvest in the portfolio, the CapEx coming down this year and maybe there's some timing there. Directionally, is there maybe any inkling on how we should think about CapEx for next year, just given it seems like you're focused on reinvesting in the portfolio.

我想回到資本配置部分。今年，除了分紅之外，資本支出顯然有所下降。當你考慮保留更多資金以重新投資於投資組合時，今年的資本支出將會下降，這或許是個合適的時機。從方向上看，鑑於您似乎專注於對投資組合進行再投資，您能否就明年的資本支出計劃提供一些建議？

Yes. I think I'll let Sean give you the math. But we are not lowering CapEx. I mean, if anything, we have been crystal clear, and I think if you look at what we've done in Bonnet Creek, what we've done obviously in Key West, obviously, what we're doing right now in Miami, what we're doing in Hawaii with -- two of the towers near complete. Think about Hilton Waikoloa which will be done this year.

是的。我想還是讓肖恩來幫你算吧。但我們並沒有降低資本支出。我的意思是，如果有什麼不同的話，那就是我們一直非常明確地表明了這一點。我認為，如果你看看我們在 Bonnet Creek 所做的工作，看看我們在 Key West 所做的工作，看看我們現在在邁阿密所做的工作，看看我們在夏威夷所做的工作——其中兩座塔樓即將完工。想想今年即將完工的希爾頓威可洛亞酒店。

If anything, we sort of -- if anything, we accelerated and expanded scope slightly -- and part of that is some things that we needed to go back and some other things we felt we needed to expand. So we are all in -- we think we're making the right decisions. And obviously, I think the results are showing that. We're seeing the incremental lift in rates, IRRs that are in the 15% to 20%. Think about what we did in Santa Barbara.

如果有什麼變化的話，那就是我們加快了步伐，並稍微擴大了範圍——其中一部分原因是我們需要回頭做一些事情，而另一部分原因是我們覺得需要擴大一些事情。所以我們全力以赴——我們認為我們做了正確的決定。顯然，我認為結果也證明了這一點。我們看到利率逐步上升，內部報酬率 (IRR) 達到 15% 至 20%。想想我們在聖塔芭芭拉都做了些什麼。

So we think high better returns for us through the development side than what we're seeing on the acquisition side.

所以我們認為，從研發方面獲得的收益比從收購方面獲得的收益高得多。

Yeah. I'd just add, it's more so timing. We're probably about $190 million or so through the third quarter on spend, and we certainly expect it to be more ramped up with Royal Palm well underway here for Q4. But I think in total for the year, which felt like there's probably more appropriate range for the actual spend out the door. Projects still remain the same more going into next year.

是的。我還要補充一點，時機更重要。第三季我們的支出可能在 1.9 億美元左右，隨著 Royal Palm 專案在第四季順利啟動，我們預計支出肯定會進一步增加。但我認為，就全年而言，實際支出可能有一個更合適的範圍。項目計劃明年仍將保持不變。

Got it. And then just on Hawaii, maybe another one asked differently. I think you're pacing about 70%, 75% of the EBITDA relative to 2023. As you think about the glide path in trajectory into 2026, do you think you can fully close that gap? Or do you think it's going to take a few years?

知道了。然後，在夏威夷，也許另一個人會以不同的方式提問。我認為你們目前的成長速度大約是 2023 年 EBITDA 的 70% 到 75%。展望 2026 年的發展軌跡，你認為你能完全彌補這一差距嗎？還是你認為這需要幾年時間？

I think you're back in '27. I think you're still ramping in '26 that and you're looking at what's probably low 150s number this year versus 177. And keep in mind that we're finishing the second phase of the Palace Tower in Hilton Waikoloa -- and then, of course, we've got the rainbow tower that we're finishing up here in Hilton Mikeal, which obviously is 1 of the premier towers. So we remain steadfast and very confident and certainly believe that those continue to ramp up. And we're also making a number of other operational changes.

我想你回到了 1927 年。我認為你 2026 年還在加速，今年的數字可能只有 150 多，而去年是 177。請記住，我們正在完成希爾頓威可洛亞酒店宮殿塔樓的二期工程——當然，我們還有希爾頓米凱爾酒店的彩虹塔樓正在完工，這顯然是頂級塔樓之一。因此，我們依然堅定不移，充滿信心，並且堅信這些成長動能將持續增強。我們也正在進行其他一些營運方面的調整。

We are spending a tremendous amount of time with our partners at Hilton, looking at both from a leadership, sales and marketing, all of the commercial engines. It's terribly important to us, but it also is a big fee generation for generator for our partners at Hilton as well.

我們花了大量時間與希爾頓的合作夥伴一起，從領導層、銷售和行銷等各個方面審視所有商業引擎。這對我們來說非常重要，同時也是希爾頓合作夥伴的重要收入來源。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Just two small clarifications at this point. One is, just trying to understand your comments about the because the release says your guidance includes just the strike through sort of today. I mean, sorry, the government shut down through today. It sounded like you said that the lower end of your range includes the shutdown continuing through the quarter. But just if I heard you right about the impact in October, it seems like the range wouldn't be wide enough if it continued.

這裡只有兩點需要澄清。一是，我只是想理解您對此事的評論，因為新聞稿中說您的指導意見只包括今天刪除的內容。我的意思是，抱歉，政府今天停擺了。聽起來你好像說，你給出的預測範圍的下限包含了停工持續到本季結束的情況。但如果我沒理解錯你對十月份影響的描述，那麼如果這種情況持續下去，影響範圍似乎不夠寬廣。

Is it just that is government business less of a factor in November and December than in October? I mean that would makes sense if that's the case? Or do you think it will be a similar impact when we think about how the next two months could look?

是因為政府事務在11月和12月的影響比10月小？如果真是那樣的話，那就說得通了？或者，考慮到未來兩個月的情況，你認為也會產生類似的影響嗎？

Yes. We think it would be less of an impact, Robin, as we look out. And look, as I said, one person's opinion. I just don't believe that they can allow this to drag out much longer for all the reasons we all know. All of the families and kids and others that are being impacted.

是的。羅賓，從我們的角度來看，我們認為影響力會比較小。正如我所說，這只是一個人的觀點。我認為，鑑於我們都知道的原因，他們不可能讓這件事再拖下去了。所有受影響的家庭、孩子和其他人員。

And we're all hearing rumors that certainly -- this should be resolved, hopefully in the very near future. But we also believe that the lower end of that guidance will largely protect us based on the guidance that we've provided.

我們都聽到傳言說，這件事肯定——希望在不久的將來就能得到解決。但我們也相信，根據我們已提供的指導，該指導的下限將在很大程度上保護我們。

Understood. But just even if it were solved today in Core right, there'd still be some November impact, but I totally understood. And then the other clarification was just on Hawaii. And I just wasn't sure if I caught your comments about forward group bookings, I think when you said group pace for the company overall was flat in '26, I think you were excluding Hawaii. And I just wanted to -- it seems like Hawaii, you're comping the strike.

明白了。但即便今天在 Core 解決了這個問題，11 月仍然會有一些影響，但我完全理解。然後，另一項澄清僅針對夏威夷。我不太確定我是否聽懂了你關於團體預訂的評論，我想你說公司整體的團體預訂速度在 2026 年持平時，你是不是把夏威夷排除在外了。我只是想說——看來夏威夷，你們正在補償罷工。

You have the benefit of some room renovations. I know the convention center in Hawaii will close at the end of '26. So I know that obviously, the '27 that would make the 27% sort of timing off. But for 2026, is your group Hawaii, the pace benefiting from those strike comps and things side?

房間進行了一些翻新，您可以享受這些好處。我知道夏威夷的會議中心將於 2026 年底關閉。所以我知道，很明顯，「27」這個數字會讓27%的時間出現偏差。但就 2026 年而言，你們夏威夷的團隊是否會從罷工競爭等因素中受益？

Robin, our understanding is that the convention center will be closing at the end of '25.

羅賓，據我們了解，會議中心將於 2025 年底關閉。

So the Hawaii down is the -- is primarily just the timing of that and not so much that --

所以夏威夷之旅的關鍵——主要在於時機，而不是其他方面。--

And keep in mind, group is also a small percentage of Hawaii, but -- it will be closing here in '25.

請記住，該集團在夏威夷的佔比也很小，但是——它將在 2025 年關閉。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

Had a bit of a bigger picture question. I think historically, nonresidential fixed investment has been relatively highly correlated with demand. But now perhaps with AI, that relationship, assumingly not holding up the same way and maybe even distorting the relationship. Curious what you think about that. And if that continues, how does that impact your ability to forecast?

我有個比較宏觀的問題。我認為從歷史資料來看，非住宅固定投資與需求的相關性相對較高。但現在有了人工智慧，這種關係或許無法再像以前那樣維系，甚至可能扭曲這種關係。很好奇你對此有何看法。如果這種情況持續下去，會對你的預測能力產生什麼影響？

And what else are you looking at in terms of helping with things.

除此之外，你還考慮過哪些方面提供協助？

Yes. We all spend time trying to figure out what's going to be the right correlation. If we think historically, right, it was GDP growth. And then if you think about certainly the last decade or so, it's been huge emphasis on nonresidential fixed investment spending, I have to believe, candidly, on both sides. I think that both remain important.

是的。我們都花時間試圖找出正確的關聯性。如果我們從歷史角度來看，沒錯，那就是GDP成長。然後，如果你回顧過去十年左右的時間，我認為雙方都非常重視非住宅固定投資支出。我認為兩者都仍然很重要。

I just think it's the level -- and if you think about just GDP, they have been disconnected here in the short term. I have to believe that, that will change and we'll continue to see as GDP gets as best in and others want to get it in that 3% range, we certainly think that's going to be a huge tailwind for our sector. That's 1 point that I would make. And if you think about just the amount of investment spending in the adjacencies, both in energy, both in data centers, both AI both in all the things that have got to be done from some of the electrification side.

我只是覺得問題出在水平——如果你只考慮GDP，短期內它們之間是脫節的。我必須相信這種情況會改變，隨著GDP盡可能接近目標，其他人也希望將其提升到3%的水平，我們將繼續看到這一點，我們當然認為這將對我們所在的行業產生巨大的推動作用。這是我要提出的第一點。如果你想想在相關領域的投資支出，包括能源、資料中心、人工智慧以及電氣化方面所有需要完成的工作。

I have to believe that, that will continue to benefit lodging as well as we sort of look out. And if you get nonresidential fixed investment spending in that sort of 3% to 5% range. You get GDP in that 3% range think of both the operating leverage and the benefit that we think that's going to accrue to lodging will be significant. And candidly, we'll have an industry that we hope will be certainly more attractive to investors from that standpoint where you can get the kind of operating leverage which is just more difficult to get when we -- at these lower RevPAR numbers.

我相信，只要我們保持這種關注，住宿業也會繼續從中受益。如果非住宅固定投資支出達到 3% 到 5% 的水平。如果 GDP 成長達到 3% 左右，那麼經營槓桿效應以及我們認為住宿業將獲得的收益都將是巨大的。坦白說，我們希望這個行業從這個角度來看對投資者更有吸引力，因為在這個行業裡，你可以獲得那種在RevPAR較低的情況下更難獲得的經營槓桿。

And maybe just on the dividend. I understood. not came to top off. But as you think about the yield in that 9% to 10% range, when it comes to next year, is there a thought to maybe reduce that the existing yield?

或許只是指股利。我明白了。還沒到頂峰。但是，考慮到明年9%到10%的殖利率，有沒有可能降低目前的殖利率呢？

Yes. Look, we obviously haven't decided that for next year. Historically, we've been in that 65% of AFFO. If anything, we -- you could see us certainly consider moderating that a little. But at this kind of run rate, dollar dividend, we think, is very healthy and certainly for anything we hear from most investors, they certainly appreciate that.

是的。你看，我們顯然還沒決定明年的事。從歷史上看，我們一直處於 AFFO 的 65% 範圍內。如果有什麼變化的話，那就是我們——您可以看到我們當然會考慮稍微調整一下。但以這種派息速度，我們認為美元股息非常健康，而且我們從大多數投資者那裡聽到的消息也表明，他們對此非常讚賞。

This has gotten a lot more interest than we would have thought and hoped to be candid. And I know some I want to reinforce again, there are no liquidity issues 0 with Park. If anything, we've got significant liquidity. We just decided that we wanted to allocate. We thought that there was an opportunity both to pay down some debt and also reinvest back into the portfolio.

坦白說，這件事引起的關注遠遠超出了我們的預期。而且我知道有些事情我想再次強調，Park公司不存在流動性問題。如果有什麼優勢的話，那就是我們擁有充足的流動資金。我們只是決定要進行分配。我們認為這是一個既能償還部分債務，又能將資金重新投入投資組合的機會。

So it was really a strategic decision made by the leadership team.

所以這確實是領導團隊所做的策略性決定。

Ken Billingsley, Compass Point.

肯·比林斯利，指南針角。

Appreciate you sitting in here. Question is growing comparing total RevPAR to RevPAR growth on a year-to-date basis. A number of markets smaller total RevPAR growth versus its comparable RevPAR such as New York Cost and DC. My question is -- is this all group and banquet related? And how is 2026 shaping up in the group business will bump in leisure travel to some of those cities for the 250th anniversary, I can negative impact kind of our total RevPAR expectations for those markets.

感謝您抽出時間坐在這裡。比較總RevPAR與年初至今RevPAR成長率的問題日益增多。一些市場的總RevPAR成長率低於其可比較市場，例如紐約和華盛頓特區。我的問題是──這是否都與團體和宴會有關？2026 年團體業務的發展如何？為了慶祝建城 250 週年，休閒旅遊可能會湧入一些城市，這可能會對我們這些市場的總 RevPAR 預期產生負面影響。

I think we certainly continue to see strong out-of-room spend. And certainly, that goes hand in hand with group here with banquet and catering -- and -- but those patterns have kind of held up even with Q3, we had certainly a weaker group quarter and a little bit weaker than expected despite that banquet amongst our urban and resort properties have held up pretty well, banquet revenue side. The outlet side was down about 6%, 7% relative to expectations, again, more so because I think as you have a bit of weaker group, you pivoted to more discount channels -- so kind of higher -- lower price point yes to is not necessarily going to spend as much in the outlook. So we certainly saw that dynamic go on there.

我認為我們肯定會繼續看到客房外消費的強勁成長。當然，這與團體業務（包括宴會和餐飲）密切相關——而且——但這些模式即使在第三季度也基本保持不變，儘管我們的團體業務季度明顯疲軟，略低於預期，但我們城市和度假村的宴會業務表現相當不錯，宴會收入方面也是如此。與預期相比，奧特萊斯方面下降了約 6% 至 7%，這主要是因為我認為，由於奧特萊斯客戶群較為疲軟，他們轉向了更多折扣渠道——因此，價格較高的客戶群，其消費水平未必會像預期那樣高。所以，我們確實看到了那種動態在那裡發生。

But I think as you look at the mainstream guests and -- it's on the group side, people continue to spend on their events, AB and the like, and guests that are kind of more on the transient side leader side, even business are spending in the outlet. So I think that's led to what we've typically seen is about, I think, predicting about a 100 basis point benefit differential between total RevPAR and RevPAR this year. We certainly expect that to continue into next year as you think about some of these -- special with some of these events. I think there's certainly a nice benefit in Papouexpect on rate in the rooms for things like the World Cup. But you see a lot of -- you expect a lot of people being around these markets as part of the -- maybe not going even go in the games as part of the separations and really being -- promoting restaurants certainly other things and outlets inside the hotels themselves.

但我認為，當你觀察主流顧客——尤其是團體顧客，他們仍然會在他們的活動、AB 等活動上消費，而那些流動性較強的顧客，甚至是企業顧客，也會在奧特萊斯消費。所以我認為這導致了我們通常看到的預測，即今年總RevPAR和RevPAR之間大約有100個基點的收益差異。我們當然希望這種情況能延續到明年，尤其是在考慮到其中一些活動的時候。我認為，在世界盃等賽事期間，Papouexpect 確實能為客房價格帶來不錯的優惠。但你會看到很多人——你預計很多人會聚集在這些市場周圍，作為——甚至可能不會參加比賽，作為隔離措施的一部分，而是為了——推廣餐廳，當然還有酒店內的其他事物和商店。

So I think we certainly expect to see continuation of strong spending past help promote total RevPAR growth above room repour growth.

因此，我認為我們肯定會看到過去強勁的消費支出持續下去，從而推動總RevPAR成長超過客房收入成長。

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

此時，我想把發言權交還給巴爾的摩先生，請他作總結發言。

On behalf of the Park team, really appreciate everyone taking time today. We are available for follow-up questions and look forward to seeing many of you in NAREIT in Dallas. Safe travels. And please know that Park team is laser focused on continuing to create shareholder value.

我謹代表園區團隊，衷心感謝大家今天抽出時間。我們隨時解答後續問題，並期待在達拉斯舉行的 NAREIT 大會上見到各位。一路平安。請大家放心，Park團隊正全力以赴，持續為股東創造價值。

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

謝謝。女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。