Ryman Hospitality Properties Inc (RHP) 2025 Q1 法說會逐字稿

Welcome to Ryman Hospitality Properties first quarter 2025 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. Patrick Chaffin, Chief Operating Officer; and Mr. Patrick Moore, Chief Executive Officer, Opry Entertainment Group. This call will be available for digital replay. The number is 800-934-3032 with no conference ID required. (Operator Instructions)

歡迎參加 Ryman Hospitality Properties 2025 年第一季財報電話會議。今天主持 Ryman Hospitality Properties 電話會議的有執行董事長 Colin Reed 先生、總裁兼首席執行官 Mark Fioravanti 先生、首席財務官 Jennifer Hutcheson 女士、首席營運官 Patrick Chaffin 先生以及 Opry Entertainment Group 首席執行官 Patrick Moore 先生。本次通話將提供數位重播。號碼是 800-934-3032，無需會議 ID。（操作員指示）

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，您可以開始了。

Good morning. Thank you for joining us today. 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 fact 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.

早安.感謝您今天加入我們。本次電話會議可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，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」等詞語旨在識別這些聲明，這些聲明可能受到許多因素的影響，包括公司提交給美國證券交易委員會 (SEC) 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。我們將每個非 GAAP 指標與今天發布的最新數據中最具可比性的 GAAP 指標進行協調。

I'll now turn it over to Colin.

現在我將把發言權交給科林。

Thanks, Jen. Good day, everyone, and thanks for joining us. We reported a very strong first quarter, including new first quarter records on top and bottom line. And we continue to grow the number of group room nights on the books for all future years relative to the same time last year. Gross group room nights booked in the first quarter of 26 and beyond were up double digits year-over-year at a record ADR booked during any first quarter.

謝謝，Jen。大家好，感謝大家的參與。我們報告的第一季業績非常強勁，包括第一季營收和利潤均創下新高。與去年同期相比，我們未來幾年預訂的團體客房晚數將繼續增加。2026 年第一季及以後預訂的團體間夜總數年增了兩位數，創下了第一季預訂的平均房價的新高。

In addition, our recent investments that have come back online delivered strong growth, while the investments currently underway in our Hospitality segment remain on time and on budget. I suppose our first quarter results could have warranted an increase in our outlook for the rest of the year, but last, we're living and operating in very strange times.

此外，我們最近重新上線的投資實現了強勁增長，而我們酒店業目前正在進行的投資也按時按預算進行。我想，我們的第一季業績可能會讓我們對今年剩餘時間的前景有所改善，但最後，我們生活和運作在一個非常奇怪的時期。

Our federal government's objective of rebalancing US trade with the Rest of the World is, to say the least, creating uncertainty and stress in not just our economy, but most major countries throughout the world. Businesses, both big and small, are trying to work out what it means to them, and we are no different.

聯邦政府的目標是重新平衡美國與世界其他地區的貿易，這至少會給我們的經濟，甚至全世界大多數主要國家帶來不確定性和壓力。無論大小，企業都在努力弄清楚這對他們意味著什麼，我們也不例外。

For our meeting planners, this uncertainty has caused a new layer of complexity in their decision-making in regards to near-term meetings. As we sit here today, we started to see an uptick in attrition for meetings expected to travel over the next few quarters, as well as a modest pullback in demand for the in the year, for the year bookings.

對於我們的會議策劃者來說，這種不確定性為他們近期會議的決策帶來了新的複雜性。今天，當我們坐在這裡時，我們開始看到，預計未來幾個季度內，旅行會議的人員流失率將有所上升，而全年預訂需求也將略有回落。

I'll go off script for a second here now. Earlier today, we received our April production numbers, which were somewhat encouraging. And I think Patrick will give you some color on this data at the Q&A time. But it is our judgment that it is more likely than not that this caution will continue until some of these clouds of uncertainty disappear, which they will, but at this stage, we just don't know when. Primarily, that is what has caused us to slightly modify some aspects of our guidance that I'll touch on in a minute.

現在我要暫時脫離劇本。今天早些時候，我們收到了四月的生產數據，這多少令人鼓舞。我認為派崔克會在問答環節對這些數據進行一些說明。但我們的判斷是，這種謹慎態度很可能會持續下去，直到一些不確定性的陰雲消失為止，雖然它們會消失，但目前我們還不知道具體時間。首先，這導致我們對指導的某些方面進行了稍微的修改，我稍後會談到這一點。

The second objective of federal government is to materially lower the cost of government after years of unprecedented cost increases. And here, we're dealing with what we have now come to know as DOGE. When this new department was announced, our expectations were that we could see some pullback in government-related business, which was captured in the low end of our prior guidance range. And so far, that is what has transpired.

聯邦政府的第二個目標是在經歷了多年來前所未有的成本增長之後大幅降低政府成本。在這裡，我們正在處理我們現在所知的 DOGE。當這個新部門宣布成立時，我們預計政府相關業務將出現一些回落，這將處於我們先前指導範圍的低端。到目前為止，情況就是這樣的。

The good news for us is that we made a decision at the very start of the year to get ahead of any potential pullback. And together with our operator, Marriott, we took an aggressive approach to margin management. In addition, our hotel leisure business returned to growth in the first quarter -- reversing the trends we saw late in the holiday period of last year.

對我們來說，好消息是我們在年初就做出了決定，以應對任何潛在的回調。我們與營運商萬豪一起採取了積極的利潤管理方法。此外，我們的飯店休閒業務在第一季恢復成長，扭轉了去年假期後期出現的趨勢。

So how do we interpret all of this as we look to the rest of the year? First of all, we think it's prudent to modify our full year outlook for hospitality RevPAR and Total RevPAR to reflect the likelihood that in the year for the year group business will be somewhat weaker than our assumption several months ago and also to reflect the potential for incremental attrition and cancellation activity beyond what we have seen so far this year. Jennifer will take you through the detail of these changes in a minute.

那麼，展望今年剩餘時間，我們該如何解讀這一切？首先，我們認為修改全年酒店業 RevPAR 和 Total RevPAR 的展望是明智之舉，這反映了今年集團業務可能比我們幾個月前的假設略弱，也反映了今年迄今為止我們看到的人員流失和取消活動增加的可能性。珍妮佛將在一分鐘內向您介紹這些變化的細節。

You'll note, we're not lowering our outlook for adjusted [EBITDAre] or adjusted funds from operation, our strong first quarter results, together with our unique business model and the proactive efforts we have taken since the beginning of the year to manage our operating model and expense structure, allow us to maintain these ranges.

您會注意到，我們不會降低調整後 [EBITDAre] 或調整後營運資金的前景，我們強勁的第一季度業績，加上我們獨特的商業模式以及自今年年初以來我們為管理我們的運營模式和費用結構而採取的積極努力，使我們能夠維持這些範圍。

Our business model is particularly important during times like this, the diversification of our customer base, specifically our exposure to association group business, mitigate short-term fluctuations during periods of uncertainty. Associations are in the business to meet. And generally, those meetings occur regardless of economic conditions the global pandemic, I suppose, notwithstanding. In 2025, we happened to have more association business on the books than we did in 2024.

在這樣的時期，我們的商業模式特別重要，客戶群的多樣化，特別是我們對協會集團業務的接觸，可以減輕不確定時期的短期波動。協會正在進行業務會議。我認為，一般來說，無論經濟狀況如何，無論全球疫情如何，這些會議都會舉行。2025 年，我們承接的協會業務恰好比 2024 年還要多。

In addition, the contractual nature of group bookings provides a measure of downside protection through attrition and cancellation fees. Taking the great financial crisis as an example, our profitability decline in 2009 was approximately half that of the broader lodging REIT sector.

此外，團體預訂的合約性質透過流失費和取消費提供了一定程度的下行保護。以金融危機為例，2009 年我們的獲利能力下降幅度大約是整個住宿房地產投資信託產業的一半。

And finally, our single manager model, uniform hotel asset base and how we deploy our asset management resources, allow us to identify and effect changes to the operating model quickly, efficiently and on a broad scale across the portfolio. Importantly, our focus on the customer means these efficiencies aren't coming at the expense of the customer value proposition.

最後，我們的單一管理模式、統一的酒店資產基礎以及我們部署資產管理資源的方式，使我們能夠在整個投資組合中快速、高效、廣泛地識別和實施營運模式的變化。重要的是，我們關注客戶意味著這些效率不會以犧牲客戶價值主張為代價。

As regards to entertainment business, things are in good shape all around, good first quarter performance and newly renovated projects back in service, new growth projects identified and approved a few new projects that we have identified that we haven't discussed publicly, as of yet, are being worked on. Taken together, this means we can continue to focus on the long-term view while remaining nimble and responsive to the short-term market dynamics. And for our investors, this means we couldn't be better positioned for the current environment.

就娛樂業務而言，整體情況良好，第一季業績表現良好，新裝修項目重新投入使用，新增長項目已確定並批准，我們已經確定了一些尚未公開討論的新項目，目前正在進行中。總而言之，這意味著我們可以繼續專注於長期觀點，同時保持靈活並對短期市場動態做出反應。對我們的投資者來說，這意味著我們在當前環境下處於更有利的地位。

Having managed this business through 9/11, the great financial crisis, a once in a lifetime flood in Nashville in 2010 and the unprecedented COVID-19 pandemic that shuttered our hotels and venues in 2020. I remain as confident as ever in our management team's ability to navigate this period of dislocation, and emerge an even stronger company as we have demonstrated in prior periods of stress.

我們經歷了 9/11 事件、金融危機、2010 年納許維爾百年不遇的洪水以及 2020 年史無前例的 COVID-19 疫情，導致我們的酒店和場館關閉，我們始終在管理這項業務。我對我們的管理團隊渡過這段混亂時期的能力充滿信心，並像我們在之前的壓力時期所表現的那樣，成為一家更強大的公司。

Now with that, let me turn over to Mark to discuss the quarter and our positioning in more detail. Mark?

現在，讓我轉向馬克來更詳細地討論本季和我們的定位。標記？

Thanks, Colin, and good afternoon, everyone. As Colin mentioned, our first quarter results were terrific. Consolidated revenue increased 11% compared to last year. Consolidated adjusted EBITDAre increased 15% and AFFO per fully diluted share increased 28%. Our Hospitality segment delivered record first quarter revenue and adjusted EBITDAre, driven by year-over-year RevPAR and total RevPAR growth of 10% and 9%, respectively.

謝謝，科林，大家下午好。正如科林所說，我們的第一季業績非常出色。綜合收入較去年同期成長11%。合併調整後 EBITDA 成長 15%，每股稀釋收益 (AFFO) 成長 28%。我們飯店業務部門第一季的營收和調整後 EBITDAre 均創下紀錄，這得益於 RevPAR 和總 RevPAR 分別年增 10% 和 9%。

We estimate the timing of the Easter holiday contributed approximately 220 basis points to the RevPAR growth. ADR of $264 was also a first quarter record, up nearly 6% compared to last year with growth in both group and transient segments.

我們估計復活節假期對 RevPAR 成長的貢獻約為 220 個基點。264 美元的 ADR 也創下了第一季的最高紀錄，與去年相比增長了近 6%，團體和臨時部分均實現了增長。

Our Entertainment segment generated revenue growth of 34% compared to last year and adjusted EBITDAre of $21 million, an increase of 35%. Both figures for revenue and adjusted EBITDAre, were also first quarter records. While there's been a considerable decline in consumer confidence through the first four months of the year, the consumer segments our businesses serve continue to demonstrate strength in the first quarter.

我們的娛樂部門的營收與去年相比成長了 34%，調整後的 EBITDA 為 2,100 萬美元，成長了 35%。營收和調整後 EBITDAre 兩項數據也創下了第一季的最高紀錄。儘管今年前四個月消費者信心大幅下降，但我們業務服務的消費者群體在第一季繼續表現強勁。

In our hospitality segment, outside the room spending from our group customers was slightly better than we had anticipated with banquet and AV revenue up nearly 7% due in part to higher catering contribution per group room night despite a mix shift towards association. Associations comprised 28% of group room nights traveled in the first quarter an increase of nearly 300 basis points from the first quarter of last year, and on average, associations tend to spend less outside the room.

在我們的酒店業務領域，團體客戶的房外支出略好於我們的預期，宴會和視聽收入增長了近 7%，部分原因是儘管混合向協會轉移，但每間團體房晚的餐飲貢獻更高。協會佔第一季團體間夜量的 28%，比去年第一季增加了近 300 個基點，平均而言，協會在客房外的支出較少。

The increase in catering contribution for a group room night is encouraging as a reduction in outside-the-room spending can be a leading indicator in a slowing business environment. And capturing demand from premium groups regardless of their segment is a primary objective we're trying to achieve with the growth capital that we're deploying throughout the portfolio.

團體客房餐飲費用的增加令人鼓舞，因為客房外消費的減少可以成為商業環境放緩的領先指標。無論高端群體屬於哪個細分市場，抓住他們的需求都是我們試圖透過在整個投資組合中部署的成長資本來實現的主要目標。

Consistent with our expectations, the capital projects that have come back online, are already driving early returns. At Gaylord Rockies, the reconcepted and expanded food and beverage outlets in the newly repositioned Grand Lodge, delivered 30% growth in outlet revenue per occupied room compared to last year.

正如我們的預期，重新上線的資本項目已經帶來了早期回報。在蓋洛德洛基斯酒店 (Gaylord Rockies)，重新定位的 Grand Lodge 內重新設計和擴大了餐飲店面，與去年相比，每間客房的門市收入增長了 30%。

And at Gaylord Palms, with the extensive rooms and lobby renovation complete, the first quarter of 2025 marked the second highest adjusted EBITDAre quarter of all time. Our leisure transient customers also performed well in the first quarter. Both demand and ADR increased 3% year-over-year. This quarter marked the first with year-over-year growth in leisure room nights since the first quarter of 2022. Performance was broad-based across the portfolio, except for Gaylord Opryland, which was impacted by new hotel supply that continues to be absorbed in the Nashville market.

蓋洛德棕櫚酒店 (Gaylord Palms) 的大面積客房和大堂裝修工程已完工，2025 年第一季度成為史上調整後息稅折舊攤銷前利潤 (EBITDAre) 第二高的季度。我們的休閒客流客戶在第一季也表現良好。需求和平均房價年增 3%。本季是自 2022 年第一季以來休閒客房晚數首次年增。除蓋洛德奧普里蘭酒店 (Gaylord Opryland) 外，整個投資組合的表現普遍良好，因為該酒店受到納許維爾市場持續吸收新酒店供應的影響。

Overall, our hotel portfolio meaningfully outperformed the industry in the first quarter, achieving a RevPAR and total RevPAR index relative to our Marriott defined competitive set of 110% and 155% of fair share. In our entertainment business, we continue to see our brands resonate with country lifestyle consumers. The first quarter benefited from our recent investments at Category 10 and the W Austin Hotel coming back online. And overall, our venues saw higher attendance per show, particularly for the Grand Ole Opry as it celebrates its 100th birthday throughout 2025.

整體而言，我們的飯店組合在第一季的表現明顯優於業界，相對於萬豪定義的競爭標準，其 RevPAR 和總 RevPAR 指數分別達到公平份額的 110% 和 155%。在我們的娛樂業務中，我們繼續看到我們的品牌與鄉村生活方式消費者產生共鳴。第一季受益於我們最近對 Category 10 的投資以及 W Austin 酒店的重新上線。總體而言，我們場館的每場演出的出席人數有所增加，尤其是大奧普里劇院 (Grand Ole Opry)，因為它將在 2025 年慶祝其成立 100 週年。

First quarter hotel bookings production was strong. Gross group room nights booked for all future years increased 10% year-over-year, with particular strength in bookings for 2026 and 2027, which were up 13% and 35%, respectively, compared to the same time last year for 2025 and 2026.

第一季飯店預訂業績強勁。未來所有年份的團體預訂間夜總數年增 10%，其中 2026 年和 2027 年的預訂量尤為強勁，與去年同期相比，2025 年和 2026 年的預訂量分別增長了 13% 和 35%。

As Colin mentioned, more recently, we've seen some hesitancy among businesses and meeting planners to source near-term meetings, which has had an impact on in the year for the year group demand contributing to lower lead volumes and booking activities for 2025 relative to the same time last year for 2024.

正如科林所提到的，最近，我們發現企業和會議策劃者對尋找近期會議的安排有些猶豫，這對全年的需求產生了影響，導致 2025 年的潛在客戶數量和預訂活動相對於 2024 年同期有所下降。

To date, we've not seen a macro-driven pullback from our leisure transient or entertainment customers. While we have very limited visibility into how or when the current economic uncertainty will be resolved, we believe its impact on group business is a 2025 issue. And as the pandemic proved, the group meetings business is resilient and here to stay.

到目前為止，我們還沒有看到休閒、短暫或娛樂客戶因宏觀因素而出現回落。雖然我們對當前經濟不確定性將如何或何時解決的預測非常有限，但我們相信其對集團業務的影響是 2025 年的問題。正如疫情所證明的那樣，團體會議業務具有韌性，並且將繼續存在。

As a result, we're maintaining our focus on long-term value creation, while managing the short-term dynamics. Since the beginning of the year, our asset management team has been working closely with our operator, Marriott, to identify and implement operating model efficiencies and proactively communicate with our meeting planner customers that are focused on in the year for the year execution.

因此，我們在管理短期動態的同時，繼續關注長期價值創造。自今年年初以來，我們的資產管理團隊一直與我們的營運商萬豪密切合作，以確定和實施營運模式效率，並主動與我們的會議策劃者客戶進行溝通，重點關注全年的執行情況。

Our design and construction team has been sensitized in construction timelines to limit disruption as well as aggressively managing our sourcing and purchasing decisions to mitigate the potential impact of tariffs on our project budgets. Specifically, we've been diversifying our sourcing away from China to other countries where trade negotiations have been more productive and we've been expediting procurement for projects currently underway to get our materials and case goods to US ports within the 90-day window.

我們的設計和施工團隊對施工時間表非常敏感，以減少中斷，並積極管理我們的採購決策，以減輕關稅對我們專案預算的潛在影響。具體來說，我們一直在將採購管道從中國轉向貿易談判更富有成效的其他國家，並且我們一直在加快當前正在進行的項目的採購速度，以便在 90 天內將我們的材料和箱體貨物運送到美國港口。

Our Entertainment business development team continues to drive profitable growth recently winning a 10-year contract to manage the 6,800 seat of send amphitheater located in downtown Nashville beginning in 2026. We are thrilled to be able to take on the stewardship of this wonderful venue.

我們的娛樂業務開發團隊繼續推動盈利增長，最近贏得了一份為期 10 年的合同，從 2026 年開始管理位於納什維爾市中心的 6,800 個座位的露天劇場。我們非常高興能夠承擔起這個美妙場館的管理工作。

And finally, our finance team continues to manage our liquidity position and maturity schedule, which Jennifer will discuss in more detail in a moment. The priorities we laid out last year at our Investor Day have not changed and we continue to operate our businesses to achieve the long-term financial objectives and capital returns we outlined.

最後，我們的財務團隊繼續管理我們的流動性狀況和到期計劃，Jennifer 稍後將詳細討論。我們去年在投資者日列出的優先事項沒有改變，我們將繼續經營我們的業務，以實現我們概述的長期財務目標和資本回報。

As we shared at that time, our plans were based on a stable macro environment of low single-digit GDP growth. If ultimately, we face a more difficult environment. We have unique high-quality assets. We have a strong book of forward business and we have the ability and option to adjust our posture to navigate any near-term challenges. Given our strong first quarter results, our resilient business model and the proactive efforts we've been making since the beginning of the year to drive efficiencies, we couldn't be better positioned.

正如我們當時所分享的，我們的計劃是基於低個位數GDP成長的穩定宏觀環境。如果最終我們面臨更困難的環境。我們擁有獨特的優質資產。我們擁有強大的前瞻性業務，並且有能力和選擇調整我們的狀況以應對任何近期挑戰。鑑於我們第一季的強勁業績、富有彈性的業務模式以及自今年年初以來為提高效率所做的積極努力，我們處於非常有利的地位。

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

現在，我將把發言權交給珍妮佛。

Thanks, Mark. Regarding our outlook for full year 2025, we now expect hospitality RevPAR growth in the range of 1.25% to 3.75% and Total RevPAR growth in the range of 0.75% to 3.25%. These revised guidance ranges for RevPAR and Total RevPAR growth reflect additional conservatism around government-related group business and in the year for the year group demand, as Colin and Mark discussed.

謝謝，馬克。對於 2025 年全年的展望，我們目前預計酒店業 RevPAR 增長率將在 1.25% 至 3.75% 之間，總 RevPAR 增長率將在 0.75% 至 3.25% 之間。正如柯林和馬克所討論的，這些修訂後的 RevPAR 和 Total RevPAR 成長指導範圍反映了對政府相關集團業務以及年度集團需求的額外保守態度。

At the midpoint, our revised RevPAR growth guidance reflects lower group business volumes compared to 2024 and leisure volumes that are essentially flat to last year when excluding Gaylord Palms, which was under renovation for much of 2024.

從中點來看，我們修訂後的 RevPAR 成長指引反映出，與 2024 年相比，團體業務量有所下降，而休閒業務量與去年基本持平（不包括 2024 年大部分時間都在裝修的 Gaylord Palms）。

The revised midpoint of our Total RevPAR growth guidance reflects our lower expectations for rooms revenue and associated outside the room spending as well as conservative assumptions for attrition and cancellation revenue, as attrition and cancellation fees are recognized as revenue only when collected. Often, we see a lag between when the business cancels and when we collect and recognize the revenue.

我們對總 RevPAR 成長指引中點的修訂反映了我們對客房收入和相關客房外支出的較低預期，以及對流失和取消收入的保守假設，因為流失和取消費用只有在收取時才被確認為收入。通常，我們發現業務取消和我們收取並確認收入之間存在滯後。

More importantly, our proactive efforts to manage our cost structure allow us to reiterate our guidance ranges for segment and consolidated adjusted EBITDAre, AFFO and AFFO per fully diluted share. For the full year, we still expect consolidated adjusted EBITDAre in the range of $749 million to $801 million, AFFO in the range of $510 million to $555 million, and AFFO per fully diluted share in the range of $8.24 to $8.86.

更重要的是，我們積極努力管理成本結構，使我們能夠重申分部和合併調整後 EBITDAre、AFFO 和每股完全稀釋後 AFFO 的指導範圍。就全年而言，我們仍預期合併調整後 EBITDA 在 7.49 億美元至 8.01 億美元之間，AFFO 在 5.1 億美元至 5.55 億美元之間，每股完全稀釋後的 AFFO 在 8.24 美元至 8.86 美元之間。

Let me provide some additional color on the expectations for the rest of the year. For our hospitality business, in the first half, we anticipate RevPAR growth in the low to mid-single-digit range and Total RevPAR growth in the low single-digit range. We expect segment adjusted EBITDAre margin to decline 50 to 130 basis points.

讓我對今年剩餘時間的預期做些補充說明。對於我們的飯店業務，我們預計上半年 RevPAR 成長率將在低個位數至中個位數範圍內，而 Total RevPAR 成長率將在低個位數範圍內。我們預期分部調整後的 EBITDAre 利潤率將下降 50 至 130 個基點。

Given our actual performance in Q1, this implies at the midpoint of the range for the second quarter, roughly flat year-over-year growth in RevPAR, a negative low single-digit Total RevPAR decline. These estimates reflect the impact of the Easter shift between first and second quarter, meaningfully higher association group mix in the second quarter, and the onetime benefit of Tennessee franchise tax refunds recognized in the second quarter of 2024, which will not repeat in 2025.

鑑於我們在第一季的實際表現，這意味著在第二季度的中點，RevPAR 的同比增長基本持平，而 Total RevPAR 的下降幅度為低個位數。這些估計反映了第一季和第二季之間復活節轉變的影響、第二季協會團體組合顯著增加以及 2024 年第二季確認的田納西州特許經營稅退稅的一次性收益（該收益在 2025 年不會重複）。

For the second half of the year, we anticipate RevPAR and total RevPAR growth in the range of negative 1% to up low single digits and segment adjusted EBITDAre margin expansion of flat to up 150 basis points. Where we ultimately end up within the guidance range will be largely dependent on second half performance. The low end of the range allows for mid- to -high single-digit demand declines across both our group and transient segments in the second half of the year.

對於下半年，我們預計 RevPAR 和總 RevPAR 成長率將在負 1% 至上升低個位數之間，而分部調整後的 EBITDAre 利潤率將在持平至上升 150 個基點之間。我們最終能否達到指導範圍在很大程度上取決於下半年的表現。該範圍的低端允許我們下半年的團體和臨時細分市場的需求出現中高個位數的下降。

For our Entertainment business, our full year expectations are unchanged. There are a couple of items to note for the second quarter in this segment. First, OEG recognized a $3.4 million Tennessee franchise tax refund in the second quarter of '24 that did not repeat in '25. In addition, the primary festival season for Southern Entertainment, our newest investment, occurs during the second quarter. And as such, we expect second quarter entertainment adjusted EBITDAre in margin to be more consistent with the first quarter of 2025 than the prior year.

對於我們的娛樂業務，我們的全年預期保持不變。本部分第二季有幾點值得注意。首先，OEG 在 24 年第二季確認了 340 萬美元的田納西州特許經營稅退稅，但 25 年並未再次確認。此外，我們最新投資的南方娛樂 (Southern Entertainment) 的主要節日季節是在第二季。因此，我們預計第二季娛樂調整後的 EBITDA 利潤率將與 2025 年第一季相比與去年更加一致。

Now turning to our balance sheet. We ended the first quarter with $414 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 $17 million outstanding. Taken together, our total available liquidity was approximately $1.2 billion.

現在轉向我們的資產負債表。第一季結束時，我們手頭上有 4.14 億美元的非限制性現金，還有 7 億美元的未提取循環信貸額度。OEG 的 8,000 萬美元循環信貸額度尚未償還餘額為 1,700 萬美元。總的來說，我們的總可用流動資金約為 12 億美元。

We retained an additional $47 million of restricted cash available for FF&E and other maintenance projects. At the end of the quarter, our net leverage ratio based on total consolidated net debt to adjusted EBITDAre was 3.9 times. Earlier this week, we closed on a $130 million add-on to OEG's Term Loan B with the use of proceeds to refinance the approximately $128 million Block 21 CMBS loan that was set to mature in January of 2026.

我們保留了額外的 4700 萬美元受限現金，可用於 FF&E 和其他維護項目。截至本季末，我們基於合併淨債務總額與調整後 EBITDAre 的淨槓桿率為 3.9 倍。本週早些時候，我們完成了 OEG 定期貸款 B 的 1.3 億美元附加貸款，用所得款項為原定於 2026 年 1 月到期的約 1.28 億美元的 Block 21 CMBS 貸款進行再融資。

We were able to complete this add-on at the same interest rate as OEG's existing Term Loan B facility despite some market choppiness, which speaks to the market's positive reception towards OEG's track record of growth, and portfolio of iconic brands. Pro forma for this transaction and as of its closing on April 28, our weighted average maturity is 4.8 years for our debt, and our next debt maturity is May 2027.

儘管市場有些波動，我們仍然能夠以與 OEG 現有的 B 類定期貸款相同的利率完成此項附加貸款，這表明市場對 OEG 的成長記錄和標誌性品牌組合持積極態度。根據本交易的預測，截至 4 月 28 日收盤，我們的債務加權平均到期日為 4.8 年，下一個債務到期日為 2027 年 5 月。

And finally, let me comment on our anticipated major cash outflows for the year. Regarding our outlook for capital expenditures in 2025, we are lowering our expectations from $400 million to $500 million to $350 million to $450 million for the year based on the latest construction time lines for projects currently underway and the planned rooms renovation at Gaylord Texan, which we now intend to start in July.

最後，讓我評論一下我們預計今年的重大現金流出。關於我們對 2025 年資本支出的展望，根據目前正在進行的項目的最新施工時間表以及 Gaylord Texan 計劃中的房間翻新工程（我們打算於 7 月開始），我們將今年的資本支出預期從 4 億至 5 億美元下調至 3.5 億至 4.5 億美元。

At this time, the scope of our multiyear capital deployment program remains unchanged as we continue to believe that these enhancements are critical to long-term value creation for our customers and our shareholders. That said, the discrete nature of these projects gives us flexibility to adjust our plans with evolving macro conditions. Regarding our dividend, it remains our intention to continue to pay 100% of our REIT taxable income through dividends.

目前，我們的多年資本部署計劃的範圍保持不變，因為我們仍然相信這些增強對於為我們的客戶和股東創造長期價值至關重要。也就是說，這些項目的獨立性使我們能夠根據不斷變化的宏觀條件靈活地調整計劃。關於我們的股息，我們仍然打算繼續透過股息支付 100% 的房地產投資信託應稅收入。

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

好了，Leo，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Congratulations on a very nice quarter. I was hoping to kind of ask first, I understand maybe Patrick had some data points about April production. But really just trying to kind of I guess, delineate what may be short term, how short term in nature is the hesitancy that you're seeing because it sounds like you're still seeing very good momentum for the out years. So what allows this to stay to kind of a 2025 issue, if that makes sense.

恭喜您度過了一個非常愉快的季度。我希望先問一下，我知道帕特里克可能有一些關於四月份產量的數據點。但實際上，我只是想描述一下什麼可能是短期的，您所看到的猶豫在本質上有多短期，因為聽起來您仍然看到未來幾年非常好的勢頭。那麼，如果說得通的話，是什麼讓這個問題停留在 2025 年的問題呢？

Just make one observation. Chris, over the years, this team -- we've dealt with these volatile moments multiple times. And this one, we believe, is no different, but as we look forward, rest of this year, particularly next year and the year after, our business looks really, really good. So Patrick, do you want to give Chris and whoever else is listening a little update on where we are.

只需做一點觀察。克里斯，這些年來，我們這個團隊——我們已經多次處理過這些不穩定的時刻。我們相信這次也不例外，但展望未來，今年剩餘時間，特別是明年和後年，我們的業務看起來會非常非常好。那麼派崔克，你想向克里斯和其他聽眾介紹我們目前的情況嗎？

Yes, absolutely. Chris, it's good to hear from you. To kind of answer your question, obviously. No one knows for sure how long this will last. There's a lot of uncertainty and a lot of groups are just being hesitant and extending their booking window a little bit as a result, and we're seeing that.

是的，絕對是。克里斯，很高興收到你的來信。顯然，這是在回答你的問題。沒有人確切知道這種情況會持續多久。存在著許多不確定性，因此許多團體都猶豫不決，並稍微延長了預訂窗口，我們看到了這一點。

But I would tell you that we just got our April production numbers, as Colin alluded to. And what I saw in there that was encouraging to me is that lead volumes at the end of March for in the year for the year were down 50%. At the end of April, they were only down 8%. So we saw a marked improvement just in the lead volumes in the year for the year.

但我想告訴你，正如科林所提到的，我們剛剛獲得了四月的生產數據。令我感到鼓舞的是，3 月底的鉛交易量比去年同期下降了 50%。截至 4 月底，其銷量僅下降了 8%。因此，我們看到今年的鉛產量有了顯著的提高。

Our lead volumes for '26, '27 and our bookings continue to be very encouraging. So we don't see any kind of weakness there. It's really thus far restricted to the end of the year for the year. And then as far as bookings go, that was lead volumes. But as far as bookings go, we've been essentially flattish in what we're booking in terms of room nights year-over-year, both year-to-date and in the month of April, but our rate has been very solid.

我們 26 年和 27 年的銷售量和預訂量繼續令人鼓舞。因此，我們沒有發現任何弱點。到目前為止，它確實僅限於今年年底。就預訂量而言，這就是領先量。但就預訂情況而言，無論是今年迄今為止還是四月份，我們的預訂間夜量與去年同期相比基本持平，但我們的預訂率一直非常穩定。

So we look at this and say, yes, there are some out there who are panicking and maybe dropping rate. But from our perspective, we've seen flattish demand in terms of room nights, and we've been able to continue driving rate. So both of those are encouraging that we've seen a little bit of moderation in what had been a decline in lead volumes that were pretty marked in March that have kind of softened a bit and moving in the right direction now. And then we continue to do a great job on the rate side.

因此，我們看到這一點並說，是的，有些人確實感到恐慌，也許會降低利率。但從我們的角度來看，我們看到客房間夜量的需求持平，我們能夠繼續提高房價。因此，這兩點都令人鼓舞，我們看到鉛交易量的下降有所緩和，3 月份鉛交易量的下降非常明顯，現在已經有所緩和，並朝著正確的方向發展。然後我們繼續在利率方面做得很好。

And Jen talked about our capital deployment program is we're not modifying and changing that because we feel very good about the long term. And maybe one of you to either Mark or Patrick talk a little bit about revenue on the books, T+1, T+2, which again, it's extraordinarily encouraging.

Jen 談到了我們的資本部署計劃，我們不會修改或改變它，因為我們對長期前景非常有信心。也許你們中的一個人可以和馬克或帕特里克談談帳面收入、T+1、T+2，這再次令人非常鼓舞。

In terms of '26 and '27, they continue to be very strong and have gotten stronger, both rooms. In both years, rooms are up low to mid-single digits. Revenue is up 9% and 13%, respectively for '26 and '27. And as the majority of that increase is rate. So that's the premium that is as sticky as you move towards that travel date. So we feel very, very good about how we're positioned for '26 and '27.

就 26 年和 27 年而言，兩個房間都繼續保持強勁，而且變得更加強大。這兩年，客房數量均上漲了低至個位數的中段。26 年和 27 年的營收分別成長 9% 和 13%。其中大部分的成長都是利率的成長。因此，隨著旅行日期的臨近，保費將一直有效。因此，我們對於 26 年和 27 年的定位感到非常非常滿意。

And Chris, the one thing I would add, I guess, in terms of what we're seeing staying within 2025, I think that one thing that's unique about the situation today is that this situation can end very, very quickly with a few trade deals or a few well-placed tweets -- and I think that things change dramatically.

克里斯，我想補充一點，就我們在 2025 年所看到的情況而言，我認為當今形勢的一個獨特之處是，這種情況可以通過幾項貿易協議或幾條恰當的推文很快結束——我認為事情會發生巨大變化。

Yes. Agreed. And I appreciate all those data points, sounds pretty encouraging. If I could sneak in a quick follow-up, just going back to the comment about costs, and you brought in the RevPAR guidance by a point and Total RevPAR by a point, but the EBITDA remains unchanged. I mean, can you give us maybe an example two of what actually -- what are the costs that you can -- or was it just the conservatism the initial guide or what allows you to kind of stick to that range with possibly lower RevPAR.

是的。同意。我很欣賞所有這些數據點，聽起來非常令人鼓舞。如果我可以偷偷地快速跟進一下，那麼就回到關於成本的評論，您將 RevPAR 指導價提高了一個點，將 Total RevPAR 提高了一個點，但 EBITDA 保持不變。我的意思是，您能否給我們舉兩個實際的例子 - 您可以承擔的成本是多少 - 或者它只是最初的指南中的保守主義，或者是什麼讓您能夠堅持這個範圍而可能降低 RevPAR。

Chris, this is Patrick again. I would tell you from the first week of January, we started getting pretty aggressive from a cost perspective just because we knew that there was a potential for some turbulence this year. And we currently have roughly $28 million to $30 million of profit improvement plans already loaded into our forecast and have had the properties acting on those and executing against them essentially since the first week of January.

克里斯，我又是派崔克。我想告訴你，從一月的第一周開始，我們就開始從成本角度採取相當積極的措施，因為我們知道今年可能會出現一些動盪。目前，我們已經將大約 2800 萬至 3000 萬美元的利潤改善計劃納入我們的預測中，並且基本上從 1 月第一周開始，各個地產就已根據這些計劃採取行動並執行。

So we didn't waste any time. We wanted to get ahead of it. Obviously, profit improvement plans are annualized. So the more that you can capture early on, the better off you are. And that allows us also then to make sure that the margin improvements that we've enacted are minimizing any impact to customers or to our employees. And so we acted early, we acted quickly -- and as a result, we've safeguarded from what we can see right now, we've done a pretty good job of safeguarding our bottom line and thus, our guidance.

所以我們沒有浪費任何時間。我們想要領先一步。顯然，利潤改善計劃是年度化的。因此，您越早捕獲，您的狀況就越好。這也使我們能夠確保我們實施的利潤率改進措施能夠最大限度地減少對客戶或員工的影響。因此，我們採取了早期行動，迅速採取行動——結果，從目前的情況來看，我們在保護我們的底線和指導方面做得相當不錯。

I was just going to say, Chris, while wages were up in the first quarter, as you would expect, our wage margin improved 40 basis points. So the operating teams and Patrick's team has done a very good job at just finding ways to be more efficient. Our hours per occupied room improved 60 basis points. So the they're undertaking some very specific activities as it relates to making changes to the operating model, but it's also just being very, very focused on the details and very disciplined in how we how we manage things like labor.

我只是想說，克里斯，正如你所預料的那樣，第一季薪資上漲了，我們的薪資利潤率提高了 40 個基點。因此，營運團隊和派崔克的團隊在尋找提高效率的方法方面做得非常出色。我們每間客房的入住時間提高了 60 個基點。因此，他們正在進行一些非常具體的活動，因為這與改變營運模式有關，但他們也非常注重細節，並且在如何管理勞動力等方面非常自律。

Yes. That's a good point, Mark. What I was going to say is sort of a variation on a theme and that is when we talk about $20 million to $30 million, it sounds like a hell of a lot of money, and it is. But when you think about the cost structure of our hotel business, Patrick, we're spending annually $1.2 billion, $1.3 billion in expenses of all come. We're about $2 billion in revenue in our hotel business and we run an EBITDA margin. So our team is just doing a very good job, as is Marriott, on managing this cost side in this volatile time.

是的。馬克，你的觀點很好。我要說的是主題的變體，當我們談論 2000 萬到 3000 萬美元時，這聽起來像是一大筆錢，事實也確實如此。但派崔克，當你考慮到我們飯店業務的成本結構時，我們每年的所有費用高達 12 億美元、13 億美元。我們的酒店業務收入約為 20 億美元，EBITDA 利潤率較高。因此，我們的團隊和萬豪一樣，在這個動盪的時期在管理成本方面做得非常出色。

Okay. Super helpful. I appreciate all the color guys.

好的。超有幫助。我感謝所有色彩人。

Jack Armstrong, Wells Fargo.

傑克·阿姆斯特朗，富國銀行。

Can you elaborate a little bit more on the strategy behind the acquisition of the majority interest in southern entertainment. And are there other similar types of opportunities in your evaluating market to grow over year?

能否詳細說明收購南方娛樂多數股權背後的策略？在您評估的市場中，是否還有其他類似的年度成長機會？

Yes. Thank you. This is Patrick Moore.

是的。謝謝。這是派崔克·摩爾。

.

。

Yes. So Southern Entertainment represents a really fascinating opportunity for us to increase the overall surface area of the opportunity set for live venues and live entertainment. The operators of Southern Entertainment operate some of the best and most successful long-standing country music festivals in the country.

是的。因此，南方娛樂為我們提供了一個真正令人著迷的機會，可以擴大現場表演場地和現場娛樂的整體機會面積。南方娛樂公司的經營者經營著國內一些最優質、最成功的長期鄉村音樂節。

And as a consequence, we're able to both increase and circulate our fans across all of our venues. And secondarily, there's a nice flywheel effect with artists. So many of the artists that play the Opry or the Ryman or Austin City Limits also play those country music festivals. That sort of business segment, if you will, offers us the opportunity also to look at other venues in the festival space that are -- more fungible sort of sector of the live entertainment space than is sort of iconic venues like the Ryman or ACL.

因此，我們能夠在所有場館增加並擴大粉絲數量。其次，這對藝術家來說是一種很好的飛輪效應。許多在 Opry、Ryman 或 Austin City Limits 演出的藝術家也會參加這些鄉村音樂節。如果你願意的話，這種業務部門也為我們提供了機會，讓我們可以看看節日空間中的其他場所——與 Ryman 或 ACL 等標誌性場所相比，這些場所是現場娛樂空間中更具可替代性的領域。

Great. That's really helpful. And as you're kind of continuing to expand OEG pretty fantastic growth rate in Q1 with the addition of Southern Entertainment, are you starting to think more about the point where you're going to have to spin out at least a portion of OEG given that probably approaching the bad income threshold to where you might lose your REIT status? Or is that still a little bit further out given the macroeconomic uncertainty?

偉大的。這真的很有幫助。隨著你們透過收購 Southern Entertainment 在第一季度繼續擴大 OEG 的驚人成長率，你們是否開始更多地考慮是否必須剝離至少一部分 OEG，因為你們可能已經接近不良收入門檻，屆時你們可能會失去 REIT 地位？或者考慮到宏觀經濟的不確定性，這是否還有點遠？

No, we have a lot of runway as it relates to the 75% income test for the asset test, just given the scale of our hotel business, we have plenty of runway. We'll make the decision to separate this business when it makes the most sense for the business and for shareholders and when the market is receptive to it.

不，我們有足夠的資金來應對資產測試的 75% 收入測試，考慮到我們酒店業務的規模，我們有足夠的資金來應對。當這對公司和股東最有意義且市場能夠接受時，我們才會決定分離這項業務。

Yes. And Jack, unlike others in the hotel business, we've got a hotel business that's growing like hell anyway. So the runway is naturally getting wider.

是的。傑克，與酒店業的其他人不同，我們的酒店業務正在飛速發展。因此跑道自然會越來越寬。

Duane Pfennigwerth, Evercore ISI.

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

I wanted to ask you about the typical composition of in the year for the year demand more broadly. I don't know if there's such a thing as a typical year anymore or a normal year anymore, but -- if you enter a year at 50% occupied and end the year at 70%, what is the composition of that 20 points of occupancy that you pick up in the year? And how might the composition of that look different this year?

我想更廣泛地詢問您有關年度需求的典型構成情況。我不知道是否還有所謂的典型年份或正常年份，但是——如果年初入住率為 50%，年底入住率為 70%，那麼當年獲得的 20 個入住率的構成是什麼？今年的組成會有何不同？

Yes. So that remaining business that we pick up in the year for the year is going to be a big chunk of that is going to be leisure, right? We're roughly 75% group, 25% leisure. That's all going to book within a 30- to 90-day window. And then on the group side, it's typically on average, it's going to be corporate business. Your associations are booking much further out, your SMERF groups, government type groups typically are booking further out. So it's going to be corporate on the government or on the group side and then the leisure component.

是的。因此，我們今年剩餘的業務中很大一部分將是休閒業務，對嗎？我們的活動約有 75% 是團體活動，25% 是休閒活動。所有這些都將在 30 至 90 天內完成預訂。然後在集團方面，通常平均而言，這將是企業業務。您的協會預訂的時間要遠得多，您的 SMERF 團體、政府類型的團體通常預訂的時間要遠得多。因此，它將是政府或團體方面的企業，然後是休閒部分。

Appreciate that. And then one question we're getting from clients here is, can you speak to the implied attrition cancellation embedded in the guidance for the rest of the year?

非常感謝。然後我們從客戶那裡得到的一個問題是，您能否談談今年剩餘時間的指導中隱含的人員流失取消？

As far as the revenue recognition on the attrition and cancellation I kind of had a note in my remarks about the fact that we recognize that when we collect it. So you're not going to naturally assume that's like in the quarter that you experienced attrition and cancellation. I had comments about the expectations and the assumptions at the midpoint of our guidance in terms of year-over-year demand increases.

就人員流失和取消的收入確認而言，我在我的評論中提到了我們在收集收入時確認這一點。因此，您不會自然而然地認為這就像您經歷人員流失和取消的那個季度一樣。我對我們指導中期關於同比增長需求的預期和假設發表了評論。

And specifically at the low end, it does factor in some fair amount of conservatism in terms of the overall room nights that could be absorbed in the form of attrition and cancellation at the low end when you're looking at it year-over-year and normalizing for the fact that we had the Palms rooms, out of service in 2024.

特別是在低端，它確實考慮到了整體間夜數方面的相當保守因素，這些間夜數可以通過低端的人員流失和取消來吸收，當你逐年查看時，並且考慮到我們的 Palms 客房在 2024 年停止服務這一事實，這些間夜數可以正常吸收。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

I just wanted to ask a little bit more. You sort of talked a little bit in your opening remarks call about -- so the cancellations that you are seeing in the year for the year, it sounds like some of that is some government business that the association business is hanging in there. I guess, could you just talk a little bit more about the composition of who's dropping out? And if you're seeing it any one property, maybe even more than another? Or is it sort of equal throughout the portfolio?

我只是想多問一點。您在開場白中談到了一些——所以您看到今年取消的訂單，聽起來其中一些是政府業務，而協會業務仍在繼續。我想，您能否再多談談退出者的構成情況？如果您看到任何一個屬性，也許比另一個屬性更多？或者說整個投資組合的水準是差不多的？

Smedes, it's Patrick. Good to hear from you. Yes, it's dominated by the government side. There's always cancellations, right? Every single year has cancellations. But if there's any kind of marked increase right now, it's just on the government side. It is not relegated to one property in particular. So it's across the portfolio, and it's mostly on the government side and everything else is just pretty much within the norm of what we typically see in a year.

斯梅德斯，我是派崔克。很高興收到你的來信。是的，是政府方面主導。總是會有取消的情況，對嗎？每年都有取消的情況。但如果現在有任何明顯的成長，那也只是政府方面。它並不局限於某一特定的屬性。因此，它涉及整個投資組合，並且主要集中在政府方面，其他所有方面都基本上符合我們一年中通常看到的正常水平。

And Patrick comment a little bit about when we were finalizing our budgets with Marriott in January, we took into consideration this whole rhetoric about cutting government waste fraud abuse. And we anticipated a little bit of a pullback here in our planning.

帕特里克評論說，當我們在一月份與萬豪酒店敲定預算時，我們考慮到了整個關於削減政府浪費詐欺濫用的言論。我們在規劃中預計會出現一些回調。

Yes, again, that's part of the reason that we are able to maintain our adjusted EBITDA range that we provided on the guidance side. because we anticipated it. And then as we were talking about earlier, we immediately went into action on the profit improvement plan to provide ourselves a little bit of insulation, should it happen. And as it started to happen, we feel we've taken the right actions to mitigate that thus far. It's anybody's guess where it goes from here. But again, we did see some encouraging information in our April production both in terms of lead volume as well as in the year, for the year bookings.

是的，這也是我們能夠維持指導方針中提供的調整後 EBITDA 範圍的部分原因，因為我們預料到了這一點。然後，正如我們之前所說的，我們立即開始實施利潤改善計劃，以便在發生這種情況時為自己提供一點保障。當這種情況開始發生時，我們覺得我們已經採取了正確的措施來緩解這種情況。任何人都無法猜測它接下來會走向何方。但是，我們確實在 4 月的生產中看到了一些令人鼓舞的信息，無論是在鉛量方面，還是在全年訂單方面。

And I just wanted to ask you, I mean, you guys have talked about this before, but I'd be interested in any sort of updates on the positive or potentially negative or neutral impact from the opening of I think Chula Vista is scheduled to open later this month. I think before, you've talked about the overall sort of group system broadening out and more people coming into the Gaylord system. Is that sort of still the case? Or has there been any changes, I guess, with the kind of change in the uncertainty around the macro environment?

我只是想問你，我的意思是，你們之前已經討論過這個問題，但我對任何有關開放的積極或潛在的消極或中性影響的更新感興趣，我認為丘拉維斯塔計劃於本月晚些時候開放。我認為之前您曾談到整個團體系統的擴大以及更多人加入 Gaylord 系統。現在情況還是這樣嗎？或者我猜想，宏觀環境的不確定性是否改變了？

No. I mean as we've reported on before, we have seen business originating out of Pacific into the rest of the portfolio. It's hard for us to get into too much detail because we don't -- we can't see into ultimately what their inventory looks like. But we watch very carefully to see if we can identify any areas of our business where we're seeing a negative impact as it relates to forward bookings.

不。我的意思是，正如我們之前報導的那樣，我們已經看到源自太平洋的業務延伸到了投資組合的其他部分。我們很難了解太多細節，因為我們無法了解他們的庫存最終會是什麼樣子。但我們會非常仔細地觀察，看看是否能夠找出與預訂相關的、對我們的業務產生負面影響的任何領域。

And thus far, we haven't seen anything, whether it's a slowdown or an erosion of bookings, we haven't seen that in the portfolio. And the positive side of it is that the rooms that we've seen rotate into our part of the portfolio have been at significantly higher rates. They're about 9% higher from a rate perspective than our other rotational business that doesn't originate out of California.

到目前為止，我們還沒有看到任何變化，無論是預訂量放緩還是減少，我們都沒有在投資組合中看到這種情況。積極的一面是，我們看到轉入我們投資組合的客房的房價明顯更高。從利率角度來看，它們比我們其他非加州的輪換業務高出約 9%。

But as it opens over the next two, three, four months from now, we'll be obviously putting it under the microscope and understanding its impact.

但隨著它在未來兩、三、四個月內開放，我們顯然會仔細審查並了解其影響。

Yes. Historically, if you look at previous openings, the flywheel effect of having a new property for the rest of the portfolio actually gains momentum as people experience new customers go into that new hotel and experience the Gaylord brand.

是的。從歷史上看，如果你回顧一下以前的開業情況，你會發現，隨著新顧客進入新酒店並體驗蓋洛德品牌，為其他酒店組合帶來新酒店的飛輪效應實際上會增強。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

I was hoping maybe you can provide a little bit more color on the end of year for the year expectations within the guidance and how -- maybe how that changed from what you thought would look like previously? And then maybe just from a renovation disruption standpoint, yes, I think you're expecting 300 basis points for the year. What was that in Q1? And what does that kind of look like the rest of the year?

我希望您能提供更多關於年底預期的詳細信息，以及與您之前的想法相比有何變化？然後也許僅從裝修中斷的角度來看，是的，我認為您預計今年的成長率為 300 個基點。Q1 中的內容是什麼？那麼今年剩餘時間的情況又如何呢？

So I think the biggest indication of our change in assumptions that to point to is the lowering of the range on the top line. RevPAR and Total RevPAR decline in the midpoint by 100 basis points driven really by the lower in the year for the year booking assumptions.

因此，我認為我們假設變化的最大跡象就是頂線範圍的降低。RevPAR 和 Total RevPAR 中點下降了 100 個基點，這主要是由於年度預訂假設的降低。

And the math around that is really when you think about coming into the year with 50 points of occupancy as Patrick was outlining earlier, some of that -- the remainder coming from leisure and in the year for the year corporate book, doing the math around that and reducing the assumption for that remaining piece that's not on the books at the beginning of the year. That's really the math that factors around how you lower our outlook for the demand component for the rest of the year, not really changing our assumptions on the rate side.

而圍繞這一問題的數學計算實際上是，當你考慮到今年的入住率為 50 分時，正如帕特里克之前概述的那樣，其中一部分 - 其餘部分來自休閒和年度公司賬簿，圍繞這一點進行計算並減少年初未記入賬簿的剩餘部分的假設。這實際上是關於如何降低我們對今年剩餘時間需求部分的展望的數學計算，而不是真正改變我們對利率方面的假設。

And then you mentioned potentially pulling back on some projects, depending on the macro. Is that something you're currently evaluating? Or would you really need to see the macro materially weaken there? And then some of the planned projects are pretty significant in scope. Is there any material impact on cost you're anticipating from tariffs?

然後您提到可能會根據宏觀情況撤回一些項目。這是您目前正在評估的事情嗎？或者你真的需要看到宏觀經濟實質地減弱嗎？其中一些計劃中的項目範圍相當重大。您預計關稅會對成本產生重大影響嗎？

So this is Colin. There is no explicit formula here. This is a very dynamic moment in time as we think about bookings. When we did our earnings scripts when we did our releases, it was based on everything that we've seen through to the end of March. And that was the hypothesis.

這就是科林。這裡沒有明確的公式。當我們考慮預訂時，這是一個非常活躍的時刻。當我們發布收益腳本時，它是基於截至三月底我們所看到的一切。這就是假設。

Now the wrinkle is what we've just experienced in April that was literally hot off the press last night first thing this morning. And as Patrick articulated, we saw at the end of March, lead volumes for in the year, for the year declined quite a bit. But then things have changed relatively positively in April. How this translates into May and June, we will understand that when we get there, but our assumptions are at this stage, given things that Mark talked about, consumers pulling back a bit we think it's prudent to shave the assumption for the in the year, for the year business.

現在的問題是我們在四月才剛剛經歷的事情，而這件事昨晚才剛在今天早上才剛被媒體曝光。正如帕特里克所說，我們在三月底看到，今年的鉛交易量大幅下降。但到了四月份，情況發生了相對正面的變化。這將如何轉化為 5 月和 6 月的結果，當我們到達那裡時，我們就會明白，但我們的假設是在這個階段，考慮到馬克談到的事情，消費者會稍微退縮，我們認為削減今年的假設是明智的，對於全年業務而言。

If we have seen a 50% decline in lead volumes in April, and room nights booked half of what we booked in April for in the year, for the year, I think we would be talking about this with a little bit more aggression. But that is not what we're seeing currently.

如果我們發現 4 月份的預訂量下降了 50%，並且全年預訂間夜數只有 4 月份的一半，我想我們會更積極地談論這個問題。但這並不是我們目前看到的情況。

Pat, do you want to add to that?

帕特，你想補充嗎？

Yes. I would say on the tariff question, there's basically three really big projects that we've got going on right now. The space expansion at Opryland the sports bar and events lawnconstruction at Opryland and then the Texan rooms renovation. The rooms renovation kicks off here in a couple of months. From a tariff perspective, we were able to get or will have gotten all the materials necessary for that renovation on the ground within the 90-day extension around tariffs.

是的。關於關稅問題，我想說，我們目前基本上正在進行三個非常大的項目。奧普里蘭的空間擴建、奧普里蘭的體育酒吧和活動草坪建設以及德克薩斯州房間的翻新。房間裝修工程將在幾個月後開始。從關稅角度來看，在 90 天的關稅延長期內，我們能夠或將會獲得進行地面翻修所需的所有材料。

So we're feeling very, very good that our design and construction team did an excellent job of sourcing to countries where we feel there will be trade deals, but we should have the vast majority of materials on the ground prior to that 90-day window expiring. The only area where we really have any exposure right now from a tariff perspective that we can see is on steel for the space expansion at Opryland and the sports bar, but they're doing a great job of getting that on the ground quickly and also seeking alternatives.

因此，我們感到非常高興，我們的設計和施工團隊在向我們認為會有貿易協議的國家採購材料方面做得非常出色，但我們應該在 90 天的期限到期之前將絕大多數材料運送到現場。從關稅角度來看，我們目前真正接觸到的唯一領域是用於奧普里蘭空間擴建和體育酒吧的鋼材，但他們在迅速實施這項計劃並尋找替代方案方面做得很好。

But even then it is a minimal impact to the overall project budget. So very, very proud of how our design and construction team has managed that. I think we all are, and we think we've minimized the impact. The other thing that you asked about as far as pull back on projects. We are continuing forward for like 2026 with designing everything that could potentially go into construction, and we will watch the rest of this year very carefully and decide whether or not to shelf those designs and pull back in some of those projects.

但即便如此，它對整個專案預算的影響也微乎其微。我們對我們的設計和施工團隊做到這一點感到非常自豪。我認為我們都是這樣的，而且我們認為我們已經將影響降到了最低。您詢問的另一件事是關於撤回項目。我們將繼續為 2026 年進行設計，設計所有可能投入施工的項目，我們將密切關註今年剩餘的時間，並決定是否擱置這些設計並取消其中一些項目。

But right now, we're knee deep in some of the projects that are already underway and proceeding with them. Smaller projects, we're definitely pulling back and saying, are they a high priority and shelving them for a period of time until we get greater visibility.

但目前，我們正全力推動一些已在進行中的項目。對於較小的項目，我們肯定會撤回，並說，它們是否具有高優先級，並將其擱置一段時間，直到我們獲得更大的知名度。

The only thing I would add is that if we would see a material decline in the year for the year and we see occupancy opening up, you may very well see us accelerate things like rooms renovation, the ballroom renovations to do those things when we have the least amount of disruption as we did in right, we have availability, so let's get it done. So I think it really depends on the project and how demand influences how we think about it.

我唯一想補充的是，如果我們看到今年的入住率出現實質性下降，並且入住率上升，您很可能會看到我們加快房間裝修、宴會廳裝修等工作，以便在幹擾最少的時候進行這些工作，就像我們在正確的時候所做的那樣，我們有空，所以讓我們完成它。所以我認為這真的取決於專案以及需求如何影響我們對其的看法。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

First, I just wanted to go back to some of the government stuff. And I apologize if I missed this earlier, I had some technical issues joining, but big picture, just could you remind us across the portfolio, what's government exposure across both sort of normal segments and association if that's relevant.

首先，我只想回顧一些政府事務。如果我之前錯過了這一點，我深感抱歉，我在加入時遇到了一些技術問題，但從總體上看，您能否提醒我們，在整個投資組合中，如果相關的話，政府在正常細分市場和協會中的風險敞口是多少。

And then I think there's been a lot of questions we've had on the National. So could you help us break down kind of the curve there a little bit in terms of exposures and sort of how you think that property weathers the efficiency drive in D.C. based on what you're seeing right now?

然後我認為我們在國家層面遇到了很多問題。那麼，您能否幫助我們從風險敞口的角度稍微分解一下曲線，並根據您目前看到的情況，您認為該房產將如何經受住華盛頓特區的效率驅動？

Yes. So we looked across the entire remainder of the year, and we do not have a significant amount of government business. We've had a few cancellations. But looking across the remainder of the year, stress testing our model, we assume what if every single one of those government groups canceled, would we be okay from an adjusted EBITDA guidance perspective.

是的。因此，我們縱觀今年剩餘的時間，我們發現政府業務不多。我們已取消了一些預訂。但縱觀今年剩餘時間，對我們的模型進行壓力測試，我們假設，如果每個政府集團都取消了，從調整後的 EBITDA 指導角度來看，我們是否會沒事。

And we feel very comfortable that we can weather the storm pretty well because our government exposure is not massive. Typically, it is higher at Gaylord National, but I would tell you there were some groups that we're moving through the entire portfolio. So it kind of evened it out. It's not just relegated to National. But again, from a stress testing perspective, it's not a massive amount. And if we were to lose all of that business, we feel pretty good that we're still within the adjusted EBITDA range.

我們感到非常有信心，我們可以很好地度過這場風暴，因為我們對政府的風險敞口並不大。通常情況下，Gaylord National 的這一比例較高，但我想告訴你，我們正在將一些集團轉移到整個投資組合中。所以它有點平衡了。它不只是降級到國家級。但從壓力測試的角度來看，這並不是一個巨大的數字。如果我們失去所有業務，我們仍然感覺很好，因為我們仍在調整後的 EBITDA 範圍內。

Perfect. And --

完美的。和--

Just -- Patrick, our room nights on the books for national are very healthy this year.

只是——帕特里克，我們今年全國的房間預訂量非常健康。

They are, very. The National has continued to be on an upward trajectory over the past three or four years, since we reopened it after COVID, and is in a really strong position for this year.

確實如此。自從我們在新冠疫情之後重新開放以來，國家隊在過去的三、四年裡一直保持上升趨勢，今年的表現非常強勁。

Fantastic. And then second question, and this is sort of the bigger picture strategy point. But during COVID, you all sort of leaned in, I think, very creatively when you saw sort of a market share opportunity. Given that every downturn is a little different and that was a lot of cancellation rebook activity, but an environment no one could control?

極好的。然後是第二個問題，這是更大的策略要點。但在新冠疫情期間，我認為，當你們看到某種市場份額機會時，你們都會非常有創意地投入其中。鑑於每次經濟衰退都有所不同，而且取消和重新預訂的活動很多，但這是一個無人能夠控制的環境？

Based on what we see right now, do you think this is a little bit more of a kind of a classic pullback? And would the general approach to be a little bit on the enforcement side of cancellation fees? Or how do you kind of strike the right balance? Because obviously, as we look back, I think your approach during COVID had a lot of merits to it.

根據我們目前看到的情況，您是否認為這更像是一種典型的回調？一般的做法是否有點偏向執行取消費用？或如何取得適當的平衡？因為顯然，當我們回顧時，我認為您在 COVID 期間的做法有很多優點。

Mark and Patrick and I earlier this week, met with the CEO of Marriott here in our offices here in Nashville. And we had this very discussion about we need to be on the front foot here. We need to figure out as a business how we take advantage of this. Because when you get stress and distress, this is a period of opportunity.

本週早些時候，馬克、派崔克和我在我們位於納許維爾的辦公室會見了萬豪酒店的執行長。我們討論過我們需要在這方面佔據主動。作為一家企業，我們需要弄清楚如何利用這一點。因為當你感到壓力和苦惱的時候，這正是一個機會期。

And we talked about potentially recruiting high-quality salespeople in this period of time. And so it's something that is very much top of mind for our asset management team led by Patrick. And I know Mark and I feel very much the same way, and it's something that we're going to continue to work on here.

我們討論了在此期間招募高素質銷售人員的可能性。因此，對於派崔克所領導的資產管理團隊來說，這是最關心的問題。我知道馬克和我有著同樣的感受，我們會繼續為此努力。

But the difference between what we're experiencing today versus what we experienced in COVID. Mark touched on it a few minutes ago, which is this thing could change dramatically with a tweet or two orwe have now secured a trade deal with China or we're in discussions with China. So we are really thinking about it as a company, how we take advantage of this stuff, but how long it lasts, who knows?

但我們今天所經歷的與我們在 COVID 中所經歷的有所不同。馬克幾分鐘前就提到了這一點，事情可能會因為一兩條推文而發生巨大變化，或者我們現在已經與中國達成了貿易協議，或者我們正在與中國進行討論。因此，作為一家公司，我們確實在思考如何利用這些東西，但它能持續多久，誰知道呢？

Shaun, every group is unique and every situation is unique. But -- to your point, this is much more classically like a recession than COVID where there was a lot more instead of collecting fees or having the ability to collect fees because of force majeure to rebooking rooms. I think you'll see us more aggressively collecting fees here, although we'll always work with our best customers to try to create a business solution that works for everybody involved.

肖恩，每個群體都是獨一無二的，每種情況都是獨一無二的。但是——正如您所說，這更像是一場典型的經濟衰退，而不是新冠疫情，因為疫情期間由於不可抗力而無法重新預訂房間，所以收取的費用或無法收取費用的情況要多得多。我想你會看到我們在這裡更積極地收取費用，儘管我們將始終與我們最好的客戶合作，嘗試創建一個適合所有相關人員的業務解決方案。

Yes. I would tell you, based on the cancellations we've incurred so far, I'm very encouraged by the collective team's ability to collect the outstanding collection fees that were due to us. And to Colin's point, we look at every single crisis as an opportunity to exploit and create new opportunities.

是的。我想告訴你，根據我們迄今為止發生的取消情況，我對集體團隊收取我們應得的未付收款費用的能力感到非常鼓舞。正如科林所說，我們將每一次危機視為利用和創造新機會的機會。

And we spent about five hours last week with the Marriott above property team specific to our portfolio going through and looking at short-term strategies with a great focus on analytics of group behavior of what's been going on over the past couple of years and what's going on specifically right now of really deep diving in and saying, okay, how do we target the sales team to really exploit some of these short-term opportunities. So we always take every single crisis as an opportunity to steal additional market share, and this is no different.

上週，我們花了大約五個小時與萬豪酒店集團的物業團隊一起研究短期策略，重點分析了過去幾年發生的群體行為以及當前的具體情況，並進行了深入的研究，並問自己，好吧，我們如何定位銷售團隊來真正利用其中的一些短期機會。因此，我們總是把每一次危機都視為搶佔更多市場份額的機會，這次也不例外。

And I'd point out as well that just the fact that we're dealing with one operator in this case, you keep hearing us talk about the fact that we're working directly with Marriott, and we're able to be proactive. I think the fact that we've got one manager to deal with allows us to be as nimble as anybody, maybe more so, to be able to be consistently and quickly applying the approach.

而且我還要指出的是，事實上，在這種情況下，我們正在與一個運營商打交道，你一直聽到我們談論我們直接與萬豪合作的事實，我們能夠積極主動。我認為，我們只需與一位經理打交道，這讓我們能夠像其他人一樣靈活，甚至更加靈活，能夠始終如一地快速地應用這種方法。

The irony was when Mark and I were doing our road shows back when we were converting this company from a C to a REIT. We were told by the REIT mafia that this was actually negative that we should have broad distribution of managers. And I got to tell you, I think that is so crazy. We have such an advantage by dealing with one manager at this moment, how we deal with sales, how we deal with costs, there is such an advantage right now.

諷刺的是，當馬克和我正在進行路演時，我們正在將這家公司從 C 類轉變為房地產投資信託基金 (REIT)。REIT 黑手黨告訴我們，這實際上是負面的，我們應該廣泛分佈管理人員。我得告訴你，我認為這太瘋狂了。我們目前透過與一位經理打交道而擁有這樣的優勢，我們如何處理銷售，如何處理成本，現在都有這樣的優勢。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

So number 1, I wanted to just sort of go a little further with respect to the productivity plan. And if you could flesh that out of it, is that yours? Is it in conjunction with Marriott? What -- how is that working? And what's that about?

所以，首先，我想在生產力計劃方面更進一步。如果您能將其具體化，那是您的嗎？是和萬豪聯合開辦的嗎？什麼——這是如何運作的？那是什麼？

And then secondarily, with respect to the entertainment side, what do we know about sort of behavior economic cycles? And are you seeing anything that's sort of interesting or noteworthy, not necessarily negative but just trying to get a better sense of that customer base.

其次，就娛樂方面而言，我們對行為經濟週期了解多少？您是否看到了一些有趣或值得注意的事情，不一定是負面的事情，而只是想更了解客戶群。

Well, I think as far as productivity, Mark, Patrick, I will tell you that it's been driven by our asset management team. And the start of all of this is when we sat with them months ago as we were planning for '25 and beyond, and Patrick led a conversation with Marriott about productivity, margin, cost savings in these volatile times. So you want to put more color on it?

嗯，我認為就生產力而言，馬克、派崔克，我會告訴你們，這是由我們的資產管理團隊所推動的。這一切的開始是幾個月前我們和他們坐在一起為 25 年及以後做計劃時，帕特里克與萬豪就這些動盪時期的生產力、利潤率和成本節約進行了交談。那麼你想為它添加更多顏色嗎？

Yes. I mean it is -- there's a lot of aspects to it. I would tell you one of the things we've been doing post COVID and put a lot of effort towards us moving away from contracted labor. There was a heavy reliance across the hospitality industry on contract labor and as we move away from that, that gives us additional flexibility in how we manage labor on our side.

是的。我的意思是——它涉及很多方面。我想告訴你我們在疫情之後一直在做的事情之一，我們為擺脫合約工付出了很多努力。整個酒店業嚴重依賴合約工，隨著我們擺脫這種依賴，我們在管理勞動力方面將擁有更大的靈活性。

The other thing that we've really focused on post 2020 and 2021 especially on the management side, is doing more with less, spending a little bit more to hire the right people into top positions so that we have the best talent and don't necessarily throw bodies at issues but have really smart, capable folks solving problems through efficiencies as opposed to just adding bodies.

我們在 2020 年和 2021 年後真正關注的另一件事，特別是在管理方面，是用更少的資源做更多的事情，多花一點錢聘請合適的人才擔任高層職位，這樣我們就能擁有最優秀的人才，不一定要投入人力去解決問題，而是擁有真正聰明、有能力的人，透過提高效率來解決問題，而不是僅僅增加人手。

So I would say that as well as Marriott vverall, as an organization, continues to enhance and refine its analytics around labor, which just gives us greater data with which to go after opportunities. So that's kind of a joint effort to summarize.

因此我想說，萬豪作為一個整體組織，正在不斷增強和改善其圍繞勞動力的分析，這為我們提供了更多數據來尋找機會。這是一種共同努力的總結。

David being the authors of this brand being the authors of this brand -- we know how to operate these businesses. And so this is a question that I think our asset management team have been on with Marriott since the day they started as a manager. And that's why I think we have really good margins in this business.

大衛是這個品牌的創辦人——我們知道如何經營這些業務。所以我認為這是我們的資產管理團隊自從擔任萬豪經理以來一直在討論的問題。這就是為什麼我認為我們在這個行業中擁有非常好的利潤率。

Yes. I think the other thing, Dave, this is in the cost reduction. But when you look at where we deploy capital and those assets have come online like the Rockies, for example, whether it's spend per occupied room, whether it's profitability customer set or intent to recommend, all of those things are up dramatically year-over-year because we're just delivering greater value to our customer.

是的。戴夫，我認為另一件事就是降低成本。但是，當你看看我們在哪裡部署資本，這些資產就像落基山脈一樣上線時，無論是每間客房的消費額，無論是盈利能力客戶群還是推薦意向，所有這些都比去年同期大幅增長，因為我們只是在為客戶提供更大的價值。

Happy to talk about the customers for the sort of live events in the entertainment business. I'd say two points. First, from a macro standpoint, live experiences, live music are an incredibly resilient part of the economy. So in through-cycle environments, you see really strong performance relative to other sectors in live music.

很高興能談論娛樂業中這類現場活動的客戶。我想說兩點。首先，從宏觀角度來看，現場體驗、現場音樂是經濟中極具彈性的一部分。因此，在整個週期環境中，您會看到現場音樂相對於其他領域的表現非常強勁。

Secondarily, from a micro standpoint, if you look at the deplanements as an example from -- for the first quarter for the Nashville airport, we're up 5% year-to-date. So when you think about tourism and travel, there are some local and domestic markets where gas prices and other things actually might actually induce an increase in sort of local travel, and we get a lot of our business from local and regional drive-to markets.

其次，從微觀角度來看，如果以納許維爾機場第一季的下機量為例，今年迄今，該機場的下機量增加了 5%。因此，當您考慮旅遊和出行時，您會發現一些本地和國內市場中的油價和其他因素實際上可能會導致本地出行量的增加，而我們的許多業務都來自本地和區域的自駕遊市場。

So I think right now, we're not seeing any real issues with the economy with respect to live music and live entertainment. But of course, like a hotel business, we're going to be cautious and see kind of like what happens. And if we get another good tweet or two conditions could change dramatically.

所以我認為目前我們還沒有看到現場音樂和現場娛樂有任何真正的經濟問題。但當然，就像酒店業一樣，我們會謹慎行事，看看會發生什麼。如果我們再收到一兩條好的推文，情況可能會發生巨大變化。

And I think COVID kind of changed the psychology of a lot of people, being cocooned in their basement and they realized the value of being out and enjoying themselves and live entertainment is continuing to grow and grow.

我認為，新冠疫情在某種程度上改變了許多人的心理，他們把自己困在地下室裡，意識到了外出享受的價值，現場娛樂也越來越受歡迎。

Live Nation reported today, I think. And they reported very strong consumer spending.

我認為 Live Nation 今天報道了。他們報告稱消費者支出非常強勁。

It was.

是的。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Colin, in your prepared remarks, you talked about Ryman's experience in the great financial crisis. I think you mentioned that the decline to profitability was about half that of the broader hotel industry. Hoping you could elaborate on some of the driving factors there.

科林，在您的準備好的演講中，您談到了萊曼在金融危機中的經歷。我想您提到過，獲利能力的下降幅度大約是整個酒店業的一半。希望您能詳細說明其中的一些驅動因素。

And then as I think about what might be different going forward, presumably, Ryman's ADR is much higher today relative to the comp set than it was at the time. And I wonder if you think that might create incremental risk relative to past cycles.

然後，當我思考未來可能會有什麼不同時，我想，相對於同類公司而言，Ryman 的 ADR 如今要比當時高得多。我想知道您是否認為這可能會帶來相對於過去週期的增量風險。

Yes. It was a long time ago, but we remember it like yesterday, we were down - and I may reverse these. We were down like 10 and 9 or 9 and 10, where it was either 9 in revenue and 10 in profitability or vice versa, it was one of those two. And the reason was because we collected literally tens of millions of dollars in cancellation fees. And this fundamentally anesthetized our company. And if you look at the broad industry back then, the REIT industry, the numbers were pretty dramatic in '09. And of course, we learned a lot of lessons from '09.

是的。那是很久以前的事了，但我們記憶猶新，就像昨天一樣，我們當時處於低潮——而我可能會扭轉這些局面。我們下降了 10 比 9，或 9 比 10，即收入下降 9%，獲利能力下降 10%，反之亦然，兩者必居其一。原因是我們收取了數千萬美元的取消費。這從根本上麻痺了我們公司。如果你看一下當時的整個產業，也就是房地產投資信託基金 (REIT) 產業，你會發現 2009 年的數據相當驚人。當然，我們從2009年學到了很多教訓。

And that was one of the reasons, Chris, why we took some of the decisions we took in the COVID period of time, by sitting with and working with meeting planners and forgiving cancellation fees for the re-upping of business. So I think if we hit a recession this year, if things do go off the rails, I think we've really got our finger on the policy. And I think that this whole contractual nature of our business will fundamentally anesthetize how we perform.

克里斯，這就是我們在新冠疫情期間做出一些決定的原因之一，我們與會議策劃者坐在一起商討，並免除重新開展業務所需的取消費用。因此我認為，如果我們今年遭遇經濟衰退，如果情況真的脫軌，我認為我們必須真正掌握政策。我認為我們業務的整個合約性質將從根本上麻痺我們的表現。

Yes, Chris, in addition to the fees, the other phenomenon that occurs is that as rates decline going into a recession, our rate actually declined at a much lower rate because we put business on the books in advance. So as leisure transient-oriented hotels go into a recession first. And typically, there's more variability.

是的，克里斯，除了費用之外，另一個出現的現像是，隨著利率下降進入經濟衰退，我們的利率實際上下降得更低，因為我們提前將業務記入帳簿。因此，以休閒短暫住宿為導向的飯店首先陷入衰退。通常，變化性會更強。

Yes. One thing that we saw in '09 that we've seen a little bit of it in the last month or so from those operators that I would characterize as probably not as high quality as others. But one thing we saw in '09 was a dramatic discounting, particularly coming out of Las Vegas. I remember this again, Patrick, you may have some data on this, but we saw rates being slashed to book group business in '09 by $50 and $100. We haven't seen that here in the last month or two.

是的。我們在 2009 年看到的一件事是，在過去一個月左右的時間裡，我們從那些運營商那裡看到了一些這樣的情況，我認為這些運營商的質量可能不如其他運營商高。但我們在 2009 年看到的一個現像是大幅折扣，尤其是在拉斯維加斯。派崔克，我又想起了這一點，你可能有一些這方面的數據，但我們發現 2009 年圖書團體業務的費用被削減了 50 美元和 100 美元。在過去的一兩個月我們還沒有看到這種情況。

No, to your point, there's a few folks out there that are panicking. But for the most part, you've heard the comments from our peer set and most everyone is doing a pretty good job of managing rate right now. So there's a few out there who are freaking out. But like I mentioned, we feel very, very good at what the teams have been able to do to maintain rate in the year for the year, both on the leisure side as well as on the group side.

不，正如你所說，有一些人確實感到恐慌。但在大多數情況下，您已經聽到了我們同行的評論，並且大多數人現在都在很好地管理利率。因此，有些人感到驚慌失措。但就像我提到的那樣，我們對各支球隊在今年保持的速度感到非常非常滿意，無論是在休閒方面還是在團體方面。

Was that helpful, Chris?

這樣有幫助嗎，克里斯？

Yes, I was going to say helpful context all around. So thank you for the time.

是的，我想說的是全方位的幫助。非常感謝您抽出時間。

Yes. I understand we may have one or two more in the queue if we do, let's just get it done.

是的。我知道如果我們這樣做的話，隊列中可能還會有一兩個，讓我們盡快完成它。

Jay Kornreich, Wedbush Securities.

Jay Kornreich，韋德布希證券公司。

I'll just do one question here. Just going back to the leisure transient customer, which you said saw a return of growth in the first quarter. Just curious if you've seen any type of softness or change in habits in that customer base since April started -- and if there's much concern for slowdown and that leisure travel -- leisure trend segment as the year progresses or if you expect some of that first quarter strength to continue?

我這裡只問一個問題。回到休閒旅客問題，您說休閒旅客在第一季又恢復了成長。我只是好奇，自 4 月以來，您是否發現該客戶群的習慣出現任何疲軟或變化？以及是否對經濟放緩以及休閒旅遊 - 休閒趨勢部分隨著時間的推移感到擔憂？或者您預計第一季的強勁勢頭會持續下去？

Jay, this is Patrick. Great question. One of the things we watch real closely was spring break. That's always a great indicator of how leisure travelers are feeling for the summertime. We'll watch and see if that happens, given the volatility out there right now, but spring break was very encouraging. We feel really good about how it performed. We've been watching the Orlando market very closely.

傑伊，這是派崔克。好問題。我們密切關注的事情之一就是春假。這始終是休閒遊客對夏季感受的絕佳指標。鑑於目前的波動性，我們將觀察是否會發生這種情況，但春假非常令人鼓舞。我們對它的表現感到非常滿意。我們一直在密切關注奧蘭多市場。

It started experiencing some softness back in '23 across the market that continued through -- and it appears that the opening of Epic Universe in the Orlando market is having a halo effect for the entire market. And so we are well positioned with Gaylord Palms out of its full renovation and are excited about some of the growth that we've seen there year-over-year coming out of that renovation.

整個市場從 2023 年開始經歷一些疲軟，並且一直持續到現在——而且 Epic Universe 在奧蘭多市場的開業似乎對整個市場產生了光環效應。因此，我們對 Gaylord Palms 的全面翻新具有良好的把握，並且對翻新後其同比增長感到興奮。

So spring break performed well -- we are watching closely. We're doing a great job of managing the rate side and not giving up on the rate side as we've been talking about. So thus far, we think leisure travel is doing okay.

春假期間表現良好——我們正在密切關注。我們在管理利率方面做得很好，並且沒有像我們一直談論的那樣放棄利率方面。因此到目前為止，我們認為休閒旅遊發展還不錯。

And I would point out the other thing is our hotels become a staycation opportunity for a lot of travelers who decide to maybe pull back on international travel. So we think we're well positioned with some of our unique pool assets to capitalize on any additional demand that may decide to stay home instead of going overseas this year.

我想指出的另一件事是，我們的酒店為許多決定減少國際旅行的旅客提供了在家度假的機會。因此，我們認為，我們可以利用一些獨特的資產池來充分利用任何可能決定今年留在國內而不是出國的額外需求。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

I think you answered my question on leisure there, but you brought up international travel. I'm not sure if inbound international travel is a very large piece of your business. I'm sure it's not, but maybe on the small side. It's a theme that we're hearing in the travel and leisure industry. So curious if you have much exposure to any international travel and if you've kind of seen any change in those patterns?

我想您回答了我關於休閒的問題，但您提到了國際旅行。我不確定入境國際旅遊是否佔你們業務的很大一部分。我確信不是，但可能偏小。這是我們在旅遊和休閒產業聽到的一個主題。所以我很好奇您是否有過很多國際旅行經歷，並且是否看到這些模式有什麼變化？

Yes. The only place we've seen on impact was on some of the Canadian travelers who are pulling back in their plans for traveling at Christmas time. We do benefit specifically Gaylord Opryland here in Nashville around some of the Canadian travelers coming down through the tour and travel groups, but we've got plenty of time to course correct for that, and it's not a big part of our business.

是的。我們看到的唯一受到影響的是一些加拿大遊客，他們取消了聖誕節期間的旅行計劃。我們確實從納許維爾的蓋洛德奧普里蘭 (Gaylord Opryland) 受益，因為一些加拿大遊客通過旅行團來到這裡，但我們有足夠的時間來糾正這個問題，而且這不是我們業務的主要部分。

Yes. The offset though to that, Patrick, is that this week, next week, we have to new international clients coming into this town, one from Ireland and one from Iceland, which is that Northern European hub. So as Patrick -- more said just a second ago, inbound travel into travel into Nashville increased 5% in the first quarter, and we suspect it will increase again in the second quarter, particularly with all these new international stuff that's coming in. So steady as she goes.

是的。不過，派崔克，與此相反的是，本週、下週，我們將有新的國際客戶來到這個小鎮，一個來自愛爾蘭，一個來自冰島，冰島是北歐的中心。正如帕特里克剛才所說，第一季前往納許維爾的入境旅遊人數增加了 5%，我們預計第二季這一數字將再次增加，尤其是隨著所有這些新的國際遊客的到來。她走得非常穩健。

Leo, I think that's it. We appreciate everybody being with us today. These are interesting times we're living in. I feel our team has -- really and truly has their finger on the pulse -- and if you have any further questions, you know how to get a hold of Jen and her IR team or Mark. So thank you, everyone, and have a good day.

利奧，我想就是這樣了。我們感謝今天與我們在一起的各位。我們生活在一個有趣的時代。我覺得我們的團隊確實掌握了最新動態，如果您還有其他問題，您知道如何聯絡 Jen 和她的 IR 團隊或 Mark。謝謝大家，祝大家有個愉快的一天。

This does conclude today's Ryman Hospitality Properties first quarter 2025 earnings conference call. You may now disconnect your lines, and everyone, have a great Day.

今天的 Ryman Hospitality Properties 2025 年第一季財報電話會議就此結束。現在您可以斷開線路了，祝大家有個愉快的一天。