Ryman Hospitality Properties Inc (RHP) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to the Ryman Hospitality Properties' third-quarter 2024 earnings conference call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; Mr.

大家好，歡迎參加 Ryman Hospitality Properties 2024 年第三季財報電話會議。今天主持電話會議的是 Ryman Hospitality Properties 的執行主席 Colin Reed 先生；總裁兼執行長馬克·菲奧拉凡蒂先生；財務長 Jennifer Hutcheson 女士；先生。

Patrick Chaffin, Chief Operating Officer; and Mr. Patrick Moore, Chief Executive Officer of Opry Entertainment Group. This call will be available for digital replay. The number will be 1800-839-5685 with no conference ID required. (Operator Instructions)

營運長 Patrick Chaffin；以及 Opry 娛樂集團執行長 Patrick Moore 先生。本次通話將提供數位重播。號碼為 1800-839-5685，無需會議 ID。（操作員指令）

It is now my pleasure to turn the floor over to Ms. Jennifer Hutcheson. Ma'am, you may begin.

現在我很高興將發言權交給珍妮佛哈奇森女士。女士，您可以開始啦。

Good morning. Thank you for joining us today.

早安.感謝您今天加入我們。

This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company's expected financial performance. Any statements we make today that are not statements of historical facts may be deemed to be forward-looking statements. Words such as believes or expects are intended to identify these statements which may be affected by many factors, including those listed in the company's SEC filings and in today's release.

本次電話會議可能包含《1995 年私人證券訴訟改革法》定義的前瞻性陳述，包括有關公司預期財務表現的陳述。我們今天所做的任何非歷史事實的陳述都可能被視為前瞻性陳述。「相信」或「預期」等字眼旨在表明這些陳述可能受到多種因素的影響，包括公司向美國證券交易委員會提交的文件和今天的新聞稿中列出的因素。

The company's actual results may differ materially from the results we discuss or project today. We will not update any forward-looking statements, whether as a result of new information, future events or any other reason. We will also discuss non-GAAP financial measures today. We reconcile each non-GAAP measure to the most comparable GAAP measure in exhibit to today's release.

公司的實際結果可能與我們今天討論或預測的結果有重大差異。我們不會更新任何前瞻性陳述，無論是由於新資訊、未來事件或任何其他原因。今天我們也將討論非公認會計準則財務指標。我們將每項非 GAAP 指標與今天發布的最新 GAAP 指標進行協調。

I'll now turn the call over to Colin.

我現在將電話轉給科林。

Thank you, Jennifer, and good morning, everyone. We are pleased to report strong third-quarter 2024 results. Our same-store hospitality segment delivered record third quarter revenue and adjusted EBITDAre driven by continued strength in our group business. And our entertainment business delivered record third quarter revenue driven by continued momentum in our Ole Red brand.

謝謝你，詹妮弗，大家早安。我們很高興地報告 2024 年第三季的強勁業績。我們的同店酒店業務部門在第三季度實現了創紀錄的收入和調整後的 EBITDA，這得益於我們集團業務的持續強勁增長。在 Ole Red 品牌持續成長的推動下，我們的娛樂業務在第三季實現了創紀錄的收入。

During the quarter, we continued to make progress against our major capital investment initiatives. And with many of our 2024 projects nearing completion, we are more excited than ever about the value this will create for our shareholders in the years to come. Mark will review the third quarter in more detail in just a moment. But first, I'd like to remind you how we think about some of these exciting improvements.

本季度，我們的主要資本投資計劃繼續取得進展。隨著我們的許多 2024 年項目即將完工，我們比以往任何時候都更期待這將在未來幾年為我們的股東創造的價值。馬克稍後將更詳細地回顧第三季。但首先，我想提醒您我們如何看待這些令人興奮的改進。

As we first shared with you at our Investor Day, in our hospitality portfolio, we are focused on continuing to grow our business through investments that are customer informed and replicable across the portfolio, resulting in at least mid-teens unlevered returns.

正如我們在投資者日首次與您分享的那樣，在我們的酒店投資組合中，我們專注於通過以客戶為中心且可在整個投資組合中復制的投資來繼續發展我們的業務，從而獲得至少中等水平的無槓桿回報。

This year alone, we've undertaken a significant portion of the more than $1 billion capital program. And the early results of these efforts are beginning to show in our bookings production for '26 and beyond.

光是今年，我們就承擔了10多億美元資本計畫的很大一部分。這些努力的早期成果已開始在我們26年及以後的預訂產量中顯現。

Now the strategy sounds simple. One, we build demand; two, we provide the customer with great service; three, we retain the customers and then move them across our system and then further enhance and expand the product and generate superior returns on the capital we deploy. But in reality, it's taken years to perfect this strategy, but our superior TSR is because of this disciplined approach.

現在這個策略聽起來很簡單。一是創造需求；二、我們為客戶提供優質的服務；第三，我們留住客戶，然後將他們轉移到我們的系統中，然後進一步增強和擴展產品，並在我們部署的資本上產生優厚的回報。但實際上，我們花了很多年才完善這項策略，但我們卓越的 TSR 正是源自於這種嚴謹的方法。

At the Gaylord Rockies, we've completely repositioned the entertainment spaces with beautiful sellable space that seamlessly bridge the indoor and outdoor spaces. We've also increased our food and beverage outlet seat count ahead of a potential further rooms' expansion at this resort.

在蓋洛德洛磯山脈，我們徹底重新定位了娛樂空間，擁有美麗的可銷售空間，無縫連接室內和室外空間。為了滿足度假村可能進一步擴大客房的需求，我們也增加了餐飲店的座位數。

The Gaylord Opryland, we are replicating what we've learned at the Gaylord Rockies to reposition underutilized courtyard space adjacent to our largest meeting space into a modern sports bar complex featuring an event launch and indoor-outdoor pavilion.

在蓋洛德奧普里蘭，我們正在複製在蓋洛德落基山脈學到的經驗，將我們最大的會議空間旁邊未充分利用的庭院空間重新定位為現代化的體育酒吧綜合體，內設活動發表會和室內外涼亭。

This complex will add flexible space for group buyouts. And during group low periods will provide necessary additional seats for our leisure transient guests. At the same time, we're modernizing the governors and presidential boardrooms which together account for approximately 40% of the property's competent meeting space.

該綜合體將為團體收購增加靈活的空間。在團體人數較少的時段，我們會為休閒臨時客人提供必要的額外座位。同時，我們正在對董事會議室和總統會議室進行現代化改造，這兩個會議室合計約佔飯店可用會議空間的 40%。

At the Gaylord Palms, we're renovating the lobby and rooms to match the 2021 expansion. When these projects conclude, nearly every group and guest-facing aspect of that hotel will have been completely refreshed within the last four years, which is critical to our long-term positioning in that market.

在蓋洛德棕櫚酒店 (Gaylord Palms)，我們正在翻新大廳和房間，以配合 2021 年的擴建計劃。當這些項目結束時，該酒店的幾乎每個團體和客人面對的方面都將在過去四年內徹底更新，這對於我們在該市場的長期定位至關重要。

Our entertainment business, we're wrapping up significant investments in Austin and Nashville, including opening our first venue under the Category 10 brand, our partnership with country music superstar, Luke Combs, arguably the most successful country music artist today, is up and running.

我們的娛樂業務，我們正在完成對奧斯汀和納許維爾的重大投資，包括開設我們以Category 10 品牌開設的第一家場館，我們與鄉村音樂巨星Luke Combs（可以說是當今最成功的鄉村音樂藝術家）的合作正在順利進行中。

Category 10 soft opens over the weekend, initially with a private event for Luke's Bootleggers Fan Club, and then more broadly to the public. This multifaceted entertainment venue is one of a kind in downtown Nashville, and we believe it will be hugely successful with the anticipated revenue growth of tourism in the city and the East Bank development that is underway across the river.

第 10 類活動將於週末試運行，首先是為 Luke's Bootleggers 粉絲俱樂部舉辦的私人活動，然後向公眾開放。這個多功能的娛樂場所是納許維爾市中心獨一無二的，我們相信，隨著該市旅遊業預期收入的增長和河對岸正在進行的東岸開發，它將會取得巨大的成功。

We look forward to hosting the grand opening later in 2025, following the completion of the rooftop in the first quarter, we will have that rooftop done at the end of the first quarter, and further expanding the brand in the years to come.

我們期待在 2025 年稍後舉辦盛大的開幕儀式，在第一季完成屋頂工程之後，我們將在第一季末完成屋頂工程，並在未來幾年進一步擴大品牌。

Let me go off script just a second here. if you're okay with this, Mark. Category 10 is 70,000 square feet. Most of the bars on Broadway that we often get peered against a small honky-tonks. By contrast, there are five distinct entertainment experiences within Category 10. Yes, we have a honky-tonk. We have this beautiful hall, which we call Hurricane Hall that can accommodate up to 1,500 people, which comes with an incredible light display that replicates an intense storm. And it's one of the few places in this hall where people can actually dance. The Still, is a VIP area for the affluent fan that travels to Nashville. We have a sports bar, that on Saturday was absolutely packed, catering to the country lifestyle consumer that loves sports.

請允許我暫時脫離腳本。如果你同意的話，馬克。第 10 類面積為 70,000 平方英尺。我們經常光顧的百老匯上的大多數酒吧都與小型廉價酒館相映成趣。相較之下，第 10 類中有五種不同的娛樂體驗。是的，我們有一家廉價酒吧。我們有一個美麗的大廳，我們稱之為颶風大廳，最多可容納 1,500 人，它配備了令人難以置信的燈光顯示，可以複製強烈的風暴。這是大廳中為數不多的可以真正跳舞的地方之一。The Still 是專為前往納許維爾的富裕球迷提供的 VIP 區。我們有一個運動酒吧，週六那裡擠滿了人，以滿足熱愛運動的鄉村生活方式消費者的需求。

And then all of this will be supplemented, as I say, in the first quarter with this best rooftop experience in downtown. And I think the whole team has done a wonderful job bringing this to fruition, and I know we're all very, very excited about the prospects of Category 10.

正如我所說，所有這些都將在第一季透過市中心最好的屋頂體驗得到補充。我認為整個團隊都為實現這一目標做出了卓越的貢獻，我知道我們都對 10 級的前景感到非常興奮。

Finally, we’ve just announced our plans for Opry 100. Our 2025 programming around the 100th anniversary of the Grand Ole Opry, including 100 Opry debuts that we'll be making and an international exposure with a special performance at London's Royal Albert Hall, in the fall of 2025. Tickets for most of the 25 shows went on sale on October 18, and sales are pacing very well.

最後，我們剛剛宣布了 Opry 100 的計劃。我們的2025 年節目安排圍繞著大奧普里(Grand Ole Opry) 成立100 週年，其中包括我們將進行的100 場奧普里首演，以及2025 年秋季在倫敦皇家阿爾伯特音樂廳(Royal Albert Hall)的特別演出，以獲得國際曝光。25場演出的門票大多於10月18日開始發售，而且銷售情況良好。

I'm also very personally excited about the impact the Opry will have in London, as we work towards broadcasting that show throughout that part of the world. And in case you missed it, over the last few weeks, [Icelandic Air], which has a major hub routes through Scandinavia and Air Lingus, have announced direct flights into Nashville. And we believe the European tourist flow to this city is in its infancy. Taking the Opry to London will be a big long-term demand generator.

我個人也對奧普里在倫敦產生的影響感到非常興奮，因為我們致力於將該節目傳播到世界各地的地區。如果您錯過了，過去幾週，擁有通過斯堪的納維亞半島主要樞紐航線的冰島航空和冰島航空均宣布開通直飛納許維爾的航班。我們認為，歐洲遊客前往這個城市的旅遊還處於起步階段。將大奧普里劇院帶到倫敦將會在長期內產生巨大的需求。

We're really excited about the future of our entertainment business, with our major capital investments nearing completion and the opportunity to connect with more country lifestyle consumers through our activation of Opry 100, our entertainment business is poised to have a very good year in 2025. Taken together, our businesses are in the best shape they've ever been in and our company's future looks awfully exciting.

我們對娛樂業務的未來感到非常興奮，隨著我們的主要資本投資即將完成，以及透過激活Opry 100 與更多鄉村生活方式消費者建立聯繫的機會，我們的娛樂業務預計將在2025 年迎來非常好的一年。總的來說，我們的業務處於有史以來的最佳狀態，我們公司的前景看起來非常令人興奮。

Now with that, let me turn over to Mark to review the third quarter results in more detail. Mark?

現在，讓我將話題轉交給馬克，讓他更詳細地回顧第三季的業績。標記？

Thanks, Colin. Good morning, everyone. I'll provide a review of the third quarter, highlight some of the trends we're seeing in our business and discuss our revised guidance ranges before handing it over to Jennifer to cover our financial position and outlook for capital expenditures.

謝謝，科林。大家早安。我將對第三季度進行回顧，重點介紹我們在業務中看到的一些趨勢，並討論我們修訂後的指導範圍，然後將其交給詹妮弗來介紹我們的財務狀況和資本支出前景。

Both our businesses continued to perform well in the third quarter. We finished the quarter with consolidated total revenue of $550 million, a third quarter record, up 4.1% year over year, and record third quarter consolidated adjusted EBITDAre of $175 million, up 2.3% year over year.

我們兩項業務在第三季繼續表現良好。本季，我們的綜合總營收達到 5.5 億美元，創下第三季紀錄，年增 4.1%，第三季綜合調整後 EBITDA 達到創紀錄的 1.75 億美元，年成長 2.3%。

Our same-store hospitality segment delivered year-over-year RevPAR growth of 2.1% and total RevPAR growth of 4.2%. ADR of $245 was a third quarter record, up 6.2% year over year, driven by record third quarter rate in both group and transient.

我們的同店飯店業務部門的 RevPAR 年增 2.1%，總 RevPAR 成長 4.2%。245 美元的 ADR 創下了第三季的最高紀錄，比去年同期成長 6.2%，這得益於第三季集團和臨時利率的創紀錄。

Same-store hospitality adjusted EBITDAre of $142 million was also a third quarter record. Same-store hospitality margin increased 30 basis points year over year to 34.4%, despite a $4 million year-over-year reduction in attrition and cancellation fees which flow through to profitability at 100% after management fees.

同店旅館業調整後息稅折舊攤提前利潤為 1.42 億美元，也創下了第三季的最高紀錄。儘管員工流失和取消費用較去年同期減少了 400 萬美元，扣除管理費後獲利能力仍達到 100%，但同店飯店利潤率仍同比增長 30 個基點，達到 34.4%。

Leisure transient softness in the Nashville and Orlando markets continued into the third quarter. However, continued solid group performance, robust out-of-room spending, and operating efficiencies, more than offset the profitability impact of leisure declines, again, demonstrating the merits of our group-centric model.

納許維爾和奧蘭多市場的休閒短暫疲軟持續到第三季。然而，持續穩健的團體績效、強勁的客房外消費以及營運效率，足以抵消休閒業務下滑對盈利能力的影響，再次證明了我們以團體為中心的模式的優點。

In the quarter, same-store group rooms revenue was a third quarter record, up 6.8% year over year. Banquet and AV revenue was also a third quarter record, up nearly 16% and on higher contribution per group room night traveled.

本季度，同店團體客房營收創下第三季新高，較去年同期成長6.8%。宴會和視聽收入也創下了第三季的新高，成長近 16%，且每團體房晚收入的貢獻增加。

Catering was particularly strong at Gaylord Opryland, Gaylord Palms, and Gaylord Rockies. Foundational to our differentiated business model, our all under-one-roof offerings are uniquely positioned to capture out of room spending and drive market share gains relative to our competitors. We continue to see it in the numbers.

蓋洛德奧普里蘭 (Gaylord Opryland)、蓋洛德棕櫚 (Gaylord Palms) 和蓋洛德洛磯 (Gaylord Rockies) 的餐飲業表現特別強勁。作為我們差異化商業模式的基礎，我們提供的全方位一站式服務具有獨特的優勢，可吸引客房外消費，並相對於競爭對手提高市場份額。我們繼續在數字中看到這一點。

Since the third quarter of 2019, the average total RevPAR index is measured by STAR, for our five dealer hotels compared to their Marriott defined competitive set has increased more than 20 points.

自 2019 年第三季以來，我們的五家經銷商酒店的平均總 RevPAR 指數以 STAR 衡量，與萬豪定義的競爭酒店相比，其平均總 RevPAR 指數提高了 20 多個百分點。

Looking ahead, same-store bookings production metrics remain healthy. In the third quarter, we booked over 581,000 gross group room nights for all future years, at a record third quarter gross ADR of $282, an increase of 5.2% year over year. Room night production was down approximately 16% due to the timing of a few large bookings in a tough comparison against the strong prior year quarter.

展望未來，同店預訂量生產指標仍保持健康。第三季度，我們為未來幾年預訂了超過 581,000 個團體間夜，第三季平均房租總額創歷史新高，達到 282 美元，年增 5.2%。由於少數大額預訂的時間安排，與去年同期的強勁表現相比，客房夜產量下降了約 16%。

In October, room night production rebounded to up approximately 75% year over year at a gross ADR of $283 up 11% year over year, both representing October records. Year-to-date, room night and rooms revenue production through October are up 3.5% year over year and 10.5% year over year, respectively.

10 月份，客房夜數較去年同期反彈至成長約 75%，平均每日房均價為 283 美元，較去年同期成長 11%，均創下 10 月份的最高紀錄。年初至今，截至 10 月的客房夜數和客房收入分別年增 3.5% 和 10.5%。

As of the end of the third quarter, same-store group rooms revenue on the books for 2025, 2026, and 2027 were up 2%, 12%, and 10%, respectively, compared to the same time last year for '24, '25, and '26. Notably, rate growth comprises roughly 60% of the group revenue pace for '26 and '27, which we believe is a testament to the value we're creating for our guests through our multiyear investment strategy. Turning to the JW Marriott Hill Country. In the third quarter, this property delivered RevPAR growth of 2.7% and total RevPAR growth of 8.5%. As with the same-store portfolio, Banquet and AV revenue were up substantially due to higher contribution per group room night traveled.

截至第三季末，2025 年、2026 年和 2027 年的同店團體客房營收分別比 2024 年同期成長 2%、12% 和 10%。值得注意的是，價格成長約佔26年和27年集團收入的60％，我們相信這證明了我們透過多年投資策略為客人創造的價值。轉向 JW 萬豪山地鄉村酒店。第三季度，該飯店的每間可用客房營收 (RevPAR) 成長 2.7%，總每間可用客房營收 (RevPAR) 成長 8.5%。與同店組合一樣，宴會和視聽收入因每團體客房晚數貢獻增加而大幅增加。

Adjusted EBITDAre of $17.5 million was essentially flat year over year due to increased investment in leadership, sales and banqueting and in the infrastructure to support and launch our ICE! holiday programming. These investments in people, process and programming will generate returns for years to come.

調整後的 EBITDAre 為 1750 萬美元，與去年同期基本持平，原因是對領導、銷售和宴會以及支持和推出我們的 ICE 的基礎設施的投資增加！假期節目安排。這些對人才、流程和程式設計的投資將在未來幾年產生回報。

In addition, flow-through was impacted by the timing of a $1 million incentive management fee accrual adjustment that was booked in the third quarter of 2023 related to the acquisition. We continue to be very bullish on the long-term potential of this asset under our stewardship.

此外，流通量也受到與收購相關的 2023 年第三季入帳的 100 萬美元激勵管理費應計調整時間的影響。我們仍然非常看好我們管理下的該資產的長期潛力。

Now turning to the entertainment segment. Despite plant construction disruption at the W Austin Hotel at Block 21 and Category 10 in Nashville, OEG reported revenue of $83 million, a third quarter record, and adjusted EBITDAre of $22 million, driven by continued strong performance of our recently opened Ole Red Las Vegas venue.

現在轉向娛樂領域。儘管位於納許維爾第21 區和第10 類的W Austin 酒店的工廠建設中斷，OEG 仍報告收入8300 萬美元，創下第三季紀錄，調整後EBITDAre 為2200 萬美元，這得益於我們最近開業的Ole Red Las Vegas 持續強勁的表現場地。

With our major capital investments nearing completion and our planned activation around Opry 100, this business is poised to deliver meaningful growth in 2025 and beyond. We're fortunate to own some of the most iconic brands and venues in live entertainment, and we look forward to reaching more consumers in the years to come.

隨著我們的主要資本投資接近完成以及我們圍繞 Opry 100 的計劃啟動，這項業務預計將在 2025 年及以後實現有意義的成長。我們很幸運擁有現場娛樂領域最具代表性的品牌和場所，我們期待在未來幾年接觸更多的消費者。

Now turning to our revised outlook for the remainder of the year, for the same-store hospitality segment, we are modifying the midpoint and tightening our full-year guidance ranges for RevPAR growth total RevPAR growth and adjusted EBITDAre.

現在談到我們對今年剩餘時間的修訂展望，對於同店酒店業務，我們正在修改中點並收緊全年 RevPAR 增長、總 RevPAR 增長和調整後 EBITDAre 的指導範圍。

Several factors are equally contributing to these adjustments, continued leisure softness in Orlando and Nashville, incremental construction disruption at the Gaylord Palms, as labor shortages due to the construction of the new Universal Theme Park has extended our renovation timeline, and lost business related to Hurricane Milton.

造成這些調整的因素有很多，奧蘭多和納許維爾的休閒業務持續疲軟，蓋洛德棕櫚酒店施工中斷，新環球主題公園建設導致勞動力短缺，延長了我們的裝修時間，以及颶風造成的業務損失。頓。

For the JW Hill Country, we're raising the midpoint and tightening the range of our full year 2024 adjusted EBITDAre guidance. And for the entertainment segment, we're lowering the midpoint and tightening the range of our full year 2024 adjusted EBITDAre guidance, to account for incremental disruption at the W Austin Hotel.

對於 JW Hill Country，我們正在提高中點並收緊 2024 年全年調整後 EBITDAre 指引的範圍。對於娛樂領域，我們降低了中點並收緊了 2024 年全年調整後 EBITDAre 指引的範圍，以應對 W Austin 酒店的逐步中斷。

In total, we're revising the midpoint of our full-year 2024 consolidated adjusted EBITDAre guidance by $5 million, or 0.7%. It's important to note that this revised guidance midpoint of $770.5 million represents an 11.5% increase over last year, and a record performance by our company.

整體而言，我們將 2024 年全年合併調整後 EBITDAre 預期中位數上調 500 萬美元，即 0.7%。值得注意的是，修訂後的指導中位數為 7.705 億美元，比去年同期成長 11.5%，創下了公司的歷史新高。

Finally, we're raising the midpoint and tightening the range of our full year 2024 guidance ranges for adjusted funds from operations or AFFO and AFFO per diluted share, as we expect lower interest expense to more than offset the downward revision to adjusted EBITDAre.

最後，我們提高了 2024 年全年調整後營運資金或 AFFO 和每股攤薄 AFFO 的中點並收緊了其指導範圍，因為我們預計較低的利息支出將足以抵消調整後 EBITDAre 的下調。

In summary, we had a terrific third quarter. We remain incredibly bullish on the current performance of our businesses, and we're excited about the value creation opportunities associated with our multiyear investment strategy in the years ahead. Importantly, we can fund this strategy plus our growing dividend from our balance sheet and free cash flow generation.

總而言之，我們的第三季表現非常出色。我們對我們業務的當前表現仍然非常樂觀，我們對未來幾年與我們的多年投資策略相關的價值創造機會感到興奮。重要的是，我們可以為這項策略以及來自資產負債表和自由現金流產生的不斷增長的股息提供資金。

So with that end, I'll turn it over to Jennifer to discuss our balance sheet, liquidity, and capital expenditures outlook.

因此，我將把話題轉到珍妮佛身上，討論我們的資產負債表、流動性和資本支出前景。

Thanks, Mark. We ended the third quarter with $535 million of unrestricted cash on hand and our $700 million revolving credit facility undrawn. OEG's $80 million revolving credit facility had a balance of $16 million outstanding.

謝謝，馬克。截止第三季末，我們庫存無限制現金為 5.35 億美元，未動用循環信貸額度為 7 億美元。OEG 的 8,000 萬美元循環信貸額度中未償餘額為 1,600 萬美元。

Taken together, our total available liquidity was approximately $1.3 billion, net of approximately $4 million of outstanding letters of credit. We retained an additional $36 million of restricted cash available for FF&E and other maintenance projects.

總的來說，我們的總可用流動資金約為 13 億美元，扣除約 400 萬美元的未償信用證。我們保留了額外的 3,600 萬美元受限現金，可用於 FF&E 和其他維護項目。

At the end of the quarter, our net leverage ratio based on total consolidated net debt to adjusted EBITDAre was 3.8 times. We continue to have the flexibility and liquidity to support our capital allocation priorities, and the continued growth of our business.

在本季末，我們基於合併淨債務總額與調整後 EBITDAre 的淨槓桿率為 3.8 倍。我們繼續擁有靈活性和流動性來支持我們的資本配置重點和業務的持續成長。

To that end, we are pleased to announce the declaration of our fourth quarter dividend of $1.15, payable on January 15, 2025, to shareholders of record as of December 31, 2024. This represents a 4.5% increase in our quarterly dividend and a 4.2% yield based on yesterday's closing price. It remains our intention to continue to pay 100% of our REIT taxable income through dividends.

為此，我們很高興地宣布宣布第四季度股息 1.15 美元，將於 2025 年 1 月 15 日支付給截至 2024 年 12 月 31 日登記在冊的股東。這意味著我們的季度股息增加了4.5%，基於昨日收盤價的收益率增加了4.2%。我們仍打算繼續透過股息支付 100％ 的房地產投資信託應稅收入。

For the full year 2024, we expect to invest capital of approximately $400 million to $450 million. As both Colin and Mark discussed, much of our 2024 major capital activity is nearing completion.

就 2024 年全年而言，我們預計投資資本約為 4 億至 4.5 億美元。正如科林和馬克所討論的，我們 2024 年的大部分主要資本活動已接近完成。

In our hospitality business, at Gaylord Rockies, the final phase of the Grand Lodge repositioning, which includes several additional food and beverage outlets, will reopen at the end of this month. Phase 1 of this project, which opened in May, is already driving incremental out-of-room spend.

在我們的酒店業務中，位於 Gaylord Rockies 的 Grand Lodge 重新定位的最後階段將於本月底重新開放，其中包括開設幾家額外的餐飲店。該項目第一期已於五月開業，並已開始推動客房外消費的增加。

At Gaylord Opryland, the repositioning of the currently underutilized Magnolia Courtyard into a new sports bar complex, including a group pavilion and event lawn space, is well underway. We expect to complete this project in early 2026, and Marriott sales teams are already selling into these improvements.

在蓋洛德奧普里蘭樂園，目前未充分利用的木蘭庭院被重新定位為一個新的體育酒吧綜合體，包括一個團體館和活動草坪空間，目前這項工作正在順利進行中。我們預計該專案將於 2026 年初完成，萬豪銷售團隊已開始推銷這些改進產品。

Renovation of the Governor's Ballroom there and pre-function space is also progressing well, and we expect to complete this work in early 2025. Renovation of the presidential ballroom and pre-function space is scheduled to begin later this month.

那裡的州長宴會廳和前廳的翻新工作也進展順利，我們預計這項工作將於 2025 年初完成。總統宴會廳和前廳的翻新工程預計將於本月稍後開始。

At the Gaylord Palms, we expect to complete the final phase of the lobby renovation by year-end, and the rooms renovation in the first quarter of 2025. As Colin mentioned, when these projects are completed, nearly every guest and group -facing aspect of the property, will have been refreshed within the last four years, positioning the property well as growth of the Orlando market reaccelerates.

在蓋洛德棕櫚酒店 (Gaylord Palms)，我們預計將於年底完成大廳裝修的最後階段，並於 2025 年第一季完成客房裝修。正如柯林所提到的，這些項目完成後，該酒店幾乎每一個面向客人和團體的方面都將在過去四年內得到更新，這將在奧蘭多市場重新加速增長的同時為酒店帶來良好的定位。

In our Entertainment business, both major projects have at least partially reopened to positive early reception. At the W Austin Hotel, the public space and food and beverage concepts have reopened, and the rooms renovation is expected to be completed by year-end.

在我們的娛樂業務中，兩個主要項目至少已部分重新開放，並獲得了早期的積極反響。在奧斯汀 W 酒店，公共空間和餐飲場所已經重新開放，客房裝修預計將於年底完成。

Finally, as Colin mentioned, our first venue under the Category 10 brand soft opened over the weekend. The construction on the rooftop is ongoing and will complete in the first quarter of 2025.

最後，正如科林所提到的，我們旗下 Category 10 品牌的第一個場館已於上週末試營運。屋頂施工正在進行中，預計將於 2025 年第一季完工。

And with that, David, let's open it up for questions.

戴維，現在讓我們開始提問吧。

(Operator Instructions) Patrick Scholes, Truist.

（操作員指示）Patrick Scholes，Truist。

Good morning, everyone. Thank you. A couple of questions here. It looks like in your full-year guidance, CapEx is going up. Can you talk a little bit what is driving that? And then I have one or two more questions. Thank you.

大家早安。謝謝。這裡有幾個問題。看起來，在您的全年預期中，資本支出將會上升。能稍微講一下是什麼原因導致的嗎？我還有一兩個問題。謝謝。

Sure. It is a modest increase in terms of the base of spending that we're estimating now a $400 million to $450 million range. And really, that's more a function of timing of the cash spend. We've not added any incremental projects or changed the scope of projects that's caused that to increase, nor have the budget estimates for our individual projects materially changed. Again, this is just largely a function of the timing of the cash payments, whether we're carrying into this year or carrying into next year.

當然。就支出基數而言，這是一個適度的成長，我們目前估計支出將在 4 億至 4.5 億美元之間。事實上，這更多取決於現金支出的時間。我們沒有增加任何增量項目或改變導致其增加的項目範圍，我們各個項目的預算估計也沒有發生實質變化。再說一遍，這在很大程度上取決於現金支付的時間，無論我們是結轉到今年還是結轉到明年。

Okay. Thank you. And then on a similar topic, I've been reading some media reports about a potential expansion at your Colorado property. Anything you can give us some color on that. And related to that, what type of ROIC would you target from that? It seems like it would be sort of a pod add-on to an existing property. So what do you target with that? Thank you.

好的。謝謝。然後關於類似的話題，我一直在閱讀一些關於您在科羅拉多州的房產可能擴建的媒體報導。您能否就此給我們提供一些詳細資訊。與此相關，您希望以此實現哪種類型的投資報酬率 (ROIC)？它看起來就像是現有屬性的一個附加元件。那麼您的目標是什麼呢？謝謝。

Well, they’re all mid-teens. That was -- Patrick, Morning, Colin. Pat, we've done like three big projects there. All of them are mid-teens. So you want to just give Patrick Scholes a little bit of color.

嗯，他們都十幾歲了。那是——派崔克，早上好，科林。帕特，我們在那裡做了三個大專案。他們都是十幾歲的中年人。所以你只想給帕特里克·斯科爾斯一點色彩。

Sure. Yeah. To Colin's point, our internal rate of return, we're targeting to be in the mid- to high teens. The Grand Lodge revisions are at that level or higher. The group pavilion that we just opened, which both assets are meeting great success and exceeding pro formas thus far. We're both in the mid to high teens.

當然。是的。正如科林所說，我們的內部報酬率目標是達到 15% 到 20% 左右。總會所的修訂版本處於該級別或更高級別。我們剛開放的集團展館，迄今為止，兩項資產都取得了巨大的成功，並且超出了預期。我們都是十幾歲左右的年紀。

From an expansion perspective, we've made it very known that we would like to expand that property. And we continue to explore that, and we'll be having conversations with our Board of Directors in the coming months around potential expansion.

從擴張的角度來看，我們已經明確表示我們想擴張該資產。我們將繼續探索這一點，並將在未來幾個月與董事會討論潛在的擴張。

And Patrick Scholes, the reason why we are going to talk to our Board about this is when you look at the business on the books across our portfolio, this is the hotel that sticks out with having the most room nights on the books for 20 -- as a percentage of available for '25, '26, the numbers look really, really strong for the Rockies.

派翠克·斯科爾斯，我們之所以要和董事會討論這個問題，是因為當你看看我們投資組合中的業務時，你會發現這家酒店是 20 年來賬面上客房晚數最多的酒店—— - 以25、26 年可用球員的百分比來看，落磯隊的表現確實非常強勁。

So we're very excited about this long term, this particular building. And I think you've heard us say before, there's no reason over time why this building can't morph to something that physically looks like Opryland. And when you look at the geographic positioning of this hotel, the airlift, the customer reaction, I think over time, this thing -- this hotel can do extremely well for us.

因此，我們對這座長期建築感到非常興奮。我想您之前也聽我們說過，隨著時間的推移，這座建築沒有理由不能變成與奧普里蘭 (Opryland) 外觀相似的東西。當你考慮到這家酒店的地理位置、空運、顧客反應時，我認為隨著時間的推移，這家酒店可以為我們帶來極好的效果。

The only thing I was going to say is, Patrick, that hotel when it originally opened had meeting space to carry the expansion. So we won't have to add additional meeting space. And with the most recent capital investments we've made, we've added about 650 food and beverage seats in that hotel. So it will have the food and beverage capacity as well.

我唯一想說的是，派崔克，那家飯店最初開業時就有會議空間可以進行擴建。所以我們不需要增加額外的會議空間。透過最近的資本投資，我們在該酒店增加了約 650 個餐飲座位。因此它也具備提供食品和飲料的能力。

Okay. So I mean are you talking ballpark 200 rooms, maybe 1,000 rooms? Or is it too early to give us?

好的。所以我的意思是說你說的是大約 200 個房間，還是 1,000 個房間？或者說現在給我們還太早嗎？

Patrick, this is Patrick Chaffin again. What we're looking at right now is potentially a two-phased expansion. The first expansion would be around 450 rooms. And if that stabilizes and performs the way we would expect, we would come back and do a second expansion down the road when it makes economic sense based on how the first expansion performs.

派崔克，我又是派崔克‧查芬。我們現在考慮的可能是分兩個階段的擴張。第一次擴建將涉及約 450 個房間。如果情況穩定下來，並且按照我們預期的方式運行，我們就會根據第一次擴張的表現，在經濟上合理的時候再進行第二次擴張。

Ok, thank you for the color.

好的，謝謝你的顏色。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Good morning. So really, really impressive rate performance in the quarter and also on the forward. And my question is, we obviously lost a little bit of a occupancy in Q3, and I know that might be related to leisure. The question though is, are you at a point where you begin to consciously trade a little group occ in favor of rate?

早安.因此，本季以及未來的利率表現確實非常令人印象深刻。我的問題是，我們在第三季的入住率顯然有所下降，我知道這可能與休閒有關。但問題是，您是否已經開始有意識地用小團體的職業來換取利率了？

And I know there's another component to that, which is the out-of-room spend, but I'm just curious as to whether we should expect maybe slightly lower occ levels at the next peak, but with much better rate growth than we've seen in the past.

我知道這其中還有另一個因素，那就是客房外支出，但我只是好奇，我們是否應該預期下一個高峰期的入住率可能會略低一些，但房價增長會比我們現在的水平好得多。

Well, I mean our goal is still, obviously, to get these hotels to an aspirational 80% occupancy running consistently. But to your point, Chris, coming out of the pandemic, we've really focused on driving the rate because with the capital investments that we made, we feel like we're delivering the value to the customer and the customer is responding to these enhancements, and you can see that in our bookings.

嗯，我的意思是，我們的目標顯然仍然是讓這些飯店持續達到 80% 的入住率。但正如你所說，克里斯，在疫情結束後，我們真正專注於提高利率，因為透過我們所做的資本投資，我們覺得我們正在為客戶提供價值，而客戶正在對這些做出回應增強功能，您可以在我們的預訂中看到這一點。

So ultimately, we're trying to drive and maximize our RevPAR and total RevPAR in the yield of the hotel. But I don't -- I wouldn't necessarily assume that means that we ultimately peak at a lower occupancy rate. We're in a segment that has very limited supply growth and demand continues to grow. And when you look at our assets and how they're positioned relative to our peers, we're in a pretty good position.

因此，最終，我們將努力提高並最大化酒店的 RevPAR 和總 RevPAR 收益。但我並不認為這意味著我們最終會在較低的入住率下達到高峰。我們處於供應成長非常有限且需求持續成長的領域。當你看到我們的資產以及它們相對於同行的定位時，你會發現我們處於相當有利的地位。

Chris, this is Patrick. The only thing I'd add to that is I would point out that we've only seen a couple of months post pandemic where demand levels got back to where they were pre-pandemic. And so you weigh that against this type of rate and occupancy, future room nights that we're putting up and we're extremely pleased with how the sales teams are doing in driving room nights and especially rate.

克里斯，這是派崔克。我唯一要補充的是，我想指出的是，我們只看到疫情後幾個月需求水準就恢復到了疫情前的水準。因此，您可以根據這種房價和入住率以及我們提供的未來間夜量進行衡量，我們對銷售團隊在推動間夜量（尤其是房價）方面的表現感到非常滿意。

And as that demand continues to build back to where it was pre-pandemic, to Mark's point, we think we're going to have the best of both worlds where you have strong rate performance based on the improved value proposition from these investments in hotels, as well as similar or even better occupancy performance.

隨著需求繼續回升至疫情前的水平，正如馬克所說，我們認為我們將實現兩全其美，基於這些酒店投資帶來的價值主張的提升，您將獲得強勁的價格表現，以及相似甚至更好的佔用表現。

Okay. Very good. I did have a quick follow-up, which is I think there's been a lot of -- so San Diego is getting closer to come across the finish line. And just curious as to whether there's any updated thoughts on whether that's something -- your messaging has been pretty clear in the past that it can only be on the table if certain conditions are there. I'm just curious as to whether any of the conditions you look at are more likely or less likely than our last update.

好的。非常好。我確實有一個快速的跟進，我認為已經有很多 - 所以聖地亞哥越來越接近終點線。我只是好奇，對於這是否是某件事，有沒有什麼最新的想法——你過去的信息已經很明確了，那就是只有在某些條件下才能把它提上議程。我只是好奇，您所看到的任何情況是否比我們上次更新的情況更有可能或更不可能。

You do it. But I mean things haven't changed.

你去做吧。但我的意思是事情並沒有改變。

Yes. I mean our position relative to our participation in that asset really hasn't changed. I would say that again, as they move closer to opening and continue to sell that hotel, we've not seen any cannibalization in our production numbers. And in fact, we're seeing room nights and groups that are originating there booking into our part of the portfolio at a rate premium.

是的。我的意思是，我們對該資產的參與立場實際上並沒有改變。我想再說一遍，隨著酒店開業日期臨近以及酒店繼續銷售，我們沒有看到生產數量出現任何下滑。事實上，我們看到來自那裡的房間晚數和團體以溢價預訂了我們那部分投資組合。

So the operationally and how that hotel relates with the increased distribution of the San Diego market, its performance as it relates to the overall portfolio is kind of unfolding as we thought it would because it's consistent with what our experience has been historically when we've opened other properties. But in terms of us participating in our view at this point hasn't changed.

因此，從營運角度來看，這家酒店與聖地牙哥市場分銷量的增加之間的關係，以及它與整體投資組合相關的表現，都正如我們所想的那樣，因為它與我們過去的經驗一致。開設了其他物業。但就我們參與而言，我們的觀點目前並沒有改變。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I just wanted to ask you a little bit more about some of the leisure trends you're seeing in the fourth quarter. I think on your last call, you talked about maybe some weakness in the lower end consumer, but the higher end consumer was maybe hanging in there. And I just kind of interested in any discussion around kind of any changes you've seen to that customer?

我只是想多問您一些關於第四季休閒趨勢的問題。我想在您上次通話中，您談到了低端消費者可能存在一些弱點，但高端消費者可能仍在堅持。我只是對您所看到的該客戶的變化的討論感興趣？

Well, Smedes, as you know, our fourth quarter is very leisure centric. It is the biggest quarter of the year from a leisure demand perspective. Patrick, you want to give Smedes a little indication of what we're seeing on the fourth quarter.

嗯，斯梅德斯，如你所知，我們的第四季非常以休閒為中心。從休閒需求的角度來看，這是一年中最大的一個季度。派崔克，你想給斯梅德斯稍微透露一下我們在第四季看到的情況嗎？

Sure. Smedes, let me start by saying that the trends that we've seen all year long continue. Dallas, Denver, Washington, D.C. are all doing okay from a transient perspective. San Antonio is doing well.

當然。斯梅德斯，首先我想說的是，我們全年看到的趨勢仍在繼續。從短暫的角度來看，達拉斯、丹佛、華盛頓特區都表現得很好。聖安東尼奧表現不錯。

The opportunity has always been primarily in the Orlando market with some spillover into the Nashville market. The Orlando market continues to see the greatest challenge a lot of speculation in the market is the result of the fact that a lot of folks believe that this is the consumer waiting until Universal Studios opens their new theme park, Epic, next year and that that's creating a drain currently on the market.

機會一直主要在奧蘭多市場，並在一定程度上延伸至納許維爾市場。奧蘭多市場持續面臨最大的挑戰，市場上有許多猜測，這是因為許多人認為這是消費者在等待環球影城明年開設新的主題樂園 Epic，而這造成目前市場上的流失。

Those trends have continued staying in the same segments that we've been seeing previously. From our perspective, the metrics that we can look at as really lead indicators of how the fourth quarter transient performance will actualize. ICE! tickets are pacing right at our expectations and have held pretty steady.

這些趨勢一直停留在我們之前看到的相同領域。從我們的角度來看，我們可以將這些指標視為第四季瞬時表現如何實現的真正先行指標。冰！門票價格正好符合我們的預期，並且保持相當穩定。

Now we've only booked about 15% of the total tickets that we expect to book for the quarter, but early indicators are that we're doing exactly what we believe we will be able to do. From a transient room night packages perspective, we're pacing largely in line with our expectations.

目前，我們僅預訂了本季度預計預訂機票總數的 15% 左右，但早期跡象表明，我們正在做我們認為能夠做的事情。從臨時客房晚數套餐的角度來看，我們的進度基本上符合我們的預期。

So we've built in lower expectations on the transient side that's reflected in our guidance based on the trends we've seen primarily in Orlando, somewhat in Nashville. And we are thus far holding at those expectations.

因此，我們對瞬態方面的預期較低，這反映在我們的指導基礎上，基於我們主要在奧蘭多和納許維爾看到的趨勢。到目前為止，我們仍然保持著這些期望。

Now we'll caution you just to say that a lot of ICE! packages and tickets are booked within 30 days of arrival, and an even greater portion are booked within seven days of experiencing the event. So we'll continue to watch it closely. But right now, we believe that our guidance and our forecasts are in line with what -- where it will actualize for the quarter.

現在我們要提醒您，有很多 ICE！套餐和門票大多在抵達前30天內預訂，甚至更大比例的人是在體驗活動前7天內​​預訂的。因此我們將繼續密切關注。但目前，我們相信我們的指導和預測與本季的實際情況是一致的。

Thanks and then I just wanted to follow up, Mark, you mentioned, I just wanted to make sure I understood that right. Not only is Chula Vista not impacting any of your group bookings are cannibalizing, but you -- it sounds like you think it's in fact, benefiting your group bookings going forward?

謝謝，然後我只是想跟進一下，馬克，你提到過，我只是想確保我理解得對。丘拉維斯塔不僅不會對您的任何團體預訂產生影響，而且您 - 聽起來您認為它實際上會使您未來的團體預訂受益？

Yes. I mean thus far, we picked up about a little over 200,000 room nights that have rotated into the portfolio that originated from Chula Vista. So we're seeing that we're seeing that behavior begin.

是的。我的意思是，到目前為止，我們已經獲得了大約 20 萬多個客房晚，這些客房晚已轉入源自丘拉維斯塔的投資組合。所以我們看到這種行為開始了。

When you look historically, though, what typically happens is that those people who experience the brand in a new location like that, once they've experienced it then they book rotational business. So you would expect that percentage to increase over time as people experience the asset and the brand.

然而，從歷史角度來看，通常發生的情況是，那些在新地點體驗品牌的人，一旦體驗過後，就會預訂輪換業務。因此，隨著人們對資產和品牌的體驗不斷深入，您可以預期該百分比會隨著時間的推移而增加。

This is exactly what happened in Colorado.

這正是在科羅拉多州發生的事情。

Colorado and also the same thing happened in Washington, D.C.

科羅拉多州和華盛頓特區也發生了同樣的事情。

And just to put a fine point on it, those roughly 200,000 room nights that have booked into Pacific and driven those 200,000 additional room nights for the rest of the brand have come in at about a 9% premium on ADR versus other multiyear programs.

更具體一點，太平洋酒店的約 20 萬間夜預訂量，為該品牌的其他酒店帶來了 20 萬間夜的額外預訂量，與其他多年期計劃相比，其平均房價高出約 9%。

So we've talked about this in the past when you enter into the brand and the gateway market with high rate like San Diego, those groups have a higher propensity to book through at a much higher rate. So we believe that will benefit the entire portfolio and the Gaylord brand long-term.

因此，我們過去曾經討論過這個問題，當您進入像聖地亞哥這樣價格較高的品牌和門戶市場時，這些群體更傾向於以更高的價格進行預訂。因此我們相信這將使整個產品組合和 Gaylord 品牌長期受益。

Dori Kesten, Wells Fargo.

富國銀行的多里‧凱斯滕 (Dori Kesten)。

Based on your expectations for Q4 group bookings, what group revenue pace would you expect to enter '25 with from the 2% today?

根據您對第四季度團體預訂的預期，您預計 2025 年團體收入成長率將從目前的 2% 達到多少？

Dori, I don't know that we are prepared to give that level of granularity. I will tell you that we are expecting -- we had a historic second quarter. Third quarter came in exactly where we expected it to, given the fact that we had the second best production and revenue quarter for our second quarter ever.

多莉，我不知道我們是否準備好提供這種程度的細節。我會告訴你們，我們期待著──我們將迎來歷史性的第二季。第三季的表現完全符合我們的預期，因為我們的第二季產量和收入都是有史以來第二好的。

And we just finished October. October came in as the best October ever, both in terms of rate, with the highest rate ever achieved for forward bookings and the highest October production in the history of the portfolio.

我們剛結束十月。無論是從率來看，十月份都是有史以來最好的十月份，遠期預訂率達到了歷史最高水平，而十月份的產量也創下了投資組合歷史上的最高水平。

So we'll watch November and December closely, but I would tell you from a funnel perspective, lead volumes are very, very promising, and we believe we'll turn in a really solid performance, both on occupancy and on rate.

因此，我們將密切關注 11 月和 12 月，但我要告訴你，從通路角度來看，潛在客戶數量非常非常可觀，我們相信我們將在入住率和房價方面取得真正穩健的表現。

Where we stand right now, year-to-date, I will tell you that it's the best revenue on the books ever in the history of the portfolio by $45 million over the next best performance. So we feel really good about where bookings are going to come in. And 2025 does have the impact of some disruption from work going on at Opryland and Texan, but we're going to manage through that very effectively and believe we'll turn in really solid '25 based on how bookings are pacing.

就目前情況而言，從今年迄今為止來看，我可以告訴您，這是投資組合歷史上帳面最好的收入，比第二好的表現高出 4,500 萬美元。因此，我們對預訂情況感到非常滿意。2025 年確實會受到 Opryland 和 Texan 施工的影響，但我們將非常有效地應對這一問題，並相信根據預訂情況，我們將在 2025 年取得非常穩健的業績。

Okay. And then just on that, can you provide a little bit more context on renovation headwinds versus tailwinds that you would expect next year? And then I guess, I think there's been about maybe $10 million to $12 million of headwinds in entertainment. Would you expect those to fully reverse?

好的。那麼就這一點而言，您能否提供一些關於您預計明年翻新工程將面臨的阻力和阻力的更多背景資訊？然後我想，我認為娛樂業可能面臨大約 1000 萬到 1200 萬美元的逆風。您認為這些會完全逆轉嗎？

And then I guess on top of that, it's the 100th anniversary that you'll receive more tailwinds for. So just provide some kind of context around the headwinds and tailwinds we should think of next year.

我想，最重要的是，100 週年紀念將為您帶來更多的順風。因此，只需提供一些我們明年應該考慮的不利因素和有利因素的背景資訊即可。

Entertainment-wise, we will have basically zero disruption next year. And I suspect that when we when we deliver our guidance to you in February, you'll see decent year-over-year growth in entertainment. The hotel business will also show growth next year, year over year. But as Patrick Chaffin said, that we do have this major refurbishment at the Texan and also this transformation that's underway at Opryland that will absolutely pay huge dividends in '26 and '27. And I think Mark said it when he did his piece, the room nights on the books and revenue on the books for T plus 2 right now is tracking 10% up.

從娛樂方面來看，明年我們基本上不會受到任何干擾。我認為，當我們在二月向您提供指引時，您會看到娛樂業務同比增長。明年酒店業務也將年增。但正如帕特里克·查芬(Patrick Chaffin) 所說，我們確實對德克薩斯人劇院進行過大規模整修，而且奧普里蘭劇院也正在進行改造，這絕對會在1926 年和1927 年帶來巨大的回報。我認為馬克在做他的報道時說過，T plus 2 的賬面客房晚數和賬面收入目前正增長 10%。

As we come out of this refurbishment program that we're going to be doing, which we are underway right now in our hotel business, and also next year as we come out of that, the lift will be very, very good.

隨著我們即將進行的翻新工程的完成，我們酒店業務目前正在進行這項翻新工程，而且明年當我們完成這項翻新工程時，電梯將會非常非常好。

No, I think that's right. And just to again put a finer point on that. The data that we have given as of right now is what's on the books for T plus 1, T plus 2, T plus 3, in terms of contracted rooms revenue. And again, we point to the fact that we did declare a $0.05 increase in our quarterly dividend, and that has read through implications in terms of our expectations for the free cash flow that we'll generate next year.

不，我認為是這樣。我再次更詳細地闡述這一點。就合約客房收入而言，我們目前提供的數據是 T + 1、T + 2、T + 3 的帳面數據。我們再次指出，我們確實宣布季度股息增加 0.05 美元，這對我們對明年產生的自由現金流的預期產生了影響。

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

I wanted to go back to Patrick's discussion, if we could, on just the leisure point and really just a clarification, but I'm still trying to get my arms around a little bit of what changed exactly on the leisure outlook. I mean as we go back to maybe April of this year, I think that's when you started to kind of comment that leisure was coming in a bit weaker.

如果可以的話，我想回到帕特里克的討論中，只討論休閒觀點並進行澄清，但我仍在努力了解休閒觀點究竟發生了哪些變化。我的意思是，當我們回顧今年四月的時候，我想那時你開始評論說休閒業務有點弱了。

Was it really that we just didn't derisk in the fourth quarter and maybe there were higher expectations that ultimately actualize the things to rebound? Or was it something else that was kind of different than expected? Because again, you said, the behavior is not that different than what you've been experiencing, but clearly, that's a big enough change to impact the outlook here.

是因為我們在第四季沒有降低風險，而對經濟反彈抱持更高的期望？還是其他與預期不同的事？因為您再次表示，這種行為與您所經歷的並沒有什麼不同，但顯然，這是一個足夠大的變化，足以影響這裡的前景。

Yes. I mean we've continued to see, I think, softness as we've moved through the year. To your point, it started really in the spring. And then as we moved into summer, we saw some increases. As it relates to the adjustments to the guidance, it's really -- there's really three components there.

是的。我的意思是，我認為，隨著時間的流逝，我們持續看到疲軟的趨勢。正如您所說，它實際上是從春天開始的。隨著夏季的到來，我們看到了一些增長。至於指導的調整，它實際上有三個部分。

A portion of it is leisure, but we also have some incremental disruption, and we also have the impacts of Hurricane Milton. So they're really kind of almost a third, a third, a third when you break the numbers down. So it's not -- the guidance change that we're making as we look at the rest of the year is not strictly the leisure.

其中一部分是休閒，但我們也受到了一些漸進式乾擾，也受到了颶風米爾頓的影響。因此，如果將這些數字分解開來，它們實際上幾乎是三分之一、三分之一、三分之一。因此，我們在展望今年剩餘時間時所做的指導變化並非嚴格意義上的休閒。

And look, the reality is that we're going to -- when you look at our guidance for the year, and you dissected for the fourth quarter, the fourth quarter is going to show good growth over the fourth quarter of last year.

看看，現實情況是，當你看到我們今年的指引，並分析第四季度的情況時，你會發現，第四季將比去年第四季顯示出良好的成長。

The world is not falling apart here. These are rounding errors that we're trying to be very precise in laying out what we expect to happen in the fourth quarter. And as Mark said, this is -- the modification that we're making to EBITDA is de minimis.

世界並沒有因此而崩潰。這些都是捨入誤差，我們試圖非常精確地列出我們預計第四季將發生的情況。正如馬克所說，我們對 EBITDA 所做的修改是微不足道的。

It's -- when you look at the year-over-year growth of our company, this is a minor modification. And there's really no real substantive change in our thinking about leisure trends and group trends, which are tremendous.

當你查看我們公司年成長時，你會發現這是一個微小的變化。而對於休閒趨勢和群體趨勢的看法，實際上並沒有發生真正的實質變化，這些變化是巨大的。

The other challenge for us is Q4 is so heavy leisure and it's where we have the least amount of visibility. As Patrick mentioned, most folks are booking within 30 days. So we're sitting here today with about 15% of the business on the books. And -- so we're trying to be mindful of the risk and appropriately provide the right level of guidance.

我們面臨的另一個挑戰是第四季的休閒活動非常多，而這是我們能見度最低的。正如帕特里克所說，大多數人都是在 30 天內預訂。所以今天我們坐在這裡，帳面上的業務大約佔15％。因此，我們正努力注意風險並適當提供正確的指導。

And then just as a follow-up, and I know I think people have kind of hit on the bridge for next year a little bit in terms of a question earlier about sort of group -- the pace that you've got on the books. If we just think about the operating cost outlook, we're starting to kind of get into that season where people are formulating budgets.

然後作為後續問題，我知道我認為人們已經對明年的橋樑有了一點了解，例如之前關於團隊的問題——你們已經制定了計劃。如果我們只考慮營運成本前景，我們就​​開始進入人們制定預算的季節。

Just what are you seeing out there on the kind of labor side, in particular, for your model and for your markets? Kind of what do you think is the right general inflationary range to be thinking about operating expenses next year?

您在勞動力方面看到了什麼，特別是對於您的模型和市場？您認為考慮明年的營運費用時適當的一般通膨範圍是多少？

That's a good question. You want to take the hotel side, Patrick, breakdown between union and non-union and what we're seeing.

這是個好問題。帕特里克，你想從酒店方面考慮，看看工會和非工會之間的分裂情況以及我們所看到的情況。

Yes. So to Colin's point, we have one union hotel. I'm happy to report that we have finalized our negotiations with Level 25. The agreement has been ratified. So we have a new collective bargaining agreement in place.

是的。正如科林所說，我們有一家工會酒店。我很高興地報告，我們已與 Level 25 完成了談判。該協議已獲批准。因此我們制定了新的集體談判協議。

We're pleasantly -- we're pleased when we say that, with the results, it's about a 6% CAGR over the course of four years. So we feel that our long-range plan and our expectations for next year fully have comprehended that growth in labor wages.

我們非常高興地宣布，根據我們的業績，四年內的複合年增長率約為 6%。因此，我們認為，我們的長期計劃和對明年的期望已經充分考慮到了勞動力工資的增長。

On the non-union side, we are going through the budgeting process with Marriott right now, but a much more moderate growth rate than what we've seen over the past few years. So we feel that we've made the appropriate increases in 2021, '22 and '23, and finishing up here in '24 that '25 will not see quite as steep of an increase on the wage side.

在非工會方面，我們目前正在與萬豪進行預算編制過程，但成長率與過去幾年相比要溫和得多。因此，我們認為，我們在 2021 年、2022 年和 2023 年都做出了適當的成長，並且在 2024 年結束時，2025 年薪資方面的成長不會那麼大幅。

So I'll give you more color when we get to February and we’ve finalized the budgeting process with Marriott, but we feel great from a union perspective, that we've got it locked in and the non-union side, we don't see any significant surprises and a much lower level of growth in wages than what we've seen in the past few years.

因此，當我們進入 2 月份並最終與萬豪完成預算流程時，我會為您提供更多細節，但從工會的角度來看，我們感覺很棒，我們已經鎖定了它，而非工會方面，我們我們並沒有看到任何重大的意外，薪資成長水準也比過去幾年低得多。

Would you also Patrick comment here to Shaun are what has happened margin-wise in our hotel business over the last couple of years? Because even though we've seen this wage pressure, we've been able to increase the margin of our business materially, because we've dealt with more and more efficiencies. So maybe you could just comment on that, too.

派崔克，您能否向肖恩評論一下過去幾年我們飯店業務的利潤狀況？因為儘管我們看到了這種薪資壓力，但我們仍然能夠大幅提高業務利潤率，因為我們已經提高了效率。所以也許您也可以對此發表評論。

Yes, there were two things I would call out to that. Number one, we've done a phenomenal job, and I really want to complement revenue management teams as well as the sales teams and driving both leisure rate and you're seeing more and more of the group rate show up. And that puts us in a great position to absorb a lot of these wage increases successfully and still drive margin.

是的，我想指出兩點。首先，我們做得非常出色，我真的想補充收入管理團隊和銷售團隊，推動休閒價格，你會看到越來越多的團體價格出現。這使我們處於有利地位，能夠成功吸收大量薪資成長，同時仍能提高利潤率。

The second to Colin's point, is we improved our wage margin even as wages were going up. So we became more and more efficient we did that both on the management side as well as the nonmanagement side. So we held Marriott's feet to the fire and they proved to be great partners in helping us reassess and rationalize all of our management positions and hold to an agreed-upon level as far as how many to add back post COVID.

科林提到的第二點是，即使薪資在上漲，我們也提高了薪資利潤率。因此我們變得越來越高效，無論是在管理方面還是在非管理方面我們都做到了這一點。因此，我們對萬豪提出了要求，事實證明，他們是出色的合作夥伴，幫助我們重新評估和合理化所有管理職位，並就疫情過後需要增加多少員工保持商定的水平。

And we -- I think it's fair to say we've taken great care of the STARs and so we've been able to gain additional efficiencies even as wages have gone up. And so both in terms of room rates and efficiencies gained in the business with the management and non-management side of the business, we've been able to drive margin.

而且我們——我認為可以公平地說，我們非常關心STAR，因此即使工資上漲，我們也能夠獲得額外的效率。因此，無論是從房價還是從管理和非管理業務的效率來看，我們都能夠提高利潤率。

At the midpoint of our guidance, we're growing year over year, our margin for same-store will be up 70 basis points, and that's on a midpoint RevPAR growth of 0.5 point and 3%. So the margin management has been very, very good. The team has done a terrific job.

在我們的預期中位數下，我們的業績將年增，同店利潤率將上升 70 個基點，而 RevPAR 中位數成長率將達到 0.5 個百分點和 3%。因此利潤管理非常非常好。該團隊表現出色。

And I would add to that, we identified in early January that transient was going to be soft. And so worked with the properties to start putting in place profit improvement plans, some long term, some short term, but to make sure that we were continuing to manage the business very, very closely in light of short-term headwinds, and that has paid great dividends for us.

我想補充一點，我們在 1 月初就確定了瞬態將會變得疲軟。因此，我們與各酒店合作，開始製定利潤改善計劃，有些是長期的，有些是短期的，但要確保我們能夠繼續非常、非常密切地管理業務，以應對短期的不利因素，而且為我們帶來了豐厚的紅利。

If I may, I just want to add one last comment. Shaun, you've been around with us for quite a while. And you will have heard over the years, Mark and I talk about we want to get this business, this hotel business at a sustainable 35% margin. And we were on a tear to get that done pre-COVID obviously not for sideways. But when you look at the consolidated EBITDA of our company in 2022, we were 33%, in '23, we were at 34.2%.

如果可以的話，我只想補充最後一條評論。肖恩，你和我們在一起已經有一段時間了。多年來，您可能一直聽說馬克和我談論我們希望這項業務，這項酒店業務的利潤率達到可持續的 35%。在疫情爆發之前，我們就已經在努力完成這個目標，顯然不能袖手旁觀。但是，當您查看我們公司 2022 年的綜合 EBITDA 時，我們的比率為 33%，而在 23 年，我們的比率為 34.2%。

And if you look at sort of the midpoint of our guidance, as Mark said, we're pushing 35% margin. So all of this wage stuff, I think our teams have done, both in our entertainment business and our hotel business, a really good job.

如果你看一下我們的指導中點，正如馬克所說，我們正在努力實現 35% 的利潤率。所以我認為，我們的團隊，無論是在娛樂業務還是酒店業務，在薪資問題上都做得非常好。

(Operator Instructions) Jay Kornreich, Wedbush.

（操作員指示）Jay Kornreich，韋德布希。

As you're getting those robust group bookings into future years that you outlined, can you just comment on kind of the demand segmentation you're experiencing and where you've been able to push rate the most from among corporate associations and SMERF customers?

正如您所概述的，當您在未來幾年獲得強勁的團體預訂時，您能否評論一下您所經歷的需求細分，以及您能夠在哪些企業協會和 SMERF 客戶中推動最大的利率？

Yes, I would tell you that our focus has been across the board. And so going to give you a couple of examples. Obviously, on the corporate side, that is probably where you have the greatest success. It's not the harder sell. A little bit tougher on the association side, but I would tell you that we've -- we've made some really tough decisions in the past three years and said goodbye to some of the SMERF groups and some of the associations by sharing with them that given the value proposition improvements from all the investments we've talked about, rate was going to have to go up for some of these groups that were maybe lower rated.

是的，我想告訴你，我們的關注點是全方位的。我給你舉幾個例子。顯然，從公司方面來說，這可能是你最大成功的地方。這並不是更難推銷的事情。在協會方面，情況稍微艱難一些，但我要告訴你，在過去三年裡，我們做出了一些非常艱難的決定，並與一些 SMERF 團體和一些協會分享了他們認為，考慮到我們所討論的所有投資的價值主張改進，一些評級較低的群體的評級將不得不上升。

And we have parted ways with a few groups and told them they take a look around and if you can find a better value proposition for what we offer for a rate that's as low as what you're asking, good luck to you. And some of those groups have gone their own way. Some of them actually have come back to us.

我們已經與幾個團體分道揚鑣，並告訴他們，讓他們四處看看，如果你能找到比我們提供的服務更有價值、價格和你要求的一樣低的服務，祝你好運。其中一些團體已經走自己的路了。其中一些實際上已經回到我們身邊。

So it is a full court press, both on corporate association and on SMERF, you obviously have tremendous success on the corporate side. It is the easier sell, but we've had great success both in association and SMERF because we have made some tough decisions, recognizing our own value and how that's improving with these investments.

因此，無論是在企業協會還是 SMERF 方面，這都是一場全線緊逼，你顯然在企業方面取得了巨大的成功。這是比較容易推銷的，但我們在協會和 SMERF 中都取得了巨大的成功，因為我們做出了一些艱難的決定，認識到了我們自身的價值以及這些投資如何改善我們的價值。

And Jay, one of the ways to manage this with some of the more rate-sensitive groups is what date they travel on. So it's not just -- it's not a consistent rate, obviously, for every travel pattern. And -- and so one of the things that the sales teams do has worked with these more rate-sensitive groups to hopefully accommodate them during a travel pattern that works for us as well.

傑伊，對於一些對價格較為敏感的群體來說，處理這一問題的方法之一就是確定他們的出行日期。所以，這顯然不只是——對於每種旅行模式來說，這並不是一個一致的速率。因此，銷售團隊所做的事情之一就是與這些對價格更敏感的群體合作，希望在適合我們的旅行模式下為他們提供便利。

I want to add something here. I want to give you, Patrick Chaffin, and your asset management folks, I want to give you a shout out here because I'll give you one example. We've had a group here at Opryland-I'm not going to tell you which it is-Well, we've had a group here at Opryland has been with us for 20 years, and they basically fill Opryland for three days in March.

我想在這裡補充一點。我想向你，帕特里克·查芬 (Patrick Chaffin) 和你的資產管理人員，我想在這裡向你們致意，因為我會給你們舉一個例子。我們在奧普里蘭有一個團隊——我不會告訴你是哪個——好吧，我們在奧普里蘭有一個團隊已經和我們在一起20 年了，他們基本上在奧普里蘭待了三天。

And it's an association, and they have historically been low rated. And they started to choke when we pushed a new rate structure for them. Patrick Chaffin brought the CEO of that association here into Nashville.

這是一個協會，其歷史評級一直很低。當我們向他們推行新的費率結構時，他們開始感到沮喪。帕特里克·查芬 (Patrick Chaffin) 將該協會的首席執行官帶到了納什維爾。

And we spent a couple of hours educating these folks on all of the work that we have done at this hotel, the millions and millions of dollars of investment to upgrade the quality of the hotel and make it a better experience. At the end of the day, this group just booked 20,000 room nights with us in the month of October.

我們花了幾個小時向這些人介紹我們在這家酒店所做的所有工作，以及數百萬美元的投資，用於提升酒店的質量，提供更好的體驗。最終，該團體在十月向我們預訂了 20,000 個客房晚。

But our team has been individually working with these long-standing groups to educate them on the transformation that has taken place within our properties. So shout out to Patrick and his team, but they played a big role here in the continuation of this rate growth.

但我們的團隊一直在與這些長期合作的團體進行單獨合作，向他們介紹我們的物業內部發生的轉變。所以向派崔克和他的團隊致敬，他們在這利率持續成長的過程中發揮了重要作用。

So Jay, just to put one final point on this. If you look at through September, year-to-date rate growth and production that was booked for this year for all future periods, Corporate, Association and SMERF have almost the identical growth rate and rate for everything that's been booked this year for all future periods.

所以傑伊，我只想最後再強調一點。如果你看一下截至 9 月的年初至今的成長率和今年所有未來期間的預定產量，企業、協會和 SMERF 的成長率和今年所有未來期間預定產量的成長率幾乎相同期間。

So again, it's a full court press on all fronts. And we are very pleased with how the sales team has hit all of them appropriately with this improved value proposition from the investments.

因此，我們再次強調，這是一場全線緊迫盯人。我們很高興看到銷售團隊透過投資改進的價值主張正確地打動了他們。

Great. Appreciate all the color. And then just one follow-up going back to the entertainment side. It looks like there's some sequential softness in the third quarter on EBITDA and margins. And so just curious if you can expand on maybe what that was attributed to and did you expect a pickup in the fourth quarter.

偉大的。欣賞所有的色彩。然後再回到娛樂方面。看起來第三季的 EBITDA 和利潤率環比有所疲軟。所以我很好奇，您是否可以詳細說明這是什麼原因造成的，以及您是否預計第四季度會出現回升。

Well, some of the sequential softness you're looking at is the disruption, the $8 million to $10 million of disruption related to the Wildhorse being closed this year versus being opened last year. And then we have the W Hotel disruption as well. So those two components were predominantly the reasons for some of that change on a year-over-year basis in the third quarter.

嗯，您所看到的連續疲軟是造成的中斷，與去年開業相比，今年 Wildhorse 的關閉造成了 800 萬至 1000 萬美元的中斷。然後我們也遇到了 W 酒店中斷的情況。因此，這兩個因素是第三季較去年同期出現變化的主要原因。

Okay. So I guess it's fair to say that the third quarter came in with where you were expecting it to? And then just following up on that, do you expect fourth quarter to be a bit better, especially as the [Category 10] has now opened up?

好的。因此我想可以公平地說，第三季的表現符合您的預期？那麼接下來，您是否預計第四季度的情況會好一些，尤其是現在 [第 10 類] 已經開放？

Yes. No, we're very excited about the opening, as Colin mentioned, of Category 10. It opened up extremely well and above our expectations. It's obviously just a few days open, but Luke Combs is a fantastic partner, and that building, that multifaceted entertainment concept is incredibly unique and distinctive relative to any other property on Broadway or in the market. So we're incredibly encouraged by the potential of that particular asset.

是的。不，正如科林所提到的，我們對第 10 級風暴的開啟感到非常興奮。它的開局非常好，超出了我們的預期。顯然，它只開放了幾天，但盧克·科姆斯是一位出色的合作夥伴，而且這座建築，這種多方面的娛樂概念與百老匯或市場上的任何其他建築相比都非常獨特和與眾不同。因此，我們對該特定資產的潛力感到非常鼓舞。

David, if there are any more questions, we'll take one more. If not, we'll shut it down.

大衛，如果還有其他問題，我們會再回答一個。如果沒有，我們將關閉它。

And there are no further questions on the line at this time. I return the program to you.

目前我們還沒有其他問題。我把程式還給你。

Excellent. All right. Well, thank you, everyone, for taking the time this morning. As the team articulated, the business is in really good shape, and we look forward to getting through the next couple of months as we close the year and then articulating '25 and beyond. But thank you, everyone. And if you have any further questions, you know how to get hold of us. Appreciate it. David, thank you.

出色的。好的。好吧，謝謝大家今天上午抽出時間。正如團隊所言，業務狀況非常好，我們期待著度過接下來的幾個月，結束這一年，然後展望25年及以後。但還是感謝大家。如果您還有其他問題，您知道如何聯絡我們。非常感謝。大衛，謝謝你。

And this does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。