Ryman Hospitality Properties Inc (RHP) 2025 Q2 法說會逐字稿

Welcome to Ryman Hospitality Properties second 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; Miss 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 800-727-53606 with no conference ID required. (Operator Instructions)

歡迎參加 Ryman Hospitality Properties 2025 年第二季財報電話會議。今天主持電話會議的 Ryman Hospitality Properties 成員包括執行董事長 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。電話號碼是 800-727-53606，無需會議 ID。（操作員指示）

At this time, all participants have been my pleasure to turn the floor over to Ms. Jennifer Hutcheson. Ma'am, you may begin.

現在，各位與會者，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 believe or expect 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. The company's actual results may differ materially from the results we discussed 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 go non-GAAP financial measures today. We reconcile each non-GAAP measure to the most comparable GAAP measure and exhibits to 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陳述都不是歷史事實的陳述。可能被視為前瞻性陳述。「相信」或「期望」等字眼旨在識別這些聲明，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。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。無論是由於新資訊、未來事件或任何其他原因，我們都不會更新任何前瞻性陳述。今天我們也將採用非公認會計準則財務指標。我們將每個非 GAAP 指標與最具可比性的 GAAP 指標進行協調，並展示今天的發布情況。

I'll now turn the call over to Colin.

我現在將電話轉給科林。

Jennifer, thank you. Good morning, everyone, and thanks for joining us today. Before we start, I'd like to take a moment to acknowledge the families and communities affected by the catastrophic flooding in central Texas. Managing through the devastating flood that we experienced here in Nashville in 2010 that directly impacted our businesses, our employees, and our city was, I can tell you, one of the most difficult experiences of my entire career and we're heartened to see how communities across Texas have wrapped their arms around their neighbors. While our assets are not directly impacted by the flooding, we have contributed to the relief efforts throughout Texas properties indirectly by making a donation to the community foundation of Texas Hill Country. We will continue to engage in the recovery efforts as we learn more.

詹妮弗，謝謝你。大家早安，感謝大家今天加入我們。在我們開始之前，我想花點時間向受到德州中部災難性洪水影響的家庭和社區表示慰問。2010 年，納許維爾經歷了一場毀滅性的洪水，直接影響了我們的企業、員工和城市，我可以告訴你，這是我整個職業生涯中最艱難的經歷之一，我們很高興看到德克薩斯州各地的社區如何互相幫助、共渡難關。雖然我們的資產沒有受到洪水的直接影響，但我們透過向德州丘陵地區社區基金會捐款，間接為整個德州的救災工作做出了貢獻。隨著我們了解更多信息，我們將繼續參與恢復工作。

The second quarter was an exciting one for our company, both strategically and operationally. Strategically, we announced, funded and closed the acquisition of the JW Marriott Desert Ridge in Phoenix, Arizona, and asset that has long been at the top of our acquisition list and one that we have tried to acquire, I don't know, several times in the last 10 years. Mark will talk about the acquisition in more detail in just a moment.

無論從策略還是營運角度來看，第二季對我們公司來說都是令人興奮的一個季度。從戰略上講，我們宣布、資助並完成了對位於亞利桑那州鳳凰城的 JW 萬豪沙漠嶺酒店的收購，這項資產長期以來一直位於我們的收購清單的首位，並且在過去 10 年中我們曾多次嘗試收購這項資產。馬克稍後將更詳細地談論此次收購。

In addition, we completed the Presidential meeting space renovations, the Gaylord Opryland among several other projects, smaller in scope, including food and beverage enhancements of the Gaylord Texan and the Gaylord National. The Presidential meeting space, together with the recently renovated Governor’s space represents approximately 40% of the carpeted meeting space at Gaylord Opryland today. Actually, we will be unveiling new names for these meeting spaces in the coming weeks.

此外，我們還完成了總統會議空間的翻新、蓋洛德奧普里蘭 (Gaylord Opryland) 以及其他幾個規模較小的項目，包括蓋洛德德克薩斯 (Gaylord Texan) 和蓋洛德國家 (Gaylord National) 的餐飲改進。總統會議空間和最近裝修的州長會議空間佔據了蓋洛德奧普里蘭如今舖有地毯的會議空間的約 40%。實際上，我們將在未來幾週內公佈這些會議空間的新名稱。

And for our entertainment business, the second quarter marks our first festival season with some entertainment. Operationally, our businesses delivered record consolidated revenue and in our same store hospitality segment, the second highest adjusted EBITDAre in the history of that business trailing only the second quarter of last year.

對於我們的娛樂業務來說，第二季是我們第一個在節日期間推出娛樂活動的季度。在營運方面，我們的業務實現了創紀錄的綜合收入，並且在同店酒店業務領域，我們的調整後 EBITDA 創下了該業務歷史上第二高的水平，僅次於去年第二季度。

In fact, for the year-to-date period, same-store hospitality adjusted EBITDAre came within $30,000 of our original operating plan for that part of the year-- an incredible result given the complexities of the current operating environment.

事實上，就年初至今而言，同店酒店業調整後的 EBITDAre 與我們當初對該部分的運營計劃相差無幾，僅相差 30,000 美元——考慮到當前運營環境的複雜性，這是一個令人難以置信的結果。

I said this on our last call, but it warrants saying again, we're living and operating in very unpredictable times. Throughout my 24-year tenure at this company, I can't remember a period when there were so many different and complicated issues occurring at once.

我在上次通話中說過這一點，但值得再次強調的是，我們生活和運作在一個非常難以預測的時代。在我任職這家公司的 24 年期間，我從未記得有哪個時期會同時出現如此多不同且複雜的問題。

We, and our customers are bombarded daily with the rhetoric around tariffs, inflation, interest rates, wars, and other issues that could have significant implications for our businesses. This level of uncertainty has caused some of our group and leisure customers to put activities on hold, or at least proceed with caution.

我們和我們的客戶每天都受到有關關稅、通貨膨脹、利率、戰爭和其他可能對我們的業務產生重大影響的問題的言論的轟炸。這種程度的不確定性導致我們的一些團體和休閒客戶暫停活動，或至少謹慎行事。

Since Liberation Day in early April, some of these near-term uncertainties have abated, and we've seen some improvement in meeting planner sentiment for '25. In the year for the year bookings activity has trended better than our expectations in early May, but given the complexities of the overall economy, our outlook still contemplates the potential for slightly higher group attrition and cancellations in the second half of this year.

自 4 月初解放日以來，一些近期的不確定性已經消退，我們看到 25 年會議策劃者的情緒有所改善。今年的預訂活動趨勢比我們在 5 月初的預期，但考慮到整體經濟的複雜性，我們仍然預計今年下半年團體流失和取消預訂的數量可能會略有增加。

For the portfolio, our leisure businesses, I would say steady as she goes with particular strength that Gaylord Palms and Gaylord Rockies behind our recent investments in those assets, particularly offset by softness that Gaylord Opryland.

對於投資組合，我們的休閒業務，我想說，隨著我們最近對這些資產的投資，Gaylord Palms 和 Gaylord Rockies 表現尤為強勁，但 Gaylord Opryland 的疲軟表現抵消了這一影響。

For several quarters now, transient occupancy trends in Nashville had lagged the Top 25 markets, and in the second quarter, so did transient rate trends, both of which we view as a temporary side effect of the substantial Influx of new hotel supply in this market.

幾個季度以來，納許維爾的短期入住率趨勢一直落後於前 25 個市場，而在第二季度，短期房價趨勢也落後於前 25 個市場，我們認為這兩者都是該市場大量新酒店供應湧入的暫時副作用。

Visitation and tourism in Nashville remains robust, and in fact, rooms sold in the market in the second quarter increased year over year. We expect the trends in occupancy and rate trends to begin to reverse as tourism grows and hotel demand catches up with the new supply. Our Entertainment business continues to perform well. demand for live entertainment remains robust. And our recent capital investments in Cat 10, Block 21, Ole Red Las Vegas is delivering strong results. Next month, the Opry heads to the Royal Albert Hall in London, for its first ever international performance, which we will also be broadcast in the UK. NBC will also be re-airing the televised Opry 100 special from earlier this year, and we've just announced that the Opry will have a special Performance at Carnegie Hall in New York City in the first quarter of '26. As we had anticipated, through the market investments we're making behind Opry 100, we're reaching more fans than ever.

納許維爾的遊客數量和旅遊業依然強勁，事實上，第二季市場銷售的客房數量較去年同期成長。我們預計，隨著旅遊業的成長和飯店需求趕上新的供應，入住率和房價趨勢將開始逆轉。我們的娛樂業務繼續表現良好。現場娛樂的需求依然強勁。我們最近對 Cat 10、Block 21、Ole Red Las Vegas 的資本投資取得了強勁業績。下個月，奧普里樂團將前往倫敦皇家阿爾伯特音樂廳進行首次國際演出，我們也將在英國直播。NBC 也將重新播出今年早些時候播出的 Opry 100 電視特別節目，我們剛剛宣布 Opry 將於 26 年第一季在紐約卡內基音樂廳舉辦一場特別演出。正如我們預期的那樣，透過對 Opry 100 進行市場投資，我們接觸到的粉絲比以往任何時候都多。

Now, before I hand over to Mark, I want to make one more comment. As a fairly large investor in the company. I am of course very much interested in what's going on in the business on a daily basis. But my focus always has been on the long term. At our hotel business, which represents the Lion’s share of Ryman. Our customers are making decisions two to four years out, and in some cases much longer.

現在，在將發言權交給馬克之前，我想再發表一點評論。作為該公司相當大的投資者。我當然對每天在業務中發生的事情非常感興趣。但我的關注點始終是長遠的。在我們的酒店業務中，這佔據了萊曼的最大份額。我們的客戶會提前兩到四年做出決定，在某些情況下甚至更長。

What's really important is how strong our relationship with these folks are. Do they trust us? Do they recognize the superior proposition we’re putting before them. Are we growing our share of their business. Do our advanced bookings for the future years look strong. Will our large capital projects that are underway create meaningful growth for our shareholders? The simple answer to all of these questions is an emphatic yes.

真正重要的是我們與這些人的關係有多強。他們信任我們嗎？他們是否認清我們向他們提出的更優建議？我們在其業務中所佔的份額是否不斷擴大？我們未來幾年的預訂情況看起來是否強勁？我們正在進行的大型資本項目是否會為我們的股東創造有意義的成長？所有這些問題的簡單答案都是肯定的。

Mark will now explain to you why Ryman and our hotel business in particular, has never been in such a strong position.

馬克現在將向您解釋為什麼萊曼，尤其是我們的酒店業務，從未處於如此強大的地位。

Thanks, Colin and good morning everyone. Before I discuss the second quarter, I'll spend a moment on our acquisition of the JW Marriott Desert Ridge. As Colin mentioned, this is an asset that's long been at the top of our acquisition list. For us, the Desert Ridge property is an ideal acquisition target, a large, Marriott managed group hotel with significant leisure demand, in a Top 10 meetings market with opportunities to create value through inclusion in our portfolio and incremental capital investment.

謝謝，科林，大家早安。在討論第二季之前，我想先花點時間談談我們對 JW 萬豪沙漠嶺酒店的收購。正如科林所提到的，這項資產長期以來一直位於我們的收購名單的首位。對我們來說，沙漠嶺酒店是一個理想的收購目標，這是一家大型的萬豪集團管理酒店，擁有巨大的休閒需求，位於十大會議市場，有機會透過納入我們的投資組合和增量資本投資來創造價值。

This acquisition unlocks incremental group rotation opportunities for our existing Gaylord hotel customers, and as the second JW branded asset in our portfolio, rotation within the JW Brand. For our Gaylord Hotel's customer base, we estimate groups comprising approximately 25% to 30% of group room nights could rotate to one of our JW properties with the limiting factors being group size and ADR.

此次收購將為我們現有的蓋洛德酒店客戶開啟增量團體輪換機會，並且作為我們投資組合中的第二個 JW 品牌資產，也將在 JW 品牌內實現輪換。對於我們蓋洛德酒店的客戶群，我們估計大約有 25% 到 30% 的團體客房晚數可以輪換到我們的某家 JW 酒店，但限制因素是團體規模和平均房價 (ADR)。

For our JW customer base with those limitations don't apply, the opportunity is arguably more significant. We estimate the overlap in meetings today between the Desert Ridge and the Hill Country properties is approximately 5%. Our 2023 Acquisition of the JW Marriott Hill Country provides a repeatable playbook for integration and subsequent value creation, and with the benefit of that experience, we're moving quickly on Desert Ridge.

對於我們的 JW 客戶群來說，由於這些限制並不適用，因此機會可以說更為重要。我們估計今天 Desert Ridge 和 Hill Country 兩地的會議重疊率約為 5%。我們於 2023 年收購了 JW 萬豪山地酒店，這為整合和後續價值創造提供了可重複的方案，憑藉這一經驗，我們在沙漠嶺地區正在迅速發展。

We've already aligned the resources within Marriott dedicated to our portfolio and our design and construction team is on the ground completing the meeting space renovations that were initiated prior to our purchase.

我們已經將萬豪內部的資源整合到我們的投資組合中，我們的設計和施工團隊正在實地完成我們收購前啟動的會議空間翻新工程。

In addition, we're pursuing a handful of capital light, high return enhancements to drive better yield, including converting approximately 5,000 square feet of vacant office space to sellable carpeted breakout space and enhancing some of the event laws to support the addition of ICE! programming for the 2026 holiday season. We expect many enhancements will be completed by the first quarter of 2026. Longer term, we believe the dynamics in the Phoenix-Scottsdale market will support a resort expansion, providing the ability to accommodate groups with over 1,000 room nights on peak, all under one roof. Today, the only larger hotel by room count in that market is the 1,000 room Sheraton located in downtown Phoenix.

此外，我們正在推行一些輕資本、高回報的改進措施，以提高收益率，包括將約 5,000 平方英尺的空置辦公空間改造成可出售的舖有地毯的休息空間，並加強一些活動法規以支持增加 ICE！2026 年假期的節目。我們預計許多改進工作將於 2026 年第一季完成。從長遠來看，我們相信鳳凰城-斯科茨代爾市場的動態將支持度假村的擴張，從而能夠在同一屋簷下容納高峰期超過 1,000 個客房的團體。如今，該市場上唯一一家客房數量更大的酒店是位於鳳凰城市中心的擁有 1,000 間客房的喜來登酒店。

Like the JW Marriott Hill Country, the more we learn about this property, the more we like it, and we look forward to sharing our progress over time.

就像 JW 萬豪山地酒店一樣，我們對這家酒店了解得越多，就越喜歡它，並期待隨著時間的推移分享我們的進展。

Now, let me provide more color on the second quarter results. Our same store hospitality segment delivered results at the midpoint of the color we provided on our first quarter earnings call. RevPAR was essentially flat compared to last year, and total RevPAR declined 160 basis points. We estimate the timing of the Easter holiday was 130 basis point headwind to RevPAR growth, and higher association group mix, which came in with lower absolute banquet and AV revenue, was a 270 basis point headwind to total RevPAR growth.

現在，讓我進一步介紹一下第二季的業績。我們的同店餐飲部門的業績與我們在第一季財報電話會議上提供的顏色的中間值一致。RevPAR 與去年相比基本持平，而整體 RevPAR 下降了 160 個基點。我們估計，復活節假期對 RevPAR 成長造成 130 個基點的阻力，而較高的協會團體組合（其絕對宴會和 AV 收入較低）對總 RevPAR 成長造成 270 個基點的阻力。

As anticipated, association room nights traveled in the second quarter were approximately 49,000 higher than last year, and corporate group room nights traveled declined by a similar amount. 2024 had unusually strong corporate mix of 59%, whereas 2025 mix is more consistent with historical trends.

正如預期的那樣，第二季度協會間夜量比去年同期增加了約 49,000 間，而企業團體間夜量則減少了類似的數量。 2024 年的企業組合異常強勁，達到 59%，而 2025 年的組合更符合歷史趨勢。

Typical historical patterns reflect corporate group mix in the low 50s as a percentage of total group room nights, and association group mix in the mid-thirties. In general, association group ADR is lower than corporate group ADR. However, ADR for both segments were higher year over year and supported higher total group ADR.

典型的歷史模式反映出企業團體住宿佔團體總間夜數的比例在 50% 出頭，而協會團體住宿佔團體總間夜數的比例在 30% 左右。整體而言，協會集團ADR低於企業集團ADR。然而，兩個部門的 ADR 均較去年同期有所提高，並支持了集團整體 ADR 的提高。

Banquet and AV revenue declined approximately $16 million compared to last year, driven primarily by the group mix shift, and to a lesser extent lower in the year for the year bookings for travel in the second quarter. As Colin noted, in the year for the year bookings activity improved in the second quarter, but bookings for travel in the second quarter were adversely affected by the first quarter pause and meeting plan or decision making.

宴會和視聽收入與去年相比下降了約 1600 萬美元，主要原因是團體組合變化，以及第二季度旅行預訂量的同比下降（但程度較小）。正如科林所指出的，今年第二季的預訂活動有所改善，但第二季的旅行預訂受到第一季暫停和會議計劃或決策的不利影響。

Banquet & AV contribution per group room night or spend per attendee actually finished slightly ahead of our expectations. As we've seen in recent quarters, group outside the room spending levels, once attendees are on site, continues to exceed our expectations.

宴會和視聽服務每組房間每晚的貢獻或每位與會者的支出實際上略高於我們的預期。正如我們在最近幾季所看到的，一旦與會者到達現場，房間外的團體消費水準就會繼續超出我們的預期。

Leisure demand increased approximately 4% compared to last year, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softer demand Gaylord Opryland, due to the supply-induced challenges in the Nashville market.

休閒需求較去年同期增長約 4%，這主要得益於蓋洛德棕櫚度假村 (Gaylord Palms) 和蓋洛德落基山脈度假村 (Gaylord Rockies) 的強勁表​​現，但由於納許維爾市場供應不足，蓋洛德奧普里蘭度假村 (Gaylord Opryland) 的需求疲軟，部分抵消了這一增長。

Over time, we've consistently demonstrated that our group-focused strategy, irreplaceable assets, and capital investment strategies drive superior growth, and our competitive position has continued to strengthen in 2025.

隨著時間的推移，我們不斷證明，以集團為中心的策略、不可替代的資產和資本投資策略推動卓越的成長，我們的競爭地位在 2025 年繼續增強。

For the year-to-date period through June, relative to 2019, we've grown the STR RevPAR index for our Gaylord Hotels portfolio by more than 7 points relative to both our primary national competitive set and the local luxury and upper upscale competitive sets in the markets in which our properties are located.

截至今年 6 月，相對於 2019 年，我們的蓋洛德酒店組合的 STR RevPAR 指數相對於我們的主要全國競爭對手以及我們酒店所在市場的當地豪華和高檔競爭對手均增長了 7 個多月。

Same store hospitality segment adjusted EBITDAre was $187 million, a decline of approximately $18 million year over year, but still the second highest quarter of all time. Same store adjusted EBITDAre margin declined 280 basis points due to the timing of Easter, the group mix shift from corporate to association, the one-time franchise tax refunds received in the second quarter of last year, and the planned wage and benefit increases under the collective bargaining agreement for Gaylord National.

同店飯店業務部門調整後的 EBITDA 為 1.87 億美元，年減約 1,800 萬美元，但仍是有史以來第二高的季度。由於復活節的時間安排、集團結構從公司向協會的轉變、去年第二季度收到的一次性特許經營稅退稅以及 Gaylord National 根據集體談判協議計劃的工資和福利增加，同店調整後 EBITDAre 利潤率下降了 280 個基點。

Several properties delivered standout performances, including the Gaylord Rockies and the JW Marriott Hill Country, both of which achieved all-time monthly records for revenue and EBITDAre in the quarter. Outlet spend per occupied room at Gaylord Rockies increased nearly 30% compared to last year, as the repositioned Grand Lodge continues to perform ahead of our underwriting expectations. The recent renovation at Gaylord Palms continues to be received favorably by our customers and recent guests and meeting planner satisfaction scores for the property, are some of the highest in Marriott's convention resort network.

幾家酒店表現突出，包括蓋洛德落基山脈酒店 (Gaylord Rockies) 和 JW 萬豪山地酒店 (JW Marriott Hill Country)，這兩家酒店均在本季度創下了月度收入和 EBITDAre 的歷史新高。由於重新定位的 Grand Lodge 業績持續超出我們的承保預期，Gaylord Rockies 酒店每間客房的門市消費較去年同期增長了近 30%。蓋洛德棕櫚酒店 (Gaylord Palms) 近期的翻新工程繼續受到客戶的好評，近期客人和會議籌辦者對該酒店的滿意度評分在萬豪會議度假村網絡中名列前茅。

These results confirm our capital deployment decisions are driving value for our customers and shareholders alike. Same store group production trends were also strong but last year's record second quarter created a challenging year over year comparison. Gross group room nights booked in the second quarter for all future periods were down approximately 15% from last year's record second quarter, which benefited from a handful of very large multi-year bookings at Gaylord Opryland.

這些結果證實，我們的資本配置決策正在為我們的客戶和股東創造價值。同店集團生產趨勢也很強勁，但去年第二季創紀錄的業績與去年同期相比帶來了挑戰。第二季所有未來期間預訂的團體間夜總數較去年創紀錄的第二季下降了約 15%，這得益於蓋洛德奧普里蘭 (Gaylord Opryland) 的少量大型多年期預訂。

However, compared the average quarterly bookings for the 2019 to 2023 period, this quarter bookings were up high single digits. Given the uncertain near term economic environment, lead volumes for the in the year for the year period were down 16% year over year, however, closure rates were up meaningfully and gross group room nights booked in the second quarter for the year, were up 3%.

然而，與 2019 年至 2023 年期間的平均季度預訂量相比，本季的預訂量增加了個位數。鑑於近期經濟環境的不確定性，全年的銷售線索量同比下降了 16%，不過，成交率大幅上升，今年第二季度預訂的團體間夜量增長了 3%。

As a result, year-to-date in the year for the year group bookings demand recovered to flat to prior year levels with mid single digit ADR growth. These results are a testament to the quality of our portfolio, the loyalty of our customer base, and the strong execution of our Marriott sales teams. Looking beyond 2025, group demand remains strong and our book of business remains healthy.

因此，今年迄今為止，年度預訂需求已恢復至與去年同期持平的水平，平均房價 (ADR) 成長率達到中等個位數。這些結果證明了我們產品組合的品質、客戶群的忠誠度以及萬豪銷售團隊的強大執行力。展望 2025 年以後，集團需求依然強勁，我們的業務依然健康。

Group rooms revenue on the books for 2026 and 2027 is up 9% and 10% compared to the same time last year for 2025 and 2026, and ADR growth is in the mid-single digits. Lead volumes for all future years remains robust, and the sales funnel sits near record levels. Our entertainment segment delivered record revenue of $143 million and adjusted EBITDAre of $34 million driven by our recent events in recent investments in Category 10, Block 21, and Southern Entertainment.

2026 年和 2027 年預計的團體客房收入將比 2025 年和 2026 年同期分別成長 9% 和 10%，平均房價成長率則為個位數中段。未來幾年的銷售線索量將保持強勁，銷售漏斗接近創紀錄的水平。我們的娛樂部門實現了創紀錄的 1.43 億美元收入和 3,400 萬美元調整後 EBITDAre，這得益於我們最近對 Category 10、Block 21 和 Southern Entertainment 的投資。

Consistent with the color we provided on our first quarter call, Entertainment adjusted EBITDAre margin declined year over year, due primarily to our investment in Southern Entertainment, as well as the one time franchise tax refunds received in the second quarter of last year. Seasonality for the Southern Entertainment business is heavily weighted to the second quarter due to the timing of their largest festivals, and this year, some unfavorable weather conditions impacted festival attendance and margin performance in that business.

與我們在第一季電話會議上提供的情況一致，娛樂調整後的 EBITDAre 利潤率同比下降，這主要歸因於我們對南方娛樂的投資，以及去年第二季度收到的一次性特許經營稅退款。由於南方娛樂公司最大的節日時間，其業務的季節性在很大程度上集中在第二季度，而今年，一些不利的天氣條件影響了該業務的節日出席率和利潤表現。

We continue to be very bullish on the long term potential of the festivals business. Given its customer demographics, capital light growth potential and artist reach. Before I turn it over to Jennifer, let me provide some color on our expectations for the rest of the year.

我們仍然非常看好節日業務的長期潛力。考慮到其客戶人口統計、輕資本成長潛力和藝術家影響力。在將時間交給珍妮佛之前，請容許我先介紹一下我們對今年剩餘時間的期望。

Recall in early May we lowered RevPAR and Total RevPAR growth guidance ranges for increased conservatism around near-term group behavior, while in the year for the year bookings activity has trended modestly better, we’re maintaining our cautious outlook for higher group attrition and cancellations in the second half.

回想一下，在五月初，我們降低了 RevPAR 和 Total RevPAR 的成長指引範圍，以增加對短期團體行為的保守性，而今年的預訂活動趨勢略有好轉，我們仍然對下半年更高的團體流失率和取消率保持謹慎的預期。

In addition, the second half continues to present challenges, challenging year over year comparisons due to the unusually strong corporate mix in 2024. Market dynamics in Nashville for the transient segment are modestly softer than anticipated earlier this year. As Colin noted, transient demand in the market remains healthy. However, the significant influx of new hotel supply is pressuring room rates. While we continue to believe our hotels are well positioned in the market, we have revised our outlook to account for these dynamics. Outside of Nashville, our leisure business continues to perform in line with our expectations.

此外，由於 2024 年企業組合異常強勁，下半年將持續面臨挑戰，與去年同期相比也面臨挑戰。納許維爾的臨時租車市場動態比今年稍早的預期略微疲軟。正如科林所指出的，市場瞬時需求依然健康。然而，大量新酒店供應的湧入給房價帶來了壓力。雖然我們仍然相信我們的酒店在市場上佔據有利地位，但我們已經修改了我們的展望以適應這些動態。在納許維爾以外，我們的休閒業務持續表現符合我們的預期。

Our entertainment business is well positioned for the second half with strong Opry 100 programming ahead of the Opry's birthday month in October. A strong show calendar for the Ryman, and continued momentum behind our recent investments. Taken together, our business is in a terrific position.

在 10 月 Opry 的生日來臨之前，我們的娛樂業務憑藉強大的 Opry 100 節目為下半年做好了充分準備。萊曼的演出行程很緊湊，我們近期的投資也保持了良好的動能。總體而言，我們的業務狀況非常好。

We're pleased to have the first half largely in line with our original plan for the year. Along the way, we picked up a premier asset in the JW Marriott Desert Ridge. It's been on our wish list for a long time and we're nearly halfway through our multi-year capital program. And at the midpoint, our adjusted EBITDAre revision is less than 1% of full year profitability.

我們很高興看到上半年的業績基本上符合我們原定的年度計劃。一路上，我們在 JW 萬豪沙漠嶺酒店獲得了優質資產。它在我們的願望清單上已經很久了，我們的多年資本計畫已經完成了將近一半。而在中間點，我們的調整後 EBITDAre 修訂不到全年獲利能力的 1%。

Now I'll turn over to Jennifer to run through our guidance provisions and review of our financial position.

現在，我將請珍妮佛介紹我們的指導條款並審查我們的財務狀況。

Thanks Mark, regarding our outlook for full year 2025, we adjusted our guidance ranges to include the acquisition of the JW Marriott Desert Ridge. For our period of ownership in 2025, we expect to generate Adjusted EBITDAre from Desert Ridge of $18 million to $22 million, which reflects the normal seasonality of that business and some construction disruption related to the meeting space renovation currently underway.

謝謝馬克，關於我們對 2025 年全年的展望，我們調整了指導範圍，將收購 JW 萬豪沙漠嶺酒店納入其中。在我們 2025 年的所有權期間，我們預計 Desert Ridge 的調整後 EBITDAre 將在 1800 萬美元至 2200 萬美元之間，這反映了該業務的正常季節性以及與目前正在進行的會議空間翻新相關的一些施工中斷。

We also lowered the top end of our adjusted EBITDAre guidance range for the same store hospitality business, which lowered the midpoint for that by $5 million to $690 million. This primarily reflects the flow through impact of incremental transient rate risk for our Nashville-based hotel properties. On a consolidated basis, we now expect adjusted EBITDAre for the full year 2025 in the range of $767 million to $813 million.

我們也降低了同店餐飲業務調整後 EBITDAre 指引範圍的上限，將該業務的中點降低了 500 萬美元，至 6.9 億美元。這主要反映了我們位於納許維爾的酒店物業的增量瞬時利率風險的流動影響。在合併基礎上，我們現在預計 2025 年全年調整後的 EBITDAre 在 7.67 億美元至 8.13 億美元之間。

Our revised guidance ranges for full year AFFO and AFFO per fully diluted share incorporates the adjustments to adjusted EBITDAre, as the financing activities we completed in the second quarter. We now expect AFFO for the year in the range of $505 million to $546.5 million and AFFO per fully diluted share in the range of $7.93 to $8.49.

我們對全年 AFFO 和每股完全稀釋 AFFO 的修訂指引納入了對調整後 EBITDAre 的調整，因為我們在第二季完成了融資活動。我們現在預計今年的 AFFO 將在 5.05 億美元至 5.465 億美元之間，每股 AFFO 將在 7.93 美元至 8.49 美元之間。

Let me also provide some additional color for how we expect the third and fourth quarters to play out. For the same store hospitality business, in the third quarter we anticipate RevPAR and Total RevPAR to decline low to mid single digits, with lower adjusted EBITDAre margin.

我還想對第三季和第四季的走勢做出一些補充說明。同店飯店業務，我們預計第三季 RevPAR 和 Total RevPAR 將下降低至個位數，調整後的 EBITDAre 利潤率也將下降。

In the fourth quarter we expect those trends to reverse, driven by greater rooms availability at Gaylord Palms this year, and easier comparisons in our leisure business. We anticipate RevPAR and Total RevPAR growth in the low to mid single digit range with adjusted EBITDAre margin expansion. On the contribution for JW Desert Ridge this year, The typical seasonality for the Desert Ridge results in approximately 40% of adjusted EBITDAre generated in the first quarter and approximately 30% to 35% of its annual profitability in the back half. Finally, in our Entertainment business, due to typical seasonality, we expect stronger adjusted EBITDAre contribution in the fourth quarter than in the third quarter.

我們預計，第四季度這些趨勢將出現逆轉，原因是今年蓋洛德棕櫚酒店的客房供應增加，而且我們的休閒業務的比較也更加容易。我們預計，RevPAR 和 Total RevPAR 的成長率將在低至中等個位數範圍內，調整後的 EBITDAre 利潤率也將擴大。關於今年對 JW Desert Ridge 的貢獻，Desert Ridge 的典型季節性導致其第一季產生了約 40% 的調整後 EBITDA，下半年產生了約 30% 至 35% 的年度盈利。最後，在我們的娛樂業務中，由於典型的季節性，我們預計第四季度的調整後 EBITDAre 貢獻將比第三季更強勁。

Now turning to our balance sheet. We ended the first quarter with $421 million of unrestricted cash on hand and our revolving credit facilities both undrawn. Total available liquidity was approximately $1.2 billion. We retained an additional $30 million of restricted cash available for FF&E and other maintenance projects. During the quarter, we issued approximately 3 million shares. And $625 million of senior unsecured notes to fund the acquisition of the JW Desert Ridge. The equity transaction represented the first marketed equity offering in the lodging REIT space, since we last issued equity in 2023 to fund a portion of the Hill Country acquisition. Our current bond offering priced approximately 30 basis points better than the average yield for our credit ratings category. Additionally, related to the JW Desert Ridge acquisition we received a same day credit ratings upgrade from S&P from B+ to BB-. We also defeased the $128 million dollar Block 21 CMBS loan that was set to mature in January 2026 with an add on to the existing OEG term loan.

現在轉向我們的資產負債表。第一季結束時，我們手頭上有 4.21 億美元的非限制性現金，我們的循環信貸額度均未使用。可用流動資金總額約 12 億美元。我們保留了額外的 3000 萬美元受限現金，可用於 FF&E 和其他維護項目。本季度，我們發行了約 300 萬股。以及價值 6.25 億美元的優先無擔保票據，用於資助收購 JW Desert Ridge。此次股權交易是自 2023 年我們上次發行股權以資助 Hill Country 收購的部分資金以來，住宿房地產投資信託基金 (REIT) 領域首次上市的股權發行。我們目前發行的債券價格比我們信用評等類別的平均收益率高出約 30 個基點。此外，由於 JW Desert Ridge 收購，我們當天就獲得了標準普爾信用評級從 B+ 升級至 BB- 的資格。我們也解除了原定於 2026 年 1 月到期的 1.28 億美元 Block 21 CMBS 貸款，該貸款將添加到現有的 OEG 定期貸款中。

As a result, at the end of the quarter, our pro forma net leverage ratio based on total consolidated net debt to adjusted EBITDAre, assuming a full year of contribution of adjusted EBITDAre from the Desert Ridge, was 4.4 times. And finally, let me comment on our anticipated major cash out flows for the year.

因此，在本季末，我們基於合併淨債務總額與調整後 EBITDAre 比率計算出的預期淨槓桿率為 4.4 倍（假設沙漠嶺全年貢獻調整後 EBITDAre）。最後，讓我評論一下我們預計今年的主要現金流出情況。

Regarding our outlook for capital expenditures in 2025, we are reiterating our expectations for $350 million to $450 million for the year, based on our latest construction timelines for projects currently underway.

關於我們對 2025 年資本支出的展望，根據我們正在進行的項目的最新建設時間表，我們重申對今年 3.5 億至 4.5 億美元的預期。

This also includes modest incremental capital investment at the Desert Ridge, which Mark touched on earlier. Regarding our dividend, it remains our intention to continue to pay 100% of our REIT taxable income through dividends.

這也包括馬克之前提到的沙漠嶺的適度增量資本投資。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。

With that operator, let's open it up for questions.

有了這個操作員，我們就可以開始提問了。

(Operator Instructions)

（操作員指示）

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks. Maybe, first just on the on the lead volumes, but yeah, I think they were down 16% year over year. Curious how that trended. Are you seeing kind of month over month improvement. And how you just expect that play out the rest of the year.

謝謝。也許，首先只是關於鉛的銷量，但是是的，我認為它們比去年同期下降了 16%。好奇這個趨勢如何。您是否看到逐月的改善？以及你對今年剩餘時間的走勢有何預期。

Hey, good morning. This is Patrick. Yes, I mean our lead volumes have definitely felt some pressure on the in the year for the year and we expect that to continue as we continue to move through the rest of this year, but our lead volumes look very good for 2026, 2027 and beyond, so we do believe that, some of the pressures and headwinds that we've been seeing, have thus far been relegated just to the 2025 calendar year.

嘿，早安。這是派崔克。是的，我的意思是我們的鉛量在今年確實感受到了一些壓力，我們預計這種壓力將在今年剩餘時間內持續下去，但我們的鉛量在 2026 年、2027 年及以後看起來非常好，所以我們確實相信，我們所看到的一些壓力和阻力迄今為止僅限於 2025 年日曆年。

Got it. And that may be more of a strategic question. You talked a little bit about the potential for rotation within the JW brand. Now that you’ve acquired Desert Ridge, curious how you're thinking about JW’s more broadly longer term and creating something where you own more JW’s, kind of replicate what you have within the Gaylord hotels that you own. Is that something you would potentially consider?

知道了。這可能更是一個戰略問題。您談到了 JW 品牌內部輪換的潛力。既然您已經收購了 Desert Ridge，我很好奇您如何從更長遠的角度考慮 JW 酒店，以及如何創建擁有更多 JW 酒店的體系，複製您在 Gaylord 酒店中擁有的品牌。這是您可能會考慮的事情嗎？

I mean that certainly is, as we think about what the growth strategy is for the portfolio, adding JW's in the right markets, you know that that allow us to create that rotation, not only between JW and Gaylord, but also across JW's is something that that we think quite a bit about.

我的意思是，當我們思考投資組合的成長策略時，在正確的市場中添加 JW，你知道這使我們能夠創建這種輪換，不僅在 JW 和 Gaylord 之間，而且在 JW 之間，這是我們考慮相當多的事情。

Ari, this is, Colin. When we put the crosshairs on these two just happened to be JW's. 10, 12 years ago we did so because we like San Antonio as a market. And we very much like Scottsdale as a market, and the reason we like those markets is because the large group meeting planner wants to frequent those markets, those markets are both Top 10 markets.

阿里，這是科林。當我們把目標鎖在這兩家公司時，他們恰好是 JW。 10、12 年前我們這樣做是因為我們喜歡聖安東尼奧這個市場。我們非常喜歡斯科茨代爾這個市場，我們喜歡這些市場的原因是大型團體會議策劃者希望經常光顧這些市場，這些市場都是十大市場。

These hotels, were, in our opinion, leaders within those two markets, and both these hotels, in our opinion, have the ability for us to extend these assets from around1,000 rooms to 1,250, 1,500 rooms over time, and of course they're within the portfolio of Marriott. So, we can aggregate and bring our sales structure into them.

我們認為，這些酒店是這兩個市場的領導者，我們認為，這兩家酒店都有能力讓我們隨著時間的推移將這些資產從大約 1,000 間客房擴展到 1,250 間或 1,500 間客房，當然，它們都在萬豪的投資組合之內。因此，我們可以匯總並將我們的銷售結構納入其中。

I think the other benefit of JW is, the rate structure of JW has been a little more favorable. Well, it's higher than the Gaylord brand, and so picking these customers up that go there today and then rotating them into our infrastructure, is a good thing, but the primary reason we like these assets is the market and the fact that our big group customers want to go to these markets and in our opinion, this was a very efficient way to get into these businesses.

我認為 JW 的另一個好處是，JW 的費率結構更加優惠。嗯，它比蓋洛德品牌要高，所以挑選今天去那裡的客戶，然後將他們輪換到我們的基礎設施中，這是一件好事，但我們喜歡這些資產的主要原因是市場，以及我們的大集團客戶想要進入這些市場的事實，在我們看來，這是進入這些業務的一種非常有效的方式。

Thank you for the color.

謝謝你的顏色。

Thank you man.

謝謝你。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey, good morning guys. Thanks for taking the question, Had kind of a two parter. First one is, it seems like the out of room spend is continuing to hold up really well, even in cases where you're maybe having a little bit of attendance attrition or you know less pick up but, just curious as to what you think is driving that, In in the context a little bit of, softness you mentioned here and there.

嘿，大家早安。感謝您提出這個問題，這個問題有兩個部分。首先，看起來房間外支出繼續保持良好狀態，即使在您可能遇到一些出勤率下降或您知道的回升較少的情況下也是如此，但我只是好奇您認為是什麼推動了這種情況，在您這里和那裡提到的一點點疲軟的情況下。

And then the second part is maybe, if can talk a little bit about DC market and what you're seeing there, there's a lot of noise in the market we've heard some mixed things. Can you just talk about maybe your near-medium term outlook for National and how you can maybe offset some of the broader market hiccups if there are any. Thanks.

然後第二部分可能是，如果可以談論 DC 市場以及您在那裡看到的情況，市場上有很多噪音，我們聽到了一些混合的事情。您能否談談您對國家航空的近期中期展望，以及如果出現任何更廣泛的市場波動，您將如何抵消這些波動？謝謝。

Hey Chris, this is Patrick. Good to hear your voice, let's start with your first question on out of the room to spend, yes, we agree it has been an extremely resilient, and when you take into account the mix shift that we've seen in the second quarter and you know some of the other things we've seen for the remainder of the year we're still very very positive on how banquet and outside the room spend and contributions per group room night are holding up.

嘿克里斯，我是派崔克。很高興聽到您的聲音，讓我們從第一個問題開始，關於房間外的支出，是的，我們同意它一直非常有彈性，當你考慮到我們在第二季度看到的組合變化，你知道我們在今年剩餘時間內看到的一些其他事情時，我們仍然非常非常樂觀地看待宴會和房間外的支出以及每間客房每晚的貢獻如何保持下去。

Groups continue to react to some of the things that they're seeing in the macroenvironment, but when they get on property they continue to do very well and that is a trend that we've been seeing for several years, and it continues to hold up, especially on the corporate side, but the association is definitely not underperforming on that side either, so we've been very encouraged by that.

各團體繼續對他們在宏觀環境中看到的一些事情做出反應，但當他們進入房地產領域時，他們繼續做得很好，這是我們幾年來一直看到的趨勢，而且這種趨勢還在繼續保持，特別是在企業方面，但協會在這方面的表現肯定也不差，所以我們對此感到非常鼓舞。

To your second question on the DC market, I would tell you that we're really pleased that the Gaylord National has been doing a really good job in a very challenging market and continues to move in a very positive direction, we've made some fundamental structural changes to that hotel, in the wake of COVID, when we reopened it and those have continued to pay benefits for us long term.

關於您關於華盛頓特區市場的第二個問題，我想告訴您，我們非常高興看到蓋洛德國家酒店 (Gaylord National) 在充滿挑戰的市場中表現非常出色，並繼續朝著非常積極的方向發展。在新冠疫情之後，我們重新開設了這家酒店，並對其進行了一些根本性的結構性調整，這些調整一直為我們帶來長期利益。

And so while there is some pressure from the government side, Gaylord National seems to have really found it's space to operate in, in a very healthy way and continues to move in a positive direction so we feel good about where it's heading.

因此，儘管政府方面存在一些壓力，但蓋洛德國家銀行似乎確實找到了自己的營運空間，而且是以非常健康的方式，繼續朝著積極的方向發展，因此我們對它的發展方向感到滿意。

Chris, good morning. Colin. I want to add just one more comment to Patrick's, answer to the first question about average spend, when you step back and you look at what is really going on within the economy of the United States of America. Things aren't all that bad. Yeah, we had a rough first quarter for multiple reasons, but the second quarter GDP has just come out, 3% GDP growth. If you look at where the S&P 500 is trading.

克里斯，早安。科林。當你退一步看看美國經濟的真正狀況時，我想對派崔克關於平均支出的第一個問題的回答再補充一點。事情並沒有那麼糟。是的，由於多種原因，我們第一季過得很艱難，但第二季的 GDP 數據剛剛公佈，成長率為 3%。如果你看一下標準普爾 500 指數的交易情況。

You look at where the market is trading. You look at underlying profits of corporations throughout this country, things are in pretty good shape. So, our thesis is, if interest rates do come down, the big beautiful bill takes effect where people, organizations can invest in new infrastructure and claim 100% tax depreciation.

你看看市場交易的狀況。看看這個國家各企業的基本利潤，情況都相當不錯。因此，我們的論點是，如果利率確實下降，那麼這張美麗的大鈔就會生效，個人和組織可以投資新的基礎設施，並享受 100% 的稅收折舊。

Our personal view, as a company is over the next one, two, three years, this economy should be pretty decent, so honestly, I think that's one of the reasons why the average spend is holding up, but it's very complicated because, we're being bombarded every single day with things like what is going on with tariffs and wars and the consumer is pulling their hair out and trying to understand, what things are going to be like, 6 months from now, but I think my personal view is, I think things could be decent for '26, '27, and '28.

我們個人認為，作為一家公司，在未來一、二、三年內，經濟狀況應該會相當不錯，所以說實話，我認為這是平均支出保持穩定的原因之一，但這非常複雜，因為我們每天都受到關稅和戰爭等消息的轟炸，消費者焦急萬分，試圖了解六個月後的情況會怎樣，但我認為我個人的觀點是，26、27 和 28 年的情況可能會不錯。

Yes, I mean, in addition to the macro trends, Chris, the one thing I would add is that when you look over the last several years at how we've invested capital into these hotels in terms of food and beverage, carpeted breakout space, things like what we've been in Colorado, right? All those investments have been to drive outside the room spending and to attract a higher quality customer, and a higher rated customer, and I think that you're starting to see those investments pay off, in some of the outside the room spending behavior that you're seeing in our hotels.

是的，我的意思是，克里斯，除了宏觀趨勢之外，我想補充一點，當你回顧過去幾年我們在這些酒店中在食品和飲料、舖有地毯的休息空間等方面的投資時，就像我們在科羅拉多州所做的那樣，對吧？所有這些投資都是為了推動客房外消費，吸引更高品質的客戶和更高評價的客戶，我認為，您開始看到這些投資獲得回報，在我們酒店的一些客房外消費行為中也是如此。

Okay, well. Very good. Appreciate all the perspectives, guys. Thanks.

好的，嗯。非常好。感謝大家的觀點，夥計們。謝謝。

Thanks Chris.

謝謝克里斯。

Smedes Rose, Citi. Your line is open.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。您的線路已開通。

Hi, thank you. I wanted to ask a little bit more about your expectations at the Gaylord Opryland, does that property do more transient business maybe relative to your other properties, because I guess I was a little surprised to see that you brought down the guidance based on transient given the emphasis on group across your properties.

你好，謝謝。我想進一步詢問您對蓋洛德奧普里蘭 (Gaylord Opryland) 的期望，相對於您的其他物業而言，該物業是否會做更多的臨時業務，因為考慮到您的物業對團體的重視，我猜我有點驚訝地看到您根據臨時業務降低了指導。

And just on the room supply pressure that you mentioned, I maybe haven't been paying attention closely enough, but I feel like room supply in Nashville has been increasing fairly steadily for a long time now, and I'm just wondering why you think now you're starting to see the impact whereas maybe you hadn't seen it as much in prior years.

至於您提到的客房供應壓力，我可能沒有足夠關注，但我覺得納許維爾的客房供應量長期以來一直在穩步增長，我只是想知道為什麼您認為現在才開始看到影響，而前幾年可能並沒有看到那麼多影響。

Shall I start?

我可以開始嗎？

Sure.

當然。

Okay. So let's step back a sec and understand what is going on here in this city and we then we get onto Opryland. There is a unique product that emanates from Nashville. It's called music -- country music. There's not another city in America that has the infrastructure that we have here. This product has become global over the last 5 to 10 years, it has gone global.

好的。讓我們回顧一下，了解這座城市正在發生的事情，然後我們再來看看奧普里蘭。納許維爾有一款獨特的產品。這就是所謂的音樂——鄉村音樂。美國沒有其他城市擁有像我們這樣的基礎建設。該產品在過去5到10年內已經走向全球，並且已經走向了全球。

All these great artists that live here, play here, and now playing in cities all across the world, and this is generating tremendous amount of demand for the city of Nashville. In addition to that, you're right, we've seen over the last decade, I would suggest probably 15,000 new hotel rooms.

所有這些偉大的藝術家都生活在這裡，在這裡演出，現在他們在世界各地的城市演出，這為納許維爾市帶來了巨大的需求。除此之外，您說得對，我們看到過去十年間，我估計大概新增了 15,000 間飯店客房。

There's not another city in America that's seen this supply, and we forget about Airbnb that didn't exist 10 years ago, now does, we've got about 7,000 of those babies in this town. But on the other hand, when you look at the demand generators, the things that are underway in this city, like this brand new stadium, and we call it the Titans Stadium, but it's a domed stadium similar to the stadium in Las Vegas, and this stadium will, I suspect do 25 to 50 new, big concerts a year, playing in front of 70,000 people.

美國沒有其他城市擁有如此大規模的供應，更不用說 10 年前還不存在的 Airbnb，而現在，我們這個鎮上大約有 7,000 名這樣的嬰兒。但另一方面，當你看到需求產生器時，你會發現這座城市正在進行的事情，例如這個全新的體育場，我們稱之為泰坦體育場，但它是一個圓頂體育場，類似於拉斯維加斯的體育場，我估計這個體育場每年將舉辦 25 到 50 場新的大型音樂會，在 70,000 名觀眾面前演出。

This stadium almost certainly of course of the next few years will attract a Super Bowl, will attract A Final Four, has in fact recently signed WWE to come here, which was, quite frankly, when it was in Vegas a year ago, was one of the biggest demand generators for that city. We have massive development going on the East Bank with new demand generators being built there.

這座體育場幾乎肯定會在未來幾年舉辦超級盃和四強賽，事實上，它最近已經簽約 WWE 來這裡舉辦比賽，坦白說，一年前它在拉斯維加斯時，是這座城市最大的需求來源之一。東岸正在進行大規模開發，並在那裡建造新的需求發電機。

We have the Bridgestone Arena downtown Nashville that the current owner of, is a guy called Bill Haslam, the ex-governor of the state, owns the Predators, has very exciting plans for the expansion of that. I look out of my office window here. I see cranes everywhere. We have relocations coming into Nashville, the likes of which, we haven't seen before. We have Oracle bringing their world headquarters here over a period of time, $4 billion relocation. So, the city is an extraordinarily unique position.

納許維爾市中心有一座普利司通競技場，其現任所有者是比爾·哈斯拉姆 (Bill Haslam)，他是納許維爾前州長，也是掠奪者隊的老闆，他對該競技場的擴建有著非常令人興奮的計劃。我從辦公室的窗戶向外望去。我到處都能看到鶴。我們正在進行遷入納許維爾的計劃，這是我們以前從未見過的。甲骨文公司在一段時間內將全球總部遷至這裡，搬遷費用高達 40 億美元。所以，這座城市是一個非常獨特的地方。

Now Opryland, we talk about it and we take it for granted, [2,888] (corrected by company after the call) rooms, this hotel when Mark and I got here, 20 plus years ago, did $40 million of EBITDAre, that baby this year, is going to push just under 200 million of EBITDAre. This is the most relevant convention, resort in America, and we have added, as you all know, things like, SoundWaves, because of the incredible amount of influx that we've seen from a tourism perspective.

現在，我們談論奧普里蘭酒店 (Opryland) 並將其視為理所當然，[2,888] 間客房（電話會議後公司更正），20 多年前，當我和馬克來到這裡時，這家酒店的 EBITDAre 為 4,000 萬美元，而今年，這個酒店的 EBITDAre 將達到近 2 億美元。這是美國最相關的會議和度假勝地，正如大家所知，我們添加了諸如 SoundWaves 之類的功能，因為從旅遊角度來看，我們看到了驚人的遊客湧入量。

Yes, this hotel does more tourism business than the rest of our hotels, than any of the other hotels, but it's simply because we've got far more rooms and, 30% of its business is leisure, so leisure is going to continue to grow in this market, and by the way, I didn't mention what has happened at the airport. There's not another airport in America that's had two major expansions in the last decade.

是的，這家酒店的旅遊業務比我們其他酒店、比任何其他酒店都多，但這只是因為我們擁有更多的房間，而且其 30% 的業務是休閒，因此休閒業務在這個市場上將繼續增長，順便說一句，我沒有提到機場發生的事情。在過去十年中，美國沒有其他機場進行過兩次大規模擴建。

There's not another airport in America, that when you speak to the CEO of the airport, good guy, Doug Kreulen, who runs it, and you ask him, you've just put a new whole series of gates in, and he will tell you that we're 30 gates short today, 30 gates short of what the demand for airlines flying to this town will be, so our thesis for Nashville, I know this is a long winded answer, Smedes, to a very simple question.

在美國，沒有另一個機場，當你與機場首席執行官、管理機場的好人道格·克魯倫交談時，你問他，你剛剛安裝了一系列新的登機口，他會告訴你我們今天缺少 30 個登機口，這 30 個登機口與飛往這個城市的航空公司的需求相差甚遠，所以我們對納什維爾的論點，我知道這是一個非常簡單的答案，對於一個非常簡單的答案，對於一個非常簡單的答案，我知道這是一個非常簡單的答案。

Our thesis for this market is because of this unique product and the desire for consumers to touch it and feel it, we're going to continue to see growth in this market, big time, I think over the next 10 years. Oh, and by the way, I forgot one other thing. On Monday of last week, the Boring company, which is Musk's company that digs tunnels, this is the second city that they have selected to come to, and they have been working with the governor's office for the last 12 months to connect the airport to downtown Nashville. We met with them and we would obviously like them to connect it through Opryland, and, this is exciting. This is going to move people from very crowded streets to subterranean and will I think be another benefit to tourism in this city. So that's how we think about it.

我們對這個市場的論點是，由於這種獨特的產品以及消費者觸摸和感受它的願望，我認為在未來 10 年內，我們將繼續看到這個市場大幅成長。哦，對了，我還忘了一件事。上週一，馬斯克旗下的隧道挖掘公司Boring選擇來到了納許維爾，這是他們第二個選擇的城市，過去12個月他們一直與州長辦公室合作，將機場與納許維爾市中心連接起來。我們與他們會面，顯然我們希望他們透過 Opryland 將其連接起來，這令人興奮。這將使人們從擁擠的街道轉移到地下，我認為這將為這座城市的旅遊業帶來另一個好處。這就是我們的想法。

Okay, well, maybe just, if I could just ask a quick follow up and just kind of just backing up a little bit. I mean, you obviously have improving visibility into '26 and into '27, you talked about, and some of the positives there. So are you still comfortable with the EBITDAre ranges on the same store basis that you provided, back in I think January of '24 in terms of being able to get to those levels in '27.

好的，好吧，也許我可以快速跟進一下，稍微回顧一下。我的意思是，你顯然對 26 年和 27 年的了解有所提高，正如你所說的，以及其中的一些積極因素。那麼，您是否仍然對您提供的基於同一家商店的 EBITDAre 範圍感到滿意，我想是在 24 年 1 月，就能夠在 27 年達到這些水平而言。

The short answer, Smedes, is yes. I think you know there's obviously as you go through a period of looking at a four-year time period, things that are going to be better, there's pluses, there's minuses, there's puts, there's takes. There's a lot of ways we can get to that answer, but the short answer is yes, we’re as positive as ever on the on the portfolio of businesses that we have and how we're going to be able to get to that profitability.

簡短的回答是，Smedes，是的。我想你知道，當你回顧四年的時間時，事情顯然會變得更好，有優點，有缺點，有缺點，有得有失。我們可以透過多種方式來找到這個答案，但簡短的回答是肯定的，我們對我們擁有的業務組合以及如何實現盈利抱有與以往一樣樂觀的態度。

I'm really glad you remember that because it's something that all of us sitting around this table focus on every single day, as we look out to '27 and we look out to what dividends should be, where the EBITDAre ranges should be, as Jen said, there's going to be some ups and downs, but overall, our guide slope is well and truly intact.

我很高興您能記住這一點，因為這是我們所有人每天坐在桌旁關注的事情，我們展望 27 年，我們關注股息應該是多少，EBITDAre 範圍應該在哪裡，正如 Jen 所說，會有一些起伏，但總的來說，我們的指導斜率確實完好無損。

Yes, Smedes, this is Patrick. I would just add to it, to summarize what everyone's saying this is a short-term phenomenon. You had a pretty significant increase in supply come into the Nashville market in the short term. A lot of our competitors, got panicky, and dropped their rates pretty dramatically. We tested that within our own hotel at Opryland to make sure that we were responding, but I'm proud to say that the hotel did a great job of holding their ADR share, and they grew their group base, even as some of the transient occupancy pulled back a bit, but on the transient rate side, the entire market went down significantly and the hotel did a great job of managing through that.

是的，斯梅德斯，這是派崔克。我只是想補充一點，總結一下大家的說法，這是短期現象。短期內，納許維爾市場的供應量顯著增加。我們的許多競爭對手都感到恐慌，並大幅降低了費率。我們在 Opryland 自己的酒店內進行了測試，以確保我們能夠做出反應，但我很自豪地說，酒店在保持其 ADR 份額方面做得很好，並且擴大了團體基礎，即使一些臨時入住率有所下降，但在臨時價格方面，整個市場大幅下滑，酒店很好地應對了這一情況。

But it is a short term phenomenon and you see it with some of the more price conscious consumers that are going to places like Las Vegas, New Orleans, and Nashville, and it is a short-term phenomenon that we think we're going to move through. To your question earlier, to just to build on Colin's point, Opryland does more absolute room nights of transient, but it is in line with what the rest of the brand does from a percentage basis of its total room nights.

但這只是一種短期現象，你會看到一些更注重價格的消費者前往拉斯維加斯、新奧爾良和納許維爾等地，我們認為這只是一種短期現象，我們很快就會度過這一階段。對於您先前的問題，為了進一步闡述 Colin 的觀點，Opryland 酒店的臨時客房絕對間夜數更多，但從佔總間夜數的百分比來看，這與該品牌其他酒店的情況一致。

Thank you guys. I appreciate it.

謝謝你們。我很感激。

Shaun Kelly, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelly)。

Hi, good morning, everyone and thanks for taking my question. Colin or Patrick, wondering if we could branch, kind of like branch out from the Nashville conversation and just maybe do a little walk around the transient side of the rest of the kind of Ryman portfolio?

大家早安，感謝您回答我的問題。科林或派崔克，想知道我們是否可以分支出來，有點像從納許維爾對話中分支出來，也許只是在萊曼投資組合的其他部分的短暫方面做一點走訪？

I think we've picked up a little softness across some sunbelt markets, and wondering what your experience was. I think there's some unique demand drivers that might be good for Orlando, but I'm curious specifically for the Texan, just given what we've heard about the housing market there and just more broadly, kind of where are you at? What do you think we're seeing on the ground from the consumer right now.

我認為我們已經注意到一些陽光地帶市場出現了一些疲軟跡象，想知道您的感受如何。我認為有一些獨特的需求驅動因素可能對奧蘭多有利，但我特別對德克薩斯州感到好奇，根據我們所聽到的有關那裡房地產市場的情況，更廣泛地說，您處於什麼位置？您認為我們現在在消費者方面看到了什麼？

Yeah, let me lead with what's going on in Orlando, everyone's been watching very closely to see what Epic universe and the opening of that park would do, and it's been a very positive catalyst for the entire market, so we see Palms and the entire Orlando market continue to move in a very positive direction on the transient side.

是的，讓我先來談談奧蘭多的情況，每個人都在密切關注 Epic 宇宙和該公園的開放會帶來什麼影響，這對整個市場來說是一個非常積極的催化劑，所以我們看到 Palms 和整個奧蘭多市場在短期內繼續朝著非常積極的方向發展。

Gaylord Rockies has really hit the ground running and has found its sweet spot this year and last year and continues to perform really well both on the group side as well as the transient side, and our investments at that property obviously are paying significant dividends on both sides of the segmentation of group and transient. Feeling really good about where Rockies is headed.

蓋洛德落基山脈酒店 (Gaylord Rockies) 確實取得了長足的進步，今年和去年都找到了最佳狀態，並且在團體和臨時方面繼續表現良好，我們在該物業上的投資顯然在團體和臨時細分方面都獲得了豐厚的回報。對於落基山脈的未來走向，我感到非常高興。

Hill Country, in the short term was impacted by the rainfall and some of the issues in that region, but again, we think that's a short term issue and the hotel, when the weather has been very good, the hotel has performed very well and so we don't see any kind of systemic issue from a transient perspective there it’s just really more related to what happened on the rainfall side.

短期內，山區受到了降雨和該地區一些問題的影響，但我們再次認為這是一個短期問題，而當天氣非常好時，酒店的表現會非常好，因此，從暫時的角度來看，我們沒有看到任何系統性問題，它實際上與降雨方面發生的事情更多地有關。

Gaylord National, that's a house that leans heavier towards group and continues to do very well even though there are some headwinds, as I mentioned earlier, on the transient side, it's pretty much steady as she goes. Gaylord Texan, there's a lot of new supply, and a lot of new competition, as far as it goes in, water parks and other summertime attractions, but we continue to invest long term, into that market and into that hotel and feel that it is well positioned for the future.

蓋洛德國家賽馬場 (Gaylord National) 是一家更傾向於團體賽的球隊，儘管面臨一些阻力，但仍然表現良好，正如我之前提到的，在瞬態方面，她的表現相當穩定。蓋洛德德克薩斯州，就水上樂園和其他夏季景點而言，有很多新的供應，也有很多新的競爭，但我們會繼續長期投資於該市場和酒店，並認為它為未來做好了準備。

We tried, the Universe of Light with DC Comics at that hotel, this summer, it was very well executed, and it was a concept that we just wanted to pilot and see how it did. Didn't resonate quite as much as we had hoped, but we continue to feel that the transient picture there is in really solid shape and moving in a good direction.

今年夏天，我們在那家酒店與 DC Comics 合作嘗試了“光之宇宙”，效果非常好，我們只是想試行這個概念，看看效果如何。雖然沒有像我們所希望的那樣引起共鳴，但我們仍然覺得那裡的瞬態圖景確實很穩固，並且朝著好的方向發展。

A little disruption there too with the rooms refurb there, right?

那裡的房間翻新也造成了一點幹擾，對嗎？

Yeah, that's right. In the short term we have some renovation disruption that will mostly manifest on the transient side, but again, long term, that market is heading in a great place and that hotel will continue to get investments to make sure it stays at the forefront of that.

是的，沒錯。短期內，我們會遇到一些裝修方面的干擾，這些幹擾主要表現為暫時的，但從長遠來看，市場正朝著好的方向發展，酒店將繼續獲得投資，以確保其始終處於領先地位。

But steady as she goes, right Patrick?

但她還是要保持穩定，對吧，派崔克？

Yes.

是的。

Thank you very much.

非常感謝。

Thanks Shaun.

謝謝肖恩。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thank you. So as your future bookings improve, recover, when would you expect your corporate versus association mixed to normalize, how long do you think we'll be in this higher association mix mode for group.

嘿，謝謝你。因此，隨著您未來的預訂量改善和恢復，您預計您的企業與協會混合何時會恢復正常，您認為我們將在多長時間內處於這種更高的團體協會混合模式。

Yes, it goes from year to year as it stands right now, our on the books for 2026 shows a higher corporate mix, and so, we had, we knew we were going into '25 with a higher mix on the association side that reverses and goes back in the other direction in '26.

是的，就目前情況而言，情況逐年變化，2026 年的帳簿顯示企業組合更高，因此，我們知道，進入 25 年，協會方面的組合會更高，而 26 年則會發生逆轉，回到另一個方向。

Thanks, that's helpful. And then just on cancellations, I wonder if you could put a finer point on how that has evolved since this initial shock period of March, April. And maybe just speak to the underlying assumptions in the back half there. I know you touched on it and you prepared remarks, but I wonder if you could provide any more detail. Thank you.

謝謝，這很有幫助。然後關於取消，我想知道您是否可以更詳細地說明自 3 月和 4 月最初的衝擊期以來情況是如何發展的。也許只需談談後半部分的基本假設。我知道您談到了這一點並準備了發言，但我想知道您是否可以提供更多細節。謝謝。

Sure, most of the cancellations that we saw were in reaction to some of the tariff issues and macro concerns and so that was more of the elevation that we saw in the first quarter. The second quarter, if you look at a three-year average, really is in line with what we've seen, so a little bit more in the first quarter, we've seen groups not so much on the cancellation front but just modifying their blocks and maybe just showing up with fewer folks than they originally anticipated, that really is going to manifest mostly in the third quarter, but we feel like we're going to move in a positive direction and as Colin mentioned, the next six to nine months could be a very positive period for the hotels.

當然，我們看到的大多數取消都是對一些關稅問題和宏觀擔憂的反應，因此這更像是我們在第一季看到的上升。如果以三年平均水平來看，第二季度的情況確實與我們所看到的一致，因此在第一季度，我們看到團體取消預訂的情況並不多，但只是修改了預訂計劃，可能只是到場的人數比最初預期的要少，這主要會在第三季度體現出來，但我們覺得我們會朝著積極的方向發展，正如科林提到的那樣，未來 6 到 9 個月對酒店來說可能是一個非常積極的。

So some short-term issues, we saw, some of that manifests in the third quarter, the cancellation is a little bit higher in the first quarter, but no long term issues from what we can see.

因此，我們看到一些短期問題，其中一些問題在第三季度顯現，第一季的取消量略高，但從我們所看到的來看，沒有長期問題。

Most of that cancellation activity is around government and a lot of the large consultants that had a significant government contracts that were, canceled as a part of DOGE.

大部分取消活動都與政府和許多大型顧問公司有關，這些公司與政府簽訂的重要合約在 DOGE 計劃下被取消。

Yes, helpful. Thank you.

是的，很有幫助。謝謝。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great. Thanks for taking the question. I wanted to touch on OEG. Could you just talk about the contribution from Southern Entertainment in Q2 and how we should be thinking about the seasonality of OEG going forward. Also, any color on farther investments, timing around the spin, and just the general health of the entertainment consumer would also be great, thank you.

偉大的。感謝您回答這個問題。我想談談 OEG。您能否談談南方娛樂在第二季的貢獻以及我們應該如何看待未來 OEG 的季節性。此外，如果您能提供有關進一步投資、旋轉時間以及娛樂消費者整體健康狀況的任何信息，那就太好了，謝謝。

Well, I can kick this off and then let Patrick Moore kind of fill in on additional details, in terms of the OEG contribution, for Southern Entertainment we don't really give out separate businesses within OEG just given its relative significance of the overall portfolio, but certainly this is a business that we fully consolidate. So, the revenue changes year over year certainly in the second quarter reflect the fact that the Southern Entertainment business is seasonally weighted pretty much entirely to the second quarter.

好吧，我可以開始討論這個問題，然後讓帕特里克·摩爾補充一些關於 OEG 貢獻的更多細節，對於南方娛樂來說，我們實際上並沒有在 OEG 內給出單獨的業務，只是因為它在整個投資組合中的相對重要性，但可以肯定的是，這是我們完全合併的業務。因此，第二季的營收年比變化肯定反映了南方娛樂業務幾乎完全受到第二季的季節性影響。

So there's a few puts and takes compared to the second quarter last year as well that also keep in mind outside of Southern Entertainment, primarily the franchise tax. On the expense side so we can certainly, help you, reconcile some of those amounts, but again we don't necessarily call out specific numbers on the individual business contribution within OEG.

因此，與去年第二季相比，除了南方娛樂之外，還有一些其他方面的變動，主要是特許經營稅。在費用方面，我們當然可以幫助您檢查其中的一些金額，但我們不一定會說出 OEG 內各個企業貢獻的具體數字。

I think to the broader point about, the festivals business, Patrick, we can talk about why and how we see it as a positive contributor.

帕特里克，我認為從更廣泛的角度來看，關於節日業務，我們可以談論為什麼以及如何將其視為積極的貢獻者。

This is Patrick. To Jen's point, we, are very bullish about the festival segment as a market that we recently entered, similarly to the to the amphitheater that we just won the contract for in downtown Nashville.

這是派崔克。正如 Jen 所說，我們對最近進入的節日市場非常看好，就像我們剛剛贏得納許維爾市中心露天劇場的合約一樣。

Both of those are market segments from an entertainment standpoint that we did not participate in before this year, so we're super bullish on both of those opportunities providing us more surface area for the Opry Entertainment Group business to grow, and Jen’s point it's more seasonal just given the sort of summertime nature of those two business segments. Separately from an entertainment, and a live entertainment perspective at a more macro level, we're very excited and about what, what's happening in a live entertainment space, and it continues to be a very robust demand for that. When you think about through cycle demand for live entertainment and what people spend their time and their money on, live entertainment, tends to be very stable relative to some other business segments in the world.

從娛樂的角度來看，這兩個都是我們今年之前沒有參與過的細分市場，因此我們非常看好這兩個機會，它們為 Opry 娛樂集團的業務增長提供了更大的空間，而 Jen 的觀點是，考慮到這兩個業務部門的夏季性質，它們的季節性更強。除了從娛樂和現場娛樂的角度來看，從更宏觀的層面來看，我們對現場娛樂領域正在發生的事情感到非常興奮，而且對此的需求仍然非常強勁。當你考慮現場娛樂的周期性需求以及人們將時間和金錢花在什麼地方時，你會發現，與世界上其他一些商業領域相比，現場娛樂往往非常穩定。

We're seeing good traffic at the Opry, Ryman, and Austin and most of our live entertainment venues. Outside of Nashville, the Ole Red’s, and the one in Nashville, Ole Red here, and Category 10 here. They're all performing as we would anticipate.

我們看到奧普里、萊曼、奧斯汀以及大多數現場娛樂的客流量都很好。納許維爾以外有 Ole Red，納許維爾有 Ole Red，這裡還有 10 級颶風。他們的表現都符合我們的預期。

Yes, and to Colin's point, we're also offering premium experiences in these markets with a set of distinctive capabilities that we believe set us apart and so the entertainment business is, sort of working very well. We're excited about the prospects for the future.

是的，正如科林所說，我們也透過一系列獨特的能力在這些市場上提供優質體驗，我們相信這些能力使我們與眾不同，因此娛樂業務運作得非常好。我們對未來的前景感到興奮。

Yeah, and hopefully we'll have some more to talk about on the entertainment business here over the next couple of months, we've got a lot of things we're working on and it's all pretty exciting.

是的，希望在接下來的幾個月裡我們能就娛樂業務進行更多討論，我們正在做很多事情，這些事情都非常令人興奮。

Great, thank you. And just a quick follow up on Desert Ridge. Curious if expectations have shifted at all since the closing of the acquisition and if you still expect that acquisition to be accretive to FY26 results.

太好了，謝謝。這只是對沙漠嶺的快速跟進。好奇自收購結束以來預期是否發生了變化，以及您是否仍期望此次收購能增加 FY26 的表現。

Our expectations haven't changed. We do anticipate it being accretive, I know that there was some questions about, kind of the back half and timing and it really comes down to the seasonality of that that market and that business, they produce about 40% of their EBITDAre in the first quarter, and obviously with us picking it up in June, we missed that we missed the sweet spot of the year, but you know that that couldn't be helped. But we didn't buy it for three months.

我們的期望沒有改變。我們確實預計它會帶來增值，我知道存在一些關於後半部分和時間的問題，但這實際上取決於該市場和該業務的季節性，他們在第一季度產生了約 40% 的 EBITDAre，顯然，隨著我們在 6 月份開始回升，我們錯過了今年的最佳時機，但你知道這是沒辦法的。但我們三個月都沒買。

No, I mean, this is a great market and a great asset and it's got a really good management team in place and in my conversations with Patrick and Mark, these guys, Patrick has spent a lot of time at this hotel over the last 12 months and particularly since we've acquired it and Patrick, I don't want to put words in your mouth, but I think you're delighted with what we're unearthing there and the opportunities.

不，我的意思是，這是一個偉大的市場和巨大的資產，它擁有一支非常優秀的管理團隊，在我與帕特里克和馬克的談話中，帕特里克在過去 12 個月里花了很多時間在這家酒店，特別是自從我們收購它以來，帕特里克，我不想替你說話，但我認為你對我們在那裡發掘的東西和機會感到高興。

Yeah, we, we've, we're encouraged, we think there's lots of upside and we're continuing to pursue it and I think, what we can do on the ICE! and holiday programming front is a really solid contribution to the market, and there's a lot of low-hanging fruit that doesn't require a ton of capital, so, that is nirvana for us.

是的，我們，我們，我們受到鼓舞，我們認為有很多好處，我們會繼續追求它，我想，我們可以在 ICE 上做些什麼！假期節目製作對市場做出了真正堅實的貢獻，而且有很多唾手可得的成果不需要大量的資金，所以，這對我們來說是天堂。

Great, thank you.

太好了，謝謝。

Dan Politzer, JP Morgan.

摩根大通的 Dan Politzer。

Hey, good morning everyone and thanks for taking my question. It's a high level one, Mark, Colin. Last quarter we sat here and I think it was early May, you guys said you know it with a tweet things could change dramatically as we sit here three months later and, I guess arguably we got that tweet though, probably a few others along the way. How do you think about your business and that level of uncertainty in this environment versus three months ago, and how do we reconcile that with what's changed in terms of lead volumes and maybe as you look to group and leisure Ex-Nashville, how are you kind of reconciling the kind of outlook. Now versus three months ago.

大家早安，感謝您回答我的問題。這是高級別的，馬克，科林。上個季度我們坐在這裡，我想那是五月初，你們透過一條推文說，你們知道事情可能會發生巨大變化，而三個月後我們坐在這裡，我想可以說我們收到了那條推文，可能還有其他幾條推文。與三個月前相比，您如何看待您的業務以及當前環境中的不確定性程度？我們如何將其與銷售線索量的變化相協調？也許當您著眼於納許維爾以外的團體和休閒活動時，您如何協調這種前景？現在與三個月前相比。

Yes, Dan, probably shouldn't talk about this on the call, but we have a board meeting tomorrow, starting tomorrow afternoon and Thursday at our hotel in Aurora and one of the speakers we have is your head economist for JPMorgan that's coming in to talk to our board and our management about the backdrop that we are we are we are operating in.

是的，丹，可能不應該在電話裡談論這個，但我們明天有一個董事會會議，從明天下午和星期四開始，地點在奧羅拉的酒店，我們的發言人之一是摩根大通的首席經濟學家，他將來與我們的董事會和管理層討論我們目前的運營背景。

And I wanted them, I wanted him to come and do this, because, there's a lot of balls in the air right now, when we were operating in May, we had the promise of the big beautiful bill and some of these certainties around tax, being discussed, but, the bill hadn't passed, it now has. Yet, we haven't moved interest rates down. There's more clarity around, the impact of Tariffs, but that thing changes almost daily.

我希望他們，我希望他來做這件事，因為現在有很多事情要做，當我們在五月份運營時，我們承諾了一項偉大的法案，並且正在討論一些有關稅收的確定性問題，但是，該法案尚未通過，現在已經通過了。然而，我們並沒有降低利率。關稅的影響越來越清晰，但其影響幾乎每天都在變化。

But, I think our sense, my sense, and I don't talk for Mark, he can do it himself, is that, we could find our economy through the rest of this year, looking pretty decent, and I think there will be a lot more capital investment into the economy of the United States of America. I think there will be more certainty around the issue of tariffs and the impact that that will have on businesses, and my personal view is, I'm an optimist about the next 12 to 24 months.

但是，我認為我們的感覺，我的感覺，我不代表馬克說話，他自己也能做到，那就是，我們可以發現我們的經濟在今年剩餘時間內看起來相當不錯，而且我認為美國經濟將會有更多的資本投資。我認為關稅問題及其對企業的影響將會更加確定，我個人對未來 12 到 24 個月持樂觀態度。

And I sit on the board of a fairly large regional bank, and you know the activity in banking is not negative. It's decent. So I, we spend a lot of our time because we’ve got a lot of capital plans, not just underway, but plans, that we're looking to do, expanding things like Colorado, expanding Hill Country, Desert Ridge, assets that we have purchased and so this question that you ask is something that's top of mind for us in terms of the economic well-being of this country and what is likely to happen, but right now I think I'm a little bit more optimistic than I certainly was in May.

我是一家相當大的地區性銀行的董事會成員，你知道銀行業的活動並不消極。還不錯。因此，我們花費了大量時間，因為我們有很多資本計劃，不僅僅是正在進行的計劃，還有我們希望做的計劃，擴大科羅拉多等地，擴大山地、沙漠嶺等地，擴大我們已經購買的資產，所以你問的這個問題是我們在這個國家的經濟福祉和可能發生的事情方面最關心的問題，但現在我認為我比五月份要樂觀一些。

Mark, we had a conversation last night on just this subject, , (multiple speakers) yeah, exactly --

馬克，我們昨晚就這個話題進行了交談，（多位發言者）是的，沒錯--

You were surprised I was optimistic. Look, you still wake up every day and don't know what could happen, and what could get tweeted, but I would argue that the economy's been fairly resilient. The consumer's been fairly resilient, particularly at the higher end, rates will come in eventually.

你對我的樂觀感到驚訝。你看，你每天醒來仍然不知道會發生什麼，也不知道會在推特上發布什麼，但我認為經濟已經相當有彈性了。消費者的適應力相當強，尤其是高端消費者，利率最終會回落。

That should be a tailwind, and our business, I think our business has proved to be very durable both on the leisure side as well as on the group side and you know look, it really comes down to the fact that the model that we have the assets we have are incredibly unique, incredibly well positioned. When you look at the geographic distribution of our portfolio. I can't think of other markets I'd rather be in, than how we're distributed when you just when you think about what's happening more broadly economically with, economic growth and population migration, so we are, we're extremely well positioned and you know when you look at '26 and '27, our on the books position remains very strong, and so, we're really focused on the things that we can control, making sure that the capital we’re deploying, we’re doing it efficiently, the projects that we have underway, we're executing those and minimizing disruption and just really trying to control all the things that we can control. We’ll keep watching, Twitter and socials for the next announcement.

這應該是一個順風，而我們的業務，我認為我們的業務已被證明是非常持久的，無論是在休閒方面還是在團體方面，你知道，這實際上歸結於這樣一個事實，即我們擁有的資產模式非常獨特，定位非常好。當你查看我們投資組合的地理分佈。我想不出還有什麼其他市場比我們的分佈更適合我，當你思考更廣泛的經濟形勢，包括經濟增長和人口遷移時，我們處於非常有利的位置，你知道，當你展望26年和27年時，我們的賬面狀況仍然非常強勁，因此，我們真正專注於我們能夠控制的事情，確保我們部署的資本能夠高效地使用，我們正在執行我們正在執行我們的事情我們將持續關注 Twitter 和社群媒體，以獲知下一則公告。

Some of the stuff that Patrick talked about this morning, Patrick Chaffin, we are taking share. When you look at how our hotels are performing in their markets, we are taking share. Customers like us, and it bodes really well. The other question that was asked earlier this morning about how do we think about the projections that we laid out.

帕特里克·查芬 (Patrick Chaffin) 今天早上談到的一些內容，我們正在分享。當您觀察我們的酒店在其市場中的表現時，您會發現我們正在佔據市場份額。客戶喜歡我們，這是一個好兆頭。今天早上提出的另一個問題是我們如何看待我們所製定的預測。

Back 18 months ago whenever it was, for '27 and '28 and our business looks really good in '27 and '28, and, we have a 5% there or thereabouts dividend yield right now if you look out to '27 with the capital we're deploying the growth, our dividend grows, pretty well, and this should create a lot of value for our shareholders.

回顧 18 個月前，無論是 27 年還是 28 年，我們的業務在 27 年和 28 年看起來都非常好，而且，我們現在的股息收益率大約為 5%，如果你展望 27 年，我們會發現，隨著資本的部署，我們的股息增長相當不錯，這應該會為我們的股東創造很多價值。

So Your question is a really good one and I'm really happy that, we have an analyst that that focuses on the long term here, which is a which is a really good thing, because this is what's really important.

所以你的問題非常好，我很高興我們有一位專注於長期的分析師，這是一件非常好的事情，因為這才是真正重要的。

Got it thanks so much for all the detail.

明白了，非常感謝您的詳細解釋。

Yeah, we do one more question. Top of the hour. That's Katie, let's just do one more question and we'll keep our answer short. Let's see if we can get through.

是的，我們再問一個問題。整點。那是凱蒂，我們再問一個問題，我們會簡短地回答。讓我們看看能否成功。

John Decree, CBRE.

世邦魏理仕的約翰·德克里。

Hi, this is Max Marsh on for John DeCree. Thanks for taking my question, considering your expectation for softness in Nashville is really just isolated to that transient side, could you talk a little bit about the resilience of your group business against new competition in that market and broadly?

大家好，我是 Max Marsh，為 John DeCree 播報。感謝您回答我的問題，考慮到您對納許維爾市場疲軟的預期實際上只是暫時的，您能否談談貴集團業務在該市場及更廣泛的範圍內應對新競爭的韌性？

To your point, transient ADR is really the only challenge that's going on at Opryland right now. There's a lot of excitement at that hotel as groups are starting to come in and seeing what we're doing from a CapEx perspective into the hotel and the groups that are performing are performing well at the hotel, so we continue to move the mix towards a higher corporate mix as they're seeing the renovations and the improvements as well as the expansions coming to fruition, And feel really good that we have a really solid a product to offer to group guests against this downtown or any other downtown in the area, so we feel really good about where Opryland's position is from a group perspective.

正如您所說，臨時 ADR 確實是 Opryland 目前面臨的唯一挑戰。隨著團體開始入住並從資本支出的角度了解我們在酒店所做的事情，並且表現良好的團體在酒店的表現也很好，那家酒店讓人非常興奮，因此，我們繼續將組合轉向更高的企業組合，因為他們看到裝修和改進以及擴建即將取得成果，並且感覺非常好，我們有一個非常可靠的產品可以提供給客人地區，與這個市中心或該地區的任何其他城市地位相比，所以我們對市中心的任何地方都感到滿意。

Great, thank you for that.

太好了，謝謝你。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Hey, thanks, good morning. Just a couple quick follow ups on OEG for me, first, can you update us on where things stand in terms of building out the internal infrastructure there. I'm thinking about, the management team, the board, basically everything you need for OEG to stand alone from Ryman, and then second, do you have any indication that Atairos will exercise their purchase option this year and how might that impact the timeline for a spin, if it does at all.

嘿，謝謝，早安。我只想快速跟進一下關於 OEG 的幾個問題，首先，您能否向我們介紹那裡內部基礎設施建設的現狀。我在考慮管理團隊、董事會，基本上是 OEG 獨立於 Ryman 所需的一切，其次，您是否有任何跡象表明 Atairos 將在今年行使其購買選擇權，以及這將如何影響分拆時間表（如果有的話）。

In terms of Atairos and their buying up, we don't really have any insight into that, that's kind of a year end activity and starts in earnest in in October, as part of that process we'll see, kind of where they end up.

關於 Atairos 及其收購，我們對此並沒有任何深入的了解，這是一種年底活動，並將於 10 月正式開始，作為該過程的一部分，我們將看到他們最終會走向何方。

I'll let Patrick talk a little bit about, what he's doing on the management side but you know we continue to folks on building the capabilities of the business, not only in terms of scale but also in terms of just broad capabilities to be a standalone business and I would just say that there's nothing that requires us to spin this. We don't have any REIT compliance issues, we’re really in the driver's seat in terms of determining when is the appropriate time to separate this business and it's really with an eye on creating greater shareholder value, so that, that's really the end game here.

我會讓派崔克稍微談談他在管理方面所做的事情，但你知道，我們繼續致力於建立業務能力，不僅在規模方面，而且在成為獨立業務的廣泛能力方面，我只想說，沒有什麼需要我們對此進行調整。我們沒有任何房地產投資信託基金 (REIT) 合規問題，我們真正掌握主導權，可以決定何時是分離這項業務的適當時機，而且我們真正著眼於創造更大的股東價值，所以，這才是真正的最終目標。

Yes, and from an organizational standpoint, I think about it in really three ways, leadership, capacity and then capability and expertise. So from a leadership standpoint, which also adds that capacity and capability, we've added in the last year a new Chief Operating Officer, recently added a new Chief Marketing Officer, and we've added some important capabilities in pricing and dynamic pricing as well as food and beverage and most recently in the festival and amphitheater space, so really excited about the ability to not only scale up the business on the top line and drive the growth of both the top and bottom, but scale the organization in a way that differentiated relative to a lot of other entertainment companies and we're now very sizable relative to the marketplace.

是的，從組織的角度來看，我實際上從三個方面來考慮這個問題：領導力、能力以及能力和專業知識。因此，從領導的角度來看，這也增加了容量和能力，我們在去年增加了一位新的首席營運官，最近又增加了一位新的首席營銷官，我們在定價和動態定價以及食品和飲料方面增加了一些重要的能力，最近又在節日和露天劇場領域增加了一些重要的能力，因此，我們真的很高興不僅能夠擴大頂線業務，推動頂線和底線的增長，而且能夠以與許多其他娛樂公司不同的方式擴大組織規模，現在我們相對於市場而言規模非常大。

I'm showing no further questions at the time.

我目前沒有其他問題。

Okay, Katie, thank you. Thank you for, chaperoning this meeting this morning and we thank investors for their time and effort, and if they have any other questions, how to get hold of, the Jen or Mark, and our IR team. So thank you and we'll be speaking with you soon.

好的，凱蒂，謝謝你。感謝您今天上午主持這次會議，我們感謝投資者付出的時間和精力，如果他們有任何其他問題，請如何聯繫 Jen 或 Mark 以及我們的 IR 團隊。謝謝您，我們很快就會與您聯絡。