Park Hotels & Resorts Inc (PK) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Park Hotels & Resorts first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Park Hotels & Resorts 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Ian Weissman, Senior Vice President, Corporate Strategy. Please go ahead.

現在我很榮幸介紹公司企業策略資深副總裁 Ian Weissman。請開始。

Thank you, operator, and welcome, everyone, to the Park Hotels & Resorts first quarter 2026 earnings call.

謝謝接線員，也歡迎各位參加 Park Hotels & Resorts 2026 年第一季財報電話會議。

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

在開始之前，我想提醒各位，今天所發表的許多評論依據聯邦證券法被視為前瞻性陳述。如同我們向美國證券交易委員會（SEC）提交的文件所述，這些陳述受到多項風險與不確定性影響，可能導致未來結果與所表達者不同；且我們沒有義務公開更新或修訂這些前瞻性陳述。

Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to documents filed by Park with the SEC, specifically the most recent reports on Form 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.

實際的未來表現、成果與結果可能與前瞻性陳述中所表達者存在重大差異。請參閱 Park 向 SEC 提交的文件，尤其是最新的 Form 10-K 與 10-Q 報告，其中列示可能導致實際結果與前瞻性陳述所載內容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 adjusted FFO and adjusted EBITDA. You can find this information together with reconciliations with the most directly comparable GAAP financial measure in yesterday's earnings release as well in our 8-K filed with the SEC and the supplemental financial information available on our website at pkhotelsandresorts.com.

此外，在今天的電話會議中，我們將討論若干非 GAAP 財務資訊，例如調整後 FFO 與調整後 EBITDA。您可在昨日的財報新聞稿中，以及我們向 SEC 提交的 8-K 文件與公司網站 pkhotelsandresorts.com 上提供的補充財務資訊中，找到這些資訊及其與最直接可比 GAAP 財務衡量指標的調節表。

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 strategic initiatives and review Park's first quarter performance and outlook for the year, while Sean Dell'Orto, our Chief Financial Officer and Chief Operating Officer, will provide updates on our capital investments and balance sheet management, along with additional color on guidance. Following our prepared remarks, we will open the call for questions.

另外，除非另有說明，所有營運結果將以可比飯店（comparable hotel）口徑呈現。今天上午，我們的董事長兼執行長 Tom Baltimore 將就策略性計畫提供最新進展，並回顧 Park 第一季表現及全年展望；而我們的財務長兼營運長 Sean Dell'Orto 將就資本投資與資產負債表管理提供更新，並補充指引的更多細節。在我們的準備發言結束後，將開放提問。

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

接下來，我想把電話交給 Tom。

Thank you, Ian, and welcome, everyone. I'm pleased to report that we delivered better-than-expected performance in the first quarter with RevPAR increasing 5.5% year-over-year, excluding our Royal Palm South Beach Hotel, which suspended operations in mid-May 2025 for a comprehensive renovation.

謝謝你，Ian，也歡迎各位。我很高興報告，我們第一季表現優於預期；在排除 Royal Palm South Beach Hotel（該飯店於 2025 年 5 月中旬為全面翻新而暫停營運）後，RevPAR 年增 5.5%。

I was incredibly impressed by the strong performance throughout the quarter, with RevPAR, excluding the Royal Palm, increasing over 6.5% in January, approximately 3.5% in February, and nearly 6.5% in March. Results were driven by continued strength in leisure demand at our resort properties, where RevPAR increased 7.6%, excluding Rural Palm, along with healthy corporate group demand that helped our urban hotels generate over 2% RevPAR growth during the quarter.

我對本季整體強勁表現印象非常深刻：在排除 Royal Palm 後，RevPAR 於 1 月成長超過 6.5%，2 月約成長 3.5%，3 月接近成長 6.5%。成果主要來自度假型資產休閒需求持續強勁（排除 Rural Palm 後 RevPAR 成長 7.6%），以及健康的企業團體需求，帶動我們的都會型飯店在本季 RevPAR 成長超過 2%。

From a capital allocation perspective, it was another productive quarter, as we remain laser-focused on enhancing the overall portfolio quality through the disposition of noncore assets, while continuing to unlock embedded value within our core assets through our transformative renovations and further strengthening our balance sheet by addressing upcoming debt maturities.

就資本配置而言，本季同樣成果豐碩。我們持續高度聚焦：透過處分非核心資產提升整體投資組合品質；同時藉由具轉型意義的翻新工程釋放核心資產的內含價值；並透過因應即將到期的債務到期日，進一步強化資產負債表。

Following the January disposition of the Hilton Checkers in downtown Los Angeles, we recently sold the 396-room Hilton Seattle Airport Hotel, which was on a short-term ground lease, for $18 million, bringing total non-core asset sales for the year to $31 million or 16 times 2025 EBITDA when accounting for nearly $36 million of CapEx expected for both properties. Together, these transactions reflect the continued execution of our capital recycling strategy and our commitment to improving the long-term growth profile of the company.

繼 1 月處分位於洛杉磯市中心的 Hilton Checkers 後，我們近期以 1,800 萬美元出售了 396 間客房的 Hilton Seattle Airport Hotel（該資產為短期地上權租約）。今年迄今非核心資產出售總額達 3,100 萬美元；若將兩項資產預計合計約 3,600 萬美元的資本支出（CapEx）納入考量，約相當於 2025 年 EBITDA 的 16 倍。這些交易共同反映我們持續落實資本循環（capital recycling）策略，以及我們致力於改善公司長期成長輪廓的承諾。

We continue to make solid progress on the remaining 12 noncore hotels and remain firmly committed to materially reducing our noncore exposure by year-end. To that end, we have active marketing campaigns underway on several assets, but remain disciplined in our approach to prioritize transactions that improve our portfolio's growth profile and maximize shareholder returns.

我們在其餘 12 家非核心飯店上持續取得穩健進展，並仍堅定承諾在年底前大幅降低非核心曝險。為此，我們已針對多項資產展開積極的行銷推廣，但在執行上仍保持紀律，優先推動能改善投資組合成長輪廓並使股東報酬最大化的交易。

While the transaction market remains challenging, our track record speaks for itself, having sold or disposed of 52 hotels for more than $3 billion over the last nine years, materially improving the quality and earnings power of our portfolio.

儘管交易市場仍具挑戰，我們的紀錄足以自證：過去九年我們已出售或處分 52 家飯店，總金額超過 30 億美元，並實質提升了投資組合的品質與獲利能力。

Turning to capital investments. We are making significant progress on our comprehensive repositioning of the Royal Palm in Miami, the pace and execution have been exceptional, especially given the scale and complexity of this project. We remain on track to achieve our target completion date by early June, thanks to the tireless efforts of our best-in-class design instruction team and all of our partners involved in this project.

接著談資本投資。我們在邁阿密 Royal Palm 的全面重塑（repositioning）方面取得顯著進展；考量本案規模與複雜度，其進度與執行表現都非常出色。在我們一流的設計與施工團隊及所有合作夥伴不懈努力下，我們仍按計畫可於 6 月初達成目標完工日期。

Miami continues to be one of the strongest hotel markets in the country, and we remain highly confident in the long-term outlook for this asset. We are already seeing strong group demand with the property securing $1.4 million of group business as of the end of the first quarter for 2027 at an average rate of $460. This represents an increase of $108 or 31% compared to our pace for 2024 at the same point, pre-renovation.

邁阿密仍是全美最強勁的飯店市場之一，我們對該資產的長期展望依然非常有信心。我們已看到強勁的團體需求：截至第一季末，該飯店已為 2027 年鎖定 140 萬美元的團體業務，平均房價為 460 美元。相較於翻新前、在同一時間點我們對 2024 年的進度，這代表增加 108 美元或 31%。

Looking ahead, we expect returns on invested capital between 15% to 20%, with EBITDA projected to more than double from approximately $14 million to $28 million upon stabilization. or roughly $69,000 per key, positioning the hotel to be among the most profitable assets in our core portfolio.

展望未來，我們預期投入資本報酬率介於 15% 至 20%；在營運穩定後，EBITDA 預計將由約 1,400 萬美元增加至 2,800 萬美元以上、超過倍增，或約每間客房 69,000 美元，使該飯店有望成為我們核心投資組合中最具獲利能力的資產之一。

Turning to operations. The strength of our core portfolio remains evident. Core RevPAR increased 5.4% during the quarter, excluding Royal Palm, which represented nearly a 400 basis point drag on core results. Performance was led by strong leisure demand in Bonnet Creek, Key West and Hawaii, along with a sharp rebound in Southern California, driven by improved group and leisure transient demand.

接著談營運。我們核心投資組合的強勁表現依然明顯。本季核心 RevPAR 成長 5.4%，排除 Royal Palm；Royal Palm 對核心結果造成近 400 個基點的拖累。表現主要由 Bonnet Creek、Key West 與夏威夷的強勁休閒需求帶動，另南加州也在團體與休閒散客需求改善的推動下大幅反彈。

In Orlando, Bonnet Creek once again exceeded expectations, delivering approximately 16% RevPAR growth and a 20% increase in hotel adjusted EBITDA over the prior year period, driven by a 10% increase in transient revenues and a 19% rise in group production, supported by large in-house events and stronger average daily rate.

在奧蘭多，Bonnet Creek 再次超出預期，RevPAR 約成長 16%，飯店調整後 EBITDA 較去年同期增加 20%；主要受惠於散客收入成長 10% 與團體業務產出提升 19%，並由大型館內活動與更強勁的平均每日房價（ADR）所支撐。

Revenues and earnings reached all-time highs with trailing 12-month EBITDA exceeding $103 million, nearly 60% above pre-renovation levels and $20 million or 24% above our projections, meaningfully exceeding our return expectations on our $220 million investment and further underscoring our ability to unlock embedded value across the portfolio.

營收與獲利創下歷史新高，過去 12 個月（TTM）EBITDA 超過 1.03 億美元，較翻新前水準高出近 60%，亦較我們的預測高出 2,000 萬美元或 24%；這顯著超越我們對 2.2 億美元投資的報酬預期，並進一步凸顯我們在整體投資組合中釋放內含價值的能力。

Adding to the properties momentum, our Waldorf Astoria Orlando was recently recognized on Travel and Leisure's list of the top 500 hotels in the world, one of only two Orlando properties to receive the honor. In Key West, performance remained strong at both Casa Marina and the reach with RevPAR increasing nearly 9% and capturing meaningful market share during the quarter.

為資產動能再添助力，我們的 Waldorf Astoria Orlando 近期入選《Travel and Leisure》全球 500 大飯店榜單，且是奧蘭多僅有的兩家獲此殊榮的飯店之一。在 Key West，Casa Marina 與 The Reach 兩家飯店表現依然強勁，RevPAR 成長近 9%，並在本季取得顯著的市占率提升。

Results were driven by increased transient demand and favorable holiday calendar shifts. Like Bonnet Creek, Casa Marina also exceeded our underwriting for the $80 million investment with trailing 12-month EBITDA of nearly $36 million, exceeding our projections by over $4 million or approximately 14%.

成果主要由散客需求增加以及有利的假期日曆變動所帶動。如同 Bonnet Creek，Casa Marina 也超出我們對 8,000 萬美元投資的承作假設（underwriting）：過去 12 個月 EBITDA 接近 3,600 萬美元，較我們預測高出逾 400 萬美元或約 14%。

Southern California results significantly exceeded expectations. At the Hilton Santa Barbara, RevPAR increased nearly 23% as strong transient demand helped to drive a nearly 13-percentage-point increase in occupancy and a 3% increase in ADR. The Hyatt Regency Mission Bay also delivered exceptional performance with RevPAR up 12%, supported by continued strength in drive-to leisure demand.

南加州的表現大幅超出預期。在 Hilton Santa Barbara，受惠於強勁的散客需求，RevPAR 成長近 23%，帶動住房率提升近 13 個百分點，且 ADR 成長 3%。Hyatt Regency Mission Bay 同樣交出亮眼成績，RevPAR 上升 12%，並受持續強勁的自駕型休閒需求所支撐。

Turning to Hawaii. We continue to see a steady rebound in demand following the completion of our comprehensive room renovations with the Rainbow Tower at the Hilton Hawaiian Village hotel and the Palace Tower at the Waikoloa Village that despite the disruption from historical storm activity resulted in a combined RevPAR increase of 2% across the two resorts, or approximately 5.4% when accounting for the 340 basis point drag from the storms.

接著談夏威夷。在我們完成希爾頓夏威夷村飯店的彩虹塔（Rainbow Tower）以及威可洛亞村（Waikoloa Village）的宮殿塔（Palace Tower）全面客房翻新後，我們持續看到需求穩健回升；儘管歷史性風暴活動造成干擾，兩家度假村合計RevPAR仍提升2%，若計入風暴造成的340個基點拖累，則約提升5.4%。

Waikoloa Village delivered 6% growth, benefiting from an expanded airline contract and improved ADR following the renovation of the Palace Tower at Hilton Hawaiian Village, which was far more impacted by the storms, RevPAR increased 1% or over 4% when adjusting for the storm disruption driven by higher rate of transient demand in the newly renovated rainbow Tower.

威可洛亞村成長6%，受惠於擴大的航空公司合約以及ADR在翻新後的改善；至於受風暴影響更大的希爾頓夏威夷村宮殿塔，RevPAR提升1%，若調整風暴干擾則提升逾4%，主要由新翻新的彩虹塔帶動、且散客需求的較高房價所驅動。

Looking ahead, we remain very encouraged on Hawaii demand trends and expect both hotels to perform at the upper end of our guidance range for the year. Easier year-over-year comparisons, coupled with tailwinds from the completion of our tower renovations at both resorts should continue to support the higher rate of customer mix.

展望未來，我們對夏威夷的需求趨勢仍深受鼓舞，並預期兩家飯店今年的表現將落在我們指引區間的上緣。較容易的年對年比較，加上兩家度假村塔樓翻新完工所帶來的順風，應可持續支撐較高房價的客群組合。

Group performance in the first quarter also exceeded expectations with portfolio group revenue increasing 5% year-over-year, excluding Royal Palm. Growth was led by double-digit gains in Puerto Rico, New York and our Bonnet Creek complex, driven by a higher rate of group mix and by strong in-house events, along with active citywide calendars in Denver and San Francisco.

第一季的團體業務表現也優於預期，若排除Royal Palm，投資組合的團體營收年增5%。成長主要由波多黎各、紐約以及我們的Bonnet Creek綜合體的兩位數增幅帶動，原因在於團體客占比提高與強勁的館內活動，同時丹佛與舊金山也受惠於活躍的全市型活動行事曆。

Looking ahead, group trends remain stable, with second quarter group revenue pace up approximately 4% and full year pace improving to 3% growth, excluding Royal Palm and Hilton Hawaiian Village, which is being impacted by the partial closure of the Honolulu Convention Center.

展望未來，團體趨勢仍維持穩定；第二季團體營收進度（pace）約成長4%，全年進度改善至成長3%，若排除Royal Palm與希爾頓夏威夷村（其受檀香山會議中心部分關閉影響）。

Stronger-than-expected convention demand across several core markets, coupled with the momentum for in-the-year, for-the-year bookings has driven a greater than 180 basis point improvement in the group revenue pace since last quarter. Longer term, Group demand remains healthy with 2027, pace currently up 5.5% for the core portfolio, reflecting continued confidence in the segment.

多個核心市場的會展需求強於預期，加上當年訂房（in-the-year, for-the-year）動能延續，推動團體營收進度自上季以來改善超過180個基點。長期而言，團體需求仍然健康；就核心投資組合而言，2027年的進度目前成長5.5%，反映該細分市場信心持續。

As we look at the balance of the year, we remain cautiously optimistic based on our first quarter outperformance and the underlying strength of demand across the portfolio, but recognize the broader macro setup remains uncertain.

就今年剩餘期間而言，基於第一季優於預期的表現以及整體投資組合需求的基本面強勁，我們仍保持審慎樂觀，但也認知更廣泛的總體環境仍不確定。

We continue to believe fundamentals will be supported by a combination of anticipated macro and lodging-centric tailwinds, fiscal stimulus, including favorable tax policy, deregulation and potential lowering of near-term interest rates, coupled with easier year-over-year comparisons, favorable calendar shifts and incremental demand generators, such as the World Cup and America's 250th anniversary celebrations should promote a continuation of the demand growth we saw in the first quarter.

我們仍相信基本面將受到多項預期的總體與住宿產業順風所支撐，包括財政刺激（含有利的稅務政策）、放寬監管以及短期利率可能下調；再加上較容易的年對年比較、有利的行事曆位移，以及世界盃與美國建國250週年慶祝活動等新增需求驅動因素，應可促進第一季所見的需求成長延續。

That said, growing geopolitical tensions in the Middle East and their potential impact on consumer discretionary spending and business investment sentiment certainly warrant a continued measured approach. Sean will address this more when he talks about guidance.

不過，中東地緣政治緊張升溫及其對消費者可支配支出與企業投資情緒的潛在影響，確實值得我們持續採取審慎、衡量後的作法。Sean在談到指引時會再進一步說明。

The first quarter was an encouraging start to the year, and I'm very pleased with the progress we have made thus far to elevate the quality of our assets and strengthen our long-term growth profile. I could not be prouder of our team's ability to execute in a challenging environment for our business. We remain laser-focused on our strategic priorities. We're investing in our iconic properties to drive long-term value. advancing the disposition of non-core hotels and further strengthening the balance sheet through successful maturity extensions and disciplined leverage reduction over time.

第一季為今年帶來令人鼓舞的開局，我也非常滿意我們迄今在提升資產品質、強化長期成長輪廓方面所取得的進展。在對我們業務而言充滿挑戰的環境下，我對團隊的執行能力感到無比自豪。我們仍高度聚焦於策略優先事項。我們正投資於具代表性的物業以驅動長期價值；推進非核心飯店的處分，並透過成功延長到期與長期有紀律地降低槓桿，進一步強化資產負債表。

And with that, I will turn the call over to Sean.

接下來，我把電話交給Sean。

Thanks, Tom. We were very pleased with our first quarter results. RevPAR exceeded $191, up approximately 2% over the prior year period, or approximately 5.5% when excluding Miami, and over 6.2% or another 75 basis points when adjusting for the Hawaii storms that Tom mentioned earlier.

謝謝，Tom。我們對第一季的結果非常滿意。RevPAR超過191美元，較去年同期約成長2%；若排除邁阿密，約成長5.5%；若再就Tom先前提到的夏威夷風暴影響進行調整，則成長逾6.2%，相當於再增加75個基點。

Total hotel revenues for the quarter were $591 million, up nearly 2% and hotel adjusted EBITDA was $152 million, resulting in a hotel adjusted EBITDA margin of approximately 26%.

本季飯店總營收為5.91億美元，年增近2%；飯店調整後EBITDA為1.52億美元，使飯店調整後EBITDA利潤率約為26%。

Hotel operating expenses increased 2.6%, reflecting continued cost discipline and overall earnings came in ahead of expectations with adjusted EBITDA of $143 million and adjusted FFO per share of $0.45.

飯店營運費用增加2.6%，反映我們持續的成本紀律；整體獲利優於預期，調整後EBITDA為1.43億美元，調整後每股FFO為0.45美元。

Core portfolio performance remained strong with RevPAR increasing 5.4% to nearly $216, excluding Royal Palm, while gains were partially offset by typical comparisons at both of our DC area hotels following last year's presidential inauguration in addition to a 170 basis point drag on the core portfolio as our Hilton New Orleans Riverside hotel lapped last year's Super Bowl.

核心投資組合表現依然強勁；若排除Royal Palm，RevPAR成長5.4%至接近216美元。不過，增幅部分被兩家華府地區飯店在去年總統就職典禮後的例行比較所抵銷，此外，由於我們的紐奧良河濱希爾頓（Hilton New Orleans Riverside）去年受超級盃帶動的高基期影響，亦對核心投資組合造成170個基點的拖累。

As Tom mentioned, we continue to make significant progress on our comprehensive transformation of the Royal Palm South Beach Hotel in Miami. As we look ahead to the second quarter, we expect the hotel to remain a partial drag on operating results as the property ramps up at staffing ahead of its opening and rebuild its demand through Q3. Overall, we are forecasting a nearly $3 million loss for Q2, but expect the resort to ramp up quickly over the back half of the year.

如Tom所提，我們在邁阿密Royal Palm South Beach Hotel的全面改造上持續取得顯著進展。展望第二季，隨著物業在開幕前逐步增聘人力並於第三季前重建需求，我們預期該飯店仍將對營運結果造成部分拖累。整體而言，我們預估第二季將虧損近300萬美元，但預期度假村在下半年將快速爬坡。

During the first quarter, we also completed the second and final phase of Destin renovations at both the Rainbow Tower and the Palace Tower, bringing the total investment for Phase 2 across both Hawaii properties to approximately $85 million.

第一季期間，我們也完成了Destin翻新工程的第二且最後階段，涵蓋彩虹塔與宮殿塔兩棟，使兩個夏威夷物業第二階段的總投資約為8,500萬美元。

In addition, we completed the second of three phases of room renovations, totaling more than $30 million, at the Hilton New Orleans Riverside this past January. The third and final phase scheduled for completion in the fourth quarter of this year.

此外，我們於今年1月完成紐奧良河濱希爾頓超過3,000萬美元、三階段客房翻新中的第二階段。第三且最後階段預計於今年第四季完成。

Looking ahead over the balance of 2026, we expect a lower level of capital investment this year with $230 million to $260 million of planned spend, including the completion of Royal Palm and the launch of the Ali'i Tower renovation at Hilton Hawaiian Village. This project will encompass all 351 guest rooms, the tower lobby, its private pool, and the addition of three new keys. Total investment for the project is expected to be approximately $96 million.

展望2026年剩餘期間，我們預期今年資本投資水準將較低，規劃支出為2.30億至2.60億美元，包括完成Royal Palm，以及啟動希爾頓夏威夷村Ali'i Tower的翻新。該專案將涵蓋全部351間客房、塔樓大廳、其專屬泳池，並新增3間客房（keys）。該專案總投資預計約為9,600萬美元。

We expect renovation-related disruption at Hilton Hawaiian Village to have a modest impact in 2026 with the towers closure expected to have less than a $2 million impact on 2026 hotel adjusted EBITDA and representing just a 10 basis point impact to portfolio RevPAR. Once complete, nearly 80% of the resort rooms will be newly renovated, significantly enhancing the iconic hotel's long-term competitive positioning.

我們預期翻新相關干擾對希爾頓夏威夷村在2026年的影響有限；塔樓關閉預計對2026年飯店調整後EBITDA的影響不到200萬美元，對投資組合RevPAR的影響僅約10個基點。完工後，度假村近80%的客房將為新翻新，大幅提升這家指標性飯店的長期競爭定位。

Turning to the balance sheet. Our liquidity at the end of the first quarter was approximately $2 billion, including $156 million of cash, plus $1.8 billion of available capacity under our $1 billion revolving credit facility and $800 million delayed draw term loan.

接著談資產負債表。第一季末我們的流動性約為20億美元，包括1.56億美元現金，加上我們10億美元循環信用額度與8億美元延遲提領定期貸款（delayed draw term loan）項下合計18億美元的可用額度。

With respect to our 2026 maturities, we have made significant progress over the past two months to raise a $700 million floating rate delayed draw mortgage on Bonnet Creek, which is expected to close this week. The loan, which was upsized $50 million based on the complex strong results, will bear interest at SOFR plus 225 basis points. When combined with the $800 million delayed draw term loan, this $1.5 billion of new debt capital commitments provide us with certainty while also allowing for the flexibility to fund within par prepayment windows and closer to the maturities.

就2026年到期債務而言，過去兩個月我們已取得重大進展，為Bonnet Creek籌措7億美元浮動利率延遲提領抵押貸款，預計本週完成交割。該筆貸款因該綜合體強勁的營運成果而上調5,000萬美元，利率為SOFR加225個基點。若再加上8億美元延遲提領定期貸款，合計15億美元的新債務資本承諾，為我們提供確定性，同時也讓我們能在面值提前償還窗口內、並更貼近到期日的時點進行資金動用，以保有彈性。

Accordingly, we expect to execute a partial draw under the delayed draw term loan in June to fully repay the $121 million Hyatt Regency Boston mortgage, which matures in July. We then expect to draw the remaining capacity in September, along with fully drawing proceeds from the Bonnet Creek mortgage financing to fully repay the $1.275 billion CMBS loan on the Hilton Hawaiian Village, which matures in early November with additional proceeds to be used for corporate purposes.

因此，我們預期將於6月在延遲提領定期貸款項下進行部分提領，以全額償還將於7月到期的1.21億美元Hyatt Regency Boston抵押貸款。隨後，我們預期於9月提領剩餘可用額度，並同時全額提領Bonnet Creek抵押融資的款項，以全額償還Hilton Hawaiian Village項下將於11月初到期的12.75億美元CMBS貸款，另有額外資金將用於公司用途。

We are grateful for the continued support of our bank group whose confidence in Park's credit profile and strength of our portfolio has been instrumental in executing these transactions. Their commitment is a clear validation of our balance sheet strategy and underscores our ability to address all 2026 debt maturities in a comprehensive and highly effective manner.

我們感謝銀行團持續的支持；他們對Park信用狀況及我們投資組合實力的信心，對於促成這些交易的執行至關重要。他們的承諾清楚驗證了我們的資產負債表策略，並凸顯我們有能力以全面且高度有效的方式處理所有2026年到期的債務。

Upon completion of these transactions, we will have meaningfully enhanced our financial flexibility, unencumbering the Hilton Hawaiian Village, extending our weighted average debt maturity to nearly four years and eliminating any significant maturities for approximately two years.

在完成這些交易後，我們將顯著提升財務彈性，使Hilton Hawaiian Village解除抵押，將加權平均債務到期年限延長至接近四年，並在約兩年內消除任何重大到期項目。

On an annualized basis, these refinancings are expected to increase interest expense by approximately $28 million, with roughly $13 million reflected in our 2026 AFFO guidance based on the timing of these transactions.

以年化基礎計算，這些再融資預期將使利息費用增加約2,800萬美元；其中約1,300萬美元將依據交易時點反映於我們2026年AFFO指引中。

With respect to our dividend, on April 15, we paid our first quarter cash dividend of $0.25 per share. And on April 24, our Board of Directors approved a second quarter cash dividend of $0.25 per share to be paid on July 15 to stockholders of record as of June 30. The dividend currently translates to an annualized yield of approximately 9% based on recent trading levels.

關於股利方面，4月15日我們已支付第一季每股0.25美元的現金股利。並於4月24日，董事會核准第二季每股0.25美元的現金股利，將於7月15日支付給截至6月30日為止的在冊股東。以近期交易水準計算，該股利目前相當於約9%的年化殖利率。

Turning to guidance. While we remain mindful of the geopolitical uncertainties and the potential impact of higher oil prices on both business and leisure travel, we were very encouraged by the strength observed in Q1 demand trends continuing into the second quarter.

接著談指引。儘管我們仍留意地緣政治不確定性，以及油價上升對商務與休閒旅遊可能造成的影響，但我們對第一季需求趨勢的強勁表現延續至第二季感到非常振奮。

April RevPAR is expected to be flat, but up 3%, excluding Miami, with performance led by a continued strength in Hawaii, Bonnet Creek and Key West as well as solid spring break leisure transient demand in Santa Barbara. And while we expect performance to modestly soften in May, June looks very strong, driven by strong group demand up nearly 10% and favorable year-over-year comparisons across several key markets, including Hawaii, Orlando, Key West, and New York.

4月RevPAR預期持平；但若排除邁阿密，則預期成長3%，表現主要由夏威夷、Bonnet Creek與Key West的持續強勁帶動，另加上Santa Barbara春假期間穩健的休閒散客需求。此外，雖然我們預期5月表現將略為走弱，但6月看起來非常強勁，主要受團體需求強勁（接近10%）以及多個關鍵市場有利的年對年比較所帶動，包括夏威夷、奧蘭多、Key West與紐約。

Overall, we expect Q2 RevPAR to come in around the midpoint of our guidance range with roughly a 100 basis point drag from Miami. For the year, with Q1's outperformance we are increasing our RevPAR growth guidance by 50 basis points at the midpoint to a new range of 0.5% to 2.5% and adjusted EBITDA guidance by $7 million at the midpoint to a new range of $587 million to $617 million, while AFFO increases by $0.01 at the midpoint to a new range of $1.74 to $1.90 per share.

整體而言，我們預期第二季RevPAR將落在指引區間的中點附近，其中邁阿密約帶來100個基點的拖累。就全年而言，受第一季優於預期的帶動，我們將RevPAR成長指引中點上調50個基點至新的0.5%至2.5%區間；並將調整後EBITDA指引中點上調700萬美元至新的5.87億至6.17億美元區間；同時AFFO中點上調0.01美元至每股1.74至1.90美元的新區間。

It's also worth noting that the recently sold Hilton Seattle Airport Hotel was expected to contribute approximately $3 million in EBITDA for the remainder of the year.

另外也值得注意的是，近期出售的Hilton Seattle Airport Hotel原本預期在今年剩餘期間貢獻約300萬美元的EBITDA。

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

以上為我們預先準備的發言。接下來我們將開放電話進行問答。為了回覆各位的提問，我們請每位僅限一個問題並加問一個追問。

Operator, may we have the first question, please?

接線員，請問可以開始第一個問題嗎？

(Operator Instructions) Floris Van Dijkum, Ladenburg Thalmann.

(接線員指示) Floris Van Dijkum，Ladenburg Thalmann。

Glad to be on these calls again with you guys. If you can give us a little bit more of an update on the disposition. I think one of the key things, I think, the market is having some trouble understanding is the quality of the portfolio that's being shielded by the lower 10% of your assets. If you can talk a little bit about where the -- I know that you have pretty much all of those presumably in the market. What's the status on that? Are you having some detailed discussions? What's the pushback that you're getting from the market? And are you going to hold out for the last dollar on those assets?

很高興再次和各位一起參加這些電話會議。如果可以的話，請再多提供一些關於資產處分的最新進度。我認為市場目前較難理解的一個關鍵點是：你們資產中較低的10%所「遮蔽」之投資組合品質究竟如何。如果你能談談這部分——我知道你們大致上應該都已把那些資產推向市場。目前進度如何？是否正在進行一些深入的討論？你們從市場端收到的阻力是什麼？以及你們是否會在那些資產上堅持「最後一塊錢」的價格？

Well, Floris, it's great to have you back and appreciate the question. If I could sort of frame it for a second. Keep in mind, if you think about the remaining 12 assets that we have, we currently have 33 assets in the portfolio. We have sold or disposed of 52 assets, as I said in the prepared remarks, for north of $3 billion. We have 12 assets that we're defining as sort of noncore.

Floris，很高興你回來，也謝謝你的提問。我先稍微幫這件事做個框架說明。請記得，如果你看我們剩下的12項資產，我們目前投資組合共有33項資產。如同我在準備稿中提到的，我們已出售或處分了52項資產，總金額超過30億美元。我們將其中12項資產界定為某種程度上的非核心資產。

Three of those assets obviously rest with the dispute with Safehold, which will resolve itself, if not this year, certainly next year. The EBITDA from those assets is about $16 million, plus, or minus. The remaining nine assets account for about $41 million in EBITDA and candidly, probably, 45% of that relates to one asset in Florida.

其中有三項資產顯然涉及與Safehold的爭議，該爭議將會解決——若不是今年，也肯定會在明年解決。這三項資產的EBITDA約為1,600萬美元，上下略有浮動。其餘九項資產合計約貢獻4,100萬美元EBITDA；坦白說，其中可能有45%與佛羅里達的一項資產有關。

So we're generally dealing with eight assets that are small. Some have short-term ground leases, some are joint venture, some have various challenges. And I would say, obviously, the last mile is always the most difficult. I would hope the market would give us credit for the perseverance, the discipline, our ability to reshape the portfolio over the last nine years. We are very confident we're going to make substantial progress this year on those non-core assets.

因此我們一般是在處理八項規模較小的資產。有些有短期地租，有些是合資，有些則面臨各式各樣的挑戰。而我會說，最後一哩路通常總是最困難的。我希望市場能肯定我們的堅持、紀律，以及過去九年重塑投資組合的能力。我們非常有信心今年會在這些非核心資產上取得實質進展。

And our collective team are working their tails off. We have work streams underway on all of them, and it's going to be a little lumpy and choppy. I think you'll see more reported as the year unfolds. And believe me, no shortage of effort and focus. We realize it's, while a small overhang, it's an overhang. It clearly is less. If you look at the $41 million, certainly less than 5%, 6% of overall EBITDA.

我們整個團隊也都全力以赴。我們已針對每一項資產展開不同的工作流程，進度可能會有些不均、也會比較波動。我想你會在今年進行的過程中看到更多對外揭露。相信我，我們在努力與專注上毫不缺乏。我們知道這雖然只是小幅的壓力來源，但仍然是壓力來源。而且它確實已經變小了。若看這4,100萬美元，當然不到整體EBITDA的5%、6%。

But it is a drain when you think about operating metrics. And so we're working hard to get the assets sold as quickly as we can. We're not holding out for the last dollar, but we certainly want to have counterparties who can execute and who can move to the process. And we certainly are always focused on creating value for shareholders.

但當你從營運指標的角度來看，它確實是一種拖累。因此我們正努力以最快速度把這些資產賣掉。我們不會為了「最後一塊錢」而死守，但我們確實希望交易對手能夠執行、並能推進流程。同時，我們也一向專注於為股東創造價值。

Maybe a follow-up question on the World Cup. I know that your Royal Palm asset, I think, is opening up in June. Are you -- is that -- and that is a market potentially that could get impacted by the demand for the World Cup. What's the -- if you can talk broadly about what the impact is going to be? Or are you seeing so far I think it's everybody's muted on the World Cup impact, but if you can give us a little bit more color on that, that would be great.

我再追問一個關於世界盃的問題。我知道你們的Royal Palm資產，我想是在6月開幕。你們——那個市場可能會受到世界盃需求的影響。如果可以的話，你能否概括談談預期會有什麼影響？或者到目前為止你們看到的情況是什麼？我想大家對世界盃的影響都比較保守，但如果你能多提供一些看法會很有幫助。

Yes. It's a lot to unpack there, Floris, but I'm happy to take it. I think most importantly, if we step back and think about the Royal Palm at 15 and Collins, 393 keys, we're expanding to 404, putting in approximately $112 million. We could not be more excited. We could not be prouder.

是的。Floris，這裡面要拆解的內容很多，但我很樂意回答。我認為最重要的是，如果我們退一步來看位於15街與Collins的Royal Palm，原本393間客房，我們將擴增到404間，投入約1.12億美元。我們再興奮不過了。我們也再自豪不過了。

We had, obviously, a group there. We can't wait to get more analysts and more investors in. I couldn't be more grateful to Carl Mayfield, who has our design and construction team who is literally spending three or four days of his week in Miami, leading. And we also have the operator -- a lead operator from Davidson, who's been on site since we launched construction in last May.

我們當然也在那裡安排了一個團隊。我們迫不及待想讓更多分析師與更多投資人進來參觀。我非常感謝Carl Mayfield，他帶領我們的設計與施工團隊，幾乎每週有三到四天都在邁阿密現場領導。我們也有營運方——Davidson的一位主要營運主管，自從去年5月開工以來就一直駐點在現場。

As of this morning, we had 417 men and women on site, and that includes from owners reps to general contractor to subs to owners teams to operations folks. And we are currently targeting that construction will be substantially complete by early June. And the -- what we would call the stocking and training TCO would begin in target sort of in mid-May. You've got a few weeks of testing all the fire alarm and life safety issues that have got to work through. and we're probably looking at a target public occupancy TCO and hoping for sort of mid-June.

截至今天早上，現場共有417位男女同仁，包括業主代表、總承包商、分包商、業主團隊以及營運人員。目前我們的目標是工程在6月初達到實質完工。而我們所稱的備品進場與訓練的TCO，目標大約在5月中旬開始。接著還需要幾週時間測試所有火警警報與生命安全相關項目，必須逐一完成；我們大概會以6月中旬取得可對外營運入住的TCO為目標並希望能達成。

So when you think about where that all unfolds as it relates to the World Cup, we have included in our guidance that Sean outlined in his prepared remarks, we have no contribution coming from Miami in that process. at this time. So if we are able to get open, I think the two prominent games in Miami will be July 11 and July 18. We are cautiously optimistic that we should be open in time for those, and that's what we're all working our tails off to make sure that that occurs. Again, we don't have anything in the current guidance.

因此，當你思考這一切與世界盃的關聯時，我們在Sean於事先準備的發言中所提到的指引裡，已經納入：目前在這個過程中，邁阿密不會帶來任何貢獻。所以如果我們能夠開幕，我認為邁阿密兩場重要比賽會在7月11日與7月18日。我們謹慎樂觀，應該能趕在那之前開幕，而我們也正全力以赴確保能發生。再次強調，目前的指引裡沒有把任何相關貢獻算進去。

So we've been quite conservative in that intentionally just given all of the geopolitical but also the complexity of the inspection and regulatory process as we close out the job.

因此我們刻意採取相當保守的作法，主要是考量地緣政治因素，以及在收尾階段驗收與監管流程的複雜性。

You may recall, other projects in the months, and in some cases, years, I think that this, again, speaks to the core competency, the leadership that we have at Park, our experience, the extraordinary success that we're having, obviously, at Bonnet Creek and also what we're seeing also in Key West, and we feel the same way about Royal Palm as we look out. So we're very, very bullish, and excited about this project, and I think we're going to have a tremendous success there over time.

你可能還記得其他專案，有些在幾個月內完成，有些甚至拖到幾年；我認為這再次凸顯了Park的核心能力、我們的領導力與經驗，以及我們在Bonnet Creek顯然取得的卓越成功，還有我們在Key West看到的表現；展望未來，我們對Royal Palm也有同樣的感受。所以我們非常、非常看多，也對這個專案感到興奮；我認為隨著時間推移，我們會在那裡取得巨大的成功。

Smedes Rose, Citi.

Citi的Smedes Rose。

I wanted to ask you, in your guidance, it looks like the expense expectations moved up around 40 basis points versus your prior guidance. And I was just kind of wondering what was behind that.

我想請教一下，在你們的指引中，看起來費用預期相較於先前指引上調了大約40個基點。我只是想了解背後原因是什麼。

Yes, Smedes, we -- this is Sean. Obviously, in Q1, we had some outperformance top line. A lot of that was occupancy based. So we certainly naturally see while cost product grade room solid in terms of basically 50 basis points or so growth with the extra occupancy expense growth was a little more than expected as well. So we're carrying that through much we do with the top line into the expense. Certainly, it's expected the rest of the year expenses that kind of operate as we expect, much like we're thinking out the top line kind of expecting that to perform as we expected for Q2 through Q4.

是的，Smedes，我們——我是Sean。顯然在第一季，我們的營收端表現優於預期。其中很大一部分是由入住率帶動。因此我們自然也看到，雖然成本（按可售客房等口徑）大致維持穩健、約成長50個基點左右，但因入住率提高帶來的費用增幅也比預期略高。所以我們把這個趨勢延續到後續期間，就像我們對營收端的處理一樣，也反映到費用端。當然，我們預期今年剩餘時間的費用會大致按我們的預期運行，就如同我們對營收端的看法——預期第二季到第四季的表現會符合我們原先的預估。

Okay. Yes. That's helpful. And then, Tom, you mentioned that you think the Hawaii assets this year can trend towards the upper end of your expected ranges. Can you just remind us what that range was for this year?

好的。是的。這很有幫助。另外，Tom，你提到你認為夏威夷資產今年可能會朝你們預期區間的上緣走。可以請你提醒我們今年那個區間是多少嗎？

Well, I think ultimately, you're talking about the upper end of our guidance range. So certainly -- yes. So 2.5%, so somewhere in that zone or a little better.

嗯，我想最終你指的是我們指引區間的上緣。所以當然——是的。2.5%，大概在那個區間或略好一些。

We said you didn't provide any EBITDA outlook.

我們說過你們沒有提供任何EBITDA展望。

Yes, Smedes, the other part is we do have, obviously, some favorable comps coming up the heels of renovations and certainly some softening activity that we saw last year in Hawaii. So to Sean's point, we feel good about that. And if anything, it's conservative, but that's intentional given all the uncertainty right now.

是的，Smedes，另外一部分是，我們確實——顯然——在裝修完成後會迎來一些有利的比較基期，而且去年夏威夷也出現了一些需求走弱的情況。所以如Sean所說，我們對此感覺良好。如果有的話，這個假設仍偏保守，但在目前不確定性很高的情況下，這是刻意為之。

Duane Pfennigwerth, Evercore ISI.

Evercore ISI的Duane Pfennigwerth。

This is Peter on for Duane. I think I'd like to maybe just piggyback off Smedes last question on Hawaii. And bigger picture, Tom, if you could just lay out the building blocks of the recovery in Hawaii getting back to pre-strike levels. What do you need to see happen? And what kind of the cadence of that recovery look like?

我是代Duane發問的Peter。我想延續Smedes剛才關於夏威夷的問題。從更宏觀的角度來看，Tom，如果你能說明一下夏威夷復甦、回到罷工前水準的幾個關鍵構成要素。你需要看到哪些事情發生？而那個復甦的節奏大概會是什麼樣子？

Yes. Pete, it's a fair question. I would just again kind of frame it a little bit. If you look historically, O'ahu is as RevPAR growth has always outpaced the US pretty consistently by about 120 basis points.

是的。Pete，這是個合理的問題。我會再稍微用一個框架來說明。如果你看歷史，歐胡島（O'ahu）的RevPAR成長一直相當穩定地領先美國整體，大約高出120個基點。

And I think Key West and Hawaii, both are around a CAGR of about 4.5% versus certainly 3.3%. And Obviously, you got very limited supply growth in Hawaii through 2030. And again, the investment that we're making that we continue to make and after we have finished the Ali'i Tower, at least 80% of the rooms at Hilton Hawaiian Village in particular will be renovated.

而且我認為Key West與夏威夷兩者的年複合成長率（CAGR）大約都在4.5%，相較之下整體大概是3.3%。另外，很明顯，夏威夷到2030年前的供給成長非常有限。再者，我們持續投入的資本——在我們完成Ali'i Tower之後，至少Hilton Hawaiian Village的客房中將有80%完成翻新。

And we've been looking to sort of reposition if you think about the Japanese traveler. We're about 750,000 visitation versus about 1.5 million historically. So we've been seeing that shift away, and we've been really repositioning the business to account for that. So Japanese travel are really accounting for about 3% of our business approximately, which it was probably high teens, 18% to 20% kind of pre-pandemic.

而且我們一直在思考如何重新定位，尤其是針對日本旅客。目前日本旅客來訪量約75萬人次，相較於歷史上約150萬人次。因此我們看到這個轉變，也一直在重新定位業務以因應。所以日本旅客目前大約只占我們業務的3%左右；而在疫情前，可能是十幾個百分點，大約18%到20%。

So as we look out, we're still very encouraged. Obviously, right now, you do have current headwinds. Obviously, given what's happening on the -- with the conflict and the impact it's going to have on fuel and fuel surcharges and obviously, the strong dollar versus the yen. And candidly, some cheaper alternatives.

因此展望未來，我們仍然非常受到鼓舞。當然，眼下確實存在逆風。顯然，考量到衝突情勢，以及它對燃油與燃油附加費的影響，還有美元相對日圓的強勢。坦白說，還有一些更便宜的替代選項。

Having said that, when you look at the investment we've made, if you think about the favorable comps that we have, we think there's an opportunity for certainly Hawaii to be to perform on the higher end of our guidance, if not exceed that. Don't want to get ahead of ourselves, but we're certainly very, very bullish over the intermediate and long term. We still, last year, generated north of $140 million in EBITDA, plus or minus. If you think about the highs, it was about $185 million, plus or minus coming off the pandemic. So with that backdrop and some of those headwinds, we're really not that far.

話雖如此，當你看我們已經做出的投資、以及我們將面臨的有利比較基期，我們認為夏威夷有機會落在我們指引的較高端，甚至可能超出。我們不想操之過急，但就中期與長期而言，我們確實非常、非常看多。去年我們仍然創造了超過1.4億美元的EBITDA（上下些許浮動）。如果你回想高峰期，大約是1.85億美元（上下些許浮動），那是在疫情之後的高點。所以在這樣的背景與一些逆風之下，我們其實離高點並不算太遠。

We continue to think about repositioning and get back some of the higher-end business. And certainly, as the convention center is also done, we also see that as another tailwind for us as we look out in the outer years.

我們仍持續思考如何重新定位，並把部分較高端的業務拉回來。而且可以確定的是，隨著會展中心也完工，我們也把這視為未來幾年展望中的另一項順風。

So we remain very, very encouraged for Hawaii over the intermediate and long term. And as it relates to Waikoloa, we are just very, very bullish, obviously, completing the Palace Tower renovation you look at the second half of this year and what we're lapping, we had 20,000 out-of-order rooms last year. That also is going to think, be a favorable dynamic for us as we finish '26 and look to '27 and beyond.

因此，對於夏威夷在中期與長期的表現，我們仍然非常、非常受到鼓舞。至於威基洛亞（Waikoloa），我們顯然也非常、非常看多；宮殿塔（Palace Tower）整修在今年下半年完成後，對照我們去年同期的基期——去年有2萬間客房處於停用（out-of-order）狀態。這也將成為我們在完成2026年、並展望2027年及之後時的一個有利動能。

Great. And then my follow-up, you mentioned group pace improving from the beginning of the year, group pace ex Hawaii and Miami. Could you highlight maybe some markets that you saw some sequential improvement and the flavor of those bookings? Is it corporate groups in the year for the year? Is it convention blocks booking up? Some details there would be helpful.

很好。接著我的追問，你提到團體訂房（group pace）相較年初有所改善，且不含夏威夷與邁阿密。你能否點出一些你看到環比（sequential）改善的市場，以及這些訂單的型態？是企業團體、針對今年的訂單嗎？還是會展（convention）房塊（blocks）在增加？如果能提供一些細節會很有幫助。

Yes. So jumping in on this. I would say from a -- what we saw for Q1, we saw some help in New York on group where we had a nurses strike there. And then ultimately, we're at a table taking some of the temporary labor at a group block there for a few weeks. So that was really helpful.

是的。我來補充一下。我會說，就我們在第一季看到的情況而言，紐約的團體業務有一些助益，因為當地發生了護理人員罷工。最後我們在那裡以團體房塊的形式，承接了幾週的臨時勞工住宿需求。所以這確實很有幫助。

We've seen some of the disruptive forces in Mexico and the Middle East, allowed some groups to transition or change out and come into markets like Hawaii. So we've seen some benefit there and some of that will be in future periods. So I think those are kind of the bigger things.

我們也看到墨西哥與中東的一些干擾因素，使得部分團體改期或轉移，進而流入像夏威夷這樣的市場。因此我們在那裡看到一些受益，其中一部分會反映在未來期間。我想這些算是比較大的因素。

I think we've seen revaluations across the portfolio for group be stronger where groups are outperformed their blocks. And so we've seen a little bit of that across the board in both in-house group and ultimately convention.

我認為我們也看到整個投資組合的團體業務出現重新評價（revaluations），因為團體實際表現優於其原先的房塊配置。因此，無論是館內團體（in-house group）或最終的會展（convention），我們都在各處看到一些這樣的情況。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO Capital Markets。

Maybe following up on Hawaii. First, I guess, is that market benefiting from some rotation from Mexico? Maybe it's also a benefit Puerto Rico. And then, Tom, you kind of touched on this, but if oil prices do materially impact airline prices, do you think that disproportionately impact Hawaii relative to the rest of your portfolio?

我想延伸追問夏威夷。首先，我猜這個市場是否受惠於部分從墨西哥轉移的需求？也許波多黎各也有受惠。另外，Tom，你剛剛有提到，但如果油價確實大幅影響機票價格，你認為相較你們投資組合的其他市場，夏威夷會不會受到不成比例的影響？

Yes. I mean, look, you have to believe. I think it's a fair question. If we get a prolonged supply shock and the conflict continues indefinitely, you certainly have to believe that it's going to have an impact, not only on long air travel, but certainly on air travel broadly and certainly affect the sector. So I'm certainly not going to argue that point.

是的。我的意思是，你必須相信——我覺得這是個合理的問題。如果我們遭遇長期的供給衝擊，且衝突無限期持續，你當然得相信這會產生影響，不僅是長程航空旅行，甚至是整體航空旅行，並且必然影響整個產業。所以我當然不會反駁這一點。

I would think as you think about rerouting, one of the things that I think would be important to point out is if you think about inbound traffic into the US, we still haven't gotten back to pre-pandemic. We were about 79% million. I think today we're somewhere in the 67%, 68% million. We're about 86%. And if you think about outbound from the US, I mean that had gotten up to about 110% to 112%.

我認為談到改道（rerouting）時，有一點很重要：如果你看進入美國的入境旅客量，我們仍未回到疫情前水準。我們曾約在79%（百萬人次）。我想今天大概在67%、68%（百萬人次）左右。我們約在86%。而如果你看美國的出境旅遊，意思是那曾經上升到約110%到112%。

I think given the conflict, if anything, you might see some of that reroute and people start to onshore themselves, if you will, to the US. And I think Hawaii could certainly benefit from that. as well as certainly the Caribbean and seeing Puerto Rico benefit from that.

我認為在衝突背景下，若有任何變化，你可能會看到部分需求改道，讓人們某種程度上把旅遊「回流」到美國本土（onshore）。我認為夏威夷當然可能因此受惠。

So obviously, in Mexico, I think we are already as an industry seeing sort of rerouting and seeing certainly Florida, the Caribbean, Certainly, we're seeing that in Puerto Rico. Puerto Rico is off to had a great first quarter. We're very encouraged about second quarter as well. And certainly seeing that and those benefits also in California and other parts of the US. So to me, those are sort of natural, and I think we're seeing certainly some evidence of that.

所以很明顯地，在墨西哥方面，我認為我們作為一個產業已經看到某種改道現象；而且確實看到佛羅里達、加勒比海受惠，當然也在波多黎各看到這種情況。波多黎各第一季開局非常好。我們對第二季也非常受到鼓舞。同時也在加州以及美國其他地區看到這些受益。所以對我而言，這些是相當自然的結果，而且我認為我們確實看到一些證據支持。

If you think about all the various cycles over the last 30-plus years, Hawaii has always been a fan favorite generations, families, both domestic and international. We certainly think that there's no risk of that changing materially. The mix may change and we're certainly spending our time as we make these big investments and you think about Ali'i is a great example, a hotel within a hotel and the amount of investment that we're going to make and that really flagship with its own check in its own pool, an elevated experience. We think that just continues to help us as we continue to reposition Hilton Hawaiian Village over the future.

如果你回顧過去30多年各種不同的景氣循環，夏威夷一直是世代與家庭的最愛，無論是國內或國際旅客。我們當然認為，這種偏好沒有任何會出現重大改變的風險。組合可能會改變；而我們在進行這些大型投資時也把時間花在這上面——Ali'i就是很好的例子，一個「飯店中的飯店」，我們將投入大量資本，把它打造為旗艦產品：有自己的報到（check in）、自己的泳池、以及更高階的體驗。我們認為這將持續幫助我們在未來重新定位希爾頓夏威夷村（Hilton Hawaiian Village）。

We also have the opportunity in Waikoloa, which is by way of right to certainly continue not only as we've renovated, but certainly add additional keys when market dynamics certainly makes sense for us. So very -- remain bullish on Hawaii. And as I said, if you look historically, from a CAGR standpoint, it certainly has been among, if not one of the top performers certainly over the last 20-plus years, and I think the evidence would support that.

我們在威基洛亞也有機會——透過權利（by way of right）——在持續整修之外，當市場動態對我們而言合理時，還能增加更多房間數（keys）。所以我們仍然非常看多夏威夷。而且如我所說，若從複合年成長率（CAGR）的角度看，過去20多年它一直是表現最好的市場之一，甚至可能是最好的；我認為證據也支持這一點。

And then I just had two clarifications on group pace. For the fourth quarter, I think previously it was down 8% and it was going to be a headwind. Just curious with the improvement, what that now looks like. And then on 2027, the 5.5% growth in case, does that also exclude Hawaii and Royal Palm?

另外我對團體訂房進度有兩點釐清。針對第四季，我記得先前是年減8%，並且會形成逆風。想請問在改善之後，現在看起來是什麼樣子？另外關於2027年，提到的5.5%成長（以case計），這也同樣不含夏威夷與Royal Palm嗎？

It does not. I mean -- yes, it includes Hawaii and Royal Palm. So if you think about 2027, just for a second, I mean, it's as Sean said in his prepared remarks, I think the core was up 5.5%. But I mean you've got New York up mid-teens. You've got New Orleans up mid-teens.

不是。我的意思是——是的，它包含夏威夷與Royal Palm。所以如果你先想一下2027年，正如Sean在事先準備的發言中所說，我認為核心（core）成長了5.5%。但你看，紐約是中十位數（mid-teens）成長。紐奧良也是中十位數成長。

You got Hilton Waikoloa up 17%, Bonnet Creek up mid-single digits, Key West up significant north of 20%. So we're -- Hilton Hawaiian Village is down in part slightly there. And you also keep in mind that you've got the convention center that will be under renovation at that point. But it's broad-based, and we're very, very bullish as we look out to '27.

Hilton Waikoloa成長17%，Bonnet Creek是中個位數（mid-single digits），Key West則是顯著高於20%。所以我們——Hilton Hawaiian Village略為下滑，部分原因在那裡。另外你也要記得，屆時會展中心將在整修中。但整體是廣泛性的成長，我們在展望2027年時非常、非常看多。

And I'd just add on Q4, we were thinking about pace down 8% last time around, we're about down 4% now.

我再補充第四季：上次我們認為進度會下滑8%，現在大約是下滑4%。

Chris Woronka, Deutsche Bank.

Chris Woronka，德意志銀行（Deutsche Bank）。

So first question, I was hoping maybe we could spend a minute going back to the transactional market and good progress so far to date. The question would kind of be, are you seeing a difference in the buyer pool in terms of broadening out or being more institutional as opposed to local or owner operator?

第一個問題，我希望我們能花一點時間回到交易市場（transactional market）以及截至目前為止的良好進展。問題大概是：你是否看到買方族群有所不同，例如買方範圍更廣，或更偏向機構型（institutional），而不是在地買家或業主自營（owner operator）？

Chris, it's a great question. I would say, candidly, for these types of assets, and again, as I try to frame for listeners, I mean, we're dealing -- as you think about the 8% for a second, these are smaller assets, not big EBITDA contributors, more attractive, I would say, generally to owner operators, entrepreneurial could be small PE firms, clearly experienced and see value and see the opportunity to reposition in some cases. So no shortage of interested parties.

Chris，這是個很好的問題。我會坦白說，對於這類資產——而且我也試著替聽眾做個框架——我的意思是，我們正在處理的是——當你先想一下那個 8%，這些都是較小型的資產，不是大型 EBITDA 的貢獻者；我會說，一般而言，對自營業主（owner operators）更具吸引力，也可能是具創業精神的小型私募股權公司（PE firms），顯然他們有經驗、看得到價值，也看得到在某些情況下重新定位的機會。所以不缺有興趣的買家。

Some markets are more attractive. No secret. LA certainly wouldn't be at the top of anybody's list given some of the challenges there. And I'd say Chicago, generally a more tougher market.

有些市場更具吸引力。這不是秘密。考量到那裡的一些挑戰，洛杉磯（LA）當然不會在任何人名單的最前面。而我會說，芝加哥整體而言是個更艱難的市場。

But certainly, as you look across in the assets that we're marketing, we've got a healthy buyer pool and interested parties. It's just really working through the process, which the last mile is always the toughest. Many of these assets were assets that had been in the old Hilton portfolio. And they weren't a high priority for obvious reasons. And then after when Hilton was sold, it wasn't a high priority to that buyer.

但當然，當你看我們正在推售的資產，我們有健康的買方池與有興趣的對象。只是要把流程走完，而最後一哩路永遠是最難的。這些資產中有很多原本是在舊的希爾頓（Hilton）投資組合裡。而且基於顯而易見的原因，它們並不是高優先順序。之後希爾頓被出售，那位買家也沒有把它當成高優先順序。

And the Park team has the challenge. We accept the challenge. No excuses, we own it. And we've got to make it happen, and we're going to do that. And I think we've demonstrated that.

而 Park 團隊面臨這個挑戰。我們接受這個挑戰。不找藉口，我們承擔責任。我們必須把它做成，而且我們會做到。我想我們也已經證明了這一點。

And keep in mind, again, the long track record, we've sold assets before the pandemic, during the pandemic, after the pandemic. That also included 14 international. All of those assets and all of these assets have some are legal issues, some are joint ventures, some are tax-related issues, whatever it is, we're up to the challenge, and we're going to get it solved, and you're going to see significant progress this year.

另外請記住，我們有很長的紀錄：疫情前、疫情期間、疫情後，我們都賣過資產。其中也包含 14 個國際資產。所有那些資產以及這些資產，有些有法律問題、有些是合資（joint ventures）、有些是稅務相關問題，不管是什麼，我們都能迎接挑戰、把問題解決掉，而且你會在今年看到顯著進展。

Okay. And as a follow-up -- follow-up on Miami, the Royal Palm. I think you guys have outlined kind of EBITDA expectations fully ramped and timing of opening. So my question is when that thing opens and inserts the ramp, -- how much does the composition of the earnings change to get to your EBITDA target in terms of -- this has been a heads-in-bed strategy don't tell Miami market. But in terms of ancillary and getting the higher rate and maybe some on a beach club there, things like that. So just maybe how does the conversation look versus what it had been pre-renovation?

好的。那作為追問——關於邁阿密的 Royal Palm。我想你們已經把完全爬坡（fully ramped）的 EBITDA 期待值以及開業時程講得很清楚了。所以我的問題是，當它開業並進入爬坡期時——為了達到你們的 EBITDA 目標，獲利結構會如何改變？也就是說——這一直是「把人塞滿床位（heads-in-bed）」的策略，別跟邁阿密市場說。但就附加收入（ancillary）、提高房價，以及可能做一些海灘俱樂部之類的事情而言。所以也許談談，和整修前相比，現在的策略/討論會長什麼樣子？

Yes. It's -- I don't have all of that with me other than to just tell you how excited. If you think about the ADR pre-renovation, I think we were $265. I think we've underwritten this at around $400. I think in the prepared remarks, I talked about business that we're already getting at $460, plus, or minus.

是的。我手邊沒有所有細節，只能先告訴你我們有多興奮。如果你想想整修前的 ADR，我記得大概是 265 美元。我們的承作假設（underwrite）大約是 400 美元。我想在事先準備的講稿裡，我提到我們已經拿到的業務價格大概在 460 美元上下。

And when you see it and you see the second floor, which had had a pool and now it's got outdoor really entertainment space, plus as we're bringing all three of the buildings together, all of the opportunities for an elevated guest experience. And we're planning to really tuck underneath when you think about the Albers and Rosewood and the [Amman and Andaz] and the Delano and all of those and where they're going to be priced at $600, $700, $800 or more and us underwriting at $400, I personally believe that we'll exceed that.

而當你親眼看到它、看到二樓——原本有泳池，現在變成戶外的娛樂空間——再加上我們把三棟建築整合在一起，會有很多提升住客體驗的機會。而且我們的定位是，當你想到 Albers、Rosewood、[Amman and Andaz]、Delano 等等，這些可能會定價在 600、700、800 美元甚至更高；而我們用 400 美元來承作，我個人相信我們會超過這個水準。

I think there's a significant opportunity for us in just the response that we're getting is really exceeding expectations. So we are very, very bullish, and very excited about it. And again, I would draw your attention to the success that we're having at Bonnet Creek. We've taken that already from $60 million in EBITDA to north of $100 million. And you think about, obviously, the success that we're having at Casa.

我認為我們有很大的機會，因為目前收到的回饋確實超出預期。所以我們非常、非常看多，也非常興奮。另外，我也想請你注意我們在 Bonnet Creek 的成功。我們已經把那裡的 EBITDA 從 6,000 萬美元提升到超過 1 億美元。再想想我們在 Casa 的成功。

I think it really speaks, we believe passionately, and I think the track record is demonstrating that we can generate higher returns on development deals than we can on acquisition deals. And I think it's a real core competency for the team.

我想這也充分說明：我們深信——而且我認為過往紀錄也在證明——我們在開發型交易（development deals）上能創造的報酬高於收購型交易（acquisition deals）。我認為這是團隊非常核心的能力。

So we're excited to finish it and then to have an event and have analysts and investors down to see it and to see what an incredible transformation really looks like. So we got to get it done. We know that. As I mentioned, we've got north of 400 people on site right now working two shifts and really to get the construction completed and to get as much of the World Cup as we can, but also keeping in mind we didn't plan for any benefit in the World Cup as part of our guidance as it relates to Miami Royal Palm. So anything we get, we think is going to be incremental gravy and we're pretty excited about the challenge and look forward to getting it done.

所以我們很期待把它完工，然後辦一場活動，邀請分析師和投資人到現場看看，看看什麼叫真正令人驚豔的轉型。所以我們得把它做完。我們知道。如我提到的，我們現在現場有超過 400 人、兩班制施工，目標是完成工程，並盡可能吃到世界盃帶來的需求；但也要記住，我們在對邁阿密 Royal Palm 的財測指引中，並沒有把世界盃的任何效益納入。所以我們拿到的任何額外收益，我們都認為會是增量的「額外好處」，我們也很期待這個挑戰，並期待把它完成。

David Katz, Jefferies.

David Katz，Jefferies。

So I feel like we always cover the quarters quite well, and I wanted to ask something a little longer term. Ian always reminds us about the pipeline of longer-term repositionings. Clearly, Royal Palm gets done Hawaii, I think you've given pretty good updates on it. Do you have -- or can you talk about in qualitative terms, some of the ones that might be next and how we think about building the portfolio a little longer term?

我覺得我們每一季都把季度表現談得很充分了，我想問一個比較長期的問題。Ian 總是提醒我們，還有一條較長期的重新定位（repositioning）管線。很明顯，Royal Palm 會完成；夏威夷那邊我想你們也給了不錯的更新。你們是否能——或能否用定性方式談談，接下來可能輪到哪些案子，以及我們該如何從更長期的角度思考投資組合的建構？

Yes. There are a few, obviously, that come to mind. Obviously, Santa Barbara, we think, obviously, that there is just significant upside. And we have a proposal to add approximately 70 keys, plus or minus. And so we've been working through the entitlement process there.

可以。有幾個案子很明顯會先浮現。像是 Santa Barbara，我們認為上行空間非常可觀。我們有一個提案，計畫新增約 70 間客房（keys），上下浮動一些。因此我們一直在推進那邊的許可/核准（entitlement）流程。

Really excited. And when you think about, obviously, that's unencumbered and will be unencumbered. We have a great JV partner, but unencumbered in terms of its visibility and views. So pretty excited about that as we sort of look out.

我們非常興奮。而且你想想，顯然那個資產是無負擔的（unencumbered），而且也會保持無負擔。我們有很棒的合資夥伴（JV partner），但就其能見度與景觀視野而言，也是無負擔的。所以當我們往外看、做長期規劃時，對此相當期待。

As you think about, obviously, Hawaii in like Waikoloa. By way of right, we have the opportunity to add another 200 keys. I wouldn't say that that would be on the front burner. And so obviously, we see the market recovered enough to where that makes sense. But it certainly is in the pipeline.

再來談到夏威夷，例如 Waikoloa。依照權利（by way of right），我們有機會再增加 200 間客房。我不會說這是目前最優先的事項。我們會等市場復甦到足以讓這件事合理的程度。但它確實在管線之中。

We have the ability, obviously, with our Doubletree in Crystal City. Not sure that the market conditions warrant that right now. But when you think about just bull's-eye real estate and where it sits in the location at the front of the Amazon headquarters to certainly pretty excited about that over the long term. I don't think that that's something intermediate as we sort of look out right now.

我們也有能力在 Crystal City 的 Doubletree 上做文章。不確定目前的市場條件是否支持現在就做。但當你想到那是非常精準的核心地段不動產（bull's-eye real estate），位置就在亞馬遜總部正前方，長期來看我們當然很興奮。我不認為就目前來看，這會是中期內要做的事情。

The one that we continue to noodle and study, and we're working on obviously some of the elevator modernization in New York. But there's no doubt, as we think about New York and how to reposition that. That certainly is also a priority and one that certainly needs to be addressed within the portfolio. We know that is just trying to figure out what's going to make the most sense for that asset over the intermediate and long term. We certainly think that there is significant value as you think about just the sheer scale of it.

我們持續在反覆推敲並研究的部分，而且我們顯然也正在推進紐約一些電梯現代化的工程。但毫無疑問，當我們思考紐約以及如何重新定位該資產時，這當然也是一項優先事項，而且確實需要在投資組合內加以處理。我們知道，這就是要釐清在中期與長期內，對該資產而言什麼做法最合理。我們確實認為，單就其龐大規模而言，具有相當可觀的價值。

It continues to certainly improve from a performance standpoint. And we certainly think that there are opportunities, different things that can certainly occur with that asset over time. So just to give you a few that are sort of on the mine and ones that we certainly think about.

從績效表現的角度來看，它確實持續改善。而且我們也確實認為，隨著時間推移，該資產會有各種機會、不同事情都可能發生。所以先給你幾個我們腦中想到、也確實會去思考的方向。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通。

I just had a quick follow-up on the second quarter. I think you mentioned RevPAR in that range, but I think you had a comment on May and how it's tracking. I was wondering if you could just give a little bit more detail on what is driving that because I think you kind of characterized it as mix.

我想就第二季做個簡短追問。我記得你提到 RevPAR 在那個區間，但我也記得你對 5 月的走勢有些評論。我想請你再多提供一點細節，究竟是什麼在驅動，因為我覺得你把它描述成「組合」因素。

Yes. Ultimately, to just talk to the second quarter, April, obviously, almost finished here, just kind of looking -- we probably have about a week or so of data to get in and kind of get real time. But like I say, tracking flattish might be a little bit better there, certainly better than expectations, so it continues from Q1. May is the weakest, I think, set up right now for the quarter with group pace just down slightly, transient, we ultimately need there to make the kind of the numbers we're thinking, which are a flattish type of result. But there's some risk there.

是的。最終來說，談到第二季，4 月顯然在這裡幾乎要結束了；我們只是看一下——我們大概還有一週左右的數據要進來，才能更即時地掌握。但如我所說，目前追蹤起來大致持平，可能還會略好一些，確實優於預期，所以延續了第一季的走勢。5 月我認為是目前這一季裡最弱的月份：團體訂房進度（group pace）小幅下滑；散客（transient）方面，我們最終需要達到我們所想的數字，才能做出我們預期的結果，也就是大致持平的表現。但那裡確實有一些風險。

So we hold that out as the one where we're going to monitor May, but June is really strong.

所以我們把它視為需要持續監控 5 月的那一個點，但 6 月非常強。

So June makes the quarter as we look at it right now, pace is up double digits for group Obviously, we've got some things related to World Cup and June teenth and other activities going on around that month. Certainly, we think it's going to be a good performer. But altogether, just April be flattish May, where we see a little bit of risk and then June strong kind of comes together to be plus or minus kind of the midpoint of the guide for the year.

因此就我們目前的觀察，6 月決定了整個季度的表現：團體訂房進度是雙位數成長。當然，6 月有一些與世界盃、六月節（Juneteenth）以及其他活動相關的因素。我們確實認為它會是表現良好的月份。但整體而言，4 月大致持平、5 月我們看到一些風險、然後 6 月強勁，合在一起大概就是全年指引中位數上下的結果。

Got it. And just for my follow-up. I know we spent a lot of time talking about the World Cup as it relates to Miami. But I guess more broadly, as you think about where your footprint is and across the portfolio, have you seen a change in terms of the demand for World Cup maybe versus, say, three or six months ago?

了解。那我再追問一下。我知道我們花了很多時間談世界盃對邁阿密的影響。但更廣泛來看，當你思考你們的布局、以及整個投資組合，你們是否看到世界盃的需求相較於例如三個月或六個月前有所改變？

Nothing -- I mean, nothing dramatic. I think for us, you put Royal Palm aside, Miami aside, Tom talked to that. Really, the two big markets for us are New York and Boston. And these are two markets that typically have been 90% occupied during this time frame in June and July. So it's really kind of a rate play.

沒有——我是說，沒有什麼戲劇性的變化。對我們而言，把 Royal Palm 先放一邊、把邁阿密先放一邊，Tom 已經談過了。我們真正的兩個大市場是紐約和波士頓。而這兩個市場在 6、7 月這段期間通常入住率都在 90%。所以這其實更像是一個房價（rate）的操作。

I think the positioning right now is good in those two markets around the matches. I think it remains to be seen. Clearly, there's a lot of uncertainty around this event. But right now, we think we try to have a good position. I wouldn't say it's -- we would say it's fantastic like people have thought coming into the year.

我認為目前在這兩個市場、圍繞比賽的定位是好的。至於最終如何，還有待觀察。顯然，這個活動存在很多不確定性。但就目前而言，我們認為我們正努力取得一個好的位置。我不會說——我們不會說它像大家年初想像的那樣「非常驚人」。

But we said about that impact between those two. I would say those two markets considerably make up the most of the impact for the year for the portfolio.

但我們也說過，這兩個市場的影響——我會說，對於投資組合而言，全年影響主要就是由這兩個市場構成。

It's probably -- we probably said 35 or so plus or minus basis points, might come off a little bit from that from our expectations today. But still a demand generator still a positive, but I wouldn't say it's dramatic as we thought necessary as we go into it. We'll see. It could change, but I think there's a lot of things and a lot of unknowns around this event right now.

大概——我們之前可能說過約 35 個基點左右、上下浮動；以我們今天的預期來看，可能會比那個數字略低一些。但它仍然是需求的帶動因素，仍然是正面影響，只是我不會說像我們進入今年時所認為的那樣戲劇性。我們再看看。它可能會改變，但我認為目前圍繞這個活動有很多因素、也有很多未知數。

Chris Darling, Green.

Chris Darling，Green。

Quick one, circling back to Hilton Hawaiian Village, maybe framing the trajectory there in a different way. Can you update us on where your RevPAR index share is and where you see that metric heading over time as you realize the benefit of the capital you've invested over the last few years?

快速問一個，回到希爾頓夏威夷村（Hilton Hawaiian Village），也許用不同方式來框架那裡的走勢。你能更新一下你們的 RevPAR 指數份額（index share）目前在哪裡，以及隨著你們在過去幾年投入的資本逐步發揮效益，你們認為這個指標長期會往哪個方向走嗎？

Yes. The RevPAR index or so is kind of tracking in that 95 to just around 100 kind of -- and I think we've seen that -- but last year and this year, as we kind of started the year because we've had some of that work going on at the Rainbow Tower. What we've seen last year is once we got past kind of first quarter, we saw that pick up a little bit more. But in terms of recovery, where we see it going from there is really back to that historical levels of 110 to 115 range. That's where we kind of we're sitting ahead of the renovation and some of the other events like the strike -- but I think that's kind of where we want to ultimately see it come back to.

可以。RevPAR 指數大概落在 95 到接近 100 的區間——我想我們看到的是——去年和今年年初，因為彩虹塔（Rainbow Tower）有一些工程在進行。我們去年看到的是，一旦過了第一季之後，這個指數就回升了一些。但就復甦而言，我們認為它會回到歷史水準，也就是 110 到 115 的區間。那是我們在整修之前、以及像罷工等其他事件之前大致所在的位置——我想那也是我們最終希望它回到的水準。

And certainly, we can get there more on a rate profile as well that's going to certainly help the bottom line given the renovation work.

而且當然，我們也可以更多透過房價結構（rate profile）來達成，這在整修工程之後也會確實有助於提升獲利。

Okay. Understood. And you may not have a perfect answer to this, but just -- how are you thinking about the timing in terms of that index share? Is that a one-year timeline, three-year timeline? And maybe you can't quantify?

好的。了解。你可能沒有完美答案，但想問——你們對於該指數份額的時間點是怎麼想的？是一年的時間軸、三年的時間軸？也許你無法量化？

Because we would hope that just if you look historically in the amount of investment that we've made the corporate resources that we're devoting in addition to our operating partners at Hilton, we would expect that ramp-up to accelerate. And again, once we get the Ali'i Tower done, and again, that's somewhat isolated and self-contained. So we think that's going to help. And obviously, we project, obviously, there's going to be minimal disruption. But when you get that done and you got 80% of the campus done, we think that's just going to really continue to reposition and candidly give us the opportunity to change the customer mix as well.

因為我們希望，若回頭看歷史、以及我們投入的投資金額、我們投入的公司資源，再加上希爾頓的營運夥伴，我們預期那個爬坡（ramp-up）會加速。而且再說一次，一旦我們把 Ali'i Tower 完工——而且那部分相對是隔離且自成一體的——所以我們認為那會有幫助。而且顯然，我們預期干擾會是最小的。但當你完成那個、整個園區有 80% 都完成後，我們認為這將真正持續推動重新定位，坦白說也給我們機會去改變客群組合。

So very excited, remain committed to it. And also when we pay off the mortgage, keep in mind, we'll have to marquee assets in Hawaii completely unencumbered, very rare. Most of those resorts in many of the assets owned or under long-term ground leases. That's not the case with Parks portfolio. So that's a real benefit for us, too, and gives us a lot of optionality.

所以我們非常興奮，也會持續投入。另外，當我們償還房貸後，請記住，我們在夏威夷將有兩項旗艦資產完全無擔保（unencumbered），這非常罕見。那些度假村中的多數、以及許多資產，要嘛是自有、要嘛是在長期地租（ground lease）之下。Parks 的投資組合並非如此。所以這對我們也是一個很大的優勢，也給了我們很多策略選擇空間（optionality）。

Cooper Clark, Wells Fargo.

Cooper Clark，富國銀行。

Great. Could you just talk us through some of the building blocks for the updated OpEx guide for the full year and what you're expecting to see from a growth perspective on wages and benefits, insurance, and utilities?

很好。能否請您帶我們梳理一下更新後全年營運費用（OpEx）指引的一些組成要素，以及您對薪資與福利、保險與公用事業費用在成長面向上的預期？

Sure. Like I mentioned before, we have a range right now in the mid-twos to mid-threes labor and wage growth. Should be kind of in that 5% plus or minus as you kind of go throughout the year on average. We've got some of the offsets to that fundamentally, our insurance, we do embedded in our kind of budgets, favorable premium reduction, certainly continues to be a good market for the insureds, as we look to renew, we renew on June 1. So we'll get the continuation of our reduction from last year through May and then ultimately pick up for the next seven months what we expect to be a favorable outcome, and we'll give more color to that when we know more in the back part of the year.

當然。如我先前提到的，我們目前對勞動與薪資成長的區間大約在 2% 中段到 3% 中段。全年平均來看，大致會在 5% 上下（正負一些）隨著年度推進。在抵銷因素方面，基本上我們在預算中已納入保險的有利保費下調；對被保險人而言市場狀況仍然不錯。我們在續保時會觀察，我們的續保日是 6 月 1 日。因此，我們會延續去年降幅到 5 月，之後在接下來七個月納入我們預期的有利結果；等到今年後段我們掌握更多資訊時，會提供更進一步的說明。

Real estate taxes. Once again, we kind of find ourselves with probably about 5% increase right now for the budget process, but we'll appeal processes in place and don't haven't fully factored that into any guidance because we just don't know in terms of outcomes, amounts, timing, and the like. So I'd say labor wage is clearly the big driver on the growth side, but certainly some good offsets and continue to kind of work with our asset management teams and the operators define those meaningful ways to further offsets.

不動產稅。同樣地，在預算編列流程中，我們目前大概看到約 5% 的增幅，但我們也有申訴（appeal）程序在進行中；由於我們不清楚結果、金額、時點等，因此尚未把這些完全納入任何指引。所以我會說，勞動薪資顯然是成長端最大的驅動因素，但也確實有一些不錯的抵銷項；我們也會持續與資產管理團隊及營運方合作，找出更多有意義的方式來進一步抵銷。

Great. And then a quick follow-up. Just curious how much, if any, impact the Hilton Seattle sale had on the RevPAR guidance raise?

很好。接著一個快速追問。我想了解一下，希爾頓西雅圖（Hilton Seattle）出售對 RevPAR 指引上調有多少影響（如果有的話）？

RevPAR guidance ratio was obviously a growth and its comparable growth. So we ultimately removed that from the portfolio on a like-for-like basis, so no impact. Clearly, from a nominal RevPAR, you'll see a nice increase.

RevPAR 指引的口徑顯然是成長，而且是可比（同店）成長。因此我們在同口徑（like-for-like）的基礎上已將該資產自投資組合中剔除，所以沒有影響。當然，從名目 RevPAR 來看，你會看到不錯的提升。

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

Great. Most of my questions have been answered. I wonder if you could just on the -- can you hear me okay?

很好。我的大部分問題都已經被回答了。我想問一下——你們聽得到我嗎？

Yes, we can. Go ahead.

是的，我們聽得到。請說。

Okay. Great, sir. Yes, most of my questions have been covered. Just going back to the Ali'i Tower in Hawaii. I wonder if you could walk us through a little bit about what you're expecting in terms of returns and change in RevPAR kind of the way you -- I think you've given great color on Royal Palm.

好的。很好，先生。是的，我的大部分問題都已涵蓋。我想回到夏威夷的 Ali'i Tower。能否請您帶我們更詳細說明一下，您對報酬率以及 RevPAR 變化的預期——就像您先前對 Royal Palm 提供了很好的說明那樣。

Just what you're expecting from that Hawaii tower.

也就是您對那棟夏威夷塔樓的預期。

Yes. Well, we would certainly think, again, the opportunity is to take it from 351 keys to probably pick up three keys, incremental budgeting approximately about $96 million. Any of these transformations, we've got to be returns in the 15% to 20%. And again, if you think about Bonnet Creek and Key West that we've talked about already confidently exceeding that.

是的。我們當然認為，機會在於把房間數從 351 間提升到大概再增加 3 間；增量預算約為 9,600 萬美元。任何這類改造案，我們都要求報酬率在 15% 到 20%。而且如果你想想我們已談過的 Bonnet Creek 和 Key West，我們有信心會明顯超過這個水準。

The opportunity here is it's really a hotel within a hotel. You've got your own separate check-in. You've got obviously an embedded pool, given its premier location on the village just really, really excited about and it hasn't had really that sort of upgrade for some time. So we're excited about it. Again, we'll start that later this year and expect to finish that in the middle of next year, plus or minus.

這裡的機會在於，它基本上是「飯店中的飯店」。你有自己獨立的報到櫃檯。而且由於它在度假村村落中的黃金位置，顯然也有內嵌式的泳池，我們非常、非常興奮；而且它已經有一段時間沒有做過那種等級的升級。所以我們很期待。同樣地，我們會在今年稍晚開始，並預期在明年年中左右完成（可能略有提前或延後）。

And given the experience that we've had, the success that we've had with the Tapa Tower there, obviously, the Rainbow Tower. This is really the next in line to really reposition and again, take the opportunity to change the customer mix, and we're pretty excited about it.

以我們在那裡的 Tapa Tower 的經驗與成功來看，當然還有 Rainbow Tower。這確實是下一個要重新定位的項目；同樣地，把握機會調整客群組合，我們對此相當期待。

And are there any limits on brand there in terms of do you have to stay with something Hilton branded? Or could you do something completely different?

那在品牌方面是否有任何限制？例如你們是否必須維持希爾頓品牌？還是可以做成完全不同的品牌？

It would have to stay within the Hilton family. And we've looked at do you want to rename? But the reality given the fact that Hilton Hawaiian Village is iconic. When you think about that north of 60 years, plus or minus, and Ali'i Tower, obviously, has its own following. So we think really just the repositioning and the upgrade is really the right answer there.

必須維持在希爾頓體系之內。我們也研究過是否要更名。但事實是，Hilton Hawaiian Village 具有指標性。你想想它大概有 60 多年的歷史（上下些許），而 Ali'i Tower 顯然也有自己的忠實客群。因此我們認為，真正正確的做法就是重新定位並進行升級。

But we'll continue to look and continue to study it. But at this point, we've concluded really just the repositioning in the upgrade. And we're getting a phenomenal response not only from Tapa but also the Rainbow Tower in the room product and the quality of the renovation and how thoughtful we were about it.

不過我們會持續觀察並持續研究。但就目前而言，我們的結論確實是只做重新定位與升級。而且我們不僅從 Tapa，也從 Rainbow Tower 的客房產品、翻新品質，以及我們在設計上的用心，獲得了非常好的回饋。

So again, really excited and thank, obviously, to the point that Sean was making about RevPAR index, getting the whole village back into that 110 and above range. We certainly think is within our eyesight. And that will be accelerated once we get this final tower done.

所以再次強調，我們非常期待；也呼應 Sean 提到的 RevPAR 指數，把整個度假村拉回到 110 以上的區間。我們確實認為這在可見範圍內。而一旦完成最後這棟塔樓，這個進程將會加速。

There are no further questions at this time. I would like to turn the floor back over to Tom Baltimore for any closing remarks.

目前沒有其他問題。我想把時間交還給 Tom Baltimore，請他做結語。

I appreciate everybody taking time and look forward to seeing many of you at upcoming meetings, one hosted by Wells Fargo, JPMorgan and of course, NAREIT. Safe travels, and I look forward to seeing you all.

感謝各位撥冗參與，也期待在接下來的會議上見到各位，其中包括由富國銀行、摩根大通（JPMorgan）主辦的會議，當然還有 NAREIT。祝各位旅途平安，期待與大家見面。

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

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。